The population of HNIs has been changing, and more women, LGBTQ+ people, millennials, and Gen Zers are now requesting wealth management services. According to the survey, each of these new customer segments has unique beliefs, interests, and needs, and many wealth management companies are now ill-prepared to meet them.

Although India has a fairly small proportion of HNIs compared to other nations, the Asia-Pacific region as a whole had a total HNI wealth of $25.3 trillion in 2021, which increased by 5.4 percent.

India had 261 HNIs in 2020; by 2021, that number had risen to 308. These Indians’ total HNI wealth increased by 11.6 percent as a group. Additionally, it should be remembered that the Sensex returned 22 percent and the Nifty 50 delivered a return of 24 percent in 2021, respectively.

The investigation also revealed a fascinating fact about ultra-HNIs. They are the people whose wealth exceeds $30 million. About 220,221 people in the world have a wealth of at least $30 million. India and Taiwan were acknowledged to be the leading contributors in the ultra-HNI category for the entire Asia-Pacific region. 

The survey stated that although the global ultra-HNI population stayed stable at 9.6 percent, their total wealth dropped by 1 percent.

Source: Bureau

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The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

For the week ended June 2, the foreign currency assets, a major component of the reserves, increased by USD 5.27 billion to USD 526.201 billion, according to the Weekly Statistical Supplement released by the RBI on Friday. 

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.

Gold reserves jumped by USD 655 million to USD 45.557 billion, the RBI said. The Special Drawing Rights (SDRs) were down by USD 6 million to USD 18.186 billion, the apex bank said.

The country’s reserve position with the IMF was up USD 10 million to USD 5.123 billion in the reporting week, the central bank data showed.

Source: PTI

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He further noted that maintaining economic growth while ensuring sustainability is important, and the government has increased investments on the ground, rather than revenue expenditure.

This, he said, is the best way to develop the economy.

Speaking at an event on “Building a Resilient Economy” with various industry leaders in Lucknow, the CEA said the Indian corporate sector has improved its balance sheet, reduced debt, and increased profitability.

He further noted that due to India`s sound economic policy, infrastructure built in the past eight years, and digital transformation, it is possible for India to grow for a longer period rather than three to four years without running into overheating problems.

He also said India has the potential to grow 10-11 percent in nominal terms.

The economy is in a state of autopilot, bouncing back impressively after the pandemic, and in all probability the 2022-23 GDP growth rate of 7.2 percent will be revised upwards in the subsequent data revisions, Nageswaran added.

“Between now and 2030, based on what we have done so far without even assuming that further reforms will be done, I can say that we have the potential to grow steadily between 6.5 to 7.0 percent and if we add the additional reforms on skilling, factor market reforms among others, we can go up to 7 to 7.5 percent and possibly even 8 percent,” he further added.

On capex, the CEA noted that the private sector is poised to attain stronger investment growth following the strengthening of corporate balance sheets, and stronger bank balance sheets which have improved their ability to lend and support from the government`s capex push.

Over the medium term, investments will remain a key driver of growth, he added.

Source: IANS

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In April, the central bank had marginally revised upwards the 2023-24 GDP growth projection to 6.5 per cent, from its earlier forecast of 6.4 per cent.

Domestic demand condition remains supportive of growth and also the demand in rural areas is on the revival path, RBI Governor Shaktikanta Das said while announcing the 2nd bi-monthly policy for 2023-24.

India’s economy grew 6.1 per cent in the fourth quarter of 2022-23, pushing up the annual growth rate to 7.2 per cent, as against 7 per cent anticipated earlier.

Das said the higher rabi crop production in 2022-23, the expected normal monsoon, and the sustained buoyancy in services should support private consumption and the overall economic activity in the current year.

The government’s thrust on capital expenditure, moderation in commodity prices and robust credit growth are expected to nurture investment activity, said the Monetary Policy Statement, 2023-24.

Weak external demand, geo-economic fragmentation, and protracted geopolitical tensions, however, pose risks to the outlook, it added.

“Taking all these factors into consideration, real GDP growth for 2023-24 is projected at 6.5 per cent with Q1 at 8 per cent, Q2 at 6.5 per cent, Q3 at 6 per cent, and Q4 at 5.7 per cent, with risks evenly balanced,” the governor said.

Das said, in the second quarter of 2023, the global economy is sustaining the momentum gained in the preceding quarter in spite of still elevated though moderating inflation, tighter financial conditions, banking sector stress, and lingering geopolitical conflicts.

Source: PTI

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In April, the Reserve Bank had estimated the consumer price index (CPI) based retail inflation at 5.2 per cent during the fiscal 2023-24.

