06-Jun-2020Research Reports

05-Jun-20

BOB Economics | May MPC Minutes: Room for another 25bps rate cut

MPC members reduced policy rate by 40bps as the impact of COVID-19 on the domestic economy is far more severe than initially anticipated.

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05-Jun-20

BOB Economics | Macro Daily

Central government has released Rs 364bn as GST compensation for states for Dec’19-Feb’20.

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04-Jun-20

BOB Economics | Macro Daily

India’s services activity still contracted as visible in the PMI print.

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03-Jun-20

BOB Economics | Macro Daily

In an effort to support Make in India initiative, India has launched US$ 6.65bn plan to boost electronic manufacturing.

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02-Jun-20

BOB Economics | Rating Action: Moody’s downgrades India

Moody’s downgraded India’s sovereign rating to Baa3 from Baa2 with negative outlook on the back of rising fiscal deficits, growth contraction and higher debt levels (30% more than Baa median).

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02-Jun-20

BOB Economics | Macro Daily

Moody’s has downgraded India’s sovereign rating to its lowest investment grade for the first time in 22 years.

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01-Jun-20

BOB Economics | Macro Daily

Led by nationwide lockdown to curtail the impact of COVID-19 pandemic, India’s infrastructure index contracted to a record low of 38.1% in Apr’20 from a decline of 9% in Mar’20.

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01-Jun-20

BOB Economics | Weekly Wrap: Better macro prints supported markets

Global macro data showed some improvement with US home sales and EU consumer confidence surprising positively.

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30-May-20

BOB Economics | Fiscal update: FY20 fiscal deficit at 4.6% of GDP

India’s FY20 fiscal deficit at 4.6% of GDP is higher than FY20RE of 3.8%.

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29-May-20

BOB Economics | Q4FY20 GDP: FY20 GDP growth drops; Q4 surprises positively

India’s FY20 growth slipped to 4.2% from 6.1% due to lower consumption and investment demand.

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29-May-20

BOB Economics | Macro Daily

FDI inflows into India rose by 18% to US$ 73.5bn in FY20 versus US$ 62bn in FY19.

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28-May-20

BOB Economics | Macro Daily

RBI reported that currency in circulation (CIC) increased by Rs 221bn and stood at Rs 26.1tn for the week ending 22 May 2020.

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27-May-20

BOB Economics | Macro Daily

CBIC has announced that between 8 Apr-24 May 2020, Rs 110.5bn worth GST refunds have been processed.

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26-May-20

BOB Economics | Weekly Wrap: Global data shows world economy improving

Global economy is showing signs of pick-up with flash PMIs showing MoM improvement.

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26-May-20

BOB Economics | Macro Daily

According to news reports, direct tax collections in FYTD21 (till 23 May) eased to Rs 916.5bn compared with Rs 1.1tn in the same period last year.

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22-May-20

BOB Economics | Monetary Policy Review: RBI cuts rates, extends measures to ease financial stress

MPC announced another 40bps reduction in policy rate to 4%.

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22-May-20

BOB Economics | Macro Daily

Central government has sanctioned Rs 920.8bn for transfers to states for Apr-May'20.

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21-May-20

BOB Economics | Macro Daily

RBI reported that currency in circulation (CIC) increased by Rs 193.6bn and stood at Rs 25.9tn for the week ended 15 May 2020.

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20-May-20

BOB Economics | Macro Daily

India’s exports are expected to fall by 20% in FY21 (decline of 4.3% in FY20) as per estimates by FIEO.

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19-May-20

BOB Economics | Macro Daily

NABARD has disbursed Rs 205bn to cooperative banks and RRBs.

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18-May-20

BOB Economics | Weekly Wrap: China expands; US, Europe and India yet to see recovery

US yields closed lower due to poor economic data (retail sales, jobless claims, Fed Chair comments).

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18-May-20

BOB Economics | Macro Daily

In the last tranche of the fiscal package, the FM announced a 2% rise in state borrowings.

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17-May-20

BOB Economics | Government Stimulus Measures: PSE privatisation, state borrowing raised by 2% of GDP

The FM today announced a 2% increase in states borrowing by Rs 4.28tn to Rs 10.69tn.

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16-May-20

BOB Economics | Government stimulus measures: Ushering in private investments

The FM today announced measures to 1) Fast Track investments, 2) Open up coal and mining sector to private sector, 3) Privatisation of DISCOMs in UTs, and 4) Boost defence manufacturing and aviation sector.

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15-May-20

BOB Economics | Trade and Government Stimulus Measures: Exports plunge by 60.3%, FM announces agri stimulus

The FM today announced third tranche of 10% stimulus focused on agri sector.

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15-May-20

BOB Economics | Macro Daily

The second stimulus was worth Rs 3.2tn, of which farmers have got benefit of Rs 2.3tn in the form of higher credit allocation.

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14-May-20

BOB Economics | Government Stimulus Measures: Stimulus for farmers, real estate, migrants and vendors

The second stimulus is worth Rs 3.2tn out of which farmers have got benefit of Rs 2.3tn in the form of higher credit allocation.

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14-May-20

BOB Economics | Wholesale Inflation: WPI food and fuel inflation eases

The trend of food, fuel and available categories of manufactured products shows a decline in wholesale inflation.

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14-May-20

BOB Economics | Macro Daily

As a part of Rs 20tn Aatmanirbhar Bharat Abhiyan package, FM has announced Rs 6tn boost for MSMEs, NBFCs and power sector.

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13-May-20

BOB Economics | Government stimulus measures: Aatmanirbhar package for MSMEs, NBFCs and Power

Honourable PM announced a big bang Rs 20tn Aatmanirbhar Bharat Abhiyan package to stimulate the economy and give impetus to local manufacturing.

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13-May-20

BOB Economics | Macro Daily

Government has announced stimulus of Rs 20tn (10% of GDP) to combat the economic crisis.

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12-May-20

BOB Economics | Inflation and IIP: Growth contracts, food inflation rises

Even with data capturing challenges, underlying trend of higher food prices and lower production (IIP contracted by 16.7%) has been captured.

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12-May-20

BOB Economics | FY21 GDP Update: Charting India’s growth trajectory

An estimated 73% of India’s economy is open now compared with 30% in Apr’20.

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12-May-20

BOB Economics | Monthly Chartbook: Co-ordinated fiscal and monetary response

India’s growth bottomed out in Apr’20 with 70% of the economy in lockdown.

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12-May-20

BOB Economics | Macro Daily

Government has released Rs 62bn to 14 States as second monthly instalment for revenue deficit grants.

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11-May-20

BOB Economics | Weekly Wrap: India steps up borrowing for stimulus

Global yields steepened with US unemployment rate increasing to 14.7% and disappointing US factory and Germany’s exports data.

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11-May-20

BOB Economics | Macro Daily

Centre has revised its borrowing to Rs 12tn in FY21 from Rs 7.8tn earlier.

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08-May-20

BOB Economics | Interest Rate Outlook: Government alters H1 borrowing calendar

Central government has revised its borrowing to Rs 12tn in FY21 from Rs 7.8tn earlier.

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08-May-20

BOB Economics | Macro Daily

RBI reported that currency in circulation (CIC) increased by Rs 122bn and stood at Rs 25.3tn for the week ending 1 May 2020.

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06-May-20

BOB Economics | Macro Daily

Government has hiked excise duty on petrol and diesel by Rs 10 (additional excise duty: Rs 8+ SAD: Rs 2) & Rs 13 (additional excise duty: Rs 8+ SAD: Rs 5) respectively.

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05-May-20

BOB Economics | Macro Daily

India’s manufacturing PMI reading fell sharply to 27.4 in Apr’20 compared with 51.8 in Mar’20.

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04-May-20

BOB Economics | Weekly Wrap: Central Banks extend support as data disappoints

Oil prices rose and DXY fell as global risk sentiment improved.

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04-May-20

BOB Economics | Macro Daily

According to news reports, total GST collections for Mar’20 fell to Rs 283bn versus Rs 976bn in Feb’20 and Rs 1.13tn in Mar’19.

