BUSINESS
RBI's Monetary Policy Panel Member Predicts Stable High Growth Phase for Indian Economy
He told, "With respect to growth momentum and inflation trends, the Indian economy is set for a possibly stable high growth phase. It is also in an enviable position given the huge risks that we are facing.".
Inside India's Lavish Wedding Industry: A Rs 10 Lakh Cr Extravaganza
In a recent note, Jefferies had estimated that while the size of India's wedding market, at USD 100 billion, was almost twice the US market, it was smaller than that of China at USD 170 billion. Weddings are the second-biggest category of retail spending in India after food and grocery and play a huge role in driving consumption across jewellery, apparel, and other associated categories such as autos and electronics.
India Surges to Become the Third Largest Domestic Aviation Market Alongside US and China
India has replaced Brazil, which now occupies the fourth spot with 9.7 million airline seats, and Indonesia with 9.2 million seats at fifth. That India could do so because it posted the highest annual average capacity growth rate of 6.9 percent among the top five countries during this period. This was followed by a growth rate of 6.3 percent in China and 2.4 percent in the case of the US during the same period.
GIFT Nifty Achieves Historic $95.5 Billion Monthly Turnover in June
NSE has said that this feat is a step in the direction of showing the growing interest and confidence of international investors in GIFT Nifty as an important benchmark of the economic-growth trajectory of India. It said it sincerely thanks all its partners for their continued strong support, attributing their contributions to the success of GIFT Nifty as a futures contract.
May Sees India's Core Industries Grow by 6.3%
Coal production surged noticeably by about 10.2 percent in May, while that of steel increased by 7.6 percent during the same period.
India's Fiscal Deficit Shows Significant Decline in Initial Months of 2024-25
Net direct tax revenues were at Rs 3.19 lakh crore during April-May, which is around 12 percent of the annual target, compared with Rs 2.78 lakh crore in the comparable period last year. Overall expenditure of the government was at Rs 6.23 lakh crore or around 13 percent of the annual target, slightly lower than the Rs 6.26 lakh crore spent during April-May 2023.
India's Foreign Exchange Reserves Surge to $653.7 Billion, Up by $816 Million
Last week, the country's forex reserves added $4.3 billion to end at an unprecedented $655.8 billion on June 7. The reserve build-up reflects strengthening economic fundamentals and provides better ability to the RBI to intervene in case of rupee volatility.
RBI Introduces Updated SAARC Currency Swap Plan for 2024-2027
The SAARC Currency Swap Facility was established on 15 November 2012 to provide instant liquidity toward short-term foreign-exchange and balance-of-payment requirements of the SAARC countries pending long-term financing arrangements.
RBI Report Highlights Indian Economy's Robustness and Banking Resilience
Reportedly, the GNPA ratio of scheduled commercial banks has slipped to a multi-year low of 2.8 percent, and the NNPA ratio stood at 0.6 percent as of March 2024.
India's GDP Growth Projected to Approach 7.5% in 2024-25: NCAER Report
The June monthly economic review highlights that the optimistic outlook is driven by strong economic activity in the first quarter, focused policy measures on investment and growth, macroeconomic stability, and the anticipation of a normal monsoon season.
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