April 16, 2024 – The International Monetary Fund (IMF) has raised India’s fiscal year 2024-25 (FY25) GDP growth forecast to 6.8%, an increase from the previous projection of 6.5%. This adjustment reflects India’s strong domestic demand and expanding working-age population, solidifying its position as the world’s fastest-growing major economy. For FY26, the IMF anticipates India’s … Read more
India’s foreign exchange reserves have reached an unprecedented high of $648.56 billion for the week ended April 5, according to the Reserve Bank of India (RBI). This is an increase of $2.98 billion from the previous week, and it surpasses the prior record of $645.58 billion set in the last reporting period. The rise in … Read more
The European Central Bank (ECB) held its key interest rate steady on Thursday, opting to wait for more evidence that the swift decline in inflation is sustainable before considering rate cuts to support the sluggish economy. The bank’s governing council stated in its post-decision announcement that most underlying inflation indicators are showing signs of improvement. … Read more
The Asian Development Bank (ADB) has revised its GDP growth forecast for India, projecting a robust 7% growth for the current fiscal year (2023-24), up from the previous estimate of 6.7%. This growth surge is attributed to strong investment from both public and private sectors, alongside a gradual uptick in consumer demand. While the forecast … Read more
Economists surveyed by Reuters project that India’s consumer price inflation likely moderated to a five-month low of 4.91% in March. Despite this decrease, it remains above the Reserve Bank of India’s medium-term target of 4%, mainly due to persistent food price increases. RBI Governor Shaktikanta Das expressed concerns about food price volatility, emphasizing its impact … Read more
In February, India experienced an unprecedented surge in silver imports, skyrocketing by 260% to achieve a record-breaking high. This remarkable increase was attributed to lower duties, enticing substantial purchases from the United Arab Emirates (UAE), according to both government and industry insiders. Projections indicate that this trend will continue, with imports expected to escalate by … Read more
Gold prices surged to new heights on Monday, marking the seventh consecutive session of record peaks. This impressive rally comes amidst robust demand from key central banks in Asia, a trend that analysts believe is offsetting traditional challenges posed by a strengthening U.S. dollar and heightened interest rates. At 1002 GMT, spot gold climbed by … Read more
Oil prices experienced a downward trend on Monday in response to significant developments in the Middle East conflict. The decline followed Israel’s decision to withdraw more troops from Gaza and engage in fresh talks aimed at achieving a potential ceasefire after six months of intense hostilities. Brent crude futures saw a decline of 90 cents, … Read more
The Indian rupee concluded Monday’s trading session on a steady note at 83.31 (provisional) against the US dollar. Despite receiving support from positive domestic equities, the currency’s gains were offset by the strength exhibited by the American currency in the global market. Forex traders noted that while investor sentiments received a boost from the retreat … Read more
The Reserve Bank of India (RBI) declared its initial monetary policy for FY25 on April 5, 2024. With a 5-to-1 majority vote, the RBI’s Monetary Policy Committee (MPC) opted to maintain the key policy repo rate at 6.50 percent for the seventh consecutive time. The committee, consisting of six members, also retained the stance at … Read more
Rajesh Kumar Singh, the secretary in the Department for Promotion of Industry and Internal Trade, has unveiled India’s ambitious plan to attract a minimum of $100 billion in gross foreign direct investment (FDI) annually. This bold objective comes as many investors and multinational corporations are seeking to diversify their investments away from China, presenting India … Read more
The dispute between the International Monetary Fund (IMF) and former CEA Krishnamurthy Subramanian regarding India’s growth prospects has escalated. Subramanian asserted that the Indian economy could achieve an 8% growth rate until 2047, contrasting with the IMF’s stance, which distanced itself from his projections. In response, Subramanian took a swipe at the IMF, alleging consistent … Read more
India’s oil secretary, Pankaj Jain, voiced concerns over the surging crude oil prices during an event on April 3, highlighting the implications for the world’s third-largest importer of the commodity. According to reports from Reuters, Jain emphasized the challenges posed by the “geopolitical premium” influencing the price of crude. Jain underscored that as a significant … Read more
In a significant development aimed at boosting rice exports, the government has decided to remove the duty on exports of the Kalanamak variety of rice for shipments totaling up to 1,000 tonnes. This move comes as part of the government’s efforts to promote agricultural exports and provide relief to rice exporters. Previously, exporters of Kalanamak … Read more
In its latest South Asia Development Update released on Tuesday, the World Bank announced that the Indian economy is forecasted to expand by 7.5 percent in 2024, marking a revision of its earlier projections for the same period by 1.2 percent. The report highlights a strong growth outlook for South Asia, with an overall regional … Read more
“The India Employment Report 2024,” a comprehensive analysis conducted by the Institute for Human Development/International Labour Organisation, delves into the intricate dynamics of the current state and future trajectory of youth employment in India. The report unveils a sobering narrative, revealing that the country’s widely celebrated ‘demographic dividend’ is perilously at risk of being squandered … Read more
In a recent interview with Bloomberg, former Reserve Bank of India (RBI) governor Raghuram Rajan offered a nuanced perspective on India’s economic landscape, urging caution against unwarranted optimism surrounding its growth trajectory. Rajan emphasized the need to confront the reality of major structural impediments hindering India’s progress, rather than being swayed by exaggerated perceptions of … Read more
Stock traders opted to cash in some gains as the week commenced, with all eyes on forthcoming economic data, including the Federal Reserve’s preferred gauge of inflation—though markets are set to be closed on the same day. The suite of probes announced Monday are the first under the EU’s Digital Markets Act law, which took … Read more
As unemployment concerns loom, the Federal Reserve weighs the option of reducing interest rates, despite inflation worries. Powell’s unwavering focus on curbing a potential downturn in employment underscores the Fed’s dedication to safeguarding the labor market. This proactive stance toward preserving jobs may serve as a crucial pillar for the economy and could potentially buoy … Read more
In a recent study conducted by the World Inequality Lab, it has been revealed that India’s wealthiest 1 percent now holds the highest concentration of wealth witnessed in over six decades. The study highlights a stark reality: a small fraction of the population commands a significantly larger portion of the country’s wealth. Moreover, it indicates … Read more