Leading economist and co-chair of the independent G20 expert group on multilateral development banks (MDBs) NK Singh Tuesday said broadening of their vision has a moral hazard as it would lead to diversion of funds from goals to lift extreme poverty.
A deep deficient monsoon could push food inflation by 50-60 basis points. One basis point is one hundredth of a percent. "It will have lower than the 50 bps (0.5 percentage points) impact on headline inflation that RBI talks about as potential negative impact from adverse weather," said Abhishek Upadhyay, senior economist, ICICI Securities PD.
Consumer Price Index (CPI) inflation was at 4.25% in May, the lowest in 25 months. With the price gauge now not too far from the Reserve Bank of India's target of 4%, it could be reasonable to see markets building up hopes of interest rates being lowered after a year of aggressive policy tightening.
India is standing firm and is realising "record exports" at a time when the economies of even the developed countries are in a struggling situation, Union Commerce and Industry Minister, Piyush Goyal, added.
About 80% of the businesses say that the GST law requires additional reforms including removing Input tax credit restrictions and introducing an amnesty scheme, for resolving existing tax disputes that had tied up business capital and government revenue. Introduced in 2017, the law will complete six years on July 1.
The South Asian country banned exports of wheat and broken rice in 2022 to lower local prices. But following requests, India would allow broken rice exports to Indonesia, Senegal and Gambia in 2023/24 financial year started on April 1. New Delhi also approved request from Nepal and allowed wheat exports in the current financial year.
The All-India Consumer Price Index Number for Agricultural Labourers and Rural Labourers for the month of May 2023 increased by 6 & 5 points to stand at 1186 points and 1197 points respectively.
Till last week, area under paddy was lower by 14.66 per cent at 5.32 lakh hectare as against 6.23 lakh hectare in the year-ago period, as per the Agriculture Ministry data.
Swaminathan Janakiraman, currently the managing director of State Bank of India, will succeed Mahesh Kumar Jain, whose tenure ends on June 22. Jain was appointed as a deputy governor in June 2018 for three years. He was re-appointed in June 2021 for a further two-year period. Jain is in-charge of the department of supervision, financial inclusion and development, consumer education and protection, among others.