Acuite in News

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research shares his views on RBI's forecast on the CPI print

13 Oct 2020

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Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research, said inflation print has come contrary to market expectations that unlocking of the economy and easing of supply constraints, food prices will moderate over next few months.

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research shares his views on RBI's forecast on the GDP print for FY21

05 Oct 2020

Business Standard | BSmotoring 

Others see it as a natural evolution. "There has been a shift in preference towards compact SUVs in recent years and this has cannabilised sales of sedans,” said Suman Chowdhury of Acuite Ratings & Research.

CEO Sankar Chakraborti shares his views on the importance of ratings and functioning of rating agencies during an exclusive episode of Konexio Nivesh Guru.

01 Oct 2020

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Konexio Network, one of the fastest growing business news portal has wide reach among SMEs, MSMEs and the capital markets participants.

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research shares his views on RBI's forecast on the GDP print for FY21

28 Sep 2020

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'Given the continuing uncertainty on the economic revival, it is difficult to say whether RBI will come out with clear forecasts on the GDP print for FY21,' said Suman Chowdhury Chief Analytical Officer at Acuite Ratings and Research.

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research shares his opinion on the Indian auto segment

21 Sep 2020

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According to Suman Chowdhury, Chief Analytical Officer at Acuite Ratings and Research, while the GST applicable for vehicles is pegged at 28 per cent, the purchase taxes on cars in India have been historically high and given the fiscal compulsions, the government may not be in a position to reduce the taxation rates in the current scenario.

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research comments on trade recovery

17 Sep 2020

Financial Express

Suman Chowdhury of Acuite Ratings and Research also said that the merchandise trade deficit is unlikely to witness any significant increase in the coming few months and will lead to a current account surplus in FY21.

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research shares his views on August 2020 trade

16 Sep 2020

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"Given the overall decline in global demand, the 12.7 per cent YoY decline in merchandise exports is not surprising and reflects the challenges that Indian exporters will continue to face in stepping up its shipment levels,” said Suman Chowdhury, Chief Analytical Officer, Acuite Ratings and Research.

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research shares his views on August food inflation

15 Sep 2020

Newsd | Can India | SMETimes | Socialnews

According to Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research: "The food inflation hasn’t shown much of a decline, staying put at 9.05 per cent and highlighting the continuing supply constraints in the economy.”

Acuité shares its views on Indian Imports

14 Sep 2020

The Week

Approximately 14 per cent of India’s imports, amounting to billions of dollars, come from China. As per Acuite Ratings & Research, India can substitute 25 per cent of these imports by locally made products in sectors such as chemicals, automotive components, bicycle parts, agro-based items, handicrafts, drug formulations, cosmetics, consumer electronics and leather-based goods. This, without any additional investment in infrastructure.

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research comments on retail inflation

14 Sep 2020

IANS | The Hawk | New Karala | India Retailing

"The ongoing supply constraints and the logistical bottlenecks arising from the intermittent lockdowns may continue to keep food inflation at elevated levels despite a healthy growth in the agricultural sector,” said Suman Chowdhury, Chief Analytical Officer at Acuite Ratings and Research.

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research shares his views on August SIAM data

14 Sep 2020

Forever News | SMEtimes

"According to Suman Chowdhury, Chief Analytical Office, Acuite Ratings & Research: "In our opinion, the 14.2 per cent growth print in passenger vehicles and the 3 per cent in two wheelers reflect a relatively rapid recovery in the automobile market as compared to most other sectors and can be attributed to enhanced need for personal mobility in the context of the pandemic, improved demand from the rural sector, increasing upgradation from sedans to SUVs in major urban areas and lastly a pent up demand post the lockdown period.”

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research comments on the revival in consumer demand in automobile sector

02 Sep 2020

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"It may still not be time to cheer considering the contraction economy has reported.”

In addition, Suman Chowdhury, Chief Analytical Officer at Acuite Ratings and Research said the despatch volumes of two bellwether companies in the Indian automobile sector – Maruti Suzuki and Hero MotoCorp reflect a revival in consumer demand which can go a long way in improving the overall demand environment.

"Although the lower base in the previous year has been a factor in the growth numbers, such data is surely encouraging in the context of the significant contraction in Q1 GDP,” Chowdhury said.

Sankar Chakraborti, CEO, Acuité Ratings & Research comments on the contractions in GDP

01 Sep 2020

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Sankar Chakraborti, Group CEO, Acuite Ratings and Research, said, "GDP would continue to contract in Q2 although the extent of such contraction would be substantially lower; overall in FY21, a 10 per cent contraction is a definite possibility given the slow pace of the revival.

Stagflation risks spill over to bond markets: Acuite Report

31 Aug 2020

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The 10-year G-sec yields have climbed up rapidly by 35 basis points (bps) over the last three weeks, while the July inflation print is 50 bps above the upper end of the Reserve Bank's tolerance level, thus virtually closing the rate cut window in the medium term, a report by Acuite Ratings said.

Acuité shares its views on RBI monetary measures announcements

31 Aug 2020

Times of India

According to a report by Acuite Ratings, the steps taken by the RBI are aimed at cooling down the bond yields. The measures "will help to stabilise the bond yield curve, which has suddenly become a bit steep”. The increase in HTM limit for statutory liquidity ratio securities will also enable banks to purchase additional government papers and address the short-term marked-to-market concerns, which could have led to losses for banks.

