Reserve Bank of India

December 2, 2024 10:08 PM

Government to update GDP base year to 2022-23

The Government of India has announced its decision to revise the base year for the calculation of Gross Domestic Product (GDP) from 2011-12 to 2022-23, marking a significant update to the country’s national accounting framework. An Advisory Committee on National Accounts Statistics (ACNAS) has been constituted to facilitate the transition. The committee includes representatives from central and state governments, the Reserve Bank of India, academia, and research institutions. Its primary rol...

November 24, 2024 4:16 PM

19 agritech soonicorns, 40 minicorns embracing emerging tech for business growth: RBI paper

The Indian agritech sector shows immense potential to bridge the technological gap in agriculture, with 19 agritech soonicorns and 40 minicorns leveraging emerging technologies like AI and innovative business models, according to a new Reserve Bank of India (RBI) paper. While only one unicorn has been identified in India's agritech landscape, the total number of soonicorns (startups on the verge of becoming unicorns) and minicorns (early-stage startups) is estimated at 19 and 40, respectively, ...

November 21, 2024 3:21 PM

Private consumption driving growth in Q3, with rural India taking the lead: RBI

The slowdown observed in the Indian economy during the second quarter of 2024-25 appears to be behind us, with private consumption once again driving domestic demand. Festival spending has reignited real activity in Q3, according to the Reserve Bank of India’s (RBI) November bulletin. The report highlights rural India as a key growth driver, particularly for e-commerce during the festive season. This momentum is expected to strengthen further, supported by a sharp rise in kharif crop output a...

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...