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☆ Private investments in India are 'far more important' than consumption, says investment firm
▼ + stars: | 2023-09-06 | 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 EmailPrivate investments in India are 'far more important' than consumption, says investment firmSanjay Nayar of Sorin Investments says private investments are the key to India's growth story and entrepreneurs in the country need to step up.

Persons: Sanjay Nayar, Sorin Investments Locations: India

June retail inflation rose to 4.81%, higher than both the revised 4.31% for the previous month and the 4.58% expected in a Reuters poll of 55 economists. Food inflation, which accounts for nearly half of the overall consumer price basket, rose to 4.49% against a revised 2.96% in May. Reuters GraphicsErratic and incessant rainfall in northern India could push vegetable prices higher in the coming months. Prices of vegetables will remain high in July and may push retail inflation to an "uncomfortable 5.3%-5.5%" this month, Nayar added. "We expect the monetary policy committee to see through the short-term spike in food inflation and remain on prolonged pause," said Garima Kapoor, economist at Elara Capital.

Persons: Aditi Nayar, Nayar, Garima Kapoor, Aftab Ahmed, Vineet, Christina Fincher, Mark Heinrich Our Organizations: NEW DELHI, Reuters, Reserve Bank of India, Elara, Thomson Locations: India

☆ 73% of millennials are living paycheck to paycheck, new report finds
▼ + stars: | 2023-04-28 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

In this article LC Follow your favorite stocks CREATE FREE ACCOUNTwatch nowSome good news: Overall, fewer Americans are living paycheck to paycheck. Nearly three-quarters, or 73%, of adults ages 27 to 42 are living paycheck to paycheck, LendingClub found. "It's no wonder that almost three quarters of them are living paycheck to paycheck." As of March, 66% of Gen Zers were living paycheck to paycheck — up from 58% a year ago, according to LendingClub. "Generation Z are more apt to face financially life-altering events such as job loss, making them more financially vulnerable than any other generation," Nayar said.

The central bank said its policy stance remains focused on "withdrawal of accommodation", signalling it could consider further rate hikes if necessary. The monetary policy committee (MPC), comprising three members from the central bank and three external members, retained the key lending rate or the repo rate (INREPO=ECI) at 6.50%. Most analysts had expected one final 25 basis point hike in the RBI's current tightening cycle, which has seen it raise the repo rate by a total 250 bps since May last year. The central bank sees inflation at 5.2% in 2023-24, and GDP growth is seen at 6.5% in the financial year beginning April 1. Reuters GraphicsFinancial stability concerns appear to have prompted the pause in rate hikes, said Aditi Nayar, chief economist at rating agency ICRA.

☆ Instant View: Here’s what experts think of India's surprise rate decision
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +16 min

The monetary policy committee (MPC) retained the key lending rate or the repo rate (INREPO=ECI) at 6.50% in a unanimous decision. With the likely softening of CPI to the low- to mid-5% levels in the coming month, the current repo rate of 6.5% implies that India’s real policy rate will hover around 1% during 2023-24, while maintaining a policy rate differential of about 1.5% with the US. Room for additional rate hikes has been retained with MPC’s policy stance continuing to remain unchanged at ‘withdrawal of accommodation’. We believe the bar for future rate hikes has increased, especially since near-term prints of CPI will be sub 6%. Scope for further hikes is limited given our growth-inflation outlook and impact of the past rate hikes on the same.

☆ Need more cash? Maybe it's time to launch a side hustle—here's how to get started
▼ + stars: | 2023-04-05 | by ( Cindy Perman | ) www.cnbc.com time to read: +4 min

That has left nearly two-thirds of all Americans living paycheck to paycheck, according to a new report from LendingClub. Think about your friends, neighbors and others in your social network: What do they need and what would they pay money for? Consider the tax and legal implicationsIf you do launch a side hustle, make sure you understand any tax and legal implications. RBC Wealth Management suggests you ask yourself these additional questions: Will you need a license, insurance or to establish a corporation? What are the tax implications of the extra income?

