China's central bank has finally acknowledged that the nation's booming red-hot economy is facing increasing pressure from spiralling prices and inflation risks are "worthy of attention".
The recurrent increases in fuel prices over the past 10 days are eating into the margins of transporters, who will be forced to pass on the hikes to their customers. This, in turn, is set to make the prices of daily consumables and other goods dearer, affect consumption, and slow economic growth, said transporters and analysts. Freight rates on grand trunk routes have shot up 3-4 per cent month-on-month in the past few days, according to the Indian Foundation of Transport Research & Training (IFTRT).
The rate of price rise in food items stood at 17.14 per cent in the corresponding week of 2010.
India's manufacturing sector activity contracted for the third straight month in October amid falling levels of production and new orders, as the business climate within the country remained tough, an HSBC survey said on Friday.
S&P Global Ratings on Monday retained India's GDP growth forecast at 6 per cent saying it will be the fastest growing economy among Asia Pacific nations. The GDP growth forecast for the current and the next fiscal has been kept unchanged from the forecast made in March partly on account of domestic resilience. "We see the fastest growth at about 6 per cent in India, Vietnam, and the Philippines, S&P Global Ratings said in its quarterly economic update for Asia-Pacific.
CPI inflation has declined by almost a percentage point from July, from close to eight per cent to just above seven per cent.
Gold is an excellent asset class for diversification and should be included in all long-term portfolios.
Home Minister Rajnath Singh said that the decision could cost the government roughly Rs 15,000 crore.
India's manufacturing sector growth climbed to a 16-year high in March on the back of the strongest increase in output and new orders since October 2020, amid reports of buoyant demand conditions, a monthly survey said on Tuesday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) surged to a 16-year high of 59.1 in March, from 56.9 in February, reflecting stronger growth of new orders, output and input stocks as well as renewed job creation. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
Pranjul Bhandari, Chief India Economist, HSBC, speaks about a range of issues ranging from inflation, to how Goods and Services Tax and land acquisition bills can help India hit double digit growth, and her impressions about economic growth in the last one year after Narendra Modi took over as India's Prime Minister.
India's jewellery consumption in Sept quarter increases 5% to 193 tonnes.
The rupee depreciated by 37 paise to close at 79.62 against the US dollar on Thursday despite sustained foreign capital inflows and a positive trend in equities. At the interbank foreign exchange market, the local currency opened at 79.22 and saw an intra-day high of 79.22 and a low of 79.94 against the American currency. It finally ended at 79.62, down 37 paise over its previous close of 79.25.
Hitting back at former prime minister Manmohan Singh for his criticism of the Modi government's handling of the economy, Finance Minister Nirmala Sitharaman on Thursday said he is more remembered for having brought India to "fragile five" and rampant inflation during his term.
The broader NSE Nifty managed to end higher for the second day at 10,426.85, up by 5.45 points or 0.05 per cent after shuttling between 10,478.60 and 10,377.85, intra-day.
Housing prices increased by up to 11 per cent annually across eight major cities during January-March period of this year due to a rise in demand for residential properties and a sharp hike in rates of construction raw materials, according to a joint report by CREDAI, Colliers and Liases Foras. Delhi-NCR witnessed highest rise in housing prices by 11 per cent to Rs 7,363 per sq ft during January-March 2022 as compared to the year-ago period, as per the first edition of Housing Price-Tracker report by realtors body CREDAI, real estate consultant Colliers and data analytics firm Liases Foras. Hyderabad witnessed 9 per cent increase in housing prices to Rs 9,232 per square feet, while Ahmedabad saw a 8 per cent appreciation to Rs 5,721 per square feet and Kolkata 6 per cent to Rs 6,245 per square feet.
The revised salaries of central government employees are likely to be paid from July 1, 2016.
'The actual price of petrol is Rs 35 and it jumps to Rs 88 because of government taxes.'
Inflation in India probably edged up in October as food prices climbed while weak demand is expected to have hurt factory output growth.
On the reduction in the SLR ratio, he said it was a signal from the point of view of long-term reforms.
Rajan has ignored pressure to loosen policy.
After opting for status quo in policy rates, Reserve Bank Governor Raghuram Rajan on Tuesday said any more cut will depend on further transmission of previous rate cuts by banks, softening in inflation and progress of monsoon.
RBI takes steps to control inflation but the masses are not convinced.
The bank added that with the inflation trending down -- consumer price inflation for August eased to 7.80 per cent -- the rate adjustment will continue to ensure that the depositors are compensated 'adequately with a positive real rate on their deposits.'
The RBI cut the rate several times last year to reduce it by 125 basis points to the current 6.75 percent.
Congress spokesperson Abhishek Manu Singhvi cited a viral video on social media platforms, claiming that in it Modi's voice is heard in a call with BJP rebel Kripal Parmar.
The rate of price rise of food items stood at 12.68 per cent in the corresponding week of the previous year.
The Nikkei India Manufacturing PMI dipped from 50.3 in November to 49.1 in December.
RBI Governor Raghuram Rajan is expected to express that cautiousness as he looks to manage expectations.
Debt returns are always negative for investors in India, unless they are willing to take huge risk
Metal prices from copper to aluminum and tin have shot up by about 7-32 per cent in the past three months.
In the mid-quarter monetary policy review last month, RBI Governor Raghuram Rajan had left the key policy rate unchanged, after raising it 50 bps in two instalments since he took over on September 4, saying he was waiting for more data clarity.
The first to see price hikes will be soaps. In the past six months, domestic palm oil prices have increased by 46 per cent. Palm oil is a key input going into soaps.
'The risk is in not being invested and missing out on an upmove.'
CARE Ratings, in a report, said it foresees an increase in the retail prices of petrol and diesel in the coming few days, depending on how the oil markets react in the reduction in supply from the cartel.
Dabur India has been the worst performer in the fast-moving consumer goods (FMCG) space this year (CY23), posting a 1 per cent decline even as its peer index, the Nifty FMCG, has delivered returns of over 29 per cent in this period.
While rising food inflation is a matter of grave concern for a significant chunk of the population and for policy makers as well, it marks a turnaround in the fortunes of the farmer, reports Sanjeeb Mukherjee.
The HSBC/Markit Purchasing Managers Index for the services industry inched up to 47.2 in November from 47.1 in October, the fifth sub-50.0 reading and indicated an output contraction across the Indian service economy.
Enthused by higher than expected GDP numbers in the fourth quarter of 2022-23, Chief Economic Adviser (CEA) V Anantha Nageswaran on Wednesday said India's economic growth may exceed the initial estimate of 6.5 per cent in the current fiscal and the country can look for another year of solid economic performance.
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