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The Reserve Bank is unlikely to ease the benchmark policy rate from 6.5% during 2024, given the persisting uncertainty over <keyword id="19999654" type="General" weightage="20" keywordseo="food-inflation" source="keywords">food inflation</keyword>, State Bank of India (<keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords">SBI</keyword>) chairman C S Setty has recently said. The US Federal Reserve's first cut in <keyword id="20071327" type="General" weightage="20" keywordseo="interest-rate" source="keywords">interest rate</keyword>s in more than four years happened today, triggering central banks in other economies to follow suit. The Fed trimmed the interest rates by 50 basis point trim to its target interest rate range to 4.75-5%. "On the rate front, a lot of central banks are taking independent calls. While Fed rate cut would influence everyone, <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> would be mindful of the food inflation before taking a call on interest rate cut," Setty, who recently took over the reins of the bank, was noted as saying. "Our view is also that the rate cut during the current calendar year may not happen. Probably, we may have to wait for Q4 (January-March 2025) unless there is a good improvement in terms of food inflation," he added. Notably, RBIs <keyword id="19913109" type="General" weightage="100" keywordseo="Monetary-Policy-Committee" source="keywords">Monetary Policy Committee</keyword> (MPC), headed by RBI Governor Shaktikanta Das is scheduled to meet next month, between October 7-9 and take a call on interest rate. The committee will largely take <keyword id="19999652" type="General" weightage="20" keywordseo="retail-inflation" source="keywords">retail inflation</keyword>, which inched to 3.65% in August, up from 3.54% in July, into account for making rate-related decisions On the other hand, India's wholesale price index (WPI) eased to 1.31% on an annual basis, which is also a 4-month low, down from 2.04% in July. The data, released recently by the government, also highlighted the stickiness of food price inflation, which stood largely undeterred at 3.11% in August, as compared to 3.45% in July. Although WPI rates do not directly impact RBIs decision making, it does affect the retail inflation rates, although it takes time to reflect the same. Says Rahul Agrawal, Senior Economist at ICRA Ltd, “The <keyword id="20198768" type="General" weightage="20" keywordseo="WPI-inflation" source="keywords">WPI inflation</keyword> eased to a four-month low in August 2024, with the fuel and power, core (non-food manufacturing), and crude petroleum and natural gas sub-groups together pulling down the headline WPI print by as much as 70 bps in the month vis-à-vis July 2024. The core WPI inflation dipped to 0.7% in August 2024 from 1.2% in July 2024, amidst a continued softening in global commodity prices. "While prices of most food items have eased further on a month-on-month basis in September 2024, an adverse base would push up the YoY inflation prints for the primary food articles category significantly in the ongoing month, exerting upward pressure to the headline WPI inflation print for September 2024", said Agrawal. The price of the Indian basket of crude oil has averaged 6.0% lower in September 2024 on a sequential basis, touching the lowest levels in 33 months, which would also help contain the uptick in the headline WPI inflation print in the month. We anticipate WPI to touch the 2.0% in September 2024 from 1.3% in August 2024", he continued. Amongst the food articles whose prices dipped during the month were cereals (8.44%), paddy (9.12%), pulses (18.57%) and onions (65.75%), it did little to tame inflation, which continued to stay put in double digits. On the other hand, prices of potato (77.96%) and fruits (16.7%) inched up. The dip in WPI was largely led by slowdown in prices of manufactured food products (3.61%), beverages (1.9%), pharmaceuticals (1.97%) and petrol (4.23%). "While there may not be a one-to-one correspondence between the WPI and the CPI data because of the items, size, number, and relative weights assigned, the CPI data will also down-trend in sync with the RBI’s medium-term target of 4 % for the second time in nearly five years. However high food prices will induce the RBI to be wary", notes Manoranjan Sharma, Chief Economist, Infomerics Ratings.

