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<ul><li>Economists at Bank of Baroda in their macro outlook for FY24 see India’s <keyword id="598729" type="General" weightage="20" keywordseo="cpi-inflation" source="Orion">CPI inflation</keyword> moderating to 5.5% as opposed to 6.7% in FY23. </li><li>India’s GDP is expected to grow between 6-6.5% in FY24. </li><li><keyword id="6356076" type="General" weightage="20" keywordseo="indian-economy" source="Orion">Indian economy</keyword> expected to stay resilient; headwinds such as global slowdown and <keyword id="51549" type="General" weightage="80" keywordseo="el-nino" source="Orion">El Nino</keyword> factored in. </li></ul>After raising <keyword id="6371181" type="General" weightage="20" keywordseo="interest-rates" source="Orion">interest rates</keyword> by 250 basis points in the last financial year (FY23), India’s central bank could now cut its lending rate twice in the second half of this year (FY24), say economists at Bank of Baroda. This means that the repo rate, which stands currently at 6.5% will come down to 6%. In a webinar titled ‘Indian Economy FY24 — A Prognosis’, economists at Bank of Baroda said that they do not expect any rate action in the first half of FY24, but believe that the Reserve Bank of India (RBI) may effect two rate cuts amounting to a 50 basis point cut in the second half of the financial year. “Generally, we expect stance to change before rate action, and now RBI is working on withdrawal of accommodation. I would be looking at the stance changing to neutral before the rate cut,” said Madan Sabnavis, chief economist at Bank of Baroda on Friday. The prediction comes on the back of the belief that India’s inflation reading will continue to moderate. The economists expect CPI, or the consumer price index, inflation to moderate to 5.5% as opposed to 6.7% seen in FY23. “The upside risks to this are a favourable base and lower energy prices globally. If the El Nino threat persists, it may affect the summer crops,” said Aditi Gupta, an economist at Bank of Baroda. India’s growth gears BoB economists expect India’s GDP to grow anywhere between 6-6.5% in FY24 which is slightly higher than IMF’s predictions of 5.9%. However, a report by SBI Ecowrap expects the GDP growth at 7.1% – in line with NSSO’s predictions of 7% growth. It is noteworthy that SBI Ecowrap says that India is likely to continue its showdown in pursuing a different pathway of zeroing in on drivers of growth, looking for a renewed surge in resilient manufacturing while supporting the services sector to embrace enhanced efficiency. “Locally, domestic consumption and investment stand to benefit from stronger prospects for agricultural and allied activities, strengthening business and consumer confidence, and strong credit growth while supply responses and cost conditions are poised to improve as inflationary pressure is easing,” SBI said. The challenges BoB believes that the Indian economy will continue to be resilient, but has also taken into account other factors like expected slowdown in the global economy. “Unlike China, India is primarily a domestic oriented economy but it needs rural demand, job creation and other factors to play out,” said Sabnavis adding that there is uncertainty around the agriculture sector, due to the El Nino phenomenon. In their presentation, BoB economists noted that downside risks to agriculture are – a possible heatwave from El Nino impact, <keyword id="484499" type="General" weightage="50" keywordseo="unseasonal-rainfall" source="Orion">unseasonal rainfall</keyword>, late departure of the monsoon and spatial distribution of rainfall. India’s bank credit is expected to grow anywhere between 12-14% in FY24, matched by a healthy growth of 11-12% in deposits. They also expect FPI inflows to turn positive after being in the negative zone in FY23. Quantitative tightening in the international markets will also present its set of challenges. While investors will be left with fewer funds to choose from, the risk of recession might make them look for safe haven investments. Economists believe that both will be deciding factors in how much foreign inflows (FDI as well FPI) India sees in the current financial year. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/news/nykaa-is-going-strong-on-physical-stores-as-it-aims-for-an-optimum-offline-online-mix/articleshow/100506296.cms">Nykaa is going strong on physical stores as it aims for an ‘optimum offline-online mix’</a> <a href="https://www.businessinsider.in/india/news/indians-want-to-spend-the-2000-note-but-it-doesnt-look-easy/articleshow/100496839.cms">Indians want to spend the ₹2,000 note but it doesn’t look easy</a>

With inflation cooling, RBI may slash interest rates by 50 bps this financial year

Dhunia, a little girl from an unidentified village, is worried about her father. She skips school to keep a tab on her father every day and even secretly follows him to the fields. She’s getting sleepless nights and even holds on to her father’s arm while sleeping. 
 
Why? 
 
She is scared that her father might commit suicide like her friends’ fathers due to unforeseen <a href="http://www.businessinsider.in/searchresult.cms?query=weather+forecast">weather conditions</a>? 
 
Like her, there are millions of families who lose sleep over this thought. 
 
This beautiful and heart warming video by <a href="http://www.businessinsider.in/searchresult.cms?query=skymet">Skymet Weather</a> to <keyword id="3008982" type="UNKNOWN" weightage="100" keywordseo="HelpTheFarmer">#HelpTheFarmer</keyword> has drawn attention towards a pitiful issue-<a href="http://www.businessinsider.in/searchresult.cms?query=farmer+suicide">farmer suicide</a>. 
 
