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RBI keeps India's 2025-26 GDP growth at 6.5% and lowers inflation forecast to 3.1% amid strong monsoon, low inflation, and policy support.

RBI retains FY26 growth at 6.5 pc; lowers inflation forecast to 3.1 pc

RBI keeps India's 2025-26 GDP growth at 6.5% and lowers inflation forecast to 3.1% amid strong monsoon, low inflation, and policy support.

The Reserve Bank on Wednesday retained the GDP growth projection for the current fiscal year at 6.5 per cent while lowering the inflation forecast to 3.1 per cent from 3.7 per cent.
Unveiling the third bi-monthly monetary policy for 2025-26, RBI Governor Sanjay Malhotra said the above normal southwest monsoon, lower inflation, rising capacity utilisation, and congenial financial conditions continue to support domestic economic activity.
The supportive monetary, regulatory and fiscal policies, including robust government capital expenditure, should also boost demand. The services sector is expected to remain buoyant, with sustained growth in construction and trade in the coming months.
"Growth is robust and as per projections, though it is below our aspirations. The uncertainties of tariffs are still evolving. Monetary policy transmission is continuing. The impact of the 100 bps rate cut since February 2025 on the economy is still unfolding," the Governor said.
He further said the domestic growth is holding up and is broadly evolving along the lines of assessment even though some high-frequency indicators showed mixed signals in May-June.
Rural consumption remains resilient while urban consumption revival, especially discretionary spending, is tepid, he said.
Malhotra said the headwinds emanating from prolonged geopolitical tensions, persisting global uncertainties, and volatility in global financial markets pose risks to the growth outlook.
"Taking all these factors into account, real GDP growth for 2025-26 is projected at 6.5 per cent, with Q1 at 6.5 per cent, Q2 at 6.7 per cent, Q3 at 6.6 per cent, and Q4 at 6.3 per cent," he said.
Real GDP growth for Q1 2026-27 is projected at 6.6 per cent. The risks are evenly balanced.
On inflation, the governor said Consumer Price Index (CPI) declined for the eighth consecutive month to a 77-month low of 2.1 per cent in June, driven primarily by a sharp decline in food inflation.
"The inflation outlook for 2025-26 has become more benign than expected in June," he said.
The RBI said CPI inflation for 2025-26 is projected at 3.1 per cent with Q2 at 2.1 per cent; Q3 at 3.1 per cent; and Q4 at 4.4 per cent.
Retail inflation for Q1 2026-27 is projected at 4.9 per cent. The risks are evenly balanced.
Malhtora added that as the Indian economy strives to attain its rightful place in the global economy, stronger policy frameworks across domains, and not just limited to monetary policy, will be pivotal in its journey.

RBI plans to extend UPI for improved cross-border payments, ensuring innovation and security. Despite growth, 40% of adults lack digital payments access.

RBI Seeks UPI Expansion in Global Payments

RBI plans to extend UPI for better cross-border transactions, focusing on innovation and strengthening payment systems while addressing digital gaps.

RBI focuses on expanding UPI for cross-border payments

RBI aims to expand UPI for better cross-border transactions, emphasizing innovation and security. India's digital payments thrive, but gaps remain.

The Reserve Bank will continue to promote innovations in payment systems with soft touch regulations within regulatory guardrails and expand the reach of UPI for more efficient cross-border payments, Governor Sanjay Malhotra said on Monday.
In his address at the Inauguration of Digital Payments Awareness Week 2025 here, the governor said apart from the RBI, the government and other important stakeholders like banks and payment system operators have also taken a number of initiatives to encourage the adoption of digital payments.
"While these efforts have produced results, as visible in the huge growth of digital payments, there is still a lot more to be done. Going forward, we will work on three broad areas," he said.
The areas are soft-touch regulations to continue promoting innovation, promote awareness generation, and more efficient cross-border payments.
"We will continue to encourage innovation while promoting safety and security through soft touch regulations," the RBI chief said and added that the central bank has adopted a soft-touch approach to regulating the payments ecosystem and fintechs.
With these regulations, he said the RBI attempts to balance these divergent sets of expectations.
"Our approach has been to put in place regulatory guardrails within which all stakeholders are free to operate."
While mentioning that initiatives to encourage the adoption of digital payments have produced results, Malhotra said there is still a lot more to be done.
On cross-border payments, the governor said while in domestic payments, the success of UPI has propelled India to a leadership position with a share of 48.5 per cent in global real-time payments by volume, "we will endeavour to make cross-border payments more efficient".
As per a World Bank report, it has been estimated that in 2024, India received remittances totalling approximately USD 130 billion.
"We need to address the challenges of high cost, slow speed, and insufficient access and transparency in cross border payments...We will continue to expand the reach of UPI bilaterally by linking UPI with fast payment systems of other countries," Malhotra said.
The RBI will also explore the possibility of linking payment systems other than UPI to facilitate efficient cross-border payments.
"We will continue our engagement in a multilateral project called Project Nexus to enable instant cross-border retail payments," he added.
Malhotra further said though much progress has been made in the development, spread and adoption of digital payments, there is a lot of scope to further deepen and expand digital payments in the country.
In January 2025, more than 20 billion payments worth almost Rs 250 trillion were made in India through digital modes. Digital payments have become the preferred mode of payment for many of us.
"However, surveys have shown that nearly 40 per cent of our adult population still do not use digital payments. One of the main reasons for this is the lack of awareness or familiarity with using digital payments," he said.
The 5th Digital Payments Awareness Week (DPAW) is being observed from March 10 to 16.
DPAW is an initiative to highlight the impact and importance of digital payments and to create awareness about the safe usage of digital payment products.
Under the mission 'Har Payment Digital', the theme for the current year is 'India Pays Digitally'.
This theme reflects India's transformative journey toward a digitally empowered citizenry, with the ubiquity and convenience of digital payments, the RBI said.

Indian stock markets closed lower as Sensex and Nifty declined amid RBI’s rate cut announcement and profit booking. FIIs continued offloading equities, impacting investor sentiment.

Markets settle lower after RBI policy; continuous foreign fund outflows dent investors' sentiment

Indian stock markets closed lower as Sensex and Nifty declined amid RBI&rsquo;s rate cut announcement and profit booking. FIIs continued offloading equities, impacting investor sentiment.

