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<ul><li>Retail inflation eased to a three-month in January mainly on account of lower food prices.</li><li>Twelve of the 22 states witnessed higher than average inflation, especially in large states like Maharashtra, UP, Gujarat, Karnataka.</li><li><keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s industrial production grew 3.8% in December 2023, according to official data. </li></ul>Retail inflation eased to a three-month low of 5.1% in January mainly on account of lower food prices, according to official data released on Monday. Inflation based on the Consumer Price Index (CPI) was at 5.69% in December 2023 and 6.52% in January 2024. In August 2023, inflation touched a high of 6.83%. According to the data released by the <keyword id="20070866" type="General" weightage="20" keywordseo="national-statistical-office" source="keywords">National Statistical Office</keyword> (<keyword id="20067517" type="General" weightage="20" keywordseo="nso" source="keywords">NSO</keyword>), retail inflation in the food basket was at 8.3% in January 2024, down from 9.53% in the preceding month. “Inflation came in higher for December than our expectations at 5.1% against 4.7%, though lower than that of November which was 5.7%. Food products continue to exert upward pressure on inflation with cereals, vegetables, fruits, pulses, sugar and spices all witnessing high increases. There has been soothing of inflation in the core goods and services which is a relief from the point of view of monetary policy,” said <keyword id="20102121" type="General" weightage="20" keywordseo="madan-sabnavis" source="keywords">Madan Sabnavis</keyword>, chief economist at Bank of Baroda. Twelve of the 22 states witnessed higher than average inflation. It indicates that inflation is still high in large states like Maharashtra, UP, Gujarat, Karnataka, opine experts. The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> has been tasked by the government to ensure retail inflation remains at 4%. “With RBI stating risk of food inflation translating into generalised inflation, we expect RBI to continue cautious stance. However, softening of core inflation should provide confidence to trajectory of inflation moving as expected. We think RBI would rather continue with stability priority and continue maintaining 4% inflation target as sacrosanct, and hence we do not see premature easing from RBI,” said Akhil Mittal, senior fund manager-fixed income, Tata Mutual Fund. Most experts believe that uncertain food prices will keep the central bank cautious. "CPI inflation came in slightly softer than our expectations led by moderation in food prices. Positively though, core inflation softened in line with our expectations. However, uncertainties in food inflation outlook should keep RBI cautious in the near term, with much of action by the RBI expected on the liquidity front," said Upasna Bhardwaj, chief economist, Kotak Mahindra Bank. Industrial production grows 3.8% in December 2023 India's industrial production grew 3.8% in December 2023, according to official data released on Monday. Factory output measured in terms of the Index of Industrial Production (IIP) had witnessed a growth of 5.1 per cent in December 2022. "India's Index of Industrial Production grows by 3.8% in December 2023," an official statement said. The data released by the National Statistical Office (NSO) showed that the manufacturing sector's output grew 3.9% in December 2023, up from 3.6% in the year-ago month. In December last year, the mining production rose 5.1% and power output increased 1.2%. IIP grew 6.1% during the April-December 2023 period compared to a 5.5% expansion in the year-ago period. “Growth has been pulled down by electricity growth which was just 1.2% reflecting lower levels of demand. Eleven of the 23 manufacturing categories witnessed negative growth with the significant one again being electronic items. Textiles too continue to be in the negative zone due to lower export demand,” says Sabnavis. (With inputs from PTI)

Retail inflation eases to 3-month low of 5.1% in January, IIP grows 3.8% in December

