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Monthly Debt Market Update, September 2023: CareEdge Ratings Global Overview US • The 10-year US Treasury yield retreated from multi-year highs seen over the past month after easing inflation, downward revision of Q2 GDP and rising unemployment lowered bets of a potential Fed rate hike at the September meeting. More notably, bond markets ignored hawkish comments by Fed Chair Jerome Powell at the Jackson Hole Symposium. Despite noting that progress on inflation has been made, Powell indicated that further rate increases were still on the tabl...
Monthly Debt Market Update, September 2023: CareEdge Ratings
Monthly Debt Market Update, September 2023: CareEdge Ratings
Source: PR Agency
9/09/2023 9:44:32 AM
Quote on RBI decision to discontinue the incremental cash reserve ratio (CRR) By Dr. Manoranjan Sharma, Infomerics Ratings Below Quote on RBI decision to discontinue the incremental cash reserve ratio (CRR) By Dr. Manoranjan Sharma, Chief Economist at Infomerics Ratings The discontinuance of the I-CRR in a phased manner shows that the RBI is not behind the curve. The imposition of the I-CRR was done at a time of consistent surplus liquidity in the banking and financial sectors. Now that this surplus liquidity has dissipated and the festival October-December season is approaching, this kind of course correct...
Quote on RBI decision to discontinue the incremental cash reserve ratio (CRR) By Dr. Manoranjan Sharma, Infomerics Ratings
Quote on RBI decision to discontinue the incremental cash reserve ratio (CRR) By Dr. Manoranjan Sharma, Infomerics Ratings
Source: PR Agency
8/09/2023 4:33:28 PM
Governance mechanism, customer-centricity can help in fintech ecosystem sustainable growth: Ajay Chaudhary Ajay Chaudhary, an executive director who heads the fintech department at the Reserve Bank of India, has said sustainable growth of the fintech ecosystem can be achieved by putting in place a governance mechanism and focusing on customer-centricity.  Chaudhary stated ‘What is needed for the sustainable development and growth of the fintech ecosystem is the right thrust on customer-centricity and better governance standards. These can be achieved by balancing the needs of tomorro...
Governance mechanism, customer-centricity can help in fintech ecosystem sustainable growth: Ajay Chaudhary
Governance mechanism, customer-centricity can help in fintech ecosystem sustainable growth: Ajay Chaudhary
Source: Accord Fintech
8/09/2023 10:32:53 AM
3 Centres of Excellence set up by TIDCO finding good traction: Tamil Nadu Minister The three Centres of Excellence set up here at a total investment of Rs 604.8 crore are finding good traction among the advanced manufacturing industries and the research and development community, said T.R.B. Rajaa, Tamil Nadu Minister for Industries, Industrial Promotion and Commerce. The three centres set up a year ago are accelerating the state’s advanced manufacturing, R&D and Industry 4.0 capabilities. The Tamil Nadu Industrial Development Corporation Ltd (TIDCO) set up ...
3 Centres of Excellence set up by TIDCO finding good traction: Tamil Nadu Minister
3 Centres of Excellence set up by TIDCO finding good traction: Tamil Nadu Minister
Source: IANS
7/09/2023 8:31:13 PM
India digital rupee transactions tracking below target - source Transactions in the Indian digital rupee are averaging close to 18,000 a day, a source directly familiar with the matter said on Thursday, well below the target of hitting a million transactions a day by year-end. The source declined to be identified as he is not authorised to speak to the media. The central bank last year began pilot programmes to use the e-rupee in retail and wholesale markets as an alternative to cash. The RBI did not immediately respond to Reuters' email.
India digital rupee transactions tracking below target - source
India digital rupee transactions tracking below target - source
Source: Reuterss
7/09/2023 8:03:43 PM
India inflation likely cooled in August, but still above RBI target range  Inflation in India was likely to have eased in August from a 15-month high in July, led by cooling vegetable prices, but held above the upper end of the Reserve Bank of India's 2%-6% target for a second month, a Reuters poll found. Erratic monsoon rains have ruined some crops of staple food items, prompting the government to subsidise vegetable prices and ban exports of some cereals, providing temporary relief to households. That was sufficient to bring down headline inflation...
