Acuite Ratings & Research Limited

Suman Chowdhury, Chief- Economist and Head- Research, Acuite Ratings & Research said there were no surprises in the RBI decision.

"The RBI has continued to reaffirm its commitment to sustainable disinflation and price stability without providing any indication on the monetary policy pivot. The central bank would continue to watch out for any upward risks in food inflation in the near term, despite the forecast of an 'above normal' monsoon. Further, it may also monitor the revised upcoming Union Budget to track the possible increases in welfare spend and its potential impact on inflation, although the high RBI dividend of Rs 2.1 trillion will mitigate the potential risks for now

On liquidity, Chowdhury said the high dividend of Rs 2.1 lakh crore by the RBI to the government has been positive for short-term interest rates.

"But we expect the RBI to calibrate system liquidity appropriately and facilitate better monetary transmission through absorption of any excessive liquidity portion that may arise after the restart of government spending and the expected inflows from debt FPIs amidst India's inclusion in the JPM bond indices."

Given the tone of the MPC statement and the expectation of stronger domestic growth, there is a low likelihood of any rate cut by the RBI in the current calendar year, he added.

Financial express covers Acuité's quote on RBI MPC June 7, 2024

07 June 2024

Mint covers Acuité's quote on RBI MPC June 7, 2024

07 June 2024

Livemint

Given the tone of the MPC statement and the expectation of stronger domestic growth, we believe that there is a low likelihood of any rate cut by RBI in the current calendar year, said Suman Chowdhury, Chief- Economist and Head- Research, Acuité Ratings & Research.

Acuité's input on RBI Monetary Policy Committee covered by News18

07 June 2024

News18

"CPI inflation for April 2024 remained largely unchanged at 4.83 per cent vis-à-vis 4.85 per cent in March 2024, highlighting the resistance it faces in reaching near the RBI MPC target of 4 per cent. Sequentially, the headline inflation print rose by 0.48 per cent, largely and expectedly driven by food inflation in the summer season,” Chowdhury added.

Share market today live updates | Economist on RBI MPC

07 June 2024

Financial Express

Share market today live updates | Economist on RBI MPC

"Given the tone of the MPC statement and the expectation of stronger domestic growth, we believe that there is a low likelihood of any rate cut by RBI in the current calendar year,” said Suman Chowdhury, Chief- Economist and Head of Research at Acuité Ratings & Research.

Yourstory features Acuité's quote on RBI MPC

07 June 2024

Your Story

There were no surprises in the RBI decision, according to Suman Chowdhury, Chief-Economist and Head- Research, Acuite Ratings & Research.

Outlook Business covers Acuité's quote on RBI MPC

07 June 2024

Outlook India

Suman Chowdhury, Chief- Economist and Head- Research, Acuite Ratings & Research said there were no surprises in the RBI decision.

"The RBI has continued to reaffirm its commitment to sustainable disinflation and price stability without providing any indication on the monetary policy pivot. The central bank would continue to watch out for any upward risks in food inflation in the near term, despite the forecast of an 'above normal' monsoon. Further, it may also monitor the revised upcoming Union Budget to track the possible increases in welfare spend and its potential impact on inflation, although the high RBI dividend of Rs 2.1 trillion will mitigate the potential risks for now."

Deccan Chronicle covers Acuité's quote on RBI MPC

07 June 2024

Deccan Chronicle

Suman Chowdhury, Chief- Economist and Head- Research, Acuite Ratings & Research said there were no surprises in the RBI decision.

"The RBI has continued to reaffirm its commitment to sustainable disinflation and price stability without providing any indication on the monetary policy pivot. The central bank would continue to watch out for any upward risks in food inflation in the near term, despite the forecast of an 'above normal' monsoon. Further, it may also monitor the revised upcoming Union Budget to track the possible increases in welfare spend and its potential impact on inflation, although the high RBI dividend of Rs 2.1 trillion will mitigate the potential risks for now."

Acuité's report covered by SME Futures in their story India Inc. expects transformative growth under new government

06 June 2024

SME Futures

According to the Acuité Ratings & Research analysis the new government will not just endeavour to propel India’s GDP and growth figures but also take the country towards those milestones and metrics that will help become a developed nation by 2047 (Amrit Kal).

