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The Indian cement industry is on track to reach 5.09 billion tonnes by 2028-29, driven by robust government investment in infrastructure. According to an IANS report originally attributed to Infomerics Ratings, this marks a compound annual growth rate (CAGR) of 4.9 per cent between 2024 and 2029. In 2022-23, the industry’s market size stood at 3.82 billion tonnes, with a total installed capacity of 622 million tonnes per annum (MTPA) in FY24 and production at 427 million tonnes. Notably, India contributes over 8 per cent to the world’s total installed cement capacity, highlighting its importance in the global market. Despite this, India’s per capita cement consumption is 260 kg—significantly below the global average of 540 kg—indicating substantial room for growth. Globally, the cement market is projected to grow at a CAGR of 4.3 per cent from 2024 to 2032. The sector’s expansion is fuelled by ambitious government initiatives, including an allocation of ₹11.11 lakh crore for infrastructure in FY25 and housing schemes like Pradhan Mantri Awas Yojana. The construction sector consumes 55 per cent of cement production, while public infrastructure projects account for the remainder. The industry also plays a critical role in employment, providing direct jobs to over one million people and creating downstream opportunities for about 20,000 individuals per million tonnes of cement produced. Private players dominate the sector, controlling 98 per cent of production capacity, while public sector units hold a mere 2 per cent. Domestic production meets almost all demand, with imports accounting for just 0.2 per cent of total production in FY23. However, exports have declined recently due to reduced global demand and rising competition. India currently has 341 cement manufacturing facilities, including 159 integrated large cement plants, 120 grinding units, and 62 mini cement plants. Cement production has seen steady growth, with a 7.1 per cent increase in September 2024 and a cumulative growth of 1.6 per cent between April and September of FY25, according to the Ministry of Commerce and Industry. This growth aligns with India’s overall industrial performance, which saw a 2 per cent rise in core industries in September, led by cement, steel, coal, and fertilisers. As India invests heavily in infrastructure and housing, the cement industry is set to play a pivotal role in supporting the nation’s economic and developmental goals. (with IANS inputs)

India's cement industry expected to grow to 5.09 billion tonnes by 2028-29 amid infrastructure push: Report

<div type="image" title="SBI report says inflation will remain around 5 per cent this fiscal" agency="ANI" msid="112275933" hostid="261" caption="&amp;lt;p&amp;gt;SBI report says inflation will remain around 5 per cent this fiscal &amp;lt;/p&amp;gt;"></div>The Consumer Price <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">Inflation</keyword> in India is expected to remain around 5 per cent in the financial year 2024-25 except for September and October month, according to a research report by <keyword id="13222" type="General" weightage="20" keywordseo="sbi" source="Orion">SBI</keyword>. The report also noted that the inflation outlook in India remains a critical focus for the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI). Recent data indicates that the <keyword id="19999655" type="General" weightage="20" keywordseo="Consumer-Price-Index" source="keywords">Consumer Price Index</keyword> (CPI) inflation rose to 5.08 per cent in June 2024, driven primarily by higher food and beverage prices. "CPI inflation is expected to remain below or close to 5.0 per cent in the remaining months, except for Sep'24 and Oct'24" said the report. The report also added that the monsoon season plays an important role in shaping food prices, and while the current monsoon has shown a satisfactory surplus, excess rainfall could lead to crop losses, adversely affecting food inflation. The RBI's ability to manage inflation expectations is crucial, especially as it navigates the delicate balance between supporting <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> and maintaining <keyword id="19960158" type="General" weightage="20" keywordseo="price-stability" source="keywords">price stability</keyword>. "With monsoon progressing satisfactorily with 2 per cent surplus till date and progress of area coverage under Kharif crops showing 2.9 per cent yoy, we expect inflation to remain within RBI target in FY25. However, with La Nina getting precedence, excess rainfalls could result in crop loss and thus a negative impact on food prices" the report added. In response to the evolving economic landscape, the report mentioned that the RBI is likely to continue its stance of withdrawing accommodation. This approach aims to address inflationary pressures while ensuring that the economy remains on a growth trajectory. However, the central bank faces challenges in policy transmission, as deposit rates have shown downward rigidity despite a declining weighted average lending rate (WALR). This situation complicates the RBI's efforts to implement effective monetary policy. "Even though the Banks are chasing deposits to fund the incremental credit growth, RBI recent report suggests, the weighted average lending rate (WALR) on fresh rupee loan decreased by 11 bps from the beginning of the year (i.e. from 9.43 in January'24 to 9.32 in June'24)" the report noted. Looking ahead, the RBI's decisions will be influenced by both domestic and global economic conditions. The potential for a recession in the US and geopolitical tensions could impact inflation dynamics in India. As such, the RBI's monetary policy will need to remain flexible and responsive to these external factors while striving to achieve its inflation targets and support sustainable economic growth. (ANI)