India inflation likely cooled in August, but still above RBI target range
India inflation likely cooled in August, but still above RBI target range
Source: Reuters
7/09/2023 5:25:54 PM
Credit offtake grows as HDFC merger boosts retail; NBFCs reduce MoM By Care Edge Rating Synopsis * Gross bank credit offtake witnessed an accelerated rise of 19.7% year-on-year (y-o-y) in July 2023. The growth was driven by services and personal loans. However, the reported July 2023 data includes the impact of the merger of HDFC with HDFC Bank and, hence is not directly comparable. Adjusted for the merger, the non-food credit systemic growth stands at 14.8% y-o-y and -1.4% m-o-m. * Personal loans reported a sustained growth at 31.7% y-o-y in July 2023 compared to 18.7% a ...
Credit offtake grows as HDFC merger boosts retail; NBFCs reduce MoM By Care Edge Rating
Credit offtake grows as HDFC merger boosts retail; NBFCs reduce MoM By Care Edge Rating
Source: CareEdge Ratings
7/09/2023 5:21:51 PM
Indian aviation sector to grow 8-13% in FY24:ICRA Credit rating agency ICRA predicts the domestic air passenger traffic to grow at 8-13 per cent in FY24 to touch 150-155 million. The agency maintained a Stable outlook on the Indian aviation industry amidst the continued recovery in domestic and international air passenger traffic in FY2024, and improved pricing power of the carriers. According to ICRA, it estimates growth in domestic air passenger traffic in FY2024 at 8-13 per cent, thus reaching 150-155 million, surpassing the pre-C...
Indian aviation sector to grow 8-13% in FY24:ICRA
Indian aviation sector to grow 8-13% in FY24:ICRA
Source: IANS
7/09/2023 3:04:48 PM
Agro-chemical industry to grow more than 9% notwithstanding competition from China: NITI Aayog member Government think tank Niti Aayog member Ramesh Chand has said that India's agro-chemical industry has the potential to grow more than the current nine per cent notwithstanding the competition from China. He also observed that many Western countries are shifting from agrochemicals to biopesticides and the Indian industry needs to pay attention to this aspect. He urged the Agro Chem Federation of India (ACFI) to come out with a document on ease of doing business in agrochemicals. Chand h...
Agro-chemical industry to grow more than 9% notwithstanding competition from China: NITI Aayog member
Agro-chemical industry to grow more than 9% notwithstanding competition from China: NITI Aayog member
Source: Accord Fintech
7/09/2023 12:36:34 PM
Cabinet approves Rs 3,760 crore viability gap funding for setting up battery energy storage system Information and Broadcasting Minister Anurag Thakur has said that the Union Cabinet has approved a Rs 3,760 crore viability gap funding for setting up battery energy storage system in the country. The entire Rs 3,760 crore viability gap funding will be borne by the central government. The fund will be released in five tranches till 2030-31 and help in creation of 4,000 MW hours storage. The viability gap funding will lead to an investment of Rs 9,500 crore. The minister opined that the sch...
Cabinet approves Rs 3,760 crore viability gap funding for setting up battery energy storage system
Cabinet approves Rs 3,760 crore viability gap funding for setting up battery energy storage system
Source: Accord Fintech
7/09/2023 11:40:36 AM
ICRA revises outlook on petrochemicals, basic chemicals industries to negative from stable Rating agency Icra has said that it has revised the outlook on the petrochemicals and basic chemicals industries to negative from stable due to weak demand and global supply glut. It said that the petrochemical and basic chemicals industries are likely to face pressure on operating rates and profitability. Further, it stated outlook on specialty chemicals remains stable, with profitability expected to moderate in FY2024, but not trigger an outlook change at this stage. According to Prashan...
ICRA revises outlook on petrochemicals, basic chemicals industries to negative from stable
ICRA revises outlook on petrochemicals, basic chemicals industries to negative from stable
Source: Accord Fintech
7/09/2023 10:59:57 AM
India`s economic performance in Q1 FY24 by Dr. Manoranjan Sharma, Infomerics Ratings. The Indian economy grew at 7.8% in the first quarter of the financial year. Consistent demand, higher activities in the services sector and increased capital expenditure were the drivers behind the GDP growth. Key highlights: Sectoral Growth: Agriculture recorded a growth of 3.5%. However, construction activity decelerated to 7.9% from the previous year, while the services sector posted a 10.3% growth, driven by the 'Financial, Real Estate & Professional Service' sector P...