Farmer suicides due to drought, <a href="http://www.businessinsider.in/searchresult.cms?query=crop+damage">crop damage</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=unseasonal+rain">unseasonal</a> rain and scanty rainfall are worrisome and paint a sorry picture in a country where around 70% dependency is on the <a href="http://www.businessinsider.in/searchresult.cms?query=agriculture">agrarian sector</a>. 
 In 2014, the <keyword id="83948" type="UNKNOWN" weightage="100" keywordseo="Farmer-suicide">farmer suicide</keyword> cases rose by 26% to 1,109. 
 
Minister of State for Agriculture Mohanbhai Kundaria had informed that out of 1,109 cases, 986 were reported from Maharashtra, 84 from Telangana and 29 from Jharkhand. 
 
In 2013, 879 farmers had committed suicide, and in 2012 the cases of farmer suicides were 1,046, according to the data shared by Kundaria. 
 
The compensation announced by the government is also not helping the farmers as in most of the cases either the amount does not reach the farmers or it is paltry, adding salt to their wounds. 
 
As per Skymet, which has quoted BBC news, since 1995, nearly 3,00,000 farmers in India have ended their lives. 
 
This video is a reminder to the Centre as well as state governments that farmer suicide is an important issue and many families are dependent on people, who are sole bread winners. 
 
Take a look and find out whether Dhunia’s father commits suicide or not. 
 
 
 
(Image/Video: YouTube)

Here is why PM Modi should watch this heart-wrenching video on farmers’ suicide

On Friday evening, a tornado touched down in north-central Alabama, splitting trees in half,&#xa0;hospitalizing four people, and&#xa0;stripping walls and roofs from homes, like the one shown below:<div class="KonaFilter image-container display-table full"><div><div class="image on-image"></div></div></div>This is only the latest wave of severe, and bizarre, weather that's hammered the South during Christmas week.The funnel was spotted by witnesses outside the city at about 5 p.m. CST Friday and left a two square-mile swath of destruction before letting up. An hour later, first responders were on the scene.Some people were trapped inside damaged houses, but, no one was killed. So far, four people have been transported to local hospitals with only minor injuries, <a href="http://www.cnbc.com/2015/12/26/tornado-hits-birmingham-alabama-as-severe-southern-weather-continues.html">CNBC reported</a>.<h2>Severe weather on Wednesday kills 15</h2>The same can't be said for the parts of Mississippi, Tennessee, and Arkansas, who, on Wednesday, suffered severe storms, flooding, and an exceptionally long-lasting tornado. At least 15 people were killed, <a href="http://www.accuweather.com/en/weather-news/tornado-photos-damage-southeast-mississippi-tennessee/54388401">AccuWeather reported</a>.The tornado had winds <a href="https://www.facebook.com/NWSNashville/posts/950477205028564">up to 110 mph</a> and first touched down in northern Mississippi, but it didn't stop until it had reached western Tennessee."If it is continuous it would be the longest track (December) tornado on record here in the mid-South," the Memphis office of the weather service said, <a href="http://www.cnn.com/2015/12/24/us/severe-weather/">according to CNN</a>.Here's a map showing the tornado's path:<div></div>And some tweets of the damage:<div></div><div></div>This month's <a href="http://www.businessinsider.com/ap-blistering-cold-follows-on-heels-of-wintry-storm-in-west-2015-12">unseasonably warm temperatures</a> helped spawn this torrential rain and deadly tornadoes. The bizarre weather can be linked to the record-breaking El Niñ0 weather pattern, which is why the East Coast has been enjoying spring-like weather this winter.Among the 15 who died were eight people from Mississippi and six in Tennessee, including three who were found in a car submerged in a creek, according to the Columbia Police Department.In addition, dozens of homes were damaged or destroyed and thousands were left without power.<h2>It's not over yet</h2>As of Friday, parts of Mississippi were still under a flood warning:<div></div>And Mother Nature isn't done, yet.More severe weather is also in store for parts of Georgia and Tennessee until Monday. Residents were warned to brace for flash flooding and possible tornadoes.<div></div>As the rain continued to fall, Alabama Gov. Robert Bentley on Friday issued an emergency declaration that covers any part of the state experiencing flash flooding. Officials in southeast Alabama are particularly concerned, as Pea River is approaching record-levels near the town of Elba, which has a history of severe flooding.Peak tornado season in the South is in the spring, but such storms can happen at any time.

Unseasonably warm temperatures spawned violent storms in the South this Christmas that killed over a dozen people

Brace yourself for an extended summer season and scanty rainfall along with rise in prices of food items this year as the Australian Meteorological Department predicted on Tuesday that the tropical Pacific was in early stages of the El Nino weather phenomenon. 
 The bureau’s current observations state that India's south-west monsoon will be deficient and it has already been predicted by the <keyword id="6355166" type="ORGANIZATION" weightage="60" keywordseo="India-Meteorological-Department">India Meteorological Department</keyword> in April, as per an Economic Times report. 
 
El Nino refers to the warming of Pacific waters and is seen as having a wide-ranging impact on global weather. 
 This comes as bad news for India as the <keyword id="390879" type="UNKNOWN" weightage="60" keywordseo="monsoon-season">monsoon season</keyword>, which runs from June to September in the country, is the main source of water for the agriculture sector. This will affect the <keyword id="2848024" type="UNKNOWN" weightage="60" keywordseo="Agriculture-based-industries">agriculture-based industries</keyword> and the food industry. 
 
