Impact Analysis Archive
09/02/2021 RBI Monetary Policy : Status quo on rates; calibration on liquidity
18/01/2021 Dec-20 Trade Balance: Nascent signs of a healing economy
14/01/2021 Nov-20 IIP: Don’t miss the wood for the trees
14/01/2021 Dec-20 CPI Inflation: A reset in the trajectory
29/04/2020 Fiscal Stimulus equivalent to 4.8% of GDP desirable
11/04/2020 Covid Crisis an opportunity for agriculture marketing reforms
07/04/2020 High Systemic Liquidity in FY20 also a Function of Overwhelmed Reserve Money Offsets
07/04/2020 COVID-19 intensifies headwinds for NBFCs
29/03/2020 Impact of COVID-19 on GDP growth of FY21
28/03/2020 Seventh Bi-Monthly Monetary Policy: Firing a bazooka and rearming for more
25/03/2020 COVID-19 unlikely to put rupee under ventilator
16/03/2020 COVID-19 to severely impact domestic airline operations
13/03/2020 Lower global oil prices positive for India’s fiscal deficit
07/03/2020 Yes Bank’s early revival critical for banking sector stability
02/03/2020 Auto industry continues to remain under stress in Jan ‘20 owing to persistent weak buying sentiments
28/02/2020 Donald Trump India Visit – How has the US – India Trade relations Evolved over the Years
18/02/2020 An Assessment of Debt Obligations for FY21: Union Fiscal Deficit May Breach 3.8% mark next Fiscal
12/02/2020 RBI 6th Policy Bi-Monthly Policy Statement Assessment
17/01/2020 Minor recovery in November IIP is a function of a favourable base effect
19/01/2020 First Advanced GDP Estimate for FY20: Despite slowdown, output gap is narrow
02/12/2019 Acuité slashes its FY20 GDP forecast to 5.2% from the erstwhile 6.1%
06/12/2019 Fifth Bi-Monthly Monetary Policy Statement FY20: A Confusing Growth and Inflation Dynamic
15/11/2019 Q2 pegged at 5.1%. Change in unit production of higher value adding sectors impacting GVA
13/11/2019 India’s Sovereign Rating Troubles: An Acuité Perspective
22/10/2019 OEMs stare at a revenue decline of nearly 24% in Q2FY20
19/10/2019 Impact of accommodative monetary policy maybe retarded but on core inflation it is inevitable
17/09/2019 September second fortnight (Festive Offtake) indicates highest offtake in FY20 YTD
12/10/2019 Persistently low prices behind low production estimates for food crops
03/10/2019 Indian Automobile Sector is at the cusp of a transformation
24/09/2019 By Using FRBM Act’s Escape Clause, GOI’s Recession Fighting Buffer May Reach Rs. 1.6 lakh crore
17/09/2019 GDP Q1 Analysis: A persistent consumption slowdown may lead India into Stagflation
30/08/2019 Economy Booster Package 2 has Focus on Banking Consolidation
27/08/2019 Bimal Jalan Committee Recommendations on RBI Economic Capital Framework
23/08/2019 Key Highlights: Finance Ministry’s First Economy Booster Package
22/08/2019 Coal imports continue to surge in Q1 FY20 due to Insufficient Domestic Supply
09/08/2019 Repercussions of Andhra's Move to Renegotiate Green Energy Tariffs
07/08/2019 Federal Reserve Cuts Benchmark Interest Rates
30/07/2019 Monsoon Update: Area Under Sown July 2019
31/07/2019 Bihar & Assam Floods: A Case of Ineffective Fiscal Management Behind the Disaster
08/07/2019 Union Budget 2019: Impact Analysis
27/06/2019 Indian 10 Year Government Security yields may fall to 6.5% by end Q2 FY20
24/06/2019 Among major states, highest proportion of rated entities have defaulted in Odisha and Chandigarh over a three-year period; Goa and Rajasthan record the lowest number in this regard
19/06/2019 Average gross working capital (GWC) cycle for SMEs increased
14/06/2019 The core and fuel baskets, may offset the rising food inflation in the near to medium terms
07/06/2019 2nd MPC – FY 20: MPC cuts Repo further and changes stance to accommodative
27/04/2019 Higher oil price and slowing global economy is expected to lower India’s export outlook
17/04/2019 Food category pulls up the March inflation number marginally
10/04/2019 Commentary: MPC – First Bi-Monthly Statement FY20
27/03/2019 Indian 10 years forward yields have declined by 82 bps since September 2018; may decline further in a 6-month period despite upward pressures emanating from significant safe haven demand for US debt
22/03/2019 RBI’s $5 Billion Currency Swap can meet three months of systemic shortfall; OMOs lose potency due to fast emerging collateral constraints
19/03/2019 Improvement in trade deficit may help the CAD ratio to remains range bound. We peg the metric at 2.4% of GDP for FY19
12/03/2019 Core inflation number for February, 2019 may lead to further accommodation in the monetary policy
07/03/2019 Core sector January data indicates a slowing manufacturing activity despite robust growth in infrastructure related sectors. Electricity posts negative growth, first time in six years
01/03/2019 India GDP grew by 6.6% in Q3 FY19; Overall financial year growth trimmed to 7%
28/02/2019 Trade numbers hint improvement in CAD to GDP ratio
22/02/2019 Impact of Budget FY20 on Government of India Fiscal Space
15/02/2019 Industrial production to regain its momentum soon
