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  • 11-Oct-2019
  • Moody’s cuts India’s GDP growth forecast to 5.8% for FY20

    Moody’s Investors Service on Thursday cut India’s gross domestic product (GDP) growth forecast for 2019-20 to 5.8% from the earlier estimate of 6.2%. It attributed the deceleration to an investment-led slowdown that has broadened into consumption, driven by financial stress among rural households and weak job creation.

    “The drivers of the deceleration are multiple, mainly domestic and in part long-lasting,” the ratings agency said in its report.

    It expects growth to pick up to 6.6% in FY21 and around 7% over the medium term.

  • 18-Jun-2019
  • Fitch cuts India growth forecast to 6.6% for 2019-20 fiscal

    Fitch on Monday lowered India's growth forecast to 6.6% for the current fiscal from 6.8% projected earlier, as manufacturing and agriculture sectors showed signs of slowing down over the past year.

    In its latest Global Economic Outlook, the global rating agency retained its GDP growth forecast for the next fiscal (2020-21) at 7.1% and 7.0% for 2021-22.

    In the last fiscal, Indian economy grew at a 5-year low pace of 6.8%.

  • 09-Jun-2019
  • Forex reserves swell by $1.8 bn to $421.8 bn

    The country’s foreign exchange reserves increased by USD 1.875 billion to USD 421.867 billion in the week ending 31st May 2019.

    Reserve Bank weekly data released showed that foreign currency assets, which is a major component of the overall reserves, rose by USD 1.946 billion to USD 394.134 billion.

  • 06-Jun-2019
  • 2nd Bi-Monthly Monetary Policy Statement Released: Repo Rate Reduced to 5.75%

    The 2nd Bi-Monthly monetary policy statement has been released. On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting decided to:

    1. Reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 5.75% from 6.00% with immediate effect.
    2. Consequently, the reverse repo rate under the LAF stands adjusted to 5.50%, and the marginal standing facility (MSF) rate and the Bank Rate to 6.0%. 
    3. GDP growth for 2019-20 is projected at 7.2%.

    GDP growth plunged to a five-year low of 5.8% in the January-March quarter due to lackluster growth in agriculture, manufacturing, construction, trade, hotels and power sectors. This, in turn, pulled down the FY19 GDP growth rate to a five-year low of 6.8%. The next meeting of the MPC is scheduled during August 5 to 7, 2019.

  • 05-Jun-2019
  • L&T Financial Services Launches ‘Digital Sakhi’ in Tamil Nadu

    L&T Financial Services’ (LTFS) ‘Digital Sakhi’, an educational programme aimed at digital financial inclusion of rural women, was launched in 20 villages of Villupuram district in Tamil Nadu.

    “By making rural women the torch-bearers, this commendable programme will not only strengthen the country’s future, but also supplement the Digital India campaign launched by the Government of India,” Tamil Nadu Governor Banwarilal Purohit said after inaugurating the event in the city on Tuesday.

  • 03-Jun-2019
  • Overseas investors pump over Rs 9,000 crore into Indian capital markets in May

    Overseas investors pumped more than 9,000 crore rupees into the Indian capital markets in last month on expectations of more business-friendly measures following the BJP's landslide victory in the general elections.

    According to the latest depositories data, Foreign Portfolio Investors (FPIs) infused around 7,920 crore rupees into equities and 1,111 crore rupees in the debt market during second to -31st of May, taking the cumulative investment to around  9,031 crore rupees.

  • GST collections cross Rs 1 lakh crore mark for third straight month

    India's goods and services tax (GST) revenue collections crossed Rs 1 lakh crore for the third straight month in May to Rs 1,00,289 crore, despite slowdown in the industrial activities. However, GST mop-up in May was lower than all-time high of Rs 1.13 lakh crore in the month of April, highest ever since the indirect tax regime was rolled out on July 1, 2017.

    GST collections rose by 6.67 per cent over the revenue of Rs 94,016 crore reported in May 2018. The revenue in May, 2019 was 2.21 per cent higher than the monthly average of GST revenue in financial year 2018-19 (Rs 98,114 crore), according to a data released by the Ministry of Finance.

  • G20 digital tax takes step closer

    Global efforts to impose a unified tax policy on Google, Facebook and other internet giants have cleared a major hurdle ahead of a G20 summit in Japan, officials said Friday.

    The Paris-based Organisation for Economic Cooperation and Development said that 129 countries had signed off on a roadmap to grab a fairer tax share of the companies' booming sales.

  • 22-May-2019
  • World Bank, CommBank Team Up For ‘World 1st’ Blockchain Bond Transaction

    The World Bank and the Commonwealth Bank of Australia (CommBank) have teamed up to enable recording of secondary market bond trading using blockchain tech.

    The institutions announced Wednesday that their successful recording of a secondary transaction for bond-i, a blockchain-operated debt instrument, on a distributed ledger shows the “vast potential” of the technology, and marks the first bond to have both issuance and trading recorded on a blockchain platform.

  • 15-May-2019
  • WPI Inflation Slides To 3.07% in April

    Wholesale Price Index (WPI)-based inflation for April eased to 3.07 per cent, from 3.62 per cent in the same month last year.

    The latest WPI print was also lower than 3.18 per cent recorded in March this year. Build up inflation for the financial year so far was 0.75 per cent, lower than 0.86 per cent in the corresponding period of the previous year.

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