SBI report says inflation will remain around 5 per cent this fiscal

New Delhi: As the earnings season for the second quarter of FY25 unfolds, <keyword id="19959986" type="General" weightage="20" keywordseo="public-sector-banks" source="keywords">public sector banks</keyword> (PSBs) are expected to see a slight dip in profits compared to the previous quarter, according to a report by <keyword id="19896146" type="General" weightage="100" keywordseo="Motilal-Oswal" source="keywords" meta.keywordsubtype="org" meta.entityname="Motilal Oswal" meta.hostid="153" meta.entityid="Motilal Oswal">Motilal Oswal</keyword>. The report estimates that PSBs' Profit After Tax (PAT) will decline by 0.6 per cent quarter-on-quarter (QoQ), while showing a stronger year-on-year (YoY) growth of 17.2 per cent. "We estimate PSBs to report moderate <keyword id="19899597" type="General" weightage="20" keywordseo="earnings-growth" source="keywords">earnings growth</keyword> of 17.2 pc YoY/ a decline of 0.6 pc QoQ in 2QFY25," the report stated. The slower pace of growth can be attributed to flat net interest margins (NIMs) and a slight increase in loan loss provisions (LLP). The <keyword id="20171160" type="General" weightage="20" keywordseo="Net-Interest-Income" source="keywords">Net Interest Income</keyword> (NII) for PSBs is expected to grow by around 6 per cent YoY, although interest margins are likely to remain under pressure. Despite these near-term challenges, the report suggests that public sector banks are on track to post a compound annual growth rate (CAGR) of 15 per cent between FY24 and FY26, pointing to sustained long-term growth. In the private sector banking space, the report forecasts mixed results for the same quarter. For private banks under the coverage, Pre-Provision Operating Profit (PPoP) is expected to grow by 12 per cent YoY and 1 per cent QoQ. However, PAT growth is predicted to be more modest, increasing by 5 per cent YoY and 0.6 per cent QoQ. "For our private bank coverage universe, we estimate a PPoP growth of 12 pc YoY/1 pc QoQ and a PAT growth of 5 pc YoY/0.6 pc QoQ in 2QFY25," the report added. Looking ahead, private sector banks are expected to experience steady profitability growth, with earnings projected to grow at a CAGR of 12.4 per cent over FY24-FY26. Overall, while both public and private sector banks may face moderate growth in the second quarter due to margin pressures and higher provisions, their long-term earnings prospects remain positive. (ANI)

Profit of public sector banks expected to decline by 0.6 percent QoQ : Motilala Oswal