RBI unlikely to cut interest rate in 2024, food inflation to be deciding factor, says SBI chief Setty

<keyword id="280418" type="General" weightage="100" keywordseo="Wholesale-inflation" source="Orion">Wholesale inflation</keyword> in the country surged to a 16-month high of 3.36% in June on account of rise in prices of <keyword id="21654959" type="General" weightage="20" keywordseo="food-articles" source="keywords">food articles</keyword>, especially <keyword id="19996547" type="General" weightage="20" keywordseo="vegetables" source="keywords">vegetables</keyword> and manufactured items. This was the fourth consecutive month when <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> witnessed an upward journey. The wholesale price index (<keyword id="19936844" type="General" weightage="20" keywordseo="WPI" source="keywords">WPI</keyword>) based inflation was 2.61% in May. It was (-) 4.18% in June 2023. Wholesale inflation had touched a high of 3.85% in February 2023."Positive rate of inflation in June, 2024 is primarily due to increase in prices of food articles, manufacture of food products, crude petroleum &amp; natural gas, mineral oils, other manufacturing etc," the Ministry of Commerce &amp; Industry said in a statement on Monday. As per the data, inflation in food articles rose 10.87% cent in June, as against 9.82% in May. Inflation in vegetables was 38.76% during June, up from 32.42% in May. Onion inflation was at 93.35%, while potato was 66.37% in the month under review. Pulses inflation rose 21.64% in June. During the month, inflation in other food items like fruits stood at 10.14%, cereals at 9.27%, and milk at 3.37%. The up move in the WPI inflation in June 2024 was broad-based, driven by all the major segments except fuel and power, ICRA Chief Economist Aditi Nayar said. Looking ahead, she said, the headline WPI inflation is expected to dip to about 2% in July 2024, driven by a favourable base, as well as some cooling in global commodity prices. With regard to oil prices, she said, the average price of the Indian basket of crude oil has been quite volatile in July 2024 so far, on the back of supply-demand mismatches, witnessing a month-on-month rise (USD 86.6/bbl up to July 11). Higher crude oil prices might exert an upward pressure to the headline WPI inflation in the ongoing month, she added. In the fuel and power basket, inflation stood at 1.03%, marginally lower than 1.35% in May. However, price rise in crude petroleum &amp; natural gas was in double digit at 12.55%during the month. In manufactured products, inflation was at 1.43% in June, higher than 0.78% in May. The rise in June WPI was in line with the <keyword id="19999652" type="General" weightage="20" keywordseo="retail-inflation" source="keywords">retail inflation</keyword> data for the month. Retail inflation rose to a four-month high of 5.1% in June, data released last week showed. 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="267" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) mainly takes into account retail inflation while framing the monetary policy.

