GROWTH OF INDIAS GLOBAL PROFILE
Kalyan Jewellers to enter US market, plans 70 new showrooms globally
In its quarterly update report released today, the company has said that it has reported overall revenue growth of approximately 27% YoY, whereas revenue growth for India operations stood at 29% during Q1 FY2025. Revenue growth from Middle East operations stood at 16% YoY
'Make in India' initiative can add to engines of global growth: PM Modi at SCO Summit
Modi said that India has contributed significantly to enhancing the economic agenda of the SCO grouping with institutionalised mechanisms such as the SCO Startup Forum and Special Working Group on Startup and Innovation.
India's rating upgrade possible in next 24 months if fiscal deficit falls to 4%: S&P
India could receive a sovereign rating upgrade in the next 24 months if the central government manages its finances prudently and reduces the fiscal deficit to 4% of GDP. The trigger for the upgrade would be a general government deficit falling below 7% of the GDP, with a significant portion driven by the central government. The central government estimates a fiscal deficit of 5.1% of GDP in the current fiscal, down from 5.63% in 2023-24.
Record upturn in job creation drives India's manufacturing PMI to 58.3 in June
Activity in India's manufacturing sector rebounded last month with an increase in output driven by robust demand, leading to the fastest rate of hiring in over 19 years despite ongoing inflationary pressures, according to a survey.
India set for more global attention as bond inclusion begins
India's government bonds enter JPMorgan's index, attracting billions in inflows, driven by positive economic indicators, high yields, and market performance, positioning India as a top choice for global investors.
Infosys hunts for talent among women professionals out on a career break
The women should meet two criteria, they should have work experience of at least two years before taking the break and should have had a break of six months. Shaji Mathew, group head of HR at Infosys, said the company has crafted a strategic approach to support women in managing the diverse personal and professional challenges they encounter throughout their careers.
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India central bank policymakers divided over rate-growth debate
Internal members maintain hawkish stance on inflation, with Governor Das cautioning against hasty actions for fear of worsening the situation
The fuel secretly powering India’s economy — GCCs
The growth of global capability centers (GCCs) in India is fueling various sectors and contributing significantly to the economy. With projections indicating substantial growth in the coming years, GCCs are becoming strategic assets for companies and investors, driving innovation and job creation across industries.
NRIs of the world, keep on depositing
Non-resident deposits in India are growing steadily due to various positive factors, including the impact of the pandemic on savings patterns and stable remittances. Factors such as interest rates and exchange rates have made NRI deposits more rewarding.
Indian automobile industry grows 19 pc to Rs 10.22 lakh cr in FY24: Report
In the two-wheeler segment, India witnessed 10 per cent increase in volume and 13 per cent in value. The three-wheeler segment grew by 16 per cent in volume and 24 per cent in value and the commercial vehicle segment rose by 3 per cent in volume and 7 per cent in value.
India's exports grew 1.1%, but trade momentum to continue: CRISIL
India's merchandise exports rose by 9.1% to USD 38.1 billion in May compared to last year, with a modest 1.1% increase from April, driven by both oil and non-oil sectors. Imports surged by 7.7% to USD 61.2 billion, mainly due to oil and core imports, widening the trade deficit to USD 23.8 billion.
Fitch raises FY25 India GDP growth forecast to 7.2 per cent
In its Global Economic Outlook (GEO) released Monday, it raised its forecast for world growth in 2024 to 2.6% from 2.4% estimated earlier. India's economy grew 8.2% in FY24. "We expect the Indian economy to expand by a strong 7.2% in FY25 (an upward revision of 0.2pp from the March GEO)," Fitch Ratings said, adding that investment will continue to rise but more slowly than in recent quarters, while consumer spending will recover with elevated consumer confidence. Purchasing managers survey data point to continued growth at the start of the current financial year.
Fitch raises India's FY25 growth forecast but isn't that optimistic about global growth
Fitch Ratings has increased India's growth forecast for the current financial year to 7.2% from 7%, driven by rapid investment expansion. The Indian economy grew 7.8% in the last quarter of FY24 and 8.2% for the entire fiscal year. Fitch predicts sustained investment growth under Prime Minister Modi, a recovery in consumer spending, and declining inflation rates. The RBI is expected to make only a modest rate cut this year.
India to lead world in fuel demand growth: IEA
India, the third-largest oil importer globally, is set to drive oil demand growth according to the IEA. Forecasts predict a significant rise in consumption by 1.3 million barrels between 2023 and 2030, with India's demand exceeding China's. The nation's expanding economy and growing population are key factors in this surge. With a focus on road transport fuels and limited petrochemical growth, India's refining capacity is also expected to increase to meet rising demands, making the country heavily reliant on oil imports.
World Bank revises India's FY25 growth forecast to 6.6%
The World Bank revised India's FY25 growth forecast to 6.6% from 6.4%, expecting India to remain the fastest growing economy, driven by public and private investment, and rising consumption.