<ul><li>Food basket inflation was at 9.53% in December 2023, up from 8.7% in November.</li><li>The core inflation stood at 3.8%, moderating from 4.% in November.</li><li>India's industrial growth rate slumped to an 8-month low of 2.4% in November. </li></ul>Retail inflation inched up marginally to a four-month high of 5.69% in December 2023, mainly on account of higher food prices, according to official data released on Friday. The inflation based on Consumer Price Index (CPI) was at 5.55% in November 2023 and 5.72% in December 2022. In August 2023, inflation touched a high of 6.83%. As per the data released by the <keyword id="20070866" type="General" weightage="20" keywordseo="national-statistical-office" source="keywords">National Statistical Office</keyword> (NSO), retail inflation in the food basket was at 9.53% in December 2023, up from 8.7% in the preceding month and 4.9% in the year-ago month. “While persistent rise in the food prices contributed to an uptick in inflation in December 2023, the core inflation has continued to moderate indicating signs of easing price pressure for the households. A continual moderation in inflation is supportive of growth in the consumption driven sectors, said <keyword id="20169700" type="General" weightage="20" keywordseo="vivek-rathi" source="keywords">Vivek Rathi</keyword>, national director of research at Knight Frank India. The core inflation stood at 3.8%, moderating from 4.% in November. As per RBI’s forecast, FY24 inflation would be at 5.4%. The softer numbers that came in December could undershoot the numbers marginally,” said <keyword id="20169699" type="General" weightage="20" keywordseo="upasna-bhardwaj" source="keywords">Upasna Bhardwaj</keyword>, chief economist at Kotak Mahindra Bank. Experts expect RBI to keep its keep repo rate and policy stance unchanged in the February policy. The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) has been focussed on bringing retail inflation under 4% which is its target. “We expect the RBI to allow liquidity conditions to ease in the coming months to let the operating target rate soften towards the repo rate before shifting stance— a move which is likely in 1QFY25,” said Bharadwaj. Manufacturing drags November industrial growth to 2.4% India's industrial growth rate slumped to an 8-month low of 2.4% in November from a 16-month high of 11.6% in October, data released by the Ministry of Statistics and Programme Implementation on Friday showed. In November 2022, the country’s industrial production had grown by 7.6%. The growth rate for November was dragged down by the manufacturing sector, which slowed to a crawl of 1.2 per cent on a year-on-year basis after having posted an increase of 10.2 per cent in October. The sharp slowdown in manufacturing output growth, which accounts for more than three-fourths of the index of industrial production (IIP), was partly attributed to the large number of holidays in November on account of festivals due to which the working declined. The IIP figure has been pulled down by the manufacturing sector which posted the lowest annualised growth of 1.2% in 13 months after a solid momentum in the early part of the fiscal. While moderation in industrial activity is typically seen in the post-festive season, this may also be an indication of an expectation of demand slowdown in the last quarter of the fiscal, he added. The electricity generation also grew at a slower pace of 5.8% as compared to a high double digit growth of 20.4% in October. Similarly, the mining output growth declined to 6.8% from 13.1% in October. “Industrial output for Nov-23 has disappointed even factoring in the impact of the festival holidays during the month and the adverse base factor. IIP has recorded a modest growth of 2.4% YoY, the lowest print in eight months since March 2023," said Suman Chowdhury, chief economist &amp; head of research of Acuite Ratings &amp; Research. There has also been a contraction in both consumer durables and non-durables output in Nov-23, leading to an overall contraction of 4.2 per cent YoY in the consumer goods sector. “The growth indicators from the industrial production print however seem to be uneven. Output from most of the key industries have witnessed moderate growth, however, due to a high statistical base. However, the consumer durable output, which is consumption reflection, contracted by 5.4%. This can be concerning as sustained consumption growth is the key to keep the economic growth momentum continuing,” said Rathi. (With inputs from PTI &amp; IANS)

Retail inflation inches to 4-month high in Dec; IIP growth slips to 8-month low in Nov

<ul><li>On a YoY basis, June 2023 core sector growth was lower as the reading was 13.1% in 2022.</li><li>Growth was positive in seven sectors with the exception of crude oil which declined marginally.</li><li>Electricity and fertilizer production slowed due to a sharp base effect. </li></ul>The growth of India's eight key infrastructure sectors slowed down to 8.2% in June 2023 as compared to a year-ago period but managed to hit a five-month high. The reading saw a decline in the production of crude oil, natural gas, and electricity, according to the official data released on Monday. The core sector growth was 13.1% in June 2022. In January, the key sectors expanded at 9.7% while in May 2023 the growth rate was 5%. The output growth of the eight sectors slowed down to 5.8% in April-July 2023-24 against 13.9% in the year-ago period. ‘Growth is broad-based’ Growth has been broad-based thus reflecting buoyancy in the infrastructure sector this year, opined Madan Sabnavis, chief economist at Bank of Baroda. With the exception of crude oil which declined marginally, growth was positive in the other seven sectors. Refinery products grew by 4.6% compared with 15.1%, mostly due to slowdown in exports. Domestic demand for refinery products like petrol and diesel has been steady. Coal continues to grow well at 9.8%, thanks to a recovery in electricity growth as well as the steel sector. Steel witnessed growth of 21.9% while cement registered 9.4% growth. “The government push in infra has been reflected here, especially roads. Cumulative growth in these two sectors was double digits in the three months even on a higher base witnessed in 2022,” Sabnavis said. Electricity growth slowed to 3.3% over 16.5% last year – due to an impact of the base effect. Fertilizer production growth has slowed down to 3.4% over 8.2%, again due to a sharp base effect. Bank of Baroda expects growth to be lower in coming months as farmers start sowing for kharif season normally in June and July after which demand slows down. “Overall growth in IIP could be expected to be in the 5-6% range this month (July),” said Sabnavis. (With PTI inputs)

