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NEWS ABSTRACTS
From MCCIA
International & National Business and Economy
Updates
For the week ended on 26th October 2013
Dear Members,
Let us have a look at some recent monetary developments.
Reserve money rose by Rs. 143.6 billion and reached to Rs. 15.8 trillion
during the week ended 18th October. Among the components of reserve
money, currency in circulation rose by Rs. 117.3 billion to reach to Rs.
12.42 trillion whereas Banker’s deposits with RBI rose by Rs. 26.6 billion
and reached to Rs. 3.33 trillion. According to CMIE outlook, the money
supply is expected to rise by 13.5 % in 2013-14 as well as the bank credit
to commercial sector is expected to rise by 15%. The growth in money
supply will be mainly driven due to the increase in credit to commercial
sector.
Growth in deposits is also slated to rise by 14.3% in 2013-14 for the
second consecutive year, owning to strong rise in incremental deposits.
The sharp increase in the same during a month of September to October
(more than double amount of deposits garnered than the previous year)
was probably due to the rise in foreign capital flows on the account of
RBI’s measures to attract dollar funds.
We always look forward to your suggestions and feedback. Kindly read
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with “NEWS ABSTRACTS from MCCIA”.
ANANT SARDESHMUKH
DIRECTOR GENERAL
INTERNATIONAL ECONOMY AND BUSINESS NEWS
Australia to raise debt limit by 60%
The Australian government has said it plans to raise the country's debt limit by twothirds to allay concerns it could face a future fiscal crisis. The newly-elected
conservative government is looking to raise the borrowing limit to A$500bn ($486bn;
£300bn).
Australia is forecast to reach its current A$300bn ceiling in December.
Treasurer Joe Hockey said that he wanted to avoid a crisis similar to the recent US
fiscal emergency.
China home prices rise by a record in four major cities
China's four major cities saw record rise in new home prices in September, stoking
fears of a housing bubble. Prices in Beijing, Shanghai, Shenzhen and Guangzhou saw
their biggest jump since the government changed its calculation method in January
2011. Property remains a popular investment choice in China and prices have now
risen for nine months in a row.
Spain out of recession, central bank says
Spain's economy has emerged from recession after growing for the first time in more
than two years, according to estimates from the Bank of Spain.
Spain's gross
domestic product (GDP) grew by 0.1% between July and September, the bank said.
However, GDP was still 1.2% lower in the quarter compared with the same period last
year. Spain's economy has been struggling ever since the credit crisis struck in 2008.
INDIAN ECONOMY AND BUSINESS NEWS
India's FY'14 GDP growth to be 4.9 pc: India Ratings & Research
India Ratings & Research (Ind-Ra) expects India's GDP growth to remain sluggish at
4.9 per cent in the current financial year, due to a mix of domestic and external
factors. According to India Ratings, the country's agricultural growth came to the
rescue as without it, growth rate for this financial year would have been much lower.
Indian economy, which has been witnessing a growth slowdown since FY'12, is
expected to grow at 4.9 per cent in the current financial year, well below its
potential and last 10 years trend growth rate of 7.9 per cent, India Ratings said.
Indian rupee down 9 paise to Rs 61.55 against US dollar
The rupee today lost 9 paise to Rs 61.55 against the US dollar in early trade on the
Interbank Foreign Exchange market due to appreciation of the American unit against
other currencies overseas. Increased demand for the dollar from importers also put
pressure on the rupee. Dealers attributed the rupee's fall to dollar gains against the
euro overseas and a lower opening in the domestic stock market. The rupee had
closed 13 paise higher at Rs 61.46 a dollar in yesterday's trade after banks and
exporters sold the US currency as it weakened overseas.
BSE Sensex regains psychological 21,000 level after a gap
The BSE Sensex crossed 21,000-mark after a gap of 35 months on hectic buying mainly
in realty, auto, banking, consumer durables and refinery sectors on the back of
persistent foreign capital inflows. Shares of PSU banks gained after the Ministry of
Finance after trading hours yesterday said that the Government of India (GoI) has
approved infusion of a total of Rs 14,000 crore in 20 public sector banks (PSBs) during
this fiscal through preferential allotment of equity shares.
RBI to up repo rate 25 bps on inflation, may cut MSF
As inflation continues to hover above its comfort zone, the Reserve Bank of India (RBI)
is likely to increase the short-term lending or repo rate by another 25 basis in the
monetary policy review due next week, American brokerage Morgan Stanley has said.
"As inflation, both WPI and CPI, remain elevated and surprised on the upside last
month, we expect the RBI to increase the repo rate by 25 basis points to 7.75 per cent
to anchor inflationary expectations," Morgan Stanley said in a note.
Gold price regains 32-k level on seasonal demand, global cues
Amid rising domestic demand and a firming global trend, gold prices today regained
Rs 32,000 per ten gram level after seven weeks in the national capital. Gold prices
spurted by Rs 480 to Rs 32,410 per ten gram, a level last seen on September 4, while
silver held steady at Rs 50,200 per kg on lack of support from industrial units. Traders
said increased buying of gold by stockiest and jewelers to meet the rising festive and
marriage season demand, amid firming global trend, influenced the sentiment.
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