BUSINESS
G20 | Larry Summers-NK Singh report on World Bank, IMF reform to be made public on July 18: Ajay Seth
The third meeting of the G20 Finance Ministers and Central Bank Governors under India’s Presidency will take place in Gandhinagar from July 17-18, and will be jointly led by Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das.
BUSINESS
Retail inflation snaps falling streak, rises to 4.81% in June
Economists had expected headline retail inflation to rise to 4.6 percent in June
BUSINESS
Rate-cut push gathers steam as firms' inflation expectations fall below 4% in May
As per a survey by Indian Institute of Management-Ahmedabad, inflation expectations of firms fell to 3.87 percent in May, the lowest since October 2020
BUSINESS
CPI inflation seen rising to 4.6% in June on higher vegetable prices, fading base effect
The statistics ministry will also release industrial growth data for May today at 5:30 pm, which is expected to show output grew by 5 percent
BUSINESS
GST rate rationalisation will have to be calibrated, may need glide path: CBIC Chairman Vivek Johri
According to Johri, there is an expectation and acceptance that the Goods and Services Tax system will eventually move to one with three rates: a median rate, a merit rate, and a demerit rate.
BUSINESS
India can follow global models to bring fuel under GST: CBIC Chairman Vivek Johri
Johri also said any loss of revenue being experienced by mineral-rich states can only be addressed by the Finance Commission
BUSINESS
RBI group says gains from including govt bonds in global indices outweigh risks
The observation, made by an inter-departmental group of the central bank in a report, comes amid prolonged discussions between Indian authorities and compilers of global bond indices
BUSINESS
India's macro management 'stellar' amid global turmoil, growth set to be durable: FinMin
In its annual economic review report of 2022-23, the finance ministry also warned that it was not the time to rest on the laurels and risk diluting the 'painstakingly and consciously achieved economic stability'
BUSINESS
Over 1 bn Indians to make up the middle-class when India will turn 100, finds PRICE survey
PRICE, or People Research on India's Consumer Economy, founds in its latest survey that India's rich would make up nearly a third of the population in 2047
BUSINESS
Interest rates on some small savings schemes hiked by 10-30 bps for July-September
The government had, on March 31, increased interest rates on small savings schemes by 10-70 basis points for April-June.
BUSINESS
RBI’s huge dividend helps limit Centre’s April-May fiscal deficit to Rs 2.1 lakh crore
The Indian government has set itself a target of reducing the fiscal deficit to 5.9 percent of GDP in 2023-24 on its way to meeting the medium-term milestone of 4.5 percent by 2025-26.
POLITICS
PM Modi to return to power in 2024 with over 400 seats, says MSME Minister Narayan Rane
Rane's comments come weeks after the Bharatiya Janata Party lost the Karnataka state elections to the Congress, leading to questions being raised about the upcoming Lok Sabha election, which is set to take place in the first half of 2024.
BUSINESS
With eye on food inflation, govt ready to keep check on prices of key items
The prices of a number of food items have either remained elevated or risen in recent months. And while the government has been taking steps to keep food inflation in check, officials say they are ready to take further action if needed.
BUSINESS
India's March quarter CAD at $1.3 billion, $67 billion for FY23
As a percentage of GDP, the January-March current account deficit is 0.2 percent compared to 2 percent in October-December 2022 and 1.6 percent in January-March 2022
BUSINESS
Inflation forecast to offer critical rate cut guidance, says MPC's Shashanka Bhide
Bhide, one of the three external members on the Monetary Policy Committee, also said the RBI's inflation forecast of 5.2 percent for January-March 2024 appeared likely, for now.
BUSINESS
Sustained sub-5% inflation forecasts to give rate cut opportunity, says MPC's Ashima Goyal
Goyal, one of the three external members of the RBI's Monetary Policy Committee, also said that oil marketing companies should start cutting fuel prices now that they have made up for their previous losses.
BUSINESS
Interview: One quarter of good data doesn’t mean growth struggle is over, says MPC’s Jayanth Varma
Varma, one of the three external members on the RBI's Monetary Policy Committee, also said that real rates have to stay elevated until inflation is in the vicinity of 4 percent.
BUSINESS
The world's experiments with CBDCs — the future of international payments
Earlier this week, senior IMF officials talked up the role of a global platform to settle central bank digital currency transactions. That future may not be as far away as it seems
BUSINESS
'Wasteful' fossil fuel, farm subsidies worsening climate change, says World Bank
These subsidies are leading to deforestation, premature deaths and dwindling fish stocks, causing environmental havoc, the World Bank has said in a new report. They should instead be repurposed to fight climate change
BUSINESS
Milk prices up again in May, but fodder crash offers some respite
Rising input costs have led to a surge in milk inflation, though May saw a crash in the wholesale price of fodder. Inflationary pressures from other animal-based proteins, however, remain
BUSINESS
Inflation, growth trend on track for first rate cut by RBI in early 2024
India's headline retail inflation slumped to a 25-month low of 4.25 percent in May. And while industrial growth jumped to 4.2 percent in April, the underlying numbers were not convincing
BUSINESS
CPI inflation drops to 4.25% in May, lowest in 25 months
The last time India's headline retail inflation figure was lower than 4.25 percent was in April 2021, when it stood at 4.23 percent.
BUSINESS
India can see China-like high-growth phase for a decade, says CEA Nageswaran
Nageswaran said the measures taken by the government over the last several years mean the Indian economy can now grow rapidly for a prolonged period of time without overheating.
BUSINESS
RBI cools rate-cut talk by enlisting Mahatma Gandhi in fight against inflation
Expectations have been building that the Monetary Policy Committee will cut the repo rate before the end of 2023 but the Reserve Bank of India seems to have pushed back strongly against such calls on June 8