Indian economy faces increased risk of stagflation: Acuite Ratings Report

21 Aug 2020

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India’s economy faces increased risks of stagflation, which may slow down the effectiveness of monetary and fiscal measures adopted by the central bank and government, Acuite Ratings said.

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research shares his views on rise in retail inflation

14 Aug 2020

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Suman Chowdhury, chief analytical officer, Acuite Ratings & Research, said inflationary concerns may lead to a delay in further rate cuts and can raise the risks of stagflation.

"It is also expected to have an adverse impact on bond yields in the near term and may trigger the higher use of liquidity and yield management tools to optimise the cost of government''s borrowings," Chowdhury said.

 

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research shares his opinion on MPC’s decision to hold on to the existing rates

07 Aug 2020

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MPC’s decision to hold on to the existing rates appears to stem from its belief that the short term inflation outlook will be uncertain due to supply constraints and cost-push factors. Nevertheless, the MPC statement also highlights its concerns on the ongoing economic contraction in the current year and its intent to track the inflation trend closely so as to ensure timely action as and when appropriate. While the repo rates are almost close to the bottom, we believe there is a possibility of another round of 25-50 bps of a rate cut over the next 6 months. - Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research Ltd

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research shares his views on expected rate cuts

03 Aug 2020

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Suman Chowdhury, Chief Analytical Officer at Acuite Ratings and Research, said: "It is unlikely that further rate cuts may help much to revive household demand or private consumption expenditure at this juncture. Nevertheless, the MPC may seriously consider another round of rate cuts to signal its intent to address the increased growth concerns and provide comfort to the volatile markets."

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research shares his views on India's June retail inflation

14 Jul 2020

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"The Consumer Food Price Inflation (CFPI) has shown a declining trend from 9.20% in May to 7.87% in June, reflecting the easing supply pressures in food items consequent to the removal of lockdown in most parts of the country. The inflation, nevertheless, continues to be high for protein items namely meat and fish, as the supply chain therein is yet to revive.”

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research comments on the MoM growth for May 2020

13 Jul 2020

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"Clearly, the MoM growth for May is very high due to the base effect of April and reflects the fairly good pick-up in production in some of the core sectors as well as in consumer non durables. What is noteworthy is the YoY growth of 2.5 per cent in pharma sector output in the context of the magnitude of contraction in other sectors," said Suman Chowdhury, Chief Analytical Officer at Acuite Ratings and Research.

Railways'' PPP model to stimulate private investment: Acuite Report

08 Jul 2020

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India''s first-ever public-private partnership (PPP) scheme in passenger rail operations rolled out by the Indian Railways will stimulate private sector investments in the country, the Acuite Ratings & Research said in a report.

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research comments on June auto sales

01 Jul 2020

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Suman Chowdhury, Chief Analytical Officer at Acuite Ratings & Research, said: "Acuite believes that the current sales of two and four-wheelers are also partly driven by the lack of availability of public transportation system and the perceived contagion risks in most of the large cities.”

Can India afford to boycott Chinese products?

25 Jun 2020

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India’s domestic manufacturing sector can substitute as much as 25% of total imports from China, according to new findings from Acuité, a ratings agency.

India has the ability to reduce dependence on China, cut deficit: Acuite Report

22 Jun 2020

Economic Times | Business Standard  | Flipboard | Justdial  | Outlook | Business Insider | ET Auto | MSN | Times of India | Livemint

Even though India relies sizeably on Chinese imports, there are 40 sectors where domestic substitutes do exist and switching part of the requirements to local alternatives can reduce the trade deficit with the northern neighbour by $8.5 billion in a single year, a report said on Monday. The trade deficit contraction estimate has been made for FY22, assuming for a fourth of the items in the 40 specified sectors being sourced locally, Acuite Ratings and Research said.

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research comments on India's May WPI Food inflation

15 Jun 2020

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According to Suman Chowdhury, Chief Analytical Officer at Acuite Ratings and Research: "While data collation for inflation has been a challenge and no data for WPI or CPI was available for April, the broad based contraction in WPI across all the segments - primary articles, fuel and power and manufacturing, reflects the disruption in demand arising out of the Covid lockdown."

Sankar Chakraborti, CEO, Acuité Ratings & Research shares his views on India-China Trade

13 Jun 2020

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On the trade implications, Sankar Chakraborti, Chief Executive Officer at Acuite Ratings and Research said: "Any escalation in the India-China border tensions may have an implication on the bilateral trade relations which have already come under pressure from 2018-19."
Chakraborti noted that India still continues to have significant dependence on Chinese imports in certain sectors such as bulk drugs, chemical intermediates, auto components, capital goods and consumer durables, including smartphones.

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research comments on the reduction in weighted tax deduction and its effect on India Inc's R&D activity

02 Jun 2020

Webindia123.com

Suman Chowdhury, President, Ratings, Acuite Ratings and Research, said that the reduction in weighted tax deduction will not have any significant effect on India Inc's R&D activity.
"India's R&D activity has held steady at 0.7 per cent of GDP over 5 years and no visible signs of positive outcomes were seen emanating from private enterprises despite such benefits," Chowdhury said.

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research shares his opinion on the GDP slowdown in Q4FY20

30 May 2020

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It is not surprising that Q4FY20 GDP print stands at 3.1% given the weakness in demand seen in the economy in the pre-Covid months. In the opinion of Acuité Ratings, the figures for FY20 largely reflect the intensification of the economic slowdown that started to build up from Q2/Q3 of FY19. The gradual slowdown in the growth trajectory is indicated in the revised quarterly GDP figures and the estimated print for FY20 at 4.2% as compared to 6.1% in FY19.