Equity benchmark indices Sensex and Nifty ended lower on Friday (February 7, 2025) as the RBI&rsquo;s rate cut did not spring any major surprise for the markets and investors turned to profit-taking amid foreign fund outflows.
Registering its third day of decline, the 30-share BSE benchmark Sensex dropped 197.97 points or 0.25% to settle at 77,860.19, in a volatile trade. During the day, it lost 582.42 points or 0.74% to 77,475.74.
The NSE Nifty declined 43.40 points or 0.18% to 23,559.95.
ALSO READ: <a href="https://www.editorji.com/business-news/rbi-cuts-policy-rate-by-25-bps-to-6-25-pc-first-reduction-in-five-years-1738911995651" target="_blank">RBI cuts policy rate by 25 bps to 6.25 pc, first reduction in five years</a>
From the 30-share blue-chip pack, the stock of ITC dipped over 2% after the diversified entity reported a 7.27% decline in consolidated net profit to ₹5,013.16 crore for the December quarter on account of subdued demand and sharp escalation in input costs.
State Bank of India, Adani Ports, Tata Consultancy Services, ICICI Bank, Reliance Industries and PowerGrid were also among the laggards.
&ldquo;As the rate cut did not spring any major surprise, investors did not find anything interesting in the new RBI governor&rsquo;s comments which resulted in a steady bout of profit-taking in banking, oil &amp; gas, FMCG and power stocks. The ongoing earnings have been mixed to subdued while relentless selling of domestic shares by the FIIs have prompted investors to maintain caution,&rdquo; Prashanth Tapse, Senior VP (Research), Mehta Equities Limited, said.
Among the gainers, Tata Steel jumped over 4%.
Bharti Airtel's stock surged nearly 4% after the firm reported a more than five-fold jump in consolidated net profit to ₹16,134.6 crore boosted by consolidation of the Indus Tower business and benefits of tariff hikes flowing into the quarter.
Zomato, Mahindra &amp; Mahindra, UltraTech Cement and Tech Mahindra were also the other gainers.
Some stocks from interest rate sensitive realty and auto pack ended in the positive territory.
&ldquo;A rate cut aimed at reviving the slowing economy is a positive indicator. However, yields edged higher as investors were disappointed by the absence of anticipated liquidity measures, leading to profit-booking in the indices. Additionally, a downward revision in the near-term growth forecast, influenced by global trade policies and inflation concerns, suggests that the central bank will adopt a cautious and gradual approach to future rate adjustments.
&ldquo;While the broader market underperformed, the metals sector gained traction amid expectations of increase in demand,&rdquo; Vinod Nair, Head of Research, Geojit Financial Services, said.
Home, auto and other loans are likely to see a drop in interest rates after the Reserve Bank of India under a new governor cut the key benchmark rate on Friday (February 7, 2025) for the first time in almost five years to spur a sluggish economy.
The Monetary Policy Committee, headed by RBI Governor Sanjay Malhotra, slashed the repo rate by 25 basis points to 6.25%. This was the first reduction since May 2020 and the first revision after two-and-a-half years.
Mr. Malhotra, a career bureaucrat who replaced Shaktikanta Das barely days after the last bi-monthly MPC meeting in December, forecast the Indian economy to grow at 6.7% in the fiscal year starting April 2025 while inflation rate to lower to 4.2%.
ALSO READ: <a href="https://www.editorji.com/business-news/economy/rbi-projects-fy26-inflation-at-4-2-pc-down-from-4-8-pc-estimate-in-2024-25-1738912742906" target="_blank">RBI projects FY26 inflation at 4.2 pc, down from 4.8 pc estimate in 2024-25</a>
For the fiscal year ending March 31, RBI quoted the government estimate to put the growth rate at 6.4%, its worst in four years and lower than 6.6% seen previously, while the inflation was pegged at 4.8%.
Repo rate also decides the returns on savings and investment products. A higher repo rate can lead to better returns on fixed deposits and other savings instruments, as banks offer higher interest rates to attract deposits. On the flip side, lower repo rates might reduce the interest earned on these savings products.
ALSO READ: <a href="https://www.editorji.com/business-news/economy/rbi-raises-gdp-growth-forecast-to-6-7-for-2025-26-inflation-expected-to-ease-1738914707815" target="_blank">RBI raises GDP growth forecast to 6.7% for 2025-26, inflation expected to ease</a>
In Asian markets, Seoul and Tokyo settled lower while Shanghai and Hong Kong ended in the positive territory.
European markets were trading mostly lower. U.S. markets ended mostly higher on Thursday (February 6, 2025).
Global oil benchmark Brent crude climbed 0.73% to $74.83 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,549.95 crore on Thursday (February 6, 2025), according to exchange data.
On Thursday (February 6, 2025), the BSE bellwether gauge dropped 213.12 points or 0.27% to settle at 78,058.16. The Nifty declined 92.95 points or 0.39% to 23,603.35.
ALSO READ: <a href="https://www.editorji.com/business-news/rbi-launches-exclusive-bank-in-domain-to-curb-financial-frauds-enhances-digital-security-measures-1738915408506" target="_blank">RBI launches exclusive '.bank.in' domain to curb financial frauds, enhances digital security measures</a>

The Reserve Bank of India (RBI) has revised the GDP growth forecast for 2025-26 to 6.7%, citing strong rabi crop output and an industrial recovery. Inflation is projected to moderate to 4.2%, with risks evenly balanced.

RBI raises GDP growth forecast to 6.7% for 2025-26, inflation expected to ease

The Reserve Bank of India (RBI) has revised the GDP growth forecast for 2025-26 to 6.7%, citing strong rabi crop output and an industrial recovery. Inflation is projected to moderate to 4.2%, with risks evenly balanced.