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30-Apr-20

BOB Economics | Macro Daily

RBI reported that currency in circulation (CIC) rose by Rs 166.6bn and stood at Rs 25.2tn for the week ending 24 Apr 2020.

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29-Apr-20

BOB Economics | Macro Daily

ADB has announced an assistance package of US$ 1.5bn for India in order to counter the effects of COVID-19 on health, welfare and overall economy.

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28-Apr-20

BOB Economics | Macro Daily

COVID-19 cases increased globally to 3.1mn as of 27 Apr 2020 versus 2.5mn last week.

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27-Apr-20

BOB Economics | Weekly Wrap: Fed, ECB meet in focus

The week saw negative oil prices, a first as global supply outran storage due to demand compression.

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27-Apr-20

BOB Economics | Macro Daily

COVID-19 cases increased globally to 3mn as of 26 Apr 2020, yet the pace of increase is declining. On a daily basis, new cases in US rose the most by 26,730, followed by Spain at 2,870 and Italy at 2,324.

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24-Apr-20

BOB Economics | Macro Daily

As per news reports, government has decided to amend the insolvency law and suspend sections 7, 9 and 10 for 6 months-1 year.

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23-Apr-20

BOB Economics | Macro Daily

RBI reported that currency in circulation (CIC) increased by Rs 196.3bn and stood at Rs 25tn for the week ending 17 Apr 2020.

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22-Apr-20

BOB Economics | Macro Daily

As per news reports, government is likely to announce another stimulus package amounting to Rs 6-8tn (3-4% of GDP).

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21-Apr-20

BOB Economics | Macro Daily

COVID-19 cases increased globally to 2.5mn as of 20 Apr 2020.

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20-Apr-20

BOB Economics | Weekly Wrap: Oil falls, equities recover

Global equity markets closed higher on the hope of successful treatment to Covid-19 to hit the markets soon enough.

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20-Apr-20

BOB Economics | Macro Daily

COVID-19 cases increased globally to 2.4mn as of 19 Apr 2020.

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17-Apr-20

BOB Economics | RBI Measures: RBI strikes again

Following up on measures announced on 27 March, RBI today announced 1) 25bps reduction in reverse repo rate, 2) TLTRO of Rs 500bn for NBFCs, 3) Higher WMA limits for states, 4) Standstill on asset classification norms, and 5) Scope for further reduction in policy rates.

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17-Apr-20

BOB Economics | Macro Daily

COVID-19 cases increased globally to 2.2mn as of 16 Apr 2020.

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16-Apr-20

BOB Economics | Macro Daily

India’s exports fell steeply in Mar’20 by 34.6% versus an increase of 2.9% in Feb’20.

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15-Apr-20

BOB Economics | Trade: Trade contraction shows impact of lockdown

India’s trade deficit remained steady at US$ 9.8bn in Mar’20 on a MoM basis.

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15-Apr-20

BOB Economics | Wholesale Inflation: WPI slips

WPI inflation moderated to a 4-month low of 1% in Mar’20 from 2.3% in Feb’20.

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15-Apr-20

BOB Economics | Macro Daily

COVID-19 cases increased globally to 2mn as of 14 Apr 2020. However the pace of increase is slowing with daily fresh cases rising by only 4% this week vs an average increase of 8% last week.

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13-Apr-20

BOB Economics | Inflation: Inflation falls, will ease further

CPI moderated to a 4-month low of 5.9% in Mar’20 led by food inflation.

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13-Apr-20

BOB Economics | MPC Minutes: Growth concerns warranted a larger cut

MPC members voted unanimously to cut rates and keep an accommodative stance.

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13-Apr-20

BOB Economics | Weekly Wrap: Markets hopeful of a flattening COVID curve

Globally risk sentiment improved with new projections showing US deaths may be lower than worst case scenario anticipated earlier.

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13-Apr-20

BOB Economics | Macro Daily

COVID-19 cases increased globally to 1.8mn as of 12 Apr 2020 (1.04 times increase vs last week).

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09-Apr-20

BOB Economics | IIP: Industrial growth rebounds in Feb, will slip in March

Industrial growth rose to a 7-month high of 4.5% in Feb’20 from 2.1% in Jan’20.

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09-Apr-20

BOB Economics | Monthly Chartbook: A few more weeks before visibility improves

With 70% of economy in a lockdown, we see sharp reduction in domestic consumption and investment demand.

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09-Apr-20

BOB Economics | Macro Daily

COVID-19 cases increased globally to 1.5mn as of 8 Apr 2020 (1.2 times increase vs last week).

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08-Apr-20

BOB Economics | Macro Daily

COVID-19 cases increased globally to 1.4mn as of 7 Apr 2020 (1.3 times increase vs last week).

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07-Apr-20

BOB Economics | Weekly Wrap: Markets rejoice fewer virus cases

World added fewer cases of COVID-19 in the last few days which resulted in a rebound in equity markets.

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07-Apr-20

BOB Economics | Macro Daily

COVID-19 cases increased globally to 1.3mn as of 6 Apr 2020 (1.2 times increase vs last week).

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03-Apr-20

BOB Economics | Macro Daily

COVID-19 cases increased globally to 1.02mn as of 2 Apr 2020 (1.8 times increase vs last week).

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01-Apr-20

BOB Economics | Macro Daily

COVID-19 cases increased globally to 856,581 as of 31 Mar 2020 (2.1 times increase vs last week).

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31-Mar-20

BOB Economics | Interest Rate Outlook: Government sticks to borrowing calendar

Centre’s H1FY21 gross borrowing is pegged at Rs 4.88tn in H1FY21 compared with Rs 4.25tn in H1FY20.

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31-Mar-20

BOB Economics | Macro Daily

COVID-19 cases increased globally to 7,84,395 as of 30 Mar 2020 (2.2 times increase vs last week).

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30-Mar-20

BOB Economics | Weekly Wrap: Early indicators point to sharp dip in growth

Global markets responded positively to US fiscal stimulus.

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30-Mar-20

BOB Economics | Macro Daily

COVID-19 cases increased globally to 703,700 as of 29 Mar 2020 (2.3 times increase vs last week).

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27-Mar-20

BOB Economics | Monetary Policy Review: RBI takes a bold move, more to follow

With 70% of economy in lockdown, MPC members reduced repo and reverse repo rate by 75bps and 90bps respectively.

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27-Mar-20

BOB Economics | Macro Daily

COVID-19 cases increased globally to 514,999 as of 26 Mar 2020 (3.4 times increase vs last week).

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26-Mar-20

BOB Economics | COVID-19 Impact: Pandemic to stunt global growth, delay India’s recovery

With complete lockdown, ~70% of economic activity — investment, exports and discretionary consumption — has come to a halt.

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26-Mar-20

BOB Economics | Macro Daily

COVID-19 cases continued to increase globally and have risen to 462,346 as of 26 Mar 2020 (2.8 times increase vs last week).

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24-Mar-20

BOB Economics | Macro Daily

COVID-19 cases continued to increase globally and rose 3.5 times to 368,227 for the week ended 23 Mar 2020.

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23-Mar-20

BOB Economics | Weekly Wrap: COVID-19 cases jump, so does volatility

A 3 times increase in confirmed COVID-19 cases to 152,366, drove Dow down by 17.1%.

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23-Mar-20

BOB Economics | Macro Daily

COVID-19 cases continued to increase globally. For the week ended 22 Mar 2020, number of COVID-19 globally increased 2 times to 318,297.

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20-Mar-20

BOB Economics | Macro Daily

As per news reports, Ministry of Finance is considering a Rs 100-200bn stimulus package to support the aviation sector.

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19-Mar-20

BOB Economics | Macro Daily

RBI reported that currency in circulation (CIC) increased by Rs 258.2bn and stood at Rs 23.9tn for the week ending 13 Mar 2020.

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19-Mar-20

BOB Economics | Macro Daily

RBI reported that currency in circulation (CIC) increased by Rs 258.2bn and stood at Rs 23.9tn for the week ending 13 Mar 2020.