Rise in NPAs a definite possibility post-COVID, consumption revival largely ignored by measures: Sankar Chakraborti, CEO, Acuite

24 May 2020

Moneycontrol | World News Monitor  | Rediff Real Time

While the Reserve Bank of India (RBI) has done its part, we believe that reviving consumption has been largely ignored, Sankar Chakraborti, CEO at Acuité Ratings & Research said in an interview to Moneycontrol's Sunil Shankar Matkar.

By default: Coronavirus threatens to derail retail boom for Indian lenders

15 May 2020

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Suman Chowdhury, chief analytical officer at ratings agency Acuité Ratings & Research, said he estimated only a fifth of borrowers from shadow banks have paid up in April and May, and expects the same at their next due date as individuals try to conserve cash.

Debt paper | mutual funds: 1,000 debt papers up for maturity; Rs 3.5 lakh crore MF money at stake

05 May 2020

Economic Times | Fund Swift

Acuite Ratings estimates that the fund gap for the sector has grown to Rs 60,000 crore, thanks to the banks’ unwillingness to lend to the NBFCs.

COVID-19: Acuite Ratings pitches for Rs 11.2 lakh Cr stimulus package to revive economy

30 Apr 2020

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The government will need to pump in a massive Rs 11.2 trillion ($150 billion) into the economy to revive it from the blow dealt by Covid-19 pandemic and subsequent nation-wide lockdowns, Acuite Rating has said in a report.

NBFCs, MFIs to see Rs 50-60k Cr funding gap on lack of moratorium: Acuité Report

24 Apr 2020

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"We believe the liquidity concerns of NBFCs (non-bank financial companies) and MFIs (microfinance institutions) have aggravated and a quick response is the need of the hour. The funding gap is estimated to further increase to Rs 50,000-60,000 crore," the agency said in a report.

Acuité Ratings & Research Limited shares its opinion on the impact the lockdown will have on the Indian economy

13 Apr 2020

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Acuite Ratings & Research Ltd earlier this month estimated that the lockdown will cost the Indian economy almost $4.64 billion (over Rs 35,000 crore) every day and the entire 21-day lockdown will result in a GDP (gross domestic product) loss of almost $98 billion (about Rs 7.5 lakh crore).

Nationwide lockdown to cost Indian economy USD 4.64 bn every day: Acuite Ratings

03 Apr 2020

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Sankar Chakraborti, CEO, Acuite Ratings & Research, said: "Acuite Ratings estimates that every single day of the nation-wide lockdown will cost the Indian economy almost USD 4.64 billion. Consequently, the 21-day lockdown will result in a loss of GDP of almost USD 98 billion."

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research shares his opinion on the impact of COVID-19 on automobile sales

01 Apr 2020

Outlook India | Daijiworld | DT Next

Suman Chowdhury, President - Ratings at Acuite Ratings & Research, said: "It is not surprising that the economic lockdown triggered by Covid-19, has sharply impacted the sales in the automobile sector which was already reeling under the effect of a structural slowdown."

Acuité Ratings & Research comments on the fall in the Rupee

30 Mar 2020

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Acuité Ratings & Research Ltd said in a report the currency is unlikely to go under the "ventilator” and has the resilience to rebound to Rs 71-73 range to the dollar.

Suman Chowdhury, President - Ratings, Acuité Ratings & Research shares his views on the government’s reaction to the Coronavirus

27 Mar 2020

Forbes India

"Personally, I don’t think the government will announce major stimulus packages in a hurry. We cannot risk a major downgrade of the sovereign rating or plug the country with a stimulus where hyperinflation is a risk,” said Suman Chowdhury, president (ratings) at Acuité Ratings and Research.

Acuité Ratings & Research shares its views on the decline in domestic air passenger traffic

17 Mar 2020

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We expect a significant negative growth in monthly domestic traffic which can go as high as 50 per cent at least up to June, depending on the severity of the outbreak in India in the near term," rating agency Acuite Ratings and Research said.

Karan Mehrishi - Lead Economist, Acuité Ratings & Research, shares his opinion on the expectations on RBI to cut rates

16 Mar 2020

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According to Karan Mehrishi, Lead Economist at Acuite Ratings and Research: "We believe an out of turn rate cut is possible to the tune of 50 bps. This is part of a global consolidated effort by central banks led by the Us Federal Reserve to calm the markets, as sovereign and high rated debt is experiencing yield spikes.”

Suman Chowdhury, President - Ratings, Acuité Ratings & Research shares his views on the decline automobile sales

13 Mar 2020

Outlook India | Newsd | New Kerala | Siasiat | The SMEtimes

he sharp decline in yoy production of both CVs and PVs at 40.1 per cent and 9.4 per cent respectively in February 2020 reflects not only the expectations of weak demand in the near term but also the challenges in the supply chain for BS-VI vehicles brought about by the outbreak of the Coronavirus," said Suman Chowdhury, President, Acuité Ratings & Research.

