Page 29 - Indian Economy

Retail inflation for farm and rural workers eases slightly to 7.22% in Oct

Retail inflation for farm and rural workers eased marginally to 7.22 per cent and 7.34 per cent, respectively, in October compared to September 2022, mainly due to lower prices of certain food items. "Point to point rate of inflation based on the CPI-AL (consumer price index-agricultural labour) and CPI-RL (rural labour) stood at 7.22 per cent & 7.34 per cent in October 2022 compared to 7.69 per cent & 7.90 per cent respectively in September 2022 and 2.76 per cent and 3.12 per cent respectively during the corresponding month of the previous year," a labour ministry statement said. Food inflation stood at 7.05 per cent and 7 per cent in October 2022 compared to 7.47 per cent & 7.52 per cent respectively in September 2022 and 0.39 per cent & 0.59 per cent respectively during the corresponding month of the previous year. The All-India Consumer Price Index Number for Agricultural Labourers and Rural Labourers for the month of October 2022 increased by 10 points and 9 ...

India's forex reserves rise at fastest pace since August 2021: RBI data

For the current week, the local currency gave back some of those gains to end down 1.1% at 81.6850 per dollar

RBI sold net $10.36 bn in spot foreign exchange market in Sept: Bulletin

The RBI said it bought $23.27 billion and sold $33.62 billion in the spot market

Economy resilient, but sensitive to global headwinds, says RBI article

With headline inflation beginning to show signs of easing, the domestic macroeconomic outlook appears to be resilient though it is still sensitive to global headwinds, an RBI article said on Friday. The article published in the latest RBI bulletin also said the outlook for the global economy remains clouded with downside risks. Global financial conditions have been tightening and deteriorating market liquidity is amplifying financial price movements. Markets are now pricing in moderate increases in policy rates and risk-on appetite has returned. In India, supply responses in the economy are gaining strength, it noted. "With headline inflation beginning to show signs of easing, the domestic macroeconomic outlook can best be characterised as resilient but sensitive to formidable global headwinds," the article said. Urban demand appears robust, while rural demand is muted but more recently picking up traction, it added. The article has been prepared by a team led by RBI Deputy Govern

India's economy to grow between 6.1% and 6.3% in Q2, says RBI bulletin

Data for the July-September quarter will be released at the end of this month

Warning signal for economy as headline inflation heads to high core

Rate of core price rise has been over 5% for over two years and remained over 6% for five months till Oct

PE/VC investments drop 75% in October over last year: IVCA-EY report

Inflation woes, recession fears, the rising cost of capital, and elevated levels of uncertainty driven by geopolitical tensions have weighed down the PE/VC activity in 2022

India's oilmeal exports rise 38.45% to 1.98 MT during Apr-Oct period: SEA

The country's export of oilmeal, used as animal feed, rose 38.45 per cent to 19.84 lakh tonnes during the April-October period of the current fiscal on sharp rise in shipment of rapeseed meal, industry body SEA said on Thursday. The country had exported 14.33 lakh tonnes of oilmeal in the same period of the previous financial year. According to Solvent Extractors Association of India (SEA), out of the total oilmeal exports, the shipment of rapeseed meal doubled to 13.41 lakh tonnes during the April-October period of the current fiscal, from 6.58 lakh tonnes in the year-ago period. Export of rapeseed meal rose sharply on account of a record crop and crushing that resulted in highest processing and availability of the commodity, it said. Currently, India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other Far East Countries at USD 295 per tonne FOB (freight on board), while rapeseed meal Hamburg ex-mill was quoted at USD 363 per tonne, it ...

India to start talks for new FTA with a region next week: Piyush Goyal

India will be launching negotiations for a free trade agreement (FTA) with a region next week, Commerce and Industry Minister Piyush Goyal said on Wednesday. He said that negotiations are going on with countries, including the UK, European Union, Canada and Israel. "Next week, we will be launching one more very important FTA," Goyal said here at a function of consumer electronics. Though the minister did not disclose the name of the region, there is a likelihood that the talks may start with the Gulf Cooperation Council (GCC) as the region was keen to increase economic engagement with India. GCC is a union of six countries in the Gulf region -- Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. India has already implemented a free trade pact with the UAE in May this year. In a free trade agreement, two countries or regions either significantly reduce or eliminate customs duties on a maximum number of goods traded between them. Besides, they also ease norms to promote trade and .

States debt cost falls 12 bps to 7.67% on receding appetite from issuers

States on Tuesday got some reprieve in their debt cost with the weighted average price falling by 12 bps to 7.67 per cent due to receding appetite from issuers as they received tax payouts from the Centre last week. Assam, Bihar, Karnataka and Punjab have raised Rs 8,800 crore from the market at the auctions, which is nearly 31 per cent lower than the Rs 12,800 crore indicated for this week. According to Icra Ratings, the states have been drawing less from the market as the Centre has released two instalments of tax devolution aggregating to Rs 1.2 lakh crore on November 10, which eased their cash-flow position, leading to some states skipping the auction. The additional devolution in November may continue to drive the trend of lower-than-indicated borrowings in the coming weeks, the agency said. As a result, at the auctions today, the weighted average cut-off declined by 12 bps to 7.67 per cent from 7.79 in the last auction, amid a stable weighted average tenor at 12 years, the ..

