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☆ India's finance minister touts unlikely export growth in a world of uncertainty
▼ + stars: | 2024-02-02 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +4 min

Finance Minister Nirmala Sitharaman addresses the media after the interim budget on February 1, 2024 in New Delhi, India. So a lot of new people are accessing India," Sitharaman said, while touting that India was able to showcase its digital public infrastructure at the G20 summit it hosted in New Delhi last year. Sitharaman, when asked about what economic issues will define the vote, said "if economic issues are to dominate the election, it would be the recipients of the beneficiaries themselves coming out to say, 'I'm empowered now'." "If anything, for us it will be performance on the economic issues, good performance, inclusive growth that we've offered." The interim budget is typically a stop-gap financial plan during an election year, aimed at meeting immediate financial needs before a new government is formed.

Persons: Nirmala Sitharaman, Sitharaman, CNBC's, CNBC's Sri Jegarajah, Narendra Modi's, Pranjul Bhandari, Bhandari, Anantha Nageswaran Organizations: Hindustan Times, Getty, India's, CNBC's Sri, Mar, CNBC, India's Finance Locations: New Delhi, India, Europe, America, Brazil, Africa, Indonesia

☆ HSBC discusses India budget expectations 2024
▼ + stars: | 2024-02-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia's government not feeling 'big pressure' to announce major scheme to make people happy: HSBCPranjul Bhandari, chief India economist at the bank, says that's because "incomes haven't fallen that much, as was feared a couple of months ago."

Persons: HSBC Pranjul Bhandari Organizations: HSBC Pranjul Locations: India

☆ The Indian rupee is under pressure but the Reserve Bank of India is 'standing strong,' HSBC says
▼ + stars: | 2023-10-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Indian rupee is under pressure but the Reserve Bank of India is 'standing strong,' HSBC saysPranjul Bhandari, chief India economist at the bank, says the Reserve Bank of India has a "huge wall of FX reserves," which it is using to keep the currency as stable as possible.

Persons: Pranjul Bhandari Organizations: Reserve Bank of, HSBC Locations: Reserve Bank of India, India

☆ Investors are eyeing China's neighbors as the recovery from 'zero-Covid' slows
▼ + stars: | 2023-06-12 | by ( Jihye Lee | ) www.cnbc.com time to read: +8 min

Bloomberg | Bloomberg | Getty ImagesChina's lackluster economic recovery since emerging from strict "zero-Covid" lockdowns has caused weaker sentiment toward the country, prompting investors to look for alternative options — like its near neighbors. Higher targets for JapanForeign investors have undoubtedly been key in driving the Japanese market, maintaining the highest levels the Nikkei has seen since 1990. During the same period last year, foreign investors had sold a net 1.73 trillion yen approximately. Wall Street banks including Morgan Stanley and Societe Generale are among those that are optimistic on Japanese stocks, holding "overweight" positions. Upside for Korea tech stocksSouth Korea is another market closely watched as concerns over China's recovery linger.

Persons: Goldman, Andrew Tilton, Berkshire Hathaway's Warren Buffett, India's, Goldman Sachs, Tilton, Morgan Stanley, ROE, Mike Wilson, we've, Price, Goldman's Tilton, Rhee Chang, Nomura, Chloe Andrieu, Pranjul Bhandari, Bhandari Organizations: Bloomberg, Getty, Asia, Pacific, Japan Foreign, Nikkei, Japan's Ministry of Finance, Societe Generale, Equity, U.S, UBS Global Wealth, U.S ., UBS, The Bank of, CNBC, Citi, AFP, Afp, Korea Financial Investment Association, South Korean, Fitch, Ben Advisors Locations: Macau, China, Japan, South Korea, India, Goldman Sachs, Berkshire, South, Shanghai, Shenzhen, Wall, Korea, Asia, The Bank of Korea, Fuyang, China's, Anhui, Indonesia

☆ Despite world-beating growth, India's lack of jobs threatens its young
▼ + stars: | 2023-05-30 | by ( Ira Dugal | ) www.reuters.com time to read: +6 min

India's urban unemployment soared during the COVID-19 pandemic, reaching a high of 20.9% in the April-June 2020 quarter, while wages fell. Falling employment and earnings undermine India’s chances to fuel the economic growth needed to create jobs for its young and growing population. This means that of the estimated urban workforce of about 150 million, only 73 million have full-time jobs. But only 24 million will likely be created, leaving behind "46 million missing jobs." "From that lens, a growth rate of 6.5% will solve a third of India’s jobs problem," Bhandari wrote.