Suman Chowdhury, President - Ratings, Acuité Ratings & Research shares his views on the decline in global oil prices

09 Mar 2020

Business Today | Economic Times | Business Standard | Moneycontrol | Indian Express

The sharp decline in the global oil prices not only reflects the deep underlying concerns on a global economic disruption brought about by the coronavirus scare but also a lack of consensus among OPEC nations regarding production cuts. This will benefit India since it is one of the largest importers of crude oil. We estimate the savings on oil imports to be around $30 billion in FY21 if there is no significant uptick in global demand. This will also arrest the rising inflation and facilitate the next round of rate cuts by RBI.

Acuité Ratings & Research comments on the impact of COVID-19 on the airline industry

07 Mar 2020

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With the fall in passenger volume, the seat factor of the airlines could see a sharp 50-60% decline over the next three months, stated Acuite Rating and Research report released on March 14.

Suman Chowdhury, President - Ratings, Acuité Ratings & Research shares his views on the announcement of a moratorium on Yes Bank

07 Mar 2020

India Today | Moneycontrol | Reuters | Business Today | Flipboard

"The announcement of a moratorium on Yes Bank and the release of a draft scheme of reconstruction strongly validates the inherent risk in Additional Tier-1 Bonds or Innovative Perpetual Debt Instruments (IPDI) which form part of the Tier-1 Capital of a bank. This is for the first time in the history of the Indian Banking sector that a bank’s T1 bonds is being written down at the ‘point of non-viability’ (PONV) i.e. the investors have to take a hit on both principal and the balance interest payments.”

Suman Chowdhury, President - Ratings, Acuité Ratings & Research comments on Bharat Stage (BS) VI emission norms

03 Mar 2020

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According to Suman Chowdhury, President (ratings) at Acuite Ratings and Research: "With sales decline of nearly 30 per cent for both PV and CV segments, demand outlook for OEMs continues to be negative. "What is interesting is the green shoot in rural demand as reflected through a smaller decline in two-wheeler sales and a healthy pickup in tractor sales driven by a good rabi crop expectation. Nevertheless, Acuite believes that the overall auto sales will continue to be weak and wider improvements across the economy are at least one to two quarters away."

Suman Chowdhury, President - Ratings, Acuité Ratings & Research shares his views on the impact of COVID-19 on travel and hospitality sectors

29 Feb 2020

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Suman Chowdhury, President (ratings) at Acuite Ratings and Research, was of the view that even if the intensity of the outbreak tapers down in the near term, there will be a severe impact on the international airlines and the hospitality sector in the current and the next quarter. "While the impact on domestic travel is expected to be relatively less, it can be significant if the reported cases start increasing in India," Chowdhury said.

Karan Mehrishi - Lead Economist, Acuité Ratings & Research, shares his opinion on the Q3 GDP growth

28 Feb 2020

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"Q3 print is in line with our expectations. Even though a favourable base did play a role in the slight improvement in quarterly value added, it is heartening to see green shoots in household consumption and capital formation.

Suman Chowdhury, President - Ratings, Acuité Ratings & Research comments on the reduction in weighted tax deduction

19 Feb 2020

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However, Suman Chowdhury, President-Ratings at Acuite Ratings and Research said that the reduction in weighted tax deduction will not have any significant effect on India Inc's R&D activity.
"India's R&D activity has held steady at 0.7 per cent of GDP over 5 years and no visible signs of positive outcomes were seen emanating from private enterprises despite such benefits," Chowdhury said.

Suman Chowdhury, President - Ratings, Acuité Ratings & Research shares his views on India-US trade differences

17 Feb 2020

Outlook | Social News | Daijiworld

Suman Chowdhury, President, Ratings at Acuité Ratings & Research said, "The SC order directing the telecom companies to settle the pending AGR dues by March 17, 2020 puts further uncertainty on their operational sustainability, particularly that of Vodafone Idea.

Suman Chowdhury, President - Ratings, Acuité Ratings & Research shares his views on the Supreme Court’s AGR order to push telcos to raise tariffs

14 Feb 2020

Economic Times | The Hindu BusinessLine | Outlook | The Week | The Indian Express | Yahoo Finance | Daijiworld

"The proposed trade deal may lead to the reinstatement of the GSP benefits and greater access of Indian steel, aluminium, automotive and engineering products to the US market," said Suman Chowdhury, President, Acuite Ratings & Research.

Suman Chowdhury, President - Ratings, Acuité Ratings & Research shares his opinion on the RBI MPC's decision to hold the policy rates

06 Feb 2020

Reuters Times | Financial Express | NDTV Profit | Economic Times

"The MPC's decision to hold the policy rate has been completely in line with our expectations. RBI believes that the inflation outlook remains uncertain and may remain elevated through the first half of FY21. Also, it expects the interest rate transmission to be more effective and act as a growth booster as more banks link their lending rates directly to the policy rate.

Karan Mehrishi - Lead Economist, Acuité Ratings & Research, shares his opinion on the Economic Survey 2020

31 Jan 2020

Economic Times | Mercom India | Moneycontrolt

"The Economic Survey of 2019-20 has highlighted the importance of reforms in achieving the $5 trillion GDP target. The expectation is that economic recovery will start in the second half of FY20, marking the start of a 12-quarter business cycle,” said Karan Mehrishi, Lead Economist at Acuité Ratings & Research Limited.

Karan Mehrishi - Lead Economist, Acuité Ratings & Research, comments on the increase in CPI inflation to over a 5-year high of 7.35%

13 Jan 2020

Economic Times | The Week

December CPI print is largely driven by a spurt in food inflation, especially vegetables and protein based food items. We had earlier predicted that cropping patterns during this year's kharif pointed towards inflationary bias for items such as cereal and pulses. The uneven rainfall on the other hand negatively impacted seasonal vegetables.

