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India's forex kitty expands $10.47 billion to $636.095 billion: RBI data

Fri, 03/15/2024 - 09:08
India's forex kitty jumped by USD 10.47 billion to USD 636.095 billion for the week ended March 8, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by USD 6.55 billion to USD 625.626 billion. In October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year. For the week ended March 8, the foreign currency assets, a major component of the reserves, increased by USD 8.121 billion to USD 562.352 billion, the Reserve Bank of India (RBI) said. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves increased by USD 2.299 billion to USD 50.716 billion during the week, the RBI said. The Special Drawing Rights (SDRs) wer

FM underscores the need to learn lessons from electoral bonds scheme

Fri, 03/15/2024 - 08:42
Sitharaman observed that more people are investing directly in stock market. Finance minister noted stability of Indian stock market, advocating for it to operate independently

RBI governor asks regulated entities to improve grievance redress mechanism

Fri, 03/15/2024 - 08:26
RBI had established an Internal Ombudsman (IO) Mechanism in regulated entities to bolster their internal grievance redress processes

India's Q3 GDP numbers are 'absolutely mystifying': Arvind Subramanian

Fri, 03/15/2024 - 06:30
Former chief economic adviser Arvind Subramanian on Friday said India's latest GDP numbers are 'absolutely mystifying' and difficult to comprehend. India's economy grew by better-than-expected 8.4 per cent in the final three months of 2023 - the fastest pace in one-and-half years. "I want to be honest with you that the latest GDP numbers, I just simply can not understand them. "I say that with genuine respect and things. They are absolutely mystifying. They don't add up. I don't know what they mean," Subramanian said while speaking at the India Today conclave. The NSO has also revised GDP estimates for the first and second quarters of this fiscal to 8.2 per cent and 8.1 per cent from 7.8 per cent and 7.6 per cent, respectively. Elaborating further, Subramanian said while the implied inflation in these numbers is 1 to 1.5 per cent, actual inflation in the economy is somewhere between 3 and 5 per cent. "The economy is growing at seven and a half per cent, even though private consum

Nitin Gadkari announces 4 projects across India worth Rs 1,885 crore

Fri, 03/15/2024 - 06:16
These projects are located in Karnataka, Madhya Pradesh, Gujarat and Assam. The development of an existing ropeway has been proposed between Ujjain Railway Station and Mahakaleshwar Temple in MP

India's Feb trade deficit at $18.71 billion, consistent with forecast

Fri, 03/15/2024 - 05:20
In February, services exports were $32.35 billion, while imports were $15.39 billion. In January, services exports were $32.80 billion and imports were $16.05 billion

Oilmeals exports increased 9% in Feb to nearly 516K tonnes, says SEA

Fri, 03/15/2024 - 05:07
Oilmeals export rose 9 per cent year-on-year in February to nearly 5.16 lakh tonnes on higher outward shipments of soyabean meal, according to trade data. In a statement on Friday, Solvent Extraction of India (SEA) said the export of oilmeals in February stood at 515,704 tonne as compared to 4,71,770 tonne in the year-ago period. Of the total oilmeals export last month, the shipments of soyabean meal stood at 3,47,905 tonne and rapeseed meal 1,44,372 tonne. The data showed that the total export of oilmeals during the April-February period of this fiscal increased 19 per cent to 44,90,055 tonne as compared to 37,60,329 tonne in the corresponding period of the previous year. The export of soybean meal during the April-February period of the 2023-24 fiscal rose to 19.34 lakh tonne compared to 7.87 lakh tonne in the same period of the previous year as Indian soybean meal was most competitive in the international market. However, SEA said that soyameal exports might slow down because

Despite grounds for optimism, India economy is yet to hit high-growth phase

Thu, 03/14/2024 - 22:13
India's macroeconomic stability is impressive compared to many of its peers

Despite shrinking discounts, Russian crude flow to India may continue

Thu, 03/14/2024 - 15:13
Russia's share of Indian crude imports rose to 32 percent in February after recent dips

Govt, RBI in talks to ease Fema guidelines for boosting e-commerce exports

Thu, 03/14/2024 - 13:11
Efforts on to ease FEMA norms, says DGFT Sarangi

Fitch Ratings raises India's economic growth forecast to 7% for FY25

Thu, 03/14/2024 - 12:26
It expects 50 bps rate cut by RBI in the second half of 2024

Oil marketing companies cut petrol, diesel prices after 22 months

Thu, 03/14/2024 - 12:20
Both petrol and diesel to be cheaper by Rs 2 in Delhi from Friday

Elections, harvesting activities to raise diesel demand: S&P Global

Thu, 03/14/2024 - 12:06
Overall demand for oil products up 2.4% or 132,000 barrels per day in February

Wholesale inflation eases to a four-month low of 0.2% in February

Thu, 03/14/2024 - 11:51
The prices of manufactured products, which have a weighting of 64.2 per cent in the index, remained in deflation (minus 1.27 per cent) for the twelfth consecutive month in February

India plans economic data improvements, long-delayed population census

Thu, 03/14/2024 - 04:08
The Statistics Ministry has made a number of proposals that have been discussed by Prime Minister Narendra Modi's office in the past month, the people said

Modi launches 3 semiconductor units in Gujarat, Assam: Key things to know

Thu, 03/14/2024 - 03:51
At the event, PM Narendra Modi hailed chip-making as the fourth industrial revolution and said that India will not miss out on this opportunity

Wholesale inflation eases to 0.2% in Feb, food inflation rises marginally

Thu, 03/14/2024 - 03:07
The wholesale price index (WPI)-based inflation eased in January to 0.2 per cent from 0.27 per cent in the preceding month. The WPI inflation was in the negative zone from April to October and had turned positive in November at 0.26 per cent. "The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 0.20 per cent (provisional) for the month of February, 2024 (over February, 2023)," the commerce and industry ministry said in a statement on Wednesday. Food inflation moved up marginally to 6.95 per cent in February from 6.85 per cent in January, data showed. Inflation in vegetables was 19.78 per cent, up from 19.71 in January. The WPI inflation in pulses was at 18.48 per cent in February compared to 16.06 in January.

Fitch raises GDP growth estimates for FY24, FY25, tempers view on rate cuts

Thu, 03/14/2024 - 03:00
The RBI has kept the repo rate unchanged at 6.50% for the last six consecutive meetings and has reiterated its commitment to reaching the 4% inflation target on a sustainable basis

How UK visa rule change will impact Indian students, workers, caregivers

Thu, 03/14/2024 - 02:44
The UK Home Office estimates that 300,000 individuals eligible to come to the UK last year will no longer be able to do so

Niti Aayog bats for easy financing, e-commerce push to boost MSME exports

Wed, 03/13/2024 - 14:37
The report jointly prepared by Niti Aayog and the non-profit Foundation for Economic Development, said that India needs a NTN to ease compliance burdens for MSMEs

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