Reserve Bank of India

October 9, 2024 2:36 PM

RBI projects 7.2% GDP growth for FY25, CPI inflation expected to moderate to 4.5%

The Reserve Bank of India (RBI) has projected a real GDP growth of 7.2% for the fiscal year 2024-25, along with an expected moderation in Consumer Price Index (CPI) inflation to 4.5%, following the Monetary Policy Committee (MPC) meeting held on Wednesday. RBI Governor Shaktikanta Das said that GDP growth is projected at 7% for Q2, increasing to 7.4% in both Q3 and Q4. For the first quarter of the next financial year (2025-26), growth is anticipated to be 7.3%, with risks evenly balanced across...

September 27, 2024 1:13 PM

Govt to issue Rs 20,000 cr ‘Sovereign Green Bonds’ in four tranches this fiscal

The central government has announced plans to collect ₹20,000 crore through the issuance of 'Sovereign Green Bonds' in the second half of the financial year 2024-25 (October-March), Finance Ministry said in a press release. The government aims to complete its borrowing for the latter half of FY25 through a series of 21 weekly auctions. The green bonds will be issued in four tranches, each valued at ₹5,000 crore. The first tranche will consist of a 10-year Sovereign Green Bond, scheduled for...

September 20, 2024 5:19 PM

Sensex, Nifty hit record highs, boosted by auto, energy, banking sectors

India’s benchmark indices surged to all-time highs on Friday, driven by strong gains across the auto, energy, and banking sectors. The Sensex jumped 1,360 points, or 1.63%, to close at 84,544, while the Nifty added 375 points, or 1.48%, to settle at 25,791. The Nifty briefly touched 25,806 during the trading session before paring some of its gains. All sectoral indices posted gains, with auto, energy, banking, capital goods, FMCG, power, telecom, realty, and metals advancing between 1% and 3...

September 16, 2024 4:28 PM

RBI increases UPI payment limit from Rs 1 lakh to Rs 5 lakh

The Reserve Bank of India (RBI) has provided major relief to UPI consumers. The central bank has increased the limit for making payments through UPI from Rs 1 lakh to Rs 5 lakh. Addressing the media after the three-day bimonthly Monetary Policy Committee (MPC) meeting, RBI Governor Shaktikanta Das said that UPI has become the most preferred mode of payment due to its convenient features. He said that the MPC has increased the limit for making payments through UPI to Rs 5 lakh. Currently, the pa...

September 16, 2024 5:04 PM

Repo rate remains unchanged at 6.5% for ninth consecutive time: RBI

The Reserve Bank of India (RBI) announced on Thursday that it will maintain the repo rate at 6.5%, marking the ninth consecutive time the central bank has kept the key interest rate unchanged. The decision reflects the RBI's cautious stance amid ongoing economic uncertainties and persistent inflationary pressures. RBI Governor Shaktikanta Das revealed the decision following a three-day Monetary Policy Committee (MPC) meeting. "After a detailed assessment of the evolving macroeconomic and financ...

September 16, 2024 5:54 PM

FICCI forecasts 7% annual GDP growth for India in 2024-25

The Federation of Indian Chambers of Commerce & Industry (FICCI) has forecasted a 7.0% annual median GDP growth for India in the fiscal year 2024-25, according to its latest Economic Outlook Survey. "Despite persisting headwinds, India's economic growth remains resilient, and the nation remains amongst fastest growing economies in the world," the Survey states. The report predicts a 3.7% growth in agriculture and allied activities for 2024-25, a significant improvement from the 1.4% growth...

September 16, 2024 6:06 PM

India’s retail inflation surges past 5% in June, triggered by food prices

India's retail inflation rate has broken its recent trend of moderation, climbing above 5% in June 2024, primarily due to rising food prices. This uptick poses fresh challenges for policymakers who have been working to manage inflationary pressures. According to official data released Friday, the Consumer Price Index (CPI)-based inflation rate for June stood at 5.08% year-on-year. The inflation rates for rural and urban areas were recorded at 5.66% and 4.39% respectively. The surge in food pri...

September 16, 2024 6:03 PM

India doubts credibility of Citigroup report on state of employment

The Indian government has strongly refuted a recent Citigroup report on the state of employment in India, calling into question its credibility and methodology. In a statement released Monday, the Ministry of Labour and Employment criticized the report for failing to consider all official data sources available in the public domain. The Citigroup report, which has been widely cited in media outlets, forecasted that India would struggle to create sufficient employment opportunities even with a 7...

September 16, 2024 6:03 PM

SBI research suggests centre to target 4.9% fiscal deficit in 2024

As the Modi government prepares to present its first full budget of its third term on July 23, SBI Research has recommended a focus on fiscal prudence and continued consolidation. The research arm of India's largest public sector bank suggests the government should aim for a fiscal deficit target of 4.9% for the 2024-25 financial year. The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings that may b...

September 16, 2024 6:38 PM

Market salutes PM Modi’s third term: Sensex-Nifty open at all-time high

Indian stock indices continued their uptrend from the past week and opened at fresh record highs at the opening bell on Monday, a day after Prime Minister Narendra Modi and his Union Council of Ministers took oath to office. A smooth transition in the government formation seemed to have boosted market sentiments. At the opening bell, the Sensex surged to an all-time high of 76,960.96 points, while the Nifty touched a record 23,411.90 points. At the time of reporting, the Sensex was trading at 7...