Foreign portfolio investors (FPIs) infused Rs 11,630 crore in the Indian equity markets in April on the reasonable valuation of stocks and appreciation in the rupee. This came after FPIs infused a net sum of Rs 7,936 crore in equities in March, mainly driven by bulk investment in the Adani Group companies by the US-based GQG Partners. However, if one adjusts for the investments of GQG in Adani Group, the net flow was negative.
Eurosceptics lined up to laud Greek democracy for disowning what some cast as the oligarchy
Indian policymakers are almost alone, alongside the United States, in seeking a hard and multi-sectoral global decoupling from China in the expectation that it will boost their economies, observes Mihir S Sharma.
'Markets could face uncertainty in the short to medium term.' 'It would be prudent to invest in alternative asset classes, especially debt, for about a year.' 'Bank fixed deposits are offering rates as high as 9 per cent per annum and these can be used as a great hedging tool until equity markets stabilise.'
Following are the highlights of the Economic Survey 2022-23 tabled in Parliament on Tuesday
Tsering described the gesture as an "innocent grandfatherly affectionate demeanour" that was followed by his "jovial prank" with a tongue.
India's historical focus on its continental borders has overshadowed its maritime ambitions, but that is changing quickly, notes Ajai Shukla.
Just as the US warships were heading towards the Georgian coasts in the Black Sea in the wake of four-day Caucasus war last month, Russia announced it would send a naval task force of the Northern Fleet on a tour of duty in the Atlantic Ocean and participate in joint naval drills with the Venezuelan navy in November. "Two Russian bombers have arrived in Venezuela for training exercises," Russian Defence Ministry said.
The RBI refuses to classify a cryptocurrency as an asset since it doesn't have future cash flow and its value is always fluctuating because of speculation. There is also no consumer protection, observes Tamal Bandyopadhyay, and hence the e-rupee trial run.
Earlier, President Vladimir Putin and his likely successor Sergei Ivanov had clearly indicated that Moscow will take asymmetrical steps to annihilate US missile defence without getting involved in the arms race.
The Reserve Bank may go for a final 25 basis points increase in the current rate hike cycle next week and a reduction would come in only by the end of third quarter of FY24, economists at Axis Bank said on Wednesday. As per media reports, RBI officials met economists on Tuesday, and the latter have suggested the central bank to go for a 25 basis points hike in key rates. Since May 2022, the RBI has hiked rates by 250 basis points, hurting borrowers and some are already concerned about loan tenors extending beyond their working lives as a result of the hikes.
The further expansion and upgrade of the Chinese military does not augur well for India, which continues to confront an increasingly belligerent China on its borders, notes former foreign secretary Shyam Saran.
The Indian rupee is expected to trade between 80 and 84 against dollar in the first three months of 2023 with support from overseas inflows though worsening current account deficit (CAD) and reduced interest rate differential between the US and India pose challenges. According to a Business Standard Poll of 10 participants, most said the rupee could gain strength in January due to foreign inflows, and the Reserve Bank of India (RBI) is not expected to allow the currency to depreciate ahead of the Union Budget scheduled on February 1. The rupee depreciated 10.15 per cent in 2022, its worst performance since 2013 as the war in Europe and the interest rate increase by the US Federal Reserve prompted investors to flee emerging markets.
For the banking system a new cycle starts in FY2024. It's fraught with fresh challenges on asset quality and profitability, warns Tamal Bandyopadhyay.
'There are many things we need to work on.' 'At the heart of it is, one, the extent of inequality, which is not good for democracy and nation; two, a structural decline on how a country ought to function, how people should be held accountable, whose role is what.'
Ahead of the 2023-24 Union Budget, the thinking at the top level of the central government is clear: Gross domestic product (GDP) growth of 6-6.5 per cent is a comfortable enough target for FY24 and the focus should be on fiscal consolidation to ensure that the sovereign cost of borrowing does not become prohibitively expensive in a high-interest rate environment, according to people in the know. Those aware of deliberations between the Prime Minister's Office (PMO) and the Ministry of Finance said while the Budget would look to strike a balance between infrastructure investment and welfare schemes, it is unlikely to be populist, though it will be the last full-year Budget before the 2024 Lok Sabha election. Incidentally, 6-6.5 per cent GDP growth is what the upcoming 2022-23 Economic Survey is expected to project for FY24.
The Central Bureau of Investigation had booked Shubham Shokeen and another former employee Aarti Mandal in the case on the basis of a complaint from the French embassy.
'Frankly, India has no role to play.' 'This is a showdown between the US and NATO on one hand and Russia on the other.' 'That said, the outcome of this titanic struggle in Central Europe will remould the world order and affect India profoundly,' argues Ambassador M K Bhadrakumar.
The Congress on Thursday accused the central government of evading a debate on India-China border face-off and asked why the Modi government has been running away from the issue.
'It has been an ongoing process, talking to the relevant ministries about eliminating leakages and curbing non-core expenditure in various schemes.'
