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The <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> presented by <keyword id="20426375" type="General" weightage="20" keywordseo="Union-Finance-Minister-Nirmala-Sitharaman" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Finance Minister Nirmala Sitharaman" meta.hostid="83" meta.entityid="Union Finance Minister Nirmala Sitharaman">Union Finance Minister Nirmala Sitharaman</keyword> has projected a <keyword id="19997196" type="General" weightage="20" keywordseo="growth-rate" source="keywords">growth rate</keyword> of 6.5 per cent and 7 per cent further solidifying <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s strong <keyword id="20018805" type="General" weightage="20" keywordseo="macroeconomic-fundamentals" source="keywords">macroeconomic fundamentals</keyword>, <keyword id="20060150" type="General" weightage="20" keywordseo="CBRE" source="keywords" meta.keywordsubtype="org" meta.entityname="CBRE" meta.hostid="83" meta.entityid="CBRE">CBRE</keyword> Chairman and CEO-India, South-East Asia, Middle East and Africa, <keyword id="20177586" type="General" weightage="20" keywordseo="Anshuman-Magazine" source="keywords" meta.keywordsubtype="org" meta.entityname="Anshuman Magazine" meta.hostid="83" meta.entityid="Anshuman Magazine">Anshuman Magazine</keyword> said on Monday. The country's economic performance in FY'24 surpassed expectations, registering a robust growth rate of 8.2 per cent. "This momentum is noteworthy considering three out of the past four quarters exceeded the 8 per cent growth mark," he said in his reaction to the Economic Survey. <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">Inflation</keyword> is anticipated to moderate around 4.5 per cent and it reflects a 'well-balanced' economic environment, he said. "The survey acknowledges the <keyword id="20152263" type="General" weightage="20" keywordseo="real-estate-sector" source="keywords">real estate sector</keyword>, particularly the residential segment, as a significant driver of <keyword id="20018651" type="General" weightage="20" keywordseo="private-investment" source="keywords">private investment</keyword>. The survey emphasizes the importance of continued collaboration between central and state governments, along with the private sector, to sustain this momentum," Magazine said in a statement. India's post-pandemic recovery has been orderly and expansive and it is testament to the underlying resilience of the economy, he said. "Looking ahead to FY'25, several indicators such as robust private consumption, increased bank lending activity and improved corporate capital expenditure indicate towards a good year ahead," he added.

Economic Survey pegs growth at 6.5-7%; solidifying India's strong macroeconomic fundamentals: CBRE

<ul><li>Retail inflation in September increased to 7.4 per cent from 7 per cent in August on higher food and energy costs.</li><li><keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> governor attributed the expected moderation in inflation in October to measures taken by both the government and RBI in the last 6-7 months.</li><li>On the Indian economy, Das said the macroeconomic fundamentals remain strong and growth prospects are looking good. </li></ul>Terming price rise as a major challenge, <keyword id="50847" type="General" weightage="50" keywordseo="reserve-bank" source="Orion">Reserve Bank</keyword> Governor <keyword id="6359111" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="Orion">Shaktikanta Das</keyword> on Saturday expressed hope that inflation print for October will be lower than 7 per cent. Retail inflation in September increased to 7.4 per cent from 7 per cent in August on higher food and energy costs. He attributed the expected moderation in inflation in October to measures taken by both the government and RBI in the last 6-7 months. Speaking at the <keyword id="480179" type="General" weightage="50" keywordseo="ht-leadership-summit" source="Orion">HT Leadership Summit</keyword>, Das there is no need to change the goal post for inflation targeting as higher than 6 per cent inflation would hurt growth. The rate-setting <keyword id="6375120" type="General" weightage="50" keywordseo="monetary-policy-committee" source="Orion">Monetary Policy Committee</keyword> headed by the RBI Governor has been mandated by the government to keep inflation within 2-6 per cent range. On the Indian economy, Das said the macroeconomic fundamentals remain strong and growth prospects are looking good. "We expect the October number which will be released on Monday to be lower than 7 per cent. Inflation is a matter of concern with which we are now dealing and dealing effectively," he said. For the last six or seven months, he said, both the RBI and government have taken a number of steps to tame inflation. The RBI on its part increased the interest rates and the government also announced several supply side measures, he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/india-can-cut-emissions-from-its-buildings-to-half-by-2050-to-meet-net-zero-target-report/articleshow/95472489.cms">India can cut emissions from its buildings to half by 2050 to meet net-zero target: Report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/tesla-opens-its-ev-connector-design-to-other-automakers/articleshow/95472253.cms">Tesla opens its EV connector design to other automakers</a>

