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By EquityPandit

EquityPandit

EquityPandit
ECONOMY

Govt Plans To Setup 75 Digital Banks in 2021: FM Sitharaman

India is planning to set up ‘digital-only’ banks and non-banking financial companies (NBFCs) to ensure that business continuity in the lending system is not affected even in exceptional times.

In her first public appearance before the Atlantic Council think tank, Union Finance Minister Nirmala Sitharaman told a select Washington audience that the government had achieved macroeconomic stability by recapitalising banks and increasing foreign exchange reserves.

“Bad loans and provisioning were taxing. We have to keep infusing money into banks … We have amalgamated several of them … The Reserve Bank of India has also been very nimble about setting up ‘digital only’ NBFCs. Now we are setting up digital banks as well, not one but 75 of them this year,” she said.

Sitharaman is in Washington DC to attend the annual spring meeting of the International Monetary Fund and the World Bank.

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ECONOMY

India’s Industrial Growth Slows to 2.9% in February on Weak Manufacturing

Dhruva Kulkarni

India’s factory output (IIP) grew 2.9% in February 2025, slowing from 5.2% in January due to weaker growth across key sectors.

Manufacturing and mining growth eased to 2.9% and 1.6%, respectively, while electricity generation improved to 3.6% from 2.4% in January.

Primary goods growth slowed to 2.8% from 5.5%, capital goods rose 8.2% versus 10.3%, and infrastructure/construction goods grew 6.6% from 7.4%.

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Consumer durables grew 3.8%, down from 7.2% in January, while consumer non-durables contracted 2.1% after a 0.3% decline.

The IIP index for February stood at 151.3, with mining at 141.9, manufacturing at 148.6, and electricity at 194.0.

Key manufacturing drivers were basic metals (5.8%), motor vehicles and trailers (8.9%), and non-metallic mineral products (8.0%), supported by increased production of steel, auto components, and cement.

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ECONOMY

China Hints at Rate Cuts to Offset Trump’s Tariffs

Dhruva Kulkarni

A Chinese state newspaper signalled the need for monetary easing as US trade tensions threaten economic growth, suggesting the central bank should cut interest rates and banks’ reserve requirements.

The report stated that such measures could stabilise markets, boost confidence, and mitigate external shocks.

Chinese stocks rose for the third day, driven by stimulus expectations and hopes for a trade deal with the US. The urgency for easing increased after US President Donald Trump raised tariffs on Chinese imports to 125% while pausing levies on other trade partners.

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Meanwhile, China’s consumer deflation extended for a second month in March, adding to economic concerns.

The People’s Bank of China has repeatedly pledged to lower borrowing costs and reserve requirements, fueling a rally in China’s bond market.

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ECONOMY

Piyush Goyal to Discuss Export Strategies Amid Trump’s Tariff Moves

Dhruva Kulkarni

Union Minister Piyush Goyal will meet exporters at Vanijya Bhawan in New Delhi today from 3 PM to 5 PM to discuss challenges posed by US President Donald Trump’s reciprocal tariffs. 

The meeting will focus on strategies to mitigate their impact, with exporters exploring new markets in gems, jewellery, electronics, textiles, and apparel.

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Senior Ministry officials, along with representatives from Export Promotion Councils (EPCs) and the Federation of Indian Export Organisations (FIEO), will participate, according to PTI (Press Trust of India Ltd).

Earlier today, Goyal emphasised that India’s best interests remain the priority in trade negotiations. Speaking at the Dubai India business forum in Mumbai, he reaffirmed that ‘India First’ is the guiding principle, assuring business leaders that trade agreements will support the country’s long-term economic goals.

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ECONOMY

RBI May Cut Rates on 9th April Amid Global Tariff Pressures

Dhruva Kulkarni

With global trade tensions rising due to tariff hikes, all eyes are on the Reserve Bank of India’s (RBI) policy decision on 9th April. Experts expect the Monetary Policy Committee (MPC) to weigh these risks while focusing on domestic factors.

A 25-bps rate cut is widely anticipated, with inflation cooling, growth slowing, crude oil prices falling, and US bond yields dipping. While many foresee further reductions in June, opinions differ on the RBI’s stance—about half expect a shift to ‘accommodative,’ while 40% believe it may remain ‘neutral’ amid global uncertainties.

Most predict the repo rate could bottom out around 5.5%, implying a total 75-bps cut. No major liquidity surprises are expected, as the RBI has already eased conditions through open market operations and currency swaps. Further liquidity measures would be market-positive.

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Higher global tariffs could shave 30–60 bps off India’s GDP growth, but the RBI will likely maintain or slightly lower its forecast. On inflation, 60% expect no change, while 40% foresee a slight revision to 4–4.1%.

Overall, the policy is expected to be dovish, with the RBI balancing global risks and domestic growth. Further rate cuts may be on the horizon.

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ECONOMY

India Raises Excise Duty by Rs 2 on Petrol & Diesel; Retail Prices Unchanged

Dhruva Kulkarni

On 7th April, the Indian government announced a Rs 2 per litre hike in Special Additional Excise Duty (SAED) on petrol and diesel, effective from 8th April.

With this revision, SAED on petrol will rise from Rs 11 to Rs 13 per litre and diesel from Rs 8 to Rs 10 per litre. Despite the hike, the Petroleum Ministry confirmed that retail prices will remain unchanged. Petroleum Minister Hardeep Singh Puri assured consumers that the increase would not be passed on to them, stating, “This will not be passed on to the consumer.”

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Puri explained that while crude oil prices have dropped to around $60 per barrel, state-run oil marketing companies (OMCs) manage inventory purchased at an average of $75 per barrel, as they typically hold stock for over 45 days. He added that OMCs may consider price revisions if crude stabilises between $60 and $65 per barrel.

This move comes amid a sustained decline in global crude prices, driven by rising supply from non-OPEC (Organisation of the Petroleum Exporting Countries) producers and weaker demand. The downturn has been further intensified by trade tensions following tariffs imposed by US President Donald Trump.

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