{
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In FY23, the Centre's grants to municipal corporations increased by 24.9% year-on-year, reaching Rs 14,731 crore, up from Rs 11,795 crore. This growth includes Rs 7,067 crore from finance commission grants and Rs 7,664 crore from other central sources. Additionally, state government grants rose by 20.4% to Rs 41,872 crore.
India's central bank is prepared to allow the rupee to weaken alongside the Chinese yuan following Donald Trump's election, amid concerns over increased US tariffs. A depreciating yuan could lead to higher imports from China, exacerbating India's trade deficit. The Reserve Bank of India aims to mitigate the impact by managing the rupee's decline while utilizing its reserves.
RBI Governor Shaktikanta Das indicated that increased subsidy payments could negatively affect India's GDP in the second quarter. He noted that the rise in subsidy outgo has been a persistent issue, contributing to a slowdown in growth, which fell to 6.7% in the first quarter due to reduced government spending amid election activities.
The Indian rupee is positioned as a strong contender among emerging markets amid the uncertainty of the US presidential election, bolstered by a central bank ready to support it with substantial reserves. As traders react to polling data showing a tight race between Kamala Harris and Donald Trump, the cost of hedging against dollar fluctuations has surged to its highest since early 2020.
India is seeking applications for the position of deputy governor at the Reserve Bank of India, following the upcoming term completion of Michael Patra in January. Candidates must have a minimum of 25 years of experience in public administration, including roles at the secretary level, or experience in public financial institutions.
The rupee has fallen to a record low of 84.0925 against the U.S. dollar, surpassing its previous all-time low of 84.0900. Market analysts suggest that the Reserve Bank of India is likely to maintain a tight grip on the currency, with active intervention expected.
The Reserve Bank of India has successfully repatriated 102 tonnes of gold from the Bank of England due to rising geopolitical tensions, marking the second shipment since May. With a total of 855 tonnes held, the RBI has transferred 214 tonnes to India since 2022, prioritizing national security. This significant move is the first major transfer of gold since the 1990s balance of payments crisis.
The Reserve Bank of India (RBI) has taken decisive action against errant microfinance institutions (MFIs), following a series of warning signals. While this approach allows regulated entities to correct their course, the RBI's directives raise several unresolved questions regarding the future of microfinance in India.
Cash remains a vital part of daily transactions in India, despite a growing trend towards digital payments among tech-savvy consumers. A study by a Reserve Bank of India staffer reveals that while cash usage is still significant, its share has been gradually declining from FY 2012 to FY 2024.
Indian micro, small, and medium enterprises (MSMEs) have increasingly relied on personal savings as their primary source of financing following the COVID pandemic, according to a Reserve Bank of India survey. This shift, observed from the pre-COVID period of 2019-20 to 2022-23, also highlights a rise in trade credit, retained earnings, and bank loans.
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Centre's grants to municipal corporations increase by nearly 25 percent in FY23
11:52 13.11.2024
India considers rupee depreciation in response to yuan after Trump victory
02:30 11.11.2024
higher subsidies may hinder second quarter gdp growth says rbi governor
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cash usage in india remains significant despite rise in digital payments
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Indian MSMEs shift financing sources towards personal savings and bank loans post pandemic
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