World Bank revises upwards India’s GDP growth forecast to 6.9% for FY23
The?World Bank?on Tuesday revised upwards its GDP growth forecast for India to 6.9 per cent for 2022-23, saying the economy was showing higher resilience to global shocks. In October, it had cut India’s GDP growth forecast to 6.5 per cent from 7.5 per cent earlier. Now, it has upgraded the projection to 6.9 per cent for 2022-23 (April 2022 -March 2023).
In its India Development Update, the World Bank said the revision was due to higher resilience of the Indian economy to global shocks and better-than-expected second quarter numbers.
Fitch Ratings raises India’s GDP growth forecast to 7% for FY 23; consumption, investment better than expected
Fitch Ratings raised India’s GDP growth forecast to 7% for the current financial year 2022-23, due to a large boost from consumption and investment. Fitch upgrade comes shortly after the World Bank raised its own growth forecast for India earlier today. “India is shielded to some extent from global economic shocks given the domestically focused nature of its economy, with consumption and investment making up the bulk of the country’s GDP,” said Fitch in its global economic outlook report.
It also expects the Reserve Bank of India to increase policy rates to 6.15% by December and then hold this rate throughout 2023. RBI monetary policy committee will announce its decision on Wednesday, December 7, 2022.
Sensex, Nifty end in red, IT and Metal laggards amid weak global market; investors eye RBI for further cues
Indian benchmarks closed in red after a volatile session of trade amid weak global cues. The BSE Sensex closed over 200 points lower, at 62,626 while NSE Nifty settled 0.3% lower at 18,642. In the broader markets, the NSE MidCap 100 was down 0.46%, and the SmallCap index ended marginally in red. All sectors faced losses, barring Nifty PSU Bank, Nifty FMCG and Nifty Oil & Gas. “Bears kept pushing domestic indices lower amid unfavorable global cues, with significant selling in metals and IT stocks. The mood was dampened by renewed concerns over policy tightening by the Fed in response to strong economic data out of the US. However, while easing COVID curbs in China benefited the demand outlook, fresh sanctions on Russian oil further added volatility to global oil markets. Investors at home await the RBI policy meet tomorrow, which is expected to slow the pace of rate hikes, in light of easing food prices,” said Vinod Nair, Head of Research, Geojit Financial Services.
RBI to slow repo rate hike to 25-35 bps as inflation cools, slowdown fears loom; growth on MPC radar
All eyes are on the Reserve Bank of India’s Monetary Policy Committee (MPC) as it began its bi-monthly policy review session on Monday, 5 December. Analysts expect that the RBI MPC is set to announce further repo rate hikes amid elevated inflation, geopolitical tensions and fears of a global recession, on Wednesday, 7 December, once the three-day review session has concluded. The consensus among most experts states that the repo rate will be hiked by 25-35 basis points; the repo rate currently stands at 5.9%. The RBI Governor, Shaktikanta Das, will announce the committee’s policy decisions which will be closely watched by the market for further cues.
Tata takes a dig at Mahindra as Nexon EV sales cross 35,000 units
Tata Nexon EV was introduced in India in January 2020 and ever since its launch, it has been a successful product for this Mumbai-based Indian automaker. Now, the sales of the Tata Nexon EV have crossed 35,000 units within three years of its official launch. Tata Motors announced this achievement in a tacky way taking a dig at Mahindra.?
领英推荐
How much should you save to repay your loan early?
Are you concerned about the rising loan interest rates? Well, you are not alone. Many borrowers in India and other countries face a challenging time as interest rates have risen steeply in the last few years and may go even higher soon. An increase in the interest rate directly impacts loan borrowers as they have to repay higher EMIs. Usually, a person takes a loan considering their present repayment capacity while assuming that the interest may change slightly over time.
However, the interest rates have gone up significantly this time, and borrowers need measures to overcome the adverse impact. Prepaying a loan can be a good option in the present situation, but you need to save money for this purpose. The question is, how much should you save to prepay your loan?
Read More: https://www.financialexpress.com/money/how-much-should-you-save-to-repay-your-loan-early/2902106/
PAN to be key to single window clearances
Businesses may be allowed to log in to the national single window system for obtaining various clearances and approvals from both the central and state government departments by using only the Permanent Account Number (PAN) as a unique identifier. Currently, over a dozen different business IDs like EPFO, ESIC, GSTN, TIN, TAN and PAN are being used for seeking various approvals, depending on the nature of the clearances being sought.
Read More: https://www.financialexpress.com/pan-card/pan-to-be-key-to-single-window-clearances/2901655/
How to manage your money to keep goals on track and crises at bay
With as much as 97 per cent of the world population struggling with the financial realities they face on a day-to-day basis, it’s very important for everyone to know how to manage their money to maintain goals on track and crises at bay.
Simple adjustments in how they earn, save and spend money, and how they invest their savings can change their financial realities over the years. The cumulative effect can kick in if this is consistently done over a long period of time.
Key trends that may blow the construction industry in 2023
The Indian construction industry is forecast to register an annual average growth of 6.2% from 2023 to 2026, supported by a strong pipeline of infrastructure projects across various sectors. This strong growth is attributed to the favorable base set in 2020, coupled with an improvement in consumer and business confidence amid the progress in the vaccination drive and the implementation of various infrastructure projects.