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<keyword id="21354159" type="General" weightage="100" keywordseo="Indian-government-bonds" source="keywords">Indian Government Bonds</keyword> are set to be included in the JP Morgan Government Bond Index, <keyword id="20036608" type="General" weightage="20" keywordseo="Emerging-Market" source="keywords">Emerging Market</keyword> (GBI-EM) from June 28. The inclusion will take place over a period of 10 months starting June 28, 2024, through to March 31, 2025. India will have a 1% weightage in the <keyword id="19967624" type="General" weightage="20" keywordseo="JPMorgan" source="keywords">JPMorgan</keyword> Emerging Market (EM) Bond index, which will gradually rise to 10% over a 10-month period, at an inclusion rate of about 1% weight per month. The inclusion is estimated to bring $20-25 billion of inflows into the Indian bond market. However, India's index-eligible bonds have already attracted $10 billion since the inclusion was announced in September last year. On September 21, 2023, Global index provider JPMorgan announced that it would include Indian government's bonds in its emerging market indices. Only Indian government bonds issued by the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) under the <keyword id="12313402" type="General" weightage="20" keywordseo="Fully-Accessible-Route" source="Orion">Fully Accessible Route</keyword> (FAR) will be included in the indices. All FAR-designated IGBs maturing after December 31, 2026, will be eligible to be included in the JPMorgan Emerging Market (EM) Bond index. In the post-monetary policy press conference on June 7, RBI Governor <keyword id="6359111" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="Orion">Shaktikanta Das</keyword> said the central bank is not worried about the big <keyword id="20072947" type="General" weightage="20" keywordseo="foreign-fund-inflows" source="keywords">foreign fund inflows</keyword> from global bond inclusion. "The RBI has a number of instrumentalities to manage the flows. We have managed it in the past and we will manage it in future also. No worries on that," Das said. Experts believe the index inclusion-related heavy flows is likely to boost demand for Indian government securities in the current fiscal, once short-term liquidity issues in certain papers get sorted. Vishal Gupta, Co-founder of IndiaBonds.com says the inclusion of Indian government bonds in JP Morgan Index is a watershed moment for the <keyword id="22201110" type="General" weightage="20" keywordseo="fixed-income-markets" source="keywords">fixed-income markets</keyword> in India. "This compulsorily puts Indian bond markets on the radar of global bond investors and although initial investments are supposed to be to the tune of $25-30 billion, index inclusion paves the way for this number to keep growing in the next few years," said Vishal Gupta. Gupta further added that it is important to grow the investor base for any market, and index inclusion helps in expanding the number of players, which further benefits everyone in the form of additional market liquidity. "Global investors have been looking to allocate capital to emerging markets given their reluctance to invest in other large countries like Russia or China in the past couple of years. Hence, the timing of this index inclusion is also almost perfect. I reckon investments will start via government bonds initially, but filter into AAA to lower credit ratings as well in the years to come", he continued.