WPI inflation surges to 16-month high of 3.36% in June on costlier vegetables

As the results season kicks in, the <keyword id="20097634" type="General" weightage="20" keywordseo="quarterly-earnings" source="keywords">quarterly earnings</keyword> numbers of several <keyword id="22405488" type="General" weightage="20" keywordseo="blue-chip-firms" source="keywords">blue-chip firms</keyword> — such as <keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> and Reliance Industries — along with <keyword id="20837523" type="General" weightage="20" keywordseo="global-trends" source="keywords">global trends</keyword> and <keyword id="20223116" type="General" weightage="100" keywordseo="trading-activity" source="keywords">trading activity</keyword> of foreign investors, will determine <keyword id="22405487" type="General" weightage="20" keywordseo="equity-market-movement" source="keywords">equity market movement</keyword> in the holiday-shortened week ahead, according to analysts. The domestic <keyword id="22405489" type="General" weightage="20" keywordseo="WPI-inflation-data" source="keywords">WPI inflation data</keyword> for June — scheduled to be announced on Monday — will also influence trading sentiments, traders said. Markets will remain closed on Wednesday for Muharram. Among major quarterly earnings to be tracked this week are from HDFC Life Insurance Company, Bajaj Auto, BPCL, JSW Steel, Asian Paints, Infosys, and Reliance Industries. "Q1 earnings will be a key focus this week as numerous companies, including heavyweights Infosys, and Reliance, are set to release their results. Additionally, <keyword id="22194639" type="General" weightage="20" keywordseo="pre-Budget-discussions" source="keywords">pre-Budget discussions</keyword> are expected to contribute to market volatility," Santosh Meena, Head of Research, Swastika Investmart Ltd, said. On the global front, a significant focus will be on China. The country is scheduled to announce its GDP and Industrial Production (IIP) numbers, Meena said. "Other global factors to watch include the speech by the US Federal Reserve Chairman, US retail sales figures, and macroeconomic data from Japan," he added. Meanwhile, IT services company HCL Tech on Friday posted a 20.4 per cent rise in consolidated net profit to Rs 4,257 crore for the June-ended quarter and gave a revenue growth guidance of 3-5 per cent for FY25 on GenAI diversification and strong operational execution. "On Monday, markets will react to India's inflation data. Key results this week include Jio Financial Services, HDFC Life, Asian Paints, LTIMindtree, Infosys, Wipro, JSW Steel, Paytm, etc. Also globally, investors will take cues from China's GDP numbers, US core retail sales data, and ECB (European Central Bank) interest rate decision," Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services Ltd, said. Retail inflation increased to four-month high of 5.08 per cent in June as food items, including vegetables, became dearer, according to government data released on Friday. Vinod Nair, Head of Research, Geojit Financial Services, said, "We expect stock-specific moves to gain traction due to the ongoing earnings season; indeed, IT will be in the limelight due to the good start to the earnings and outlook." In the week ahead, economic data like China GDP, EuroZone CPI inflation, ECB policy, and the US Fed chair speech will be watched by investors to get cues on market momentum, Nair added. On a weekly basis, the BSE benchmark jumped 522.74 points, or 0.65 per cent, while the Nifty climbed 178.3 points, or 0.73 per cent. The 30-share BSE Sensex jumped 622 points, or 0.78 per cent, to settle at a record closing level of 80,519.34 on Friday. During the day, it zoomed 996.17 points, or 1.24 per cent, to hit an all-time high of 80,893.51. The NSE Nifty surged 186.20 points, or 0.77 per cent, to settle at a record closing high of 24,502.15. Intra-day, it jumped 276.25 points, or 1.13 per cent, to hit a new lifetime peak of 24,592.20.

Trading activity to hinge on Q1 results, global trends in holiday-shortened week: analysts

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, The wholesale price index (WPI)-based <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> eased in January to 0.27 per cent, mainly due to moderation in prices of food items. <keyword id="244776" type="General" weightage="20" keywordseo="wpi-inflation" source="Orion">WPI inflation</keyword> was at 0.73 per cent in December 2023. The WPI inflation was in the negative zone from April to October and had turned positive in November at 0.39 per cent. "The annual rate of inflation based on the All India Wholesale Price Index (WPI) number is 0.27 per cent (provisional) for the month of January, 2024 (over January, 2023)," the commerce and industry ministry said in a statement on Wednesday. Food inflation eased to 6.85 per cent in January, compared to 9.38 per cent in December 2023, data showed. Inflation in vegetables was 19.71 per cent in January, down from 26.3 per cent in the preceding month. The WPI inflation in pulses was at 16.06 per cent in January, while in fruits it was 1.01 per cent. The wholesale inflation in January 2023 was 4.8 per cent.

Wholesale inflation eases to 0.27% in January as food prices moderate

<keyword id="1977563" type="General" weightage="20" keywordseo="Wholesale-price-based-inflation" source="Orion">Wholesale price-based inflation</keyword> rate declined by (-) 3.48 per cent in May, a 3-year low, on easing prices of food, fuel and manufactured items. The <keyword id="44428" type="General" weightage="20" keywordseo="Wholesale" source="Orion">wholesale</keyword> price index (<keyword id="46000" type="General" weightage="100" keywordseo="wpi" source="Orion">WPI</keyword>) based inflation rate has been in the negative territory for the second straight month. In April it was (-) 0.92 per cent. In May, 2022 <keyword id="244776" type="General" weightage="20" keywordseo="WPI-inflation" source="Orion">WPI inflation</keyword> was at 16.63 per cent. The May, 2023 data print of (-) 3.48 per cent is the lowest WPI print recorded since May 2020, when wholesale inflation was at (-) 3.37 per cent. Inflation in food articles eased to 1.51 per cent in May, against 3.54 per cent in April. "Decline in the rate of inflation in May, 2023 is primarily contributed by fall in prices of mineral oils, basic metals, food products, textiles, <keyword id="8214359" type="General" weightage="20" keywordseo="non-food-articles" source="Orion">non-food articles</keyword>, crude petroleum &amp; natural gas, and chemical &amp; chemical products," the commerce and industry ministry said on Wednesday. Fuel and power basket inflation eased to (-) 9.17 per cent in May, from 0.93 per cent in April. In manufactured products, the inflation rate was (-) 2.97 per cent in the month under review, as against (-) 2.42 per cent in April. The deceleration in WPI comes in line with the easing of May retail inflation, which came in at an 25-month low of 4.25 per cent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/volvo-c40-recharge-electric-car-launched-india-price-range-features/slidelist/100986326.cms">Volvo ups it's India EV game – C40 Recharge electric crossover with 530 km range launched</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/fintech-saas-startup-cloudbankin-secures-400k-funding/articleshow/100987416.cms">Fintech SaaS startup Cloudbankin secures $400K funding</a>

