RBI bulletin: India’s economic report card for June
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In the June 2024 edition of its monthly bulletin, The Reserve Bank of India highlighted three major themes - The state of the economy, Financial stocks and flow of funds of the Indian economy and India's deposit Insurance system.
Talking about the state of the economy, the RBI said that global growth was resilient in the first quarter of 2024. The RBI notes that many central banks have pivoted towards a less restrictive monetary policy stance in response to the fall in inflation in their economies. The European Central Bank & tge Swiss National Bank are some examples. The Bank of England, however, maintains the Fed's hawkish stance and waits for year-end to initiate rate cuts.
In India, indicators suggest that the real GDP growth in quarter one of 2024-25 is broadly in sync with the growth achieved in previous quarters. The early landfall of the southwest monsoon has boosted agricultural prospects. Headline inflation is gradually easing, although the path of disinflation is interrupted by volatile and elevated food prices. Food inflation was the only major concern highlighted in the recent address of RBI's governor, Shaktikanta Das.
Regarding financial stocks and the flow of funds, the RBI bulletin notes that households and financial corporations remain surplus sectors that accommodate the deficit of non-financial corporations.
The economy borrowed more money than it lent, even though demand for goods and services increased. This happened because banks lent less money, and businesses and households preferred to save more or invest their money elsewhere. The net financial wealth of the domestic sector moderated to 29.8 per cent of GDP at the end of March 2022.
Coming to India's deposit insurance system, the bulletin notes that the broader spread and coverage of deposit insurance has globally amplifiedsince the global financial crisis.
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India's deposit insurance system has completed sixty years since its inception. Major achievements include enhanced coverage, speedy settlements, revisions in premiums, and initiatives for depositor awareness.
The RBI bulletin notes that the reserve ratio, which is the minimum amount of money banks keep on hold, is set to steadily increase in the near future.