14/02/2019 Overweight food basket suppressing Indian Headline Inflation, which slips to an eighteen-month low of 2.06% in January 2019
13/02/2019 MPC rate cut hints frontloading the system in order to stimulate the growth momentum but external realities deserve cognizance as well
05/02/2019 Mild performance of energy sector leads core sector growth to 18 month low in December
01/02/2019 Interim union budget analysis 2019-20
31/01/2019 Cotton prices are expected to normalize on the back of slowing demand from China and the resultant supply glut. Related Indian exports may be therefore impacted
25/01/2019 Indian Economy’s 1 Year Challenge: January FY18 Vs. January FY19
24/01/2019 Cement price: We see cement prices to remain low in the foreseeable future due to lower capacity utilization levels as well as subsiding input cost pressures
19/01/2019 Aluminium prices are softening both in the international as well as domestic market
16/01/2019 Financial Stability Report & Report on Trend and Progress of Banking in India (NPA and Asset Classifications)
15/01/2019 Fall in consumer inflation will translate into lower nominal growth and may therefore impact tax collections
11/01/2019 Industrial growth slows in November 2018 but pockets of promising demand exist
10/01/2019 Report on Trend and Progress of Banking in India (Schedule Commercial Bank Performance)
03/01/2019 November Core Sector number driven by strong steel & coal growth; further growth expected in industrials due to lower fuel prices and rising disposable incomes impacting demand positively
28/12/2018 Equity emerges as the most preferable option for manufacturing entities
22/12/2018 Fed raises rates by 25 bps, 4th in 2018; dovish for 2019 but unemployment number hints inflationary tendencies
20/12/2018 Food items continue to suppress inflation but categories such as healthcare and discretionary items show an upward trend signaling a strong core
17/12/2018 Acuité Economic Outlook – January 2019
14/12/2018 Higher value added manufacturing sector help IIP but base effect consideration remains
11/12/2018 As input price pressures decline, PMI index hints further improvement in business sentiment
07/12/2018 Indian economy likely to rebound strongly as negative factors waning
06/12/2018 Commentary: RBI MPC 5th Bi-Monthly Meeting; Despite maintaining a hawkish stance, while the MPC sees some upside risk due to geo-political and commodity risks, the tone of its note is sterile and devoid of caution
30/11/2018 New back series reveals that India grew slower than previously accepted
28/11/2018 Slower growth in tax collection may translate into missing fiscal deficit target
23/11/2018 Domestic liquidity may improve with the appreciation of Indian rupee against the USD
21/11/2018 RBI November Board Meeting
16/11/2018 Trade deficit likely to reduce with the fall in oil price
14/11/2018 Profitability of firms will be healthy in second half of FY19
13/11/2018 October Inflation number cools further as food continues to be a major deflator
02/11/2018 PMI Index for October 2018 gives a sense of firms’ optimistic view on future demand
01/11/2018 India Jumps to 77th Position in World Bank Ease of Doing Business Rankings 2019
31/10/2018 Effective implementation of new Agro Export Policy imperative for increasing India’s global footprint
26/10/2018 Growth driving sectors in Q2 FY19: Our assesment
22/10/2018 Improvement in exports and tempered external consumption has helped lowering trade deficit
17/10/2018 Poor performance of primary goods segment compensated by imports
15/10/2018 Higher weightage to food items is artificially suppressing the inflationary trend
12/10/2018 NRI deposits highest since FY14; May help stabilizing exchange rate and liquidity scenario
11/10/2018 Net foreign inflows recover in FY19 YTD but remain susceptible to global volatility
10/10/2018 OBICUS Survey on Manufacturing Sector sees finished goods inventories coming down substantially but raw material inventories are being shored up as risk of price increase looms
09/10/2018 Global sector PMI index for September signifying strong global growth; India specific sectors such IT, Pharma, Chemicals and Banking record solid performance
05/10/2018 MPC holds Repo rate at 6.50% but signals an end to its neutral stance
04/10/2018 Infrastructure push help maintain consistent Core Industries expansion; Cement, electricity, steel and petro refinery record solid YoY and YTD growth
01/10/2018 Manufacturing PMI maintains momentum on the back of new orders and robust inventory turnover; Rising input cost remains a concern though
28/09/2018 Net LAF may soon turn positive along with RBI’s Open Market Operations as banks scramble for liquidity; WACR/Repo differential turns negative
26/09/2018 At 69%, PSBs rapidly losing market share to Private Banks as well as RRBs; Incremental deposit mobilization for PSBs is currently recorded at only 12%
25/09/2018 Increased domestic borrowings has put pressure on systemic liquidity; WACR/ Repo differential at 4 bps evokes liquidity pressures
