There are a few factors that can spoil the party
Several parts of north and west India reeled under scorching heat wave with the temperature touching 50 degree Celsius in Rajasthan's Churu district on Tuesday, even as the meteorological department predicted very heavy rainfall in Assam and Meghalaya till May 28.
Citi, HSBC and UBS etc have already cut their market targets.
Moody's earlier this week lowered its growth forecast to 7 per cent, from 7.5 per cent.
Hopes that better-than-forecasted monsoon may help the RBI cut rates sooner than expected, too triggered buying activity.
Sharp showers continued to lash many parts of Tamil Nadu, including capital Chennai, resulting in water-logging in many areas and forcing closure of schools in the city even as the weather office forecast more rains.
India's GDP estimates for 2020-21 show that the economy is expected to perform much better than earlier projections by different agencies, indicating a sustained V-shape post-lockdown recovery, experts said. The first Advance Estimates (AE) by the National Statistics Office (NSO) has projected a contraction of 7.7 per cent in the real GDP during 2020-21. This was better than the projections by certain international agencies like the IMF and World Bank.
Here are the key decisions announced by the Reserve Bank of India on Thursday.
A countrywide truckers strike has hit India's diesel sales and oil companies could be forced to cut refinery runs and reduce imports if the protest continues, industry officials said on Wednesday.
A great monsoon and the rising FII investment in Indian markets have contributed to the 'feel good' factor.
The introduction of GST would constitute India's biggest reform.
India is likely to clock a GDP growth of 5.5 per cent during the current financial year provided there is normal monsoon and stable government at the centre, says a D&B report.
S&P BSE Sensex settled at 31,170, up 60 points, while the broader Nifty50 closed at record high for third straight session. It ended at 9,624, up 19 points.
The long-term growth perspective or potential for India is one of the highest in the Asia Pacific region.
India's factory output climbed 22.4 per cent in March, benefiting from the base effect of the lockdown-marred month a year back as well as a turnaround in the manufacturing sector, while retail inflation slipped to a three-month low of 4.29 per cent in April. The high positive annual growth in the index of industrial production (IIP) in March 2021 came on back of a contraction of (-)0.9 per cent and (-)3.4 per cent in January and February 2021 respectively, according to the data released by the National Statistical Office (NSO) on Wednesday. This turnaround was led by recovery in the mining, manufacturing and electricity sectors.
In line with other rating agencies and economic organisations, Crisil on Friday forecasted 7.1 per cent economic growth in the wake of an excellent monsoon, but warned that the fiscal deficit would overshoot the target besides lower export growth.
The picture looks no better for Wednesday with the weather office forecasting heavy to very heavy rainfall for Tamil Nadu.
Painting a rosy picture, the Asian Development Bank on Tuesday forecast that the Indian economy would grow by 6 % in 2003 and 6.3% in 2004, and said fiscal deficit of the Centre and states would start falling after the elections next year.
It has already cut the rate three times this year to loosen credit and boost slowing growth in Asia's third-largest economy.
India's agricultural production could see its biggest drop in more than two decades this year, due to a drought that hit nearly one-third of the country, Centre for Monitoring Indian Economy said on Friday.
As he projected a grim outlook for the economy, RBI Governor said that amidst this encircling gloom, agriculture and allied activities have provided a beacon of hope on the back of an increase of 3.7 per cent in foodgrains production to a new record.
Despite an impressive performance in 2003-04, CRISIL on Thursday forecast a slowdown in the growth of the country's gross domestic product at 6.2 per cent for 2004-05 as against the estimated 8.5 per cent in FY'04.
The road ahead for the markets in the short term will depend on external factors rather than domestic developments.
For the first time, the value of card and mobile payments of Rs 10.57 trillion was more than ATM withdrawals of Rs 9.12 trillion in Q4 of fiscal 2019-20. In the months of lockdown, the gap may have widened further, but cash could be back in vogue when the situation normalises.
The global rating agency expects the economy to pick up in the next two financial years.
ICRA's GDP forecast is higher than the 6.0 per cent projection made by the Reserve Bank of India and Asian Development Bank for this fiscal.\n\n\n\n
The rupee sank below 60 rupees to the dollar and government bonds had their biggest single-day fall in a month on Monday as higher-than-expected May inflation compounded worries about the impact of violence in Iraq on the price of oil, which India imports.
In Chennai, rains are expected to start early Thursday morning and intensify gradually. Government schools in the city have been shut down for the next two days
A normal monsoon, softer interest rates and inflation, pent-up demand, along with mild budgetary support may help growth pick up in coming quarters.
'India is planning to construct a multipurpose reservoir.' 'It will be a 10,000 MW hydropower project to offset the impact of the hydropower project by China.'
Wholesale fuel prices in May fell 10.51 per cent year-on-year.
The rapid deceleration in prices has ignited a debate in New Delhi whether Asia's third-largest economy is heading towards deflation.
Poor rain threatens recovery in production this season, sugar prices at three-month high
This is the fourth year of drought in Marathwada in the past five years. Each of its 8,522 villages have been affected for two consecutive years.
Consumer prices were forecast to have risen 10.00 per cent annually last month, barely changed from the 10.09 per cent clocked in October.