Karan Mehrishi - Lead Economist, Acuité Ratings & Research, comments on the minor recovery in the IIP

10 Jan 2020

Outlook | Moneycontrol

"Minor recovery in the IIP is a function of a favourable base effect, which will continue to benefit until the end of the financial year," said Karan Mehrishi, Lead Economist at Acuite Ratings & Research. Segments without such benefit have maintained their negative outlook, baring consumer non-durables (use based)."

Karan Mehrishi - Lead Economist, Acuité Ratings & Research, shares his views on Stagflationary pressures

24 Dec 2019

Outlook | Gulf Today

According to Acuite Ratings and Research’s Lead Economist Karan Mehrishi: "The revival of domestic demand is the key to offset Stagflationary pressures. The government needs to consider specific fiscal measures that can incentivise domestic consumption, given that the effectiveness of further monetary measures at this stage is limited.

Karan Mehrishi - Lead Economist, Acuité Ratings & Research, shares his opinion on the lending rate cut by the RBI

03 Dec 2019

Outlook India | Daily Hunt | sify finance | ET Auto | Daily Word | The Hindu BusinessLine

"Given the increased concerns on growth with the Q2 GDP print at 4.5 per cent, we believe the accommodative policy will continue in the near term and MPC will actively consider a rate cut again," Acuite Ratings and Research's Lead Economist Karan Mehrishi said.

Steel sector may face short-term disruption in iron ore supplies with 232 mines expiry: Acuite shares its views

26 Nov 2019

Financial Express | Business Standard | Business Insider | The Times of India | ET Auto | Flipboard | Realtime Rediff |Justdial

"With the leases of 232 merchant iron ore mines expiring in March next year, the country may face a short-term disruption in supply of the main ingredient used in making steel, Acuite Ratings & Research Ltd said”


Suman Chowdhury, President - Ratings, Acuité Ratings & Research shares his opinion on government incentives to encourage electric vehicle ownership

13 Oct 2019

The National

"In our opinion, the average annual growth in passenger vehicles is unlikely to exceed 3 per cent to 5 per cent over the medium term, the government incentives notwithstanding,” says Suman Chowdhury, president of ratings at Acuité Ratings and Research.

Karan Mehrishi, Lead Economist, Acuité Ratings & Research, shares his opinion on the RBI’s bi-monthly policy review

04 Oct 2019

India Infoline | The Week

Acuité believes that the steps being taken by the government to boost demand along with a good monsoon and increased FII and FDI flows should lead to a healthy revival in growth in H2FY20. We nevertheless, remain cautious on the upward risks to core inflation in the second half due to the ongoing monetary and partly fiscal expansion. – Karan Mehrishi, Lead Economist, Acuité Ratings & Research Ltd.

Acuite released its report on India’s Fiscal Deficit

25 Sep 2019

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Acuite Ratings on Wednesday said there is still a significant scope to limit India's fiscal deficit to 3.5 to 3.6 per cent if the government gives high priority to disinvestment and there is a sustainable revival in consumption and market sentiment, expected to be brought in by the sharp cut in corporate taxes up to 10 per cent over the next two quarters.

Suman Chowdhury, President - Ratings, Acuité Ratings & Research shares his opinion on the cut in corporate tax announced by the Union finance minister Nirmala Sitharaman

20 Sep 2019

The Economic Times | Business Today | India Infoline | Times of India | The Pioneer | The Week | Outlook | The Finapolis

Suman Chowdhury, president - ratings at Acuité Ratings & Research said "The tax rationalization announcement by the FM today is in line with our expectations and along with the ongoing accommodative monetary policy, should help to revive the economy over the next few quarters.”

Acuité shares its views on the privatization of coal mining in India

29 Aug 2019

livemint

Acuité Ratings and Research said in a note that "The government’s decision to permit 100% FDI via automatic route in coal mining and allied activities will facilitate higher investments in the thermal power sector and arrest the increasing dependence on coal imports over the medium term.”

Acuité shares its views on the RBI payout to help government invest in infra

28 Aug 2019

Zee News | Outlook Newsd | The Indian Wire | Aaj Tak

A significantly higher net one-time inflow of Rs 1.48 lakh crore from the RBI will provide an opportunity to the government to step up public investments without a material slippage in the fiscal deficit target pegged at 3.3 percent for 2019-20, an Acuite report said.

Suman Chowdhury, President - Ratings, Acuité Ratings & Research shares his opinion on the major announcements made by the Finance Minister to revive the economy

26 Aug 2019

India Infoline

"Acuité believes that the government has responded well to the domestic demand slowdown and the increasing headwinds in the global and domestic economic landscape. The measures such as accelerated depreciation benefits and government’s decision to replace its own vehicle fleet augur well for the automotive sector. Importantly, the decision to reverse the additional surcharge will be a significant relief to the foreign investors and is expected to arrest the increased outflows.”, Suman Chowdhury, President-ratings at Acuité Ratings and Research.

Acuité shares its views on Andhra Pradesh’s power purchase agreement reviews

21 Aug 2019

Bloomberg Quint | Bloomberg Quint

Acuite Ratings on Wednesday said there is still a significant scope to limit India's fiscal deficit to 3.5 to 3.6 per cent if the government gives high priority to disinvestment and there is a sustainable revival in consumption and market sentiment, expected to be brought in by the sharp cut in corporate taxes up to 10 per cent over the next two quarters.