Financial Express covers Acuité's quote on the RBI MPC Meet

06 June 2024

Financial Express

Food inflation remains a concern

Furthermore, even as the core inflation has been largely benign, higher food inflation has kept the overall headline inflation higher. Retail inflation fell to an 11-month low of 4.83 per cent year-on-year in April, from 4.85 per cent in March, mainly due to a higher deflation in fuel and light and lower core inflation. On a sequential basis, the CPI index rose 0.5 per cent in April, the highest rate in six months. The increase in sequential price pressures was led by higher food prices. Besides elevated food inflation, the incremental risk to inflation stems from the recent uptick in global commodity prices, especially industrial metals. Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research, said, "The current stability in headline retail inflation is surely a comfort factor although the stickiness in food inflation amidst a severe summer continues to be a matter of concern to the policymakers. Hopefully, food prices will see a progressive moderation with the play out of monsoon. While we expect the inflation print to average around 4.5 per cent in the base case, there are risks that it may face resistance in dropping to lower levels. The implication of sticky inflation and economic resilience imply a prolonged wait for rate cuts. Clearly, there is significant uncertainty today whether any rate cuts will be announced by the RBI in calendar 2024. In the case of the US, the number of projected rate cuts in 2024 has already dropped from 4-5 to 1-2 and that too back ended.”

Acuité's inputs on the Petrol, diesel prices covered by MoneyControl

05 June 2024

Money Control

"Large oil OMCs have posted improved profits in FY24... Therefore, it can be concluded that under-recoveries in retail fuels are not that significant at this point in time,” said Suman Chowdhury, chief economist at Acuite Ratings & Research. "Given such a scenario, we don’t see any immediate revision in fuel prices.”

Acuité's quote on rooftop solar scheme's success covered by MoneyControl

04 June 2024

Money Control

"While there is an incentive for a household, particularly in the rural areas, to opt for such a scheme as it can lead to savings of Rs 15,000-20,000 per year, the key aspect for successful implementation here is the role of the state power distribution entity,” said Suman Chowdhury, Chief Economist and Head of Research at Acuite Ratings & Research. "The rooftop needs to be connected to the grid so that whatever and whenever power is generated, it’s delivered to the grid.”

Acuité's report covered in the Financial Express story: Election 2024 Results LIVE: Continuity or change? Corporate India speaks on the 2024 poll results

04 June 2024

Financial Express quotes Acuité in its story Economists give a thumbs up to robust FY24 GDP ahead of poll results on June 4; maintain FY25 estimates at 6.5-7%

02 June 2024

Financial Express

The latest headline GDP numbers got a big boost from buoyant indirect taxes (GST receipts) and lower subsidy outgo, besides deflation in WPI inflation in FY24. Suman Chowdhury, Chief Economist & Head of Research, Acuité Ratings, said, "While the momentum in the economy continues to be strong, there are two factors that had a meaningful contribution to the higher than expected GDP growth numbers in the previous year. One is the deflation or very low WPI inflation witnessed in FY24 which leads to lower differences between real and nominal GDP growth. As WPI inflation normalizes to ~3 per cent or higher, the difference between the two growth prints will revert to the average levels. Secondly, the upside in tax collections and the lower than budgeted subsidy payouts have also helped in elevating GDP growth as compared to GVA growth.”

The Telegraph covers covers Acuité's quote on Q4FY24 GDP

01 June 2024

Telegraph India

"The upside in the GDP figures has led to a downward revision in the fiscal deficit to 5.6 per cent for 2023-24 which augurs well for fiscal consolidation,” Suman Chowdhury, chief economist and head of research, Acuité Ratings, said.

News18 covers Acuité's quote on June RBI MPC

01 June 2024

News18

Suman Chowdhury, chief economist and head (research) at Acuité Ratings & Research, said, "CPI inflation for April 2024 remained largely unchanged at 4.83 per cent vis-à-vis 4.85 per cent in March 2024, highlighting the resistance it faces in reaching near the RBI MPC target of 4 per cent. Sequentially, the headline inflation print rose by 0.48 per cent largely and expectedly driven by food inflation in the summer season.”

Mint covers Acuité's quote on Q4FY24 GDP

31 May 2024

Livemint

Suman Chowdhury, Chief Economist & Head of Research, Acuité Ratings: "India has continued to throw a major surprise by recording a GDP growth of 7.8 per cent in Q4FY24 and 8.2 per cent for FY24 as a whole. The GVA growth of 7.2 per cent for FY24 indeed has exceeded most expectations with a robust growth in the manufacturing sector at 9.9 per cent as compared to a negative 2.2% in FY23.

Moneycontrol Hindi mentions Acuité's report in its story.

27 May 2024

Moneycontrol

रेटिंग एजेंसी Acuite Ratings की रिपोर्ट के मुताबिक, सरकारी बैंकों की बाजार हिस्सेदारी 78 फीसदी से घटकर 69 फीसदी पर आ गई है। सरकारी बैंक प्राइवेट बैंकों के मुकाबले पिछड़ रहे हैं। ऐसे में एंप्लॉयीज पर बिजनेस बढ़ाने का दबाव बढ़ा है। दूसरी तरफ सरकारी बैंकों में एंप्लॉयीज की कमी का भी मसला है।

Lokmat Times covers Acuité's quote on the WPI inflation

15 May 2024

Lokmat Times

Suman Chowdhury, Chief Economist and Head, Research, Acuite Ratings & Research said: "WPI trajectory in India is finally showing signs of a pickup, rising to 1.26 per cent YoY (year-on-year) in April '24 from 0.53 per cent YoY in March '24."