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18-Mar-20

BOB Economics | Macro Daily

Centre’s direct tax collections on FYTD basis reached Rs 8.6tn as of Feb’20 vs FY20RE of Rs 11.7tn.

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17-Mar-20

BOB Economics | Macro Daily

In an effort to boost durable liquidity to combat the impact of COVID-19, RBI has announced that it will conduct LTROs in multiple tranches at policy rate, amounting to Rs 1tn.

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16-Mar-20

BOB Economics | Wholesale Inflation: WPI eases

WPI inflation edged down to 2.3% in Feb’20 from 3.1% in Jan’20 led by food inflation (7.8% in Feb’20 vs 11.5% in Jan’20).

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16-Mar-20

BOB Economics | Weekly Wrap: RBI likely to ease by 50bps

In a surprise move, US Fed reduced policy rate by 1% and announced US$ 700bn of bond purchases.

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16-Mar-20

BOB Economics | Macro Daily

GST council has hiked rates on mobile phones to 18% from 12%, in order to correct the inverted duty structure.

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13-Mar-20

BOB Economics | Trade: Trade deficit narrows

India’s trade deficit narrowed to US$ 9.9bn in Feb’20 from US$ 15.2bn in Jan’20 as oil, electronic and capital goods imports came-off on MoM basis.

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13-Mar-20

BOB Economics | Macro Daily

CPI inflation in India edged down to 6.6% in Feb’20 (7.6% in Jan’20) led by moderation in prices of vegetables and fruits.

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12-Mar-20

BOB Economics | Balance of Payments: Favourable outlook on CAD

India’s CAD fell to US$ 1.4bn (0.2% of GDP) in Q3FY20 from US$ 6.5bn in Q2FY20 (0.9% of GDP) on the back of lower trade deficit.

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12-Mar-20

BOB Economics | Inflation and IIP: Inflation falls, growth rebounds

CPI inflation edged down to 6.6% in Feb’20 (7.6% in Jan’20) led by moderation in prices of vegetables and fruits.

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12-Mar-20

BOB Economics | Monthly Chartbook: RBI’s rate cut to support growth

While domestic manufacturing and services sector PMIs have risen to 8-year and 7-year highs respectively, global PMIs have shrunk led by China.

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12-Mar-20

BOB Economics | Macro Daily

RBI bought net US$ 10.3bn in Jan’20 in the spot market (highest in 5 years) vs US$ 4.4bn in Dec’19.

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11-Mar-20

BOB Economics | Macro Daily

As per news reports, government may bring down the tax rate on dividend income for domestic investors from 43% to 20% in the highest tax bracket.

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09-Mar-20

BOB Economics | Weekly Wrap: US yields at all-time low

Global yields fell as markets assess economic impact of COVID-19.

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09-Mar-20

BOB Economics | Macro Daily

The government has sought parliament approval for an additional spending of Rs 540bn in FY20.

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06-Mar-20

BOB Economics | Macro Daily

EPFO has cut interest rate by 15bps to its 7-year low of 8.5% in FY20.

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05-Mar-20

BOB Economics | Macro Daily

India’s services PMI rose to 57.5 in Feb’20 from 55.5 in Jan’20.

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04-Mar-20

BOB Economics | Macro Daily

FDI inflows into India rose to US$ 10.7bn in Q3FY20 vs US$ 9.8bn in Q2FY20.

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03-Mar-20

BOB Economics | Macro Daily

India’s manufacturing PMI eased marginally to 54.5 in Feb’20 from 55.3 in Jan’20.

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02-Mar-20

BOB Economics | Weekly Wrap: Markets jittery as virus spreads

Global markets fell as COVID-19 outbreak spread beyond China to Italy, South Korea and Middle East.

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02-Mar-20

BOB Economics | Macro Daily

India’s central government fiscal deficit is at 4.3% of GDP (12M trailing basis) in Jan’20 vs FY20 (RE) of 3.8%.

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28-Feb-20

BOB Economics | Q3FY20 GDP: Growth to recover in FY21

India’s GDP and GVA growth moderated to 4.7% and 4.5% in Q3FY20 from a revised growth of 5.1% and 4.9% in Q2.

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28-Feb-20

BOB Economics | Macro Daily

As per news reports, EPFO is considering a 15bps cut in deposit rate to 8.5% for FY20 vs 8.65% in FY19.

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27-Feb-20

BOB Economics | India's Road to Recovery: Stage set for growth rebound

India’s economic slowdown is likely to bottom out in FY20 – we expect growth to tick up to 5.5% in FY21 and 6.2% in FY22 spurred by infrastructure spends, funded by strategic sale and divestment of CPSEs.

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27-Feb-20

BOB Economics | Macro Daily

RBI reported that currency in circulation (CIC) rose by Rs 110bn and stood at Rs 23.6tn for the week ending 21 Feb 2020.

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26-Feb-20

BOB Economics | Macro Daily

According to NSO report, ESIC added 1.3mn persons as new subscribers in Dec’19 vs 1.5mn persons in Nov’19.

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25-Feb-20

BOB Economics | Macro Daily

According to news reports, Ministry of Finance is not in favour of postponing the payment of AGR dues of telecom companies beyond the deadline.

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24-Feb-20

BOB Economics | Weekly Wrap: Global monetary loosening on the cards

Economic data of Japan, China, Eurozone, Singapore, Taiwan and Thailand shows flagging demand due to impact of COVID-19 or tax hike in Japan.

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24-Feb-20

BOB Economics | Macro Daily

RBI reported that currency in circulation (CIC) increased by Rs 92bn and stood at Rs 23.5tn for the week ending 14 Feb 2020.

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20-Feb-20

BOB Economics | February MPC Minutes: Policy space to open in Q3FY21

MPC members noted that economic activity has slowed down since the last policy.

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20-Feb-20

BOB Economics | Macro Daily

According to 2nd advance estimates, India is expected to clock a record foodgrain production which is 2.4% (291.95mn tonne in AY20) higher than last year.

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18-Feb-20

BOB Economics | Macro Daily

Government has suggested changes to incentivise Vivaad se Vishwas scheme to resolve pending tax disputes worth Rs 9.32tn.

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17-Feb-20

BOB Economics | Weekly Wrap: Fed, RBI minutes expected to be dovish

While US macro data was mixed, Euro Area’s Q4 GDP growth was at a 7-year low as German economy stagnated and France and Italy’s contracted.

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17-Feb-20

BOB Economics | Macro Daily

India’s export growth in Jan’20 fell to 4-month low of (-) 1.7% vs (-) 1.6% in Dec’19, led by sharp fall in exports of gems & jewellery, agriculture items and engineering goods.

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14-Feb-20

BOB Economics | Trade: Trade deficit expands as oil imports increase

India’s trade deficit expanded to US$ 15.2bn in Jan’20 from US$ 11.3bn as exports fell at a faster pace than imports.

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14-Feb-20

BOB Economics | Wholesale Inflation: WPI edges up to 9-month high

WPI inflation inched up to 3.1% in Jan’20 from 2.6% in Dec’19 led by fuel & power inflation (3.4%) and manufactured inflation (0.3%).

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14-Feb-20

BOB Economics | Macro Daily

According to Ministry of Agriculture, India has clocked a record foodgrain production (final estimates) at 285.17mn tonnes in 2018-19 vs 285.01mn tonne in 2017-18.

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13-Feb-20

BOB Economics | Macro Daily

India’s CPI jumped to 7.6% in Jan’20 from 7.4% in Dec’19 led by increase in pulses, protein and cereal inflation.

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12-Feb-20

BOB Economics | Inflation and IIP: Inflation moves up, growth lower

CPI inflation jumped to 7.6% in Jan’20 (7.4% in Dec’19) led by acceleration in pulses, protein and cereal inflation.

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12-Feb-20

BOB Economics | Macro Daily

RBI bought net US$ 4.4bn in the spot market in Dec’19 vs US$ 6.9bn in Nov’19.

