Flows into NRI deposits surge in April-Sept, but outstanding amount falling
The flow of money into non-resident Indian (NRI) deposits improved to $2.78 billion in April-September this year, over $1.74 billion in April-September 2021, showing the effect of sops like easing limits on interest rate. However, the streak of decline in outstanding NRI deposits continued in the six months of 2022-23. They fell to $133.6 billion in September, from $139 billion in March and $141.55 billion a year ago. They also shrunk from $134.68 billion in August, revealed the Reserve Bank of India (RBI) data. State Bank of India Chairman Dinesh Khara told Business Standard while flows into deposits have increased, some funds (from deposits) have been used for purchases during the festival season — one of the reasons for the dip in outstanding deposits. In July, the RBI took steps to enhance fresh inflows into NRI deposit accounts. These sops were the easing of cap on interest rate on Foreign Currency Non-Resident (Bank), or FCNR(B), and Non-Resident External (NRE) deposits, and exemption from maintaining cash reserve ratio and statutory liquidity ratio on incremental deposits until November 4.
Land deals surge over threefold in first nine months of 2022: Report
Nearly 68 land deals, accounting for 1,656 acres, were registered in the first nine months of this calendar year in the top 8 cities, according to a report by ANAROCK research. Around 20 land deals for 925 acres were closed In the corresponding period last year. The top 8 cities include National Capital Region, Mumbai Metropolitan Region, Bengaluru, Hyderabad Pune, Chennai, Kolkata, and Ahmedabad. Out of the 68 deals, nearly 40 deals accounting for over 590 acres, was proposed for residential development by the developers and entities. Over 147 acres in four separate deals is reserved for industrial and logistics parks, and warehousing purposes, four deals for over 119 acres for data centres, and approximately 26 acres in four separate deals for commercial development, said the report.
No prospect of recession in India, economy to grow at 6-7 pc: Rajiv Kumar
India will still grow at 6-7 per cent in the next 2023-24 fiscal even as the economy may be affected by uncertain global conditions, former Niti Aayog Vice-Chairman Rajiv Kumar has said amid growing fears of the world slipping into a recession. Kumar further said there is a synchronized downturn in the US, Europe, Japan and also in China and that could take the global economy into a recession in the coming months. "Thankfully, there is no such prospect of recession in India, because although our growth may be negatively affected by the global conditions, we will still manage to grow at 6-7 per cent in 2023-24," he told PTI in an interview. The World Bank on October 6 projected a 6.5 per cent growth rate for the Indian economy for 2022-23, a drop of one percentage point from its June 2022 projections, citing the deteriorating international environment, while IMF projected a growth rate of 6.8 per cent in 2022 as compared to 8.7 per cent in 2021 for India.
Gold – Rs 52764/10gm, Silver – Rs 61178/kg, Brcrude – Rs 6614/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 678/kg.
NCLAT allows Jindal Stainless to bid for debt-ridden Rathi Super Steel.
ONGC to reverse oil, gas output dip; eyes 18% jump in production in FY25.
NMDC to spend Rs 900 cr to increase iron production from mines in Karnataka.
SGX Nifty indicates a negative start to Indian markets trading at 18253 levels down by 94 points or 0.51%. Dow Futures were also trading in red down by 0.33%.
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