India's retail inflation eased marginally to 3.15 % in July from 3.18% in June on the back of high food prices. The number, however, remained below RBI's 4% for the 12th straight month, despite recent interest rate cuts. Delayed monsoon had pushed the number to an 8-month high of 3.18 per cent in June.
Industrial production growth dropped to 2 per cent in June, mainly on account of poor show by mining and manufacturing sectors, according to official data released on Friday. Factory output, as measured by the Index of Industrial Production (IIP), had expanded by 7 per cent in June 2018. There was a slowdown in the manufacturing sector, which grew at 1.2 per cent in June as compared to 6.9 per cent a year ago. The expansion in power generation sector stood at 8.2 per cent, compared to 8.5 per cent earlier. Mining growth dropped to 1.6 per cent in June from 6.5 per cent in the corresponding month of the last fiscal.
In a good news for the government, GST collection for the month of July has surpassed the one lakh crore mark. Central GST stands at Rs 17,912 crore; and SGST at Rs 25,008 crore. The total number of GSTR 3B returns filed for June up to July 31 is 75.79 lakh. GST Collection dipped below the Rs one lakh crore mark in June for the first time this fiscal.
Wholesale price-based inflation declined for the second consecutive month to its 23-month low of 2.02 per cent in June, helped by decline in prices of vegetables as well as fuel and power items, according to official data released Monday.
Industrial production grew at 3.1 per cent in May, mainly on account of improvement in power generation, according to official data released Friday. The Index of Industrial Production (IIP) had expanded by 3.8 per cent in May 2018. The expansion in power generation sector stood at 7.4 per cent compared to 4.2 per cent in the year-ago month. Mining growth was at 3.2 per cent in May as against 5.8 per cent in the corresponding month of the last fiscal. However, there was a slowdown in the manufacturing sector, which grew at 2.5 per cent in May compared to 3.6 per cent a year ago.
Retail inflation has risen to 3.18% in June from 3.05% in May on higher food prices, hitting an eight-month high, the government said on Friday, but stayed below the central bank's medium-term target of 4% for an eleventh straight month. Annual retail inflation in June was 3.18%, up from 3.05% in the previous month, but below analyst forecasts.
Reacting on that centre will raise part of market borrowing in external market, Reserve Bank of India (RBI) Governor Shaktikanta Das said, “Government has made a budget announcement and we'll interact with them. As debt manager of government of India, I am sure government will have internal discussion with RBI and whatever we need to discuss with government will be done internally.” India's sovereign external debt to GDP (gross domestic product) is among the lowest globally at less than 5 per cent. The government would start raising a part of its gross borrowing programme in external markets in external currencies. -
Chief Economic Advisor Krishnamurthy V. Subramanian on Thursday asserted that the Indian economy must grow at a 8 per cent rate over the next five years to achieve Prime Minister Narendra Modi's vision of the country becoming a $5 trillion dollar economy, for which the Economic Survey 2018-19 stresses on investment as the key driver. CEA Krishnamurthy, in an exclusive conversation with ET Now, said "There is a wonderful opportunity for us to tap into foreign capital."
India's economic growth will rebound from a five-year low this year, but would need a huge boost in spending and reforms to accelerate higher rate of expansion to double the economy's size to USD 5 trillion by 2024-25, the pre-Budget Economic Survey said Thursday. Stepping up private investments, exports and job creation will be key to achieving the target, the survey said. Tune in as ET's consulting editor Swaminathan Aiyar shares his views on the Economic Survey 2018-19. (Text: PTI)
The tussle over who owns public data found its way in Chief Economic Advisor Krishnamurthy V. Subramanian's Economy Survey. The survey says data as a public good can help to uplift the poor, who care for a better quality of living rather than data privacy. Watch now. (Text: ET Online)
Guided by the dictum of "blue sky thinking", the Economic Survey 2018-19 Thursday laid out the ambitious agenda of applying principles of behavioural economics to achieve 8 per cent of sustained GDP growth to make India a USD 5-trillion economy by 2024-25. The Economic Survey 2018-19, tabled in Parliament, is the first for the new government, which came to power with an overwhelming mandate. Watch now. (Text: PTI)
Chief Economic Advisor Krishnamurthy Subramanian will table the Economic Survey 2018-19 Thursday. It will also be the first such survey under Modi 2.0 government. Tune in as ET's consulting editor Swaminathan Aiyar explains what the document is all about and why it matters.
ET's consulting editor Swaminathan Aiyar talks about how macroeconomic indicators are looking right now, challenges they highlight and key issues Finance Minister Nirmala Sitharaman must focus on in her maiden budget. Watch now.
In the midst of a raging controversy over India's economic growth under the new GDP series, former Chief Economic Adviser Arvind Subramanian has said India is grossly overestimating its GDP growth rate.
India lost its spot as the fastest growing major economy to China, clocking a disappointing 5.8% in the January-March quarter as a chill in domestic and global consumer demand hit manufacturers and service providers. The sub-6 percent growth of Q4 is the slowest in five years. The economy had grown 6.6% in the third quarter, 7.1% in second and 8.2% in the first quarter.
The annual rate of inflation based on wholesale price index stood at 3.07 per cent in April compared to 3.18 per cent in March, the government said on Tuesday. It was 3.62 per cent in April last year, according to a statement released by the Ministry of Commerce and Industry.
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