WPI inflation declines to 3-year low of (-) 3.48% in May

<keyword id="6358777" type="General" weightage="50" keywordseo="new-delhi" source="Orion">New Delhi</keyword>, The wholesale price based inflation remained in the negative territory for the fourth straight month in July at (-)1.36 per cent on easing prices of fuel, even though food articles turned costlier. The wholesale price index (<keyword id="46000" type="General" weightage="50" keywordseo="wpi" source="Orion">WPI</keyword>) based inflation rate has been in the negative since April and was (-)4.12 per cent in June. In July last year it was 14.07 per cent. Inflation in food articles skyrocketed 14.25 per cent in July against 1.32 per cent in June. "Decline in the rate of inflation in July, 2023 is primarily contributed by fall in prices of mineral oils, basic metals, <keyword id="17700062" type="General" weightage="20" keywordseo="chemical-chemical" source="Orion">chemical &amp; chemical</keyword> products, textiles and food products," the commerce and industry ministry said on Monday. Fuel and power basket inflation eased to (-)12.79 per cent in July from (-)12.63 per cent in June. In manufactured products, the inflation rate was (-)2.51 per cent as against (-)2.71 per cent in June. The <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> last week kept interest rates unchanged at 6.5 per cent for the third straight meeting but signalled tighter policy if food prices drive inflation higher. "The job on inflation is still not done," RBI Governor <keyword id="6359111" type="General" weightage="80" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> had said. "Inflationary risks persist amidst volatile international food and energy prices, lingering geopolitical tensions and weather-related uncertainties." The RBI raised its inflation forecast for the current financial year ending March 2024 to 5.4 per cent from 5.1 per cent earlier, citing pressures from food prices. The central bank takes into account retail or consumer price index based inflation for formulating monetary policy. Retail inflation data for July is scheduled to be released later in the day.

Wholesale inflation stays in negative for fourth month at -1.36% in July

New Delhi [India], January 16 (ANI): India's wholesale <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> based on the <keyword id="59350" type="General" weightage="20" keywordseo="Wholesale-Price-Index" source="Orion">Wholesale Price Index</keyword> for the month of December 2022 was at 4.95 per cent (provisional), against the previous month's 5.89 per cent, official data showed on Monday. In October, it was at 8.39 and has been falling since then. Notably, the wholesale price index (<keyword id="46000" type="General" weightage="20" keywordseo="wpi" source="Orion">WPI</keyword>)-based inflation had been in double digits for 18 months in a row till September. The decline in wholesale inflation in December was primarily due to a fall in prices of <keyword id="6181" type="General" weightage="20" keywordseo="food" source="Orion">food</keyword> articles, mineral oils, crude petroleum and natural gas, food products, textiles and chemicals and chemical products, said the Ministry of Commerce and Industry while releasing the inflation data. Meanwhile, India's retail inflation during the month of December was at 5.72 per cent, data released last week showed. The latest figures showed a marginal decline and further moderation in retail inflation as compared with the previous month. India's retail inflation rate based on Consumer Price Index was 5.88 per cent in November from 6.77 per cent in October. Retail inflation in India had remained above 6 per cent till October for over three quarters, which was beyond RBI's comfort zone. RBI, in its fight against rising inflation, had already hiked the key policy rate by 225 basis points since May to 6.25 per cent to cool off domestic retail inflation that stayed above its upper tolerance limit for nearly three quarters. Raising interest rates typically cools demand in the economy, thereby putting a brake on inflation. The latest hike was on December 7 last year, when the Monetary Policy Committee (MPC) of the RBI increased the policy repo rate by 35 basis points, besides deciding to remain focused on the "withdrawal of accommodation" of monetary policy to ensure that inflation remains within the target going forward while supporting economic growth. The next three-day RBI monetary policy meeting is scheduled for February 6-8. (ANI) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/india-in-best-position-to-be-a-bridge-between-debt-ridden-developing-countries-and-g20-says-sl-president/articleshow/97007124.cms">India in best position to be a bridge between debt-ridden developing countries and G20, says SL President</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-richest-1-own-more-than-40-of-total-wealth-oxfams-survival-of-the-richest-report/articleshow/97018110.cms">India's richest 1% own more than 40% of total wealth: Oxfam's Survival of the Richest report</a>