Inflation print for Oct likely to be lower than 7%: RBI Governor

While praising the improvement in macroeconomic fundamentals of the country over the past two years and the position of emerging market economies like India to face any eventuality, Reserve Bank Governor <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> cautioned against more volatility, given conflicting action by the developed world. 

	After the "taper tantrums" starting mid-May 2013, when the Fed hinted at reversing its easy money policy, "a combination of global factors and concerted domestic policy decisions" have helped the country, Rajan said in the foreword to the Financial Stability Report 2015 (FSR) released byRBI today. 
 

	"The macro-economic fundamentals have improved and we have also been able to build buffers to fight any future uncertainty," he said, stressing that "we need to be vigilant". 
 

	"With back-to-back quantitative easing by other major central banks, alongside the possible tightening by the Fed, what we have seen might be only one of a series of such 'tantrums' that the global markets are likely to witness." 
 

	Rajan has repeatedly called for policy co-ordination at global forums, saying policies in the developed world driven by domestic needs can adversely impact other developing countries in an inter-connected world. 
 

	Reiterating the need for a consensus here, Rajan said: "There is a need to be vigilant about the spillovers (of the Fed ending the near-zero interest rate regime)... For India, what matters is reducing inefficiencies as also improvements in non-price competitiveness." 
 

	He also underscored the need for promoting "healthy innovation while ensuring financial stability". 
 

	The vision for the overall regulatory framework envisages a "balanced, predictable, institution-neutral, ownership-neutral and technology-neutral" regime, he said. 
 FSR is published by a sub-committee of the Financial Stability &amp; Development Council headed by the <keyword id="64190" type="POSITION" weightage="60" keywordseo="RBI-Governor">RBI Governor</keyword>. The sub-committee has representation from the heads of other regulators like <keyword id="35210" type="ORGANIZATION" weightage="100" keywordseo="sebi">Sebi</keyword>, IRDAI, FMC and PFRDA, apart from the <keyword id="2919014" type="UNKNOWN" weightage="20" keywordseo="Chief-Economic-Advisor-and-the-Finance-Secretary">Chief Economic Advisor and the Finance Secretary</keyword>, among others. 
	 
	(image credits: vidyaexpress.com)

Raghuram Rajan  cautioned against volatility, given
conflicting action by the developed world