In the wake of poor rainfall last year and unseasonal rains and snowfall in recent months, India's revival plans and economic growth will also be hampered. 
 
According to the Australian weather office, the El Nino Southern Oscillation ( ENSO) indicators have shown a steady trend toward El Nino levels since the start of the year. The temperatures of sea surface in the tropical Pacific Ocean have also exceeded El Nino thresholds recently. 
 
Moreover, such changes are also supported by warmer-than-average waters below the surface which will worsen the weather condition. 
 
Trade winds have remained consistently weaker than average since the start of the year. "These indicators suggest the tropical Pacific Ocean and atmosphere have started to couple and reinforce each other, indicating El Nino is likely to persist in the coming months," the Australian weather office said. 
 
International climate models surveyed by the bureau indicate that tropical Pacific Ocean temperatures are likely to remain above El Nino thresholds through the coming winter and at least into spring. 
 
(Image:Reuters)

El Nino brings bad news for India. Here’s how

<ul><li>The <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>’s Monetary Policy Committee (<keyword id="6369693" type="General" weightage="100" keywordseo="mpc" source="Orion">MPC</keyword>) left rates unchanged in a surprise move earlier this month.</li><li>Cooler inflation has boosted expectations of a ‘decisive’ rate pause for a prolonged period.</li><li>That said, economists have flagged El Niño and a resurgent crude as key risks that need to be monitored going forward.</li></ul>The Reserve Bank of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>’s Monetary Policy Committee (MPC) sprung a surprise by<a href="https://www.businessinsider.in/finance/news/rbis-monetary-policy-committee-keeps-repo-rate-unchanged-at-6-5/articleshow/99284354.cms"> pausing rate</a> hikes when it met earlier this month, noting that it will wait to gauge the effects of the hikes done so far since May last year. Now with inflation<a href="https://www.businessinsider.in/business/news/retail-inflation-falls-to-a-15-month-low-of-5-66-in-march/articleshow/99440006.cms"> falling</a> to a 15-month low in March, there is a growing consensus that we may have entered the prolonged rate-pause territory. While making the rate-pause announcement, RBI governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said the MPC expected softer inflation going forward thanks to lower commodity prices. He stressed that the battle against inflation was not over yet and the possibility of further rate hikes cannot be ruled out. This was before the retail inflation numbers measured by the consumer price index (CPI) came in – at 5.66%. For March, it was below the RBI’s upper tolerance limit of 6%. The cooling inflation builds a strong case against future rate hikes, say economists. “RBI may have just hit the pause button as inflation trajectory looks below 6% for the rest of FY24 while deftly managing liquidity in the system,” said economists at <keyword id="2017241" type="General" weightage="50" keywordseo="sbi-research" source="Orion">SBI Research</keyword>. <a href="https://www.businessinsider.in/finance/news/rbi-revises-indias-fy24-growth-outlook-expects-softer-inflation-on-the-back-of-lower-commodity-prices/articleshow/99290005.cms">RBI fine-tuned</a> its inflation and growth projections for FY24 – while inflation expectation has been trimmed from 5.3% earlier to 5.2%, gross domestic product (GDP) expectations have been revised upwards from 6.4% to 6.5%, which suggests that the central bank is now on a surer footing about the Indian economy. The International Monetary Fund has also highlighted that three out of four countries in the world will experience disinflation in 2023. As far as monetary policy is concerned, the SBI report adds that 90 out of 147 countries have kept their rates unchanged, while 48 countries cut rates in the current cycle. Only 9 countries hiked rates, it added, suggesting that the MPC did not actually break away from most of the world’s economies. “We estimate the FY24E average CPI inflation at 5.4% and maintain our view of a prolonged pause by the MPC in FY24,” said a report by Goldman Sachs. <cmsannotation type="cmsannotation" annotationid="El Niño and boiling crude oil could spoil the party" comment="subhead" text="El Niño and boiling crude oil could spoil the party">El Niño and boiling crude oil could spoil the party</cmsannotation> The threat of El Niño, however, looms. El Niño is a weather phenomenon that occurs every few years and can lead to droughts or below-average rainfall in India. A weak monsoon could hurt growth across various sectors of the Indian economy and force the MPC’s hand if inflation spikes again. If El Niño materialises, it could adversely impact farm output. Earlier, the Finance Ministry had also flagged its concerns amidst an Indian Meteorological Department (IMD) prediction of above-normal temperatures in India this year. “An El Niño this year will negatively impact kharif sowing and next year’s rabi sowing due to lower availability of water,” said JM Financial. If farm output is affected, it could lead to higher prices and push inflation back up. For instance, unseasonal rains have already led to tight supply conditions, leading to a 22% increase in the prices of pigeon peas in Q4. However, earlier this week, the IMD projected a ‘normal’ monsoon with rainfall at 96% of the long-period average. A resurgent crude oil is another risk factor – in the last one month, Brent crude oil prices have risen by over 10% amid cooling inflation in the US. If the crude prices ride higher, it could keep prices elevated in India, forcing the MPC to rethink its rate-pause strategy. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/what-can-1-get-you-30-minutes-of-trailers-at-pvr-inox/articleshow/99487702.cms">What can ₹1 get you? 30 minutes of trailers at PVR Inox</a> <a href="https://www.businessinsider.in/business/corporates/news/client-meetings-start-and-stop-with-chatgpt-says-indias-largest-it-company/articleshow/99468194.cms">Client meetings 'start and stop with ChatGPT' says India's largest IT company</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-sees-4-7-revenue-growth-in-fy24-after-it-misses-its-own-fy23-revenue-guidance/articleshow/99467637.cms">Infosys sees 4-7% revenue growth in FY24 after it misses its FY23 guidance</a>

