Welcome to today’s Business News Wrap, your go-to digest for the top business stories making headlines. Today's edition brings insights into India's monetary policy as the RBI balances inflation and growth, automakers brace for cost pressures, and first test track for Hyperloop technology gets ready.
RBI keeps interest rates steady, slashes CRR
In a bid to balance inflation risks and economic growth, the Reserve Bank of India kept its repo rate at 6.5%, unchanged for the 11th consecutive meeting. However, a 50-basis-point cut in the Cash Reserve Ratio (CRR) aims to inject ₹1.16 lakh crore into the banking system. Growth forecasts for FY 2024-25 have been trimmed to 6.6%, while inflation estimates were revised upward to 4.8%.
Read more...Maruti Suzuki announces 4% price hike from January 2025
Following Hyundai’s lead, Maruti Suzuki plans to raise vehicle prices by up to 4% starting January 2025, citing increased input costs. This comes amid declining domestic sales and squeezed margins, reflecting broader industry pressures.
Read more...RBI governor’s clarification on de-dollarisation amid Trump’s threat
Amidst US President-elect Trump's tariff threats, RBI Governor Shaktikanta Das clarified that India is not pursuing de-dollarisation. Instead, local currency trade settlements aim to de-risk trade dependencies. BRICS discussions around a common currency remain exploratory.
Read more...India's first Hyperloop test track ready at IIT Madras
Railways minister Ashwini Vaishnaw showcased the completion of a 410-meter Hyperloop test track at IIT Madras, marking another step towards India’s entry into futuristic high-speed transportation. Developed with IIT Madras-incubated startup TuTr Hyperloop, the project aims to revolutionise travel.
Read more...India reaffirms RCEP stance
Commerce Minister Piyush Goyal reiterated India’s decision to stay out of the RCEP, citing unresolved concerns. Bilateral trade data highlights a growing imbalance with China, underlining the challenges of regional economic agreements.
Read more...That’s all for today’s wrap! Stay tuned for more updates and insights on Monday.
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