Suman Chowdhury, President - Ratings, Acuité Ratings & Research shares his opinion on the new measures announced by RBI to ease challenges faced by NBFCs

7 Aug 2019

The Week

"The steps taken to revive bank lending to the NBFC sector through higher bank exposure limits to a single entity and expanding the priority sector credit definition will help to alleviate the funding challenges in the sector and facilitate higher credit flow to the retail segment,” said Suman Chowdhury, president – ratings at Acuite Ratings and Research.

Acuité shares its views on the 2019 Union Budget

8 Jul 2019

Zee News

Acuite Ratings Research Limited, a full-service credit rating agency on Monday said that the Union Budget 2019 has laid down a good platform for sustainable economic growth and financial stability over the medium to long term.

Karan Mehrishi, Lead Economist, Acuité Ratings & Research, shares his opinion on changes in FDI

1 Jun 2019

The National

In a bid to lure more investors, restrictions on foreign investment were relaxed under the Modi government’s first term in sectors including retail, aviation and defence. Karan Mehrishi, the lead economist at Acuité Ratings & Research says this should have a positive impact on the FDI inflow in these sectors.

Suman Chowdhury, President - Ratings, Acuite Ratings & Research Limited, shares his views on Magma Fincorp

4 Apr 2019

Financial Express

Suman Chowdhury, President - Ratings, Acuite Ratings, said,” The firm’s profitability levels continue to be low compared with its peers. While the funding environment for the NBFC sector continues to be challenging, MFL has been able to strengthen its liquidity position by undertaking securitisation transactions on a regular basis.”

Acuité comments on the trading on e-NAM

21 Dec 2018

Business Standard

Lack of trust on the quality of agri commodities traded has resulted into low level of activity on the government’s pet nationwide online trading platform electronic-National Agricultural Mandi (e-NAM), said Acuité Ratings and Research in its latest report.

RBI monetary policy review – Karan Mehrishi, Lead Economist, Acuité Ratings & Research Limited

06 Dec 2018

Financial Chronicle | Money Control | Dailyhunt | Equity Bills

Karan Mehrishi, lead economist at Acuité Ratings and Research, said RBI’s decision to hold rates at 6.5 per cent was largely driven by a challenging liquidity scenario and benign domestic inflationary conditions. "Nevertheless, we prefer to maintain an upward bias on our rate outlook since the combined CPI number is artificially deflated by lower food inflation figures. Also, the December 6 Opec meeting will be crucial as the members may consider constricting supplies in view of the falling oil prices.”

Asia's Most Dominant Economy Is Slowing Down The Entire Continent - Karan Mehrishi, Lead Economist, Acuité Ratings & Research Limited

31 Oct 2018

Forbes

Surprising as it may be, China is pulling down the rest of Asia. A slowing Chinese economy is impacting the overall trade numbers of IMF’s emerging economies & developing Asia category. A bigger shocker is however the fact that Asian trade would have grown faster without China. The divergence between China and the rest of Asia is nonetheless a reality now and gives a fair bit of nuance regarding the things to come. Bearing in mind this reality, repercussions pertaining to the US-China trade war, China’s reducing trade surplus and global commodity volatility suddenly become even more pronounced for Asia now. Even though it is clear that China will continue playing a leading role in forthcoming decades, there are visible signs of realignment in Asia and this cannot be ignored.

World's Fastest Growing Major Economy Has A Cash Problem - Karan Mehrishi, Lead Economist, Acuité Ratings & Research Limited

30 Oct 2018

Forbes

Despite being the world’s fastest growing major economy, India is having trouble in mustering enough ammunition to sustain its momentum. The economy it seems is running out of cash and systemic liquidity has fallen much faster than anticipated. As things stand today, the liquidity situation is grim and requires a serious rethinking. The central bank is expected to take evasive steps to calm the system – the costs may however be underestimated at the moment.

Are Chinese Exports Indispensable For The American Dream? - Karan Mehrishi, Lead Economist, Acuité Ratings & Research Limited

29 Oct 2018

Forbes

For record, Chinese exports to the United States are expected the breach the $500 billion level in calendar year 2018. The country is Americas largest import partner and as we will see later in this story – the former maintains a significant influence on the latter’s household consumption basket. Look at it this way, among all of America’s trading partners, imports from China form one massive monolith worth half a trillion dollars. Canada and Mexico, which come at second and third positions collectively contribute to around $600 billion – giving us a fair idea about China’s scale.

Karan Mehrishi, Lead Economist, Acuité Ratings & Research, Opinion on dangers pertaining to the widening interest rate gap between Emerging and Developed Markets

25 Oct 2018

Forbes

While inflation in BRICS countries (proxy for emerging markets) is declining or stable - that of developed markets is inching up faster than expected. The evolving situation will disrupt the ongoing fiscal consolidations across the emerging market space and batter its asset classes if experts remain less vigilant. The countries, which were running high inflationary pressures in the recent past are experiencing a period of relative stability despite increasing crude prices. However, developed market interest rate normalization is occurring faster, given rising inflationary trends – creating volatility.

