India Economics :Weekly round-up of macro-economic events By JM Financial Ltd
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* RBI Governor’s comments in his latest speech that the ‘balance between growth and inflation is well-poised’ raised market expectations that the central bank is hinting at policy easing. In a way preparing the markets to transition as we get closer to 25bps cut by the Fed.
* India’s Manufacturing PMI reading continued to remain robust in Aug’24, but there was a mild sequential easing in the reading to 57.5 however it is comfortably hovering above the long run average. Moderation in input cost pressures aided in purchasing activity.
* Manufacturing activity in US was in contraction zone and was even lower than market expectations (47.2 vs 47.5 est.). The survey also indicated weakness in demand. China’s Manufacturing performance reverted to expansion zone however export orders declined for the first time in last eight months due to deterioration in external demand.
* China’s USD 51 Bn (360 Bn yuan) financial assistance to 50 African nations during its China-Africa Cooperation Summit, will be denominated in yuan. Of this, 210 Bn yuan will be through credit lines.
* Brent crude oil price eased in the last week to as low as USD 72.75/bl due to pessimism about demand in the coming months and as oil producers offered mixed signals about supply increases.
* Maharashtra government approved investments worth INR 1.17 Tn across four major high-tech projects in Marathwada, Vidarbha, Pune and Panvel. These projects are expected to generate around 29,000 jobs in the Semiconductor, EV and textile industry.
* The Union cabinet approved seven schemes with an aim to improve farmers’ lives and increase their income, with a total outlay of INR 142.3 Bn. Investments include in areas such as incorporating tech in agriculture, research, Improving income from livestock, Dairy and horticulture etc.
* Markets would be keenly awaiting the GST council meet scheduled to be held on 9th Sep, media reports indicate that among other issues the government is also contemplating on granting exemption on insurance premiums.
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