The Reserve Bank of India's (RBI's) state of the economy report observed that any durable alignment of headline retail inflation with the target of 4 per cent could recommence in the second half of FY25 and sustain until numbers closer to the target are seen during the course of FY26, dashing hopes of any reduction in the policy repo rate in the current financial year. The report, authored by RBI staffers, including Deputy Governor in charge of monetary policy Michael Patra, said though headline numbers may fall in July and August due to base effect, it is likely to reverse in September.
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
It will be the second Budget of the Modi 3.0 government and eighth straight Budget for Nirmala Sitharaman, rare in Indian polity.
By taking the mutual fund route, investors can take exposure to gilts with small amounts. Over a decade or more, returns from these funds tend to be sound.
India should give greater priority to markets and trade liberalisation than to capital market liberalisation, a top official of the International Monetary Fund has said.
India remains the largest growing economy in the world, a senior official from the International Monetary Fund said, observing that the country's macroeconomic fundamentals are good. "India is said to remain the largest growing economy in the world. We project growth at seven per cent in FY24-25, supported by recovery in rural consumption, as there have been favourable harvests.
Patra, as executive director of the central bank, was the principal advisor to the Monetary Policy Department since July 2012.
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India's forex reserves declined by $1.27 billion to $561.58 billion for the week ended January 6, the Reserve Bank said on Friday. The overall reserves had increased by $44 million to $562.85 billion in the previous reporting week after two consecutive weeks of the slide. In October 2021, the country's foreign exchange kitty reached an all-time high of $645 billion.
'Whether I am optimistic or pessimistic is not the issue; I am just going by the evidence available.' 'The Indian economy and financial sector are now well-placed and very resilient in dealing with any kind of spillover coming from the external world.'
Raghuram Rajan, who was Chief Economic Advisor in the Finance Ministry before taking over as RBI Governor on September 4, is scheduled to announce the next mid-quarter policy review on December 18.
Gold, a safe-haven bet, is likely to continue its record-smashing journey in the New Year, rising to Rs 85,000 per 10 grams and even Rs 90,000 level in domestic markets if geopolitical tensions and global economic uncertainties continue.
The country's foreign exchange reserves increased by $3.85 billion to $601.36 billion in the week ended May 27, according to RBI data. In the previous week, the reserves rose by $4.23 billion to $597.51 billion. During the reporting week, the rise in forex reserves was due to an increase in the Foreign Currency Assets (FCA) and the gold reserves, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI) on Friday.
The country's foreign exchange reserves declined $897 million to $572.98 billion in the week ended August 5, according to the Reserve Bank of India (RBI). In the previous week ended July 29, the reserves had risen $2.31 billion to $573.87 billion. In the week ended August 5, the fall in the foreign exchange reserves was due to a dip in the Foreign Currency Assets (FCA), a major component of the overall reserves, as per the Weekly Statistical Supplement released by RBI on Friday.
India's forex reserves dropped by $691 million to $562.808 billion as of December 23, making it the second consecutive week of decline in the kitty, according to the RBI data. The overall reserves had dropped by $571 million to $563.50 billion in the previous reporting week, snapping a five-week trend of an increase in the kitty. In October 2021, the country's foreign exchange reserves reached an all-time high of $645 billion.
What some of our leaders were up to this weekend.
After rising for five consecutive weeks, India's forex kitty dropped $571 million to $563.5 billion for the week ended December 16, according to RBI data released on Friday. In the previous reporting week, the overall reserves had swelled $2.91 billion to $564.06 billion, making it the fifth straight week of an increase in the kitty after a protracted decline. In October 2021, the country's foreign exchange kitty had reached an all-time high of $645 billion.
The Financial Intelligence Unit-India (FIU-India), the national agency responsible for analysing suspicious financial transactions, has received requests from four more offshore crypto exchanges to operate in India again, said a senior government official familiar with the matter. In the beginning of 2024, India had banned nine crypto exchanges - Binance, Kucoin, Huobi, Kraken, Gate.io, Bitstamp, MEXC Global, Bittrex, and Bitfenix - for non-compliance with anti-laundering law in the country.
India's forex reserves rose by $2.908 billion to $564.06 billion for the week ended on December 9, according to the Reserve Bank data released on Friday. In the previous reporting week, the overall reserves had soared by $11 billion to $561.16 billion. This is the fifth consecutive week of an increase in the reserves.
At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.
The country's foreign exchange reserves declined by $5.87 billion to $590.59 billion in the week ended on June 17, the RBI data showed. In the previous week ended on June 10, the reserves had dropped by $4.6 billion to $596.46 billion. In the reporting week, the forex reserves fell due to a dip in foreign current assets (FCAs), a major component of the overall reserves, and also in gold reserves, the data showed.