Mumbai, <keyword id="192432" type="General" weightage="20" keywordseo="reserve-bank-governor" source="Orion">Reserve Bank Governor</keyword> <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Thursday said India is one of the fastest growing major economies in the world with a rising potential growth profile, and stressed that the central bank remains committed to act early and decisively to prevent any build-up of risks. In his foreword to the <keyword id="19899808" type="General" weightage="80" keywordseo="rbi" source="keywords">RBI</keyword>'s 28th issue of the <keyword id="19984045" type="General" weightage="50" keywordseo="financial-stability-report" source="keywords">Financial Stability Report</keyword> (FSR), Das said achieving durable price stability, ensuring medium-term debt sustainability, further strengthening financial sector resilience, creating new growth opportunities and promoting inclusive and green growth remain key policy priorities. The FSR reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability and the resilience of the Indian financial system. Observing that the global economy is facing multiple challenges, Das said the Indian economy exhibits macroeconomic resilience, with a robust financial system that is supporting its growth dynamics. "We remain alert and committed to act early and decisively to prevent any build-up of risks," he said. He also said that recent macroprudential measures taken by the central bank to curb lenders' exuberance towards certain segments of retail loans underline its commitment to preserve financial stability without compromising availability of funds for productive requirements of the economy. "India is one of the fastest growing major economies in the world with a rising potential growth profile," the governor said, and added the sharp rebound in growth is underpinned by sound macroeconomic fundamentals, robust domestic demand and prudent public policies. Even as India confronts global headwinds and emerging challenges from technological disruptions, cyber risks and climate change, he said RBI's endeavour will be to continue to fortify the financial system, promote responsible innovation and invigorate inclusive growth. The <keyword id="19922074" type="General" weightage="80" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> and the other financial regulators remain invested in preserving financial stability and fostering a financial system that is resilient to shocks and supportive of growth, he added.

RBI to act early to prevent any risk to India's fastest growth potential: Guv Shaktikanta Das

New Delhi, Interest rate is likely to remain high for the moment, <keyword id="192432" type="General" weightage="20" keywordseo="reserve-bank-governor" source="Orion">Reserve Bank Governor</keyword> <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said, stressing the central bank will remain extra vigilant and keep "Arjun's eye" to ensure a sustained decline in inflation. The lending rates are ruling high after the RBI cumulatively hiked the <keyword id="714684" type="General" weightage="20" keywordseo="key-policy-rate" source="Orion">key policy rate</keyword> (repo) by 250 basis points since May 2022 in a bid to tame inflation which touched a high of 7.44 per cent this July. The consumer price index (CPI) based retail inflation is now declining and fell to 5 per cent in September. The government has mandated the central bank to ensure inflation remains at 4 per cent with a margin of 2 per cent on the either side. "Interest rate will remain high. How long they will remain high, I think only time and the way the world is evolving will tell," the governor said in response to a query at Kautilya Economic Conclave 2023. On the sidelines of the Conclave, Das said the RBI remains very focused on the inflation dynamics. "We are extra vigilant and we stand ready to take whatever action that needs to be taken. We need to see sustained decline in inflation...our objective is to reach 4 per cent," he said. On elevated crude oil prices in the international market, he said, "what matters is the pump prices in India". The pump prices of petrol and diesel are important as far as inflation in India is concerned, Das added. Responding to queries on impact of crisis in Middle East, the governor said that in the last fortnight, US bond yields have risen, which has wider implications for other economies. Crude oil prices have also gone up. "Some of these uncertainties were there, but they have become more pronounced in some sense. What is different in the context of India, we are impacted by whatever is happening all over, no doubt on that. "Our macroeconomic fundamentals continue to be sound. Eventually, in these uncertain times, what matters is how strong is your macroeconomic fundamentals, how strong is your financial sector. I think on both these parameters India is well placed," Das said. He also said the dollar index has become strong and bond yields in the US have reached all-time highs. "But if you look at the volatility of the Indian rupee, from January 1 till now, the rupee depreciation is 0.6 per cent whereas on the other side, the appreciation of the US dollar for the same period has been 3 per cent. So rupee is stable. We are there in the forex market to prevent excessive volatility," the governor added. In his address at the Conclave, Das said that in the prevailing global environment of slowing growth and stubborn inflation, especially in the last few miles before reaching the target, economic activity in India exhibits resilience on the back of strong domestic demand. "Real GDP growth for 2023-24 is projected at 6.5 per cent and India is poised to become the new growth engine of the world," he added. Das said the RBI remains "extra vigilant" on the evolving inflation dynamics. In the current situation, monetary policy must remain actively disinflationary to ensure that ongoing disinflation process progresses smoothly, he said. "In the world we live in today, beyond giving a generalised kind of forward guidance that we will be very alert, we will be extra vigilant, we will monitor the inflation-growth dynamics hawk's eye or Arjuna's eye...we will remain alert and we will be very prompt in our response," said Das.