WPI inflation cools further to 4.95% in December as food and crude oil prices fall

The wholesale price-based inflation eased to a 29-month low of 1.34 per cent in March on easing prices of manufactured products and fuel items, even though food articles turned costly. March is the 10th straight month when wholesale price index (<keyword id="46000" type="General" weightage="100" keywordseo="wpi" source="Orion">WPI</keyword>) based inflation has declined. The inflation was 3.85 per cent in February and 14.63 per cent in March 2022. Inflation in food articles, however, rose to 5.48 per cent in March as against 3.81 per cent in February. "Decline in the rate of inflation in March 2023 is primarily contributed by fall in prices of basic metals, food products, textiles, non-food articles, minerals, <keyword id="17166518" type="General" weightage="20" keywordseo="rubber-plastic" source="Orion">rubber &amp; plastic</keyword> products, crude petroleum &amp; natural gas and paper and paper products," the commerce and industry ministry said on Monday. Inflation in wheat and pulses was 9.16 per cent and 3.03 per cent, respectively while in vegetables it was (-)2.22 per cent. Inflation in oilseeds was (-)15.05 per cent in March 2023. Fuel and power basket inflation eased to 8.96 per cent last month from 14.82 per cent in February. In manufactured products, inflation was (-)0.77 per cent as against 1.94 per cent. The deceleration in WPI comes in line with the easing of March retail inflation. Consumer price index-based retail inflation declined to a 15-month low of 5.66 per cent in March from 6.44 per cent in February. In its monetary policy review earlier this month, the <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> cautioned that adverse climatic conditions are a risk to the future inflation trajectory and predicted milk prices to remain firm going into the summer due to tight demand-supply situation and fodder cost pressure. The central bank also paused the interest rate hike, holding the benchmark rate at 6.50 per cent. It projected retail inflation to average 5.2 per cent in the current fiscal year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/blackstone-backed-nexus-select-trust-plans-to-double-shopping-mall-portfolio-in-4-5-yrs/articleshow/99550268.cms">Blackstone-backed Nexus Select Trust plans to double shopping mall portfolio in 4-5 yrs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/faith-thomas-the-nurse-turned-fast-bowler-was-the-first-aboriginal-woman-to-play-cricket-in-australia/articleshow/99551582.cms">Faith Thomas: The nurse-turned-fast bowler was the first Aboriginal woman to play cricket in Australia</a>

Wholesale price inflation eases to 29-month low of 1.34% in March

<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s <keyword id="59350" type="General" weightage="20" keywordseo="wholesale-price-index" source="Orion">Wholesale Price Index</keyword> (<keyword id="46000" type="General" weightage="100" keywordseo="wpi" source="Orion">WPI</keyword>)-based inflation in February 2023 fell to a 24-month low of 3.85 per cent, according to data released by the <keyword id="6365809" type="General" weightage="50" keywordseo="commerce-ministry" source="Orion">Commerce Ministry</keyword> on Tuesday. WPI inflation for February 2023 was the lowest since January 2021 when it was 2.51 per cent. In January 2023, the WPI inflation was 4.73 per cent. <keyword id="280418" type="General" weightage="60" keywordseo="wholesale-inflation" source="Orion">Wholesale inflation</keyword> in February fell mainly due to a decline in prices of crude petroleum and natural gas, non-food articles food products. Apart from this, prices of minerals, computers, electronic and optical products, chemicals and chemical products, electrical equipment and motor vehicles also came down in February, an official statement said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/top-10-banks-in-india-by-market-cap-amp-their-share-performance-in-the-last-1-year/slidelist/98626450.cms">Top 10 banks in India by market cap &amp; their share performance in the last 1 year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/hp-introduces-new-chromebook-with-improved-performance-in-india/articleshow/98627007.cms">HP introduces new Chromebook with improved performance in India</a>

