India's current account deficit narrows in Q4 of FY23

STORY: India's current account deficit narrows in Q4 of FY23 DATELINE: June 28, 2023 LENGTH: 00:01:33 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of India gate 2. various of RBI buildings 3. various of markets 4. various of wholesale market STORYLINE: India's current account deficit (CAD) witnessed a shrink in the January to March quarter, the Reserve Bank of India (RBI) said. The CAD narrowed to 1.3 billion U.S. dollars, equivalent to 0.2 percent of the Gross Domestic Product (GDP) in the fiscal year 2022-23, said the data. This positive trend was primarily driven by a moderation in the trade deficit, which decreased from 71.3 billion U.S. dollars in the previous quarter to 52.6 billion U.S. dollars. Additionally, there was a robust increase in services exports, further contributing to the improvement in the CAD figures. However, despite progress in the January to March quarter of the 2022-23 fiscal year, the current account balance stood at 2 percent deficit of GDP, compared to the 1.2

World Bank lowers India's growth forecast to 6.3 pct in FY23-24

STORY: World Bank lowers India's growth forecast to 6.3 pct in FY23-24 DATELINE: April 5, 2023 LENGTH: 00:01:35 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of India Gate 2. various of markets 3. various of a gas station 4. various of traffic STORYLINE: The World Bank on Tuesday lowered India's economic growth forecast to 6.3 percent for the financial year 2023-24 from its earlier estimate of 6.6 percent announced last December. The international financial institution in its report attributed the downgrade to slower consumption growth and challenging external conditions. "The World Bank has revised its FY23-24 GDP forecast to 6.3 percent from 6.6 percent (December 2022). Growth is expected to be constrained by slower consumption growth and challenging external conditions," the report said. "Rising borrowing costs and slower income growth will weigh on private consumption growth, and government consumption is projected to grow at a slower pace due to the withdrawal of pandemic-related fisca

World Bank downgrades India's growth forecast to 6.5 pct

STORY: World Bank downgrades India's growth forecast to 6.5 pct DATELINE: Oct. 7, 2022 LENGTH: 0:01:31 LOCATION: New Delhi CATEGORY: ECONOMY SHOTLIST: 1. various of banks 2. various of shopping mall STORYLINE: The World Bank on Thursday downgraded India's economic growth forecast to 6.5 percent for the current fiscal year (2022-23) from its earlier estimate of 7.5 percent announced in June. The international financial institution cited the deteriorating international environment for the downgrade. "The Indian economy will slow down in FY23, coming off a strong but incomplete recovery in FY22 (April 2021-March 2022). The spillovers from the Russia-Ukraine war and the global monetary policy tightening cycle weigh on India's economic outlook," the report said. Elevated inflation on the back of higher prices of key commodities, heightened global uncertainty, and rising borrowing costs will affect domestic demand while slowing global growth inhibits India's export growth, it said. In its biannual report on