RBI: RBI reduced the pace of sharp increase in interest rate, gold imports decreased, read some other special news

Posted on 28th Nov 2022 by rohit kumar

The Confederation of Indian Industry (CII) said on Sunday that the increase in interest rates is adversely affecting the Indian industry. That's why RBI should reduce the pace of interest rate hikes. RBI has increased the repo rate by 1.9 percent so far in the current financial year. The meeting of the monetary policy committee of the central bank will be held from December 5-7.

 

 

 

CII said a large number of companies have reported a decline in income and profits in the second quarter of the current financial year. In such a situation, there is a need to reduce the pace of monetary tightening. The RBI should consider reducing the pace of monetary tightening from the earlier 0.5 percent to sustain domestic growth amid global uncertainties.

 

 

Gold imports declined by 17.38 percent to $24 billion

Gold imports declined by 17.38 percent to $24 billion in the first seven months (April-October) of the current financial year. According to commerce ministry data, gold imports stood at $29 billion in the same period of the previous fiscal. Gold imports declined by 27.47% to $3.7 billion in October compared to the same month last year.

 

Meanwhile, silver imports also fell by 34.80% to $585 million. However, silver imports rose to $4.8 billion in April-October from $1.52 billion in the same period last fiscal. The trade deficit on goods during April-October, 2022 stood at $173.46 billion as against $94.16 billion in the same period last year.

 

FMCG companies expect growth in sales

Fast-moving consumer goods (FMCG) companies are buoyed by the initial demand trend for winter products. He expects that as the mercury drops, the use of the products will also increase and growth will come from rural areas. Sales of winter products from companies like Dabur, Emami, and Marico have picked up, ranging from skin products to immunity-boosting products like honey and chyawanprash.

 

Companies expect sales in rural areas to pick up in the coming quarters on the back of a good crop and moderation in general inflation. Sanjay Mishra of Marico said that the winter season is crucial for products like the Saffola Immuniveda range and body lotions. Their demand comes especially from the northern region. With the onset of winter, the use of these products has increased this year as well. This winter the growth in demand in the body lotion category will be more than 50%.

 

Increased sales of large packaged products

Vinod Rao, President (Sales-CCD), Emami, said the company's winter products are expected to do well in rural markets as well as in bulk sales, despite demand challenges due to inflation. Sales of large packaged products have also increased this year.

 

Also Read: Budget 2023-24: Sitharaman holds meetings with state finance ministers, takes suggestions and inputs on the upcoming budget

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