RBI's MPC 'decisively' in a rate-pause mode as inflation cools down

<ul><li>India’s auto sector could be looking at mixed performance in March, with some segments likely to clock better growth than others. </li><li>Passenger vehicles, one of the segments that have been driving sales in the past few months, could be looking at a flat March. </li><li>Commercial vehicles are expected to continue growing thanks to infrastructure-led demand seeing a healthy fleet utilisation in the medium to heavy commercial vehicles (MHCV) category. </li></ul>The Indian auto sector could be looking at mixed performance in March due to a combination of erratic rainfall dampening demand for light commercial vehicles (LCVs), and a moderation in demand for passenger vehicles (PVs) during the month, as observed by analysts at <keyword id="46252" type="General" weightage="80" keywordseo="motilal-oswal" source="Orion">Motilal Oswal</keyword>. The brokerage expects a slight uptick in demand for two-wheelers during the month on account of festivals and a low base of the previous year. However, concerns about weakness in the rural markets could drag down the overall numbers. Passenger vehicles, which were in the driver’s seat for a few months now, are expected to clock ‘flattish’ growth during March. “There has been some moderation in enquiries led by muted demand during ongoing festivals and persistent weakness in the rural market,” said the Motilal Oswal report. <cmsannotation type="cmsannotation" annotationid="Commercial vehicles to drive growth" comment="subhead" text="Commercial vehicles to drive growth">Commercial vehicles to drive growth</cmsannotation> The brokerage expects the commercial vehicle segment to drive growth in the auto sector in March. More specifically, the medium and heavy commercial vehicles segment is expected to register a 10-12% year-on-year rise in sales due to “healthy fleet utilisation driven by infra-led demand and pre-buying before OBD-2 transition.” On the other hand, the light commercial vehicle segment is expected to register a decline of 8-10%n due to erratic rainfall and subdued rural sentiments. Unseasonal rains could also weigh on tractor sales, which could decline 3-5% due to expectations of a low Rabi output. <cmsannotation type="cmsannotation" annotationid="Moderation in passenger vehicle sales: High interest rates hurt bookings" comment="subhead" text="Moderation in passenger vehicle sales: High interest rates hurt bookings">Moderation in passenger vehicle sales: High interest rates hurt bookings</cmsannotation> The entry-level segments have been hurting across the passenger vehicle and two-wheeler segments for a while now. So far, weak rural sentiments and elevated inflation were behind the weak performance of the entry-level segment, but now, analysts suggest high interest rates are also adding to the slowdown. “Moreover, rising interest rates have further hampered bookings for low-end models. Although the inventory level has increased to 25-30 days in March versus 20-25 days till February end, it has now come back to the normal level after three years,” the brokerage said. Sports utility vehicles (SUV) continue to be in demand, with waiting periods still being long. For instance, M&amp;M’s popular duo of SUVs, the Scorpio-N and XUV 700 have a waiting period of 3-10 months, and 2-5 months, respectively. The Thar, too, has a waiting period of nearly a month. <keyword id="42747" type="General" weightage="80" keywordseo="tata-motors" source="Orion">Tata Motors</keyword>’ Nexon, on the other hand, has a waiting period of 4-6 weeks. Despite a moderation in demand, discounts have been muted, the brokerage noted, adding that it expects M&amp;M’s sales to rise 16% year-on-year, while Tata Motors could see a modest 3% growth. Market leader <keyword id="44883" type="General" weightage="80" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword> is expected to report a 3% fall in dispatches. <cmsannotation type="cmsannotation" annotationid="Slight uptick in two-wheeler sales, but rural demand still weak" comment="subhead" text="Slight uptick in two-wheeler sales, but rural demand still weak">Slight uptick in two-wheeler sales, but rural demand still weak</cmsannotation> Two-wheeler sales have been struggling for a few months now and the pressure is expected to temper a bit during March, with a slight uptick resulting in a 4-6% YoY increase in retail sales, thanks to steady urban demand. However, erratic rains could dampen two-wheeler sales as well, with rural demand still remaining weak. “Overall sales are still down by 15-17% versus the pre-Covid level as rural demand remains weak,” the Motilal Oswal report added. The brokerage also witnessed a large variation in enquiries across states during festivals – while Gujarat, Delhi and Karnataka saw a 2-6% YoY increase in enquiries, UP, Bihar and Maharashtra reported a 4-8% decline. Market leader <keyword id="6357252" type="General" weightage="80" keywordseo="hero-motocorp" source="Orion">Hero MotoCorp</keyword> could see a 4% YoY decline in dispatches, while Bajaj Auto and <keyword id="46156" type="General" weightage="50" keywordseo="tvs-motor" source="Orion">TVS Motor</keyword> could see a 5% fall each. Royal Enfield, on the other hand, is expected to report yet another month of growth, with its dispatches expected to increase 10%. Overall, March could be a mixed bag for the Indian auto industry. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-jsw-energy-hero-motocorp-among-stocks-in-focus/articleshow/99131742.cms">Sensex, Nifty50 rally on the last day of FY23: Reliance Industries, Nestle, Infosys, ICICI Bank and Tata Motors top gainers</a> <a href="https://www.businessinsider.in/stock-market/news/the-alpha-creators-bank-and-it-stocks-outperform-nifty50-in-the-last-11-years/articleshow/99114789.cms">The Alpha Creators: Bank and IT stocks outperform Nifty50 in the last 11 years</a> <a href="https://www.businessinsider.in/finance/news/npci-introduces-interchange-fees-on-upi-transactions-done-via-prepaid-payment-instruments/articleshow/99080455.cms">Will UPI payments now attract charges? Decoding NPCI’s interchange fee on UPI transactions via prepaid payment instruments</a>