India`s economic performance in Q1 FY24 by Dr. Manoranjan Sharma, Infomerics Ratings.
India`s economic performance in Q1 FY24 by Dr. Manoranjan Sharma, Infomerics Ratings.
Source: PR Agency
6/09/2023 5:15:05 PM
FM Nirmala Sitharaman urges Fintechs to safe-guard against cyber, crypto threats Acknowledging the role of fintechs for driving more inclusions and influencing India’s financial ecosystem, Union Finance Minister Nirmala Sitharaman urged them to beware and safeguard themselves against conventional and modern threats in a multipolar world. Inaugurating the three-day Global Fintech Fest (GFF 2023) here, the FM said that today fintech is a robust and dynamic financial inclusion tool, and in lending they hold a 36 percent share of new-to-credit customers versus 22 per...
FM Nirmala Sitharaman urges Fintechs to safe-guard against cyber, crypto threats
FM Nirmala Sitharaman urges Fintechs to safe-guard against cyber, crypto threats
Source: IANS
6/09/2023 5:07:08 PM
India`s G 20 Presidency on the occasion of the G 20 Summit in India By Dr. Manoranjan Sharma, Infomerics Ratings Below The India`s G 20 Presidency on the occasion of the G 20 Summit in India By Dr. Manoranjan Sharma, Chief Economist, Infomerics Ratings G 20 is not an obscure grouping of peripheral nations; it is a coalition of the world’s most powerful 19 economies together with the EU. G 20 economies account for 85% of the world’s GDP, 75% of the global trade, 66% of the global population, and roughly half the world’s land area. Clearly, then, this collective, non-hierarc...
India`s G 20 Presidency on the occasion of the G 20 Summit in India By Dr. Manoranjan Sharma, Infomerics Ratings
India`s G 20 Presidency on the occasion of the G 20 Summit in India By Dr. Manoranjan Sharma, Infomerics Ratings
Source: PR Agency
6/09/2023 4:12:48 PM
Government may cut petrol, diesel price by Rs 3-5 a litre around Diwali Following the recent cut in domestic LPG prices, the Central government may cut petrol, diesel price by Rs 3-5 a litre around Diwali given that key state elections start from November-December, JM Financial Institutional Securities said in a report. Last week, the government cut the price of the domestic 14.2kg LPG cylinder by Rs 200/LPG cylinder for all 330 million consumers w.e.f. August 30. This was to give relief to the common man from the recent surge in inflation. OMCs marketin...
Government may cut petrol, diesel price by Rs 3-5 a litre around Diwali
Government may cut petrol, diesel price by Rs 3-5 a litre around Diwali
Source: IANS
6/09/2023 4:11:47 PM
Inflation in India likely to remain elevated in near terms: S&P Raising concerns over the street, credit rating agency S&P Global Ratings’ Economist (Asia Pacific) Vishrut Rana has stated that Inflation in India is likely to remain elevated in the near terms but government policies will prevent it from rising further. Rana noted in India the monsoon has been very patchy and overall rain was about 11 per cent below normal and this is a significant concern as it can affect grain prices in India over next few months. He further said that supplie...
Inflation in India likely to remain elevated in near terms: S&P
Inflation in India likely to remain elevated in near terms: S&P
Source: Accord Fintech
6/09/2023 2:10:12 PM
India`s power demand up 40 GW-50 GW on daily basis compared to year ago: R K Singh Union Power Minister R K Singh has quantified the pace of economic growth in the country in terms of rise of electricity demand, and said that India's power demand is about 40 GW-50 GW more than the corresponding day last year. He said India has the potential to be one of the biggest manufacturers of green hydrogen in the world. He said ‘we have this huge economy which will continue growing at 7 to 8 per cent for the next 2 to 3 decades. Our energy requirements are huge. Our power d...