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11-Feb-20

BOB Economics | Monthly Chartbook: Growth seems to have bottomed out

While government spending will be a drag on growth in Q4FY20 on the back of muted revenues, manufacturing and services sector PMI has risen to 8-year and 7-year high respectively.

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11-Feb-20

BOB Economics | Macro Daily

The slowdown in India’s auto sales continued in Jan’20 with passenger car sales declining by (-) 8.1% vs (-) 8.4% in Dec’19.

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10-Feb-20

BOB Economics | Weekly Wrap: RBI policy lifts sentiment

While global yields inched up in US and Euro Area, yields were lower in China and India on the back of measures by PBoC and RBI.

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10-Feb-20

BOB Economics | Macro Daily

India’s forex reserves rose to a fresh historic high of US$ 471.3bn in the week ended 31 Jan 2020.

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07-Feb-20

BOB Economics | Macro Daily

RBI’s MPC members kept policy rate and stance unchanged and reiterated room for further rate cuts.

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06-Feb-20

BOB Economics | Monetary Policy Review: RBI signals banks to lend

MPC members kept policy rate and stance unchanged and reiterated room for further rate cuts.

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06-Feb-20

BOB Economics | Macro Daily

India’s services PMI rose to a 7-year high of 55.5 in Jan’20 from 53.3 in Dec’19.

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05-Feb-20

BOB Economics | Macro Daily

As per news reports, India may issue US$ 5bn bonds in FY21, with no cap on foreign investment.

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04-Feb-20

BOB Economics | Macro Daily

India’s manufacturing PMI rose to a near 8-year high of 55.3 in Jan’20 from 52.7 in Dec’19.

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03-Feb-20

BOB Economics | Weekly Wrap: Over to RBI now

Global yields fell led by US over concerns of economic impact of coronavirus.

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03-Feb-20

BOB Economics | Macro Daily

Total GST collections for Dec’19 reached Rs 1.1tn (+8% on YoY basis) from Rs 1tn in Nov’19 (+8.9%).

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01-Feb-20

BOB Economics | Union Budget 2020-21: Counter cyclical Budget

With a 3.8% and 3.5% fiscal deficit in FY20 and FY21, the FM delivered a counter cyclical Budget to boost consumption and investment.

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31-Jan-20

BOB Economics | 1st RE of National Income: FY19 growth revised to 6.1%

CSO has revised FY18 and FY19 GDP growth lower by 20bps and 70bps respectively.

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31-Jan-20

BOB Economics | Economic Survey 2019-20: Pro-Growth

Economic Survey estimates growth to improve to 6-6.5% in FY21 from 5% in FY20 on the back of a low base, higher global demand and measures taken by the government to improve investment and consumption.

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31-Jan-20

BOB Economics | Macro Daily

According to news reports, the government has collected over Rs 380bn in taxes under the Sabka Vishwas scheme (legacy dispute resolution) vs target of Rs 350 bn.

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30-Jan-20

BOB Economics | Macro Daily

RBI reported that currency in circulation (CIC) increased by Rs 25.5bn and stood at Rs 23tn for the week ending 24 Jan 2020.

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29-Jan-20

BOB Economics | Macro Daily

In an effort to boost alternate sources of infra funding, NHAI has planned to raise Rs 150-200bn through its maiden InvIT offer.

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28-Jan-20

BOB Economics | Macro Daily

According to first advance estimates for 2019-20, horticulture output is expected to rise by 0.8% to 313.3mn tn (2019-20) compared with last year.

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27-Jan-20

BOB Economics | Weekly Wrap: Awaiting a growth oriented Budget

Global yields, equities and commodities fell over impact of spread of Coronavirus on economic growth.

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27-Jan-20

BOB Economics | Macro Daily

India’s forex reserves rose to a fresh lifetime high of US$ 462.2bn in the week ended 17 Jan 2020.

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24-Jan-20

BOB Economics | FY21 Budget Preview: Investment revival a priority

We believe reviving growth and investments will take centre stage in FY21 Budget.

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24-Jan-20

BOB Economics | Macro Daily

As per news reports, government is seeking Rs 100bn interim dividend from RBI in FY20.

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23-Jan-20

BOB Economics | Macro Daily

RBI reported that currency in circulation (CIC) increased by Rs 68.9bn and stood at Rs 23tn for the week ending 17 Jan 2020.

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22-Jan-20

BOB Economics | Macro Daily

According to news reports, direct tax collections on FYTD basis (till 15 Jan 2020) are down by (-) 5.2% to Rs 7.3tn vs BE of Rs 13.4tn.

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21-Jan-20

BOB Economics | Macro Daily

IMF has revised India’s growth projection downward sharply to 4.8% in FY20 (6.1% earlier).

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20-Jan-20

BOB Economics | Weekly Wrap: Union Budget to take centre-stage

US equity markets surged to new highs on the back of signing of US-China trade deal and positive macro data in US (retail sales, housing starts) and China (GDP, industrial production, investments).

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20-Jan-20

BOB Economics | Macro Daily

As per news reports, central government has raised tax department’s targets for GST collections to Rs 1.15tn for Jan and Feb’20 and to Rs 1.25tn for Mar’20.

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17-Jan-20

BOB Economics | Macro Daily

UN estimates India’s GDP growth to slow down to 5.7% in FY20 from 6.8% in FY19 and 7.6% estimated earlier.

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16-Jan-20

BOB Economics | Macro Daily

India’s trade deficit in Dec’19 narrowed to US$ 11.3bn from US$ 12.1bn in Nov’19 as imports fell by (-) 8.8% vs (-) 1.8% decline in exports.

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15-Jan-20

BOB Economics | Trade: Non-oil imports decline as demand remains weak

India’s trade deficit in Dec’19 narrowed to US$ 11.3bn from US$ 12.1bn in Nov’19 as imports fell by (-) 8.8% vis-à-vis (-) 1.8% decline in exports.

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15-Jan-20

BOB Economics | Macro Daily

As per news reports, government is seeking Rs 190bn as dividend from state oil companies.

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14-Jan-20

BOB Economics | Wholesale Inflation: WPI also inches up-Rate cut off the table

WPI inflation edged up to 7-month high of 2.6% in Dec’19 from 0.6% in Nov’19 led by food inflation which rose to 11% in Dec’19 (9% in Nov’19).

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14-Jan-20

BOB Economics | Macro Daily

CPI in India spiked to 7.4% in Dec’19 from 5.5% in Nov’19, led by sharp acceleration in food prices (14.1%).

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13-Jan-20

BOB Economics | Retail Inflation: A big negative surprise

CPI rose to more than 5-year high of 7.4% in Dec’19 led by food inflation at 14.1%.

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13-Jan-20

BOB Economics | Weekly Wrap: US-China trade deal at the epicentre

US 10Y yield went up despite lower than estimated payroll additions.

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13-Jan-20

BOB Economics | Macro Daily

India’s passenger car sales continued to decline, albeit at a slower pace to (-) 8.4% in Dec’19 from (-) 10.8% in Nov’19.

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10-Jan-20

BOB Economics | IIP: IIP improves marginally

Industrial growth rose to 4-month high of 1.8% in Nov’19 from (-) 4% in Oct’19.

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10-Jan-20

BOB Economics | Monthly Chartbook: Gradual recovery on the cards

While manufacturing and services PMIs picked up further in Dec’19, decelerating railway freight and credit growth, lacklustre non-oil-non-gold imports and dip in government spending imply that broader economic activity is muted.

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10-Jan-20

BOB Economics | Macro Daily

News reports suggest that the government is considering reducing the requirement and number of days for starting a new business from 10 process and 18 days presently, to 5 process and 5 days.

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09-Jan-20

BOB Economics | Macro Daily

World Bank estimates India’s GDP to grow at an 11-year low of 5% in FY20 from 6% estimated earlier.

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08-Jan-20

BOB Economics | Macro Daily

India’s GDP growth in FY20 is estimated at 5% vs 6.8% in FY19, due to sharp deceleration in investment (1% vs 10%) and PFCE (5.8% vs 8.1%).