Karan Mehrishi, Lead Economist, Acuité Ratings & Research, Opinion on Indo-Russian Oil Deal

16 Oct 2018

Forbes

Both the Indians and Russians had high hopes from the recent visit of President Vladimir Putin to Delhi. Surprisingly, it wasn’t about the much hyped S400 Air Defense System deal signed between the countries for a whopping $5.1 billion. The audacity was regarding another strategic asset, which has been derailing the Indian growth story and threatening to maul its macroeconomic stability. No guesswork here as all eyes were on Russian oil assets as the October meeting concluded with a strategic push pertaining to Indo-Russia joint development of Siberian liquefied natural gas (LNG) and oil fields. Russia also reportedly offered India strategic access to its Arctic assets and its northern sea route (through the Kara gate). Despite these feel good announcements however, nothing concreate was discussed about uninterrupted supply lines. Perhaps, the arrangement which has been extended to the Chinese in the form of Eastern Siberia-Pacific Ocean Oil (ESPO) Pipeline for example, could have greatly sweetened the deal.

Suman Chowdhury, Ratings – President, Acuité Ratings & Research shares his views on India’s farming sector

14 Oct 2018

The National

Suman Chowdhury, the ratings president at Acuité Ratings and Research, based in Mumbai, says it is not surprising that agriculture is contributing a declining share of GDP in India, as the services and industry sectors continue to grow at a much faster pace. "As a country develops and goes on from a developing to a developed economy, we will see a lower share of agriculture," he says, although he adds: "I wouldn't say that there's a crisis at this moment."

Sankar Chakraborti, CEO, Acuité Ratings & Research Limited comments on the scope of the ratings industry

28 Sep 2018

Livemint | HindustanTimes | BusinessStandard | FinancialExpress | BloombergQuint | ThePrint | EconomicTimes

"The regulators should seriously consider mandatory rotation of the rating agency of an issuer just like the rotation of auditors," Sankar Chakraborti, Chief Executive Officer at Acuité Ratings & Research Limited, a local ratings company. "This will allay the concern that a very long association between issuer and rating agency may allow scope for complacency."

Karan Mehrishi, Lead Economist, Acuité Ratings and Research comments on the expectations from the 4th MPC meet

28 Sep 2018

Dailyhunt | Financial Express | Financial Chronicle | Equity Bills

According to Karan Mehrishi, Lead Economist at Acuité Ratings and Research further liquidity management measures can be expected in the run up to the monetary policy statement. The tightness in the liquidity was clearly visible with the spurt in the weighted average call money rate (WACR) and its differential with the repo rate narrowing to only 4 bps over the last fortnight. RBI has already permitted banks to avail additional liquidity, if necessary from a larger pool of high quality liquid assets (HQLA) which is kept as SLR.

Acuité shares its views on the government proposed merger of Bank of Baroda, Vijaya Bank and Dena Bank

18 Sep 2018

Hindustan Times | Business Standard | The New Indian Express | Outlook India | Equity Bulls | India TV | The Finapolis

"The proposed merger between the three banks — Bank of Baroda, Vijaya Bank and Dena Bank is a step in the right direction to sustain the competitiveness of the public sector banks. Given the increasing size and growing market share of the Indian private sector banks, such a merger and the consequent economies and synergies will strengthen the competitiveness of PSBs as a whole,” said Suman Chowdhury, President - Ratings, Acuité Ratings & Research Limited."

Karan Mehrishi, Lead Economist, Acuité Ratings and Research shares his views Q1 FY19 GDP numbers

14 Sep 2018

Channel NewsAsia

"Economy will be sustained by pent up demand, that will come on line in the coming quarters. The lingering effects of demonetization are subsiding as the market’s animal spirit takes over."

Acuité comments on the RBI’s latest gold purchase

11 Sep 2018

DNA

Suman Chowdhury, president - ratings, Acuité Ratings and Research said the quantum of gold purchase by RBI at 8.4 metric tonnes in 2017-18 is not significant in the context of total gold reserves of 566.2 tonnes held by RBI as on June 2018. This is also a nominal amount against the last gold purchase by RBI of 200 tonnes in November 2009.

MSME sector is poised for growth and the benefits of major reforms such as Demonetisation and GST are showing

17 Aug 2018

SIDBI Twitter

@acuiteratings study says the liquidity position for MSMEs has also improved with gross current assets dropping to 135 days as on March 2018 from 153 days as on March 2017.

Acuité Ratings and Research shares its views in the Economic Times

16 Aug 2018

The Economic Times

"The impending launch of Pradhan Mantri Jan Arogya Abhiyaan (PMJAA) with planned adoption of technology would ensure better implementation and last-mile coverage and generate employment opportunities in the services sector.”

Acuité Ratings and Research comments on the Impact of the Kerala floods on the economy

16 Aug 2018

Business Standard | Equity Bulls | The Asian Age

Kerala’s Gross State Domestic Product (GSDP) loss would amount to nearly Rs 108 billion due to the torrential downpour and floods, said a report by Acuité Ratings.

Suman Chowdhury, President-Ratings speaks about the impact of Make In India and GST on the manufacturing sector, in an article by Rebecca Bundhun in The National

07 Aug 2018

The National

"It's definitely one of the very well-intentioned programmes that was launched because India was losing its competitiveness in manufacturing,” says Suman Chowdhury, the president of ratings, at Acuité Ratings and Research based in Mumbai. "Make in India is there precisely to improve the competitiveness and encourage the growth of manufacturing in a big way. I think from that perspective the benefits are still to be seen.”