The Reserve Bank of India (RBI) on Friday revised its real GDP growth forecast for 2025-26 to 6.7%, citing strong rabi crop output and a revival in industrial activity as key factors driving economic expansion.
Additionally, the central bank expects CPI inflation to moderate to 4.4% in the final quarter of the current fiscal year and decline further to 4.2% in 2025-26.
RBI Governor Sanjay Malhotra stated, "Looking ahead, healthy rabi prospects and an expected recovery in industrial activity should support economic growth in 2025-26."
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Making a statement on Monetary Policy, RBI Governor Sanjay Malhotra says, "RBI has estimated that real GDP growth for the next year to be at about 6.7%...." (Source - RBI) <a href="https://t.co/SsY1DknMM4">pic.twitter.com/SsY1DknMM4</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1887726890431209790?ref_src=twsrc%5Etfw">February 7, 2025</a></blockquote>
&nbsp;
&nbsp;
He also emphasized the role of domestic demand in sustaining growth. "Among the key drivers on the demand side, household consumption is expected to remain robust, aided by the tax relief in the Union Budget 2025-26," Malhotra noted.
Regarding investments, he highlighted improving conditions in key sectors. &ldquo;Fixed investment is expected to recover, supported by higher capacity utilization levels, healthy balance sheets of financial institutions and corporates, and the Government&rsquo;s continued emphasis on capital expenditure,&rdquo; Malhotra said during his post-Monetary Policy Committee (MPC) address.
However, he cautioned that global uncertainties and climate risks remain potential threats to economic growth.
<h3>GDP Growth Projection for 2025-26:</h3>
<ul>
<li>Q1: 6.7%</li>
<li>Q2: 7.0%</li>
<li>Q3 &amp; Q4: 6.5% each</li>
<li>Overall Growth: 6.7% (with balanced risks)</li>
</ul>
In December, the RBI had revised its GDP growth forecast to 6.6% from 7.2%, reflecting ongoing global economic challenges.
Malhotra acknowledged that the global economy remains under pressure, even as trade activity shows resilience. He pointed to slower disinflation, geopolitical uncertainties, and policy unpredictability as major hurdles.
Additionally, he highlighted the impact of the strong US dollar on emerging market currencies, including the depreciation of the Indian rupee, stating that the RBI is actively monitoring and stabilizing the currency.
On the domestic front, Malhotra referred to First Advance Estimates, which peg India's real GDP growth at 6.4% for 2024-25, driven by private consumption, a strong services sector, and an agricultural recovery. However, weak industrial growth remains a challenge.
<h3>Inflation Outlook:</h3>
<ul>
<li>2024-25 CPI Inflation Projection: 4.8% (Q4: 4.4%)</li>
<li>2025-26 CPI Inflation Projection: 4.2%</li>
<li>Q1: 4.5%</li>
<li>Q2: 4.0%</li>
<li>Q3: 3.8%</li>
<li>Q4: 4.2%</li>
</ul>
Malhotra noted that headline inflation softened in November-December 2024, following its 6.2% peak in October, mainly due to a decline in food inflation, particularly vegetable prices.
Going forward, food inflation is expected to ease further, supported by a good kharif harvest, lower winter vegetable prices, and favorable rabi crop conditions. Core inflation is anticipated to rise slightly but remain moderate.
However, global financial instability, volatile energy prices, and extreme weather events continue to pose risks to the inflation trajectory.
Meanwhile, the RBI Monetary Policy Committee (MPC) has decided to reduce the policy repo rate by 25 basis points (bps) from 6.5 per cent to 6.25 per cent, marking the first rate cut since May 2020.
ALSO READ: <a href="https://www.editorji.com/business-news/rbi-cuts-policy-rate-by-25-bps-to-6-25-pc-first-reduction-in-five-years-1738911995651" target="_blank">RBI cuts policy rate by 25 bps to 6.25 pc, first reduction in five years</a>
The central bank also projected the retail inflation at 4.2 per cent for next financial year beginning April while retaining the forecast for 2024-25 at 4.8 per cent.
ALSO READ: <a href="https://www.editorji.com/business-news/economy/rbi-projects-fy26-inflation-at-4-2-pc-down-from-4-8-pc-estimate-in-2024-25-1738912742906" target="_blank">RBI projects FY26 inflation at 4.2 pc, down from 4.8 pc estimate in 2024-25</a>

The Reserve Bank of India launches the ".bank.in" domain to prevent financial fraud, enhances authentication for digital payments, and expands access to government securities, ensuring a secure and efficient financial ecosystem.

RBI launches exclusive '.bank.in' domain to curb financial frauds, enhances digital security measures

The Reserve Bank of India launches the ".bank.in" domain to prevent financial fraud, enhances authentication for digital payments, and expands access to government securities, ensuring a secure and efficient financial ecosystem.

RBI Governor Sanjay Malhotra, while unveiling the Monetary Policy on Friday, introduced an exclusive ".bank.in" internet domain for Indian banks to curb financial fraud.
He also announced stricter authentication protocols for digital transactions to enhance security in the banking system.
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Making a statement on Monetary Policy, RBI Governor Sanjay Malhotra says, "Reserve Bank has been taking various measures to enhance digital security in the banking and payments system. The introduction of an additional factor of authentication for digital payments is one&hellip; <a href="https://t.co/gNCkc4U0gh">pic.twitter.com/gNCkc4U0gh</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1887730330507047028?ref_src=twsrc%5Etfw">February 7, 2025</a></blockquote>
&nbsp;
&nbsp;
<h3>Launch of Exclusive Banking Domain</h3>
Malhotra stated, "The Reserve Bank shall implement the bank.in exclusive Internet domain for Indian banks." This initiative, set to be implemented from April 2025, aims to help customers distinguish legitimate banking websites from fraudulent ones.
Additionally, a separate ".fin.in" domain will be introduced for the broader financial sector.
<h3>Tackling Digital Fraud with Stronger Authentication</h3>
Expressing concerns over rising digital fraud cases, Malhotra emphasized the need for collective action.
"The surge in digital fraud is a matter of concern. It warrants action by all stakeholders. The Reserve Bank has been taking various measures to enhance digital security in the banking and payment system," he said.
To further strengthen security, the RBI has extended additional authentication measures to online international transactions made to offshore merchants.
Malhotra added, "The introduction of an additional factor of authentication for digital payments is one such measure. It is now proposed to extend this to online international digital payments made to offshore merchants who are enabled for such authentication."
This step ensures safer cross-border transactions and minimizes fraud risks.
<h3>Enhancing Risk Management and Market Participation</h3>
To help market participants manage interest rate risks effectively, the RBI will introduce a new forward contract for government securities. This will benefit long-term investors such as insurance funds, allowing more efficient pricing of derivatives linked to government securities.
In an effort to boost retail participation in government securities, the RBI will expand access to the NDS-OM platform, which facilitates secondary market trading of government bonds.
This move will allow non-bank brokers registered with SEBI to access the platform, deepening the bond market and increasing participation from non-bank financial entities.
<h3>Review of Market Trading and Settlement Timings</h3>
Acknowledging evolving market conditions, the RBI will establish a working group to conduct a comprehensive review of trading and settlement timings across five different RBI-regulated financial markets. The group, consisting of various market stakeholders, is expected to submit its report by April 30, 2025.
<h3>Stable Banking System and Liquidity Buffers</h3>
The credit-deposit ratio (CDR) of banks stood at 80.8% as of January 2025, remaining stable compared to September 2024. Malhotra reassured that liquidity buffers in banks remain adequate, with strong Return on Assets (RoA) and Return on Equity (RoE), despite a slight moderation in net interest margins.
He also confirmed that the financial system for Non-Banking Financial Companies (NBFCs) remains robust.

