Reserve Bank of India staff have pegged India's GDP growth in Oct-Dec at 7.6%, keeping it 20 basis points above the central bank's official projection. They also lowered their forecast for the Jul-Sept GDP growth print from their earlier estimate by 10 basis points to 6.7%. This is 30 bps lower than the RBI's official projection.Register to read
The Employees' Provident Fund Organisation net added 1.88 million subscribers in September, up 9.3% from a year ago, according to data released Wednesday by the labour ministry. The EPFO had net added 1.85 million subscribers in August.Register to read
The sensitivity of India's merchandise exports to changes in real exchange rate seems to have declined over the years, according to a paper by the Reserve Bank of India staff. This reflects diversification across markets and export items, rising technology intensity and higher value addition in manufacturing exports, increasing participation in global supply chains, and improving productivity and competitiveness, it said.Register to read
India's crude oil import bill in the first seven months of 2024-25 (Apr-Mar) rose 7.6% on year to $81.7 billion, the Ministry of Petroleum and Natural Gas said in a report. In volume terms, the country's crude oil imports were 140.2 million tonnes in Apr-Oct, up from 135.4 million tonnes in the corresponding period of last year, the report said.Register to read
The government may help four public-sector banks meet the Securities and Exchange Board of India's minimum public shareholding norm of 25% by offloading some of its stake in the banks through the offer-for-sale route, a senior finance ministry official said Tuesday. Though five banks--Punjab & Sind Bank, Indian Overseas Bank, UCO Bank, Central Bank of India, and Bank of Maharashtra--do not comply with the norm currently, the government may sell stakes in the first four only, the official said.Register to read