RBI

November 1, 2024 7:09 PM

India’s foreign exchange reserves drop for fourth consecutive week following record highs

India's foreign exchange reserves have declined for the fourth consecutive week, following a remarkable run that saw them reach an all-time high last month. According to data released by the Reserve Bank of India (RBI) on Friday, the forex reserves fell by USD 3.463 billion in the week ending October 25, bringing the total reserves to USD 684.805 billion. In the previous three weeks, reserves decreased by USD 3.7 billion, USD 10.7 billion, and USD 2.16 billion, respectively. Prior to this down...

October 22, 2024 6:09 PM

India’s economy set to grow at 7-7.2% in FY25 despite temporary slowdown: Deloitte report

India's economic growth is projected to reach between 7.0% and 7.2% in the fiscal year 2024-25, according to Deloitte India’s latest Economic Outlook. This positive forecast comes despite a recent slowdown, with GDP expanding by 6.7% year-on-year in the April-June quarter, marking the slowest pace in the last five quarters. The country continues to be among the fastest-growing major economies, driven by favorable domestic conditions. Key factors such as strong manufacturing activity, stable o...

October 10, 2024 10:33 AM

Rate cut with 7% growth unprecedented in India or globally: SBI report

Following the Reserve Bank of India's (RBI) forecast of over 7% GDP growth for the entire financial year 2024-25, a recent State Bank of India (SBI) report has highlighted that such a scenario of rate cuts accompanying high growth rates has rarely, if ever, occurred in India or globally. Despite the strong economic growth momentum, the SBI report raises whether the RBI is setting the stage for a potential rate cut. "Perhaps a 7% growth with a rate cut has never happened in India's history or i...

October 9, 2024 10:48 AM

RBI keeps repo rate at 6.5%, shifts stance to neutral for inflation-growth balance

The Reserve Bank of India (RBI) on Wednesday kept the policy repo rate steady at 6.5% for the tenth time in a row. Following the Monetary Policy Committee (MPC) meeting, RBI Governor Shaktikanta Das announced that the decision was supported by five out of six MPC members. Other key rates also remained unchanged, with the standing deposit facility (SDF) rate at 6.25% and both the marginal standing facility (MSF) rate and the bank rate at 6.75%. Das also highlighted a shift in the RBI's monetary...

October 4, 2024 9:40 PM

India’s foreign exchange reserves cross USD 700 billion first time

India's foreign exchange reserves have reached an unprecedented milestone, crossing the USD 700 billion mark for the first time. According to data released by the Reserve Bank of India (RBI) on Friday, the reserves surged by USD 12.588 billion in the week ending on September 27, pushing the total to USD 704.885 billion. The previous high stood at USD 692.296 billion just a week earlier, marking a significant boost in India's economic buffer. This substantial foreign exchange reserve is a crucia...

September 28, 2024 5:23 PM

Fossil fuel dominance in electricity generation to end by 2030, renewable to cross 50% share: RBI

The Reserve Bank of India (RBI) has projected that the dominance of fossil fuels in electricity generation will conclude by the end of the decade, according to its latest report. The central bank forecasts that renewable energy is set to account for more than 50% of global electricity generation as part of a significant energy transition. The report highlights an acceleration in the transition to clean energy, noting a surge in the deployment of clean technologies and capital investment to unpr...

September 20, 2024 12:20 PM

Sensex breaches 84,000 mark for the first time; rises 1,000 points in just eight days

The BSE Sensex crossed the 84,000 mark for the first time on Friday, gaining 1,000 points in just eight days after touching 83,000 on September 12. Market experts attribute this strong rally in Indian markets to heightened investor optimism, spurred by expectations of a potential rate cut by the Reserve Bank of India (RBI) in response to the U.S. Federal Reserve’s larger-than-expected rate cut. Analysts suggest the Fed’s decision has increased liquidity flowing into emerging markets like I...

August 30, 2024 10:21 PM

Indian economy records 6.7% growth in April-June quarter, below RBI forecast

The Indian economy expanded by 6.7% in real terms during the April-June quarter of the financial year 2024-25, as reported by the Ministry of Statistics and Programme Implementation on Friday. This growth rate is lower than the 7.1% forecast made by the Reserve Bank of India (RBI). For the same period last year, India had recorded an 8.2% growth rate. In terms of nominal GDP, the growth rate for the April-June quarter of 2024-25 was 9.7%, compared to 8.5% in the corresponding quarter of the pre...

August 23, 2024 11:39 AM

RBI to focus on disinflation, food inflation sticky to core, says RBI’s MPC minutes

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) meeting, held from August 6 to 8, was marked by careful deliberation on inflation and growth challenges. The committee decided to keep the policy repo rate unchanged at 6.5%, maintaining its stance on the withdrawal of accommodation. RBI Governor Shaktikanta Das highlighted the ongoing challenges in controlling inflation. He noted that while inflation is gradually decreasing, the process is slow and uneven. Persistent food inflat...

August 21, 2024 3:31 PM

RBI Governor Shaktikanta Das ranked top central banker for second year in a row

Reserve Bank of India (RBI) Governor Shaktikanta Das has received an "A+" rating in the Global Finance Central Banker Report Cards for the second consecutive year. Prime Minister Narendra Modi congratulated Governor Das for achieving the highest rating among central bank chiefs. The annual assessment, conducted by Global Finance magazine, evaluates the performance of central bank governors from nearly 100 key economic regions worldwide. Das shares the top honor with only two other central bank...