Improved rural demand is attributed to a downward trend in inflation and a gradual rise in real wages in rural areas.
The 30-share BSE Sensex climbed 361.75 points or 0.44 per cent to settle at 81,921.29 driven by gains in IT, telecom and select banking shares. During the day, it jumped 637.01 points or 0.78 per cent to 82,196.55.
At the interbank foreign exchange market, the rupee opened at 83.94, lower by 3 paise from its previous close before dropping further to 83.95. The unit had settled at 83.91 against the US dollar on Monday.
The Gross Domestic Product (GDP) had grown by 8.2% in the same quarter last financial year. Despite this deceleration, India maintained its position as the fastest-growing major economy, outpacing China, which recorded a 4.7% growth during the same period.
At the interbank foreign exchange market, the local unit opened at 83.92, then gained ground to touch 83.88, registering a rise of 9 paise from its previous close.
The report emphasizes that tax reforms for deposits could elevate the banking system’s stability and resilience.
Hot rolled coil (HRC) prices have plummeted to Rs 51,000 per tonne, down from a peak of Rs 76,000 per tonne in April 2022.
The global financial firm lauded India’s strong demographic dividend, noting the nation is poised to benefit from its youthful population, potentially driving growth until 2060.
In the preface to the Economic Survey 2023-24, Nageswaran noted that while the government provides substantial support to farmers through subsidies on water, electricity, and fertilizers, along with income tax exemptions and minimum support prices, there is room for improvement in policy implementation.
This substantial investment pushes total FPI inflows in India to Rs 103,934 crore in 2023.
By enabling strong investor protection, the newly amended regulations are expected to broaden the investor base. Prudent management of operational risks remains key to popularising the vehicle, though, the rating agency report asserted.
Despite these challenges, the report highlighted that the global financial system has managed to remain resilient, maintaining stable financial conditions.
In its economic outlook for the Asia Pacific region, S&P noted India’s impressive 8.2% growth in FY 2023-24. However, growth is expected to settle at 6.8% this fiscal year as non-agricultural sectors face challenges.
Retail inflation clocked 4.83 per cent in April 2024, the lowest in the past 11 months. The retail inflation in India, though, is in RBI’s 2-6 per cent comfort level but is above the ideal 4 per cent scenario.
According to Fitch, while net interest margins (NIMs) are anticipated to narrow by 10 to 20 basis points over the next two years from the current cyclical peak of 3.6 per cent in the nine months of the financial year ending March 2024 (9MFY24), the sector’s earnings resilience will persist.
This growth forecast by the global rating agency is 20 basis points higher than the government’s estimate of 7.6 per cent.
This article presents predictions for the top 20 fastest-growing industries in the next five years, focusing on the fastest-growing sectors.
State Bank of India (SBI) last month announced a green deposit scheme, a first in the domestic banking, to attract long-term retail deposits to be used only to fund green transition projects or climate-friendly projects.
The Indian rupee remained flat as RBI maintained status quo in its monetary policy for the sixth consecutive time and left Repo Rate unchanged at 6.5 per cent, in line with street expectations.
Reserve Bank of India Governor Shaktikanta Das said that programmability-based additional use cases will be introduced as part of the pilot project.
The central government has tasked the Reserve Bank of India (RBI) to ensure that the Consumer Price Index (CPI) based inflation remains at 4 per cent, with a margin of 2 per cent on either side.
The 54th annual World Economic Forum conference, scheduled for January 15–19, 2024, in Davos-Klosters, is an influential non-governmental organization focusing on global economic progress.
The WPI inflation was in the negative zone from April to October and had turned positive in November at 0.26 per cent.
Six economists predicted inflation to be at or above 6.4%, the top tolerance limit of the RBI’s inflation-targeting mandate, according to Mint. Predictions in the poll ranged from 5.5% to 6.4%.
SahiBandhu Gold Loans says that because of high demand, gold prices will go up even more in 2024.
