DECEMBER 2018-ECONOMY NEWS |
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India’s Forex Reserves declined by USD 613.9 million to USD 393.12 billion
India’s foreign exchange reserves declined in this week by USD 613.9 million reaching USD 393.12 billion.
This decline has been attributed to the fall in foreign currency assets as per the Reserve Bank of India.
The Forex reserves had increased by USD 16.6 million to reach USD 393.734 billion in the previous week.
CAD Widened to 2.9 % of GDP in Q2
Current account deficit (CAD) widened to 2.9% of GDP for the July-September quarter due to higher trade deficit compared with 1.1% during the same period of the previous year, according to the Reserve Bank of India.
India to retain top position in remittances with $80 billion:World Bank
India retain its position as the world’s top recipient of remittances this year with its diaspora sending $80 billion back home.
India is followed by China ($67 billion), Mexico and the Philippines ($34 billion each) and Egypt ($26 billion).
Fitch Ratings lowered India’s GDP growth forecast to 7.2% on higher financing costs
Fitch Ratings, in its report- Global Economic Outlook, slashed India’s GDP growth forecast to 7.2 per cent for current fiscal, even lower than RBI’s projection of 7.4%.
The main reasons cited for the decline are higher financing cost and reduced credit availability.
India’s growth forecast cut by 10 bps to 7.4% on weakening global growth: CRISIL
Crisil cut India’s growth forecast for current fiscal, by 10 basis points, to 7.4 per cent citing weakening global GDP and trade growth as the reasons for the decline.
Due to lower global trade and GDP growth, emerging economies such as India would face a downward growth.
GDP in India will grow 7.2% in the year ending March 2019: Moody’s
Moody’s expects the real gross domestic product (GDP) in India to grow 7.2 per cent in the year ending March 2019 and 7.4 per cent in the following year.
Earlier Moody’s Investors service growth prediction for India was 7.5% in 2018-19, 7.5% in 2019-20 released on 23rd August, 2018.
India’s economy grows at 7.1 per cent for 2nd part of 2018-19
Central Statistics Office (CSO) released a report showing that Indian Economy grew at 7.1 per cent in the second quarter (July-September) of 2018-19 which is lower than the first quarter in which GDP growth was 8.1 per cent.
As per the report of CSO, despite having Manufacturing growth at 7.4, Indian Economy growth moderated in the second quarter of 2018 but it is higher than the second quarter of 2017-18 which shows a growth rate of 6.3 per cent.
Non-food bank credit grows at 15.6%: RBI
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