No festive cheer for auto cos in March: PV sales ‘flattish’, 2Ws to see a slight uptick

Even though <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s inflation has eased, it still remained above the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>'s (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) tolerance band and hence it warrants appropriate policy responses to anchor expectations going forward. "Easing of supply chain pressures and the recent ebbing of commodity prices are providing some breather from record <keyword id="101998" type="General" weightage="20" keywordseo="high-inflation" source="Orion">high inflation</keyword>," the RBI said in its monthly bulletin. Incidence of unseasonal and excessive rainfall, if any, can impact food prices, especially vegetable prices. Greater transmission of input cost pressures to selling prices across manufacturing and services sectors may also create fresh price pressures. Moreover, persistently elevated cost of living conditions could translate to higher wages and further price increases, especially if pricing power of firms strengthen. Taking into account these factors, and on the assumption of a normal monsoon in 2022 and average crude oil price (Indian basket) of $105 per barrel, inflation is projected at 6.7 per cent in 2022-23, with Q2 at 7.1 per cent; Q3 at 6.4 per cent; and Q4 at 5.8 per cent, with risks evenly balanced. CPI inflation for Q1 2023-24 is projected at 5 per cent, the RBI said. In India supply conditions are improving, with the recent monsoon pick-up, strong momentum in manufacturing and a rebound in services. Going forward, the onset of festival season should boost consumer demand, including rural, also as sowing activity picks up. Robust central government capital outlays are supporting investment activity. India's retail inflation -- Consumer Price Index (CPI) -- eased to a five-month low of 6.71 per cent in July, down from 7.01 per cent in June. The CPI continued to remain above the RBI's upper tolerance band of 6 per cent for the seventh consecutive month. Meanwhile, the bulletin also stated that the consolidated balance sheet of the NBFC sector exhibited double digit growth in the quarter-ending December 2021. The profitability of the NBFC sector improved in Q3 2021-22 compared to the corresponding quarter in 2020-21. NBFCs continued to provide maximum credit to industrial sector followed by retail, services, and agriculture. The sectoral credit distribution remained largely unchanged in 2021-22 (up to end-December 2021) as compared to end-December 2020. All sectors witnessed high credit growth on account of base effect and resumption of economic activities. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rupee-expected-to-trade-at-around-79/-on-fii-inflows-easing-crude-prices-bob/articleshow/93651698.cms">Rupee expected to trade at around 79/$ on FII inflows, easing crude prices: BoB</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/realme-9i-5g-review/articleshow/93641337.cms">Realme 9i 5G Review - 5G Upgrade With Cosmetic Changes</a>

There is a breather from record high inflation, but still above tolerance band: RBI