The Reserve Bank of India (RBI) has projected retail inflation at 4.2% for the financial year 2025-26 while maintaining its 4.8% forecast for 2024-25. The central bank expects food inflation to ease due to strong crop yields.

RBI projects FY26 inflation at 4.2 pc, down from 4.8 pc estimate in 2024-25

The Reserve Bank of India (RBI) has projected retail inflation at 4.2% for the financial year 2025-26 while maintaining its 4.8% forecast for 2024-25. The central bank expects food inflation to ease due to strong crop yields.

The Reserve Bank on Friday projected the retail inflation at 4.2 per cent for next financial year beginning April while retaining the forecast for 2024-25 at 4.8 per cent.
Unveiling the last bi-monthly monetary policy of this fiscal year, RBI Governor Sanjay Malhotra said food inflation pressures, in absence of any supply side shock, should see a significant softening due to good kharif production, winter-easing in vegetable prices and favourable rabi crop prospects.
He further said core inflation is expected to rise but remain moderate. Also, continued uncertainty in global financial markets coupled with volatility in energy prices and adverse weather events, presents upside risks to the inflation trajectory, he said.&nbsp;
Taking all these factors into consideration, CPI inflation for 2024-25 is projected at 4.8 per cent with Q4 at 4.4 per cent, Malhotra said, after chairing his first Monetary Policy Committee meeting.
"Assuming a normal monsoon next year, CPI inflation for 2025-26 is projected at 4.2 per cent with Q1 at 4.5 per cent; Q2 at 4 per cent; Q3 at 3.8 per cent; and Q4 at 4.2 per cent ," he said, and added the risks are evenly balanced.&nbsp;
In its last monetary policy review, the RBI had projected the headline inflation for 2024-25 at 4.8 per cent with Q3 at 5.7 per cent; and Q4 at 4.5 per cent. CPI inflation for Q1:2025-26 is projected at 4.6 per cent; and Q2 at 4 per cent.
CPI-based inflation declined to a four-month low of 5.22 per cent in December, mainly on account of easing of prices in the food basket, including vegetables. It was at 5.48 per cent in November. It increased from an average of 3.6 per cent during July-August to 5.5 per cent in September and further to 6.2 per cent in October 2024.&nbsp;
The Economic Survey tabled in Parliament last week had suggested India needs to develop climate-resilient crop varieties and enhance yields to increase the production of pulses, oilseeds, tomatoes and onion to ensure long-term price stability. It emphasised that India's food inflation rate has remained firm, driven by a few food items like vegetables and pulses.&nbsp;
The contribution of vegetables and pulses to the overall inflation stood at 32.3 per cent in 2024-25 (April to December).

In a major policy shift, the RBI under new Governor Sanjay Malhotra has cut interest rates for the first time in five years, reducing the rate to 6.25%. The move aligns with Budget 2025-26's focus on boosting economic growth and middle-class relief.

RBI cuts policy rate by 25 bps to 6.25 pc, first reduction in five years

In a major policy shift, the RBI under new Governor Sanjay Malhotra has cut interest rates for the first time in five years, reducing the rate to 6.25%. The move aligns with Budget 2025-26's focus on boosting economic growth and middle-class relief.

The RBI under new Governor Sanjay Malhotra on Friday cut interest rate for the first time in nearly five years as the central bank pivoted the policy stance to support a shuttering economy.
The 25 basis points rate cut to 6.25 per cent comes after last rate reduction in May 2020. The last revision of rates happened in February 2023 when the policy rate was hiked by 25 basis points to 6.5 per cent.
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Making a statement on Monetary Policy, RBI Governor Sanjay Malhotra says, "The Monetary Policy Committee unanimously decided to reduce the policy rate by 25 basis points from 6.5% to 6.25%..." (Source - RBI) <a href="https://t.co/wIOOfpAwS4">pic.twitter.com/wIOOfpAwS4</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1887723566847897755?ref_src=twsrc%5Etfw">February 7, 2025</a></blockquote>
&nbsp;
&nbsp;
The Monetary Policy Committee (MPC) unanimously decided to slash policy rate by 25 basis points to 6.25 per cent, Malhotra said.
The interest rate cut comes within a week of Finance Minister Nirmala Sitharaman in Budget 2025-26 providing biggest ever tax break to the middle class to boost consumption after the economy has slowed to its lowest pace since the pandemic.
The rate increase cycle was paused in April 2023 after six consecutive rate hikes, aggregating to 250 basis points since May 2022. The last rate hike was done by RBI in February 2023.
Post Budget, the Finance Ministry made a case for rate cut by saying that fiscal and monetary policy should work in tandem.
It was an indication that the RBI should cut rate as the Union Budget has announced several measures including income tax relief.
Earlier this week, Finance Secretary Tuhin Kanta Pandey had said the government has taken measures to lower fiscal deficit and delivered a non-inflationary Budget, and hoped that the RBI&rsquo;s monetary policy will work in tandem with fiscal policy to support growth.
The Budget 2025-26 announced slew of measures including significant income tax cuts for the middle class, benefiting 1 crore tax payers.
Besides, the government has bettered its fiscal deficit projections for the current fiscal as well as the next.
The fiscal deficit for FY25 has been pegged at 4.8 per cent of GDP, lower than budgeted 4.9 per cent, while for FY26 the deficit is projected at 4.4 per cent, lower than what was given in the consolidation roadmap.