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07-Jan-20

BOB Economics | FY20 GDP: Gradual revival seen in FY21

India’s growth is estimated at 5% in FY20 (6.8% in FY19).

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07-Jan-20

BOB Economics | Macro Daily

India’s services PMI rose to 53.3 in Dec’19 (5-month high) from 52.7 in Nov’19.

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06-Jan-20

BOB Economics | Weekly Wrap: Oil prices to guide Indian Markets

US yields edged down as US consumer confidence and ISM manufacturing data was below estimates.

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06-Jan-20

BOB Economics | Macro Daily

As per news reports, government may propose a litigation settlement scheme on the lines of Sabka Vishwas scheme.

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03-Jan-20

BOB Economics | Macro Daily

India’s manufacturing PMI rose to a 7-month high of 52.7 in Dec’19 from 51.2 in Nov’19, signalling a possible recovery.

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02-Jan-20

BOB Economics | Macro Daily

RBI reported that currency in circulation (CIC) declined by Rs 17.8bn and stood at Rs 22.7tn for the week ending 27 Dec 2019.

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01-Jan-20

BOB Economics | Macro Daily

India’s core sector output contracted for the 4th consecutive month to (-) 1.5% in Nov’19 from (-) 5.8% in Oct’19.

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31-Dec-19

BOB Economics | Balance of Payments: Lower CAD and higher inflows to support INR

Led by a sharp dip in trade deficit, India’s CAD narrowed to US$ 6.3bn (0.9% of GDP) in Q2 from US$ 14.2bn (2% of GDP) in Q1.

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31-Dec-19

BOB Economics | Macro Daily

State governments in India are expected to borrow Rs 2.1tn in Q4FY20 vs Rs 1.4tn in Q3FY20 (till 23 Dec).

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30-Dec-19

BOB Economics | Weekly Wrap: Indian 10Y yield falls, but oil prices may limit gains

Global equity markets were higher and DXY weakened as risk-sentiment improved.

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30-Dec-19

BOB Economics | Macro Daily

RBI’s FSR highlighted capital adequacy of SCBs has improved after PSB recap.

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27-Dec-19

BOB Economics | Macro Daily

In order to balance liquidity mismatches, RBI announced another round of simultaneous OMO purchase (long end securities) and sale (short end) of Rs 100bn each.

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26-Dec-19

BOB Economics | Macro Daily

RBI’s report showed that GNPA ratio of SCBs declined to 9.1% in FY19 from 11.2% in FY18.

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24-Dec-19

BOB Economics | Macro Daily

According to news reports, central government is expected to report Rs 630bn shortfall in GST cess collections.

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23-Dec-19

BOB Economics | Weekly Wrap: 'Operation twist’ to guide Indian bonds

Global equities went up as macro data continued to be positive with improvement in industrial output in US and China.

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23-Dec-19

BOB Economics | Macro Daily

India’s forex reserves rose to a fresh lifetime high of US$ 454.5bn in the week ended 13 Dec 2019.

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20-Dec-19

BOB Economics | Macro Daily

MPC members voted unanimously to keep policy rate and stance unchanged, though they believe the monetary space to cut rate exists.

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19-Dec-19

BOB Economics | December MPC Minutes: Room for further easing remains

MPC members voted unanimously to keep policy rate and stance unchanged.

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19-Dec-19

BOB Economics | Macro Daily

GST Council in its meeting decided to keep a uniform tax rate on lottery at 28% and standardise rates on woven and non-woven bags (18%).

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18-Dec-19

BOB Economics | Macro Daily

As per news reports, Centre’s gross tax collections are up by 4.8% in FYTD20 (till 17 Dec) vs BE of 18.3%.

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17-Dec-19

BOB Economics | Macro Daily

As per news reports, Centre is expected to sell 28% of its 54.03% stake in BEML Ltd in order to inch closer to its Rs 1.05tn FY20BE disinvestment target.

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16-Dec-19

BOB Economics | WPI: Food inflation drives WPI higher

WPI inflation inched up to 0.6% in Nov’19 from 0.2% in Oct’19 led by food inflation which rose to 9% in Nov’19 (7.6% in Oct’19).

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16-Dec-19

BOB Economics | Weekly Wrap: US-China trade deal lifts sentiments

Global economy seems to be in a better shape with exports from Germany and Taiwan improving.

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16-Dec-19

BOB Economics | Macro Daily

India’s trade deficit in Nov’19 rose to US$ 12.1bn vs US$ 11bn in Oct’19 led by higher gold (6.6% in Nov’19 vs 4.7% in Oct’19) and oil (-18.2% vs -31.7%) imports.

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13-Dec-19

BOB Economics | Trade: Non-oil-non-gold imports fall sharply

India’s trade deficit in Nov’19 rose to US$ 12.1bn versus US$ 11bn in Oct’19 led by higher gold and oil imports.

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13-Dec-19

BOB Economics | Macro Daily

India’s IIP surprised positively at (-) 3.8% in Oct’19 vs (-) 4.3% in Sep’19.

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12-Dec-19

BOB Economics | Inflation and IIP: Food inflation at 70-month high

IIP surprised positively at (-) 3.8% in Oct’19 compared with (-) 4.3% in Sep’19.

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12-Dec-19

BOB Economics | Macro Daily

Union Cabinet has approved NHAI’s proposal to set up an Infrastructure Investment Trust (InvIT) and monetise its completed highway projects.

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11-Dec-19

BOB Economics | Monthly Chartbook: Broader recovery still afar

While manufacturing and services PMIs picked up in Nov’19, muted diesel demand, decelerating railway freight and non-oil-non-gold imports imply that broader economic activity is muted.

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11-Dec-19

BOB Economics | Macro Daily

ADB has sharply cut India’s growth forecast for FY20 to 5.1% from 6.5% earlier due to stress in the NBFC sector and muted consumption growth.

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10-Dec-19

BOB Economics | Macro Daily

As per news reports, government may increase the FDI limit for insurance companies to 74% in the Budget from 49% presently.

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09-Dec-19

BOB Economics | Weekly Wrap: Spotlight on Fed and ECB

Global yields went up as manufacturing and services PMIs rose led by China.

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09-Dec-19

BOB Economics | Macro Daily

RBI data shows that credit growth in Nov’19 eased to 6.9% vs 8.9% in Oct’19.

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06-Dec-19

BOB Economics | Macro Daily

RBI kept repo rate on hold as it revised its inflation trajectory to 4.9% in H2FY20 from 3.6% in Oct’19.

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05-Dec-19

BOB Economics | Monetary Policy Review: Rate cuts to resume in Q1FY21

RBI kept repo rate on hold as it revised its inflation trajectory upwards to 4.9% in H2FY20 from 3.6% in Oct’19.

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05-Dec-19

BOB Economics | Macro Daily

India’s services PMI jumped to 52.7 in Nov’19 from 49.2 in Oct’19.

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04-Dec-19

BOB Economics | Macro Daily

ISMA data showed sugar production has fallen by 54% to 1.89mn tonnes as on Nov’19 (4.07mn tonnes as on Nov’18).

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03-Dec-19

BOB Economics | Macro Daily

India’s manufacturing PMI rose marginally to 51.2 in Nov’19 from a 2-year low of 50.6 in Oct’19 on the back of improved business conditions.

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02-Dec-19

BOB Economics | Weekly Wrap: RBI to cut rates to prop growth

Global macro data showed a mix picture.

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02-Dec-19

BOB Economics | Macro Daily

GST collections for the month of Oct’19 reached Rs 1.03tn from Rs 954bn in Sep’19.

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29-Nov-19

BOB Economics | Q2FY20 GDP: Slowdown intensifies as investments slip

India’s GDP growth fell to a 26-quarter low at 4.5% in Q2FY20 on the back of deceleration in investment demand to 1%.

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29-Nov-19

BOB Economics | Macro Daily

Central government presented bill for additional spending of Rs 212bn in the parliament.

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28-Nov-19

BOB Economics | Macro Daily

RBI reported that currency in circulation (CIC) declined by Rs 18.6bn and stood at Rs 22.6tn for the week ending 22 Nov 2019.