India`s power demand up 40 GW-50 GW on daily basis compared to year ago: R K Singh
India`s power demand up 40 GW-50 GW on daily basis compared to year ago: R K Singh
Source: Accord Fintech
6/09/2023 12:20:27 PM
FM Nirmala Sitharaman asks banks, financial institutions to ensure customers nominate heirs Union Finance Minister Nirmala Sitharaman has asked banks and financial institutions to ensure that their customers nominate heirs, which can help reduce the quantum of unclaimed money.  She said ‘I want banking system, the financial ecosystem (including) the mutual funds, stock markets... everybody to keep in mind that when someone deals with his (customer's) money, the organisations will have to think about the future and ensure that they (customers) nominate their heir, g...
FM Nirmala Sitharaman asks banks, financial institutions to ensure customers nominate heirs
FM Nirmala Sitharaman asks banks, financial institutions to ensure customers nominate heirs
Source: Accord Fintech
6/09/2023 11:26:43 AM
Indian cenbank may extend incremental cash reserve ratio with tweaks The Reserve Bank of India (RBI) may ask lenders to continue maintaining additional cash reserves for two more fortnights, with some tweaks to the proportion, as it seeks to keep liquidity tight amid high inflation, at least six senior treasury officials told Reuters. The incremental cash reserve ratio (I-CRR) could be reduced to 5%-8% in a phased manner from the current 10%, four of the officials said on condition of anonymity as they are not authorised to speak to the media. In August,...
Indian cenbank may extend incremental cash reserve ratio with tweaks
Indian cenbank may extend incremental cash reserve ratio with tweaks
Source: Reuters
6/09/2023 10:54:41 AM
Net office leasing across 6 cities likely to drop 10% in FY24: ICRA ICRA has said net leasing of office space across six major cities is estimated to decline by 10 per cent this fiscal (FY24), from 57 million square feet in the previous year. These top six cities are Mumbai, Bengaluru, Delhi-NCR, Hyderabad, Chennai, and Pune. Its sample includes 22 commercial office operators totalling 165 million square feet area. The fall in office demand coupled with an influx of huge supply in FY24, would result in a marginal rise in vacancy levels by 60 basis points t...
Net office leasing across 6 cities likely to drop 10% in FY24: ICRA
Net office leasing across 6 cities likely to drop 10% in FY24: ICRA
Source: Accord Fintech
6/09/2023 10:12:45 AM
Almost 7 crore income tax returns filed till Sep 5, says Government As many as 6.98 crore income tax returns (ITRs) have been filed till September 5, out of which 6.84 ITRs have been verified for the assessment year 2023-24, the government said on Tuesday. More than six crore ITRs of assessment year (AY) 2023-24 have been processed out of the verified ITRs as on September 5, the Income Tax Department said, informing that this resulted in the processing of over 88 per cent of the verified ITRs.  More than 2.45 crore refunds for assessment year 2023-...
Almost 7 crore income tax returns filed till Sep 5, says Government
Almost 7 crore income tax returns filed till Sep 5, says Government
Source: IANS
6/09/2023 9:45:55 AM
Domestic sugar prices rise 3% to 6-yr high owing to poor rains Domestic sugar prices have risen by 3 per cent in the last 15 days to their highest levels in six years, according to industry sources. Owing to shortfall in rains in the sugarcane growing regions, the prices have risen even as the festival season is round the corner, when consumption of sweets is set rise multifold. This could add to food inflation and discourage the government from allowing sugar exports, supporting global prices which are near their highest in more than a decade. ...
Domestic sugar prices rise 3% to 6-yr high owing to poor rains
Domestic sugar prices rise 3% to 6-yr high owing to poor rains
Source: IANS
6/09/2023 9:35:41 AM
Monetary policy has to be forward looking, says RBI Governor Reserve Bank of India (RBI) Governor Shaktikanta Das on Tuesday said that the monetary policy has to be forward looking, "as a rear view approach can lead to accidents". Das, who gave the analogy of car driving while delivering the Delhi School of Economics Diamond Jubilee Distinguished lecture, said that the conduct of monetary policy is like driving a car on the road with potential ditches and speed bumps. "As monetary policy works with long and variable lags, the forec...