Wholesale inflation falls to 2-year low of 3.85% in February

The <keyword id="1977563" type="General" weightage="20" keywordseo="wholesale-price-based-inflation" source="Orion">wholesale price-based inflation</keyword> declined for the fourth consecutive month to 10.7 per cent in September on softening in prices of food, fuel and manufactured items. The Wholesale Price Index-based <keyword id="22195" type="General" weightage="20" keywordseo="Inflation" source="Orion">inflation</keyword> was 12.41 per cent in August and 11.80 per cent in September last year. This year, the Wholesale Price Index (<keyword id="46000" type="General" weightage="20" keywordseo="WPI" source="Orion">WPI</keyword>) touched a record high of 15.88 per cent in May. September is the 18th consecutive month of double-digit WPI inflation. "Inflation in September 2022 is primarily contributed by rising prices of mineral oils, food articles, crude petroleum &amp; natural gas, chemicals &amp; chemical products, basic metals, electricity, textiles etc. as compared to the corresponding month of the previous year," an official statement said. Inflation in food articles in September eased to 11.03 per cent, against 12.37 per cent in August. However, inflation in vegetables rose to 39.66 per cent during the month, as against 22.29 per cent in August. In the fuel and power basket, inflation came in lower at 32.61 per cent in September, against 33.67 per cent in August. In manufactured products and oil seeds it was 6.34 per cent and (-) 16.55 per cent, respectively. The <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> mainly looks at retail inflation to frame monetary policy. Retail inflation remained above the <keyword id="50847" type="General" weightage="80" keywordseo="reserve-bank" source="Orion">Reserve Bank</keyword>'s upper tolerance threshold of 6 per cent for the ninth month in a row and was at a 5-month high of 7.41 per cent in September, as per data released earlier this week. To tame stubbornly high inflation, the RBI has hiked the key interest rate four times this year to 5.90 per cent -- the highest since April 2019. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-edtech-startup-supernova-raises-1-1-million-in-pre-seed-funding-even-as-indian-startup-funding-hits-a-2-year-low/articleshow/94855274.cms">Indian edtech startup Supernova raises $1.1 million in pre-seed funding even as Indian startup funding hits a 2-year low</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-zoom-in-early-trade-sensex-gains-950-points-nifty-up-270-points/articleshow/94851233.cms">Markets zoom in early trade, Sensex gains 950 points, Nifty up 270 points</a>