☆ India's note withdrawal to improve liquidity, ease short-term rates - analysts
▼ + stars: | 2023-05-22 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

MUMBAI, May 22(Reuters) - The Indian central bank's decision to withdraw its highest denomination currency note from circulation is likely to improve banking system liquidity, bringing down recently elevated short term rates, analysts and bankers said. Kotak Institutional Equities estimates that liquidity could improve by around 1 trillion rupees, depending on the behaviour of depositors, while QuantEco Research pegs the potential liquidity impact at 400 billion rupees to 1.1 trillion rupees. ICICI Securities Primary Dealership estimates the liquidity surplus could increase to 1.5-2 trillion rupees. India's banking system liquidity surplus has averaged above 600 billion rupees in May. About 2.5-3 trillion rupees of banking sector liquidity leaks out as currency in circulation each year, wrote Pranjul Bhandari, chief India economist at HSBC.

☆ Indian shares set to open lower ahead of RBI policy decision
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, April 6 (Reuters) - Indian shares are poised to open lower on Thursday, ahead of what many expect to be the Reserve Bank of India's final interest rate hike in the current cycle. India's NSE stock futures listed on the Singapore exchange were down 0.12% at 17,603 as of 7:59 a.m. IST. The MSCI's gauge of the broader index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.42%. ** Equitas Small Finance Bank Ltd (EQUI.NS): Co posts 36% YoY growth in gross advances at 280.61 billion rupees in the quarter-ended March. ** Avenue Supermarts Ltd (AVEU.NS): Co posts standalone revenue from operations at 103.37 billion rupees for the quarter-ended March, up 20% YoY; total stores at 324.

REUTERS/Thomas White/IllustrationMUMBAI/NEW DELHI, April 3 (Reuters) - A surge in India's services exports, which hit a record high in the October-December quarter, is expected to shield the economy from external risks as a slowing global economy will likely weigh on the country's merchandise exports. Services exports will likely surpass goods exports by March 2025, he said. Reuters Graphics Reuters GraphicsIT services still accounted for 45% of India's total services exports in April-December. EXTERNAL SHIELDThe continued rise in services exports is likely to help rein in India's current account deficit. There is room for further growth with India's share in world commercial services exports currently just at around 4%."

India's finance minister will present the annual budget to parliament on Wednesday. Bloomberg | Getty ImagesIndia's finance minister will present the annual budget to parliament on Wednesday. Finance Minister Nirmala Sitharaman will announce the final full-year budget before the next general elections in 2024. Analysts expect the government to focus on continued fiscal consolidation for this year's budget, despite challenges. Nirmala Sitharaman, India's finance minister, speaks during a news conference at the National Media Center in New Delhi, India, on Monday, Nov. 15, 2021.

☆ India's 2023/24 budget likely to be cautious, cutting deficit
▼ + stars: | 2023-01-25 | by ( Aftab Ahmed | ) www.reuters.com time to read: +4 min

The federal government is likely to cut its fiscal deficit to between 5.8% and 5.9% of GDP in 2023/24 from the 6.4% of 2022/23, other officials have said. The deficit will remain much larger than the 4% to 4.5% of GDP that was usual for decades. Reuters GraphicsThe international slowdown will hold down growth in nominal GDP - real growth plus inflation - to about 11% for 2023/24 from an estimated 15.4% for 2022/23. NUMBERS VS SPEECHModi's government in the past has used the budget document to lay out a broad economic vision and social agenda. The government is expected to borrow a record 16 trillion rupees in 2023/24, according to a Reuters poll.

The government uses the estimates as a basis for its growth and fiscal projections for the next budget due on Feb. 1. Since September, economists have been cutting their 2022/23 growth projections to around 7% due to slowing exports and risks of high inflation crimping purchasing power. India's nominal growth, which includes inflation, is projected to be at 15.4% for 2022/23, up from an earlier 11.1% estimate. "The nominal GDP growth is higher, implying that the government's fiscal deficit target will be achieved," said Sabnavis. "Buoyant albeit mixed domestic consumption should help to stave off some of the pain arising from weak exports during this period," Aditi Nayar, economist at ICRA.

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