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Monthly Economic Review - July 2014 - 31/07/2014
The current scenario of the Indian economy has been characterised by a pick-up in the industrial activity and easing trend in inflation. Moreover, the services sector output stood at 52.2 points as per the HSBC Services Business Activity Index. On the external front, exports have witnessed a year-on-year positive growth of 7% in July 2014. On the back of recent pickup in the industrial activity, ongoing fiscal consolidation, external demand picking up, firming up of exports growth and stabilisation of crude prices, the Reserve Bank of India has anticipated the real GDP growth to be in the range of 5 to 6 % for FY 2014-15.
Financial Markets Review - Fortnight Ending 25 July 2014 - 25/07/2014
Moderate pick up in global economic activity helped the risk appetite of investors resulting in a strong rise in the portfolio inflows in to emerging market economies in the recent period. In conjunction with improved business sentiments amid firming up of industrial growth and exports, the domestic financial market activity also got a fillip.
Financial Markets Review - Fortnight Ending 11 July 2014 - 11/07/2014
The new government unveiled the Union Budget for 2014-15 on 10 July 2014. The budget estimates for fiscal deficit stands unchanged from the target laid down in the interim budget at 4.1% of GDP. The gross market borrowing for 2014-15 is estimated at Rs 6 lakh crore and net borrowing stands at Rs 4.61 lakh crore. The finance minister laid down the fiscal consolidation roadmap by targeting to bring down fiscal deficit to 3.6% in FY16 and 3% by 2016-17. As per the Economic Survey 2013-14 the GDP growth for FY15 has pegged at 5.4% to 5.9%. It was acknowledged that inflation has moderated, though it continues to remain above comfort level. The Economic Survey also highlighted the need for monetary policy framework for targeting CPI inflation.
Trend in Corporate Profitability - 06/09/2014
This article examines trends in corporate profitability based on data contained in the Reserve Bank of India's studies. It observes that the profit margin and real return on capital employed came down between 2009-10 and 2012-13. Though companies have increased profit distribution to shareholders, the note further observes, by working out Tobin's q, that stock market valuation did not favour investment.
Budget and the Financial Sector: Promises of Profound Changes in the Framework - 16/08/2014
Even as measures to modernise and revitalise the financial sector need to be taken, the government should not tamper with the vigilance exercised by the Reserve Bank of India and the Securities and Exchange Board of India.
Selected Macro-Economic Indicators - 19/09/2014
India’s real GDP growth registered an improvement in the first quarter of 2014-15 (5.7%) compared to the last quarter of 2013-14 (4.6%). While the growth rates of industry and services improved to 4.2% and 6.8% respectively, that of agriculture and allied activities slowed down. Within industry, the manufacturing sector registered a turnaround and grew at 3.5%; electricity generation posted double-digit growth of 10.2%. Within the services sector, growth in community, social and personal services at 9.1% was almost three times that of the last quarter of 2013-14, but less than the corresponding quarter of 2012-13.
Financial Markets - Key Indicators - 19/09/2014