WPI inflation eases to 10.7 pc in Sep

<ul><li>This year will likely be remembered for marking its emergence as the world's most populous nation.</li><li>By 2050, the UN expects <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> will have 1.6 billion residents and China 1.3 billion.</li><li>A growing working-age population is an important source of economic growth, so India's emergence will give it new power in international politics.</li></ul> If any major middle-income country is truly outperforming in the coming decades, it's the world's soon-to-be third largest economy (and its largest democracy), India, Eurasia Group said in a report. "In my view, 2023 will be remembered for India's emergence as the third pole of the world," wrote <keyword id="15992875" type="General" weightage="50" keywordseo="shigesaburo-okumura" source="Orion">Shigesaburo Okumura</keyword>, Editor-in-Chief of Nikkei Asia, in a recent article. Another important factor not to be neglected is India. This year will likely be remembered for marking its emergence as the world's most populous nation, Okumara wrote. According to the UN, China's population last year was 1.426 billion while India's was 1.417 billion. In July, the UN forecast that China's population would fall in 2023 while India's would surpass it. By 2050, the UN expects India will have 1.6 billion residents and China 1.3 billion. A growing working-age population is an important source of economic growth, so India's emergence will give it new power in international politics, Okumara said. Moreover, decoupling between the US and China and the rebuilding of technology supply chains to exclude China benefits India. <keyword id="6354427" type="General" weightage="50" keywordseo="apple" source="Orion">Apple</keyword> is building iPhone 14s in India. <keyword id="292865" type="General" weightage="50" keywordseo="natarajan-chandrasekaran" source="Orion">Natarajan Chandrasekaran</keyword>, chairman of <keyword id="46894" type="General" weightage="50" keywordseo="tata-sons" source="Orion">Tata Sons</keyword>, has talked of plans to produce semiconductors in the subcontinent. In March, India will host the plenary session of the <keyword id="833063" type="General" weightage="50" keywordseo="trilateral-commission" source="Orion">Trilateral Commission</keyword> for the first time. This year, it is also chairing the Group of 20, a role that will involve a leaders' summit and many ministerial meetings. The Modi government will be eager to show leadership ahead of India's own elections in 2024, Okumara wrote. "The new year thus could mark the beginning of a tripolar world, involving the US, China and India. New Delhi is undeniably on the rise," Okumara concluded. <keyword id="47256" type="General" weightage="50" keywordseo="challenges" source="Orion">Challenges</keyword>, however, are mounting for India's economy with the GDP forecast at a half-century low. Motilal Oswal Financial Services forecast in a note that after growing strongly for two consecutive years, India's real GDP growth would decelerate to 5.2 per cent YoY in FY24, while nominal GDP growth would weaken even sharply to 7-7.5 per cent, led by easing inflation. A combination of factors such as slower global economy, fading pent-up demand and normalising base effects would contribute to slower real growth. With an expected retail inflation print at just 4.3 per cent and a mere 1 per cent growth in the wholesale price index (<keyword id="46000" type="General" weightage="50" keywordseo="wpi" source="Orion">WPI</keyword>) in FY24, the GDP deflator could be around 2 per cent, dragging down India's nominal GDP growth to the lowest level compared to any year between the early 1970s and FY19 (that is, half-a-century pre-Covid period), the report said. Such slow growth rate would have some serious implications for the macro economy and financial markets. "Overall, we believe that unlike the past 12-15 months, the narrative will reverse in FY24. Inflation concerns will take a back seat and growth worries will resurface. This may be true not only for India, but also for the entire global economy. At the same time, restrictive monetary policy will fail to boost financial markets. Accordingly, CY23 could be very painful," the report said. Revenue of listed companies is highly correlated with nominal GDP growth (and WPI-inflation). In case of single-digit nominal GDP growth, corporate sales growth is also expected to weaken from an average of &gt;30 per cent YoY in the past seven quarters to single digits in FY24. With an expectation of weaker nominal GDP growth in FY24, we estimate India's debt growth to also weaken. Thus, bank credit growth could also moderate from 15-16 per cent in FY23 to 12 per cent in FY24 with a downward bias, the report said. As central banks across the world simultaneously hike interest rates in response to inflation, the world may be edging toward a global recession in 2023 and a string of financial crises in emerging market and developing economies that would do them lasting harm, according to a comprehensive new study by the <keyword id="6354424" type="General" weightage="50" keywordseo="world-bank" source="Orion">World Bank</keyword> in September. Several historical indicators of global recessions are already flashing warnings. The global economy is now in its steepest slowdown following a post-recession recovery since 1970. Global consumer confidence has already suffered a much sharper decline than in the run-up to previous global recessions. The world's three largest economies -- United States, China, and the Euro zone -- have been slowing sharply. The experience of the 1970s, the policy responses to the 1975 global recession, the subsequent period of stagflation, and the global recession of 1982 illustrate the risk of allowing inflation to remain elevated for long while growth is weak. The 1982 global recession coincided with the second-lowest growth rate in developing economies over the past five decades, second only to 2020. It triggered more than 40 debt crises and was followed by a decade of lost growth in many developing economies, the World Bank said. India's current account deficit expectedly swelled to a 37-quarter high of $36.4 billion (4.4 per cent of GDP) in Q2 FY23 from $18.2 billion in Q1 FY23 (2.2 per cent of GDP). The resulting net balance of payments (BoP) position registered a deficit of $30.4 billion (3.7 per cent of GDP), its weakest since the 2008 global financial crisis, compared to a surplus of $4.6 billion in Q1 FY23, Acuite Ratings said. Amid an uncertain geopolitical environment and slowing global growth, however, risks will remain on both current account balance and capital flows, it said. With excessive demand supply disparities, bloated supply chain management and battle against inflation weighing down on global economic growth, the New Year started on a gloomy outlook as IMF predicts global GDP growth topping at 2.7 per cent, narrowly escaping recession, Nuvama Professional Clients Group said in a note. The economy has been supported by sturdy domestic demand as indicated in GST collections and consumer spending. However, the industrial output contracted by 4 per cent YoY in October, the worst in over two years, hobbled by the drop in orders from western markets and weak investment at home, the note said. Standard Chartered said in a report that 2023 global macroeconomic backdrop is likely to be challenging given the heightened risk of a slowdown as lagged effects of monetary policy tightening leads to a weaker demand scenario and lower corporate earnings performance. As the monetary policy rate cycle peaks amid receding inflationary pressures in the second half of the year, risk sentiment could improve with the growth outlook stabilising. "In our assessment," the bank noted, "India's growth-inflation dynamics is stable and better than its peers." The post-pandemic economic recovery cycle remains strong amid supportive government policies and a pick-up in investments. Further, the likely broadening of the rural economy's recovery and of the service sectors is a strong tailwind, the note said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-startup-economy-stares-at-deepening-funding-winter-in-2023/articleshow/96807902.cms">India's startup economy stares at deepening funding winter in 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/ar-rahman-unknown-facts-about-about-indian-composer-and-oscar-winner/articleshow/96793884.cms">AR Rahman can leave dinner midway if inspiration strikes &amp; other anecdotes about the reticent music maestro</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/india-mulls-2nd-covid-booster-even-as-coverage-of-first-dose-remains-feeble/articleshow/96792098.cms">India mulls 2nd Covid booster even as coverage of first dose remains feeble</a>