International Monetary Fund (IMF) Deputy Managing Director (MD) Gita Gopinath has condemned the "terrible and disturbing" incident of rape and murder of a trainee doctor in Kolkata. "Personally, it is terrible to have any event of this kind. It is disturbing," she told Business Standard in New Delhi.
India's forex reserves declined by $1.42 billion to $631.53 billion for the week ended in February 25 due to a dip in currency assets, according to the Reserve Bank data released on Friday. The overall reserves had increased by $2.76 billion to $632.95 billion in the previous reporting week. During the reporting week, the foreign currency assets (FCA) declined by $2.23 billion to $564.83 billion.
India's foreign exchange reserves dropped by $1.087 billion to stand at $529.99 billion for the week ended November 4 on a sharp decline in gold reserves, the Reserve Bank said on Friday. In the previous reporting week, the reserves had swelled by $6.561 billion to reach $531.08 billion, making it the biggest weekly jump in a year. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
India's forex reserves increased by $4.23 billion to $597.51 billion for the week ended May 20 on the back of a high accretion of core currency assets, according to RBI data. The country's foreign exchange reserves had declined by $2.68 billion to $593.28 billion in the previous reporting week ended May 13. During the reporting week, the rise in the reserves was mainly on account of an increase in Foreign Currency Assets (FCA), a major component of the overall reserves, and gold reserves, as per weekly data released by Reserve Bank of India (RBI) on Friday.
Khan, 71, has been lodged at the Adiala Jail in Rawalpindi on account of multiple cases against him.
The country's foreign exchange reserves decreased by $3.27 billion to $600.42 billion in the week ended April 22, RBI data showed. In the previous week, the reserves had declined by $311 million to $603.69 billion. During the reporting week, the fall in the reserves was on the account of a decline in the Foreign Currency Assets (FCA), a major component of the overall reserves, and gold reserves, Reserve Bank of India's (RBI) weekly data released on Friday showed.
The country's foreign exchange reserves declined by a massive $8.062 billion to $580.252 billion in the week ended July 8, according to RBI data. In the previous week ended July 1, the reserves had dropped by $5.01 billion to $588.31 billion. During the reporting week ended July 8, the decrease in the reserves was on account of a fall in the Foreign Currency Assets (FCA), a major component of the overall reserves, and in the gold reserves, RBI said.
Brazil, Russia, India & China (known collectively as BRIC) on Sunday sought a re-balancing of representation on the executive board and the International Monetary and Financial Committee of the International Monetary Fund (IMF). The committee is the policy-making arm of the IMF.
In July, the Pakistan government's debt swelled to USD 2.44 billion, including USD 2.07 billion in non-guaranteed debt owed to China, as per Geo News.
A committee headed by Patel recommended retail inflation targeting and a monetary policy committee.
Declining for the third consecutive week, India's forex reserves dipped by $77 million to reach $635.83 billion for the week ended December 10, RBI data showed on Friday. In the previous week, the reserves had slid by $1.78 billion to $635.90 billion. In the reporting week ended December 10, the dip in the forex kitty was on account of a decline in foreign currency assets (FCA), a major component of the overall reserves.
The country's foreign exchange reserves increased by $2.73 billion to $593.32 billion for the week ended June 24 on the back of a surge in the core currency assets, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had declined by $5.87 billion to $590.59 billion. In the week ended June 24, the forex reserves swelled due to an increase in Foreign Currency Assets (FCAs), a major component of the overall reserves, and also in gold reserves, RBI said.
The IMF chief described the incident of rape and murder of an eight-year-old girl in India as "revolting.
After rising for two consecutive weeks, the country's foreign exchange reserves declined by $306 million to $601.06 billion in the week ended June 3, according to RBI data. In the previous week, the reserves had increased by $3.85 billion to $601.36 billion. It had risen by $4.23 billion to $597.51 billion in the week ended May 20.
India's forex reserves decreased by $1.145 billion to $640.874 billion for the week ended on November 5 on a fall in currency and gold assets, the Reserve Bank said on Friday. The overall reserves had increased by $1.919 billion to $642.019 billion for the previous reporting week. Foreign currency assets, a major part of the overall reserves, decreased by $881 million to $577.581 billion for the reporting week, the RBI said in the weekly data.
The G20 leaders will deliberate on pressing global issues at the grouping's annual summit here on September 9 and 10. India is hosting the summit in its capacity as the current G20 chair.
Anura Kumara Dissanayake, the leader of the Marxist Janatha Vimukthi Peramuna's (JVP) broader front National People's Power (NPP), on Sunday consolidated his lead in the Sri Lanka's presidential election.
Unemployment has been rising among the young, with authorities suspending data disclosures after youth unemployment crossed 20 per cent.
The workers of the airline have been also up in arms, protesting against the decision by the government.
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