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27-Nov-19

BOB Economics | Macro Daily

In continuation with its disinvestment efforts, government has collected Rs 7.3bn from divestment of 10% stake in RITES Ltd, through the OFS route.

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26-Nov-19

BOB Economics | Macro Daily

In view of surging onion prices, MMTC has been contracted to import 6,090 tons of onion, in response to government’s decision to import 0.12mn tons.

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25-Nov-19

BOB Economics | Weekly Wrap: Markets await Q2 growth print

US existing home sales rose at its fastest pace in 2-years.

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25-Nov-19

BOB Economics | Macro Daily

As per news reports, government may amend the IBC in the winter session of the parliament.

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22-Nov-19

BOB Economics | Macro Daily

OECD has cut India’s GDP forecast to 5.8% in FY20 from 5.9% earlier and 6.8% in FY19.

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21-Nov-19

BOB Economics | Macro Daily

In a relief to the telecom sector, Cabinet has allowed a 2-year moratorium on spectrum related dues.

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20-Nov-19

BOB Economics | Macro Daily

Government has reaffirmed that it will be able to meet its FD target of 3.3% for FY20, with expenditure on track.

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19-Nov-19

BOB Economics | Macro Daily

Air passenger traffic has bounced back in Oct’19 supported by festive demand.

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18-Nov-19

BOB Economics | Weekly Wrap: Slowdown led by China and India

Global yields fell due to delay in finalizing US-China trade deal and weaker than estimated industrial output in China, US and UK.

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18-Nov-19

BOB Economics | Macro Daily

India’s forex reserves rose to a new lifetime high of US$ 447.8bn in the week ended 8 Nov 2019.

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15-Nov-19

BOB Economics | Trade: Imports see a sharp dip, exports steady

India’s trade deficit in Oct’19 remained steady at US$ 11.1bn versus US$ 10.9bn in Sep’19.

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15-Nov-19

BOB Economics | Macro Daily

WPI inflation eased to 0.2% in Oct’19 from 0.3% in Sep’19, led by fuel and power index (-8.3% vs -7.1%).

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14-Nov-19

BOB Economics | Wholesale Inflation: WPI inflation eases to more than 3-year low

WPI inflation cooled off to 0.2% in Oct’19 from 0.3% in Sep’19 led by fuel and power index which declined by (-) 8.3% in Oct’19.

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14-Nov-19

BOB Economics | Macro Daily

CPI inflation in India rose to a 16-month high at 4.6% in Oct’19, breaching MPC’s target of 4%, led by food inflation (vegetables at 26%).

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13-Nov-19

BOB Economics | Retail Inflation: CPI accelerates but core moderates

Retail inflation rose to a 16-month high of 4.6% in Oct’19, breaching MPC’s target of 4%, led by food inflation (especially vegetables at 26% and pulses at 11.7%).

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13-Nov-19

BOB Economics | Macro Daily

RBI bought net US$ 5.6bn in the spot market in Sep’19 vs net sales of US$ 4.1bn in Aug’19.

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11-Nov-19

BOB Economics | IIP: IIP nosedives, case for another rate cut

Industrial growth declined by (-) 4.3%, lowest in the current series.

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11-Nov-19

BOB Economics | Weekly Wrap: India's inflation to rise above 4%

Global sentiment improved as US and China are near to a trade deal.

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11-Nov-19

BOB Economics | Macro Daily

As per news reports, government revenue receipts might see a turnaround with implementation of Direct Tax Code.

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08-Nov-19

BOB Economics | Monthly Chartbook: Government spending to offset weak consumption

Consumption demand remained muted even as mild pick-up was seen in the festive season.

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08-Nov-19

BOB Economics | Macro Daily

Moody's downgraded India's credit rating outlook to negative from stable.

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07-Nov-19

BOB Economics | Macro Daily

Government has approved Rs 250bn special window as a Category-2 Alternate Investment Fund (AIF) to boost real estate sector.

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06-Nov-19

BOB Economics | Macro Daily

India’s services PMI fell to 49.2 in Oct’19 vs 48.7 in Sep’19.

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05-Nov-19

BOB Economics | Macro Daily

India has decided to not join RCEP citing concerns over India’s economic interests particularly for farmers, MSMEs and consumers.

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04-Nov-19

BOB Economics | Weekly Wrap: US-China trade deal to remain in focus

Third consecutive rate cut by US Fed and continuation of accommodative stance by BoJ led to decline in global yields.

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04-Nov-19

BOB Economics | Macro Daily

Total GST collections for Sep’19 rose to Rs 954bn from Rs 919bn in Aug’19.

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01-Nov-19

BOB Economics | Macro Daily

Central government’s fiscal deficit reached Rs 6.5tn in H1FY20 vs FY20BE of Rs 7tn.

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31-Oct-19

BOB Economics | Macro Daily

RBI reported that currency in circulation (CIC) increased by Rs 308bn and stood at Rs 22tn for the week ending 25 Oct 2019.

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30-Oct-19

BOB Economics | Macro Daily

As per news reports, a Committee of Secretaries (CoS) will be formed to look at options for relief package to the telecom sector, in the wake of SC’s current ruling on AGR.

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29-Oct-19

BOB Economics | Weekly Wrap: Awaiting US Fed and BoJ policy decisions

Growth worries continued with dip in China’s industrial profits and decline in US imports.

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29-Oct-19

BOB Economics | Macro Daily

RBI data shows that credit growth inched up marginally by 8.8% for the fortnight ending 11 Oct 2019 vs 8.7% in Sep’19.

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25-Oct-19

BOB Economics | Macro Daily

BJP led alliance is set to be in power in Maharashtra and Haryana with 161 and 40 seats respectively out of 288 and 90 seats.

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24-Oct-19

BOB Economics | Macro Daily

In the latest round of World Bank’s Ease of Doing Business, India’s rank notched up 14 places to 63 among 190 countries.

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23-Oct-19

BOB Economics | Macro Daily

According to news reports, government is expected to announce MSP of Rabi crops for AY20, in a major relief to farmers.

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22-Oct-19

BOB Economics | Weekly Wrap: Markets rally on US-China trade deal

Growth concerns came to the fore as macro data in US (retail sales, industrial production) and China (exports, Q3GDP) disappointed.

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22-Oct-19

BOB Economics | Macro Daily

As per MoSPI data, implementation cost of 1,608 projects was Rs 19.2tn and their completion cost is estimated to be higher at Rs 23.1tn.

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18-Oct-19

BOB Economics | October MPC Minutes: Growth concerns imply another 25bps cut

MPC minutes show four out of six members favour accommodative stance and further rate cuts as long as economy is firmly on the path to recovery.

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18-Oct-19

BOB Economics | Macro Daily

As per news reports, domestic air passenger traffic growth moderated to 1.2% in Sep’19 compared with 3.9% in Aug ’19, on a YoY basis.

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17-Oct-19

BOB Economics | Macro Daily

India’s fuel demand in H1FY20 eased to 1.7% vs 3.8% in H1FY19. It is also lower than 2.9% increase seen in H2FY19.

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16-Oct-19

BOB Economics | Macro Daily

IMF has slashed India’s growth forecast downward by 90bps to 6.1% in FY20.

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15-Oct-19

BOB Economics | Trade: Trade deficit narrows as imports shrink

India’s trade deficit in Sep’19 reduced to US$ 10.9bn versus US$ 13.5bn in Aug’19.

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15-Oct-19

BOB Economics | Macro Daily

CPI inflation in India rose to a 14-month high at 4% in Sep’19 led by food inflation, particularly vegetable (15.4%) and meat and fish (10.3%).

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14-Oct-19

BOB Economics | Retail Inflation: Core moderates, food accelerates

Retail inflation rose to a 14-month high at 4% in Sep’19 led by food inflation, particularly vegetable (15.4%) and meat and fish (10.3%).

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14-Oct-19

BOB Economics | Wholesale Inflation: WPI inflation eases to a 39-month low

WPI inflation eased to 0.3% in Sep’19 from 1.1% in Aug’19 driven by lower fuel and power inflation at (-) 7.1% in Sep’19 (-4% in Aug’19).