Only time will tell how long interest rate will remain high: Shaktikanta Das

<div class="image-container float_right" style="width:400px"><div class="image"></div><a href="http://www.bloomberg.com/video/el-erian-we-may-be-looking-at-an-equities-bubble-ajvp9NkWQDGFp8HZjKoGiA.html">Bloomberg TV</a></div><keyword id="192956" type="PERSON" weightage="60" keywordseo="Mohamed-El-Erian">Mohamed El-Erian</keyword>, CEO of <keyword id="142202" type="COMPANY" weightage="60" keywordseo="PIMCO">PIMCO</keyword>, has penned <a href="http://www.ft.com/intl/cms/s/0/bb66425c-54cf-11e2-89e0-00144feab49a.html">a blistering op-ed for the Financial Times</a> on the dangers of highly accommodative <keyword id="6357126" type="ORGANIZATION" weightage="60" keywordseo="monetary-policy">monetary policy</keyword> – or as he refers to it, the ‘central bank put.’
The central point of his argument lies in the notion that the Fed’s easy-money policies have divorced prices from market fundamentals. As a result, investors are not choosing an asset on the basis of fundamental analysis, but rather on its value relative to another asset as part of <a href="http://www.cnbc.com/id/49903166/Bernanke_Signaling_lsquoA_BondFriendly_Worldrsquo_Pro">the search for yield</a>. The higher appetite for risk has been spurred by expectations of persisting ultra-low interest rates and continued quantitative easing by the Fed.
As central bank balance sheets swell, El-Erian believes that investors will soon refuse to accept investment vehicles, such as high yield corporate bonds, equities, and highly leveraged products, whose <keyword id="51393" type="UNKNOWN" weightage="60" keywordseo="valuation">valuation</keyword> is often indirectly influenced by the Fed’s asset purchases, and to a lesser extent, its forward policy guidance.
The prices of these asset classes are divorced from their fundamentals, he explains, and “With the weaker central bank impact, prices need to have greater consistency with the realities of balance sheets and income statements.”
Here’s what El-Erian says will happen if and when the <a href="http://www.businessinsider.com/for-the-first-time-in-ages-people-are-seriously-talking-about-the-punch-bowl-running-dry-2013-1">punch bowl of monetary easing</a> runs dry, is removed, or investors decide to stop sipping from it:
…investors should expect security and sector selections to get repeatedly overwhelmed by macro correlations. Since a growing number of asset classes are now exposed in a material fashion to the belief that central banks will deliver macroeconomic as well as market outcomes, investors have assumed considerable macro-driven correlations across their holdings. Moreover, with seemingly endless liquidity injections, the scaling of such exposure can easily disconnect from the extent to which prices deviate from fundamentals.
In other words, he predicts looming corrections in asset classes that have not been directly influenced by monetary accommodation and asset purchases, but have nonetheless been benefitted indirectly from central bank easing and relative cross-asset valuation.
Read the whole op-ed at <a href="http://www.ft.com/intl/cms/s/0/bb66425c-54cf-11e2-89e0-00144feab49a.html#axzz2HImnPg7j">FT.com</a>.