Monetary policy has to be forward looking, says RBI Governor
Monetary policy has to be forward looking, says RBI Governor
Source: IANS
5/09/2023 7:57:33 PM
Indian sugar production concerns drive local prices to 6-year high Sugar prices in India have jumped by more than 3% in a fortnight to their highest level in six years, traders and industry officials said, as limited rainfall in the country's key growing regions raised production concerns for the upcoming season. This could add to food inflation and discourage New Delhi from allowing sugar exports, supporting global prices which are near their highest in more than a decade. "Sugar mills are worried that production could fall sharply in the new...
Indian sugar production concerns drive local prices to 6-year high
Indian sugar production concerns drive local prices to 6-year high
Source: Reuters
5/09/2023 5:05:26 PM
India cenbank planning to introduce wholesale digital currency The Reserve Bank of India is planning to introduce wholesale a central bank digital currency (CBDC) in the call money market, an official told reporters. “RBI is now planning to go interbank borrowing market, specifically call money market,” the official said. RBI plans to use CBDCs as tokens for call money settlement, he said. India’s CBDC is currently in a pilot phase across the retail and wholesale segments. The central bank has set a target of one million transa...
India cenbank planning to introduce wholesale digital currency
India cenbank planning to introduce wholesale digital currency
Source: Reuters
5/09/2023 2:07:51 PM
Primary focus of G20 is exchange of ideas on interoperability of fast payment systems, says FM Finance Minister Nirmala Sitharaman on Tuesday said that the primary focus for G20 is prioritising the exchange of information regarding national experiences and international efforts related to the interoperability of fast payment systems. This is aimed at improving cross-border payments, she said during her address at the Global Fintech Fest 2023 in Mumbai. "We’re talking about responsible financial ecosystem today when globalisation is being questioned. Globalisation has h...
Primary focus of G20 is exchange of ideas on interoperability of fast payment systems, says FM
Primary focus of G20 is exchange of ideas on interoperability of fast payment systems, says FM
Source: IANS
5/09/2023 1:42:39 PM
India`s services sector growth eases to 60.1 in August India’s services sector growth eased in the month of August, but remained among the best in 13 years, with a series-record increase in new export business inducing another sharp expansion in total sales.  As per the survey report, the seasonally adjusted S&P Global India Services PMI Business Activity Index fell at 60.1 in August from 62.3 in July. Further, the S&P Global India Composite PMI Output Index -- which measures both manufacturing and services -- eased to 60.9 in ...
India`s services sector growth eases to 60.1 in August
India`s services sector growth eases to 60.1 in August
Source: Accord Fintech
5/09/2023 12:57:09 PM
Indian automakers must be vigilant about ``alarming`` inventory levels - industry body Inventory levels for passenger vehicles in India hit an all-time high in August ahead of the key festive season, an "alarming" trend that needs vigilant monitoring by automakers, an industry dealers' body said on Tuesday. The average inventory of passenger vehicles (PVs) at the end of August ranged from 58-63 days, up from 50-55 days in July and 30-35 days in August last year, the Federation of Automobile Dealers Association (FADA) said. Higher inventory days indicate deal...
Indian automakers must be vigilant about ``alarming`` inventory levels - industry body
Indian automakers must be vigilant about ``alarming`` inventory levels - industry body
Source: Reuters
5/09/2023 12:36:17 PM
Automobile retail sales in India rise by 9% in August 2023: FADA Federation of Automobile Dealers Associations (FADA) has said that automobile retail sales in India rose by 9 per cent in August 2023 aided by sales growth in all segments, including passenger vehicles and two wheelers. The total retail sales across segments rose to 18,18,647 units in August 2023, up 9 per cent, from 16,74,162 units in August 2022. FADA further said passenger vehicle registrations increased by 7 per cent to 3,15,153 units in August 2023 from 2,95,842 units in August 2022. ...
Automobile retail sales in India rise by 9% in August 2023: FADA
Automobile retail sales in India rise by 9% in August 2023: FADA
Source: Accord Fintech
5/09/2023 11:40:34 AM
G20 chair India says talks underway for global framework on crypto rules Discussions are underway on a global framework to regulate crypto assets, India's finance minister said on Tuesday, adding that cryptocurrencies could not be regulated efficiently without the co-operation of all countries. "India's (G20) presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets," Nirmala Sitharaman said at an event in the financial capital of Mumbai. &...
