This week, India's savers were informed that foreign portfolio investors sold stocks worth $8.4 billion just in October, surpassing the levels recorded in March 2020. The exodus and dips in the Nifty50 only partly explained by the lure of China-are fuelled by fears of slowing growth and deceleration in earnings.
The pixels of the picture spell the story. On August 8, the Reserve Bank of India presented a bullish outlook for the economy, projecting GDP growth for the year at 7.2 percent. Governor Shaktikanta Das stated that India's GDP will grow at 7.1 percent in the first quarter, 7.2 per cent in the second, 7.3 per cent in Q3 and 7.2 per cent in Q4. Three weeks later, the Ministry of Statistics informed that India's GDP growth had slowed down to 6.7 per cent in the first quarter.
On October 9, the RBI recorded that growth was slower in Q1 but maintained that GDP growth in Q2 would be 7.2 percent. The forecast could be challenged if the slowdown visible in data on index of industrial production (IIP) persists.
On October 11, MOSPI revealed that IIP contracted in August 2024-it was at (-) 0.1 percent compared to 4.7 percent in July 2024. The granular details are stark-the labour-intensive mining sector contracted by (-) 4.3 percent, electricity by (-) 3.7 percent, while manufacturing grew by just 1 percent. Yes, high-frequency data is frequently volatile. But equally the contraction merits attention landingia in--particularly when bank lending is also slowing.
Denne historien er fra October 20, 2024-utgaven av The Morning Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra October 20, 2024-utgaven av The Morning Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Going with the flow
Aditi Singh Sharma on her new single Thukraaya Kyun’, a soulful ballad delving into the complexities of lost love
THE FLAVOURS OF CEYLON
After all the rules and regulations that the government imposed on residents of Delhi NCR to curb the pollution levels from rising even further, the greys seem to be giving way to the blues, slowly.
GIEVE PATEL AND THE ART OF FRIENDSHIP
Poet, painter, playwright Gieve Patel died a year ago. At a special exhibition and discussion dedicated to his memory in Delhi, some of the veteran artists of India, his friends, sat around a table talking Gieve, man and art.
Urvil hits record T20 hundred
GUJARAT'S wicketkeeper-batter Urvil Patel slammed the fastest T20 century by an Indian during his team's Syed Mushtaq Ali Trophy match against Tripura in Indore on Wednesday, reaching the three-figure mark in just 28 balls.
Klaus one of the experts for AFI's new workshops
DOUBLE Olympic medallist Neeraj Chopra's former coach Klaus Bartonietz will be one of the experts imparting lessons or sharing expertise with other coaches in the country.
Ten simultaneous games, Gelfand shows mastery
OUTSIDE the usual fanzone inside the playing venue for the ongoing chess World Championship, there was an unmistakable buzz.
City blow three-goal lead, Bayern beat PSG
MANCHESTER City's struggles continued as Pep Guardiola's side remarkably blew a three-goal lead to draw 3-3 with Feyenoord in the Champions League on Tuesday, while Bayern Munich beat Paris Saint-Germain to leave the French club in danger of elimination.
GUKESH SEIZES MOMENT
India GM beats Liren in Game 3 to level scores, next game on Friday
Still expect it to be a one-sided event
VEN though I do not believe as highly as I did in September that the World Championship between China's Ding Liren and teammate D Gukesh will be a massacre, I still think that it will be a one-sided event.
RSPB-WFI rift behind Railway grapplers missing Sr Nat'ls?
AMAN Sehrawat, the Paris Olympics bronze medallist, and many other famed international wrestlers from Railways, will be deprived of a chance to compete at the Senior Wrestling Championship scheduled to commence in Bengaluru on December 6.