Mumbai: <keyword id="20270096" type="General" weightage="20" keywordseo="Equity-benchmark-indices" source="keywords">Equity benchmark indices</keyword> declined in early trade on Wednesday amid <keyword id="19997962" type="General" weightage="20" keywordseo="profit-taking" source="keywords">profit-taking</keyword> as investors preferred to stay on the sidelines after a record rally and ahead of the monthly derivatives expiry. The 30-share <keyword id="19950208" type="General" weightage="20" keywordseo="BSE-Sensex" source="keywords">BSE Sensex</keyword> dropped 171 points to 84,743.04 in early trade. The <keyword id="19950205" type="General" weightage="20" keywordseo="NSE-Nifty" source="keywords">NSE Nifty</keyword> declined 48.7 points to 25,891.70. From the 30 Sensex firms, Tech Mahindra, Asian Paints, HCL Technologies, Nestle, Adani Ports, Infosys, Tata Motors and State Bank of India were the biggest laggards. Power Grid, Mahindra &amp; Mahindra, HDFC Bank and Maruti were among the gainers. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,784.14 crore on Tuesday, according to exchange data. "The monthly expiry on Thursday could result in sideways movement in intra-day trades, but a bullish undertone and robust growth prospects going ahead would see the markets bounce back at regular intervals," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. In Asian markets, Seoul traded lower while Tokyo, Shanghai and Hong Kong quoted in the positive territory. The US markets ended higher on Tuesday. Global oil benchmark Brent crude dipped 0.28 per cent to USD 74.96 a barrel. After oscillating between highs and lows during the day on Tuesday, the BSE benchmark dipped 14.57 points or 0.02 per cent to settle at 84,914.04. During the day, it jumped 234.62 points or 0.27 per cent to scale a fresh all-time intra-day peak of 85,163.23. The Nifty eked out a marginal gain of 1.35 points or 0.01 per cent to 25,940.40. During the day, it climbed 72.5 points or 0.27 per cent to hit a new record intra-day high of 26,011.55.

Markets decline in early trade on profit-taking

The overall <keyword id="20150666" type="General" weightage="20" keywordseo="gem" source="keywords">gem</keyword> and <keyword id="20243747" type="General" weightage="20" keywordseo="jewellery-exports" source="keywords">jewellery exports</keyword> witnessed a 21.93 per cent year-on-year <keyword id="19959767" type="General" weightage="20" keywordseo="decline" source="keywords">decline</keyword> in July to $1.67 billion (Rs 13,922.03 crore) on account of dampening of consumer demand following global unrest, Gem and Jewellery Export Promotion Council (<keyword id="19995719" type="General" weightage="20" keywordseo="GJEPC" source="keywords">GJEPC</keyword>) has said. According to data released by GJEPC -- the apex body for the gems and jewellery industry in India -- the overall <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> in the category in July 2023 stood at Rs $ 2,170.71 million. "The exports are mainly affected due to decline in demand following geopolitical disturbance in key markets like the US and China. The demand in the China market has drastically slowed down due to a struggling economy," GJEPC Chairman Vipul Shah told PTI. The overall export of cut and polished diamonds (CPD) declined 21.34 per cent in July to $907.67 million from $1.17 billion in the year-ago period. Gold jewellery exports also witnessed a 10.53 per cent decline in July to $530.38 million compared to $603.12 million in the same period of last year. Meanwhile, the apex trade body said during the recent six-day India International Jewellery Show (IIJS) Premiere 2024, held from August 9-13, business worth about $12 billion (approximately Rs 1 lakh crore) was generated. IIJS Premiere 2024 attracted over 50,000 buyers and international delegations from over 13 countries, including Cambodia, Iran, Japan, Malaysia, Nepal, Russia, Saudi Arabia, Sri Lanka, Thailand, Turkey, United Kingdom, and Uzbekistan. "IIJS Premiere 2024 was a tremendous success, generating over $12 billion in business for our exhibitors. The business was mainly dominated by gold jewellery following weakness in prices of the yellow metal," Shah said. The show featured an array of products that highlighted the brilliance in designs and clearly reflected the shift towards catering to millennials and Gen Z, he said. "IIJS Premiere 2024 played a crucial role in boosting exports and expanding our global footprint. The presence of these international participants underscores the importance of IIJS as a premier platform for connecting with global markets and enhancing trade opportunities," he added. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-gained-over-3-million-subscribers-in-june-vi-lost-nearly-a-million/articleshow/112670406.cms">Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a>