24/09/2018 Driven by high CV sales and consistent PV sales, demand for automobiles is growing faster than production over the past three years
21/09/2018 Domestic steel makers unable to meet strong demand. Still lag in pricing and production efficiencies due to input cost escalations, poor logistics and slower technology upgrade
20/09/2018 States facing tremendous pressure from Negative Carry, that now stands at 183 bps (Part 2/2)
19/09/2018 Depreciating Rupee has successfully reduced India’s Non-Petroleum trade deficit by $500 million
17/09/2018 Intermediate Goods data does not corroborate with solid Consumer Goods performance
14/09/2018 Headline inflation deflated by healthy supply of seasonal vegetables
10/09/2018 Contribution of lower duration debt among public maturity bucket, highest in three years
08/09/2018 A strengthened e-NAM critical for India’s farm income security & obviating the need for wasteful compensatory Government expenditure
08/09/2018 India’s economy becoming more energy efficient; Lower units of energy required for every incremental Rupee worth of GDP
07/09/2018 Fertilizer imports increase by 64% in value terms and 27.5% in unit terms in YTD FY19
04/09/2018 Trump led trade wars may be benefiting Indian manufacturing at the cost of China
03/09/2018 Favorable base effect drives Core industry July, FY19 results; Steel and Electricity an exception
31/08/2018 Q1 FY19 GDP Numbers
29/08/2018 Kharif Season Estimates of Agro Production
28/08/2018 Bank asset size has significant influence on its financial performance
24/08/2018 Rising coal import bill
22/08/2018 July Trade Data
21/08/2018 Impact Assessment of Kerala Floods 2018
20/08/2018 July Inflation Number
13/08/2018 IIP Data for June 2018
10/08/2018 US Forex Reserves a Proxy of Dollar Strength
09/08/2018 RBI Dividend Payout to the Government of India
07/08/2018 Impact Assessment of 14th Finance Commission on States (Part 1/2)
06/08/2018 RBI’s Forward Looking Surveys
03/08/2018 June 2018 Core Industry and July PMI Data
02/08/2018 RBI MPC raises REPO by 25 bps
01/08/2018 Rupee’s value shedding has been third worst among peers
31/07/2018 Double digit growth in select sectors driven by strong consumption in Q1 FY19
30/07/2018 Manufacturing MSME export share increases
26/07/2018 Reduction of GST on over 50 items
25/07/2018 Impact of MSP on agro industry and realizable prices
24/07/2018 Indian 10 Year Government Debt Yields
23/07/2018 India Trade Data, June, 2018 and YTD FY19
11/06/2018 Acuité Ratings & Research Note: Capital Goods drives Q4 GDP Growth, which stands at 7.7%
11/06/2018 Rs. 4.5 lakh Cr. lending opportunity for NBFCs and private sector banks
08/06/2018 Acuite Rating & Research Note: RBI MPC’s second bi-monthly monetary policy statement
01/06/2018 Modicare - a big leap towards universal health coverage
09/02/2018 MSME’s Financing Landscape Set to Undergo a Transformation
06/02/2018 Budget strong on intent - Implementation is the key to growth sustainability
31/01/2018 SMERA Pre-Budget Commentary - FY 2018-19
08/01/2018 SMERA CEO, Sankar Chakraborti comments on the CRA new regulations by SEBI
12/12/2017 SMERA view on Fifth bi-monthly MPC meet
04/12/2017 Q2 GDP growth signals economic revival
29/11/2017 Credit offtake hints at recovery in business activities
20/11/2017 Rating upgrade reinforces strength of Indian economy
16/11/2017 Sept IIP nos reflect solid growth of manufacturing sector
13/11/2017 Further steps on GST to boost consumption
25/10/2017 Banks’ recapitalisation package positive for the economy
09/10/2017 Significant relief for MSMEs in GST structure
04/10/2017 Core sector marks recovery in industrial production
03/10/2017 Key macro variables
28/09/2017 Analysis: Stronger export growth to benefit MSMEs
25/09/2017 Monsoon report: Food grain output growth looks positive
15/09/2017 CPI likely to remain firm in H2, 2017
13/09/2017 Tyre and automobile industry may face margin pressure
09/09/2017 Cattle Feed industry likely to witness strong demand
07/09/2017 Impact Analysis: Appreciation of rupee - impact on MSMEs
01/09/2017 Commentary: Consumption to drive India’s GDP growth
28/08/2017 Analysis: Corporate bond issuances by cos show growth
23/08/2017 Impact Analysis: Engineering sector may have a trade surplus by end of FY18
18/08/2017 Impact Analysis: SAMPADA scheme will play a major role in shoring up Agricultural capacity utilization levels
17/08/2017 SMERA Commentary: Economic Survey, Volume II, 2016-17
14/08/2017 Impact Analysis: Industrial production index - June, 2017
10/08/2017 Impact Analysis: World Economic Outlook
23/07/2017 FDI in India: Modi must address regional disparities for economic growth
04/08/2017 Monsoon Report July 2017
02/08/2017 SMERA Commentary: Third RBI Bi-Monthly Policy Meeting
01/08/2017 Impact Analysis: India’s coal production and import will fall due to bettering station heat rate
29/07/2017 Impact Analysis: Anti-Dumping Duty
27/07/2017 Impact Analysis: Cotton production sets record over the previous years.
