Economy

Economy

WPI inflation eases to 2.84% in January

The annual wholesale price inflation eased in January for the second straight month after touching an eight-month high in November, helped by a softer rise in food and fuel prices, government data showed on Thursday.

Annual wholesale price inflation last month slowed to 2.84 per cent from a year earlier, from a provisional 3.58 per cent rise in December.

The rise in January compares with a 3.25 per cent increase forecast by economists in a Reuters poll.

January trade deficit widens to $16.30 billion

India’s trade deficit widened to $16.30 billion in January from $14.88 billion in the previous month, government data showed on Thursday.

Merchandise exports for January rose 9.07 per cent from a year ago to $24.38 billion.

Goods imports last month were $40.68 billion, a jump of 26.10 per cent from a year ago, data from the Ministry of Commerce and Industry showed.

Easing inflation only a brief reprieve for Modi

India’s retail inflation eased from the fastest pace in 17 months, offering some respite to policymakers and bond investors battling the fallout of prime minister Narendra Modi’s expansionary budget.

Consumer prices rose 5.07 per cent in January from a year earlier, the statistics ministry said in a statement in New Delhi on Monday, in line with the 5.1 per cent Bloomberg consensus.

Economy to grow over 7.5% next fiscal: Goyal

Union minister Piyush Goyal on Monday said the country's economic growth is likely to cross 7.5 per cent in the next fiscal.

“I believe we will close this year upwards of 6.7 per cent. Next year should to my mind cross 7.5 per cent. All the signs are there for us to see,” Goyal, who is holding key portfolios of railways and coal, said here.

He was addressing a post budget talk – jointly organised by Ficci, Business Line and Sastra Deemed University.

Industrial output up 7.1% in Dec; inflation eases in Jan

Signalling continuation of the growth momentum, industrial output expanded by 7.1 per cent in December on robust performance by manufacturing and capital goods, Central Statistics Office (CSO) showed on Monday. Retail inflation, on the other hand, eased marginally in January to 5.07 per cent – after touching a 17-month high of 5.21 per cent in December – as food price rise showed some moderation.

Core sector growth slows to 19-mth low

Pulled down by a sharp decline in coal production and weak performance of electricity generation and petroleum refining industries, core sector growth fell to 19-month low of 0.4 per cent in June. The previous low was recorded in November 2015, when infrastructure sector output had declined by 1.3 per cent.

Moody’s poll views 6.5% growth

India's economic growth will remain in the range of 6.5-7.5 per cent over the next 12-18 months and GST will support the momentum for faster growth, a Moody's poll has said.

More than 75 per cent respondents said exposure to large corporates in power, steel and infrastructure sectors poses the greatest risk to banks' asset quality in India. Over 200 market participants, polled by Moody's and its affiliate ICRA, were confident of India's stable economic growth prospects.

Death for Koli, Pandher in Nithari serial killings

Around 11 years after the chilling serial rape and murders, many of them young girls, rocked Delhi’s bursting satellite town Noida, businessman Moninder Singh Pandher and his domestic help Surinder Koli were sentenced to death by a special CBI court in Ghaziabad on Monday.

The two were convicted for raping and killing 20-year-old Pinky Sarkar, one of the many victims. The court said that the murder was “rarest of the rare” crime fit for the exemplary punishment.

GST casts shadow on pharma earnings

The GST rollout impact cast its shadow on first quarter results declared by two pharmaceutical companies, Alembic Pharmaceuticals and Sanofi India.

Pharma companies first quarter performance would have a negative impact of the GST rollout, feel HDFC Securities analysts.

Alembic Pharma's top-line declined 11 per cent year-on-year (YoY), on a high base and the pre-GST impact. Its India business declined 21 per cent YoY to Rs 230 crore, affected by de-stocking. International business declined 9 per cent to Rs 280 crore, HDFC Securities said.

India on track to grow at 7.4%: ADB

The Asian Development Bank (ADB) on Thursday retained India’s growth projection at 7.4 per cent for the current financial year even as it raised the forecast for developing Asian region to 5.9 per cent.

In a supplement to its Asian Development Outlook (ADO) 2017 report, ADB revised the forecast for developing Asia from 5.7 per cent earlier. For 2018, it was raised from 5.7 per cent to 5.8 per cent.

For India, it maintained the growth forecasts at 7.4 per cent for 2017-18 and 7.6 per cent for 2018-19.

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