Gem, jewellery exports drop 21.9% to $1.67 billion in July

New Delhi: Asian <keyword id="19900617" type="General" weightage="100" keywordseo="stock-markets" source="keywords">stock markets</keyword> on Monday plummeted early as selling pressure mounted after lower-than-expected US payroll growth and the Fed meeting date coming. The Japanese and Hong Kong markets faced high selling pressure, with major indices declining by more than 1.50 per cent. Japan's Nikkei 225 index declined by 1.84 per cent or 632 points, while Hong Kong's Hang Seng was down by 1.73 per cent or 301 points at the time of filing this report. According to experts, concerns of a slowdown in China and Germany have added fuel to the selling in stocks, which were already volatile due to <keyword id="19913707" type="General" weightage="20" keywordseo="Fed-rate-cut" source="keywords">Fed rate cut</keyword> expectations. "Eight days of volatility are assured for the markets as the Fed rate cut of September 18 comes within striking distance. The seasonality of poor September performance of markets is playing out as per expectations. On top of that, the slowdown in China and Germany is adding to global growth worries. The news of a top German car manufacturer mulling closing down car factories in Germany was symbolic of all that is troubling Germany," said Ajay Bagga, Banking and Market expert. Taiwan's markets also bled, with the country's major index, Taiwan Weighted, declining by more than 2 per cent. South Korea's KOSPI index plummeted by 1.15 per cent. Overall, a selling sentiment was witnessed among investors in the <keyword id="20155107" type="General" weightage="20" keywordseo="Asian-markets" source="keywords">Asian markets</keyword>. However, experts also noted that the impact of the other Asian markets will be less on Indian stocks because of the high buying by domestic investors, but some volatility can be expected. Bagga added, "For Indian markets, the impact is coming via FII selling. The good news is that despite the net FII outflows of over Rs 5.5 lakh crore from Jan 2022 to August 2024, the Rs 11 lakh crore plus of robust domestic inflows have meant every dip has been bought into in the Indian markets. We expect a couple of weeks of this volatility, but don't expect sharp cuts in the Indian markets given the domestic liquidity sitting on the sidelines." Indian stock indices took a sharp hit on Friday, the last trading day of the current week, with all sectoral indices closing deep in the red. The sell-off was broad-based, with the banking and energy sectors taking the biggest hit. Nifty 50 dropped 292.95 points, or 1.17 per cent, to 24,852.15, while the BSE Sensex fell 1,017.23 points, or 1.24 per cent, to 81,183.93. "The recent weakness in U.S. markets has stalled the momentum in Indian markets, causing participants to become cautious ahead of the upcoming jobs data," said Ajit Mishra, SVP, Research, Religare Broking. Weakness in global markets and selling by foreign portfolio investors seemed to have hurt domestic market sentiment.

Asian markets decline amid economic slowdown fears, experts say limited impact on India

<ul><li>Benchmark <keyword id="19963565" type="General" weightage="20" keywordseo="equity-indices" source="keywords">equity indices</keyword> declined in early trade on Friday amid profit-taking after a <keyword id="19975890" type="General" weightage="20" keywordseo="record-rally" source="keywords">record rally</keyword> in the previous day.</li><li>The 30-share <keyword id="19950208" type="General" weightage="20" keywordseo="BSE-Sensex" source="keywords">BSE Sensex</keyword> declined 206.18 points to 76,604.72. The NSE Nifty dipped 61.5 points to 23,337.40.</li><li>Tech Mahindra, JSW Steel, HCL Technologies, NTPC, Bajaj Finserv, Kotak Mahindra Bank, Wipro and Tata Consultancy Services were the major laggards.</li></ul>Benchmark equity indices declined in early trade on Friday amid profit-taking after a record rally in the previous day and fresh <keyword id="20520117" type="General" weightage="20" keywordseo="foreign-fund-outflows" source="keywords">foreign fund outflows</keyword>. The 30-share BSE Sensex declined 206.18 points to 76,604.72. The NSE Nifty dipped 61.5 points to 23,337.40. Among the 30 Sensex companies, Tech Mahindra, JSW Steel, HCL Technologies, NTPC, Bajaj Finserv, Kotak Mahindra Bank, Wipro and Tata Consultancy Services were the major laggards. Titan, Asian Paints, Mahindra &amp; Mahindra and Hindustan Unilever were among the biggest gainers. In Asian <keyword id="19990226" type="General" weightage="20" keywordseo="markets" source="keywords">markets</keyword>, Seoul quoted higher while Tokyo, Shanghai and Hong Kong traded lower. US markets ended on a mixed note on Thursday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,033 crore on Thursday, according to exchange data. "In the near-term the market is likely to be range bound since there are no major triggers till the budget," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. Global oil benchmark Brent crude declined o.41 per cent to USD 82.41 a barrel. The BSE benchmark jumped 538.89 points or 0.70 to hit its lifetime peak of 77,145.46 on Thursday. It later ended at a fresh record high at 76,810.90; up 204.33 points or 0.27 per cent. The Nifty rallied 75.95 points or 0.33 per cent to settle at a new closing high of 23,398.90. During the day, the benchmark climbed 158.1 points or 0.67 per cent to its record peak of 23,481.05. "Investors anticipate consolidation amid uncertainties, awaiting India's budget announcement and the US Federal Reserve's next rate cut," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/bmw-r-1300-gs-superbike-launched-in-india-at-20-95-lakh/slidelist/110971512.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/bmw-r-1300-gs-superbike-launched-in-india-at-20-95-lakh/slidelist/110971512.cms" target="_blank">BMW R 1300 GS superbike launched in India at ₹20.95 lakh</a><a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms" target="_blank">KKR beats MI in terms of brand value, CSK and RCB continue to lead</a><a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-6-will-reportedly-get-a-100-price-bump/articleshow/110959434.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-6-will-reportedly-get-a-100-price-bump/articleshow/110959434.cms" target="_blank">Samsung Galaxy Z Fold 6 will reportedly get a $100 price bump</a>

