Page 17 - Banking Finance July 2023

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(JSPL), two officials aware of the mat- CII projects 6.5-6.7% FY24 Foreign investors bring in
ter said. India's coking coal imports
GDP growth Rs. 30,945 crore in May
stood at 54 million tonnes (mt) in FY23,
and these imports will account for a Confederation of Indian Industry (CII) Foreign investors have put in Rs 30,945
fifth of it this year, they said on condi- said it expects India's economy to grow crore in the Indian equities in May so
tion of anonymity. Imports of in the range of 6. 5-6. 7% in the cur- far, driven by strong macroeconomic
Russian coking coal in FY23 stood at a rent financial year supported by strong fundamentals, prospect of reducing
mere 4 mt. domestic drivers and robust capital interest rates, positive earnings out-
expenditure momentum of the gov- look and falling valuations of stocks.
About 90% of India's coking coal require-
ernment. India's GDP grew by 6. 1% in With this, net inflows by Foreign Port-
ment of 60 mt is currently imported, of
the March quarter of 2022-23, while folio Investors (FPIs) reached Rs 16,365
which Australia alone contributes more
the growth rate for FY23 was 7. 2%. crore in 2023 so far, data available
than 70%. India has been looking to di-
with the depositories showed.
versify its imports of steelmaking coal CII president R Dinesh said India's GDP
and identified a few markets. growth is expected to jump to 7. 8% in Going forward, FPI investment in India
the next decade (FY22-31) from 6. 6% is expected to continue since the pros-
previously recorded. The industry body pects for the Indian economy and cor-
NRI's rupee, forex deposits
also expects retail inflation to be within porate earnings growth appear bright
bolstered reserves in FY23 the RBI's target range (2-6%) in FY24. now, VK Vijayakumar, Chief Investment
The Reserve Bank of India's moves to Strategist at Geojit Financial Services,
attract funds at a time when foreign Future Lifestyle gets claims said.
exchange reserves were sliding due to
of Rs. 2,156 crore from 12
selling by overseas investors has turned France awards Chandrase-
creditors
out to be a success.
karan its highest civilian
Future Lifestyle Fashions, a Future
Deposits from the Indian diaspora in
Group firm that is under insolvency award
banks through various NRI deposit
proceedings, has received claims total-
schemes more-than-doubled after the Tata Group Chairman N.
ing Rs 2,155.53 crore from 12 financial
central bank exempted the cash re- Chandrasekaran has been given
creditors, including State Bank of India.
serve ratio (CRR) and statutory liquid- France's highest civilian award Cheva-
Claims worth Rs 2,117 crore have been
ity ratio (SLR) on fresh inflows through lier de la Legion d'honneur for his con-
admitted, while those worth Rs 38.5
these routes and relaxed the interest tributions to strengthen the trade re-
crore are under verification.
rate cap in July 2022 to boost foreign lationship between India and France.
exchange reserves. This was fuelled by Centbank Financial Services, Bank of
French Minister for Europe and Foreign
a surge in foreign currency non-resi- India, Bank of Baroda, IDBI Bank,
Affairs Catherine Colonna gave the
dent (bank) or FCNR (B) deposits. HSBC and HDFC Bank are also among
award to Mr. Chandrasekaran on behalf
the financial creditors to submit
Fresh inflows through various NRI de- of the French President. Colonna said
claims, according to a stock exchange
posit schemes more-than-doubled to Tata group of companies is a major
filing by Future Lifestyle's resolution
$7.9 billion in FY23 from $3.2 billion in player in the Franco-Indian partnership.
professional.
FY22, according to the latest RBI data.
In the case of FCNR (B) deposits, net The resolution professional also said Bajaj Finance may spin off
inflows were $2.4 billion compared to that the first meeting of the CoC will
payments business; to
outflows of $3.5 billion the previous be held on June 6.
year. scale up apps, platforms
SBI has the highest voting share of
Significantly, the RBI added $46 billion 22.51% in Future Lifestyle's Commit- Bajaj Finance is looking to spin off its
to its forex reserves until March 2023 tee of Creditors (CoC), followed by payments vertical as a separate subsid-
with reserves surging to $578 billion Centbank Financial Services at 21.01%, iary, and to meaningfully scale up plat-
from a low of $532 billion in Septem- Bank of India (19.71%) and Bank of forms and apps launched in the past 45
ber 2022. Baroda (14.02%). years.
16 | 2023 | JULY | BANKING FINANCE