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Analysis

Automobile Sales End December On A Weak Note

Automobile sales (retail) were generally disappointing in December, declining sharply on a YoY basis. On a YoY basis, sales have generally been declining i...

Jan. 3, 2022

Analysis

Upi And The Premiumisation Of Card Payments

The rise of UPI has been the biggest disruption in the payment’s ecosystem ever. From zero five years ago, UPI now accounts for 18% of retail digital...

Nov. 30, 2021
Analysis

All-Time High Trade With China

India’s trade with China (Merchandise, Imports + Exports) reached an all-time high of almost US$10bn in September this year. This is 25% growth over ...

Nov. 15, 2021
Analysis

Money Markets - Returning To Normalcy

Going into the pandemic, monetary policy in India was already accommodative. The RBI had reduced the policy repo rate by 135bps in the calendar year 2019. ...

Nov. 8, 2021
Analysis

The Rise Of Micro Atms

India currently has an installed base of 240,000 ATMs. Most of these, are owned by Banks while a small number of them (~11%) are white label. And the numbe...

Nov. 1, 2021
Analysis

Bank Credit And The Reluctant Corporates

Bank credit growth in India has remained anaemic for the past few years. Indeed, credit growth has been slower than nominal GDP growth in five out of the p...

Oct. 21, 2021
Analysis

The Rise Of Passive Funds

The Indian Mutual Fund Industry has grown manifold in the last few years. The total assets managed by the industry has more than doubled in the last 5 year...

Oct. 18, 2021
Analysis

Towards Goldilocks Fy23?

If consensus expectation (based on RBI’s latest Professional Forecaster’s Survey, released last week) is to be believed, India is heading for G...

Oct. 14, 2021
Analysis

Railways, Pandemic And The Law Of Unintended Consequences

Transportation is amongst the sectors of the economy that has suffered the worst due to Covid, last year as well as this year due to the second wave.&nbs...

Oct. 4, 2021
Analysis

It Services: The Rise Of Captives And End(?) Of Onshoring?

IT Services is the largest component of India’s exports. As per the RBI’s latest survey, India’s IT Exports were US$130bn in FY21. And ...

Sept. 30, 2021
Analysis

Is The Manufacturing Sector At The Cusp Of A Renaissance?

The manufacturing sector has seen a sharp increase in the number of new formal firms being set up in the last few years. In the last 5 years, the number ...

Sept. 27, 2021
Analysis

Npas Are Rising And That Has Risks For Consumption

On an aggregate basis, NPAs have not risen much. In the March quarter of last year, just before the pandemic started, aggregate NPAs of Scheduled Commerc...

Sept. 23, 2021
Analysis

Corporate Profits And Inflation

Another interesting take away from the RBI’s Industrial Outlook (for the June-2021 quarter) survey is the broad-based expectation of pricing power. F...

Aug. 12, 2021
Analysis

Businesses And Households - The Expectations Chasm

Almost 60% of the businesses surveyed in the RBI’s quarterly Industrial Outlook Survey in June expect the business situation to improve in the next q...

Aug. 9, 2021
Analysis

Businesses And Households - The Expectations Chasm

Almost 60% of the businesses surveyed in the RBI’s quarterly Industrial Outlook Survey in June expect the business situation to improve in the next q...

Aug. 9, 2021
Analysis

Payments Tracker - July 2021

We have published our monthly Payments Tracker. This is one of the four ‘Data Reports’ we publish. The report has over 40 charts co...

July 21, 2021
Analysis

India's Burgeoning Foodgrain Stocks

Foodgrain stocks with the Food Corporation of India (FCI) reached a record high of 91 million tonnes as of 1st July. Of the 91 million tonnes of stocks, a ...

July 19, 2021
Analysis

The Divergent Impact Of Covid On States

FY21 was a bad year for the Indian economy due to the ongoing Covid pandemic. Overall GDP is estimated to have fallen by 7.3% YoY, the worst outcome, sin...

June 28, 2021
Analysis

Credit Growth And Lazy Banking

Banks in India put more of their deposits in Investments (SLR Investments which are mostly Government securities) than they gave out in Loans in the last y...

June 22, 2021
Analysis

Irrelevance Of Inflation

India’s Consumer Price Inflation (CPI) rose to a 6-month high of 6.3% in May-2021. For the first time since November-2020 inflation is above the uppe...

June 21, 2021
Analysis

State Of The Economy - Tracking 1q Activity Data

Data for several high-frequency indicators is now available for April and May of this year. And compared to the year-ago period, most of them are suggestin...

June 15, 2021
Analysis

Debt Monetisation And Mutual Funds

Guess who has been busy mopping up Government securities? Last year saw a big increase in the Government's deficit as the Covid pandemic depressed revenue...

June 8, 2021
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