BUSINESS
IMF expects inflation in India to come down to 4% range next year
Daniel Leigh, the IMF's head of World Economic Studies Division, said at a news conference on Tuesday, "We do expect that inflation will come back into the inflation tolerance band 4 per cent in fiscal year 2023-2024, and additional monetary tightening is going to ensure that that happens." IMF's chief economist Pierre-Olivier Gourinchas said, "Inflation is still above the central bank target in India at 6.9 per cent (that) were projected for this year and coming down to 5.1 per cent".
RBI revises rules on foreign currency exposure of banks
As per the changes initiated by the central bank, lenders will have to assess the unhedged foreign currency exposures of all counterparties to whom they have an exposure in any currency, going ahead. Foreign currency exposure of all entities would have to be ensured by banks at least once a year, the RBI said. The revised rules will come into force from January 1, 2023 onwards.
India remains world's fastest-growing economy, despite IMF cutting growth projection
The IMF's World Economic Outlook report released in Washington on Tuesday cut India's growth rate by 0.6 per cent from the projection of 7.2 per cent made in July, but it kept the slower growth projection for next year at 6.1 per cent, which would still be the highest for major economies. The report said the downgrade reflects "a weaker-than-expected outturn in the second quarter and more subdued external demand".
Nissan sells its Russian operation with 6 year buyback option
According to Nissan, its Executive Committee on Tuesday approved the sale of its Russian operations to NAMI, the Central Research and Development Automobile and Engine Institute. The sale will transfer all Nissan operations in Russia under the Nissan Manufacturing Russia LLC (NMGR) legal entity to NAMI for future passenger vehicle projects, Nissan said.
IMF cuts India's GDP projection to 6.8% in 2022-23
Earlier, in July, it had projected a growth of 7.4 per cent for India in the current financial year. Reasons like contraction in US economy in the first half of 2022, a fall in Euro, lockdowns in China and continued Coronavirus outbreaks, have been listed by IMF for trimming India's growth projection.
'The worst is yet to come': IMF on global economy
"The worst is yet to come", the global financial institution's World Economic Outlook report said, Sky News reported. "For many people, 2023 will feel like a recession", it said. A downward revision of the global growth rate for 2023, from the amount the IMF said it expected in July, has been made in the report, Sky News reported.
Pakistan to seek debt rescheduling from creditors:
Pakistan Finance Minister Ishaq Dar has also stated that he will be putting forward the proposal of debt rescheduling, which, he said, will be coupled with timely payments to commercial and Paris Club lenders, to maintain a balance between growing financial needs and maintaining creditworthiness.
BYD launches EV Atto 3 SUV
"With proven and innovative technology, we are on track towards building a stronger ecosystem that facilitates EV adoption in our country. The launch of BYD-Atto 3 is a step towards this mission. We will constantly contribute to building a greener future," Sanjay Gopalakrishnan, Senior Vice President of Electric Passenger Vehicles of BYD India, said.
'Foreign companies are looking at India for satellite manufacturing'
With the trend of small satellite constellations, satellite manufacturing offers good scope for India, states a sectoral report titled 'Developing the space ecosystem in India: focusing on inclusive growth' was prepared by the Indian Space Association (ISpA) and EY.
Bank of England warns of risk to UK financial stability
Bonds are effectively IOU notes which are bought by investors, with pension funds especially reliant on buying them. The backdrop is last month's mini budget delivered by Chancellor Kwasi Kwarteng, which shook market confidence in the UK economy, BBC reported. The Bank of England made its latest intervention amid warnings of a fresh risk to UK financial stability.
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