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RBI may cut repo rate only in Q3 FY25: SBI economist

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RBI may cut repo rate only in Q3 FY25: SBI economist

Chennai, April 2 (IANS) The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) may cut repo rate only in the third quarter of FY25 and not before, said a top economist in the State Bank of India (SBI).

In a research report, Soumya Kanti Ghosh, the Group Chief Economic Advisor, also said that the RBI will not change its stance and continue with the withdrawal of accommodation.

The first meeting of the MPC for this fiscal will be held this week.

The repo rate is the rate at which the RBI lends to commercial banks. Currently, the rate is 6.5 per cent.

According to Ghosh, with moderate fuel prices, inflation is currently being driven by food price dynamics. The Consumer Price Index (CPI) inflation is mostly driven by ‘good’ inflation (economists are of the view that inflation at about 2 per cent is good for the economy).

Looking ahead, evolving food prices will determine domestic inflation. CPI inflation is expected to remain slightly above 5 per cent in the remaining months of FY24. The core CPI declined to 3.37 per cent – a 52-month low, Ghosh said in the report.

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He also said that inflation is expected to decline till July this year, but increase after that to reach a peak of 5.4 per cent in September, followed by a deceleration. For the whole of FY25, CPI inflation is likely to average to 4.5 per cent (FY24 – 5.4 per cent).

–IANS

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FPIs infuse Rs 44,344 crore in stock markets this month ahead of Union Budget

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FPIs infuse Rs 44,344 crore in stock markets this month ahead of
 Union Budget

FPIs infuse Rs 44,344 crore in stock markets this month ahead of
 Union Budget

Mumbai, July 20 (IANS) Foreign portfolio investors (FPI) continued the investment momentum in the stock markets in India, infusing around Rs 44,344 crore in equity and debt this month (till July 19).

Market analysts said that FPIs were consistent buyers with buying picking up during the week ended July 19.

FPIs have invested worth Rs 30,771 crore in equity and Rs 13,573 crore in debt.

They were buyers in autos, capital goods, healthcare, IT, telecom and oil and gas.

“A notable trend was the lack of buying in financial services, which partly explains the poor performance of financial services in July so far,” said V. K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

If the recent trend of weakness in dollar and bond yields persist, FPIs are likely to continue their buying in the market.

According to experts, domestic and foreign investors are keenly watching for possible tweaks in the long-term capital gains tax in the Union Budget 2024-2025, to be presented on July 23.

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There was a total net inflow of Rs 2,82,338 crore for both equity and debt in FY24.

According to market analysts, the FPI community will play a major role in positioning India as the third-largest economy in the world.

The reason for a quick rebound in the capital markets can be attributed to the positive sentiments and a stable government’s assurance of continuity of reforms.

All eyes are now on the budget proposals which will hopefully announce path-breaking reforms, providing India a golden opportunity against the other emerging global markets.

–IANS

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African Union approves AI strategy, digital compact to boost Africa's advancement

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African Union approves AI strategy, digital compact to boost Africa's advancement

African Union approves AI strategy, digital compact to boost Africa's advancement

Accra, July 20 (IANS) The executive council of the African Union (AU) has approved its Continental Artificial Intelligence (AI) Strategy and African Digital Compact to boost Africa’s digital development, an official said.

AU Commissioner for Infrastructure, Energy and Digitization Amani Abou-Zeid said this in an interview Friday during the 45th Ordinary Session of the AU Executive Council, a prelude to its 6th Mid-Year Coordination Meeting, in the Ghanaian capital of Accra, reported Xinhua news agency.

“Our council approved the AU strategy for artificial intelligence and the strategy for using digital technologies, which will set the path for Africa’s use of digital technologies for development,” Abou-Zeid said.

These strategies would provide direction on the use of technology to find solutions to Africa’s challenges, help fast-track many projects and programmes, and guard against the unethical use of technology, she said.

“The technology must help us preserve our identity, preserve our languages and cultures, and be helpful rather than harm us,” the commissioner said.

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The strategies would create an enabling environment for the development and use of digital technology, Abou-Zeid said, adding that the AU policy would guide the governments of various members to develop the necessary policy and regulatory frameworks for the sector.

