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INDIAN ECONOMY
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India’s approach to development in the last 2-3 decades has been service sector-led and has undermined manufacturing; at the same time, China has made rapid strides in manufacturing. This has resulted in an uneven balance between the two in their development stages.
China has developed capacities across a ...
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India’s junior finance minister Anurag Thakur asked the industry to step up and invest while calling the Indian economy structurally strong, and highlighting the reforms introduced by Prime Minister Narendra Modi’s government. Anurag Thakur said that the investment by local companies would instil confidence i...
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The Modi government did not release IIP growth data for the second consecutive month in May 2020. However, the Ministry of Statistics and Programme Implementation (MOSPI) showed that the index for the month of May 2020 gradually improved to 88.4, compared to 53.6 in April 2020. The government said that majori...
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A top IMF official has said that there is room for more fiscal support in India in the near term, particularly for vulnerable households and SMEs, given the severity of the country’s economic situation due to the COVID-19 pandemic.
Vitor Gaspar, Director of the International Monetary Fund’s Fiscal Affairs De...
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The Indian economy has started showing signs of normalcy with ease in lockdown restrictions across the country, RBI Governor Shaktikanta Das said on Saturday. He added that post containment of COVID-19, a very careful trajectory has to be followed in orderly unwinding of countercyclical regulatory measures.
...
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India will lose nearly Rs 50,000 crore in foreign exchange if solar developers are given exemption from basic customs duty on Chinese imports, the All India Solar Industries Association (AISIA) has said. On July 1, Power and New and Renewable Energy Minister R K Singh had said that Chinese imports for public ...
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The sharp deterioration in states’ finances because of the prolonged lockdown is taking a toll on government-funded infrastructure programmes, with an increasing number of projects being put on hold for lack of funds.
Preliminary data from public sources and conversations with consultants and engineering c...
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Calling on domestic manufacturers to ramp up production of solar cells and modules, Prime Minister Narendra Modi Friday made a pitch for self-sufficiency in the sector—at a time the government implements measures to reduce its dependency on China for power equipment imports. Modi reiterated that government de...
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MARKET & FINANCE
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After four months of outflows, foreign portfolio investors’ (FPI’s) fund flows into Indian debt continue to remain sluggish, with July seeing a net outflow of $53.51 million so far.
With the onslaught of Covid-19, March had seen the highest monthly outflows from debt at over $8 billion. Except February, al...
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The country’s foreign exchange reserves surged by a massive USD 6.47 billion to touch an all-time high of USD 513.25 billion in the week ended July 3, the latest data from the Reserve Bank of India (RBI) showed.
In the previous week ended Jun 26, the reserves had increased by USD 1.27 billion to USD 506.84...
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GLOBAL CORPORATE
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The Trump administration on Friday announced additional duties of 25% on French cosmetics, handbags and other imports valued at $1.3 billion in response to France's digital services tax, but would hold off on implementing the move for up to 180 days.
The US Trade Representative's office said delaying the s...
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RBI
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Reserve Bank of India (RBI) governor Shaktikanta Das addressed the seventh SBI Banking and Economics Conclave on Saturday amid the ongoing Covid-19 crisis. The central bank governor also spoke about on the health as well as economic crisis which have impacted jobs badly.
Covid-19 is the worst health and e...
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Banking
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There may not be a need for a system-wide loan moratorium, of the kind being offered between March and August, even though some sectors will continue to need support, State Bank of India (SBI) chairman Rajnish Kumar said on Friday. These sectors include aviation, gems and jewellery and hospitality. The SBI ch...
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The pre-provisioning operating profit (PPOP) of the top five private banks by size of advances, constituting 25% of overall banking and 75% of the private bank space, could decline by up to 15% Y-o-Y) in FY21, India Ratings and Research said in a report on Friday. This would decrease the ability of banks to w...
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RBI Governor Shaktikanta Das on Saturday said that meeting the minimum capital requirement is necessary, but not sufficient for financial stability.
It is crucial to raise capital and build buffers to ensure credit flow and resilience, Das said. He asked banks to improve governance and sharpen risk manage...
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Top five private sector banks may see their slippages double to 5 per cent this fiscal due to the poor loan offtake and the moratorium-driven contraction in net interest margins, warns a report.
These five banks, namely HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and IndusInd Bank, collectively ...
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GLOBAL ECONOMY
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| Trade Report |
| Country |
Month |
Link |
| Switerzland |
July 2019 |
Click |
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Japan's economy will shrink at the fastest pace in decades in the year through March 2021, forcing the government to compile another stimulus package to cushion the blow from the coronavirus pandemic, a Reuters poll showed on Fri...
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US President Donald Trump has for the time being ruled out a second phase trade deal with China, saying the relationship between the two countries has been severely damaged with Beijing’s handling of the coronavirus outbreak.
”...
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A top IMF official on Friday warned that the global public debt is expected to exceed 100 per cent of the GDP in 2020-21, and the average overall fiscal deficit is expected to soar to 14 per cent of the GDP in 2020, pointing out t...
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Three months after it reopened its economy, Wuhan’s uneven recovery offers a glimpse of the hard road back to normality for cities after containing the coronavirus.
As of May, factory output, retail sales and exports in the cit...
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China pledged to retaliate after the US sanctioned a top member of China’s ruling Communist Party and three other officials over human rights abuses in the far western region of Xinjiang.
“We urge the US to withdraw this wrong ...
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S&P Global warned that Dubai's economy was set to shrink 11% this year, as it cut the credit ratings of two of the emirate's biggest property firms to 'junk' status.
Dubai, the Middle East's trade and tourism hub, has been hit ...
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China’s credit growth picked up in June amid strong demand for loans via banks and informal channels, signaling that the economic recovery is continuing into the third quarter.
Modest policy stimulus coupled with progress in ba...
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INDIAN CORPORATE
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After Facebook Inc, Reliance Industries has closed deals to sell a minority stake in its digital arm to four other investors, receiving a total of over Rs 30,062 crore. In a regulatory filing, Reliance said it has closed sale of 6...
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Online food-ordering platform Zomato on Friday said revenue for the fiscal ended March 31 more than doubled to $394 million, even as losses widened to $293 million from $277 million in the previous fiscal.
The restaurant disco...
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Default risks for Indian firms are declining at the fastest pace in more than a decade as the nation’s government deploys huge stimulus to support local companies hit by the impact of the pandemic.
The cost to insure against n...
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Foxconn plans to invest up to $1 billion to expand a factory in southern India where the Taiwanese contract manufacturer assembles Apple iPhones, two sources said. The move, the scale of which has not previously been reported, is ...
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Over half of Indian companies are "vulnerable" from a wage payments perspective, which will lead to a sharp cut in paychecks and delay the overall economic recovery as demand resumption takes time, ratings agency Crisil said on Fr...
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The Supreme Court on Friday asked that the Enforcement Directorate (ED)?take over all cases lodged by homebuyers in Delhi and surrounding areas against the now-defunct Amrapali group.
Meanwhile, SBI Capital (SBICAP) Ventures, w...
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