Reporting that shows its working
Latest Five candidates file for Karnataka's West Graduates' Council seat, with both camps in the fray
Business desk
Markets, corporate results, labour, banking and the economy — read against the data rather than the noise.
Consumer prices rose faster than the RBI's 4% median after a June that carried food inflation up to 5.32% from 4.78%, leaving the rate path dependent on the monsoon and crude prices.
The country's largest IT services exporter reported a 4.6% rise in net profit for the June quarter and a 13.9% jump in revenue, while the sequential margin decline the company had flagged arrived.
Governor Sanjay Malhotra kept the stance neutral, left the policy rate unchanged on a unanimous vote, and cut the growth projection in the same decision, citing the West Asia conflict.
A national accounts release on June 5 put real growth for the year at 7.7% and the March quarter at 7.8%, on a revised 2022-23 base. The Reserve Bank used the same week to cut its FY27 projection to 6.6%.
The finance minister named the problem in May: fuel, fertiliser and foreign exchange, all three moving against India at once. Working from the published price and trade figures, the third constraint is the one that turns two problems into one.
The first of several May revisions recovered only part of what the oil companies were losing. By the fourth week of the month the cumulative rise had passed ₹7 a litre and the government had begun asking states to watch the pumps.
The Monetary Policy Committee voted unanimously on April 8 to leave the rate unchanged, with the Governor pointing to the West Asia conflict and possible El Niño conditions as upside risks to inflation.
The 1961 statute is repealed, the new rules and forms were notified in March, and pending proceedings for older tax years continue under the old law.
The Sensex and Nifty gave up roughly a tenth of their value in March. Crude above $105, a rupee at record lows and heavy foreign selling explain most of it; the Reserve Bank's February hold explains the rest of the context.
Moving the consumer price index to a 2024 base changes the weights, the basket and the reference pair used for every year-on-year calculation. It does not change what inflation means.
