Wage pressures and higher food prices meanwhile led to another increase in cost burdens, which firms partially passed on to their customers. Charge inflation eased from March's near seven-year high, however.

Despite falling from 61.2 at the end of the previous fiscal quarter to 60.8 in April, the seasonally adjusted HSBC India Services Business Activity Index highlighted one of the strongest growth rates seen in just under 14 years. Survey members attributed the latest upturn in output to favorable economic conditions, demand strength and rising intakes of new work.

Notably, services companies observed the second-fastest increase in new export business in the near ten-year series history, behind only that seen in March.

Still, total new orders continued to rise at a stronger rate than exports. Buoyed by rising inflows of new business, a few service providers in India showed an increased appetite for new hires in April.

Despite coming in below the Flash estimate (62.2), the final HSBC India Composite PMI Output Index still signaled a substantial rate of expansion across the private sector. At 61.5 in April (March: 61.8), the latest reading was one of the highest seen in close to 14 years.

As was the case for output, manufacturers continued to note a stronger increase in new business intakes than service providers. Aggregate sales rose sharply, and at one of the fastest rates since mid-2010. Goods producers also led April's rise in payroll numbers, with softer growth in the service economy curbing job creation at the composite level.

For the week ended April 26, the foreign currency assets ? a major component of the reserves ? decreased $1.159 billion to $559.701 billion, the data released on Friday showed.

Gold reserves decreased $1.275 billion to $55.533 billion during the week. The special drawing rights (SDRs) were up $15 million to $18.048 billion, said the RBI.

India?s reserve position with the IMF was also up $8 million to $4.639 billion in the reporting week, the apex bank data showed.

The Reserve Bank of India (RBI) on Thursday said 97.76 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,961 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation. The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of the high value banknotes was announced, has declined to Rs 7,961 crore at the close of business on April 30, 2024, the Reserve Bank said in a statement. The ₹2000 banknotes continue to be legal tender, RBI noted.

Production level of important minerals in February, 2024 were: Coal 966 lakh tonne, Lignite 42 lakh tonne, Natural gas (utilized) 2886 million cu.m., Petroleum (crude) 23 lakh tonne, Bauxite 2414 thousand tonne, Chromite 400 thousand tonne, Copper conc. 11 thousand tonne , Gold 255 kg, Iron ore 244 lakh tonne, Lead conc. 27 thousand tonne, Manganese ore 295 thousand tonne, Zinc conc. 149 thousand tonne, Limestone 387 lakh tonne, Phosphorite 218 thousand tonne, and Magnesite 10 thousand tonne.

Important minerals showing positive growth during February, 2024 over February, 2023 include: Gold (86%), Copper Conc.(28.7%), Bauxite (21%), Chromite (21%), Phosphorite (19%), Limestone(13%), Coal (12%), Natural gas (U) (11%), Petroleum(crude) (8%), Manganese Ore (6%), Magnesite (3%), Lignite(2.8%), and Zinc Conc.(2.8%). Other important minerals showing negative growth include Iron Ore (-0.7%) and Lead Conc.(-14%).

India?s coal dispatches for April 2024 reached 85.10 MT(Provisional) up by 6.07% compared to the same period last year when it was recorded at 80.23 MT. During April 2024, CIL dispatched 64.26 MT (Provisional) of coal, with a growth of 3.18% compared to the corresponding period of the previous year when it was 62.28 MT. Additionally, coal dispatch by Captive/others in April was recorded at 15.16 MT (Provisional), reflecting a growth of 26.90% from the previous year, which was 11.95 MT.

With sales expected to remain positive, buying levels were raised and input stocks lifted to one of the greatest extents seen in over 19 years of data collection. Cost pressures ticked higher, though remained historically mild, pushing up charge inflation to the strongest since January. Despite falling from 59.1 in March to 58.8 in April, the seasonally adjusted HSBC India Manufacturing Purchasing Managers? Index (PMI) signaled the second-best improvement in the health of the sector for three-and-a-half years. The PMI was comfortably above both the neutral mark of 50.0 and its long-run average (53.9).

Stocks of purchases, one of the five sub-components of the headline figure, increased sharply in April. April's rise in raw material stocks was supported by a further increase in buying levels. Indian manufacturers reported robust demand for their goods in April, from domestic and external clients.

Sustained improvements in demand, favorable economic conditions and greater sales volumes continued to underpin output growth. Indian goods producers forecast higher output in the year ahead, relative to present levels. To fulfil current and expected improvements in demand, manufacturers hired additional staff at the start of the first fiscal quarter.

Although the latest results showed an intensification of cost pressures during April, the rate of inflation remained below its long-run average. Amid reports of higher material and labor costs, Indian manufacturers increased their selling prices in April.

Bank credit to industry grew by 8.5 per cent annually in March while there was moderation in the personal loans segment, as per Reserve Bank data released on Tuesday. The growth in credit to industry and personal loans segment in March 2023 was 5.6 per cent and 21 per cent, respectively. Among major industries, growth in credit (year-on-year) to 'chemicals and chemical products', 'food processing', and 'infrastructure' accelerated in March 2024 as compared with the corresponding month of the previous year, while that to 'basic metal and metal products' moderated, the RBI said. Credit growth to services sector improved to 20.2 per cent annually in March 2024 from 19.6 per cent a year ago.