India recorded a slowdown in GDP growth to a seven-quarter low of 5.4 per cent for the second quarter ended September 2024. For the first half, the GDP growth stood at 6 per cent.

Prospects of economy expected to improve in 2025: RBI Governor

India recorded a slowdown in GDP growth to a seven-quarter low of 5.4 per cent for the second quarter ended September 2024. For the first half, the GDP growth stood at 6 per cent.

Facing criticism from the government over the central bank prioritising inflation over growth, the new RBI Governor Sanjay Malhotra on Monday said that prospects of the Indian economy are expected to improve on the back of high consumer and business confidence in 2025.
"As we strive to preserve financial stability to support a higher growth path for the Indian economy, our focus remains steadfast on maintaining the stability of financial institutions and, more broadly, systemic stability," Malhotra said in the foreword to the Financial Stability Report.
He further said that despite the global uncertainties Indian economy is expected to pick up pace in the second half of the current financial year.
"Notwithstanding the uncertainties shrouding the global macro-financial ethos as it unfolds, prospects for the Indian economy are expected to improve after the slowdown in the pace of economic activity in the first half of 2024-25.
"Consumer and business confidence for the year ahead remain high and the investment scenario is brighter as corporations step into 2025 with robust balance sheets and high profitability," said Malhotra who took over as 26th Governor earlier this month.
Flagging the issue of growth moderation in the first half, the Finance Ministry in its November Monthly Economic Review had raised concerns that the possibility that structural factors may also have contributed to the slowdown in H1 should not be ruled out.
India recorded a slowdown in GDP growth to a seven-quarter low of 5.4 per cent for the second quarter ended September 2024. For the first half, the GDP growth stood at 6 per cent.
The slowdown in growth and moderation in inflation are building a case for RBI to slash policy rates in its upcoming Monetary Policy Committee meeting.
Malhotra further said that financial sector regulators in India too are intensifying reforms and sharpening their surveillance against the backdrop of the soundness of the financial system bolstered by robust earnings, low levels of impaired assets and strong capital buffers, as this report highlights.
Stress test results reveal that capital levels of the banking system as well as of the Non-banking Financial Companies (NBFCs) sector will remain well above the regulatory minimum even under adverse stress scenarios, he said.
"We continue to secure and anchor public trust and confidence to support India&rsquo;s aspirational goals. We remain committed to developing a modern financial system that is customer-centric, technologically leveraged and financially inclusive," he said.
Referring to the global economy, he said, it exhibits resilience in the face of formidable headwinds from political and economic policy uncertainty, persisting conflicts and an environment of fragmenting international trade and tariffs.
Brightening the global prospects is the likelihood that the decline in inflation will continue and align with targets during the year ahead, allowing purchasing power to recover, he said.
As monetary policy gains headroom to further support economic activity, financial conditions can be expected to remain easy and contribute to an improvement in the trajectory of global GDP from a prolonged phase of low growth, he said, adding, a robust labour market and sound financial system too provide congenial conditions for this turnaround.
However, he said, the medium-term outlook remains challenging, with downside risks from possible intensification of geopolitical conflicts, sporadic financial market turmoil, extreme climate events and rising indebtedness.
Stretched asset valuations, fragilities in the less regulated non-bank financial intermediaries, and threats from new and emerging technologies also add to the evolving uncertain outlook, he added.
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

RBI's latest report highlights a sharp rise in bank fraud cases, with a significant increase in digital fraud involving internet and card transactions.

Bank Fraud Cases Surge in 2023, Digital Fraud on the Rise

Regarding 2023-24 fiscal as a whole, the RBI said that based on date of reporting by banks, the amount involved in frauds was the lowest in a decade, while the average value was the lowest in 16 years.

The number of bank frauds witnessed a significant on-year increase in the first half of the current fiscal to 18,461 cases and the amount involved jumped more than eight-fold to Rs 21,367 crore, according to RBI data released on Thursday.
The Reserve Bank of India has released the Report on Trend and Progress of Banking in India 2023-24 which presents the performance of the banking sector, including commercial banks, co-operative banks and non-banking financial institutions, during 2023-24 and 2024-25 so far.
The report said the number of frauds during April-September stood at 18,461 involving Rs 21,367 crore compared to 14,480 cases involving Rs 2,623 crore in the comparative period of the last financial year, based on the date of fraud reporting.
It further said frauds present multiple challenges for the financial system in the form of reputational risk, operational risk, business risk and erosion of customer confidence with financial stability implications.
Regarding 2023-24 fiscal as a whole, the RBI said that based on date of reporting by banks, the amount involved in frauds was the lowest in a decade, while the average value was the lowest in 16 years.
Based on the date of occurrence of frauds, in 2023-24, the share of internet and card frauds in the total stood at 44.7 per cent in terms of amount and 85.3 per cent in terms of number of cases.
In 2023-24, the number of fraud cases reported by private sector banks (PVBs) accounted for 67.1 per cent of the total. In terms of amount involved, however, public sector banks (PSBs) had the highest share of card and internet frauds was highest for all bank groups in 2023-24.
Instances of penalty imposed on regulated entities (REs) increased during 2023- 24 across all bank groups, except foreign banks and small finance banks.
The total penalty amount more than doubled in 2023-24 to Rs 86.1 crore, led by public and private sector banks. The amount of penalty imposed on co-operative banks declined during the year, while there was an increase in instances of penalty imposition.
The report also said that several reports indicate the continued presence of unscrupulous players in the digital lending space, who falsely claim association with REs.
To aid the customers in verifying the claims of a Digital Lending App's (DLA) association with an RE, the Reserve Bank is in the process of creating a public repository of DLAs deployed by REs.
The repository will contain data submitted by REs, without any intervention by the Reserve Bank and REs will be required to update the same whenever there is an addition of a new DLA or deletion of an existing DLA.
While many cases of digital fraud result from social engineering attacks on customers, there is also a rapid increase in the use of mule bank accounts to perpetrate such frauds, RBI said.
"This exposes banks not only to serious financial and operational risks, but also to reputational risks. Banks, therefore, need to strengthen their customer onboarding and transaction monitoring systems to monitor unscrupulous activities," the RBI said.
This also requires effective co-ordination with the law enforcement agencies (LEAs) so that the concerns occurring at a systemic level are detected and curbed in time.
The Reserve Bank further said it is working with banks and LEAs to strengthen transaction monitoring systems and ensure sharing of best practices to control mule accounts and prevent digital frauds.