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14-Oct-19

BOB Economics | Weekly Wrap: US-China trade deal lifts sentiment

Global sentiment improved as US and China reached a trade truce.

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14-Oct-19

BOB Economics | Macro Daily

World Bank has slashed India’s GDP forecast in FY20 to 6% from 7.5% earlier.

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12-Oct-19

BOB Economics | IIP: Broad based slowdown

IIP growth slipped to (-) 1.1% in Aug’19 vs 4.6% in Jul’19, lowest in this series.

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11-Oct-19

BOB Economics | Macro Daily

In order to boost compliance, government has made changes to the input tax credit scheme under GST.

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10-Oct-19

BOB Economics | Monthly Chartbook: Sentiment improves, growth to follow

Economic sentiment improved after Centre’s surprise announcement to cut corporate tax even as consumption slowdown continued for another month.

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10-Oct-19

BOB Economics | Macro Daily

RBI reported that currency in circulation (CIC) increased by Rs 197bn and stood at Rs 22tn for the week ending 4 Oct 2019.

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09-Oct-19

BOB Economics | Macro Daily

According to National Bulk Handling Corporation (NHBC), foodgrain production is expected to be higher by 8.4mn tonne (140.57mn tonne in AY20) from its average output in the past 5 years.

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07-Oct-19

BOB Economics | Weekly Wrap: Global activity dips in Sep’19

Global economy has slowed down further in Sep’19 with US ISM manufacturing index at a 10-year low.

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07-Oct-19

BOB Economics | Macro Daily

India’s services PMI index fell sharply in Sep’19 to 48.7 from 52.4 in Aug’19.

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07-Oct-19

BOB Economics | Macro Daily

India’s services PMI index fell sharply in Sep’19 to 48.7 from 52.4 in Aug’19.

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04-Oct-19

BOB Economics | Monetary Policy Review: Room for another rate cut

RBI reduced repo rate by 25bps thus taking cumulative rate cuts by the central bank to 135bps since Feb’19.

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04-Oct-19

BOB Economics | Macro Daily

RBI reported that currency in circulation (CIC) increased by Rs 12.9bn and stood at Rs 21.8tn for the week ending 27 Sep 2019.

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03-Oct-19

BOB Economics | Macro Daily

Total GST collections for Aug’19 fell to Rs 919bn (-2.7%) vs Rs 982bn in Jul’19 (+4.5%).

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01-Oct-19

BOB Economics | Macro Daily

India’s core sector growth contracted by (-) 0.5% and to a 52-month low in Aug’19 from 2.7% in Jul’19.

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30-Sep-19

BOB Economics | Interest Rate Outlook: Adherence to borrowing glide path implies lower yields

Centre has maintained its guidance of gross borrowings at Rs 7.1tn in FY20.

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30-Sep-19

BOB Economics | Balance of Payments: CAD expands in Q1, but will moderate

Despite an increase in CAD to US$ 14.3bn in Q1 from US$ 4.6bn in Q4, India’s BoP surplus remained stable at US$ 14bn.

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30-Sep-19

BOB Economics | Weekly Wrap: RBI policy and H2 borrowing to drive yields

Global manufacturing activity weakened further in Sep’19, especially in the Eurozone.

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30-Sep-19

BOB Economics | Macro Daily

Government has reviewed the progress in capex spending in H1FY20.

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27-Sep-19

BOB Economics | Macro Daily

RBI’s working group on Liquidity Management Framework has suggested to continue with the corridor system (call: target rate, repo: policy rate).

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26-Sep-19

BOB Economics | Macro Daily

RBI reported that currency in circulation (CIC) declined by (-) Rs 179.1bn and stood at Rs 21.8tn for the week ending 20 Sep 2019.

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25-Sep-19

BOB Economics | Macro Daily

ADB has revised its growth forecast downward for India to 6.5% from 7.2% earlier in FY20.

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24-Sep-19

BOB Economics | Macro Daily

According to the 1st advance estimates, foodgrain production for agriculture year 2019-20 is expected to be (-) 0.7% lower at 140.57mn tonnes compared with last year.

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23-Sep-19

BOB Economics | Weekly Wrap: India corporate tax cut to boost investments

Global economy seems to have slowed down further led by dip in China’s retail sales and fixed asset investments.

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23-Sep-19

BOB Economics | Macro Daily

To address the current economic slowdown, government has reduced the effective corporate tax rate to 25.2% from 29.5% currently.

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20-Sep-19

BOB Economics | Fiscal Reforms: As bold as it gets

India’s FM announced one of the boldest reform to kick start the investment cycle by reducing effective corporate tax rate by 4.3% to 25.2%.

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20-Sep-19

BOB Economics | Macro Daily

Government has announced measures to boost credit disbursement. It has asked state run banks to hold open meetings in 400 districts (200 districts will be covered by 29 Sep 2019) along with the NBFCs to focus on MSMEs and retail customers.

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19-Sep-19

BOB Economics | Macro Daily

RBI reported that currency in circulation (CIC) increased by Rs 111.5bn and stood at Rs 22tn for the week ending 13 Sep 2019.

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18-Sep-19

BOB Economics | Macro Daily

According to news reports, government is expected to increase the allocation of subsidised foodgrain by additional 2kg from the current 5kg of grains provided each month, under NFSA.

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17-Sep-19

BOB Economics | Macro Daily

India’s WPI inflation remained unchanged at 1.1% in Aug’19. Food inflation rose to 5.8% in Aug’19 (4.5% in Jul’19).

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16-Sep-19

BOB Economics | Wholesale Inflation: Food prices rise, oil and commodity prices fall

WPI inflation remained unchanged at 1.1% in Aug’19.

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16-Sep-19

BOB Economics | Weekly Wrap: Central Banks in focus

Even as ECB lowered its deposit rate by 10bps and announced a bond buying program, global yields inched up as US-China trade tensions eased.

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16-Sep-19

BOB Economics | Macro Daily

FM has announced measures to boost housing demand which includes relaxation of ECB guidelines for PMAY, in consultation with RBI.

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13-Sep-19

BOB Economics | Trade: Global and domestic demand weakens further

India’s trade deficit in Aug’19 remained stable at US$ 13.5bn versus US$ 13.4bn in Jul’19.

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13-Sep-19

BOB Economics | Macro Daily

RBI sold US$ 93mn in the spot market in Jul’19 vs purchase of US$ 2.5bn in Jun’19.

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12-Sep-19

BOB Economics | Inflation and IIP: Food accelerates, core stable

Industrial activity surprised positively at 4.3% in Jul’19 led by mining and manufacturing.

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12-Sep-19

BOB Economics | Monthly Chartbook: Transmission of lower rates to drive recovery

Consumption slowdown intensified in Aug’19 with further dip in auto demand.

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12-Sep-19

BOB Economics | Macro Daily

As per news reports, government will set up a fund to provide guarantees to borrowers with low credit score.

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11-Sep-19

BOB Economics | Macro Daily

RBI’s panel on housing finance securitisation market has suggested that an intermediary should be set up under NHB, wherein government will have a 51% ownership.

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09-Sep-19

BOB Economics | Weekly Wrap: All eyes on ECB

Global manufacturing output remained weak while services sector seems to be holding up for now.

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09-Sep-19

BOB Economics | Macro Daily

Indian government has set up a taskforce to prepare the roadmap of “national infrastructure pipeline” in the next 5 years.

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06-Sep-19

BOB Economics | Macro Daily

In a bid to provide stimulus for road infrastructure, NHAI is expected to address concerns on multiple fronts.

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05-Sep-19

BOB Economics | Macro Daily

India’s services PMI slipped to 52.4 in Aug’19 from 53.8 in Jul’19 largely on account of softer pace of increase in new business inflows, particularly domestic orders.

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04-Sep-19

BOB Economics | Macro Daily

According to news reports, state governments are expected to suggest measures to help curtail lower prices that arise due to surplus stock of sugar.

