RBI revises currency swap framework with SAARC

June 28, 2024

The Reserve Bank of India with the concurrence of the Government of India has decided to put in place a revised framework on currency swap arrangement for SAARC countries for the period 2024 to 2027. Under this framework, the RBI would enter into bilateral swap agreements with SAARC Central Banks,...

Economy resilient, fundamentals strong, says RBI Guv

June 28, 2024

Reserve Bank Governor Shaktikanta Das on Thursday called upon all stakeholders in the Indian financial ecosystem to assign highest priority to modernisation as it prepares to go more global and to strong governance amidst vigilance over emerging risks, including those from cyber hazards, climate change and global spillovers. In his...

Economists emphasise on reforms, PLI to labour intensive sectors

June 20, 2024

Reforms, inflation-targeting and job creation were some of the key recommendations that figured prominently in Finance Minister Nirmala Sitharaman’s first pre-Budget consultations with leading economists in connection with the forthcoming General Budget 2024-25, sources told the Daily Guardian. The meeting was also attended by Finance Secretary, secretaries of Departments of...

Industrial output grows 5.0% in April ’24 on mining, manufacturing boost

June 13, 2024

Industrial output in India measured by the Index of Industrial Production (IIP) expanded 5.0 per cent year on year for the month of April 2024, over the corresponding period of previous year, pushed by mining, manufacturing and electricity. “The IIP growth rate in April 2023 was 4.6 per cent. The...

GDP growth to dip to 6.7% in Q4 from 8.4% in Q3: ICRA

May 22, 2024

Even as a slew of projections indicate moderation in India’s GDP growth in the range of 6.3 per cent in the fourth quarter ended 31 March, 2024, from 8.4 per cent recorded in the third quarter this fiscal, ICRA has projected the year-on-year (YoY) expansion of the GDP to moderate...

Household savings rate fell to 6-year low in FY2023: Report

May 22, 2024

Indian households have been borrowing at a faster pace than they have been saving since the Covid-19 pandemic as a result of which ‘net’ household financial savings -- gross financial savings adjusted for liabilities -- have fallen. Household savings constitute 60 per cent of the total savings in the economy...

Auto Retail sales grow 27% in April

May 9, 2024

Amid favourable market sentiment driven by stable fuel prices, positive monsoon outlook, festive demand and the marriage season, the Indian auto retail sector achieved a robust 27 per cent year-on-year growth in April 2024, even as the industry remains cautiously optimistic due to rising interest in new models, election-related uncertainty...

Toy imports down from $304 mn in FY19 to $65 mn in FY24

May 8, 2024

The introduction of higher import duties and the Quality Control Order (QCO) has significantly impacted the toy trade in India with imports falling drastically from USD 304.1 million in FY2019 to USD 64.9 million in FY2024. Decisive steps -- which include raising import duties -- to curb the inflow of...

April GST collection surges to Rs 2.10 lakh crore

May 2, 2024

Underscoring the robust health of the Indian economy, gross Goods and Services Tax (GST) collections hit a record high in April 2024 at Rs 2.10 lakh crore, representing a significant 12.4 per cent year-on-year growth. The surge was driven by a strong increase in domestic transactions which registered 13.4 per...

Surge in housing launches across India

April 26, 2024

The first quarter of 2024 witnessed a decent increase in new housing launches across the top 7 cities in India, according to a report by Anarock, a leading real estate services company. A total of approx. 1,10,900 residential units were launched, representing a year-over-year growth of 1% compared to Q1...