Malhotra's appointment marks the continuation of a tradition of civil servants leading the central bank. 

Sanjay Malhotra Assumes Charge as 26th RBI Governor

Malhotra's appointment marks the continuation of a tradition of civil servants leading the central bank.

Sanjay Malhotra has officially taken over as the 26th Governor of the Reserve Bank of India (RBI), succeeding Shaktikanta Das, whose tenure concluded on December 10. Malhotra assumed office at the Mint Street headquarters today and is set to address the media at 3 PM.
Malhotra's appointment marks the continuation of a tradition of civil servants leading the central bank. He is the second consecutive IAS officer to hold the position, bringing with him a robust background in public administration and finance.
A "Peacetime General" Takes Charge
Dubbed as a "peacetime general," Malhotra steps into the role at a time when India's economy is largely stable, though there is heightened anticipation of potential interest rate cuts in the near future. His three-year term will see him navigating a landscape shaped by global economic uncertainties and domestic growth aspirations.
Professional Credentials
 Malhotra, a 56-year-old IAS officer of the 1990 batch from the Rajasthan cadre, boasts an illustrious career. Prior to his appointment, he served as the Union Revenue Secretary, where he played a pivotal role in enhancing tax collections. He also held the position of Chairman and Managing Director at Rural Electrification Corporation (REC) Limited, contributing significantly to India's infrastructure development.
An alumnus of IIT Kanpur, Malhotra furthered his education with a master&rsquo;s degree in Public Policy from Princeton University, USA, equipping him with a blend of technical expertise and strategic acumen.
Outlook
 Malhotra&rsquo;s leadership is expected to focus on ensuring monetary stability, fostering economic growth, and addressing challenges in the financial sector. Stakeholders will keenly watch his initial decisions, especially regarding interest rates, as he begins his tenure.

Shaktikanta Das ended his six-year tenure as RBI Governor, marked by effective handling of economic challenges. His leadership during the pandemic strengthened India's financial stability, leaving a lasting impact.

Shaktikanta Das Concludes Tenure as RBI Governor

Shaktikanta Das ended his six-year tenure as RBI Governor, marked by effective handling of economic challenges. His leadership during the pandemic strengthened India's financial stability, leaving a lasting impact.

Shaktikanta Das is stepping down as the 25th Governor of the Reserve Bank of India (RBI) after a six-year tenure, with Sanjay Malhotra, the current Revenue Secretary, set to succeed him as the 26th Governor.
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
Will demit office as Governor RBI later today. Thank you everyone for your support and good wishes.(1/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866318590531510753?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
 
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In a message on the microblogging platform X, Das expressed his gratitude for the opportunity to serve the country. He thanked Prime Minister Narendra Modi for the trust and guidance he received throughout his term. 
<blockquote class="twitter-tweet">
Immensely grateful to the Hon&rsquo;ble PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts. (2/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866318979628708315?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
 "I will demit office as Governor RBI later today. Thank you everyone for your support and good wishes. I&rsquo;m deeply grateful to PM @narendramodi for allowing me the chance to serve the nation and for his continuous guidance and encouragement," Das wrote. 
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
Heartfelt thanks to Hon&rsquo;ble FM <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years. (3/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866319259363578259?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
&nbsp;
Das also expressed appreciation for Finance Minister Nirmala Sitharaman, highlighting the crucial role of fiscal and monetary coordination during his tenure. "My heartfelt thanks to Hon&rsquo;ble FM @nsitharaman for her unwavering support. The fiscal-monetary coordination between us helped in overcoming multiple challenges in the past six years," he added.
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
I thank all the stakeholders in the financial sector and in the economy; experts and economists; industry bodies and associations; organisations in the agriculture,cooperative &amp; service sectors for their inputs and policy suggestions. (4/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866320790611996873?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
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<blockquote class="twitter-tweet">
A BIG thank you to the entire Team RBI. Together, we successfully navigated an exceptionally difficult period of unprecedented global shocks. May the RBI grow even taller as an institution of trust and credibility. My best wishes to each one of you. (5/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866321083986542871?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
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Reflecting on his time at the helm of RBI, Das thanked his colleagues at the central bank for their collective efforts in navigating a difficult period. "A big thank you to Team RBI for successfully steering the institution through unprecedented global shocks. I wish RBI continued growth as a pillar of trust and credibility," he said.
Das&rsquo; leadership saw RBI through numerous significant events, including the aftermath of demonetization, the COVID-19 pandemic, and the challenges posed by global inflation, leaving a lasting impact on India&rsquo;s economic stability.

The award recognizes the RBI for its efforts in enhancing risk culture and awareness

Reserve Bank of India given Risk Manager of the Year Award 2024

The award recognizes the RBI for its efforts in enhancing risk culture and awareness

The Reserve Bank of India on Sunday said it has been awarded the Risk Manager of the Year Award 2024 by the London-based publishing house Central Banking.
It was awarded the best risk manager for improving its risk culture and awareness, RBI said in a post on X.
<blockquote class="twitter-tweet">
The Reserve Bank of India has been awarded the Risk Manager of the Year Award 2024 by Central Banking, London, UK. RBI was awarded the best risk manager for improving its risk culture and awareness. Executive Director Shri Manoranjan Mishra received the award on behalf of the&hellip; <a href="https://t.co/r9nmpWgQqn">pic.twitter.com/r9nmpWgQqn</a>
&mdash; ReserveBankOfIndia (@RBI) <a href="https://twitter.com/RBI/status/1802217522164355275?ref_src=twsrc%5Etfw">June 16, 2024</a> </blockquote>
In a post on X, the RBI announced that Executive Director Manoranjan Mishra accepted the award on behalf of the organization.&nbsp;
The award was received by Executive Director Manoranjan Mishra on behalf of the RBI, it said.