Indian economy will likely expand 6.8% in the current fiscal as public investment remains the primary growth driver, the International Monetary Fund said Tuesday in its Regional Economic Outlook for Asia and Pacific. Krishna Srinivasan, Director of the Asia and Pacific Department at the IMF, stated, In China and India, we expect investment to contribute disproportionately to growth?much of it public, especially in India. Additionally, the IMF has raised its outlook for India's FY24 growth to 7.8%, surpassing the government's estimate of 7.6%. Growth in Asia and the Pacific surprised on the upside in the second half of 2023, reaching 5.0 percent for the year as whole?significantly stronger than the outcome in 2022 (3.9 percent), and 0.4 percentage point higher than projected in the October 2023 Regional Economic Outlook: Asia and Pacific. Emerging Asia accounted for the bulk of positive growth surprises, including in Malaysia, the Philippines, Vietnam, and,most notably, India, the Fund noted.

In the month of April, 2024, the central government settled ₹50,307 crore to CGST and ₹41,600 crore to SGST from the IGST collected. This translates to a total revenue of ₹94,153 crore for CGST and ₹95,138 crore for SGST for April, 2024 after regular settlement.

The Reserve Bank came across instances of lenders resorting to certain unfair practices in charging of interest. The regulator found that lenders have been charging interest from the date of sanction of loan or date of execution of loan agreement and not from the date of actual disbursement of the funds to the customer. Similarly, in the case of loans being disbursed by cheque, instances were observed where interest was charged from the date of the cheque whereas the cheque was handed over to the customer several days later.

In the case of disbursal or repayment of loans during the course of the month, some lenders were charging interest for the entire month, rather than charging interest only for the period for which the loan was outstanding. In some cases, it was observed that lenders were collecting one or more instalments in advance but reckoning the full loan amount for charging interest.

The Reserve Bank mentioned that these and other such non-standard practices of charging interest are not in consonance with the spirit of fairness and transparency while dealing with customers. These are matters of serious concern to the Reserve Bank. Wherever such practices have come to light, RBI through its supervisory teams has advised lenders to refund such excess interest and other charges to customers. Lenders are also being encouraged to use online account transfers in lieu of cheques being issued in a few cases for loan disbursal.

In the interest of fairness and transparency, the RBI directed all the regulated lenders to review their practices regarding mode of disbursal of loans, application of interest and other charges and take corrective action, including system level changes, as may be necessary

The Reserve Bank of India (RBI) on April 29 announced an 8 percent interest on Government of India Floating Rate Bond 2034 (GOI FRB 2034) for the half year April 30, 2024 to October 29, 2024. ?It may be recalled that FRB 2034 carries a coupon, which has a base rate equivalent to the average of the Weighted Average Yield (WAY) of last three auctions (from the rate fixing day i.e., April 30, 2024) of 182 Day T-Bills, plus a fixed spread (0.98 per cent),? the RBI said in a release.

The Government of India (GoI) has announced the sale (re-issue) of (i) ?7.33% Government Security 2026? for a notified amount of ₹6,000 crore (nominal) through price based auction using multiple price method, (ii) ?7.23% Government Security 2039? for a notified amount of ₹10,000 crore (nominal) through price based auction using multiple price method, and (iii) ?7.34% Government Security 2064? for a notified amount of ₹12,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to ₹ 2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India on May 03, 2024 (Friday). Up to 5% of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Equity markets are impacted more by the expectations of future monetary policy than the policy rate surprises on the day of announcement of the policy by the Reserve Bank, according to a working Paper titled, ?Equity Markets and Monetary Policy Surprises? under the Reserve Bank of India Working Paper Series. According to a working paper prepared by RBI officials, the regulatory and development measures which are announced along with the monetary policy too impact the stock markets....equity markets are affected more by the changes in the market's expectations of future monetary policy (path factor) than the policy rate surprise (target factor) which is in agreement with the conventional thinking that equity markets are forward-looking, the paper said. The paper studies the impact of monetary policy announcements on the returns and volatility in the BSE Sensex by decomposing changes in Overnight Indexed Swap (OIS) rates on policy announcement days into target and path factors. The target factor captures the surprise component in central bank policy rate action, while the path factor captures the impact of central bank communication on market expectations regarding the future path of monetary policy.

Swaminathan J, Deputy Governor of Reserve Bank of India stated that financial literacy is central to supporting the developmental objectives of inclusive growth. By addressing the demand side of financial inclusion, financial literacy enables people to understand the benefits of formal financial products and regulated financial providers as well as to make suitable choices across savings, credit, insurance, pension and remittances. He noted further that Indian economy today is the fastest growing amongst the major economies of the world. However, for this growth to be inclusive, it is imperative that we have a financial system that works for all. This objective stands at the heart of all the efforts being made by the RBI towards financial inclusion.

Enhancing financial literacy in India demands a multi-faceted approach involving collaboration between the government, financial institutions, non-profit organizations, and the private sector. It requires targeted educational programs, awareness campaigns, and innovative solutions that cater to the diverse needs and preferences of different demographic groups. Recognising this, India's National Strategy for Financial Education (NSFE) for the period 2020-2025 has been formulated as a forward-looking framework.