Author: Bhakti Narayanan

In September, the count of unique investors in mutual funds (MFs) crossed the 40 million mark, with the addition of 10 million new investors in the preceding 21 months. Notably, these investors constitute a significant portion of the financial landscape, accounting for around 57% of all income tax filings this year, and comprising 6.5% of all PAN card issuances, indicating the growing importance of mutual fund investment. The count of unique investors is based on the total number of PAN (Permanent Account Number) registrations within the MF industry. This achievement came at a time when the industry witnessed a surge…

On October 11, 2023, Information and Broadcasting Minister Mr. Anurag Thakur announced that the Union Cabinet has granted approval for the establishment of an autonomous entity called “Mera Yuva Bharat” (MY Bharat). The primary objective behind the creation of Mera Yuva Bharat is to establish it as a government platform dedicated to youth development. Minister Thakur revealed that the official dedication of this body to the nation will take place on October 31, coinciding with the birth anniversary of Sardar Vallabhbhai Patel. This platform is envisioned to serve as a comprehensive hub for youth-related activities and initiatives, providing an avenue…

Prime Minister Narendra Modi highlighted the increasing global influence of India amidst numerous challenges. He underlined the international recognition of the country’s strength during the G20 Summit. Speaking at a public rally in Pithoragarh, he referred to his government’s decisions on long-pending issues, such as the women’s reservation bill. Additionally, he mentioned the success of India’s Chandrayaan-3 mission, which reached a part of the moon where no other country could. Modi attributed India’s bolstered position on the world stage to the Indian people who granted him a second term. He credited them for the nation’s progress. Modi explained that when…

The International Monetary Fund (IMF) has revised India’s economic growth forecast for the current fiscal year upwards to 6.3 percent from the previous estimate of 6.1 percent. This update was revealed in the IMF’s World Economic Outlook (WEO) report for October 2023, released on October 10. The IMF anticipates that retail inflation in India will rise to 5.5 percent in fiscal year 2023-24, before gradually easing to 4.6 percent in 2024-25. According to the IMF, the increased growth projection for India is attributed to stronger-than-expected consumption during the April-June period. In contrast, the Reserve Bank of India (RBI) had projected…

India’s economy is poised to reach a $30 trillion gross domestic product (GDP) by 2050, driven by robust exports and consumption, as highlighted by Mr. Atanu Chakraborty, Chairman of HDFC Bank and Former Economic Affairs Secretary. International financial institutions anticipate India’s nominal GDP to grow between 10-12% this year, with a 6.3% growth rate and inflation around 6%. Mr. Atanu Chakraborty, speaking at a KPMG-hosted event, stated that if this momentum persists, India could become a $30 trillion economy by 2045-50, boasting a per capita income of $21,000. The International Monetary Fund (IMF) adjusted its global growth forecast to 3%…

The International Monetary Fund (IMF) has adjusted India’s growth forecast for the current fiscal year to 6.3%, a development that drew a positive response from Prime Minister Narendra Modi. He expressed that India is a dynamic force of growth and a global beacon of progress. Prime Minister Modi took to social media to comment on the IMF’s improved growth projection, underscoring India’s strength and the skills of its people. He conveyed that India, driven by the capabilities and resilience of its population, serves as a global bright spot, a powerhouse of growth and innovation. The nation’s dedication is clear in…

Union Minister Mr. Piyush Goyal emphasized the potential for collaboration between India and Tanzania in various sectors at the India-Tanzania Investment Forum hosted by FICCI. Tanzania holds a significant position as India’s primary export destination in Africa, and Mr. Goyal aims to foster robust growth in this partnership. President of Tanzania, Ms. Samia Suluhu Hassan, also attended the event. The collaboration between the two nations encompasses a wide spectrum, including education, skill development, capacity building, climate action, trade settlement in local currencies, and technology. India has extended lines of credit to support Tanzania’s infrastructure development and utility establishment. Mr. Goyal…

In September, Indian automobile retail sales experienced a substantial surge, rising by 20% compared to the same period the previous year, reaching 1.89 million units. Data provided by the Federation of Automobile Dealers’ Associations (FADA) attributes this increase to a positive market sentiment boosted by favorable monsoon conditions. The sales of various automobile categories witnessed significant growth, except for tractors, which experienced a 10% decline. Notably, two-wheelers saw a remarkable 22% increase, three-wheelers surged by 49%, passenger vehicles maintained a steady 19% growth, and commercial vehicles rose by 5%. Three-wheeler sales hit an all-time high of 102,426 units in September,…

UK Prime Minister Rishi Sunak recently engaged in a conversation with Canadian Prime Minister Justin Trudeau concerning the ongoing India-Canada dispute, expressing his hope for a reduction in tensions between the two nations. A statement from Downing Street revealed that Trudeau provided Sunak with an update on the situation, involving the relocation of the majority of Canadian diplomats from their Indian missions to other South Asian nations. In response to the deteriorating relationship between the two countries, India had requested the departure of 41 Canadian diplomats from its territory. Sunak reiterated the UK’s stance, emphasizing the importance of all countries…

On October 6, the Reserve Bank of India’s Monetary Policy Committee (MPC) made the widely expected decision to maintain the repo rate at 6.5 percent. RBI Governor Shaktikanta Das announced the unanimous vote to keep the repo rate unchanged during the MPC’s meeting. In addition to keeping the repo rate steady, the central bank also announced the withdrawal of its incremental cash reserve ratio (ICRR), which had been introduced in August to gradually remove excess liquidity from the system. The MPC also decided to leave the Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) rates unchanged at 6.25 percent…