☆ India slashes current account deficit in Dec-qtr as trade gap narrows
▼ + stars: | 2023-03-31 | by ( Swati Bhat | ) www.reuters.com time to read: +2 min

MUMBAI, March 31 (Reuters) - India's current account deficit shrank more than expected in the October-December quarter on the back of a narrower goods trade deficit alongside robust services exports and remittances, data from the Reserve Bank of India (RBI) showed on Friday. In absolute terms, the current account deficit (INCURA=ECI) was $18.2 billion in the third quarter of fiscal year 2022/23 compared with $22.2 billion last year. The goods trade deficit in the December quarter narrowed to $72.7 billion compared with $78.3 billion in the preceding quarter, the central bank said. The country's balance of payments (INBOP=ECI) recorded a surplus of $11.1 billion compared to a $0.5 billion surplus in the same quarter a year earlier. Reporting by Swati Bhat Additional reporting by Sudipto Ganguly; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

☆ With 62% of Americans living paycheck to paycheck amid inflation, more people have a side job
▼ + stars: | 2023-03-28 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

As of February, 62% of all U.S. adults were living paycheck to paycheck, up from 60% a month earlier, according to a new LendingClub report. To make ends meet, more people have picked up a side hustle, the report also found. As pandemic-related benefits are scaled back, "many have turned to supplemental income with a side job or alternative income sources to improve their financial standing," said Anuj Nayar, LendingClub's financial health officer. Another report, from FlexJobs, found that 69% of employed professionals either have a side job or want one. "What is clear: No matter your income bracket, having supplemental income greatly impacts financial stability and can often mean the difference between living without difficulty and living paycheck to paycheck and struggling to pay monthly bills," Nayar said.

☆ 60% of Americans live paycheck to paycheck — 'inflation is part of their everyday lives,' expert says
▼ + stars: | 2023-02-28 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Despite higher prices, consumers are still spending, although not as much as a year ago, which is giving their budgets some breathing room. As of January, 60% of all U.S. adults, including 45% of high-income earners, were living paycheck to paycheck, according to a new LendingClub report. That's down from 64% a year earlier, suggesting that last year's spending cutbacks have improved some consumers' financial situations. Yet the latest inflation reading from last Friday's core personal consumption expenditures index was hotter than expected, showing some spending habits are hard to break. Here's what to knowAs data shows inflation rose in January, here's what to expectAlmost half of Americans think we're already in a recessionTo make ends meet as prices increase, more Americans are leaning on credit cards, other reports show.

India's annual retail inflation rate (INCPIY=ECI) rose to 6.52% in January from 5.72% in December, government data showed on Monday. January's retail inflation was above the Reserve Bank of India's upper targeted limit of 6% for the first time since October and much higher than the 5.9% estimate, according to a Reuters poll of 44 analysts. Food price inflation, which accounts for nearly 40% of the consumer price index (CPI) basket, rose to 5.94% in January from 4.19% in December. STICKY CORE INFLATIONIndia's core inflation in January was nearly flat at 6.09% to 6.10% from last month, according to two economists. "We expect core inflation to remain elevated in Feb-March given the ongoing pass-through of higher input costs by producers," said Aditi Nayar, chief economist at ICRA.

☆ 64% of Americans are living paycheck to paycheck — here's how to keep your budget in check
▼ + stars: | 2023-01-31 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Months of high inflation have weighed heavily on households. As of December, 64% of Americans were living paycheck to paycheck, according to a recent LendingClub report — up from 61% a year earlier and in line with the historic high first hit in March 2020. For the first time, more than half of all six-figure earners also said they were stretched too thin, a jump from 42% a year ago. "The effects of inflation are eating into every American's wallet and as the Fed's efforts to curb inflation drive up the cost of debt, we are seeing near record numbers of Americans living paycheck to paycheck," said Anuj Nayar, LendingClub's financial health officer. Even though wage growth is high by historical standards, it isn't keeping up with the increased cost of living, which in December was up 6.5% from the prior year.