June IIP: Core sector growth at five-month high of 8.2%

Mumbai: The rupee slipped 1 paisa to an all-time low of 84.40 against the US dollar in early trade on Wednesday, as persistent <keyword id="20520117" type="General" weightage="20" keywordseo="foreign-fund-outflows" source="keywords">foreign fund outflows</keyword> and a muted trend in domestic equities weighed on the local unit. Forex traders said the USDINR pair has shown significant volatility in recent sessions, with the rupee inching closer to its all-time low of 84.40. This downward pressure is largely driven by global factors, particularly the Dollar Index's strengthening. At the interbank foreign exchange, the rupee opened at 84.40 against the greenback, registering a fall of 1 paisa over its previous close. On Tuesday, the rupee fell 1 paisa to a new lifetime low of 84.39 against the US dollar. "It appears that the rupee has established support around the current levels, with depreciation limited near 84.50," CR Forex Advisors MD Amit Pabari said. Pabari further added that the RBI stands tall as the depreciation in the rupee seems to be limited as the <keyword id="19899810" type="General" weightage="100" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) continues to sell the dollars to protect the sharp depreciation. "For the 5th consecutive week, India's forex reserves declined, possibly due to RBI selling the dollars. Currently, the forex reserves of India stand at USD 682 billion down from the recent all-time high of USD 704 billion," he said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.04 per cent at 105.98. Brent crude, the global oil benchmark, rose 0.25 per cent to USD 72.07 per barrel in futures trade. On the domestic equity market front, Sensex was trading 210.66 points, or 0.27 per cent lower, to 78,464.52 points. The Nifty fell 100.45 points, or 0.42 per cent, to 23,783.00 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 3,024.31 crore, according to exchange data. On the macroeconomic front, retail inflation breached the Reserve Bank's upper tolerance level, soaring to a 14-month high of 6.21 per cent in October mainly on account of rising food prices. Inflation based on the consumer price index (CPI) was 5.49 per cent in September and 4.87 per cent in the year-ago month. India's industrial production expanded by 3.1 per cent in September after recording a contraction in the preceding month, as all three major segments -- mining, manufacturing, and power generation -- showed improvement. However, the growth in the Index of Industrial Production (IIP) during the month was lower than 6.4 per cent registered in September 2023.

Rupee falls 1 paisa to all-time low of 84.40 against US dollar in early trade

Mumbai, The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> paused its two days of gains and settled 6 paise lower at 83.24 (provisional) against the US <keyword id="35208" type="General" weightage="20" keywordseo="dollar" source="Orion">dollar</keyword> on Thursday as rising crude oil prices dented the investor sentiment. Forex analysts said early gains in the domestic currency on the back of the weak dollar were reversed by the subdued domestic equity markets and concerns over foreign funds withdrawal. At the interbank foreign exchange, the rupee opened at 83.17 and then traded between the intra-day peak of 83.12 and the lowest level of 83.25 against the greenback. The local unit finally settled at 83.24 (provisional), registering a loss of 6 paise from its previous close. The rupee had settled 7 paise higher on Wednesday, a day after gaining 3 paise against the American currency. Market participants were also awaiting the industrial production data for August and inflation numbers for September to be released later in the day, which will provide insights into the country's economic health. Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the rupee is expected to trade with a slight positive bias on expectations of a decline in India's inflation and a rise in risk appetite in global markets. "Traders may remain cautious ahead of India's CPI and <keyword id="132840" type="General" weightage="20" keywordseo="iip-data" source="Orion">IIP data</keyword>. Traders may also take cues from US CPI, weekly unemployment claims and Federal Budget balance data. USD-INR spot price is expected to trade in a range of Rs 82.70 to Rs 83.60," Choudhary added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.09 per cent lower at 105.72. Brent crude futures, the global oil benchmark, witnessed a sharp rise of 1.20 per cent to USD 86.85 per barrel. On the domestic equity market front, the BSE Sensex closed 64.66 points or 0.10 per cent lower at 66,408.39. The broader NSE Nifty declined 17.35 points or 0.09 per cent to 19,794. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 421.77 crore, as per exchange data.