Markets decline in early trade after record rally

Boost in domestic <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> due to PLI (production linked incentive) schemes and increase in <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> on account of free trade agreements are expected to bridge the country's <keyword id="20201391" type="General" weightage="20" keywordseo="trade-deficit" source="keywords">trade deficit</keyword> further, <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> said on Monday. However, it said that fluctuations in <keyword id="19936629" type="General" weightage="20" keywordseo="commodity-prices" source="keywords">commodity prices</keyword>, especially for critical imports like oil, metals, and agricultural products, can impact India's trade balance and inflation levels. The Survey said that though ongoing geopolitical headwinds impacted India's merchandise exports, lowering international commodity prices ensured a lower trade deficit in FY24 than in FY23. The country's merchandise trade deficit narrowed to USD 240 billion in 2023-24 from USD 265 billion in 2022-23. It added that changes in trade policies by major trading partners or geopolitical developments can affect India's export opportunities and market access. "In the coming years, India's trade deficit is expected to decline further as the <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> is expanded and India creates a globally competitive manufacturing base in several product categories," the Survey said. It added that the recently signed FTAs (free trade agreements) are expected to increase the <keyword id="22374533" type="General" weightage="20" keywordseo="global-market-share" source="keywords">global market share</keyword> of the country's exports. The PLI scheme for sectors like mobile manufacturing, information technology (IT) hardware, pharmaceutical, telecommunications, and food product are helping to increase manufacturing and cut imports. India has implemented <keyword id="20000557" type="General" weightage="20" keywordseo="FTA" source="keywords">FTA</keyword> with Mauritius, Australia and the UAE. It added that a narrowing merchandise trade deficit and rising service exports have improved the CAD (<keyword id="20054874" type="General" weightage="20" keywordseo="current-account-deficit" source="keywords">current account deficit</keyword>), ending with a surplus of 0.6 per cent of GDP in Q4 of FY24. However, the risks to the performance of India's external sector are on the downside due to the persistence of current <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> and policy uncertainty, it said. Some of the challenges listed by the survey includes fall in demand from major trading partners like the US, rise in trade cost, and volatility in commodity prices. Attacks on shipping in the Red Sea and drought in the Panama Canal have resulted in trade flows being re-routed, increasing journey time and costs. India's merchandise trade relies heavily on maritime trade, so disturbances in major shipping routes can impact its economy. "It is critical to explore what these changing paradigms mean for India. Policies need to be a mix that straddles security concerns with economic considerations," the survey said, adding India's push towards manufacturing in complex and niche sectors through schemes such as PLI and Make in India aims to balance these goals. Further, the survey emphasised on the need to focus on improving India's competitiveness in many product areas. For example, it said, India has tremendous potential in becoming a large global exporter in agricultural commodities. Fostering stronger regional trade ties and adding more markets for Indian goods will help mitigate global demand fluctuations. "In an era when global economic growth is likely to be buffeted by geopolitical tensions and protectionism, growing India's exports of goods and services will be a stiffer challenge than before," it cautioned. Commenting on this, Rumki Majumdar, Economist, Deloitte India, said that despite global uncertainties, India's exports are recording positive growth rates. "That shows the resilience of our exports amidst global uncertainties," she said, adding, "by transforming our export basket and focusing on higher margins and value addition across various sectors, India will easily achieve its ambition of USD 2 trillion in exports by 2030-31."