In its latest update, IMF expects India to contribute 16 per cent of global growth, the second largest share in the world in terms of market exchange rates

India can achieve 10% growth rate in next decade: RBI Deputy Governor

<h2>In its latest update, IMF expects India to contribute 16 per cent of global growth, the second largest share in the world in terms of market exchange rates</h2>

India can achieve a growth rate of 10 per cent in the next decade and become the second-largest economy by 2032 and the largest by 2050, given the energies and transformation driving the nation to overcome its challenges, said RBI Deputy Governor Michael Debabrata Patra.
He was delivering a keynote address on The Indian Economy: Opportunities and Challenges at Nomura&rsquo;s 40th Central Bankers Seminar in Kyoto, Japan on March 25.
India&rsquo;s growth trend is on the cusp of a post-pandemic upshift, with early signs of it rising above 7 per cent recorded during the 2000s before COVID-19 struck, he said.
"India&rsquo;s recent growth performance has surprised many, triggering a flurry of upgrades. For instance, the International Monetary Fund (IMF) has cumulatively revised its forecast for 2023 upwards by 80 basis points between April 2023 and January 2024," Patra said.
In its latest update, IMF expects India to contribute 16 per cent of global growth, the second largest share in the world in terms of market exchange rates.
By this metric, India is the fifth largest economy in the world and positioned to overtake Germany and Japan within the ensuing decade.
In purchasing power parity (PPP) terms, the Indian economy is already the third largest in the world.
The tailwinds driving the growth, the deputy governor said, include favourable demography, the rupee being among the least volatile currencies in 2023, and transformative change leveraged on technology.
Patra further said inflation in India is moderating after surging on multiple and overlapping supply shocks from the pandemic, weather-induced food price spikes, supply chain disruptions and global commodity price pressures following the Russia-Ukraine conflict.
However, inflation in India peaked early in response to coordinated monetary-fiscal policies to anchor inflation expectations and dissipate idiosyncratic food price pressures, he said, adding that inflation has fallen back into the tolerance band since September 2023.
"Given the innate strengths, I described and the energies and transformation that are driving the nation to overcome its challenges and achieve its aspirational goals, it is possible to imagine India striking out into the next decade with a growth rate of 10 per cent.
"If this is achieved, India will become the second largest economy in the world not by 2045 as shown earlier, but by 2032 and the largest economy by 2050," Patra said.

Majority of the RBI MPC members believe that the work on inflation is not yet over and that especially since growth remains strong, it is not yet time to cut the repo rate.   




RBI Monetary Policy Committee meet minutes reveal continued focus on bringing inflation down

Majority of the RBI MPC members believe that the work on inflation is not yet over and that especially since growth remains strong, it is not yet time to cut the repo rate.&nbsp; &nbsp;
&nbsp;

The minutes of the RBI Monetary Policy Committee (MPC) meet have been released. The minutes show that majority of the MPC members continue to remain focussed on ensuring that inflation reaches the RBI target of 4%.&nbsp; During the recent monetary policy committee meet held from February 6th - 8th, it was decided to keep the repo rate unchanged at 6.5% for the 6th time in a row. It also decided to remain focused on the withdrawal of accomodation stance.&nbsp; Five of the six committee member voted to keep the repo rate unchanged, while there was one vote to cut the repo rate by 25 basis points.&nbsp; Dr Shashanka Bhide voting for a status quo on the rates said that transmission of previous increases in rates are still not complete and it must be ensured that the inflation target is achieved in a sustained way.&nbsp; Dr Ashima Goyal also voting for repo rate to remain at 6.5% said that since growth continues to be strong and headline inflation is still near the upper end of the tolerance band, we can wait slightly longer to ensure the inflation continues to move lower. Prof Jayant Varma, who voted for a cut of 25 basis points and for a change of stance to neutral said that the time had come for the MPC to send a clear signal that it takes its dual mandate of inflation and growth seriously. He points out "Inflation is projected to average 4.5% in 2024-25, and, therefore, the current policy rate of 6.5% translates into a real rate of 2%. I do not believe that such a high real rate is required at this stage to drive inflation down to the target of 4%.".&nbsp; Dr Rajiv Ranjan, also voting for a status quo in the repo rate said that successfully managing the final descent of inflation is the most challenging part.&nbsp; Adding that avoiding any pre-mature move will help guard against the biggest challenge to credibility, i.e., having to backpedal later if faced with upside surprises to inflation.&nbsp; Dr. Michael Debabrata Patra while voting for a status quo on rates, says that It is only when inflation subsides and stays close to the target lastingly that policy restraint can be eased. Governor Shaktikanta Das says that since growth is holding firm and inflation trending down "monetary policy must remain vigilant and not assume that our job on the inflation front is over".&nbsp;

Reserve Bank of India Governor Shaktikanta Das has been named 'Governor of the year' by the international economic journal Central Banking. 

RBI Governor Shaktikanta Das named 'Governor of the Year'

Reserve Bank of India Governor Shaktikanta Das has been named 'Governor of the year' by the international economic journal Central Banking.&nbsp;

For his steady leadership during challenging times, including the COVID-19 pandemic and the inflationary impact of Russia's invasion of Ukraine, Reserve Bank of India Governor, Shatikanta Das has been named 'Governor of the Year' by Central Banking.&nbsp; Central Banking Publications is a financial publisher specialising in public policy and financial markets, with an emphasis on central banks, and international financial institutions.
Das was commended for steering the central bank deftly between intense political pressures and economic disaster. He insisted that 'sunset clauses' be applied to most of the RBI's COVID-19 interventions and provided targeted liquidity to key sectors, foreign exchange, and more generous terms to state governments on their overdraft facilities.
Under Das's leadership, the RBI implemented critical reforms, introduced innovative payment systems, and provided growth-supportive measures during the pandemic.&nbsp; Back in 2015, RBI former governor Raghuram Rajan was also conferred the same title.&nbsp;
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Retail inflation has eased slightly to 6.44% in February versus 6.52% in January. However, it remains above the upper end of the Reserve Bank of India's comfort zone. 