Indian government bonds to be included JP Morgan Govt bond Index from June 28

<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>], March 11 (ANI): Global rating agency Moody's expects India's economic growth in 2024-25 growth above that of other emerging market G20 peers, given its domestic demand managed to sustain momentum. India's real GDP growth accelerated to 8.4 per cent year over year in the October-December quarter of 2023, up from upwardly revised prints of 8.1 per cent in July-September and 8.2 per cent in April-June. The global rating agency Moody's attributed India's firm growth primarily to solid capital expenditure, defying private consumption which remained "sluggish" amid still-weak rural demand. On the supply side, an 11.6 per cent surge in manufacturing output and strong service sector activity more than offset a decline in agricultural output in India, it said. Even so, it said high-frequency indicators, including expanding <keyword id="20905252" type="General" weightage="20" keywordseo="purchasing-managers" source="keywords">Purchasing Managers</keyword>' Index (PMI), rising auto sales, consumer optimism and double-digit credit growth, suggest that the economy's strong October-December momentum carried into January-March this year. "Some of the large emerging market (EMs) countries stood out in 2023 for their resilient economies amid high-interest rates, exchange rate volatility, subdued capital flows and muted external demand. This year, we expect growth to slow across several major EMs as the economies transition to a post-pandemic steady growth path," Moody's said in its Macro Monday report, chaptered 'G-20 emerging markets are poised for growth stabilization'. In its recently published <keyword id="20905253" type="General" weightage="20" keywordseo="global-macro-outlook" source="keywords">Global Macro Outlook</keyword>, it forecasted G20 emerging market growth to stabilize around 4.0 per cent in 2024 and 2025, down from 4.7 per cent in 2023 as global monetary policy gradually normalises. On an annual basis, domestic demand was the primary engine of growth in several G20 emerging markets. "We believe growth cycles in India and Indonesia are at their peak, Brazil and Mexico are likely past their peak, and <keyword id="19899437" type="General" weightage="20" keywordseo="south-africa" source="keywords">South Africa</keyword>'s growth has likely troughed. Nevertheless, we expect relatively stable growth at close to potential in 2024 and 2025 for most G-20 EMs." On the policy side, the rating agency expects continuity after the general election in April-May and continued focus on infrastructure development. It forecasts India's real GDP to grow about 6.8 per cent in 2024 and 6.4 per cent in 2025, from 7.7 per cent in 2023. India's GDP grew at a massive 8.4 per cent during the October-December quarter of the current financial year 2023-24 and the country continued to remain the fastest-growing major economy. The Indian economy grew 7.8 per cent and 7.6 per cent during the preceding two quarters - April-June and July-September. The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22, respectively. In the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion. India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030), India's finance ministry recently asserted. (ANI)

Domestic demand to keep India's growth above other G20 emerging markets: Moody's

Chip maker <keyword id="28115" type="General" weightage="20" keywordseo="intel" source="Orion">Intel</keyword> on Friday announced its collaboration with eight domestic Electronics Manufacturing Services (EMS) companies and Original Design Manufacturers (ODMs) to accelerate manufacturing of "Make-in-India" laptops. The companies Intel has collaborated with include Bhagwati Products Ltd, Dixon Technologies India Ltd, Kaynes Technology India Ltd, Optiemus Electronics Ltd, Panache Digilife Ltd, Smile Electronics Ltd, Syrma SGS Technology Ltd, and VVDN Technologies Private Ltd. This initiative underscores Intel's dedication to accelerate technology-led growth in alignment with the <keyword id="6354869" type="General" weightage="20" keywordseo="make-in-india" source="Orion">Make in India</keyword> initiative. "I am very pleased that global organisations like Intel are partnering with India, helping to build and catalyse the electronics manufacturing ecosystem for laptops and compute," Rajeev Chandrasekhar, Union Minister of State for Electronics and IT, Skill Development and Entrepreneurship, said in a statement. "This aligns with Prime Minister Narendra Modi's vision to drive India's Digital Economy to $1 trillion and enable the electronics manufacturing ecosystem to contribute $300 billion by 2025-26," he added. Under this collaboration, Intel shared its expertise to facilitate the production of complete entry-level laptops in India, which included utilising state-of-the-art SMT lines, setting up a quality control process for components and even benchmarking of finished products. The chip maker also provided support to ODMs spanning both <keyword id="19375174" type="General" weightage="50" keywordseo="semi-knocked-down" source="Orion">Semi Knocked Down</keyword> (SKD) and Completely Knocked Down (CKD) processes. "By enabling the laptop manufacturing process -- from surface mount technology assembly to finished product -- we are not only meeting the demands of the Make in India initiative but also contributing to the technological progress of the nation," said Santhosh Viswanathan, VP &amp; MD, India Region, Intel. In addition, Intel will be hosting the India Tech Ecosystem Summit later in November, bringing together a vast number of local manufacturers to showcase a much larger portfolio of devices being made in India. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/cello-world-ipo-how-to-check-allotment-status-and-gmp-value/articleshow/104916153.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/cello-world-ipo-how-to-check-allotment-status-and-gmp-value/articleshow/104916153.cms" target="_blank">Cello World IPO allotment – how to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/sports/webstories/biggest-margin-wins-for-india-in-odis/slidelist/104934176.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/biggest-margin-wins-for-india-in-odis/slidelist/104934176.cms" target="_blank">Biggest margin wins for the Men in Blue in ODIs – from Sri Lanka to Pakistan</a> <a href="https://www.businessinsider.in/tech/gadgets/news/hp-omen-16-gaming-laptop-review/articleshow/104945732.cms">HP Omen 16 laptop review – A powerful laptop with a fine display</a>

