Inflation based on the wholesale price index increased to 0.58% for November at the end of a surge in food prices. WPI inflation stood at 0.16% in October.
In the similar month of the past year, WPI inflation persisted at 4.47%.
The rise in food costs was driven by growth in value of urad (19%), fish-marine (6%), moong (5%), rajma (4%), jowar, egg, seasonings and spices, fruits and vegetables and Masur (3% each), wheat, arhar, poultry chicken and bajra (2% each) and gram, fish-inland and pork (1% each).
Meanwhile, WPI inflation for September remained stable at 0.33 per cent, the government announced.
India’s foreign exchange assets maintained their higher trajectory through the week ended December 6 and reached new record highs.
The reserves swelled by $2.34 billion during the week under analysis, official data revealed on Friday.
The Reserve Bank of India’s weekly analytical addition showed that overall forex assets rose to $453.42 billion from $451.08 billion recorded for the week ended November 29. India’s forex reserves include foreign currency assets (FCAs), gold reserves, special design rights (SDRs) and India’s reserve position with the International Monetary Fund (IMF).
Besides this India has to worry about his trade shortfall
Reports said India’s trade deficit in November narrowed to $12.12 billion as against the deficit of $17.58 billion a year before, the trade ministry has announced.
- Oil imports at $11.06 billion were 18.17 per cent lower related to $13.52 billion in November 2018.
- Non-oil imports fell 10.26 per cent to $27.04 billion compared to $30.14 billion in November 2018.
- Net shipping fell 0.34 per cent to 25.98 billion as compared to $26.07 billion in November 2018.
The total amount of exports for the duration April-November 2019-20 was $211.93 billion versus $216.23 billion during the time April-November 2018-19, cutting 1.99 per cent reduction.
If India wants to continue this warmth than Nobel laureate Abhijit Banerjee directed Finance Minister Nirmala Sitharaman to not publish any more corporate tax cuts in the upcoming Budget 2020.
- Banerjee and fellow Nobel laureate Esther Duflo on Friday attended an event and were part of ‘The Juggernaut Dialogue’ session moderated by Prannoy Roy. During the session, Banerjee said that the corporate world is not short of cash.
- “It needs to be understood that the corporate sector is not short of cash. Just that it is not investing. What you need to do is get the demand side going. Get the money in the hands of the people, and they will spend.
- This government has ensured that almost everybody has a bank account; therefore the infrastructure is in place. Several measures can be taken to arrest the downward slide of the economy,” Banerjee said. Banerjee also chatted about the Citizenship Amendment Act. He stated, “It can be a frightening governance puzzle. I would be afraid if I was living in a border area. What is hard is the immense power some people will have in their controls. Such decisions should not be made with a sudden bill.
The Nobel laureate said that managing the economically underprivileged as lemons are just a very Victorian method.