Rupee falls 6 paise against US dollar amid rising crude prices

<ul><li><keyword id="67286" type="General" weightage="20" keywordseo="food-inflation" source="Orion">Food inflation</keyword> lowered to 9.94% in August as compared to 11.51% in July.</li><li>Softer <keyword id="6408856" type="General" weightage="20" keywordseo="vegetable-prices" source="Orion">vegetable prices</keyword>, slide in prices of meat and egg products and fish aided the food inflation print.</li><li>Prices of cereals, milk, fruits and spices rose significantly in August as compared to July.</li><li>India’s factory output or IIP increased by 5.7% in July, according to the official data. </li></ul><keyword id="513422" type="General" weightage="20" keywordseo="retail-inflation" source="Orion">Retail inflation</keyword> declined to 6.83% in August compared to 7.44% July, mostly due to easing vegetable prices. This year’s August print also came in lower than 7% seen in the same month last year. Core inflation stood at 4.9% for the month, eased marginally from the month before, and it’s the third consecutive month of a dip in inflation of this metric. Food inflation lowered to 9.94% in August as compared to 11.51% in July. Apart from softer vegetable prices, slide in prices of meat and egg products and fish also aided lower food inflation print. 'A modicum of relief' Economists call this easing a ‘modicum of relief’. “The consumer price inflation (CPI) inflation eased below the 7% mark in August 2023 to a lower-than-expected 6.8%, largely led by vegetables, amidst some moderation in the prints for clothing and footwear, housing and miscellaneous items as well,” said Aditi Nayar, chief economist at rating agency ICRA. The prices of cereals, milk and fruits as well as clothing and footwear and spices rose significantly in August as compared to July. Cereals and pulses inflation are seeing an uptick and this trend could be more sticky, says Suvodeep Rakshit, senior economist at Kotak Institutional Equities. The numbers are in line with the expectations of most economists, they also flagged off concerns of other factors that might keep inflation higher in the coming months. “The recent measure to lower LPG prices will have a 0.2-0.25% impact on inflation in September. While inflation for September will move towards the 6% mark and probably go lower, this will not be very comforting yet for monetary policy,” said Madan Sabnavis, chief economist at Bank of Baroda. Even if the CPI inflation print is in the range of 5.3-5.5% in September 2023, it will average to a 6.6% for the second quarter of FY24 – that’s well above RBI’s forecast in August. The Reserve Bank of India (RBI) has projected the CPI inflation at 5.4% for 2023-24. “We expect the MPC to remain on hold in October 2023, while continuing to demonstrate caution amid a cloudy outlook for food inflation and elevated crude oil prices,” said Nayar. IIP hits a 5-month high India's industrial production (IIP) increased by 5.7% in July to hit a five month high, as per data released on Tuesday. Factory output measured in terms of IIP grew by 2.2% in July 2022. The data released by the National Statistical Office (NSO) showed that the manufacturing sector's output increased by 4.6% in July 2023. Mining output rose 10.7% during the month under review. Power output grew 8%. The IIP grew by 4.8% in April-July 2023 compared to 10% in the same period of 2022. The industrial growth number is however comforting for RBI in terms of giving reassurance on the growth front even as nine of the manufacturing industries have witnessed negative growth,” said Sabnavis. He opines that the months of September, October and November will hold clues to the sustenance of growth in industry and will be dependent on consumer goods reviving. (With PTI and IANS inputs)

Retail inflation declines to 6.83% in August on falling food prices; July IIP at 5.7%

