BUSINESS
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.
Maldives Trade Minister Seeks Chinese Bank Alliances Amid Fitch Downgrade to Junk
Saeed, who is in China to attend the 15th World Economic Forum in Dalian, sat down with chiefs of the China Industrial and Commercial Bank over current relations between the parties and how to elevate the cooperation to benefit both. He later met with high-ranking officials of the Bank of China.
India's External Debt Ratio Declines to 18.7% by March 2024
On a standalone basis, India's ex-debt was at $663.8 billion as of March 2024, higher by $39.7 billion than in March 2023. Significantly, with India's GDP growth surging in the meantime, it helps reduce India's debt-to-GDP ratio.
RBI Governor Forecasts India's Consistent Path to 8% GDP Growth
He was said to be speaking at the 188th AGM of Bombay Chamber of Commerce & Industry, where he noted that in the past three years, India had clocked an average growth of 8.3% and is currently projected at 7.2%. He added that the country has a very robust growth momentum and is likely to grow at 8% steadily in future.
ICICI Bank Joins Elite Club with $100 Billion Market Cap Achievement
ICICI Bank's share ended at ₹ 1,204 apiece, a rise of 2.9 per cent due to strong interest from investors. Latest research by Motilal Oswal has stated, "ICICI Bank is well positioned for robust loan growth, with improving focus toward high-quality underwriting." Resilience in asset quality and normalization in credit costs have been expected by analysts in the case of the bank.
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