21/07/2017 Impact Analysis: Sports Industry and post GST scenario
17/07/2017 Impact Analysis: India’s trade balance remains steady at -$12.9 bn
13/07/2017 SMERA Commentary: Consumer Price Index & IIP: June, 2017
11/07/2017 Impact Analysis: Industry Status to Agriculture Sector
08/07/2017 Impact Analysis: Benefits of Indo-Israel Partnership to be pan-industry
04/07/2017 SMERA Commentary: Cement Industry recovers post demonetisation with a 1.5% production growth in May ‘17
26/08/2017 Monsoon Report June, 2017
24/06/2017 Impact Analysis: In FY15/16, operating expenses grew much slower as compared to profits for Indian corporate
21/06/2017 Impact Analysis: Performance of Non-Government Non-Financial Private Companies in the previous two financial years remained uneventful
99/06/2017 SMERA Commentary: India's Insolvency and Bankruptcy Framework
16/06/2017 Impact Analysis: Fed rate hike unlikely to impact capital flows and exchange rate over the medium term
14/06/2017 Impact Analysis: IIP numbers suffer due to persistently high inventory levels in the system
09/06/2017 SMERA Commentary: RBI’s second bi-monthly monetary policy statement
05/06/2017 Impact Analysis: A larger WPI deflator responsible for lower than expected Q4 growth.
29/05/2017 Impact Analysis: Government's New Procurement Policy
26/05/2017 Impact Analysis: China’s current capacity cut downs and lower inventories helping Indian exports
23/05/2017 Impact Analysis: GST & Select Sectors (Part 1)
19/05/2017 Cotton spot to breach Rs, 45,000 per candy threshold
17/05/2017 Impact Analysis: Appreciating Rupee may be encouraging imports; India’s trade deficit reaches a 28 month high
15/05/2017 Impact Analysis: Capital Goods category's ‘Work in Progress’ perspective will change the way we look at this category
13/05/2017 Impact Analysis: Expansion of Core inflation a cause of concern because its build-up can be relentless, as indicated by a low standard deviation.
11/05/2017 SMERA Commentary: Credit Offtake marginally improves in April 2017 after bottoming out in February
11/05/2017 SMERA Ratings Limited is now a part of "Reuters Economist Poll" - The Economic Times
10/05/2017 SMERA Ratings finds positive impact of the new Banking Regulation Act - Indian Tiny Star
09/05/2017 Impact Analysis: French Election results point towards ECB raising rates in the near term
05/05/2017 SMERA Commentary: Banking Regulation Act amendment will help break the Twin Balance Sheet deadlock currently faced by the economy
04/05/2017 SMERA Commentary: FY17 may end with a solid industrial growth in Q4
02/05/2017 Sector Alert: Cement Industry contracts first time in 12 years.
29/04/2017 Impact Analysis: India’s Defense capital expenditure is set to increase by over 80% by 2020
28/04/2017 Impact Analysis: Profitability of food processing industry has been improving as Indian FPI declines compared to Global average
25/04/2017 Impact Analysis: Consumer Durables category expected to grow by 10% in FY18 and beyond
24/04/2017 Sector Alerts: Sugar price unlikely to fall significantly in FY18, despite duty free imports
21/04/2017 Impact Analysis: Corporate top lines may be positively impacted by rising inflation