India's trade deficit expected to decline further: Economic Survey

In line with the moderation in <keyword id="513422" type="General" weightage="20" keywordseo="retail-inflation" source="Orion">retail inflation</keyword>, wholesale <keyword id="158363" type="General" weightage="100" keywordseo="inflation-in-india" source="Orion">inflation in India</keyword> too witnessed a sharp decline in July. The annual rate of <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> based on all India <keyword id="59350" type="General" weightage="20" keywordseo="Wholesale-Price-Index" source="Orion">Wholesale Price Index</keyword> (WPI) number is 2.04 per cent (provisional) for the month of July, 2024 (over July 2023). It continues to remain in the positive territory for the ninth month after remaining in the negative zone for seven months until October. Economists often say a little rise in <keyword id="280418" type="General" weightage="20" keywordseo="wholesale-inflation" source="Orion">wholesale inflation</keyword> is good as it typically incentivises goods manufacturers to produce more. For food index, which has 24.38 per cent weightage, the rate of wholesale inflation decreased from 8.68 per cent in June, 2024 to 3.55 per cent in July. The increase last month was largely due to higher prices in various categories including food articles, manufacture of food products, crude petroleum and natural gas, mineral oils, and other manufacturing sectors. The government releases index numbers of <keyword id="116267" type="General" weightage="20" keywordseo="wholesale-prices" source="Orion">wholesale prices</keyword> on a monthly basis on the 14th of every month (or the next working day). The index numbers are compiled with data received from institutional sources and selected manufacturing units across the country. In April last year, the wholesale inflation went into negative territory. Similarly, in the initial days of COVID-19, in July 2020, the WPI was reported negative. Overall wholesale inflation was 8.39 per cent in October 2022 and has fallen since then. Notably, the wholesale price index (WPI)--based inflation had been in double digits for 18 months in a row till September 2022. Meanwhile, India's retail inflation, after breaching 5 per cent in June, softened drastically in July. According to data released by the Ministry of Statistics and Programme Implementation, retail inflation or Consumer Price Index in July was at 3.54 per cent, which is the lowest in the last 59 months. In June, taking a departure from the moderation it witnessed in the past months, it rose to 5.08 per cent, pushed by rising food prices. Food inflation for July 2024 is the lowest since June 2023. Year-on-year inflation rate based on All India Consumer Food Price Index (CFPI) number is 5.42 per cent (Provisional) for the month of July, 2024. The corresponding inflation rate for rural and urban is 5.89 per cent and 4.63 per cent, respectively. Rising food prices continued to be a headache for Indian consumers with the inflation rate in the food segment almost doubling year-on-year in June. Food prices continue to remain a pain point for the policymakers in India, who wish to bring retail inflation to 4 per cent on a sustainable basis. However the latest retail inflation data showed the overall inflation has aligned with the intended target. Inflation has been a concern for many countries, including advanced economies, but India has largely managed to steer its inflation trajectory quite well. The eased month-on-month retail inflation, barring June, came on the heels of RBI having maintained the status quo in the repo rate for the ninth straight occasion. Barring the recent pauses, the RBI has raised the repo rate by 250 basis points cumulatively since May 2022 in the fight against inflation. Raising interest rates is a monetary policy instrument that typically helps suppress demand in the economy, thereby helping the inflation rate decline. The repo rate is the rate of interest at which the RBI lends to other banks.