New Delhi, India's industrial production growth perked up slightly to 5.2 per cent in January from 4.7 per cent in December 2022, mainly due to good performance of the power, mining and manufacturing sectors, according to official data released on Friday. There was an improvement on an annual as well as sequential basis. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at two per cent in January 2022. As per the IIP data released by the National Statistical Office (NSO), the manufacturing sector's output grew 3.7 per cent in January 2023 from 1.9 per cent a year ago. <keyword id="864464" type="General" weightage="20" keywordseo="mining-output" source="Orion">Mining output</keyword> rose 8.8 per cent during the month under review compared to 3 per cent in January 2022. Power generation also surged 12.7 per cent in January 2023 against 0.9 per cent in the year-ago month. As per use-based classification, the capital goods segment recorded a growth of 11 per cent in January against a growth of 1.8 per cent in the corresponding month of the last fiscal. Consumer durables output declined by 7.5 per cent compared to a contraction of 4.4 per cent a year ago. Consumer non-durable goods output expanded by 6.2 per cent against a growth of 3.1 per cent earlier. Infrastructure/construction goods too posted a growth of 8.1 per cent compared to a 5.9 per cent expansion in the same month of 2022. The data also showed that the output of primary goods logged 9.6 per cent growth in the month against 1.6 per cent in the year-ago period. The intermediate goods output growth decelerated to 0.1 per cent from 2.5 per cent earlier. For the first 10 months of the current fiscal (April-January), the growth in IIP works out to be 5.4 per cent, down from 13.7 per cent in the year-ago period.

IIP growth perks up slightly to 5.2% in January from 4.7% in December

Foreign investors have withdrawn nearly Rs 20,000 crore from Indian stock markets in just five trading days (November 4–8), continuing a trend of large-scale selling that began last month. Experts say investors are now moving their money to China, largely due to the high valuations presently prevailing in Indian markets. In early November, FPIs have offloaded as much as Rs 19,994 crore in Indian markets. The month prior, i.e., October, was one of the worst months in terms of foreign outflows, with FPIs making a net withdrawal of Rs 94,017 crore. Before this, Indian markets faced such a situation during the pandemic, when FPIs withdrew Rs 61,973 crore from equities in March 2020. <h2>Why Are Investors Leaving? </h2>According to Himanshu Srivastava of Morningstar Investment Research India, two main factors are driving this exodus. First is China's renewed appeal due to lower stock valuations and new economic stimulus measures. In a bid to nudge the domestic economy and bail state governments, China recently approved a 10-trillion yuan (US $1.4 trillion) package. Per reports, approximately 60% of this stimulus focuses on allowing local governments to refinance the mountain of debt on them. Srivastava explains foreign investors are also flocking to US dollar and Treasury yields, which have appreciated significantly in the recent past, leading FPIs to anticipate a stronger US economy going ahead. Moreover, high valuations in Indian markets are discouraging foreign investors from putting more money in the economy. As a result, over the past week, the selling pressure eroded Rs 74,563 crore in market value for Reliance Industries, while Bharti Airtel and ICICI Bank lost Rs 26,274 crore and Rs 22,254 crore, respectively. The combined market valuation of six of the top 10 most-valued firms dipped by Rs 1,55,721.12 crore last week. <h2> Silver linings</h2>Despite the ongoing outflux of funds since last month, November also saw unprecedented applications of about 40–50 new FPI registrations, which are eyeing to enter the Indian market. This was due to markets SEBIs recent relaxation to NRIs, permitting them to participate up to 100% and announcing measures for ease of entry and operations in India. On the other hand, FPIs invested Rs 599 crore in the debt general limit and Rs 2,896 crore in the debt voluntary retention route (VRR) during the period under review. So far this year, FPIs have invested Rs 1.06 lakh crore in the debt market. <li class="whitespace-normal break-words"></li>Going ahead, investors will be looking for certain macroeconomic cues, which include corporate earnings reports, India's inflation (CPI) and industrial production (IIP) data on November 12, the US inflation report on November 13, and wholesale price index (WPI) data on November 14.

FPIs withdraw nearly Rs 20,000 crore from equities in the last 5 trading sessions, make a beeline for China and US

