Hindiston Iqtisodiyoti

RECENT DEVELOPMENTS (cont.)

• Between April 2000 – March 2023, cumulative FDI equity inflows to India stood at US$ 9919.63 billion.
• In May 2023, the overall IIP (Index of Industrial Production) stood at 145. The Indices of Industrial Production for the mining, manufacturing and electricity sectors stood at 128.1, 142.3 and 201.6, respectively, in May 2023.
• According to data released by the Ministry of Statistics & Programme Implementation (MoSPI), India’s Consumer Price Index (CPI) based retail inflation reached 4.81% in June 2023.
• In FY23, the Foreign Portfolio Investment (FPI) outflows stood at US$ 14.81 billion (Rs. 1.21 trillion). As per depository data, Foreign Portfolio Investors (FPIs) invested Rs. 22,000 crore (US$ 2.67 billion) in India during the first week of July 2023.
• The wheat procurement during RMS 2022-23 was estimated to be 262 lakh metric tonnes and the rice procured in KMS 2022-23 was 624.18 lakh metric tonnes (518 LMT for crop and 106.18 LMT for Rabi crop). Moreover, in the budget 2022-23, direct payment of (Maximum Selling Price) MSP was launched that estimated to be US$ 31.74 billion (Rs. 2.37 trillion) in order to boost farmers’ income.

https://www.ibef.org/economy/indian-economy-overview

Main problems in the agricultural sector, as listed by the World Bank,

Main problems in the agricultural sector, as listed by the World Bank,

• India's large agricultural subsidies are hampering productivity-enhancing investment.
• Overregulation of agriculture has increased costs, price risks and uncertainty.
• Government interventions in labour, land, and credit markets.
• Inadequate infrastructure and services.

Banking Sector in India

Banking Sector in India

• The Indian banking system consists of 18 public sector banks, 22 private sector banks, 46 foreign banks, 53 regional rural banks, 1,542 urban cooperative banks and 94,384 rural cooperative banks as of September 2019.