Intel partners with eight domestic manufacturers for 'Make in India' laptops

Mumbai, Stating that the country's external balances are stronger than expected on the back of strong inflows, a Wall Street brokerage on Tuesday projected a much lower current account deficit which is likely to print at 1 per cent for this fiscal, leaving the balance of payment surplus at USD 39 billion. <keyword id="19906485" type="General" weightage="80" keywordseo="goldman-sachs" source="keywords">Goldman Sachs</keyword> in a report said the country's external balances remain favourable with a combination of low CAD, strong capital flows, adequate forex reserves and low external debt. Combined with this, expectations for a weaker dollar due to the likely five <keyword id="19951097" type="General" weightage="80" keywordseo="us-fed" source="keywords">US Fed</keyword> rate cuts this year suggest a "goldilocks" environment for the country's external balances. Accordingly, the Wall Street major has revised upwards its current account deficit (CAD) forecast to 1 per cent of GDP for FY24 from 1.3 per cent earlier, and 1.3 per cent for FY25 from 1.9 per cent earlier, citing a downward revision to their oil price forecast to USD81/barrel in 2024 from above USD90 earlier; and services exports continuing to surprise higher than prior expectations. The brokerage expects robust capital flows in 2024, driven by strong equity portfolio flows as the Fed starts the easing cycle; robust debt inflows as the bonds are included in the JP <keyword id="20036913" type="General" weightage="80" keywordseo="morgan" source="keywords">Morgan</keyword>'s global government bond index from June 2024; and higher FDI inflows with the country continuing to benefit from regional supply chain diversification. These capital inflows should help offset lower net corporate dollar borrowing inflows owing to sizable maturities of earlier loans coming up in 2024, it said, adding overall, the balance of payment surplus should jump to USD 39 billion in FY24 but fall to USD 27 billion in the next fiscal. The country's oil imports fell to USD 164 billion in the January-November 2023 period from USD 189 billion a year ago as oil prices were 18 per cent lower during the period. Similarly, services trade surplus is tracking higher as exports have surprised to the upside, driven by both business and software services. With US growth remaining resilient, the report expects services export to remain strong and services trade balance will print in at USD 158 billion up from USD 148 billion. These two will balance out the rise in gold imports which so far stood at USD39.6 billion and may close the fiscal USD44 billion from USD37 billion in FY23. On the other hand non-oil and non-gold imports are tracking marginally higher than earlier forecasts driven mainly by electronic goods and machinery imports among the major sub-components, and may close the year at USD445 billion from USD440 billion. Net FDI inflows stood at USD17 billion up to October 2023 compared to USD36 billion a year ago, while both equity and debt inflows have picked up in Q3 and at the current run rates they may close at USD28 billion this fiscal up from USD24 billion. The report sees the country's external vulnerabilities remaining low with comfortable import cover at around 11 months, higher than the pre-pandemic average of 9.5 months, and the forex reserves as a share of external debt of 99 per cent is at its highest level in the past 10 years, excluding the pandemic years. On the rupee, the brokerage said it continues to see the rupee as a relatively low-volatility carry currency. But quickly noted that despite this "goldilocks" scenario, the rupee is likely to underperform most EM Asia currencies as they expect the <keyword id="19899808" type="General" weightage="80" keywordseo="rbi" source="keywords">RBI</keyword> to accumulate inflows and build forex reserves at every opportunity. They continue to expect the dollar/rupee pair to hover around 83-82 in the next three to six months, and then appreciate slightly to 81 over the next 12 months.

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Indian government bonds to be included JP Morgan Govt bond Index from June 28

ANI

Domestic demand to keep India's growth above other G20 emerging markets: Moody's

ANI

Intel partners with eight domestic manufacturers for 'Make in India' laptops

IANS

Goldman Sachs sees India current account deficit falling to 1% of GDP this fiscal

PTI

India’s tech hubs see property prices zoom by around 30%

BI India Bureau

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