<ul><li>Retail inflation has been within the RBI's comfort zone for three months now. </li><li>The earliest time for a rate action provided inflation is in line with the RBI’s estimate would be February, said Madan Sabnavis, chief economist at Bank of Baroda. </li><li>India's IIP growth rose to 4.2% in April from 1.7% in March 2023, due to good performance by the manufacturing and mining sectors. </li></ul>Retail inflation declined to a 25-month low of 4.25% in May mainly on account of softening prices of food and fuel items. Inflation based on the Consumer Price Index (CPI) stood at 4.7% in April and 7.04% in May 2022. This is the fourth straight month when retail inflation has declined and the third month in a row that Consumer Price Index (CPI) based inflation remained within the RBI's comfort zone of below 6 per cent. At 4.25%, retail inflation is the lowest since April 2021 when it was 4.23%. The government has tasked the central bank to ensure retail inflation remains at 4%with a margin of 2% on either side. Inflation for the food basket was at 2.91% in May, lower than 3.84% in April. The food basket accounts for nearly half of the CPI. Madan Sabnavis, the chief economist at Bank of Baroda said that this fall is mainly driven by oil and vegetables where inflation fell by 16% and and 8% respectively. “There are pressure points on cereals (12.7%) and pulses (6.6%) besides milk and spices. The monsoon forecasts and performance will hold clue to future movements in these indices. Pulses will be more vulnerable in this context,” he added. Inflation in fuel and light eased to 4.64%, from 5.52% in April. Last week, the Reserve Bank kept policy rates unchanged at 6.5% and projected retail inflation for the current fiscal to average at 5.1 per cent, with June quarter inflation pegged at 4.6%. “Given uncertainty on monsoon, RBI will be watchful on inflation and policy stance. We believe that the earliest time for a rate action provided inflation is in line with the RBI’s estimate would be February,” Sabnavis said. Industrial production grows 4.2% in April India's industrial production growth rose to 4.2% in April from 1.7% in March 2023, mainly due to good performance by the manufacturing and mining sectors, according to official data released on Monday. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 6.7% in April 2022. As per the IIP data released by the National Statistical Office (NSO), the manufacturing sector's output grew 4.9% in April 2023 against a 5.6% expansion a year ago. Power generation declined 1.1% in April 2023 compared to a growth of 11.8%. Mining output, however, rose by 5.1% during the month under review against a growth of 8.4% in the year-ago period. As per use-based classification, the capital goods segment recorded a 6.2% growth in April compared to a 12% expansion a year ago. “We need to wait and watch on the sustainability of these numbers to feel reassured about growth. But such numbers will provide additional tools for taking monetary policy decisions as it does look like that growth is not being hampered,” said Sabnavis. Consumer durables output during the month declined by 3.5% against a 7.2% growth a year ago. As per an analysis by Bank of Baroda economists, this is a surprise, as it generally picks up during the post-rabi harvest season. Consumer non-durable goods output grew 10.7% against a contraction of 0.8% a year earlier. Infrastructure/construction goods posted a growth of 12.8% compared to a 4% expansion in the same period a year ago. The data also showed that the output of primary goods logged 1.9% growth in the month against 10.3% in the year-ago period. The intermediate goods output in April grew by 0.8% compared to a 7.1% growth during the corresponding month last year. For fiscal 2022-23, the growth in IIP works out to be 5.2%, down from 11.4% in the preceding year. (With PTI inputs)

Retail inflation dips to 25 month low of 4.25% in May; IIP growth inches up to 4.2% in April

