Reserve Bank Governor Shaktikanta Das on Monday said with the country's foreign exchange reserves at $677 billion, it is comfortably placed to deal with any spillover effects and for financing of the current account deficit. Over the last three years, the country's foreign exchange reserves have surged by $270 billion. He said as per the latest data, the foreign exchange reserves are $622 billion.
Reserve Bank Governor Shaktikanta Das on Tuesday said the fiscal-monetary coordination was at its best during the last six years even as he thanked Prime Minister Narendra Modi for giving the opportunity to head the monetary authority of the country. Das, in a series of posts on X, on his last day of his six-year term as RBI Governor, also thanked the Finance Minister, various stakeholders and his colleagues at the central bank.
'The policies announced by his administration are implemented faster.'
Benchmark equity indices Sensex and Nifty pared early gains to settle lower on Wednesday due to late selling in index major Reliance Industries, ITC and HDFC Bank even as the RBI took the first step towards a rate cut in its monetary policy review. Erasing its early gains, the 30-share BSE Sensex fell 167.71 points or 0.21 per cent to close at 81,467.1. During the day, it surged 684.4 points or 0.83 per cent to hit an intra-day high of 82,319.21.
Dr Nagesh Kumar, one of the three new MPC members, wanted the MPC to reduce the repo rate by 25 basis points to 6.25%.
'We handle close to 3 million rides daily, making us one of the largest players in this segment'
The highlights of the RBI's fourth monetary policy review of fiscal year 2022-23 announced by Governor Shaktikanta Das.
'Challenge is basically near-term growth as the outlook has turned a bit adverse.'
From the outcome of the general elections and then Union Budget to tepid corporate earnings in the September 2024 quarter (Q2-FY25), sticky inflation and Reserve Bank of India's stance on interest rates, extreme weather conditions, Indian stock markets have braved it all in calendar year 2024.
The Reserve Bank on Wednesday announced the increase of the UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000, in order to encourage wider adoption of the popular instant payment system through mobile phones. A limit of Rs 500 per transaction and an overall limit of Rs 2,000 per UPI Lite wallet, is presently applicable, with the facility of auto-replenishment. Unveiling the October bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das also said the per-transaction limit in UPI123Pay will be enhanced to Rs 10,000 from the current Rs 5,000.
BCCI unveils 10-point diktat: Domestic cricket must, restriction on personal staff, family stay on tours
Prospects of a bumper kharif harvest are expected to lower food inflation in the coming months, making the country's inflation outlook benign, the Union Ministry of Finance (FinMin) said in its monthly economic report for October released on Monday.
While this will incur a revenue loss amounting to 0.2 per cent of GDP, it will provide a strong boost to consumer sentiment and spending, points out Rajani Sinha.
Brokers said investor sentiment turned choppy on selling by foreign institutional investors ahead of the September month derivatives expiry on Thursday.
They also demanded immediate release of their pending salaries in view of the 'Maha Shivratri' festival, being observed later this week.
Deputy Governor Michael Patra warned about the spillover effects of food inflation.
Amid a debate on the basis of a monetary policy stance, one may be curious enough to know how non-food retail inflation has behaved over the years in India. Let the eager souls catch a glimpse of facts. In the past 10 years, non-food inflation came down below 4 per cent on two occasions - pre-Covid period of 2019-20 and now in the first four months of the current financial year (FY25).
The index could be vulnerable to a bigger fall given the present market dynamics.
The Supreme Court, examining whether states can sub-classify Scheduled Castes and Scheduled Tribes for grant of quota inside quota, on Wednesday said all SCs and STs may not be homogeneous in terms of their sociological, economic, education and social status.
RBI Deputy Governor Swaminathan J has asked banks to follow KYC guidelines with both "precision and empathy", failing which regulatory actions will be taken against them by the central bank. Addressing a Conference of Directors of Private Sector Banks here on Monday, the Deputy Governor also expressed concern that in many cases, customer grievance mechanisms, including the Internal Ombudsman structure, are treated more as a formality than as a robust, effective resource.
'2025 is the year to build a portfolio for the future. Focus this year should be on valuations and visible growth.'
The solution to Manipur's problems lies in the government giving concessions to Meitis in jobs and education and to accept autonomy for the tribal dominated areas inhibited by the Kukis, suggests Colonel Anil A Athale (retd).
'India joined a select group of countries at the global level after this finding and it will fulfil the vision of Prime Minister Narendra Modi's 'Aatmanirbhar Bharat' (self-reliant India)'
'...how do they consume and contribute to the GDP?'
The Union Cabinet, at a meeting chaired by Prime Minister Narendra Modi, held a detailed discussion on the Supreme Court judgement on the sub-categorisation of reservation for SCs and STs as granted in the Constitution.