India could emerge as the third pole despite GDP growth worries say experts

<keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s <keyword id="44428" type="General" weightage="20" keywordseo="Wholesale" source="Orion">wholesale</keyword> price <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> (<keyword id="46000" type="General" weightage="20" keywordseo="WPI" source="Orion">WPI</keyword>) in October fell to a 20-month low 8.39 per cent year-on-year, since March 2021. It was also less compared to 10.70 per cent in September, mainly due to a slide in commodity prices. This was also the first time that the WPI fell below a double-digit mark in 18 months. The WPI had soared to 15.88 per cent in May 2022. In October 2021, it was 13.83 per cent. "Decline in the rate of inflation in October 2022 is primarily contributed by fall in the price of mineral oils, basic metals, fabricated metal products, except machinery and equipment, textiles, other non-metallic mineral products minerals etc," an official statement said. Inflation in primary articles was 11.04 per cent, while food articles inflation rose to 8.33 per cent from 0.06 per cent in October 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/direct-tax-collections-rise-31-to-10-54-lakh-crore-in-fy23-so-far/articleshow/95465036.cms">Direct tax collections rise 31% to ₹10.54 lakh crore in FY23 so far</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/inflation-print-for-oct-likely-to-be-lower-than-7-rbi-governor/articleshow/95472561.cms">Inflation print for Oct likely to be lower than 7%: RBI Governor</a>

You Searched For "WPI" and got 12 results

RBI unlikely to cut interest rate in 2024, food inflation to be deciding factor, says SBI chief Setty

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Wholesale inflation eases to 0.27% in January as food prices moderate

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WPI inflation declines to 3-year low of (-) 3.48% in May

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Wholesale inflation stays in negative for fourth month at -1.36% in July

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WPI inflation cools further to 4.95% in December as food and crude oil prices fall

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Wholesale price inflation eases to 29-month low of 1.34% in March

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Wholesale inflation falls to 2-year low of 3.85% in February

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WPI inflation eases to 10.7 pc in Sep

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India could emerge as the third pole despite GDP growth worries say experts

IANS

Wholesale inflation eases to 20-month low of 8.39%

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