G20 chair India says talks underway for global framework on crypto rules
G20 chair India says talks underway for global framework on crypto rules
Source: Reuters
5/09/2023 11:22:37 AM
India`s services growth slowed slightly in August but exports hit record high Growth in India's dominant services industry lost some steam in August but overall conditions remained strong despite elevated inflationary pressures, according to a business survey that showed exports were at a record high on robust foreign demand. Tuesday's findings, coupled with a sister survey on Friday which found factory growth expanded at its fastest pace in three months, suggest Asia's third-largest economy will be the fastest-growing major country despite slowing globa...
India`s services growth slowed slightly in August but exports hit record high
India`s services growth slowed slightly in August but exports hit record high
Source: Reuters
5/09/2023 11:13:40 AM
Implementation of multiple proposed regulatory specifications can push up commercial vehicle prices by 10-12%: ICRA Ratings agency ICRA in its report on the Indian commercial vehicle industry has said that Implementation of multiple proposed regulatory specifications can push up commercial vehicle prices by 10-12 per cent. It said the domestic automotive industry is undergoing rapid transformations, with increased focus by the government on implementing emission norms, safety systems and other standards that will bring the country at par with other major automotive markets. It stated ‘Within the I...
Implementation of multiple proposed regulatory specifications can push up commercial vehicle prices by 10-12%: ICRA
Implementation of multiple proposed regulatory specifications can push up commercial vehicle prices by 10-12%: ICRA
Source: Accord Fintech
5/09/2023 10:31:27 AM
Oil prices mixed on receding support from China`s steps to revive economy Oil prices were mixed on Tuesday as support from China's measures to shore up its economy vanished, offsetting expectations of an extension in supply cuts by two leading OPEC+ members Saudi Arabia and Russia Brent crude futures for November fell 10 cents, or 0.11%, to $88.90 a barrel. U.S. West Texas Intermediate crude (WTI) October futures rose 33 cents, or 0.39%, to $85.88 at 0029 GMT. Saudi Arabia is widely expected to extend voluntary oil cuts into October and Russia will unveil...
Oil prices mixed on receding support from China`s steps to revive economy
Oil prices mixed on receding support from China`s steps to revive economy
Source: Reuters
5/09/2023 9:04:49 AM
Pharma companies likely to maintain momentum on growth, profitability in regulated markets: Ind-Ra Amid new launches, ongoing drug shortages and growth opportunities in the domestic formulation business, credit rating agency India Ratings and Research (Ind-Ra) in its latest report has stated that its rated pharma companies are likely to maintain the momentum on growth and profitability in regulated markets (US). As per the report, normalisation of drug prices in the US and a softening in raw material prices will help companies to keep revenue growth of 10% and EBITDA margin of about 21%...
Pharma companies likely to maintain momentum on growth, profitability in regulated markets: Ind-Ra
Pharma companies likely to maintain momentum on growth, profitability in regulated markets: Ind-Ra
Source: Accord Fintech
4/09/2023 1:52:40 PM
Centre asks states to formulate logistics policy The commerce and industry ministry said that the Centre has asked states to formulate logistics policy as it would help promote ease of doing business. It was also suggested to the states for integrating quality data on the portal for the state master plan for wider adoption of PM GatiShakti initiative. The initiative helps in proper planning and implementation of infrastructure projects. These issues were discussed in a meeting called by the Department for Promotion of Industry and Intern...
Centre asks states to formulate logistics policy
Centre asks states to formulate logistics policy
Source: Accord Fintech
4/09/2023 12:39:32 PM
P-notes investment in Indian markets rise to Rs 1.23 lakh crore in July-end: SEBI The Securities and Exchange Board of India (SEBI) in its latest data has showed that investment in the Indian capital markets through participatory notes (P-notes) rose to close to a six-year high at Rs 1.23 lakh crore in July-end, making it the fifth consecutive monthly increase, on the back of stable macroeconomic fundamentals. The amount has reached the highest level since December 2017 -- when investment through the route stood at Rs 1.25 lakh crore.  According to Sebi data, the v...