Indian IT, business services market grew 7.4% in first half of 2022: Study

The IT and business services market in the country was valued at $7.15 billion between January and June 2022, according to IDC

RBI likely to go for smaller rate hikes as inflation eases: Analysts

The RBI has already raised rates by 190 bps since May, to 5.90%, as it battles to reign in inflation that has stayed above its 2%-6% tolerance band for ten straight months now.

Finance ministry likely to give additional Rs 25,000 crore for MGNREGS

But asks rural development ministry to identify and remove inefficiencies

Retail inflation eases to 6.77% in October, lowest in three months

May make MPC less hawkish on rate hike; WPI inflation dips to 19-month low of 8.39% in Oct

Consumer sentiments to sustain elevated levels

Sentiments have neither collapsed, nor have they stepped down after the festive season. They seem to have sustained the elevated levels they had achieved during the festive season

Chatroom: 'Export incentives available on payments received through SVAs'

Export invoicing in INR is already allowed but the payment must come through Vostro Accounts maintained by foreign banks with a bank in India

India believes in peace but will give befitting reply if provoked: Rajnath

Defence Minister Rajnath Singh on Sunday said that India believed in peace, but if provoked, then the country could give a befitting reply.The Defence Minister was addressing an event in Jhajjar, Haryana on Sunday, said a press release by the Ministry of Defence."India is no longer weak. We believe in peace, but if anyone tries to harm us, we will give a befitting reply. Our soldiers have proved this time and again. 2016 surgical strikes, 2019 Balakot airstrikes and the bravery shown by our soldiers during the Galwan Valley incident are proof of our prowess & preparedness," said Singh.Singh has assured the nation that the Armed Forces are fully equipped to give a befitting reply to anyone who casts an evil eye on India. Addressing an event in Jhajjar, Haryana on November 13, 2022, he asserted that safeguarding national interests is the main focus of the government led by Prime Minister Narendra Modi and the military is being armed with state-of-the-art and indigenously-developed

Indian economy fast-paced under PM Modi's rule, says Amit Shah

Union Home Minister Amit Shah on Saturday said the country witnessed fast-paced economic growth under the leadership of Prime Minister Narendra Modi and would achieve the USD 5-trillion economy goal by 2025. He said welfare schemes announced by the NDA government, including PM Awas Yojana for housing, and Swacch Bharat Abhiyan for construction of toilets and free electricity were driving the growth. Shah was speaking during the 75th platinum jubilee celebrations of N Srinivasan-helmed The India Cements Ltd here. Hailing the contribution of the cement-maker to the country, Shah said development of the country was based on its infrastructure and robust infrastructure is based on the quality of the cement used. "India Cements has become one of the top cement companies in the country. It has also forayed into shipping, mining, infrastructure, sports and so on... " he said. Shah noted that the company produces 15.5 million tonne of cement through its 10 manufacturing facilities across the

Expect next inflation print to be below 7%, says RBI Governor Das

Terming price rise as a major challenge, Reserve Bank Governor Shaktikanta Das on Saturday expressed hope that inflation print for October will be lower than 7 per cent. Retail inflation in September increased to 7.4 per cent from 7 per cent in August on higher food and energy costs. He attributed the expected moderation in inflation in October to measures taken by both the government and RBI in the last 6-7 months. Speaking at the HT Leadership Summit, Das there is no need to change the goal post for inflation targeting as higher than 6 per cent inflation would hurt growth. The rate-setting Monetary Policy Committee headed by the RBI Governor has been mandated by the government to keep inflation within 2-6 per cent range. On the Indian economy, Das said the macroeconomic fundamentals remain strong and growth prospects are looking good. "We expect the October number which will be released on Monday to be lower than 7 per cent. Inflation is a matter of concern with which we are no

Experts say India marching towards becoming world's 3rd biggest economy: PM

India is marching towards becoming the third largest economy in the world according to experts, even when the world is going through a critical time, Prime Minister Narendra Modi said on Friday. Speaking after dedicating a fertiliser plant to the nation and launching various projects here, Modi said experts have stated that the growth witnessed by the country after 1990, in the past three decades, will happen in just a few years due to the change that has happened during the past eight years. "For the past two or three years, the world has been fighting the corona pandemic. On the other hand, there are frictions, military actions are taking place and the effects of those are also impacting the country and the world," he said. "But under these critical circumstances also, all in the world are hearing one more thing. Experts in the world say that India will soon become the third largest economy in the world and is marching forward very fast in that direction," the Prime Minister ...