☆ Analysis: Fall in India nominal GDP growth in FY24 to challenge fiscal math
▼ + stars: | 2023-01-09 | by ( Ira Dugal | ) www.reuters.com time to read: +4 min

At least four leading economists expect nominal GDP growth to come in between 8% and 11% as inflation slows and real GDP growth eases from an estimated 7% this year, when pandemic-related distortions and pent-up demand pushed up growth rates. Das said he expects nominal GDP growth of 8%-9% in FY24, with inflation and real GDP growth seen declining. A growth of 8-9% would bring that number close to the 7.6% nominal growth seen in 2019/20, before the Covid crisis hit. State Bank of India and rating agency ICRA estimate the nominal GDP growth at around 10% for next financial year. "Higher-than-budgeted nominal GDP growth,(will help) to keep fiscal deficit as a percentage of GDP at 6.4%, with downside risks," it said.

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.

☆ Share of Americans living paycheck to paycheck rises to 63% — here's how to get your finances back on track
▼ + stars: | 2022-12-15 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

As rising prices continue to weigh on households, more families are feeling stretched too thin. As of November, 63% of Americans were living paycheck to paycheck, according to a monthly LendingClub report — up from 60% the previous month and near the 64% historic high hit in March. Of those earning more than six figures, 47% reported living paycheck to paycheck, a jump from the previous month's 43%. Already, credit card balances are surging, up 15% in the most recent quarter, the largest annual jump in more than 20 years. At the same time, credit card rates are now more than 19%, on average — an all-time high — and still rising.

☆ 60% of Americans are living paycheck to paycheck heading into the peak shopping season
▼ + stars: | 2022-11-18 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Just as the holiday shopping season gets into full swing, families are finding less slack in their budgets than before. As of October, 60% of Americans were living paycheck to paycheck, according to a recent LendingClub report. A year ago, the number of adults who felt stretched too thin was closer to 56%. "More consumers who have historically managed their budgets comfortably are feeling the financial strain, which will impact their spending behavior as we head into the holiday shopping season," said Anuj Nayar, LendingClub's financial health officer. Already, credit card balances are surging, up 15% in the most recent quarter, the largest annual jump in more than 20 years.

☆ 63% of Americans are living paycheck to paycheck — including nearly half of six-figure earners
▼ + stars: | 2022-10-24 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

As rising prices continue to outpace wage gains, families are finding less cushion in their monthly budget. As of September, 63% of Americans were living paycheck to paycheck, according to a recent LendingClub report — near the 64% historic high hit in March. "Consumers are not able to keep up with the pace that inflation is increasing," said Anuj Nayar, LendingClub's financial health officer. "Wage growth has been inadequate, leaving more consumers than ever with little to nothing left over after managing monthly expenses." Of those earning more than six figures, 49% reported living paycheck to paycheck, a jump from the previous year's 38%.

☆ 55% of working Americans feel they are behind on retirement savings. Here's how to catch up
▼ + stars: | 2022-10-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Nicoletaionescu | Istock | Getty ImagesAs it has become more difficult to stretch a dollar at the grocery store and gas pump, some Americans are pulling back on one key long-term goal: retirement savings. More than half of workers — 55% — said they feel they are behind on their retirement savings, a new survey from Bankrate.com finds. watch nowThe results come as the IRS has just announced new contribution limits for retirement accounts in 2023. The limit for individual retirement accounts will go up to $6,500, up from $6,000 this year. 'Biggest financial regret' is not starting to save earlyHow to stay on track with retirement savings

☆ India festival spending booms despite inflation worries, global slowdown
▼ + stars: | 2022-10-14 | by ( Manoj Kumar | ) www.reuters.com time to read: +7 min

The sales would include nearly $15.2 billion offline sales, compared to about $8.5 billion in 2019, according to the Confederation of All India Traders (CAIT). read moreBut economists said the sense in India was that inflation has peaked while economic activity was picking up. The bump in consumer demand is expected to support economic growth of around 6.5% in the fiscal year ending March 2023, the highest among the world's major economies. Credit demand increases Credit demand increasesThe retail boom is also a boon for the government - goods and services tax collections, a barometer of consumer demand, rose 26% year-on-year in September, data showed. "After two consecutive downbeat festive seasons, consumer sentiment and spending appear to have rebounded this year... which may boost economic growth in the current quarter, but may not sustain thereafter."

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