New Delhi: India's Consumer Price Index (<keyword id="20468215" type="General" weightage="20" keywordseo="CPI" source="keywords">CPI</keyword>) <keyword id="19895000" type="General" weightage="100" keywordseo="inflation" source="keywords">inflation</keyword> dropped to 3.54 per cent in July 2024, its lowest in nearly five years, largely driven by a decline in <keyword id="20028256" type="General" weightage="20" keywordseo="vegetable" source="keywords">vegetable</keyword> <keyword id="19900607" type="General" weightage="20" keywordseo="prices" source="keywords">prices</keyword>. However, despite this positive development, the <keyword id="19934368" type="General" weightage="20" keywordseo="State-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="State Bank of India" meta.hostid="261" meta.entityid="State Bank of India">State Bank of India</keyword> (<keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords">SBI</keyword>) has cautioned that the path forward may be challenging, according to the SBI research report. The dramatic reduction in vegetable inflation, which plummeted from 29.3 per cent in June to a mere 6.8 per cent in July, played a crucial role in achieving this multi-year low. The weighted contribution of vegetables to the overall CPI also shrank from 1.77 per cent in June to 0.55 per cent in July, underscoring their impact on the headline inflation figure. Additionally, the prices of fruits and fuel showed signs of moderation, contributing further to easing inflationary pressures. However, this broad-based relief was tempered by a slight uptick in core CPI inflation, which excludes food and fuel prices. The SBI's latest report highlights that the once-dominant "Follow the Fed" mantra appears to be waning, with an increasing number of central banks prioritizing domestic economic conditions over synchronizing with U.S. rate decisions, signaling a shift in global <keyword id="20104157" type="General" weightage="20" keywordseo="monetary-policy" source="keywords">monetary policy</keyword> dynamics. This decline in CPI marks the first time in half a decade that CPI inflation has dipped below the Reserve Bank of India's (RBI) target of 4 per cent, a feat largely attributed to a steep fall in vegetable prices. Core CPI rose from 3.12 per cent in June to 3.30 per cent in July, driven primarily by an increase in mobile tariffs. Notably, the transport and communication segment saw inflation rise sharply from 0.97 per cent in June to 2.48 per cent in July, indicating sector-specific pressures. The moderation in food inflation, which stood at 5.06 per cent year-on-year in July, was significantly influenced by a higher base effect. Despite this, concerns persist over the uneven distribution of monsoon rainfall, particularly in key foodgrain-producing states experiencing deficient precipitation. With La Nina conditions gaining strength, the possibility of excessive rainfall in August and September looms large, raising fears of crop damage that could reignite food price inflation. Looking ahead, inflationary pressures may persist, potentially exceeding the RBI's forecast of 4.5 per cent for FY25. The domestic growth momentum remains robust, with GDP expected to surpass 7 per cent in Q1 FY25. However, geopolitical uncertainties continue to pose risks to the growth outlook. The RBI, maintaining a tight liquidity stance to control inflation, has deferred potential rate cuts to December 2024 or February 2025. State-wise analysis reveals that the majority of states recorded CPI inflation rates below the national average, with only six out of 22 states experiencing higher-than-average inflation. Despite this, significant rural-urban inflation differentials were observed, with most states seeing higher inflation in rural areas compared to urban counterparts. Only four states reported higher urban inflation. Historically, when the U.S. Federal Reserve adjusts its interest rates, global capital flows are impacted, prompting central banks in emerging markets to follow suit. However, while the Fed's recent rate hike cycle (2022-2023) saw a synchronized global response, the current rate-cutting phase is proving to be less coordinated. Central banks in countries like China, Chile, Brazil, Mexico, the UK, Canada, and the European Central Bank have already begun reducing rates, while the Fed is expected to initiate cuts in September 2024. India's Index of Industrial Production (IIP) grew by 4.2 per cent in June 2024, down from a revised 6.2 per cent in May. The mining sector led the growth with a 10.3 per cent increase, followed by electricity at 8.6 per cent and manufacturing at 2.6 per cent. For the April-June 2024 period, industrial growth stood at 5.2 per cent, compared to 4.7 per cent in the same period the previous year. As India navigates the delicate balance between growth and inflation, the coming months will be critical in shaping the country's economic trajectory, especially with potential global shifts in monetary policy and the evolving monsoon season.

CPI inflation drops to lowest in five years but road ahead could be bumpy: SBI Report

Mumbai: <keyword id="19949639" type="General" weightage="100" keywordseo="Rupee" source="keywords">Rupee</keyword> appreciated 8 paise to 83.89 against <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Friday, supported by a positive trend in domestic equities and a decline in the US dollar index. Forex traders said post the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword>'s monetary policy announcement, markets now await for US CPI data, India CPI, WPI and IIP data and India's trade data all scheduled to be released next week. The Jackson Holes Symposium to be held after next week will also remain in focus, traders said. At the interbank foreign exchange, the rupee opened at 83.95 against the greenback, then touched 83.89, registering a rise of 8 paise over its previous closing price. On Thursday, the rupee consolidated in a narrow range and settled for the day lower by 2 paise at 83.97 against US dollar. Rupee was protected by the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) at 83.96 for this week and the local unit is likely to trade in a narrow range of 83.90/84.00 for the day after the RBI kept key benchmark rates on hold, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.03 per cent lower at 103.17. Brent crude, the global oil benchmark, advanced 0.15 per cent to USD 79.28 per barrel. "Brent oil prices rose to USD 79.22, a 3 per cent weekly gain, on rising Middle East tensions and better than expected US jobless claims data giving a better outlook on the US economy," Bhansali added. Market analysts said while the rupee seems to be tilting towards a negative bias, but sharp fluctuations are not anticipated. Meanwhile, the Monetary Policy Committee (MPC) of the Reserve Bank kept the benchmark repurchase or repo rate unchanged at 6.50 per cent. Announcing the bi-monthly monetary policy review RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> said Indian rupee remained largely range-bound so far this financial year. Das further noted that the country's forex reserves touched a record high of USD 675 billion as on August 2. On the domestic equity market front, Sensex surged 958.63 points, or 1.22 per cent, to 79,844.85 points. The Nifty advanced 280.70 points, or 1.16 per cent, to 24,397.70 points. Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 2,626.73 crore, according to exchange data.