<ul class="summary-list"><li>The climate crisis is set to dominate the agenda at this year's World Economic Forum meeting in Davos.</li><li>Climate experts say they'll be looking out for 3 conversations, including how to pay for the climate crisis.</li><li>They also expect leaders at Davos to talk, finally, about the links between climate, health, and more.</li></ul>This week, more than 2,500 business leaders and politicians are making their way to the Swiss Alps for the World Economic Forum's 53rd annual meeting at Davos. There's one thing missing this year, though — snow.Unseasonably warm weather across Europe has led to much less snowfall than usual. The absence of snowy ski slopes at Davos is a fitting reminder of what is set to be a major topic at this year's meeting — <a href="https://www.businessinsider.com/melting-glaciers-ice-sheets-sea-level-rise-climate-disaster-2022-12">the climate crisis</a>.The 2023 program features sessions tackling big issues — such as <a href="https://www.businessinsider.com/countries-un-make-businesses-show-impact-nature-food-production-2022-12" target="_blank" rel="noopener">sustainable diets</a> and transitioning to <a href="https://www.businessinsider.com/agrivoltaic-farming-solar-sharing-growing-more-popular-in-japan-2022-12">clean energy</a> — as well as more niche events on circular economies and using satellite data to monitor deforestation. Climate leaders, including former US politicians Al Gore and John Kerry, will take to the stage to discuss decarbonization, clean technology, climate finance, and more.The World Economic Forum's recent <a href="https://www.weforum.org/reports/global-risks-report-2023/">Global Risks Report</a>, which is released every year in the run up to Davos, ranked the failure to mitigate the climate crisis as the No. 1 risk facing the world over the next 10 years.Insider sat down with three climate experts to get the lowdown on what they hope to see at Davos this year.<h2>1. More climate finance deals</h2>Some solutions to the climate crisis already exist, according to Sweta Chakraborty, behavioral scientist and CEO of climate solutions organization <a href="https://app.wedonthavetime.org/">We Don't Have Time</a>.She told Insider that the next step is capitalizing on these tools, which is why she expects climate finance — i.e. paying for these tools — to be a big issue at Davos this year. Jennifer Morris, CEO of <a href="https://www.nature.org/en-us/">The Nature Conservancy</a>, a global environmental nonprofit, agreed. She said that the biggest challenge in reaching climate goals is <a href="https://www.businessinsider.com/sustainable-finance-drives-goals-around-climate-equity-prosperity-and-governance-2022-3">finding the money.</a>"In 2023, I want to see more robust financing from private investors," Morris said. "Currently, it takes more than $4 of public money to leverage $1 of private money. We urgently need that ratio to start to reverse."In 2022, countries including Belize and Barbados took on climate commitments as part of sovereign debt conversion deals, supported by The Nature Conservancy. Countries can go into "sovereign debt" when they borrow money. A sovereign debt conversion deal enables governments to convert a portion of this debt into sustainability financing. For instance, in one deal, the Government of Barbados was able to transfer part of its sovereign debt service into ocean conservation funding.Morris said that there could be more sovereign debt deals to come. "Developing countries want to join the fight against the climate crisis and need financial support to be successful," she said.<h2>2. Getting out of 'silos' and addressing interlinked crises, like climate and health</h2><a href="https://affiliate.insider.com?postID=63c1927516ce4f56a06e02d6&amp;site=bi&amp;u=https%3A%2F%2Fwww.nature.com%2Farticles%2Fs41558-022-01426-1">A recent study</a> found that over half of infectious diseases could be exacerbated by the climate crisis, such as warming temperatures and increased rainfall. Alice Bell, head of climate and health at the <a href="https://wellcome.org/">Wellcome Trust</a>, emphasized the links between climate and health."We're especially excited about the prospect of getting out of the silos of talking about either climate or health on their own, and getting deep into a really collaborative discussion about the intersection of the two issues," she told Insider.Morris agreed that there are multiple crises to deal with. "We must also acknowledge that we are addressing a confluence of crises that are interconnected," she said, citing the war in Ukraine, a concerning outlook for the global economy, and the continued effects of the pandemic. "Throughout it all, we must be careful not to pit our immediate needs against our long-term survival," Morris said.<h2>3. A plan to redirect fossil-fuel subsidies to clean energy</h2>With 52 heads of state and over 500 CEOs heading to Davos this year, Chakraborty said that the meeting is the "perfect convening" to focus on financing a clean energy transition and "to accelerate the public-private partnerships needed to turn our goals into reality."One way to do this, according to Chakraborty, would be to phase out fossil-fuel subsidies and redirect that money to investments that will help scale green solutions faster.Fossil-fuel subsidies are a way for governments to lower the cost of fossil fuels. Often, the subsidies come in the form of tax breaks on either the consumption or production of fossil fuels such as oil and coal. According to <a href="https://www.imf.org/en/Publications/WP/Issues/2021/09/23/Still-Not-Getting-Energy-Prices-Right-A-Global-and-Country-Update-of-Fossil-Fuel-Subsidies-466004">research by the International Monetary Fund</a>, global fossil-fuel subsidies in 2020 totalled $5.9 trillion — which equates to around 6.8% of GDP."The goal of redirecting fossil-fuel subsidies to clean energy is to accelerate the transition to a low-carbon economy and help mitigate the effects of the climate crisis by reducing greenhouse gas emissions," she said. "This will also level the playing field and allow for a much more rapid and equitable rollout of the next generation of clean energy."Chakraborty added: "It's time to harness the scientific research, scalable solutions, and the momentum of public and private interest."

Climate leaders say 3 conversations need to happen at the World Economic Forum this week to lock in a sustainable future