“The strategies will help us create a single digital market and guide all sovereign countries on how to use digital technology to boost their development processes,” she said.

“There must be rules and regulations to punish the negative use of AI and digital technologies to prevent further abuse,” Abou-Zeid said, adding that seven African countries now have AI policies, but the continental body would like to see all members develop their policies.

–IANS

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Textile centre will be set up in Jabalpur: MP CM

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Textile centre will be set up in Jabalpur: MP CM

Textile centre will be set up in Jabalpur: MP CM

Bhopal, July 20 (IANS) Madhya Pradesh Chief Minister Mohan Yadav said on Saturday that the modern textile centre would be set up in Jabalpur which will provide jobs for women.

“A mega unit of the modern textile centre will be set up in Jabalpur soon. This development will not only make Jabalpur a new textile hub in the state but would also provide employment to the women,” the Chief Minister said while addressing the inaugural session of the Regional Industrial Conclave in Jabalpur.

Several business houses and industrialists from across the country also participated in the conclave.

The Chief Minister said that many medical and other educational colleges have been constructed in the past few years in Madhya Pradesh.

“We have more than 275 units in the pharma sector and products are being exported in more than 160 countries,” the Chief Minister said.

He added that there are as many as 16 industrial parks and 517 MSME units in Mahakoshal (Jabalpur) which is providing employment to about 20,000 people.

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–IANS

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India's rich history, vibrant culture highlighted at Korea international fair

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India's rich history, vibrant culture highlighted at Korea international fair

India's rich history, vibrant culture highlighted at Korea international fair

Ilsan, July 20 (IANS) India’s rich history and vibrant culture grabbed the spotlight as the ninth Korea International Tourism Fair kicked off at Ilsan in northwest of Seoul.

The Embassy of India in Seoul and the UP government are jointly participating in the fair held at the Korean International Exhibition Centre.

India’s Ambassador to the country, Amit Kumar, joined the opening ceremony alongside Chang-su Jeong (Chairman of the Organisation Committee), Dong Hwan Lee (Mayor of Goyang Special City), Oh Who Seock (Vice Governor of Gyeonggi Province) and Min-hyeon Kyeong (President of Kangwon Domin Ilbo & the Korea Local Newspapers Association).

The UP Tourism booth was jointly inaugurated by all the dignitaries as the Indian Ambassador spoke of India’s rich history and vibrant culture.

In his remarks, he also highlighted India’s natural beauty and wildlife, along with the country’s incredible diversity of languages, cuisines, clothing, architecture and faiths.

“It is often said that whatever a tourist is looking for, can be found in India,” said Kumar.

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The visitors to the fair were also given deep insights into Uttar Pradesh by the state tourism body.

“The state represents the microcosm of the rich heritage that India has to offer. There are 42 UNESCO World Heritage Sites in India, including six in Uttar Pradesh. The state also has a rich heritage of Buddhism, comprising six cities where Lord Buddha once lived and preached,” said Ambassador Kumar.

Korea International Tourism Fair is a tourism exhibition aimed at fostering the growth of the tourism industry by expanding the market through collaboration between domestic and international tourism. It also seeks to boost local tourism by promoting the internationalisation of domestic cities.

Several countries from around the world participated in the event.

–IANS

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Yes Bank clocks 47 per cent jump in q1 net profit at Rs 502 crore

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Yes Bank clocks 47 per cent jump in q1 net profit at Rs 502 crore

Yes Bank clocks 47 per cent jump in q1 net profit at Rs 502 crore

New Delhi, July 20 (IANS) Private sector lender Yes Bank on Saturday reported a standalone net profit of Rs 502 crore for the April-June quarter of 2024-25 which represents a 47 per cent jump over the corresponding figure of Rs 342.5 crore for the same period of the previous year.

The interest earned by the bank during the quarter rose 19.8 per cent to Rs 7,719 crore from Rs 6,443 crore in the same period last year.

The asset quality of the bank also improved during the first quarter with the gross non-performing assets (NPA) of the bank coming down to 1.7 per cent of total loans as of June 30, as compared to 2 per cent in the year-ago period.

Similarly, the quarterly net NPA ratio declined to 0.5 per cent as of June 30, compared to 0.6 per cent sequentially, and 1 per cent year-on-year.

–IANS

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