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03-Sep-19

BOB Economics | Weekly Wrap: US-China tariffs in focus

Global sovereign yields fell as economic outlook remains weak.

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03-Sep-19

BOB Economics | Macro Daily

India’s eight core industries rose by 2.1% in Jul’19 compared with 0.7% in Jun’19.

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30-Aug-19

BOB Economics | Q1FY20 GDP: Reforms and liquidity to drive recovery

India’s growth moderated to 5% in Q1FY20 on the back of a consumption and investment led slowdown.

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30-Aug-19

BOB Economics | Macro Daily

RBI in its Annual Report explained the transfer of a record amount of Rs 1.76tn to government (Rs 500bn last year).

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29-Aug-19

BOB Economics | RBI Annual Report: RBI dividend to boost growth

RBI will be transferring a record amount of Rs 1.76tn to government (Rs 500bn last year).

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29-Aug-19

BOB Economics | Macro Daily

In order to improve FDI inflows, Cabinet has permitted 100% FDI under the automatic route in contract manufacturing.

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28-Aug-19

BOB Economics | Macro Daily

As per news reports, government might provide stimulus to real estate sector reeling due to muted demand and liquidity woes.

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28-Aug-19

BOB Economics | India Economic Outlook: Lower rates, liquidity to drive cyclical recovery

The downturn in global and domestic economy is mirrored in India’s consumption, investment and export slowdown. A growth revival requires lower interest rates and liquidity.

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27-Aug-19

BOB Economics | Macro Daily

The Bimal Jalan Committee on Economic Capital Framework (ECF) recommended that realised gains can be distributed while unrealised gains cannot be (Rs 7tn as on 31 Jun’18).

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26-Aug-19

BOB Economics | Weekly Wrap: Global uncertainty increases

Amidst weak global macro indicators (PMI and US new home sales), China announced new set of tariffs on US goods.

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26-Aug-19

BOB Economics | Macro Daily

In an effort boost domestic economy, FM has announced a host of economic reforms.

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23-Aug-19

BOB Economics | Macro Daily

As per news reports, domestic air passenger traffic rose by 3.1% between Jan-Jul’19; slowest pace in 5 years.

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22-Aug-19

BOB Economics | Macro Daily

RBI minutes revealed that MPC has kept room open for further reduction in rates as economic activity continues to decelerate.

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21-Aug-19

BOB Economics | August MPC Minutes: Focus on growth to continue

With economic activity continuing to decelerate since June policy meeting, RBI reduced policy rate by 35bps.

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21-Aug-19

BOB Economics | Macro Daily

According to news reports, 15th Finance Commission (FC) is expected to discontinue the revenue deficit grants given to states.

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20-Aug-19

BOB Economics | Macro Daily

According to fourth advance estimates, while foodgrain output at 285mn tonne missed its target for 2018-19, it was still higher than the last 5-year average.

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19-Aug-19

BOB Economics | Weekly Wrap: FOMC and RBI minutes to take centre stage

Global economy is slowing down with weak industrial output in US, China and Japan.

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19-Aug-19

BOB Economics | Macro Daily

India’s forex reserves rose to a lifetime high of US$ 430.6bn in the week ending 9 Aug 2019.

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14-Aug-19

BOB Economics | Trade: Gold and oil imports decline

India’s trade deficit declined to US$ 13.4bn from US$ 15.3bn in Jun’19 on the back of higher exports and lower imports.

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14-Aug-19

BOB Economics | Wholesale Inflation: WPI inflation sees a steep fall

WPI inflation moderated to 1.1% in Jul’19 from 2% in Jun’19.

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14-Aug-19

BOB Economics | Macro Daily

India’s CPI slipped to 3.1% in Jul’19 from 3.2% in Jun’19.

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13-Aug-19

BOB Economics | Retail Inflation: CPI moderates, room to cut rates

Retail inflation slipped to 3.1% in Jul’19 from 3.2% in Jun’19.

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13-Aug-19

BOB Economics | Weekly Wrap: Global yields fell, India an outlier

Central Banks of Thailand, Philippines and New Zealand reduced policy rates to support growth which supported equity markets.

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13-Aug-19

BOB Economics | Macro Daily

As per news reports, government is aiming to launch new crop insurance scheme which will maximise benefits under Pradhan Mantri Fasal Bima Yojona (PMFBY).

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09-Aug-19

BOB Economics | IIP: IIP growth moderates

Industrial growth edged down to a four month low of 2% in Jun’19 compared with 4.6% in May’19.

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09-Aug-19

BOB Economics | Monthly Chartbook: Global easing cycle on the way

Consumption and investment demand remained subdued with decline in auto sales, non-oil-non-gold imports, capital goods production and imports.

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09-Aug-19

BOB Economics | Macro Daily

RBI’s consumer confidence dropped to 95.7 in Jul’19 (lowest since Dec’18) vs 97.3 in May’19.

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08-Aug-19

BOB Economics | Macro Daily

RBI surprised with a 35bps cut in policy rates (4-2 vote) while maintaining an accommodative stance.

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07-Aug-19

BOB Economics | Monetary Policy Review: Unconventional rate cut

RBI surprised with a 35bps reduction in policy rates (4-2 vote) while maintaining an accommodative stance.

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07-Aug-19

BOB Economics | Macro Daily

RBI in its current policy is expected to cut rates for the fourth successive time.

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06-Aug-19

BOB Economics | Macro Daily

India’s services PMI jumped back into expansion, rising to a 1-year high at 53.8 in Jul’19 from 49.6 in Jun’19.

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05-Aug-19

BOB Economics | Weekly Wrap: Fed cuts rate, RBI to follow

US-China trade war escalated as US announced additional tariffs on US$ 300bn of Chinese imports.

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05-Aug-19

BOB Economics | Macro Daily

India’s forex reserves declined to US$ 429.6 from a lifetime high of US$ 430.4bn in the week ending 26 Jul 2019.

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02-Aug-19

BOB Economics | Macro Daily

Total GST collections for Jun’19 reached Rs 1tn vs Rs 999bn in May’19.

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01-Aug-19

BOB Economics | Macro Daily

Central government’s fiscal data shows that it lowered its spending in Q1FY20 to 2% vs 8.7% in Q1FY19.

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31-Jul-19

BOB Economics | Macro Daily

Government has passed the code on wages bill which is expected to benefit over 500mn workers.

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30-Jul-19

BOB Economics | Macro Daily

According to data released by DIPAM, in FYTD20 the government has so far collected Rs 124bn through disinvestment vs the budgetary target of Rs 1.05tn.

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29-Jul-19

BOB Economics | Weekly Wrap: Awaiting US Fed stance

ECB held policy rates steady but emphasised that low inflation will call for more accommodation even though recession fear is low.

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29-Jul-19

BOB Economics | Macro Daily

GST council has reduced tax rate for electric vehicles (EV) from 12% to 5% and for EV chargers from 18% to 5%.

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26-Jul-19

BOB Economics | Macro Daily

Employees' State Insurance Corporation (ESIC) payroll data showed that 1.27mn jobs were created in May’19, higher than 1.12mn in Apr’19.

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25-Jul-19

BOB Economics | Macro Daily

Indian government has approved creation of sugar buffer stock of 4mn tonne in order to address the bumper crop production and pending cane arrears of over Rs 15.2bn.

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24-Jul-19

BOB Economics | Macro Daily

IMF has cut India’s GDP forecast by 30bps for FY20 and FY21 to 7% and 7.2% respectively.

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23-Jul-19

BOB Economics | Macro Daily

Government has kept a target of adding over 13mn new filers in FY20 vs 11mn filers added in FY19.

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22-Jul-19

Weekly Wrap: Global easing cycle gains steam

With growth slowing down, EM central banks such as South Korea and Indonesia…

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22-Jul-19

Macro Daily

In a major relief to IT and ITES sector, government has announced…

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19-Jul-19

Macro Daily

ADB has revised India’s growth projection downward...

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18-Jul-19

Economics: Macro Daily

RBI reported that currency in circulation increased by Rs 74bn (on a weekly basis) and stood at Rs 2

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