EL-ERIAN: Asset Prices Are Getting Even Farther Away From Their Fundamentals

Mumbai, Mar 27 () Following are the highlights of the seventh bi-monthly monetary policy statement for 2019-20 by the RBI amid COVID-19 pandemic: * Monetary Policy Committee (MPC) advances meeting scheduled for Apr 1-3 * Repo rate slashed by 75 basis points to 4.4% * Reverse repo rate cut sharply by 90 basis points to 4% making unattractive for banks to deposit funds * MPC votes unanimously for a reduction in the policy repo rate * MPC decides to continue with the accommodative stance as long as it is necessary * Committee votes 4:2 in favour of rate cut; unanimous on change in stance * 2 MPC members Chetan Ghate and Pami Dua voted for a 50 bps rate cut * Several measures taken to infuse liquidity of about Rs 3.74 lakh crore into the financial system * RBI to undertake repo operation to infuse Rs 1 lakh crore * Cash Reserve Ratio (CRR) cut sharply by 100 bps to 3 per cent releasing Rs 1.37 lakh cr into the system * RBI assures to work in mission mode, monitoring the evolving financial market and macroeconomic conditions * MPC for the first time advances meeting date and refrains from giving next meeting date in the wake of evolving situation * GDP growth rate of 5% for 2019-20 at risk from the impact of pandemic * Global slowdown to deepen with adverse implication for India; crude oil slump upside for country * Upside growth impulses to emanate from monetary, fiscal measures and the early containment of COVID-19 * Food prices to soften further on back of record foodgrain production * MPC refrains from giving out growth, inflation outlook for coming fiscal on uncertain outlook * RBI permits all lending institutions to allow 3-month moratorium on payment of installments on term loans * Moratorium on term loan, deferring of interest on working capital will not classify as default * RBI urges banks and other financial institutions to do all they can to keep credit flowing * All instruments - conventional and unconventional - on table to support financial stability and revive growth * RBI assures that banking system in India safe; deposits safe in private bank; public should not resort to panic withdrawal * RBI says macroeconomic fundamental stronger than that in aftermath of 2008 financial market crisis * Last tranche of the capital conservation buffer (CCB) for banks deferred for 6 months to Sep * The minutes of the MPC to be published by April 13. DP BAL ANSANSANS

Highlights of RBI's monetary policy statement

Mumbai, Mar 27 () Following are the highlights of the seventh bi-monthly monetary statement for 2019-20 by the RBI amid COVID-19 pandemic: * Monetary Policy Committee (MPC) advances meeting scheduled for Apr 1-3 * Repo rate slashed by 75 basis points to 4.4% * Reverse repo rate cut sharply by 90 basis points to 4% making unattractive for banks to deposit funds * MPC votes unanimously for a reduction in the policy repo rate * MPC decides to continue with the accommodative stance as long as it is necessary * Committee votes 4:2 in favour of rate cut; unanimous on change in stance * 2 MPC members Chetan Ghate and Pami Dua voted for a 50 bps rate cut * Several measures taken to infuse liquidity of about Rs 3.74 lakh crore into the financial system * RBI to undertake repo operation to infuse Rs 1 lakh crore * Cash Reserve Ratio (CRR) cut sharply by 100 bps to 3 per cent releasing Rs 1.37 lakh cr into the system * RBI assures to work in mission mode, monitoring the evolving financial market and macroeconomic conditions * MPC for the first time advances meeting date and refrains from giving next meeting date in the wake of evolving situation * GDP growth rate of 5% for 2019-20 at risk from the impact of pandemic * Global slowdown to deepen with adverse implication for India; crude oil slump upside for country * Upside growth impulses to emanate from monetary, fiscal measures and the early containment of COVID-19 * Food prices to soften further on back of record foodgrain production * MPC refrains from giving out growth, inflation outlook for coming fiscal on uncertain outlook * RBI permits all lending institutions to allow 3-month moratorium on payment of installments on term loans * Moratorium on term loan, deferring of interest on working capital will not classify as default * RBI urges banks and other financial institutions to do all they can to keep credit flowing * All instruments - conventional and unconventional - on table to support financial stability and revive growth * RBI assures that banking system in India safe; deposits safe in private bank; public should not resort to panic withdrawal * RBI says macroeconomic fundamental stronger than that in aftermath of 2008 financial market crisis * Last tranche of the capital conservation buffer (CCB) for banks deferred for 6 months to Sep * The minutes of the MPC to be published by April 13. DP BAL ANSANS

