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Indian Economy Economy Shines Apple Stores Service exports IndiaUS GSec Fuelfood inflation
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Indian Economic Updates: Economy Shines, Apple Stores, Service exports, India-US G-Sec, Fuel-food inflation • 1. FinMin: Indian Economy Shines Strongly. • India's Finance Ministry remarked on the country's strong economic performance, citing resilient growth, stable prices, and consistent external sector activity in its March economic report. Although geopolitical tensions, particularly in West Asia, remain a concern, softened risk perceptions offer a potential growth upside. Despite global uncertainties, India's robust economic stance persists due to strong domestic demand, investment, and manufacturing momentum. Positive forecasts for above-normal monsoon rains alleviate inflation worries. The report highlighted record-breaking stock market performance, robust GST collections. • 2. Apple Stores in India are off to a great start. • Apple's two company-owned stores in India, marking their first anniversary, reported revenues between 190-210 crore each last fiscal year, ranking among Apple's top-performing global outlets. Monthly sales averaged 16-17 crore per store since their launch, with the Mumbai store outperforming Delhi due to its larger size. Apple is actively scouting locations for three more company-owned stores in Pune, Bengaluru, and Noida. • 3. India's service exports surged by 11.4% in 2023, states UNCTAD report. • India's services exports surged by 11.4% to $345 billion in 2023, despite global economic uncertainties, while China experienced a 10.1% decline to USD 381 billion, states a UNCTAD report. Key contributors to India's services export growth include travel, transport, medical, and hospitality sectors. The world's services exports exceeded USD 7.9 trillion in 2023, marking an 8.9% annual increase in current dollar value terms. Leading exporters among developing nations include India, China, Singapore, Turkey, Thailand, Mexico, and Saudi Arabia. • 4. India-US GSec yield gap hits record low, but inflows continue unabated. • The interest rate gap between Indian and US sovereign bonds has reached its lowest level in at least 17 years. Despite conventional wisdom suggesting a flight of foreign capital from India, overseas investors remain undeterred by the world's fastest-growing major economy. Factors such as improved domestic and external fundamentals, along with events like the inclusion of domestic debt in global bond indices, have fueled foreign investment despite the compressed rate differential. While typically, a narrower interest rate spread triggers outflows from India, stable macros, including robust foreign exchange reserves, fiscal consolidation efforts, and growing services exports, have bolstered investor confidence • • 5. Fuel poses a greater concern for core inflation than food prices. • A recent research paper by Reserve Bank of India economists highlights that fuel prices have a greater influence on core inflation compared to food prices, particularly during global uncertainties. Since adopting flexible inflation targeting, food inflation has been better controlled. The study evaluates the secondary effects of food and fuel price shocks on headline and core inflation to determine whether monetary policy should respond to temporary supply shocks. While volatile products like fuel and food are excluded from core inflation. • #indianeconomy #manufacturing #apple #service #usinflation #gsec #fuel #food #indianeconomicnews #indianeconomicdevelopment
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