Led by high-frequency indicators and economic prediction models, an article in Reserve Bank of India (RBI) monthly bulletin envisaged that India’s gross domestic product (GDP) will grow between 6.1 per cent and 6.3 per cent in the June-September quarter of financial year 2022-23. “If this is realised, India is on course for a growth rate of about 7 per cent in 2022-23,” said the article in the State of the Economy report. The RBI bulletin reasoned that supply responses in the economy are gaining strength. The cumulative procurement of rice during this kharif marketing season has alre
India’s foreign exchange reserves increased by $14.721 billion to $544.715 billion in the week ended November 11, said Reserve Bank of India data released on Friday. The increase marks the fastest pace of growth registered in the country’s foreign exchange reserves since August 2021. The sharp rise was mainly due to an increase of $11.8 billion in the central bank’s foreign currency assets to $482.53 billion. Last week, the rupee strengthened sharply against the dollar, appreciating 2 per cent. The analysts cite this as a reason for the increase in the RBI’s reserves. It was a g
UK Prime Minister Rishi Sunak has said that his government remains committed to working “as quickly as possible” for the successful conclusion of the free trade agreement (FTA) with India, as most of the substantive negotiation conversations were completed at the end of last month. At a House of Commons session on the G20 Summit in Indonesia on Thursday, the leader updated Parliament that he reviewed progress on the FTA during his first meeting with the Prime Minister of India, Narendra Modi, since taking charge as the UK Prime Minister. He was questioned by Opposition Labour Party
India’s economy is positioned positively compared to other Asian emerging markets such as Korea and Taiwan and set to surpass Japan and Germany to become the world’s third-largest economy by 2027, said Jonathan Garner, Chief Asia and Emerging Market Equity Strategist, Morgan Stanley, in an interview. The expert added that India will have the third-largest stock market by the end of this decade. The expert called India to be one of the most expensive markets and has enjoyed earnings growth in the current financial year, while Korean and Taiwanese economies have suffered blows due to sem
India and the Association of Southeast Asian Nations (ASEAN) on Saturday advanced their relations to a Comprehensive Strategic Partnership, vowing to augment cooperation in diverse areas, including maritime, cyber security, and interoperability of digital financial systems. Vice President of India Jagdeep Dhankhar led the Indian delegation to the Asean-India Summit held in Phnom Penh, Cambodia. The delegation included Union External Affairs Minister S Jaishankar. Under maritime cooperation, India and Asean will work on maritime security, countering piracy, search and rescue operati
German Chancellor Olaf Scholz discussed energy and trade ties with Vietnam's Prime Minister Pham Minh Chinh during a visit to Hanoi on Sunday. On the first visit of a German leader to Vietnam in more than a decade, Scholz stopped in Vietnam before visiting the G20 leaders' summit in Indonesia. The visit underlined Vietnam's rising role in global supply chains and interest of German firms to take their manufacturing operations beyond China in Asia. Speaking at the joint news conference with Pham Minh Chinh, Scholz called for deeper trade relations with Vietnam and committed to help the A
India's annual wholesale price index (WPI) inflation reduced to 8.39% year-on-year in October 2022, to come in single digits and the lowest since March 2021, thanks to the reduction in commodity prices. The WPI came in double digits for 18 consecutive months from April 2021 till September 2022. The inflation last month was lower than the 10.70% recorded in the previous month of September. This is the first time in 19 months that WPI inflation has come in single digit, last recorded at 7.89% in March 2021. In its statement issued on Monday, the Ministry of Commerce and Industry credited
Kenya has inked a deal with Australian firm Fortescue Future Industries (FFI) to establish a green hydrogen and ammonia plant that will begin its plan to utilise green energy across the African continent. The deal was signed on the sidelines of the 27th Conference of Parties (COP27) to the United Nations Framework Convention on Climate Change in Egypt. Kenya President William Ruto signed the deal with the FFI Executive Chairman Andrew Forrest. The company will set up an initial 300 MW green hydrogen and ammonia plant in the next three years, which will also produce fertiliser. The project
Malaysia’s economy posted double-digit growth in the third quarter of the year, boosted by rising domestic demand and strong exports, its central bank said on Friday. The rise is the first time in over a year. The country’s gross domestic product (GDP) rose 14.2% in July-September from a year earlier, at a faster pace than the 8.9% annual rise in the previous quarter. The increase is also the fastest pace of growth since the second quarter of 2021, when the economy registered a growth of 16.1%. Bank Negara Malaysia (BNM) credited the growth to continuous expansion in domestic demand
Unified Payments Interface (UPI)-based money transfers between India and Singapore will become possible soon, as the countries are all set to link their respective fast payment systems, Unified Payments Interface (UPI) and PayNow, said India’s High Commissioner in Singapore P Kumaran. The technical work to connect UPI and PayNow has been finished. The central banks of India and Singapore, the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) respectively, will collaborate on the move. The service will enable easy fund transfers between the countries at the lowe