CII: Continuity in reforms will make India developed Nation
The Confederation of Indian Industry (CII) believes that continuity in policy reforms under Prime Minister Narendra Modi's leadership will drive India towards becoming a developed nation. The CII president, Sanjiv Puri, stated that with a strong growth rate of 8.2% for 2023-24, the new government can implement further reforms to capitalize on global opportunities and strengthen the Indian economy's fundamentals. The CII is eager to collaborate with the new government to accelerate the nation's development journey.
See policy continuity even with coalition government: Gokul Laroia, CEO, Morgan Stanley Asia
Morgan Stanley's Asia CEO Gokul Laroia discussed Indian elections, markets, and risks with Nishanth Vasudevan before an investor conference.
Fino Payments Bank eyes tripling digital banking revenue share by FY25
Fino Payments Bank sees an opportunity in the digital banking space after Paytm Payments Bank's exit. To capitalise on this, they're ramping up their digital offerings, aiming to grow their digital revenue share from 5-6% in FY24 to 15% this fiscal year. Since December, Fino has deployed around 14,000 QR codes which reported 300,000 transactions valued at Rs 33 crore.
Global demand revival: How is India poised?
As the global demand sees some revival, India must get its act together to make the most out of it.
Asian earnings growth to outpace US and Europe, India's growth momentum strong: Report
The analysis by CLSA, citing Bloomberg's projections, forecasts that Asian earnings growth will surpass that of the US and Europe for both this year and the next. This positive outlook is in line with the Reserve Bank of India's (RBI) prediction of a robust 7.2 per cent growth rate for India in fiscal year 2025.
RBI holds rates amid food inflation fears
The Reserve Bank of India (RBI) kept policy interest rates unchanged for the eighth consecutive meeting due to concerns about rising food prices. The central bank raised its economic growth forecast for FY25 to 7.2% from 7%, driven by state investments and broad-based consumption. Despite inflation worries, the repo rate remains at 6.5%. A divide in the Monetary Policy Committee emerged, with two members favoring a rate cut. Equity indices surged, but bond yields rose slightly. Governor Das emphasized India's independent monetary policy stance.
India's services sector softens to five-month low in May: PMI report
India's services growth slowed to a five-month low in May due to weaker domestic demand, despite record export growth and a 21-month high in job creation. The services PMI fell to 60.2 from 60.8 in April. Input costs rose, intensifying price pressures and possibly delaying interest rate cuts by the RBI.
New govt to inherit strong economy, focus on making India developed nation by 2047
India's record-breaking economic growth rate and strong tax revenues provide a foundation for future reforms aimed at transforming the country into a developed nation by 2047. The new government must address challenges such as unemployment and rural distress, while also focusing on controlling inflation. Despite potential obstacles, experts expect continued infrastructure-led growth, investor-friendly policies, and reforms to maintain India's economic momentum and attract investment.
'We expect rupee to be the best-performing Asian currency in 2024'
India remains a top choice for global investors despite recent outflows, with a positive outlook for the Indian rupee and potential Fed rate cuts impacting the US dollar's performance.
'One Nation One Election, UCC, growth of India's global profile': Industrialist Harsh Goenka lists out expectations from Modi 3.0
Expecting Narendra Modi-led NDA to come back to power for a historic third term, Goenka said he expects implementation of One Nation One Election, Uniform Civil Code and further growth of India's global profile. In his post, he also expects agricultural reforms, continued efforts to boost economy through infrastructure and manufacturing, further push digitalisation, expand healthcare and education, job creation a priority, labour reforms, greater investments in energy and climate, and further grow India's global profile.
India's fast economic growth lays firm ground for next government
India's economy grew at a faster-than-expected 7.8% year-on-year in the first three months of 2024, driven by strong performance in the manufacturing sector. This growth pace is expected to support Prime Minister Narendra Modi's economic record, who is hoping to win a rare third term in the national election. The Reserve Bank of India's record surplus transfer of 2.11 trillion rupees ($25.3 billion) will help the next government increase state spending to boost growth.
Kotak Bank's credit profile to improve over next 12 months: S&P
Despite the Reserve Bank of India's (RBI) restriction on onboarding new customers online and issuing fresh credit cards, Kotak Mahindra Bank is expected to improve its credit and funding profile over the next 12 months, according to S&P Global Ratings analyst Nikita Anand. Although the restrictions may impact the bank's growth and profitability, particularly in its high-yielding credit card segment, the bank has made significant technological advancements, including hiring a Chief Technology Officer.
S&P Global to observe India's fiscal glidepath for ratings upgrade
S&P Global Ratings will monitor India's fiscal consolidation efforts over the next two years for a potential sovereign ratings upgrade. Despite raising the outlook to "positive," the rating remains "BBB-." Focus is on India's fiscal deficit reduction targets, fiscal discipline with RBI's surplus transfer, and its ability to manage inflation.
India's growth set to get more broad-based, says Morgan Stanley; pegs 6.8% for 2024
India's strong growth, driven by consumer and business spending, is expected to become more broad-based, according to Morgan Stanley. The global investment bank forecasts 6.8% growth in 2024, attributing it to global offshoring, digitalization, and energy transition. Retail inflation is at 4.83%, within RBI's comfort zone. S&P Global Ratings revised its outlook on India to positive, citing robust economic growth and fiscal policies.
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