P-notes investment in Indian markets rise to Rs 1.23 lakh crore in July-end: SEBI
P-notes investment in Indian markets rise to Rs 1.23 lakh crore in July-end: SEBI
Source: Accord Fintech
4/09/2023 11:44:51 AM
GST collections surge 11% to Rs 1.59 lakh crore in August The Finance Ministry has said that Goods and Services Tax (GST) collections grew by 11 per cent to over Rs 1.59 lakh crore in August 2023, on the back of improved compliance and reduced evasion, with experts forecasting higher mop-up to continue in the upcoming festive season. It stated the gross GST revenue collected in August 2023 is Rs 1,59,069 crore of which Central GST is Rs 28,328 crore, State GST is Rs 35,794 crore, Integrated GST is Rs 83,251 crore (including Rs 43,550 crore collected...
GST collections surge 11% to Rs 1.59 lakh crore in August
GST collections surge 11% to Rs 1.59 lakh crore in August
Source: Accord Fintech
4/09/2023 10:31:11 AM
India`s rice area grows on higher prices, cotton sowing lags Indian farmers have planted 39.8 million hectares (98.3 million acres) with rice, up 3.7% on the same period last year, farm ministry data showed on Friday, as record high prices prompted farmers to expand the area. Higher rice planting could alleviate supply concerns in the world's second biggest producer and consumer of the grain. India surprised buyers in July by imposing a ban on the export of widely consumed non-basmati white rice, following a ban on broken rice exports last ye...
India`s rice area grows on higher prices, cotton sowing lags
India`s rice area grows on higher prices, cotton sowing lags
Source: Reuters
2/09/2023 3:56:13 PM
Congratulations RBI Governor Shri Shaktikanta Das for being rated ``A+`` in the Global Finance Central Banker Report Cards 2023. Shri Das has been placed at the top of the list of three central bank governors who have been rated A+.
Congratulations RBI Governor Shri Shaktikanta Das for being rated ``A+`` in the Global Finance Central Banker Report Cards 2023.
Congratulations RBI Governor Shri Shaktikanta Das for being rated ``A+`` in the Global Finance Central Banker Report Cards 2023.
Source: Investmentguruindia
2/09/2023 9:45:20 AM
2,000 denomination notes worth Rs 3.32 lakh crore received back till Aug 31  Bank notes of 2,000 denomination worth Rs 3.32 lakh crore have been received back by banks till August 31, according to data collated by the Reserve Bank of India (RBI). Consequently, Rs 2,000 banknotes in circulation at the close of business on August 31 stood at Rs 0.24 lakh crore in terms of value. Thus, 93 per cent of the Rs 2,000 banknotes in circulation, as on May 19, have since been returned, the central bank said. Data collected from major banks indicates that out of th...
2,000 denomination notes worth Rs 3.32 lakh crore received back till Aug 31
2,000 denomination notes worth Rs 3.32 lakh crore received back till Aug 31
Source: IANS
2/09/2023 9:32:44 AM
GST revenue likely to be 11% higher in August on year-on-year basis, says revenue secretary   Even as the goods and services tax collections figures for August 2023 are to be released on Friday, the Centre has said that GST revenues for the month have shown 11 per cent growth over August 2022. Revenue secretary Sanjay Malhotra told reporters in Gurugram on the sidelines of an event, that GST revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion. The GST collections were Rs 1,43,612 crore in August 2022. ...
GST revenue likely to be 11% higher in August on year-on-year basis, says revenue secretary
GST revenue likely to be 11% higher in August on year-on-year basis, says revenue secretary
Source: IANS
2/09/2023 9:28:24 AM
PM Narendra Modi congratulates RBI Governor for receiving A+ rating in Global Finance Central Banker Report Cards 2023   Prime Minister Narendra Modi on Friday congratulated RBI Governor Shaktikanta Das for being rated A+ in the Global Finance Central Banker Report Cards 2023. "Congratulations to RBI Governor Shri Shaktikanta Das. This is a proud moment for India, reflecting our financial leadership on the global stage. His dedication and vision continue to strengthen our nation's growth trajectory," Modi said in a tweet on X. He was responding to a tweet by RBI, which read, "...