Retail inflation eases marginally to 6.44% in February 

Retail inflation has eased slightly to 6.44% in February versus 6.52% in January. However, it remains above the upper end of the Reserve Bank of India's comfort zone.&nbsp;

Consumer Price Index or retail inflation has come in at 6.44% for the month of February, which is higher than what economists were expecting. Although this number is marginally lower than January's 6.52%, it is still well above the upper end of Reserve Bank of India's target of 6%.&nbsp;
Food inflation came in at 5.95%, within foods it was cereals that saw the highest spike, coming in at 16.73%. Meanwhile prices in the fuel and light segment rose by 9.9%.&nbsp; Core inflation has remained above the 6% mark for over a year now.
RBI has been aggressively increasing the repo rate in an effort to curb inflation. Interest rates have been hiked by 250 basis points (2.5%) since May 2022. In the previous credit policy announcement, RBI governor Shaktikanta Das made it clear that further rate hikes could not be ruled out. The governor also said that inflationary pressures remained a concern and that the there would be no easing up in the fight against inflation.&nbsp;

Reserve Bank of India (RBI) is keeping a close eye on loans to the Adani group: report 

RBI eyes Adani's loans closely 

Reserve Bank of India is keeping a close eye on loans to the Adani group: report&nbsp;

The Reserve Bank of India is closely monitoring loans given out to Adani group of companies. As per a report by Mint, lenders have been asked to provide weekly updates on their financial exposure to the group.&nbsp;
Last month, RBI asked banks to share data on exposure to the Adani group after US-based short seller Hindenburg Research alleged accounting fraud and stock manipulation at its companies.
Its been a month since US-based short seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation on Adani Group. Accusations which the group has strongly denied. However, the conglomerate has shed more than $120 billion in market value since the allegations were made on 24 January.&nbsp;

The minutes of RBI's monetary policy committee meet shows that the members were divided over inflation concerns. While majority belived that it is too early to lower the guard against inflation, 2 members felt that this rate hike was not warranted.



MPC Minutes: Too soon to lower guard against inflation, say majority of members

The minutes of RBI's monetary policy committee meet shows that the members were divided over inflation concerns. While majority belived that it is too early to lower the guard against inflation, 2 members felt that this rate hike was not warranted.
&nbsp;
&nbsp;

The minutes of the February monetary policy committee meet clearly show that inflation was the overarching worry for a majority of the MPC members. However, there was some difference of opinion as to the extent of concerns of inflation. While 4 members voted for the 25 basis points rate hike that was announced, 2 members voted for a pause in the rate hikes.&nbsp; Dr Ashima Goyal was of the opinion that it time should be given for a possible softening of both inflation and growth as well as to allow the effects of past monetary tightening to play out. Echoing a similar view, Prof Jayant Verma said that the 25 basis points rate hike was not warranted given diminished inflationary expectations, and heightened growth concerns.&nbsp;
However, RBI Governor Das said that the committment to bring down inflation must be unwavering, while being mindful of growth. On future action, the governor pointed out that it would be inadvisable to provide a specific guidance when the uncertainty is so high.&nbsp;&nbsp;
Similarly, Dr. Shashanka Bhide highlighted the importance of reducing demand pressure given the persistance of core inflation. Dr. Rajiv Ranjan said that "it will be premature to pause when there are no definitive signs of slowdown in inflation, particularly core inflation".&nbsp;
Meanwhile, Dr. Michael Debabrata Patra voiced a similar sentiment and also highlighted that the fight against inflation is complicated by the global outlook.&nbsp;

Police have booked the manager of PNB's New Mandi branch in Muzaffarnagar.

Fake ₹50 notes found in Punjab National Bank branch in UP; manager booked, say police

Police have booked the manager of PNB's New Mandi branch in Muzaffarnagar.

A fake currency controversy has erupted after counterfeit notes were allegedly found in a Punjab National Bank branch in Uttar Pradesh.
Police have booked the manager of PNB's New Mandi branch in Muzaffarnagar. 27 counterfeit currency notes of ₹50 denomination were allegedly found in the bank chest.
Police filed a case after the Reserve Bank of India's regional office in Kanpur filed a complaint. The fake notes were reportedly found in January 2023.
Also Watch: <a href="https://www.editorji.com/india-news/local/delhi-govt-s-warning-to-bike-taxis-jail-fine-licence-suspension-threats-for-2-wheelers-commercial-use-1676867929572">Delhi govt's warning to bike taxis: jail, fine, licence suspension threats for 2-wheelers' commercial use</a>

RBI's consumer confidence survey shows a marked improvement in consumers' expectations of the overall economic scenario in the year ahead. Consumer confidence hit rock-bottom in mid 2021 during the pandemic. 

RBI: Consumer confidence sees further improvement 

RBI's consumer confidence survey shows a marked improvement in consumers' expectations of the overall economic scenario in the year ahead. Consumer confidence hit rock-bottom in mid 2021 during the pandemic.&nbsp;

Reserve Bank of India's latest consumer confidence survey shows improved sentiment about the general economic scenario for the current period as well as for the year ahead. However, despite an improvement, and the fact that overall consumer confidence has been moving in an upward trajectory, the current perception of consumers still remains in the pessimistic zone. Future expectations of consumers, meanwhile, has seen a sharp improvement and is in the optimistic zone.&nbsp;&nbsp;
"Consumers&rsquo; sentiment on current expenses witnessed some moderation but their expectations on overall spending improved marginally for both essential and non-essential items", the survey said.&nbsp; 52.1% of the respondents' perception of the current general economic situation has worsened but 50.2% expect it will improve in the year ahead. For employment as well, 49.9% feel the situation has worsened, but 51.8% expect the employement scenario to improve in the year ahead.&nbsp;&nbsp;
The consumer confidence survey assesses consumers&rsquo; sentiment about the general economic situation, employment scenario and their own spending and savings capability. An index value below 100 shows pessimism, while a value that's above 100 reflects optimism.&nbsp;
Consumer confidence has been on the rise ever since it hit rock bottom in mid-2021, amid the pandemic.
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