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Siddharth Upasani

Special Correspondent

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Nomura sees India FY24 GDP growth at 5.1%, RBI cutting repo rate by 75 bps in 2023

BUSINESS

Nomura sees India FY24 GDP growth at 5.1%, RBI cutting repo rate by 75 bps in 2023

Nomura's forecast comes on the day RBI raised the repo rate for the fifth time in eight months and cut GDP growth forecast for FY23 by 20 basis points to 6.8 percent

Das stresses on 'trust' factor to resolve clearing house row with European regulators

BUSINESS

Das stresses on 'trust' factor to resolve clearing house row with European regulators

Das' comments come after the European Securities and Markets Authority (ESMA) on October 31 derecognised six Indian clearing houses with effect from May 1, 2023

Fitch expects 25 bps rate hike by RBI tomorrow, stay on hold in 2023

BUSINESS

Fitch expects 25 bps rate hike by RBI tomorrow, stay on hold in 2023

The ratings agency has retained its GDP growth forecast for India at 7 percent for FY23 but cut the forecast for FY24 by 50 basis points to 6.2 percent

In Charts | Mapping the fundamentals since September 30 monetary policy decision

BUSINESS

In Charts | Mapping the fundamentals since September 30 monetary policy decision

The Indian central bank looks at a variety of economic indicators before deciding on interest rates and other monetary policy matters. How have some of these data points moved since the Monetary Policy Committee (MPC) last met?

India's growth rate cycle has likely peaked, says Nomura

BUSINESS

India's growth rate cycle has likely peaked, says Nomura

Nomura expects India's GDP growth to fall to 5.2 percent in FY24 from around 7 percent in the current financial year

GDP data shows continued momentum, on track for 6.8-7% growth in FY23: CEA Nageswaran

BUSINESS

GDP data shows continued momentum, on track for 6.8-7% growth in FY23: CEA Nageswaran

Nageswaran's comments come after latest data showed India's GDP growth more than halved to 6.3 percent in July-September

GDP growth falls to 6.3% in July-September, meets expectations

BUSINESS

GDP growth falls to 6.3% in July-September, meets expectations

The sharp fall in GDP growth in July-September was due to the fading away of a favourable base effect

GDP growth may more than halve to 6.3% in July-September, finds poll

BUSINESS

GDP growth may more than halve to 6.3% in July-September, finds poll

Economic growth is expected to have fallen sharply in the second quarter of financial year 2022-23 as the effect of a favourable base faded

'Highly doable' for Centre to cut fiscal deficit to 4.5% of GDP by FY26: MPC's Ashima Goyal

BUSINESS

'Highly doable' for Centre to cut fiscal deficit to 4.5% of GDP by FY26: MPC's Ashima Goyal

While the latest data shows the Indian government is on track to meet the fiscal deficit target for the current financial year, questions have been raised about whether the medium-term target of 4.5 percent will be achieved

Pass-through of higher input prices to retail inflation nearly complete: FinMin

BUSINESS

Pass-through of higher input prices to retail inflation nearly complete: FinMin

According to the finance ministry's monthly economic review report, India's inflation dynamics have shifted from imported inflation to domestically driven inflation

Govt should seek transparency from providers of governance indicators: Sanjeev Sanyal

BUSINESS

Govt should seek transparency from providers of governance indicators: Sanjeev Sanyal

India's deteriorating performance in global governance indicators cannot be ignored given their influence on sovereign ratings, the member of the Economic Advisory Council to the Prime Minister has argued in a paper

RBI staff see downside risk to GDP growth forecast of 6.3% for Q2

BUSINESS

RBI staff see downside risk to GDP growth forecast of 6.3% for Q2

RBI staff sees a 20 basis points drop in growth at 6.1% when the data is released on November 30

After August pull-back, RBI net sold $10 billion in September

BUSINESS

After August pull-back, RBI net sold $10 billion in September

In July, the RBI had sold a record $38.77 billion in gross terms as the Indian rupee breached the 80-per-dollar mark for the first time on July 19

Interview | India's exports won’t rebound before mid-2023: ECRI's Lakshman Achuthan

BUSINESS

Interview | India's exports won’t rebound before mid-2023: ECRI's Lakshman Achuthan

The hit to India's growth from weak global demand should not be underestimated, the co-founder of New York-based Economic Cycle Research Institute warns

CPI inflation declines to a 3-month low of 6.77% in October

BUSINESS

CPI inflation declines to a 3-month low of 6.77% in October

Despite the sizeable fall in inflation from September's 7.41 percent, it remains above the 6 percent upper bound of RBI's tolerance band

FX reserves not a showpiece, must be used on a rainy day: RBI Governor Das

BUSINESS

FX reserves not a showpiece, must be used on a rainy day: RBI Governor Das

Das defended the Indian central bank's interventions in the foreign exchange market, adding that the RBI's reserves were "very comfortable"

India, US to work on new climate finance assistance deal for developing countries

BUSINESS

India, US to work on new climate finance assistance deal for developing countries

At present, the developed country goal is to pool together $100 billion annually till 2025 to help developing countries mitigate climate change and make the transition to a cleaner future, according to a joint statement from both the countries

India key partner in US' friend-shoring agenda, says Treasury Secy Janet Yellen

BUSINESS

India key partner in US' friend-shoring agenda, says Treasury Secy Janet Yellen

Yellen takes a dig at China and Russia, saying the world had been for too long overly reliant on "risky countries" that "wield trade as a geopolitical weapon"

Poll | CPI inflation may drop to 6.7% for October on favourable base

BUSINESS

Poll | CPI inflation may drop to 6.7% for October on favourable base

Data on October retail inflation, which is set to stay above the central bank's target of 4 percent for the 37th month in a row, will be released later today at 5.30 pm

Group of ministers' panel on GST on casinos, gaming may stick with 28% taxation decision

BUSINESS

Group of ministers' panel on GST on casinos, gaming may stick with 28% taxation decision

The GoM had recommended taxing online gaming, casinos, and race courses at a uniform 28 percent in its June report. Since a consensus has not evolved since then, the panel is likely to stay with the original decision

Centre releases Green Bonds framework; large hydropower plants ineligible for financing

BUSINESS

Centre releases Green Bonds framework; large hydropower plants ineligible for financing

Announced by Finance Minister Nirmala Sitharaman in her FY23 budget speech in February, India is set to issue its maiden sovereign Green Bonds this financial year

Former PM Manmohan Singh calls on media to be vigilant, point out govt shortcomings

POLITICS

Former PM Manmohan Singh calls on media to be vigilant, point out govt shortcomings

The former prime minister also said "governments come and governments go" but India's past was one of continuity and change.

GST system needs more resources, attention to improve: Tamil Nadu's PTR

POLICY

GST system needs more resources, attention to improve: Tamil Nadu's PTR

Tamil Nadu's finance minister also expressed concern about the low frequency with which the GST Council has been meeting.

Bibek Debroy bats for single GST rate, removal of tax exemptions

ECONOMY

Bibek Debroy bats for single GST rate, removal of tax exemptions

Debroy argued that it is the direct tax system that must be progressive, and not the indirect tax regime. As such, the GST rate should not depend on what the product is