PM Narendra Modi congratulates RBI Governor for receiving A+ rating in Global Finance Central Banker Report Cards 2023
PM Narendra Modi congratulates RBI Governor for receiving A+ rating in Global Finance Central Banker Report Cards 2023
Source: IANS
2/09/2023 8:57:36 AM
`Decoding the Downturn: Analyzing the Decline in Indian Exports` By Mr. Amit Gupta, Kedia Advisory Below The Comment On "Decoding the Downturn: Analyzing the Decline in Indian Exports" By Mr. Amit Gupta, Kedia Advisory In July 2023, India witnessed a concerning decline in its exports, with outbound shipments plummeting by 16 percent compared to the previous year, marking the lowest levels since October 2022. This decline raises several questions about the state of India's economy and its position in the global trade landscape. To gain a comprehensive understanding of ...
`Decoding the Downturn: Analyzing the Decline in Indian Exports` By Mr. Amit Gupta, Kedia Advisory
`Decoding the Downturn: Analyzing the Decline in Indian Exports` By Mr. Amit Gupta, Kedia Advisory
Source: Kedia Advisory
1/09/2023 5:25:23 PM
Comments On GDP growth for India By Mr Vineet Agarwal, Jiraaf Below On GDP data views from Mr Vineet Agarwal ,  Co-Founder Jiraaf “The Q1 GDP growth for India is slightly better than expectations and we expect the GDP growth to be north of 6.5% for the whole of fiscal year 2024. Consumer consumption and spending is expected to grow, and so is the demand for Retail & MSME borrowing. For Jiraaf, with inflation still high individual investors are looking for good risk-assessed fixed-income investment opportunities...
Comments On GDP growth for India By Mr Vineet Agarwal, Jiraaf
Comments On GDP growth for India By Mr Vineet Agarwal, Jiraaf
Source: PR Agency
1/09/2023 4:22:36 PM
PM Narendra Modi lauds UPI transactions crossing 10bn mark in August Prime Minister Narendra Modi on Friday lauded UPI transactions crossing the 10 billion mark in August. "This is exceptional news! It is a testament to the people of India embracing digital progress and a tribute to their skills. May this trend continue in the times to come," the PM said in a comment on X (formerly Twitter). He was responding to a tweet by the National Payments Corporation of India (NPCI), which said, "It's 10 Billion+ transactions in August`23! Make s...
PM Narendra Modi lauds UPI transactions crossing 10bn mark in August
PM Narendra Modi lauds UPI transactions crossing 10bn mark in August
Source: IANS
1/09/2023 3:52:37 PM
Dry weather over India driving up rally in sugar prices The SandP GSCI Agriculture Index is finishing August 2 per cent lower MOM, reaching two-year lows. Grains led the decline, with wheat and corn futures both markedly down, Rabo Bank said in a research. Sizable US grain acreage following the largest annual increase in seven years, a record Brazilian corn harvest, and the continuation of significant wheat export flows from the Black Sea combined to drive prices lower. However, weather risks remain high for sugar, cocoa, robusta coffee, and...
Dry weather over India driving up rally in sugar prices
Dry weather over India driving up rally in sugar prices
Source: IANS
1/09/2023 2:32:20 PM
GDP growth will likely moderate in the quarters ahead Going ahead, GDP growth will likely moderate in the quarters ahead, Emkay Global Financial Services said in a report. Falling income growth in the urban sector, shrinking corporate profitability, fading momentum in (front-loaded) government capex, demand-curbing monetary policies and diminishing global growth prospects may weigh on output, the report said. Even as domestic activity is maintaining resilience, economic activity recovery is not yet broad-based. While rural income has remai...
GDP growth will likely moderate in the quarters ahead
GDP growth will likely moderate in the quarters ahead
Source: IANS
1/09/2023 1:58:24 PM
Government launches invoice incentive scheme to improve tax compliance Government on Friday launched the "Mera Bill Mera Adhikaar" invoice incentive scheme, under which consumers will be encouraged to demand a GST invoice to improve tax compliance. "After being introduced on 1st July 2017, Goods and Services Tax #GST has become a gamechanger in India’s indirect tax system. As part of the overall scheme of things in #GST, #Mera_Bill_Mera_Adhikaar Invoice Incentive Scheme has been launched from TODAY to encourage the customers to ...
Government launches invoice incentive scheme to improve tax compliance
Government launches invoice incentive scheme to improve tax compliance
Source: IANS
1/09/2023 1:54:33 PM