Employment in India rose from 394.6 million in August to 404.2 million in September, and while the numbers are still below pre-Covid levels, the increase is encouraging.
With US Fed hiking rates, RBI might be pushed to increase its own rates to slow simultaneous fall of rupee & India's forex reserves. But this could also hurt economic growth.
Despite rising interest rates, bank credit growth rose to a nine-year-high last month. While credit to MSMEs has shown consistent double-digit growth, it’s large industries that have really helped.
CMIE’s consumer sentiments & RBI’s consumer confidence indices show improvement. If initial signs of inflation easing are sustained, consumer confidence will see marked turnaround.
Bihar has lowest own tax revenue, Punjab high committed expenditures, while Rajasthan has deviated from fiscal deficit target. Such states need to balance vote bank & fiscal prudence.
Central govt's fiscal deficit touched 21% of full-year target in April-June quarter. But going forward, buoyant tax collections could help manage higher than budgeted expenditure.
While global corporations setting up GCCs in India continue to express confidence in availability of skilled AI engineers, the panel argued that India’s real challenge lies elsewhere.
Without a Congress revival, there can be no challenge to the BJP pan-nationally. Modi’s party is growing, and almost entirely at the cost of the Congress.
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