ADB economists said a weekend decision by oil producing nations to cut output, pushing oil prices sharply higher, might reignite inflationary pressures and add to challenges for the region.
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose from 55.3 in February to 56.4 in March, signalling the strongest improvement in operating conditions in 2023 so far.
With regard to next fiscal, Nageswaran said the growth projection of 6.5 per cent has more of downside risk than the upside risk.
To contain the rising prices, the RBI has hiked interest rates by 250 basis points since May last year. The latest rate hike of 25 basis points in February took the benchmark policy rate to 6.50 per cent.
The worst drop was in the week to February 10 when the reserves plunged by a steep USD 8.32 billion to USD 566.95 billion.
The exposure in the Adani group is 0.975 per cent of LIC’s total AUM at book value of Rs 41.66 lakh crore.
She urged Kerala MP N K Premachandran (who asked the supplementary question) to sit with the state government and request it to send the AG certificates in one go.
In September 2022, the share was 24.25 per cent, according to data collated by market information major Prime Database, based on the shareholding patterns of 1,832 of the total 1,857 companies on NSE for the quarter to December 2022.
The RBI governor Shaktikanta Das, making the announcement of the just concluded three-day monetary policy committee meeting, said the commitee was of the view that further calibrated monetary policy action is warranted to keep inflation expectations anchored, break the persistence of core inflation, and strengthen the medium-term growth prospects.
The RBI’s inflation outlook for current fiscal has improved from 6.8 per cent projected earlier, to 6.5 per cent, on the back of steeper than expected decline in vegetable prices and Indian basket of crude at USD 95 a barrel.
In its December monetary policy review, the central bank had raised the key benchmark interest rate (repo) by 35 basis points (bps) after delivering three back-to-back increases of 50 bps.
A day before Finance Minister Nirmala Sitharaman presented the Union Budget on Wednesday, the Economic Survey tabled in Parliament pegged India’s GDP growth at 6.5 per cent in 2023-24.
Assocham Secretary General Deepak Sood said the government itself is now taking steps towards industries and trying to show them investment opportunities.
The outlooks on long-term ratings of all the four banks remain stable, Moody’s Investors Service said in a statement.
Notably, the wholesale price index (WPI)-based inflation had been in double digits for 18 months in a row till September.
It has also recommended amending or removing certain sections of the Income Tax Act, and incentivising business entities and individual investors looking to invest in the capital-intensive sector.
However, a muted trend in domestic equities and sustained foreign fund outflows capped the gains in the rupee, traders said.
Confronted with challenges stemming from rising foreign imports, a declining market share and escalating costs, aluminium industry representatives have sought government intervention for supportive measures to tide over this challenging phase.
It said the supply of commercial real estate marginally increased from 49.7 million sq. ft. in 2021 to touch 50.6 million sq. ft. in 2022.
Global food and energy prices have retreated to levels that are below where they were prior to the Russia-Ukraine conflict.
The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 56.4 in November to 58.5 in December, highlighting the strongest rate of expansion since mid-2022.
In value terms, coffee export was higher at Rs 8,762.47 crore in 2022 as against Rs 6,984.67 crore in the previous year.
High prices of crude and edible oils, pulses and vegetables were among the main factors behind the high inflation during the year.
Robust credit demand and high interest rate regime due to tight monetary conditions globally are also expected to help the profitability of the banks.
He was speaking on the occasion of the Reliance Family Day Function.