Page 54 - Banking Finance July 2023

FEATURES

"Our Prime Minister's vision is that we may have different in drafting the leaders memorandum of the G20. I can
ideologies. We may have different political perspectives. We assure you that we recognise the unique role that supreme
may have different boundaries but we all are part of the audit institutions play in collaborating with us, both inside
same cosmic wave and therefore we derive our theme from and outside the G20," he said.
the ancient Indian civilisation saying that the earth is one
family-vasudhaiva kutumbakam," Kant said.
Kant suggested that the SAI20 can be a separate
accountability institutional track in addition to the existing
On the role of the supreme audit institutions, Kant said, "It
finance and sherpa tracks.
is vital in ensuring that public resources are used both
effectively and efficiently, and the public trust is upheld. As
Goa Governor Sreedharan Pillai said the SAI20 Group under
professional auditors, they play a vital role more than ever
the aegis of G20 is expected to play a central role in
before by addressing the complex and challenging economic
strengthening governance and delivering a positive impact
and social development issues facing our country."
on the lives of citizens. The SAIs in their respective countries
"What you recommend is very critical. What you are a key pillar of accountability, effectiveness and ensuring
recommend as the supreme audit institution will be critical integrity in governance, he said. (Source: The Indian Express)

Economic growth to sustain till FY25, says RBI survey

The Reserve Bank of India's forwardlooking surveys indicate Future Expectations index (FEI) and the Current Situation
sustained economic growth till FY25, with real gross fixed Index (CSI) improved from the previous round on the back
capital formation (GFCF) expected to rise to 7.4 per cent in of improved assessment for all the survey parameters,
FY25 from 6.8 per cent in FY24, per projections by 39 barring essential spending.
economists.
"With a substantial improvement in May 2023, households'
Consumer confidence in the domestic economy has been
sentiment on current income inched closer to the neutral
improving since the pandemic even as households inflation
zone and they remain fairly optimistic on employment
expectations are seeing normalising over the course of the
conditions and future earnings over the next one year," it
current financial year.
said.
However, merchandise exports are expected to decline 2.9
per cent and imports by 4.0 per cent, in US dollar terms, CPI Inflation
during FY24.
Consumer price index (CPI)based headline inflation is
In turn, exports are likely to grow 8.3 per cent and imports expected at 5.0 per cent for FY24, wherein it is seen at 4.7
7.8 per cent in FY25, per the results of the 82nd Survey of per cent in Q1 FY24 and is expected to remain in the range
Professional Forecasters on Macroeconomic Indicators. of 4.95.3 per cent for the next three quarters thereafter.
For FY25, CPI inflation is expected at 4.9 per cent.
Accordingly, experts project current account deficit (CAD)
at 1.5 per cent of GDP in FY24, and 1.6 per cent in FY25.
"CPI inflation, excluding food and beverages, pan, tobacco
Real GDP (gross domestic product) growth forecast for FY24 and intoxicants, and fuel and light, is expected at 5.3 per
was unchanged at 6.0 per cent, and is expected to grow cent both in Q1 and Q2 FY24, and soften thereafter to 5.2
6.4 per cent in FY25. Forecasts for FY24 GDP growth were per cent and 5.1 per cent respectively in the subsequent
in the range of 5.36.8 per cent and for FY25 between 6.0 two quarters," the survey said.
and 7.6 per cent.
The RBI has projected CPI inflation at 5.1 per cent for FY24,
RBI has pegged GDP growth for FY24 at 6.5 per cent, with
wherein inflation is seen at 4.6 per cent in Q1 and then in
Q1 growth seen at 8.0 per cent, Q2 at 6.5 per cent, Q3 at
the range of 5.25.4 per cent for the next three quarters.
6.0 per cent, and Q4 at 5.7 per cent.
Households' Inflation Expectations Survey showed that the
Improving Sentiment median inflation perception has eased by 10 bps to 8.8 per
The Consumer Confidence survey showed that both the cent in the latest round. (Source: BL)

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