RBI hikes rates by 25 bps in August MPC Meet - Karan Mehrishi, Lead Economist shares his views on the development with the media

01 Aug 2018

The Economic Times | IIFL | The Week

"Even though domestic factors such as rising core inflation, likely impact of farm MSP hikes and a depreciating currency are at play, we believe that MPC is also playing catch up with the normalization happening in the developed world. Today's meeting coincides with the US Federal Open Market Committee (FOMC) concluding remarks (due in a few hours) - which is expected to lose its accommodative stance, auguring more hikes. As a result, the US long term yields are already hitting the 3% mark. Maintenance of an attractive yield differential was therefore paramount for the MPC at this time"

Acuité Ratings & Research, President-Ratings, Suman Chowdhury shares with Rebecca Bundhun The National the impact of GST rationalisation on the Indian economy at large

29 Jul 2018

The National

"The reduction of GST on items will boost consumption in the economy and is likely to have a positive impact on the domestic manufacturing ecosystem,” says Suman Chowdhury, the president of Ratings, at Acuité Ratings & Research based in Mumbai. "However, such rationalisation would lead to revenue losses for the government.”

Acuité Ratings & Research, President-Ratings, Suman Chowdhury shares his views on India’s economic outlook

29 Jul 2018

The National

"A fairly satisfactory progress of monsoon and reduction of GST rates for consumer discretionary goods augur well for rural consumption,” says Suman Chowdhury, the president, Ratings at Acuité Ratings & Research.

Sankar Chakraborti, CEO at Acuité Ratings & Research shares his views on the state of Indian economy and corporate India in an exclusive #interview with Kumar Shankar Roy at Karvy Finapolis

02 Jul 2018

The Finapolis

Kumar Shankar Roy caught up with Sankar Chakraborti, who as CEO is spearheading Acuité Ratings & Research's journey. Chakraborti, who is also an independent director on the board of Indian Oil Corp, over the years in his roles at CRISIL and the Centre for Monitoring Economy (CMIE) has had a ring-side of view of how corporates, economies, and governments function.

Acuité President - Ratings, Suman Chowdhury comments on Govt’s capital infusion in PSBs

02 Jul 2018

NDTV.com | Sify.com | News18.com | Business-standard.com | SMEtimes.com | Moneylife.in | Dailypioneer.com (The Pioneer) | Ianslive.in | Dailyworld.in | Newsheads.in | DTnext.in

"It reinforces our belief that the government would continue to support the PSBs particularly those under PCA (prompt corrective action) of the RBI and would not allow regulatory capital breaches which might lead to defaults in hybrid and perpetual instruments," Chowdhury said in a statement.

Acuité Lead Economist, Karan Mehrishi comments on the impact of Rupee closing at an all-time low

02 Jul 2018

The Times of India | Economic Times | India Today | NDTV | BUSINESSWORLD

"The Rupee has been one of the worst performing currencies among peers... Against the US dollar, it has depreciated by 6.6 per cent in calendar year 2018 and 8 per cent year to date. Adding to our concern is the increasingly hawkish Federal Reserve, which has now initiated a reversal of the Quantitative Easing (QE) - marking an end to global easy money," Karan Mehrishi, Lead Economist at Acuité Ratings & Research, said.

Acuité expects MSMEs and mid-corporates to mobilize around Rs. 6 lakh Cr. Of additional debt over the next two years to meet their working capital as also capex requirements

27 June 2018

TimesofIndia.com | Moneycontrol.com | Businessstandard.com | Indiatoday.in | Fortuneindia.com | Latestkhabar.in | Stocksmarket.in | Twitter.com – TOI

"These figures reinforce the belief that the MSME sector is already on a recovery path and should continue to sustain the improved performance in FY19", Acuité Ratings CEO Sankar Chakraborti said.

NBFCs and private sector banks have a significant opportunity to scale up their business by Rs. 4.5 lakh Cr. In the mid-corporate and MSME space over the next 2 years

12 June 2018

DNAIndia.com | DeccanChronicle.com | AsianAge.com | UCNews.in | Twitter.com – DNA

"As on date, 11 PSBs have already been placed under PCA, resulting in deceleration in their loan book growth. For these 11 banks, overall loan book has degrown by around 3.3% in 2017-18 on the back of a de-growth of 3.6% in the previous year, primarily due to slowdown in lending to MSMEs and mid-corporates", Acuité Ratings & Research said in note.

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Our exciting journey started in 2005 with rating of bank borrowers most of whom were small and medium enterprises. At that time, credit rating was a concept known only to large issuers of capital market instruments. Since then, like a caterpillar transforms itself into a beautiful butterfly, we transformed to rate bonds, bank facilities of large corporates and issuers across industries. Along came many achievements - SEBI Registration in 2011, RBI accreditation in 2012, 50,000 ratings in 2018, 5,000 Bond and Bank Loan Ratings in 2017, launch of India's first Android and iPhone app to disseminate rating, tamper-proof QR-code-enabled rating rationales, and SMERA Terminal to name a few.

Now is the time to re-emphasize our increasing footprint across all segments of ratings through the launch of our new name - 'Acuité'.

The name has changed. The spirit of upholding highest standards of analytical rigour, continuous improvement, excellence in our processes and quest for innovation remains the same. We would like to re-emphasize that we will continue to work hard to provide independent, unbiased and timely opinion of highest standard.

Acuité means 'sharpness and clarity of thought and vision'. Let our research and ratings help you take decisions with confidence.


Sankar Chakraborti
CEO