Global financial powerhouse Morgan Stanley has upgraded India to the ‘overweight’ category, giving it the top rating among Asian emerging markets, while cutting Australia to ‘underweight’. It also put ‘equal-weight’ rating on China and Taiwan and continued with an ‘overweight’ rating on Korea.
“The resilience of the service sector underscores its vital role in fuelling India’s economy, with the PMI results for July so far pointing to a notable contribution from the sector to overall GDP for the second fiscal quarter,” said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence.
"Extreme weather events, even if brief, can cause wild food price swings, especially for vegetables. Government policies and geopolitical developments are increasing their influence on domestic inflation in recent years," Crisil economists said on Wednesday.
Cabinet secretary Rajiv Gauba is expected to review the progress of the production linked incentive scheme (PLI) for all the 14 sectors on Thursday, sources said. The meeting assumed significance as the government disbursed only Rs 2,900 crore till March 2023 out of Rs 3,400 crore claims received under the scheme.
Rice exporters have approached the commerce ministry over the ban on the export of non-basmati rice, saying that many of them have letters of credit from foreign buyers and if they do not fulfil the contracts, they could face international arbitration. Failing to fulfil export commitments could also hurt India's image in the global markets, they said.