RBI’s next monetary policy meeting is scheduled for early October.
The RBI’s move comes as part of its ongoing efforts to ensure that borrowers are treated fairly and to address customer grievances arising from divergent practices in the imposition of penal charges.
Prices rise in India as crude oil prices increase globally.
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) eased to 57.7 in July from 57.8 in June.
The next meeting of the Monetary Policy Committee of the Reserve Bank of India is scheduled to be held on August 8-10, 2023.
The GST Council has unanimously decided to impose 28 per cent tax on online gaming, casino and horse racing etc, he said adding that the government will pursue all cases in the Supreme Court for recovery of erstwhile tax demands.
Meanwhile, farmers in India have started sowing their Kharif crops. Paddy, moong, bajra, maize, groundnut, soybean, and cotton are some of the major Kharif crops. India has three cropping seasons — summer, kharif, and rabi.
An upward revision in the 2022-23 GDP numbers is expected going forward.
Investments in supply-side infrastructure have raised the possibility of India enjoying sustained economic growth longer than it has been able to do in several decades, Monthly Economic Review for May and Annual Review of 2023 said.
Ahead of its annual review of the sovereign rating, Moody’s Investors Service representatives met Indian government officials during which the officials highlighted the reforms and strong fundamentals of the Indian economy.
The RBI predominantly monitors consumer inflation data for the purpose of formulating monetary policy.
The global rating and research agency said strong domestic demand in India, improving credit conditions for bank borrowers, and strengthened solvency and funding of Indian financial institutions will support their credit quality.
On Thursday, June 8, 2023, at 10 a.m., Governor Shaktikanta Das of the Reserve Bank of India (RBI) will hold a press conference
The report estimates that India’s internet-economy was in the range of USD 155-175 billion in 2022.
A monetary policy committee headed by RBI governor Shaktikanta Das will hold a three-day-long meeting with its decision be announced on June 8 (Thursday).
Wholesale inflation has been easing and in March it was at 1.34 per cent against 3.85 per cent in February. Overall wholesale inflation was at 8.39 in October and has been falling since then.
Forex traders said the rupee consolidated in a narrow range as the gains from weak American currency and positive domestic equities were negated by a recovery in crude oil prices.
The IMF’s Regional Economic Outlook blamed in part rising energy costs, as well as elevated food prices, for the estimated slower growth.
Monitored companies signalled an improvement in international demand for Indian services in April. New export business expanded for the third month in succession and at the fastest pace over this period.
In its Regional Economic Outlook – Asia and Pacific report released on Tuesday, the Washington-based fund said the region would contribute around 70 per cent of global growth.
In its latest Chief Economists Outlook, the World Economic Forum said economists expect both growth and inflation dynamics to vary widely across regions.
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) increased from 56.4 in March to 57.2 in April, indicating the fastest improvement in the health of the sector so far this year.
According to data from the depositories, FPIs started the current financial year on a positive note, and invested Rs 11,630 crore in Indian equities in April.
Virmani further said that he does not see any impact of the US and European banking crisis on the Indian financial sector.
About Rs 35,000 crore unclaimed deposits as of February 2023 were transferred to RBI by public sector banks (PSBs) in respect of deposits which were not operated for 10 years or more.