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.
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.
