RBI Bulletin - June 2023 - ଆରବିଆଇ - Reserve Bank of India
RBI Bulletin - June 2023
Today, the Reserve Bank released the June 2023 issue of its monthly Bulletin. The Bulletin includes Monetary Policy Statement June 8, 2023, seven speeches, five articles and current statistics. The five articles are: I. State of the Economy; II. Weather Events and their Impact on Growth and Inflation in India; III. OPEC Oil Supply Announcements: An Assessment of Impact on the Indian Economy; IV. Financial Literacy in India: Insights from a Field Survey; and V. Retail Credit Trends - A Snapshot. I. State of the Economy Global economic activity has sustained its growth momentum in the second quarter of 2023, albeit with two diverging roads. While economies like India are rebounding, some others are slowing or contracting. India's real GDP growth in Q4:2022-23 at 6.1 per cent was the highest among major economies of the world, and CPI inflation came down to a 25-month low of 4.3 per cent in May 2023. Kharif sowing has begun on the back of a record rabi harvest, and the manufacturing sector has posted a pick-up in net profits. Credit growth is rebasing to more durable sources of funding, and the Indian rupee is turning out to be the most stable currency among emerging market peers. II. Weather Events and their Impact on Growth and Inflation in India By Saurabh Ghosh and Kaustubh This study aims at investigating the impact of weather events like El Niño, La Niña and the Indian Ocean Dipole (IOD) on rainfall, and, consequently on India’s growth and inflation dynamics. Highlights:
III. OPEC Oil Supply Announcements: An Assessment of Impact on the Indian Economy By Bhanu Pratap, Ramesh Kumar Gupta, Jessica M. Anthony, Deba Prasad Rath and Thangzason Sonna Given its dominant position as a supplier of crude oil, the decisions of the Organization of Petroleum Exporting Countries (OPEC) regarding oil supply influence market expectations. In this context, this article examines the impact of global oil supply-related announcements on Indian financial markets and the macroeconomy. Highlights:
IV. Financial Literacy in India: Insights from a Field Survey By Ramesh Jangili, Srinivasa Sai Charan Marisetty and Yashoda Bai Mood The Reserve Bank of India and other financial regulators have been undertaking several initiatives to enhance financial awareness and literacy amongst the general public. To assess the current levels of financial literacy, a survey was conducted at the “Numaish- All India Industrial Exhibition” in Hyderabad during April-May 2022. Responses were obtained through a structured questionnaire on financial literacy covering broadly three components — knowledge, behaviour and attitude. This article assesses the level of financial literacy amongst several target groups and suggests key areas for policy focus. Highlights:
V. Retail Credit Trends - A Snapshot By Sujeesh Kumar and Manjusha Senapati This article provides a snapshot of the trends in retail bank credit in India. It examines: (i) the role of retail credit in the overall recovery in the bank credit growth during the COVID-19 pandemic period; (ii) the major factors that determine the retail credit growth (using panel framework for April 2007 - December 2021); and (iii) whether the ‘retail shift’ - the phenomenon reflecting the relative increase in disbursements to retail credit in bank loan portfolio - observed recently in banks’ loan portfolio is permanent or transient in nature. Highlights:
The views expressed in the Bulletin articles are of the authors and do not represent the views of the Reserve Bank of India. (Yogesh Dayal) Press Release: 2023-2024/453 |