Rupee rises 8 paise to 83.89 against US dollar in early trade

<keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>'s industrial production rose by 13.6 per cent in June, official data released on Thursday showed. According to the Index of Industrial Production (<keyword id="6427912" type="UNKNOWN" weightage="20" keywordseo="iip">IIP</keyword>) data released by the <keyword id="7734679" type="UNKNOWN" weightage="20" keywordseo="National-Statistical-Office">National Statistical Office</keyword> (<keyword id="2501810" type="ORGANIZATION" weightage="20" keywordseo="NSO">NSO</keyword>), the manufacturing sector's output surged by 13 per cent in June 2021. The mining output climbed 23.1 per cent and power generation increased by 8.3 per cent in June. The IIP had contracted 16.6 per cent in June 2020. During April-June this year, the IIP grew by 45 per cent against a contraction of 35.6 per cent in the same quarter last year. Industrial production has been hit due to the coronavirus pandemic since March last year when it had contracted 18.7 per cent. It shrank 57.3 per cent in April 2020 due to a decline in economic activities in the wake of the lockdown to curb the spread of coronavirus infections. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/vip-industries-wakes-up-from-a-long-slumber-to-reach-an-18-month-high/articleshow/85269746.cms">VIP Industries wakes up from a long slumber to reach an 18-month high</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/simple-energy-launching-one-electric-scooter-on-august-15-check-out-booking-price-battery-specification/articleshow/85268668.cms">Simple One electric scooter pre-bookings begin August 15 – check out the booking price, battery specs and more</a>

India's manufacturing sector grows by 13% in June, according to NSO data

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s industrial production grew 3.8 per cent in January 2024, according to official data released on Tuesday. <keyword id="6428111" type="General" weightage="20" keywordseo="Factory-output" source="Orion">Factory output</keyword> measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 5.8 per cent in January 2023. "India's Index of Industrial Production grows by 3.8 per cent in January 2024," an official statement said. The data released by the <keyword id="20070866" type="General" weightage="20" keywordseo="national-statistical-office" source="keywords">National Statistical Office</keyword> (<keyword id="20067517" type="General" weightage="20" keywordseo="nso" source="keywords">NSO</keyword>) showed that the manufacturing sector's output grew 3.2 per cent in January 2024, down from 4.5 per cent in the year-ago month. In January this year, mining production rose 5.9 per cent, and power output increased 5.6 per cent. The IIP grew 5.9 per cent during April 2023 to January 2024 compared to a 5.5 per cent expansion in the year-ago period.

You Searched For "iip india" and got 13 results

Retail inflation eases to 3-month low of 5.1% in January, IIP grows 3.8% in December

BI India Bureau

Retail inflation inches to 4-month high in Dec; IIP growth slips to 8-month low in Nov

BI India Bureau

June IIP: Core sector growth at five-month high of 8.2%

BI India Bureau

Rupee falls 1 paisa to all-time low of 84.40 against US dollar in early trade

PTI

Rupee falls 6 paise against US dollar amid rising crude prices

PTI

Retail inflation declines to 6.83% in August on falling food prices; July IIP at 5.7%

BI India Bureau

IIP growth perks up slightly to 5.2% in January from 4.7% in December

PTI

FPIs withdraw nearly Rs 20,000 crore from equities in the last 5 trading sessions, make a beeline for China and US

BI India Bureau

Retail inflation dips to 25 month low of 4.25% in May; IIP growth inches up to 4.2% in April

BI India Bureau

CPI inflation drops to lowest in five years but road ahead could be bumpy: SBI Report

ANI

Rupee rises 8 paise to 83.89 against US dollar in early trade

PTI

India's manufacturing sector grows by 13% in June, according to NSO data

PTI

India's industrial production grows 3.8% in January

PTI

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