RBI Bulletin - May 2023 - ਆਰਬੀਆਈ - Reserve Bank of India
RBI Bulletin - May 2023
Today, the Reserve Bank released the May 2023 issue of its monthly Bulletin. The Bulletin includes two speeches, five articles and current statistics. The five articles are: I. State of the Economy; II. Exploring India’s Export Potential through the Lens of Export Similarity Indices; III. India’s Steady State Equilibrium Inflation: A Revisit; IV. India and COP-26 Commitments: Challenges for the Mining sector; and V. Basic and Digital Financial Literacy in the Last Mile: A Snapshot from Rural West Bengal. I. State of the Economy The global economy is transfixed in the cross-currents of slowing growth and high inflation, and an uneasy calm prevails in the global financial markets as they await clearer signals from policy authorities on banking regulation and supervision, and contours of deposit insurance. In April and the first half of May 2023, domestic economic conditions have sustained the quickening of momentum seen in the last quarter of 2022-23. Headline inflation eased below 5 per cent in April 2023, for the first time since November 2021. Corporate earnings are beating consensus expectations, with banking and financial sectors posting strong revenue performance, aided by robust credit growth. In the first quarter of 2023-24, growth is expected to be driven by private consumption, supported by reviving rural demand, and renewed buoyancy in manufacturing on easing of input cost pressures. II. Exploring India’s Export Potential through the Lens of Export Similarity Indices By Deba Prasad Rath, Abhilasha, Monika Sethi and Rashika Arora This article deploys the export similarity index (ESI) to examine India’s export potential across key geographies and large markets. Highlights:
III. India’s Steady State Equilibrium Inflation: A Revisit By R. K. Sinha This article studies the steady state level for inflation over the period 2014-22 using stochastic transitions at the micro-level. Using disaggregated (product-group) level data on inflation, it estimates the steady state level of inflation for India both for the pre-pandemic period and the full sample. Highlights:
IV. India and COP-26 Commitments: Challenges for the Mining sector By V. Dhanya, Gautam and Arjit Shivhare In COP26-Glasgow, India made a commitment to meet 50 per cent of its energy requirement with renewable energy by 2030 and to achieve net-zero emission by 2070. In this context, this paper examines India’s future path to energy security and its impact on the mining sector. Highlights:
V. Basic and Digital Financial Literacy in the Last Mile: A Snapshot from Rural West Bengal By Sakshi Awasthy, Rakhe Balachandran, Barkha Gupta, Rajas Saroy, Ashish Khobragade, Gunveer Singh, Rekha Misra, Sarat Chandra Dhal Financial literacy plays a crucial role in ensuring that financial inclusion enhances economic well-being, especially in remote villages. This article documents the existing level of financial literacy in eight randomly selected villages of West Bengal. The article empirically identifies key socioeconomic drivers of financial literacy in rural areas and proposes targeted policy interventions. Highlights:
(Yogesh Dayal) Press Release: 2023-2024/262 |