“There is indeed inflation in India but it’s more in the world. The inflation rate here is around 7 per cent, which is less than the developed countries. In the USA and China, the inflation rate is more than eight per cent,” Karad told reporters in Nashik.
The data would elaborate on the expansion of different sectors like agriculture and manufacturing in the first quarter of this financial year.
Tightening of monetary policy in advanced economies including rising demand for dollar-denominated commodities, and strength in the US dollar had triggered a consistent outflow of funds from Indian markets.
At 10.43 a.m., the rupee traded at 80.020 covering some of its early morning depreciation. On Friday, it closed at 78.87 per US dollar.
Under this agreement, both countries may significantly cut or eliminate customs duties on the maximum number of goods traded between them. Besides, norms would be relaxed to promote trade in services.
Goyal, addressing the fourth meeting of the governing council of the Bureau of Indian Standards (BIS) on August 24, said superior labs will boost the formulation of better standards as well as ease in certification.
It expects India’s first quarter (April-June) growth to be at 16 per cent. The official GDP is expected to be issued on August 31. It maintains an overall FY23 growth forecast at 7 per cent, which will see India emerge as the fastest-growing economy in Asia this year.
The rise in profitability is expected despite a higher than anticipated rise in procurement prices, and transportation and packaging costs.
Sitharaman launched the projects during the inaugural ceremony of the three-day CSR and Investment Conclave here, in which more than 100 corporate delegates and investors are taking part.
The Reserve Bank of India (RBI) had imposed several restrictions, including on withdrawals, by depositors of these 17 banks in July in view of their deteriorating financial positions.
Indian exports have been rising as well but imports (mainly energy imports) have left major dent is India’s foreign exchange reserves.
Apparel and clothing registered a 22 per cent rise, while quick service restaurants, consumer durables and electronics footwear posted a growth of 17 per cent, according to the survey.
Marathe and Gurumurthy have been re-nominated for a further period of four years with effect from August 11, 2022, or until further orders, whichever is earlier
In its previous monetary policy review in June, it had projected retail inflation for 2022-23 at 6.7 per cent, up from 5.7 per cent forecast in April.
In June 2022, total GST collections were at Rs 1.44 lakh crore. For five months in a row now, the monthly GST revenues have been more than Rs 1.4 lakh core, showing a steady increase every month.
The July PMI data pointed to an improvement in overall operating conditions for the 13th straight month. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.
Experts are of the view that the Reserve Bank of India (RBI) would raise the benchmark rate to at least the pre-pandemic level this week and even further in later months.
The next monetary policy committee (MPC) meeting is scheduled during August 3-5, 2022. So far, the RBI has hiked the key interest rates by 90 basis points in tranches to 4.90 per cent.
The Reserve Bank’s rate setting panel will hike the key repo rate by 0.35-0.50 per cent at the next week’s review meeting, Axis Bank chief economist Saugata Bhattacharya said on Thursday. A hike of such a quantum will take the repo rate beyond the 5.15 per cent level, at which[Read More…]
He was addressing after the inauguration of various development initiatives at Sabar Dairy in Gujarat.
Adani said the group is now the largest airport operator in the country and has forayed into the cement business with the acquisition of Holcim.
India is currently USD 3-3.5 trillion economy and soon will achieve USD 5 trillion, he said while addressing an event organised Ficci Ladies Organisation.
For the entire South Asia region. the growth forecast has been revised down from 7.0 per cent to 6.5 per cent for 2022 and from 7.4 per cent to 7.1 per cent for the next fiscal year.
In its latest round of FICCI’s Economic Outlook Survey (July 2022), the growth projection has been revised on account of geopolitical uncertainty and its repercussions for the Indian economy. In April, it had estimated India’s growth at 7.4 per cent for 2022-23.
The India BioEconomy Report 2022, based on the data on biotech sector’s contribution to the economy, has been brought out by the Biotechnology Industry Research Assistance Council (BIRAC).
