|
|
|
RBI sees brighter near-term growth
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 15 Nov, 2021
Indicators of aggregate demand have shown a brighter
than before near-term outlook, the Reserve Bank of India (RBI) said in
its monthly bulletin for November.
Released on Monday, the bulletin said the indicators of aggregate demand posit an improvement in several spheres.
"Mirroring
the improved economic activity and movement of goods transport, the
E-way bill generation in October 2021 surpassed the pre-pandemic levels
of February 2020 and posted a sequential improvement," it said.
The
RBI said the recent decision by the Centre to reduce excise duty on
auto fuels led the majority of the states and UTs to also reduce their
value added tax (VAT) in the range of Rs 1.8 to Rs 10 per litre in
petrol and Rs 2 to Rs 7 per litre in diesel.
On November 3, the
Centre had announced reduction in excise duty on petrol and diesel by Rs
5 per litre and Rs 10 per litre, respectively.
"Overall, the decrease in petrol and diesel prices may positively impact consumption and private investment," the report said.
In
terms of financial conditions, the bulletin cited that system liquidity
remained in large surplus, though average daily net absorption under
the liquidity adjustment facility (LAF) moderated from Rs 8.1 lakh crore
in the first half to Rs 7.5 lakh crore in the second half of October
through November (up to November 10).
Among the drivers of
liquidity, moderation resulted mainly from the build-up of government
cash balances and step up in currency in circulation in the wake of the
festival season.
"As the RBI stepped up liquidity absorption
through the variable rate reverse repo (VRRR) auctions (both main and
fine-tuning operations), the amount absorbed under the fixed rate repo
declined," it said.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|