Economic criteria to ensure that the benefits of government policies reach the target group is not "proscribed" and a "recognised" basis of classification, the Supreme Court orally observed Wednesday while hearing pleas challenging the Centre's decision to grant a 10 per cent quota for the EWS category in admissions and jobs.
'All Pakistan army chiefs follow a consistent line as far as India is concerned.'
Reserve Bank Governor Shaktikanta Das on Friday said 67 per cent of the decline in the foreign exchange reserves since April was due to valuation changes arising from strengthening US dollar and higher American bond yields. The forex reserves, which stood at $606.475 billion as on April 2, have declined to $537.5 billion as on September 23. It was also the eighth straight week when the reserves declined.
If the DMK is able to sustain the momentum until the assembly polls, the AIADMK especially and the PMK and possibly the infant TVK too would find it hard to sign up with the BJP, explains N Sathiya Moorthy.
Putin is keen on establishing a good personal rapport with Trump and anchor a meaningful US-Russia partnership, realistic enough to accept that Trump is as good an American president as Russia would ever get, observes Ambassador M K Bhadrakumar.
'For the past number of weeks, you and I have found ourselves at odds about the best path forward for Canada'
Even as the high inflation figure for October has ruled out any possibility of a rate cut by the Reserve Bank of India's (RBI's) monetary policy committee (MPC) in December, a rate cut in February also looks uncertain due to global uncertainties. Economists told Business Standard that unless domestic growth slows markedly, the outlook on rate cut remains unclear. India's headline inflation touched a 14-month high of 6.2 per cent in October, breaching the MPC's upper tolerance band of 6 per cent.
The Reserve Bank of India (RBI) has barred four non-banking finance companies (NBFCs), including two microfinance institutions (MFIs), from sanctioning and disbursing loans for charging exorbitant interest rates to the borrowers. These four entities are Asirvad Microfinance, Arohan Financial Services (also an MFI), DMI Finance, which provides personal, consumption, and micro, small and medium enterprises loans, and Flipkart co-founder Sachin Bansal's Navi Finserv, which offers home and personal loans. The ban will take effect on October 21 to "facilitate closure of transactions in the pipeline", the regulator said in a statement.
While the capital spending is being maintained at 3.1 per cent of the GDP, a little more would have boosted economic growth even further, suggests Rajiv Memani.
After a brutal selloff since October, foreign portfolio investor (FPI) flows for the year-to-date (YTD) in 2024 have turned negative. In early September, YTD FPI investments peaked at a record Rs 22,000 crore ($2.6 billion). This wave of selling has also pulled down benchmark indices, with the Nifty's YTD returns declining to 11 per cent from their high of 21 per cent in September.
Foreign direct investment (FDI) inflows into India have crossed the $1 trillion milestone in the April 2000-September 2024 period, firmly establishing the country's reputation as a safe and key investment destination globally. According to data from the Department for Promotion of Industry and Internal Trade (DPIIT), the cumulative amount of FDI, including equity, reinvested earnings and other capital, stood at $1,033.40 billion during the said period.
Ten Naxalites were killed in an encounter with security personnel in Chhattisgarh's Sukma district on Friday, a senior police official said. The gunfight broke out in the morning in a forest within the jurisdiction of the Bhejji police station when a joint team of security personnel was out on an anti-Naxalite operation. The operation was launched based on inputs about the presence of Maoists belonging to Konta and Kistaram area committees of Naxalites on forested hills of Korajguda, Dantespuram, Nagaram and Bhandarpadar villages. Chief Minister Vishnu Deo Sai hailed security forces and said the era of peace and progress has returned to the Bastar region, which includes Sukma.
Given the possibilities that next year's assembly elections could throw up, Stalin told the state assembly that an interim report had to be submitted by January 2026. The outcomes may well find its way into the DMK's poll manifesto, thus seeking to keep the electoral focus still on the BJP-ruled Centre and Prime Minister Modi, observes N Sathiya Moorthy.
The Anti-Discrimination Student Movement (SAD), which led protests against Bangladesh Prime Minister Sheikh Hasina, has launched itself as a political party called the National Citizen Party (NCP). The new party, which aims to 'dismantle constitutional autocracy' and establish a 'second republic,' has pledged to create a 'solely Bangladesh-oriented' political system, with no room for 'pro-India and pro-Pakistan politics.' The NCP's inaugural rally was attended by representatives of various political parties, including the Bangladesh Nationalist Party (BNP), Jamaat-e-Islami, and envoys from the Vatican and Pakistan.
'A possible post-election growth momentum may be lost.'