CPI inflation fell sharply to 4.7 per cent in April 2023, from 6.4 per cent in February, on the back of favourable base effects, with softening observed across all the three major groups.

“In India, consumer price inflation eased during March-April 2023 and moved into the tolerance band (2-6 per cent), declining from 6.7 per cent in 2022-23.

“Headline inflation, however, is still above the target as per the latest data and is expected to remain so according to our projections for 2023-24,” Das said while announcing the second bi-monthly monetary policy of 2023-24.

Therefore, close and continued vigil on the evolving inflation outlook is absolutely necessary, especially as the monsoon outlook and the impact of El Nino remain uncertain, he said.

The Reserve Bank of India (RBI) has projected the CPI inflation at 5.1 per cent for 2023-24 — Q1 at 4.6 per cent, Q2 at 5.2 per cent, Q3 at 5.4 per cent and Q4 at 5.2 per cent — with risks evenly balanced.

“At the same time, given the uncertainties, we need to maintain “Arjuna’s eye” on the evolving inflation scenario. Let me re-emphasise that headline inflation still remains above the target and being within the tolerance band is not enough. Our goal is to achieve the target of 4.0 per cent, going forward,” the Governor said.

He also stressed that the Monetary Policy Committee will take further monetary actions promptly and appropriately as required to keep inflation expectations firmly anchored and bring down inflation to the target level.

Source: PTI

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Hunting for precious stones started in the agricultural fields between Guntakal and Pathikonda areas on the border between Anantapur and Kurnool districts.

A farmer in Basinepalli, of Tuggali Mandal (block) found a diamond while he was involved in farming operations for the upcoming kharif season. He reportedly sold the diamond to a trader at Rs 2 crore.

This is not the first time that a farmer has hit the jackpot. Parts of Kurnool and Anantapur districts are known for diamond hunting during monsoon season every year.

Local people and diamond traders believe that these diamonds surface when the first rains of the season wash away the top layer of the soil.

Rayalaseema was known for trading precious stones and diamonds during the Vijayanagara empire.

Areas like Vajrakarur, Tuggali, Jonnagiri, Maddikera, Pagidirai, Peravali, Mahanadi and Mahadevapuram are favourite for the diamond hunters.

Diamond hunters from various parts of Telugu states thronged these areas to try their luck and make money.

Hotels and lodges in Gooty town of Anantapur district see an increase in footfall as diamond hunters head to the town to try their luck. Some people also stay in makeshift tents in open areas between June and September.

Three diamond hunters had found precious stones worth Rs 2.4 crore in Jonnagiri village in 2021. Last year, a farmer reportedly sold a precious stone for about Rs 40 lakh. Another farmer is said to have sold a 30-carat diamond for Rs 1.4 crore.

Source: IANS

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The MPC met on April 3, 5 and 6 this year and decided to pause on the repo rate at 6.50 per cent after hiking continuously earlier as an inflation control measure.

“The upcoming MPC meeting in early June is expected to focus on two important aspects that have emerged in the last few weeks — a sustained moderation of the headline retail inflation and a better than expected GDP growth print in Q4FY23,” Suman Chowdhury, Chief Economist and Head – Research, Acuite Ratings and Research told IANS.

According to Chowdhury, the consumer price index (CPI) inflation moderated in April-23 to 4.70 per cent year-on-year (YoY), an 18-month low and remained within the RBI’s target range (2-6 per cent) for the second consecutive month.

“The wholesale price index (WPI) inflation moderated to a 34-month low of minus/(-)0.92 per cent YoY in Apr-23, retreating to negative territory after a gap of 33-months,” Chowdhury added.

Core retail and wholesale inflation also moderated to an 11-month low of 5.48 per cent YoY and 41-month low of minus/(-)1.77 per cent YoY in Apr-23 respectively.

Chowdhury said the benign trajectory for both WPI and CPI can be attributed to easing food inflation, lower commodity costs, favourable statistical base effects and lagged impact of past monetary tightening.

“Potential risks such as the El Nino notwithstanding, we expect a continuing moderation in headline CPI inflation in FY24 although core inflation can prove somewhat sticky amidst the strong growth momentum in services, especially contact intensive ones. We maintain our FY24 CPI inflation projection at 5.3 per cent as compared to 6.6 per cent in the previous year,” Chowdhury said.

As regards the GDP numbers, Chowdhury said the provisional estimates for GDP in Q4FY23 and FY23 as a whole, has surpassed the consensus figures in the market.