<ul><li>Reserve Bank of India governor Shaktikanta Das today announced the fourth interest rate hike, taking the repo rate to 5.9% from 5.4%.</li><li>The rate hike comes in lockstep with the US Fed, which has so far announced a 300 basis points hike over the past few months.</li><li>Making the announcement, Das said inflation remains at ‘alarmingly high levels’ due to the triple shock of Covid-19, Russia-Ukraine war and aggressive monetary policy action from central banks of advanced countries.</li></ul>Reserve Bank of India (RBI) governor Shaktikanta Das on Friday announced an interest rate increase of 50 basis points, the fourth hike since May this year, in a bid to tame inflation and ensure financial stability. This takes the repo rate to a three-year high of 5.9%. The SDF repo rate (standing deposit facility) is now at 5.65%. This is RBI’s third consecutive 50 bps hike, taking the total hike to 190 bps – the central bank had raised the repo rate by 40 bps in May and 50 bps each in<a href="https://www.businessinsider.in/finance/news/indias-central-bank-hikes-interest-rates-by-50bps-to-4-9/articleshow/92073644.cms"> June</a> and<a href="https://www.businessinsider.in/finance/news/rbi-hikes-repo-rate-by-50-basis-point-to-5-4-as-inflation-is-still-uncomfortable/articleshow/93362291.cms"> August</a>. Das said inflation remains at ‘alarmingly high levels’ due to the triple shock of Covid-19, Russia-Ukraine war and aggressive monetary policy action from central banks of advanced countries. “The global economic outlook continues to be bleak. Financial conditions are tightening and recession fears are mounting. Inflation continues to persist at alarmingly high levels across jurisdictions. The enduring effects of the pandemic and the geopolitical conflict are manifesting in demand-supply mismatches of goods and services,” Das said. The governor pegged the real GDP growth rate at 7% for the current financial year. He also said that the consumer price index or CPI inflation is said to be around 6.7% for the current year, as they closely watch the impact of possible unseasonal and excessive rainfall on food prices, even as global food prices have softened. Das said CPI inflation is further projected to reduce to 5% by Q1 FY24, while saying “monetary policy should remain alert and nimble”. Market reaction remained positive, with both the Nifty50 and the Sensex in the green as of 10:30 a.m. The Bank Nifty was also up 1%. <cmsannotation type="cmsannotation" annotationid="Stubborn inflation, strong US Dollar" comment="subhead" text="Stubborn inflation, strong US Dollar">Stubborn inflation, strong US Dollar</cmsannotation> CPI inflation surged back to June levels of 7% in August, after falling to 6.71% in July, and RBI’s target is to keep it between 2-6%. A further cooling off in crude oil prices from the June highs of $120 per barrel to $87 now – combined with a cool off in commodity and edible oil prices – should give Das some room to breathe and apply moderation in his rate hikes, if any, in the future. Das also touched upon <a href="https://www.businessinsider.in/finance/news/indias-central-bank-hikes-interest-rates-by-50bps-to-4-9/articleshow/92073644.cms">a point he had made during the second rate hike</a> in June, saying, “In this milieu, nervous investor sentiments have triggered a flight to safety. The US Dollar has strengthened rapidly to a two-decade high. Several advanced and emerging market currencies are facing sharp depreciation pressures,” he added. On the other hand, Das sounded optimistic about India’s financial activity, and said that it remained stable. “While real GDP growth in the first quarter this year turned out to be lower than our expectations, nonetheless it was 13.5%, and perhaps the highest among major global economies,” he added, saying that the government’s capex thrust, buoyant reservoir levels, and improvement in capacity utilisation, among other things, are expected to support demand and output in the second half of FY23. <cmsannotation type="cmsannotation" annotationid="RBI continues to play catch up with its contemporaries" comment="subhead" text="RBI continues to play catch up with its contemporaries">RBI continues to play catch up with its contemporaries</cmsannotation> So far, RBI’s rate hikes total to 190 basis points, taking the repo rate to a three-year high of 5.9%. However, the quantum of hikes is still lower than its contemporaries – the US Fed and Bank of England – which have hiked rates by 300 bps and 225 bps respectively. US Fed chair Jerome Powell’s commentary has slanted more towards a hawkish stance recently, suggesting more rate hikes are in store. Inflation remains the Fed’s top focus, even if it has plunged the markets already and could lead the US into a recession. Inflation in the US is currently at 8.3%, down from 9.1%, but still much higher than the Fed’s 2% target. This gives Powell enough room to continue with his rate hikes. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/e-commerce-sales-will-drive-credit-cards-spends-in-september-says-report/articleshow/94538013.cms">E-commerce sales will drive credit cards spends in September, says report</a> <a href="https://www.businessinsider.in/stock-market/news/adani-greens-54-rally-tempts-totalenergies-to-book-profits/articleshow/94529227.cms">Adani Green’s 54% rally this year tempts TotalEnergies to book profits</a> <a href="https://www.businessinsider.in/finance/news/rbi-and-us-fed-policies-are-more-similar-than-you-think/articleshow/93329850.cms">RBI and US Fed policies are more similar than you think</a>

RBI hikes repo rate by 50 bps, taking it to a three-year high of 5.9% – Das says inflation at ‘alarmingly high levels’ across jurisdictions