Amid declining retail inflation, wholesale inflation in India moderates to 2.04% in July

<keyword id="6359783" type="General" weightage="20" keywordseo="bajaj-auto" source="Orion">Bajaj Auto</keyword> on Friday reported a 31 per cent growth in its total vehicle <keyword id="6357824" type="General" weightage="20" keywordseo="sales" source="Orion">sales</keyword> at 4,03,003 units in November over the corresponding month of last year. The Pune-based company had sold a total of 3,06,719 vehicles in November 2022, according to a statement. Total domestic sales (two-wheelers and <keyword id="6390018" type="General" weightage="20" keywordseo="commercial-vehicles" source="Orion">commercial vehicles</keyword>) in the previous month grew by a whopping 69 per cent to 2,57,744 units as against 1,52,883 69 units in November 2022. At the same time, <keyword id="35090" type="General" weightage="20" keywordseo="exports" source="Orion">exports</keyword> during the month under review declined 6 per cent to 1,45,259 from 1,53,836 vehicles shipped out to overseas markets in the same month of last year, as per the statement. Two-wheelers' domestic sales were at 2,18,597 units, registering a growth of 77 per cent over 1,23,657 units sold in November 2022, while exports fell 6 per cent year-on-year to 1,30,451 units in the previous month, it said. The total two-wheeler sales during November 2023 were recorded at 3,49,048 units, growing 33 per cent over the same month last year. The total commercial vehicles sales were 53,955 units in November 2023, as per the statement.

Bajaj Auto sales grow 31 per cent in November

The State Bank of India (<keyword id="19898108" type="General" weightage="20" keywordseo="sbi" source="keywords">SBI</keyword>) in its latest report has asked for <keyword id="20213295" type="General" weightage="20" keywordseo="tax-reforms" source="keywords">tax reforms</keyword> after concerns were flagged over the recent decline in <keyword id="20202062" type="General" weightage="100" keywordseo="bank-deposits" source="keywords">bank deposits</keyword>. The report says tax Reforms for Deposits can accentuate the banking system's stability and resilience to the next level. SBI attributed the fall in deposits to the varied rates of return offered by different <keyword id="20139443" type="General" weightage="20" keywordseo="investment-options" source="keywords">investment options</keyword> for similar time frames and different tax rates on <keyword id="22837794" type="General" weightage="20" keywordseo="returns-on-deposits" source="keywords">returns on deposits</keyword>. The <keyword id="20352499" type="General" weightage="20" keywordseo="SBI-report" source="keywords">SBI report</keyword> said that "<keyword id="20658792" type="General" weightage="20" keywordseo="tax-treatment" source="keywords">Tax treatment</keyword> of bank and non-bank channels are non-uniform, even as bank deposits have a wider and denser pass-through effect across the populace sensitivity of Deposits on Tax is as much as 7 per cent" The report noted that a bank deposit of Rs 10 lac in a Savings Bank (SB) account at an investment return of 3 per cent would generate Rs 30,000 in returns and after accounting for taxes and exemptions, the <keyword id="22837795" type="General" weightage="20" keywordseo="net-return" source="keywords">net return</keyword> would be Rs 16,000. The report adds that the net returns vary significantly if deposits are made in different instruments like <keyword id="21041176" type="General" weightage="20" keywordseo="term-deposits" source="keywords">term deposits</keyword>, short and long-term investments in debt funds, liquid funds or bonds. The tax rates on these deposits also favour saving banks or term deposits. The report illustrates a term deposit of up to one year with the same principal amount of Rs 10 lac at a yield of 6.25 per cent would result in a net return of Rs 50,000 after taxes. But for term deposits exceeding one year the interest rate is higher and with an interest rate of 7.25 per cent, the gross return would be Rs 72,500. After taxes, the net return would be Rs 58,000. The data highlights that similar type of investments for the same period generates significantly different returns because of different tax treatment by the government. Similar variations are observed in other <keyword id="20105084" type="General" weightage="20" keywordseo="investment-plans" source="keywords">investment plans</keyword> as well. For instance, investments in equity and mutual funds with a 2 per cent dividend income of Rs 10,00,000 generate Rs 20,000, which after taxes the net return is Rs 16,000. However, Short-term investments of less than one year in equity and mutual funds, offering an 11 per cent return generate Rs 1,10,000, with a net return of Rs 88,000 after taxes. This investment if made in Long-term investments of more than one year the return increases to 15% on Rs 10,00,000 and generates Rs 1,50,000 annually. With a lower tax bracket of 12.5 per cent tax on long-term investments and applicable exemptions, the net return is Rs 1,43,750. These variations in returns across different deposits and investment options highlight the complexity and thus investors are choosing the higher return options over the bank deposits which in turn poses a threat to the deposit growth in the banking sector.