Three Indian peacekeepers, who lost their lives serving under the UN flag last year, are among the 103 military, police, and civilian peacekeepers who will be honoured posthumously with a prestigious medal in the United Nations for their service and supreme sacrifice in the line of duty.
The Reserve Bank of India (RBI) has given its approval to two Russian banks for opening special vostro account for rupee trade. Sberbank, JSC VTB - the largest and second largest bank of Russia - are the first foreign lenders to receive this approval after the central bank announced the norms on INR trade in July. Both lenders have branch presence in India. Earlier this month, state-run UCO Bank received the RBI's approval to open a special Vostro account with Gazprombank of Russia. While the Kolkata-based lender is in the process of opening the account, the bank has received requests from various foreign lenders for opening such an account.
Any passenger from these countries found symptomatic or testing positive for coronavirus would be quarantined, Mandaviya said.
India has maintained communication with both Russia and Ukraine. It is time Narendra Modi steps up on the world stage and plays the role of peacemaker, suggests military historian Colonel Anil A Athale (retd).
India's economy continues to be robust, but downside risks such as rising crude oil prices, adverse weather conditions, and the global banking crisis outweigh the upside potential in gross domestic product (GDP) growth in the current financial year (FY24), the finance ministry said on Tuesday in its Monthly Economic Review for March. "We reiterate that downside risks to our official forecast of 6.5 per cent for real GDP growth in FY24 dominate upside risks," the review said. "Opec's surprise production cut has seen oil prices rise in April, off their lows of low-seventies per barrel in March.
Foreign portfolio investors (FPIs) turned net buyers in October after being net sellers in the previous month. In October, FPIs bought shares worth nearly Rs 8,430 crore ($1 billion) against net selling of Rs 13,405 crore ($1.6 billion) in September. Positive flows during three of the previous four months have pushed the domestic markets towards fresh all-time highs. At present, the Sensex and Nifty are less than 2 per cent shy of breaching record highs logged in October 2021. A rally in equity markets in the US and Europe is in hopes that the Federal Reserve may go soft on rate hikes after its November meeting.
Expect heightened volatility and stress to hit the markets. Caution may be the need of the hour, alerts Akash Prakash.
'The Indian economy and the Indian financial sector today remain resilient and much better placed.'
Climate and sustainable development financing, multilateral institution reforms, regulation of digital assets, the spillover effect on developing economies from actions of western central banks, energy and food security in the backdrop of war in Europe, and sanctions on Russia and their impact on the global economy are some of the agenda items that India will take up as President of G-20, Finance Minister Nirmala Sitharaman said on Tuesday. India will take over as President of the powerful international grouping on December 1 for a year. There will be around 200 meetings throughout the country, with the summit Heads of State meeting expected to be held in New Delhi next September.
He said that US intelligence shows that Chinese President Xi Jinping has instructed his nation's military to 'be ready by 2027' to invade Taiwan.
Shaktikanta Das is a master of the finest balancing act who listens to all but takes his own decisions, discovers Tamal Bandyopadhyay.
What's different this time is that global financial stress -- which has its genesis in four policy choices made in recent years -- is juxtaposed with a more resilient real economy, observes Sajjid Z Chinoy, chief India economist at J P Morgan.
A boat with three AK-47 rifles and bullets was found off the Raigad coast in Maharashtra on Thursday, officials said adding that there was no security threat.
The International Monetary Fund (IMF) has said India and China will account for half of the global economic growth in 2023, as the multilateral agency retained its growth forecast for Asia's third-largest economy for 2023-24 (FY24). "India remains a bright spot. Together with China, it will account for half of global growth this year, versus just a tenth for the US and euro area combined," the IMF said in its latest update to the biannual World Economic Outlook. Growth in India is set to decline from 6.8 per cent in 2022 (FY23) to 6.1 per cent in 2023 (FY24) before picking up to 6.8 per cent in 2024 (FY25), the global lender said while citing "resilient domestic demand despite external headwinds".
Jaishankar, who arrived in Santo Domingo on his first official visit to the Dominican Republic, also said that India has seen a dramatic expansion in connectivity, contacts, and cooperation across the region.
Almost 88 per cent youth have tried some of the other addiction between 16 and 18 years of age, a new survey has revealed.
'Higher than expected inflation in the US or the European Union, faster than expected tightening by the major central banks, break out of a war in Europe, and withdrawal of portfolio equities from the emerging markets are factors which can result in equity market corrections.'
Russian President Vladimir Putin told a summit of the Shanghai Cooperation Organisation (SCO) on Friday that the group should consider staging its own major sporting competition.
From witnessing the dawn of Independence to playing host to annual Republic Day celebrations for over seven decades, the historic Rajpath in India's power capital has seen the colonial rule and basked in the glory of a free, democratic nation.
Benchmark equity indices Sensex and Nifty reversed their early gains to close lower on Wednesday due to selling in oil & gas, banking and IT stocks amid weak trends in European markets. The 30-share BSE Sensex declined by 372.46 points or 0.69 per cent to close at 53,514.15, extending its falling streak to a third day. The index opened higher and touched the day's high of 54,211.22 amid gains in Asian markets.
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