“As against our estimate of Q4GDP of 5.0 per cent, the actual print has come at 6.1 per cent YoY and significantly higher than the 4.4 per cent YoY in Q3FY23. Overall, the GDP growth for FY23 stands at 7.2 per cent as compared to the 7.0 per cent reported in the advance estimates earlier,” Chowdhury said.

However, the concern remains on the demand side as private consumption has grown by 2.8 per cent YoY only in the fourth quarter, Chowdhury remarked.

For the current year, Acuite Ratings continue to forecast a growth of 6.0 per cent given the expected impact of the global uncertainties and the lagged impact of the interest rate hikes in the domestic economy although RBI has pegged it at a more optimistic 6.5 per cent, Chowdhury said.

“Given such a scenario on the growth-inflation dynamics, we believe RBI MPC will prefer to adopt a “wait and watch” mode before taking any confident action on any rate changes. The “pause” mode is likely to, therefore, continue for another two quarters,” Chowdhury concluded.

On his part, Churchil Bhatt, Executive Vice President & Debt Fund Manager, Kotak Mahindra Life Insurance Company Limited said the market is not anticipating an immediate rate cut.

“The best case for the June policy would be a softer ‘stance’ by the MPC. The current policy stance of ‘withdrawal of accommodation’ has already run its course, with pandemic-era policy accommodation behind us. It’s only a matter of time before the MPC moves to a ‘neutral’ stance,” Bhatt said.

According to Bhatt, in June, MPC is likely to maintain a status quo on rates.

At the April meeting, the MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth.

Arguing for a pause Ashima Goyal, Emeritus Professor, Indira Gandhi Institute of Development Research, Mumbai said as the inflation forecast for FY24 is 5.2 per cent with Q4 at 5.2 per cent, a repo rate at 6.5 per cent implies the real policy rate is greater than one.

“It has already tightened enough to progressively bring inflation towards the target of 4 per cent, with other complementary policies and barring major new shocks. A further rise in real interest rates is best avoided at present since high real rates can trigger a non-linear switch to a low growth path,” Goyal said.

Goyal and Prof. Jayanth R. Varma, Professor, Indian Institute of Management, Ahmedabad were against hiking repo rate at the recent MPC meetings.

Varma said he does not understand the meaning of the term ‘stance’ – withdrawal of accommodation.

“Turning to the stance, I must confess that I fail to comprehend its meaning. My colleagues in the MPC assure me that the language is crystal clear to market participants and others. It may well be that I am the only person who finds it hard to understand,” Varma said.

“But I am unable to reconcile the language of the stance with the simple fact that no further ‘withdrawal of accommodation’ remains to be done since the repo rate has already been raised to the 6.50 per cent level prevailing at the beginning of the previous easing cycle in February 2019. It is of course possible to undertake further tightening, but that would not constitute a ‘withdrawal of accommodation’ by any stretch of the imagination,” Varma added.

Source: IANS

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The project will bring investment of Rs 10,000 crore and employment to around one lakh youth.

According to the state government spokesman, the project will come up in Attari village, in Malihabad tehsil, on the outskirts of the state capital.

Attari village has been selected keeping in view the connectivity of park with the rest of the city. The park will have industrial plots and industrial sheds.

The project site is located 20 km away from NH-20 and SH-20, both of which are four-lane roads connecting Lucknow to Sitapur and Hardoi, respectively.

The park will be developed on a public-private partnership (PPP) model. Under this plan, infrastructure worth Rs 500 crore will be constructed.

A provision of Rs 300 crore has been made for manufacturing units based on a first-come, first-served basis.

Common infrastructure at the park includes road network, 24/7 power supply, water supply, warehouses, zero liquid discharge effluent treatment plant, training and skill development facilities, administrative building with product display facility and exhibition centre with testing laboratory.

Other highlights of the park will be workers’ hostels, housing zones, medical facilities, commercial and recreational facilities, open spaces and parks and security arrangements.

Source: IANS

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The scheme, he added, comes under his announcement for giving LPG gas cylinders for Rs 500 each.

Every family will get Rs 640 under the scheme. Around 80 lakh such families are eligible under the scheme in the state. “However, we are yet to get the right figures from the central government in this context,” the Chief Minister added.

“We have collected information at our level to provide subsidies to eligible families under the scheme,” he said.

Gehlot made the announcement on Sunday when he was on a seven-hour visit to Jodhpur for the inauguration of developmental works worth over Rs 1000 crore.

During his Ajmer visit, Prime Minister Narendra Modi visited Ajmer but did not speak on ERCP. “But he should have mentioned about our ambitious scheme,” said Chief Minister Gehlot.

Source: IANS

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