BUSINESS
RBI policy: Core inflation smacks of unreliability even as headline CPI filled with noise
A sharp increase in food prices is set to raise headline retail inflation sharply in July. While the central bank tends to look at core inflation when the headline number is temporarily surrounded by noise, even the non-food-non-fuel measure of retail inflation may not be a reliable indicator of price change
BUSINESS
In Charts: How India's economy has changed since RBI's June 8 policy decision
India's central bank looks at a variety of economic indicators before making its interest rate decision. Here's how some of these data points have moved since the Monetary Policy Committee last met
BUSINESS
MC Exclusive: Statistics ministry mulling back-up plan to update CPI if consumer survey junked again
The government had junked the Consumer Expenditure Survey for 2017-18 citing issues with the quality of data. This made it impossible to update India's Consumer Price Index, which remains rooted in the survey conducted way back in 2011-12
BUSINESS
Rise in food inflation warrants guarded approach by govt, RBI: Finance Ministry
The ministry also said that while India's fundamentals remain strong, adverse global developments can be an obstacle to achieving the high growth potential in 2023-24
BUSINESS
In post GST compensation era, states fall back on land and liquor to shore up revenues
State governments, under electoral pressures and with fewer revenue sources, are imposing higher taxes on property, liquor, and even vehicles to meet the shortfall
BUSINESS
India pins hopes on bilateral local currency trade to internationalise rupee
India has been looking to encourage the use of the Rupee to settle international trade transactions. However, progress has been slow, with the government and the Reserve Bank of India treading carefully to ensure there aren't any unintended consequences
BUSINESS
Nomura pushes back RBI rate cut call by 4 months, hikes FY24 inflation forecast by 50 bps
While surging vegetable prices have pushed up the trajectory of headline retail inflation, Nomura economists see the momentum of core inflation - or inflation excluding food and fuel items - as having fallen sharply
BUSINESS
MC Explains: How India's crypto fight could bear fruit at G20 Leaders' Summit
India has been looking to build a global consensus on crypto regulations. While the risks from crypto are being increasingly understood, the next one-and-a-half months will be key in determining whether India's crypto focus will bear fruit during its Presidency
BUSINESS
IMF raises India's FY24 GDP growth forecast by 20 bps to 6.1%
The upward revision made to India's growth forecast is in line with the IMF's new view on the global economy, which it now expects to grow in 2023 at a rate that's 20 basis points higher than previously expected
BUSINESS
Simmering veggies may push retail inflation above 6.5% in July
Headline retail inflation has already snapped its falling streak, rising more than expected to 4.81 percent in June from May's 25-month low of 4.31 percent
BUSINESS
B2C sectors, including construction and scrap, prone to fake invoicing: CBIC Chairman
B2C consumers do not insist on invoices or receipts, which gives a cushion for bills to be used for fake invoicing. These give the opportunity for bogus invoicing, he said.
BUSINESS
Government to extend export benefits to e-commerce couriers: Vivek Johri, CBIC, Chairman
Rebates on duties and taxes and rebates on state and central taxes on exports using couriers will greatly help exporters looking to expand businesses through e-commerce.
BUSINESS
G20: Russia condemned for pulling out of Black Sea Grain Initiative
According to the United Nations, more than 32 million tonnes of food commodities have been exported from three Ukrainian Black Sea ports to 45 countries across three continents in the year in which the initiative was active.
BUSINESS
G20: India releases Chair Summary, joint statement unlikely before Leaders' Summit
According to Finance Minister Nirmala Sitharaman, disagreements within the G20 remain with regards to common language on the Russia-Ukraine war.
BUSINESS
G20: IMF MD Kristalina Georgieva says global growth shows resilience, but lowering inflation top goal
The comments by Kristalina Georgieva come ahead of the G20 Presidency's press briefing, which will be headed by Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das
BUSINESS
G20: India makes headway on agenda amid easing Russia-Ukraine acrimony
The first meeting of the Finance Ministers and Central Bank Governors, held in Bengaluru in February, had seen several G20 members loudly voice their concerns over Russia's invasion of Ukraine and how it would be described in the official statement
BUSINESS
G20: World Bank’s Ajay Banga more optimistic about India now than in a long time
According to Banga, while the global economy has performed better than expected, it didn't mean it wouldn't face more challenges in the coming year.
BUSINESS
Govt borrowing cost may stay elevated as path to 4% inflation uncertain: Govt source
With headline retail inflation rising in June and expected to increase further to above 5 percent in the coming months, the chance of a repo rate cut this year is low.
BUSINESS
G20: US to help India lower energy transition cost through new investment platform
According to Treasury Secretary Janet Yellen, bilateral trade between India and US – which hit an all-time high last year – will grow further in the coming years
BUSINESS
G20: World Bank must amend vision to look beyond poverty, says President Ajay Banga
Banga, who was recently named the President of the World Bank, also said project financing designs could not be re-done at every opportunity and the focus had to move to scaling up ideas that have worked
BUSINESS
G20: Little encouragement from China on common debt recast principle, source says
According to the source, discussions about Russia and Ukraine among G20 members are not affecting progress on other agenda items
BUSINESS
G20: India to pen crypto guidance note as outcome eyed at Leaders' Summit in September
According to a source, the crypto guidance note by the G20 Presidency will be a summary of all the work that has been done by various countries and organisations and will be an input for the discussions on the synthesis paper that will take place before the Leaders’ Summit in September
BUSINESS
G20: After UAE, India in talks with Indonesia over rupee trade settlement, UPI linkage
According to a source, like UAE, there are talks going on with Indonesia on real-time settlement and trading in local currencies, and the two countries are also talking about linking their fast payment systems.
BUSINESS
G20: Need better, not just bigger, multilateral development banks, says Janet Yellen
The US Treasury Secretary's comments come as the G20 discusses the first volume of the report by the expert group led by Larry Summers and NK Singh on reforming multilateral development banks.
