RBI Bulletin – August 2023 - RBI - Reserve Bank of India
RBI Bulletin – August 2023
Today, the Reserve Bank released the August 2023 issue of its monthly Bulletin. The Bulletin includes Monetary Policy Statement August 10, 2023, two speeches, five articles and current statistics. The five articles are: I. State of the Economy; II. Shifting Tides: Growing Influence of Non-Bank Investors in G-Sec Market in India; III. Exogenous Shocks and India’s Growth Performance Post COVID-19; IV. Agriculture’s Dependency on Monsoon Rainfall in India; and V. Private Corporate Investment: Performance and Near-term Outlook. I. State of the Economy With industrial production and trade weakening, the global recovery is slowing after a robust first quarter performance. In this stressed global environment, the Indian economy is gathering momentum in the second quarter of 2023-24. Domestic drivers such as private consumption and fixed investment are offsetting the drag from the contraction in exports. The uptick in inflation in its June reading mutated in July, with the unprecedented shock to tomato prices spilling over to prices of other vegetables. While core inflation witnessed a moderation, headline inflation is expected to average well above 6 per cent in the second quarter. II. Shifting Tides: Growing Influence of Non-Bank Investors in G-Sec Market in India By Amit Pawar, Mayank Gupta, Abhinandan Borad, Subrat Kumar Seet and Deba Prasad Rath This article assesses the impact of diversification of investor base in the Government securities market on sovereign borrowing costs. Highlights:
III. Exogenous Shocks and India’s Growth Performance Post COVID-19 By Amit Kumar, Chaitali Bhowmick, Kaustav K. Sarkar, Kunal Priyadarshi, Sapna Goel and Satyananda Sahoo This article analyses recent national accounts data releases against the backdrop of three large exogenous shocks – the pandemic, the war in Ukraine and the synchronised global tightening of monetary policy. Highlights:
IV. Agriculture’s Dependency on Monsoon Rainfall in India By Kashyap Gupta, Sunil Kumar and Sarthak Gulati This study aims at investigating empirically the significance of the South-west monsoon (SWM) for agricultural production especially during the kharif season. Highlights:
V. Private Corporate Investment: Performance and Near-term Outlook By Shreya Bhan, Rajendra N Chavhan and Rajesh B Kavediya This article provides an assessment of the near-term investment outlook based on investment intentions of private corporates using data on their capital expenditure (capex) phasing plans. 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: 2023-2024/770 |