The Economic Survey 2022-23, released today, has flagged threats to the Indian economy, even as it forecasts a GDP growth rate of 6.5% for the next fiscal year. The survey has said that the challenge of the Indian rupee depreciating remains. "However, the challenge of the depreciating rupee, although better performing than most other currencies, persists with the likelihood of further increases in policy rates by the US Fed". What...
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CAD doubles to all-time high of $36.4 billion in Q2, up nearly 4 times on year
-The Hindu Business Line Trade deficit, primary income outweighed services surplus: ICRA India’s current account deficit (CAD) doubled sequentially to an all-time high of $36.4 billion in Q2 FY23 from $18.2 billion in the previous quarter, and was nearly four times higher than the $9.7 billion posted a year ago. CAD for FY22 was at $38.77 billion. The Q2 CAD was equivalent to 4.4 per cent of the country’s GDP as against 2.2...
More »Patra: India can sustain CAD of 2.5-3% without an external sector crisis
-The Telegraph Overall current account deficit in July rises to $21.04 billion (merchandise and services), commerce ministry reports on Friday Mumbai: Reserve Bank of India deputy governor Michael Patra has tried to soothe concerns about the anticipated surge in India’s current account deficit, suggesting that the country will not be roiled by a crisis if the CAD climbed to anywhere between 2.5 and 3 per cent of GDP. “Our experience has been that...
More »Centre, RBI bid to curb inflation
-The Telegraph Food prices, which account for nearly half of the consumer price index basket, softened last month The finance ministry and the Reserve Bank of India (RBI) are in discussions on the inflation trajectory amid the easing of global commodity and crude oil prices. A Reuters poll of economists forecast retail inflation at a five-month low in July at 6.78 per cent. But it is still above the RBI’s upper threshold...
More »Country's trade gap at all time high of USD 26 billion
-The Telegraph The finance ministry has warned that the current account deficit will deteriorate in 2022-23 because of costlier imports and tepid exports on the merchandise account The country’s trade deficit touched an all-time high of $26.18 billion as imports expanded 57.88 per cent to $66.31 billion in June because of a doubling of oil imports and a spike in the inflow of coal, gold, electronic goods and chemicals. The finance ministry has...
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