Economic Update:

  • RBI, in its latest bulletin, said that while global economy is turning fragile with inflation risking global financial stability; there is a growing optimism that India is on the cusp of long-awaited Economic take-off. Recent indicators point to a quickening of the momentum of aggregate demand as non-food spending is being pushed up by the green shoots of rural spending recovery.
  • The Indian Economy did show resilience amidst global uncertainty as GDP growth surged to 8.4% in Q3, driven by manufacturing, mining and construction sectors. GDP Projections were revised upwards to 7.6-7.8% by Deloitte and PwC due to stronger-than-expected growth in fiscal 2024. 
  • In May, RBI announced to pay record Rs. 2.11 trillion of dividend to government in accounting year 2023-24. This transfer is higher than what government budgeted at Rs. 1.02 trillion and analysts’ estimates. Record payment came despite the central bank increasing the contingency risk buffer to 6.5% of total asset, from 6% for FY2023. This payout would help government to meet its fiscal deficit target and boost its resources.
  • The inaugural month of FY 25 saw GST Collections hit and unprecedented high of Rs. 2.10 lakh crore, reflecting 12.4% year-on-year growth. This surge was driven by a strong increase in domestic transactions and imports. Among the states, Mizoram and Lakshadweep registered the highest growth rates at 52% and 57% respectively.
  • The annual inflation rate based on the CPI stood at 4.83% slightly down from 4.85% in March.
  • Foreign exchange reserves were around $645 Billion which roughly equaled to 10 months of projected imports for FY25 or total external debt outstanding as on December 2023.


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