RBI Bulletin - April 2023 - ఆర్బిఐ - Reserve Bank of India
RBI Bulletin - April 2023
Today, the Reserve Bank released the April 2023 issue of its monthly Bulletin. The Bulletin includes Monetary Policy Statement April 3, 5 and 6, 2023, Monetary Policy Report April 2023, one speech, five articles and current statistics. The five articles are: I. State of the Economy; II. Recent Regime Reversal in Inflation: The Indian Experience; III. Capital Outlay of Indian States: An Empirical Assessment of its Role and Determinants; IV. Industrial Relations Code and Labour Productivity: A Cross-Country Meta-Analysis; and V. A Composite Indicator of Realty Sector Activity in India I. State of the Economy Global economic conditions are beset by heightened uncertainty as financial conditions remain volatile and financial markets are on edge. In India, aggregate demand conditions remain resilient, supported by a rebound in contact-intensive services. Expectations of a bumper rabi harvest, the fiscal thrust on infrastructure, and the revival in corporate investment in select sectors augur well for the economy. In response to monetary policy actions and supply side measures, headline CPI inflation has gradually declined from its peak of 7.8 per cent in April 2022 to 5.7 per cent in March 2023 and is projected to ease further to 5.2 per cent in Q4: 2023-24. II. Recent Regime Reversal in Inflation: The Indian Experience By Michael Debabrata Patra, Joice John and Asish Thomas George This article examines recent regime shifts in inflation in India. Highlights:
III. Capital Outlay of Indian States: An Empirical Assessment of its Role and Determinants By Deba Prasad Rath, Bichitrananda Seth, Samir Ranjan Behera and Anoop K Suresh This article investigates the relationship between States' capital outlay and gross state domestic product (GSDP) while also identifying the factors that influence the States' capital outlay decisions. The analysis brings out the need for balancing the requirement for higher capital outlay with the goal of keeping the overall debt levels low and sustainable. Highlights:
IV. Industrial Relations Code and Labour Productivity: A Cross-Country Meta-Analysis By Shruti Joshi and Rakhe P. Balachandran India recently codified the 29 Central labour laws into four labour codes viz., codes on (i) wages, (ii) industrial relations, (iii) social security, and (iv) occupational safety, health and working conditions. The code on industrial relations has also introduced fixed term employment (FTE). Using a meta-regression analysis, this article evaluates the impact of FTE on labour productivity across countries. Highlights:
V. A Composite Indicator of Realty Sector Activity in India By Dipak R. Chaudhari, Akanksha Handa, Priyanka Upreti, and Saurabh Ghosh The realty sector plays a crucial role in India in terms of being a major employment provider, an essential avenue for savings in physical form for households, a key contributor to the country’s gross value added (GVA), and as an early warning indicator. However, construction GVA data are available on a quarterly basis with 2-month lag. The article aims to reduce the information gap by constructing a realty sector activity indicator using a variety of high-frequency indicators and a dynamic factor model. Highlights:
(Yogesh Dayal) Press Release: 2023-2024/106 |