At the interbank foreign exchange market, the rupee opened lower at 82.71 against the greenback and witnessed an intraday high of 82.69 and a low of 82.87.
And when they exhausted all options, FMCG (Fast Moving Consumer Goods) companies raised prices. Now, they are hoping to recover the lost ground in 2023, with a recovery in margins and volumes, especially from the distressed rural areas amid softening commodity prices.
This growth trajectory will see India rise from fifth place on the World Economic League Table in 2022 to third in the global rankings by 2037, the consultancy said in the report released on Monday.
Speaking at the BFSI Insight Summit 2022 organised by Business Standard, Das said the RBI tracks 70 fast moving indicators and most of them are in the ”green box”.
At the interbank foreign exchange, the domestic unit opened weak at 82.76 against the dollar, then inched higher to 82.75, registering a decline of 5 paise over its last close.
Beyond construction of a new building, these days emphasis is also given on how energy-efficient the buildings would be so that there is no pollution or disturbance to anyone, she said at an event.
In the previous reporting week, the overall reserves had soared by USD 11 billion to USD 561.16 billion. This is the fifth consecutive week of an increase in the reserves.
Indian interest rates have also gone up, but exports have been slowing. India’s inflation problem is also going to be negative for growth.
The WPI stayed below the 10-point threshold for the second consecutive month. Prior to that, the WPI reading exceeded the double-digit threshold for 18 consecutive months, from April 2021 to September 2022.
Sitharaman was responding to a supplementary query of (CPI-M) member V Sivadasan during the question hour that why CSR funds cannot be given to chief ministers’ relief funds of state governments.
This came hours after official data showed that consumer price index (CPI) based inflation cooled to 5.88 per cent in November, the first time that it has come within the RBI’s target band this year.
The central bank considers the CPI data while formulating its semimonthly monetary policy. The Monetary Policy Committee (MPC) increased the repo rate by 35 basis points to 6.25 percent last week.
Consequently, RBI Governor said the standing deposit facility (SDF) rate stands adjusted to 6 per cent, and the marginal standing facility (MSF) rate and the bank rate to 6.50 per cent.
India’s total kharif crop production is estimated to moderate to 149.92 metric million tonnes (MMT) from 156.04 MMT in the previous kharif crop year, as per the first advance estimate.
In October, it had cut India’s GDP growth forecast to 6.5 per cent from 7.5 per cent earlier. Now, it has upgraded the projection to 6.9 per cent for 2022-23 (April 2022 -March 2023).
The gross domestic product (GDP) had expanded by 8.4 per cent in the July-September quarter of 2021-22, according to data released by the National Statistical Office (NSO).
The Micro, Small and Medium Enterprises (MSME) sector contributes one-third to India’s gross domestic product (GDP).
In its analysis titled ‘APAC Outlook: A Coming Downshift’, Moody’s said India is headed for slower growth next year more in line with its long-term potential.
The company, which is gearing up to launch the electric version of its compact car C3 early next year, is also working on the possibility of exporting compact electric vehicles from the country to markets like Europe.
Kumar further said there is a synchronized downturn in the US, Europe, Japan and also in China and that could take the global economy into a recession in the coming months.
In September, it had cut projections for the current year to 7.7 per cent from 8.8 per cent estimated in May.
Total two-wheeler dispatches last month increased 2 per cent to 15,77,694 units as compared to October 2021.
Rao made the remarks while delivering the keynote address at the launch of MFIN’s India Microfinance Review in Mumbai on Friday.
This is significantly more than the percentage of respondents experiencing higher growth in Q2 of the last few years including pre-Covid years too.
The RBI Governor, speaking at the FIBAC 2022 Conference on Wednesday, said the central bank’s focus is on promoting interoperability, cross-border linkages and innovation.