Higher inflation has again become a matter of concern for fast-moving consumer goods (FMCG) companies. After prices of commodities like sugar and wheat moved higher and stabilised at those levels, the crude oil too surged, adding to FMCG firms' worries. Besides, a dry spell in August in the ongoing monsoon season impacted rural demand.
The five warmest years in Indian weather history have occurred in the past 14 years -- the others being 2009, 2017 and 2010, in order of intensity.
Skymet said the monsoon this year could be 100 per cent of the long period average (LPA) with a model error of plus and minus 5 per cent.
The RBI said recently that the upsurge in inflation in April was led by food and commodity prices.
What stocks will gain from a normal monsoon?
The Reserve Bank of India on Thursday decided to keep policy rate unchanged for third time in a row as it maintains heightened vigil on inflation. The rate increase cycle was paused in April after six consecutive rate hikes aggregating to 250 basis points since May 2022.
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Wholesale price inflation remained in the negative territory for the fourth month in a row in July at (-)1.36 per cent, even though prices of food items, especially vegetables, skyrocketed. The inflation, however, has inched up from (-)4.12 per cent recorded in June fuelled by 62.12 per cent rise in vegetable prices. In July last year, wholesale price index (WPI) was 14.07 per cent.
Moody's Investors Service on Friday raised India's growth projection for 2023 calendar year to 6.7 per cent on account of robust economic momentum. "Strong services expansion and capital expenditures propelled India's 7.8 per cent real GDP growth in the second (April-June) quarter from a year ago. "We have accordingly raised our 2023 calendar year growth forecast for India from 5.5 per cent to 6.7 per cent," Moody's said in its Global Macro Outlook. - el nino
'Due to rural stress, volumes continue to remain an issue for the industry, and we are yet to see any revival in demand.'
A below-normal monsoon is likely to drag down the food output with India's agricultural GDP growth likely to slump to 0.8 pc in the current fiscal, says a report by the Japanese brokerage firm Nomura.
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Ira Trivedi, wellness expert and founder of Yog Love, explains how these postures can help you keep monsoon ailments at bay.
The IMD dispelled fears by forecasting a normal monsoon for June-September. Rainfall is expected to be 98 per cent of the long period average, significantly higher compared to last year's 77 per cent LPA.
'A weak monsoon always spells disaster. But it's too early to have a pessimistic view.'
July and August are expected to receive 107 per cent and 104 per cent of rainfall
The day-long conference will be chaired by Finance Minister Arun Jaitely and presided over by both Food Minister Ram Vilas Paswan and Agriculture Minister Radha Mohan Singh.
The government on Saturday dismissed suggestions that the Monsoon session will be the last session and that the country was headed for early elections.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
RBI watchers are going to be on tenterhooks for the next 3 weeks.
The Consumer Price Index hit the lowest in six months in March at 4.83 per cent.
Analysts are divided on their retail price inflation forecast, with some saying the first quarter numbers will overshoot the RBI target by as much as 60 bps while others are softer in their estimate. Consumer price inflation retreated from its 15-month peak of 7.4 per cent in July to 6.8 per cent in August, much lower than the market expectations, despite vegetable prices remaining elevated at 26.1 per cent. Food inflation eased to 9.9 per cent from 11.5 per cent, led by some cooling of inflation in vegetables, cereals, pulses and milk.
The sound of the water amidst the silence of nature will remove all the tiredness of the journey, says Ashim Chakravarty.
Garlic, ginger and citrus fruits can improve your immunity.
Write in to us with instructions on how to prepare lip-smacking rainy-day foods and we'll publish your recipes right here on rediff.com.
The southwest monsoon which reached the country on May 30 well within its normal onset date
Anshul Gupta, 26, who works in Gurgaon tells us about his two-day trek with his friends.
Vegetable rates may ease from September, led by tomato prices, which have started showing signs of correction on the back of increased supply, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Wednesday. "Looking ahead, the spike in vegetable prices in July is starting to see a correction, led by tomato prices. "New arrivals of tomatoes in mandis are already softening the prices, coupled with proactive supply management in the case of onions.
Fitch Ratings on Thursday retained India's growth forecast for the current fiscal at 6.3 per cent citing economic resilience despite tighter monetary policy and exports weakness, but upped year-end inflation projection on El Nino threat. The Indian economy grew 7.8 per cent in the April-June quarter of current fiscal on strong services sector activity and robust demand. "The Indian economy continues to show resilience despite tighter monetary policy and weakness in exports, with growth outpacing other countries in the region," Fitch said, while projecting 6.3 per cent growth for current fiscal (April-March), and 6.5 per cent for next fiscal.
The IMD projects total rainfall in the June-September monsoon season as being 99 per cent of the long-period average.
The government will announce minimum support prices for kharif.
'If you see the composition of items which are causing this spike in prices, most of them have little to do with the kharif harvest, except for pulses and vegetables to some extent.' 'I don't know on what basis the government is claiming that food prices will moderate in the weeks to come.'
Although the monsoon is not active, it is not sluggish either he said, adding that the eastern coast, central India and north east are getting fairly good rains. Even Maharashtra and parts of peninsula are having rain.
This recipe makes for a good appetiser or tea-time snack.
Here's an easy-to-make soup, perfect for a wet monsoon day!
Retail inflation fell to a 15-month low of 5.66 per cent in March, mainly due to a decline in food prices, government data showed on Wednesday. The inflation figure in March is within the RBI's comfort zone as it is below 6 per cent. The retail inflation based on Consumer Price Index (CPI) was 6.44 per cent in February 2023 and 6.95 per cent in the year-ago period.
It's that time of the year when everything looks greener and prettier.
India will be able to manage potential inflationary pressures if forecasts of sub-par monsoon
Bhujbal, who has strongly opposed the demand to include the Marathas in the other backward classes category for quota benefits, said a new social system is taking shape in Maharashtra which is different from the order envisaged by prominent social reformers.
Allaying apprehensions of a food crisis in view of poor monsoon, minister of road transport and highways Kamal Nath said on Friday the country has enough foodgrain reserves to tackle even the worst monsoon situation.
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