Economy Current Affairs

Nirmala Sitharaman launches EASE 5.0 ‘Common reforms agenda’ for PSBs

FM Nirmala Sitharaman has launched EASE (Enhanced Access and Service Excellence) 5.0 ‘Common reforms agenda’ for Public Sector Banks (PSBs) under EASENext program EASE has evolved over four annual editions from FY19 to FY22 and has catalyzed reforms in diverse areas in Public Sector Banks EASE 5.0 will focus on digital customer experience, and integrated & inclusive banking, with […]

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RBI Monetary Policy: RBI raises repo rate by 50 bps to 4.90%

The six-member Monetary Policy Committee (MPC) led by RBI Governor Shaktikanta Das voted unanimously to raise repo rate by 50 basis points to 4.90 percent. The Monetary Policy Committee has raised the repo rate in order to tackle elevated inflation. Standing Deposit Facility and Marginal Standing Facility rates also raised by 50 basis points. Standing Deposit Facility rate now 4.65 percent, and

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World Bank cuts India GDP forecast to 7.5%

The World Bank has slashed its growth forecast for India for the current financial year to 7.5 percent, a hefty 1.2 percentage points down from its previous forecast of 8.7 percent. Writing in its latest Global Economic Prospects report released, the World Bank said it cut India’s GDP growth forecast due to headwinds from rising inflation, supply chain disruptions,

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Govt collects Rs 1.41 lakh crore GST in May 2022

The government has collected Rs 1,40,885 lakh crore Goods and Services Tax (GST) revenue for the month of May 2022. The numbers have been surged 44% as against Rs 97,821 during the corresponding period of preceding fiscal year. GST revenues has been recorded lower than the record high collection in April at Rs 1.68 lakh crore. In March GST

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SBI revises up FY23 economic growth forecast to 7.5%

SBI Research has estimated the growth of the Indian economy at 7.5% in 2022-23, an upward revision of 20 basis points from its earlier estimate. According to the official data, the economy will grow by 8.7% in FY22, net adding ₹11.8 lakh crore in the year to ₹147 lakh crore. Nominal GDP will inflate by ₹38.6 lakh crore to

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Fiscal deficit of India improves to 6.7% in FY22

Fiscal deficit of India for 2021-22 has improved to 6.71% of the GDP over the revised budget estimate of 6.9% mainly on account of higher tax realisation. The fiscal deficit in the absolute terms was Rs 15,86,537 crore (provisional). The finance ministry had estimated the deficit at Rs 15,91,089 crore or 6.9 per cent of GDP in February 2022. The tax receipts were at

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Moody’s cuts CY22 India GDP growth forecast to 8.8% amid rising inflation

Moody’s Investors Service has cut its gross domestic product (GDP) growth forecast for India to 8.8% for calendar year 2022 (CY22) from its March estimate of 9.1%. Reason: Rising inflation and interest rates will temper the economic growth momentum. It projected inflation to be around 6.8% and 5.2% for 2022 and 2023, respectively. Earlier, the S&P Global Ratings had cut

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S&P cuts India growth forecast for FY23 to 7.3%

S&P Global Ratings cut India’s GDP projection for the current fiscal to 7.3% from 7.8% on rising inflation and the Russia-Ukraine conflict. S&P Global Ratings suggestions: Central banks to raise rates more than what was currently priced in, risking a harder landing which includes a larger hit to output and employment. World Bank: 8% International Monetary Fund: 8.2% Asian Development Bank: 7.5%

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S&P Cuts India’s Economic Growth Forecast To 7.3% For 2022-23

S&P Global Ratings cut India’s growth projection for the current fiscal to 7.3 per cent from 7.8 per cent earlier on rising inflation and the longer-than-expected Russia-Ukraine conflict. S&P had in December last year pegged India’s GDP growth in 2022-23 fiscal, which began on April 1, 2022, at 7.8 per cent. For the next fiscal the growth has been pegged

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Morgan Stanley cuts India’s FY23 growth forecast to 7.6%

Morgan Stanley downgraded India’s growth forecast to 7.6% from 7.9% for FY2023 amid a slowdown in global growth, higher commodity prices and risk aversion in global capital markets. This 7.6% forecast is a baseline forecast for India while its bearish and bullish growth projections are 6.7% and 8%, respectively. For FY24, it lowered its growth forecast to 6.7% from

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