Decline in bank deposits because of non-uniform tax treatment on various investment options: SBI report

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> depreciated 5 <keyword id="20045456" type="General" weightage="20" keywordseo="paise" source="keywords">paise</keyword> to 83.43 against the <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword> <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> in early trade on Monday amid a strong American <keyword id="20256153" type="General" weightage="20" keywordseo="currency" source="keywords">currency</keyword> overseas and withdrawal of foreign funds from domestic equity markets. However, positive sentiment in the domestic equity markets and retreating crude oil prices in international markets supported the Indian currency at lower level, forex traders said. At the interbank foreign exchange, the domestic unit opened weak at 83.39 against the greenback and then slipped further to 83.43, registering a loss of 5 paise compared to its previous closing level. On Friday, the rupee had declined 10 paise to close at 83.38 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, increased 0.05 per cent to 105.86. Analysts attributed the strengthening dollar to the positive global trends amid firm growth in the world's largest economy, which renewed hope for a reduction in the interest rate by the US Federal Reserve. Brent crude futures, the global oil benchmark, declined 0.92 per cent to USD 88.68 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 271.80 points or 0.37 per cent higher at 74,001.96. The broader NSE Nifty advanced 72.45 points or 0.32 per cent to 22,492.40. Foreign institutional investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 3,408.88 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank">Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh</a><a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank">An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-c65-5g-with-5000mah-battery-120hz-display-launched-starting-at-10499/articleshow/109619597.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-c65-5g-with-5000mah-battery-120hz-display-launched-starting-at-10499/articleshow/109619597.cms" target="_blank">Realme C65 5G with 5,000mAh battery, 120Hz display launched starting at ₹10,499</a>

Rupee declines 5 paise to 83.43 against US dollar in early trade

India's eight core industries recorded a growth of 7.4 per cent in December (2022) against 4.1 per cent recorded in the same month last year, according to official data released by the <keyword id="527366" type="General" weightage="20" keywordseo="Ministry-of-Commerce-Industry" source="Orion">Ministry of Commerce &amp; Industry</keyword> on Tuesday. The number stood at 5.4 per cent in November, 2022. "The production of coal, electricity, steel, cement, fertilizers, refinery products and natural gas increased in December 2022 over the corresponding month of last year," stated the release. The <keyword id="16313496" type="General" weightage="20" keywordseo="production-of-crude-oil-declined" source="Orion">production of crude oil declined</keyword> by 1.2 per cent in December, 2022. The cumulative growth rate of ICI during April-December 2022 was 8.0 per cent (provisional) as compared to the corresponding period of last year. The Index of Core Industries measures combined and individual performance of production in selected eight core industries viz. coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity. The Eight Core Industries comprise 40.27 per cent of the weight of items included in the <keyword id="124816" type="General" weightage="20" keywordseo="Index-of-Industrial-Production" source="Orion">Index of Industrial Production</keyword> (IIP). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indian-start-ups-are-looking-at-reverse-flipping-says-economic-survey/articleshow/97495048.cms">Indian start-ups are looking at reverse flipping says Economic Survey</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/in-a-major-clean-up-drive-bmc-sacks-55-staffers-for-corruption-suspends-134-for-graft-crimes/articleshow/97491919.cms">In a major clean-up drive, BMC sacks 55 staffers for corruption, suspends 134 for graft, crimes</a>

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