Highlights of RBI's monetary statement

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters / Charles Platiau</div></div></div><ul><li>Spain, Italy and South Korea have the most attractive stock markets in the world, according to quantitative analysts at Citi.</li><li>Citi calculates market attractiveness with a model that "uses a mix of style, fundamental and macroeconomic indicators as inputs."</li><li>"Spain has been upgraded owing to its attractive yield and increasing earnings sentiment," the quant team, led by Chris Montagu, wrote.</li></ul>Spain and Italy are right at the top of the list when it comes to the most attractive global stock markets for investors right now, according to the latest research from the quant team at Citi.Every month the Citi team uses a complex quantitative analysis to work out which markets around the world are the most "attractive" - effectively calculating how much value there is for investors in that market at any given time. According to Citi, the model "uses a mix of style, fundamental and macroeconomic indicators as inputs."For May, Italy topped the list as the most attractive global market <a href="http://uk.businessinsider.com/italy-government-what-happening-2018-4">despite continuing uncertainty over its future government,</a> two months after an inconclusive election left all its political parties scrambling for power. Last month, Italy was second in Citi's ranking - behind only South Korea, which benefitted from an "attractive valuation."Rising further up the ranking, however, was Spain."For May, Spain enters into the basket of top 5 countries at the expense of Brazil which has fallen into the short basket," the quant team, led by Chris Montagu, wrote. "Spain has been upgraded owing to its attractive yield and increasing earnings sentiment."South Korea and its benchmark index, the KOSPI, remain attractive, following recent peace and reunification talks between the two Koreas, an event which Morgan Stanley said <a href="http://uk.businessinsider.com/what-peace-between-north-korea-south-korea-means-for-markets-2018-4">could have as a big a market impact as the fall of the Berlin Wall.</a>At the other end of the spectrum, Brazil - which Citi favored heavily in April - has fallen sharply, while the USA remains the least attractive major market."Brazil on the other hand has seen a large reversal in analyst revisions resulting in it being downgraded to Sell," the team wrote.US stocks are largely out of favour thanks to their perceived excessive valuations, which are elevated after several years of almost uninterrupted gains. Despite the recent 10% pullback from their highs, they may still be expensive.Here's Citi's chart:<div class="KonaFilter image-container display-table"><div><div class="image on-image">Citi</div></div></div>More broadly, Citi's quants say they expect increased global market volatility to persist - for a little while at least."Markets moved higher in April following disappointing performance in February and March with US reporting season coming in better than expectations offsetting continued, and priced, political discourse," the team wrote. "Our house view is for increased volatility to persist for some time with markets grinding higher." <a href="http://www.businessinsider.com/intelligence/future-of-zelle-venmo-and-p2p-payments?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=payments_ctgr_leadgen&amp;utm_campaign=payments_ctgr_leadgen_future-of-zelle"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/saudi-crown-prince-salman-met-trump-oprah-bill-gates-2018-4">Why the Saudi crown prince met with Trump, Oprah, Bill Gates, and Jeff Bezos</a></h3> <div> </div> </div>

You Searched For "macroeconomic fundamentals" and got 9 results

Economic Survey pegs growth at 6.5-7%; solidifying India's strong macroeconomic fundamentals: CBRE

PTI

Inflation print for Oct likely to be lower than 7%: RBI Governor

PTI

Raghuram Rajan cautioned against volatility, given conflicting action by the developed world

BI India Bureau

RBI to act early to prevent any risk to India's fastest growth potential: Guv Shaktikanta Das

PTI

Only time will tell how long interest rate will remain high: Shaktikanta Das

PTI

EL-ERIAN: Asset Prices Are Getting Even Farther Away From Their Fundamentals

Lucas Kawa

Highlights of RBI's monetary policy statement

PTI

Highlights of RBI's monetary statement

PTI

CITI: Here's the best place in the world for stock investors to be putting their money right now

Will Martin

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