<ul><li>Reserve Bank of India governor <keyword id="6359111" type="General" weightage="80" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> today announced the third interest rate hike, from 4.9% to 5.4%.</li><li>The rate hike comes in lockstep with the <keyword id="117388" type="General" weightage="80" keywordseo="us-fed" source="Orion">US Fed</keyword>, which has so far announced a 225 basis points hike over the past few months.</li><li>Governor Shaktikanta Das said that the rate hike should help keep the GDP growth expectation of 7.2% “anchored”.</li></ul><keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> governor Shaktikanta Das today announced a third interest rate hike since May this year by 50 basis points in a bid to tame inflation and ensure financial stability. This follows the 40 bps and <a href="https://www.businessinsider.in/finance/news/indias-central-bank-hikes-interest-rates-by-50bps-to-4-9/articleshow/92073644.cms">50 bps</a> hikes announced so far in May and June respectively – taking the benchmark interest rate to 5.4%. The monetary policy committee has unanimously voted for this rate hike, Das said. “The MPC noted that domestic economic activity is resilient and progressing broadly along the lines of the June resolution of the committee,” he said. The governor, however, retained the GDP growth target of 7.2% for the current financial year. He also said that the consumer price index or CPI inflation is said to be at around 6.7% for the current year, as they closely watch the impact of possible unseasonal and excessive rainfall on food prices, even as global food prices have softened. Market reaction remained positive, with both Nifty 50 and Sensex in the green as of 10:15 a.m. Bank Nifty was also up 0.5%. <cmsannotation type="cmsannotation" annotationid="‘Inflation is uncomfortable’" comment="subhead" text="‘Inflation is uncomfortable’">‘Inflation is uncomfortable’</cmsannotation> Das sounded a cautionary note about inflation, saying it is “uncomfortably higher” than the RBI’s 6% threshold. He announced that further rate hikes are also likely as inflation is expected to be above 6% throughout 2022. Das also touched upon <a href="https://www.businessinsider.in/finance/news/indias-central-bank-hikes-interest-rates-by-50bps-to-4-9/articleshow/92073644.cms">a point he had made during the second rate hike</a> in June, saying, “The volatility in global financial markets is impinging upon domestic financial markets, including currency markets, thereby leading to imported inflation.” On the other hand, Das sounded optimistic about India’s current account deficit, saying that he expects it to be within sustainable limits. Moderation in external debt to GDP ratio from 21.2% in March 2021 to 19.9% in March 2022 is another metric the RBI guv sounded happy about. CPI inflation rate in India stood at 7.01% in June, and RBI’s target is to keep it between 2-6%. A further cool off in crude oil prices from the highs of $120 per barrel in June to $94 now – combined with a cool off in commodity and edible oil prices – should give Das some room to breathe and apply moderation in his rate hikes, if any, in the future. “The demand side indicators such as production of consumer durables, domestic passenger traffic, sale of passenger vehicles, and similar other indicators suggest an improvement in urban demand. Rural demand indicators however exhibited mixed signals,” Das said. <div type="Article" hostid="261" msid="93329850" title="RBI and US Fed policies are more similar than you think" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="RBI’s still playing catch up with its contemporaries" comment="subhead" text="RBI’s still playing catch up with its contemporaries">RBI’s still playing catch up with its contemporaries</cmsannotation> So far, RBI’s rate hikes total to 140 basis points, bringing the repo rate back to the pre-pandemic levels at 5.4%. However, the quantum of hikes is still lower than its contemporaries – the US Fed and Bank of England, which have hiked rates by 225 bps and 175 bps respectively. While the US Fed chair Jerome Powell’s commentary recently has been more dovish than hawkish, he has not ruled out future rate hikes even if it means the US plunges into a deeper recession. Inflation in the US is at 9.1%, far higher than the 2% target of the US Fed. That leaves a lot of room for Powell to hike rates further. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/vi-betting-on-tariff-hike-as-it-lost-over-10-million-every-day-in-q1-fy23/articleshow/93348828.cms">VI betting on tariff hike as it lost over $10 million every day in Q1 FY23</a> <a href="https://www.businessinsider.in/finance/news/rbi-and-us-fed-policies-are-more-similar-than-you-think/articleshow/93329850.cms">RBI and US Fed policies are more similar than you think</a> <a href="https://www.businessinsider.in/business/telecom/news/heres-how-much-mobile-bills-can-increase-from-5g-network-service/articleshow/93312184.cms">5G services might kickoff in October but your mobile bills could rise sooner</a>

RBI hikes repo rate by 50 basis point to 5.4% as inflation is still ‘uncomfortable’

New Delhi, Jan 29 () Bajaj Finserv on Wednesday reported a 32 per cent rise in consolidated net profit at Rs 1,126 crore in third quarter of FY20.
The company had posted a net profit of Rs 851 crore in the same period of 2018-19.
Total income rose 31 per cent at Rs 14,561 crore as against Rs 11,142 crore in year-ago period, Bajaj Finserv said in a release.
 Bajaj Finserv is the holding company for various financial services business of the Bajaj Group. 
The company holds 52.82 per cent stake in Bajaj Finance Ltd. It also holds 74 per cent stake in two unlisted insurance companies Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance.
"Economic conditions in the quarter continued to be weak with GDP growth dropping to 4.5 per cent in Q2FY20. Weak consumer demand in some pockets, unseasonal rainfall and volatile bond markets also contributed to difficult market environment for our businesses," the company said.
Even as the economic conditions remained difficult, all the three businesses of Bajaj Finserv performed well and the company has been able to record significant increase in consolidated revenue and profit after tax.
Bajaj Finserv stock closed at Rs 9,902.25 on the BSE, up 2.77 per cent over previous close. KPM RUJ
RUJ

Bajaj Finserv Q3 net profit rises 32 pc at Rs 1,126 cr

New Delhi, Dec 6 () Pinching hard on consumers' pockets, retail onion prices have surpassed the Rs 100 per kg mark in most cities across the country and in some places it is ruling at Rs 140/kg, as per the official data maintained by the Consumer Affairs Ministry.
 Onion prices have been ruling high for past few weeks due to fall in production of the Kharif crop following unseasonal rainfall in key growing states, including Maharashtra.
 The price of onion was ruling at around Rs 120/kg in Mumbai, Chennai and Kolkata, while it was around Rs 100/kg in Delhi on Friday, as per the ministry's latest data.
 The key kitchen staple was quoting high in the tier II and tier III cities as well.
 The average modal price of onion in the retail markets was ruling at Rs 110/kg, while the maximum rate was ruling at Rs 140 per kg at Port Blair on Friday, the data showed.
 To boost supply and contain price rise, the government has contracted over 21,000 tonnes of imports through state-run MMTC and the shipments are expected to arrive mid-January. The tender and fumigation norms have also been ease to facilitate early arrival of imported onions.
 Among other measures, the government has already banned export of onion, imposed stock limits on traders and is also supplying buffer stock at a cheaper rate.
 Traders and experts are of the view that onion prices will continue to remain firm till January when new late kharif crop will start hitting the market. LUX DRR

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