He said this is the highest WPI print in the last 13 months and has been driven by a reversal from deflation to inflation at 1.4 per cent YoY in fuel and power inflation; a rise in global crude prices and its derivatives along with rising higher power tariffs are the factors behind the rise in this category

ABP Live covers Acuité's views on the WPI inflation in the story "Economists Predict WPI To Hover Around 3% In FY25"

15 May 2024

ABP Live

Regarding the Wholesale Price Index (WPI) inflation, Chowdhury remarked that it is anticipated to fluctuate between 2.0 per cent and 3.0 per cent over the upcoming two quarters, barring any significant surprises in commodity prices. He noted, "This will also make it difficult for headline CPI inflation to moderate towards 4.5 per cent in FY25, thereby making it also difficult for RBI to take a call on rate cut in the first half of the year.”

The Hindu covers Acuité's quote on April 2024 Trade

15 May 2024

The Hindu

"India’s current account deficit [CAD] is expected to see an upward pressure in FY25 to beyond 1.0% from an estimated 0.8% in FY24, if oil and gold prices don’t cool soon enough. In the backdrop of volatile capital flows and uncertainty on Fed’s rate cut decision, this can push the Rupee closer to 84 against the U.S. Dollar earlier than expected,” said Suman Chowdhury, chief economist and head of research at Acuité Ratings & Research.

SME Times covers Acuité's views on the WPI inflation

15 May 2024

SME Times

Reacting to the numbers, Suman Chowdhury, Chief Economist and Head, Research, Acuite Ratings & Research said: "WPI trajectory in India is finally showing signs of a pickup, rising to 1.26 per cent YoY (year-on-year) in April '24 from 0.53 per cent YoY in March '24."

Investing.com covers Acuité's views on the WPI inflation

14 May 2024

Investing.com

The Wholesale Price Index (WPI) is expected to be in the region of 2-3 per cent over the next two quarters and average at around 3 per cent for FY25, top economists at two credit rating agencies said as the Commerce and Industry Ministry announced the WPI for April 2024 was 1.26 per cent.Reacting to the numbers, Suman Chowdhury, Chief Economist and Head, Research, Acuite Ratings & Research said: "WPI trajectory in India is finally showing signs of a pickup, rising to 1.26 per cent YoY (year-on-year) in April '24 from 0.53 per cent YoY in March '24."

Acuité's inputs on inflation covered by Business Today

10 May 2024

"Our estimate is that CPI inflation will be at 5 per cent in April, slightly higher than the average consensus of 4.8 per cent. Food inflation is quite high compared to last year and vegetable prices are higher. Since the last quarter, food inflation has been averaging at 8.5per cent. That’s a concern and I don’t think summer concerns will help in that. Typically, dry heat impacts vegetable output,” said Suman Chowdhury, Chief Economist and Head- Research, Acuité Ratings & Research.

Acuité's quote on inflation covered by Reuters in the story India inflation likely slipped in April: Reuters poll

09 May 2024

Reuters

"Food inflation is sticky, and it is still around 8%... it is difficult for food inflation to come down further and headline inflation is not going to fall in a hurry," said Suman Chowdhury, chief economist at Acuite Ratings.

Economic Times covers Acuité's quote on inflation

09 May 2024

The Economic Times

"Food inflation is sticky, and it is still around 8%... it is difficult for food inflation to come down further and headline inflation is not going to fall in a hurry," said Suman Chowdhury, chief economist at Acuite Ratings.

The Print covers Acuité's quote on inflation

09 May 2024

The Print

"Food inflation is sticky, and it is still around 8%… it is difficult for food inflation to come down further and headline inflation is not going to fall in a hurry,” said Suman Chowdhury, chief economist at Acuite Ratings.

Business Standard covers Acuité's quote on inflation in the story Consumer price inflation likely slipped in April, food inflation sticky

09 May 2024

Business Standard

"Food inflation is sticky, and it is still around 8 per cent... it is difficult for food inflation to come down further and headline inflation is not going to fall in a hurry," said Suman Chowdhury, chief economist at Acuite Ratings.

Moneycontrol covers Acuité's quote on inflation

09 May 2024

Money Control

"Food inflation is sticky, and it is still around 8%... it is difficult for food inflation to come down further and headline inflation is not going to fall in a hurry," said Suman Chowdhury, chief economist at Acuite Ratings.

Investing.com covers Acuité's quote on inflation

08 May 2024

Investing.com

"Food inflation is sticky, and it is still around 8%... it is difficult for food inflation to come down further and headline inflation is not going to fall in a hurry," said Suman Chowdhury, chief economist at Acuite Ratings.

Acuité's quote covered by Outlook Business in the story How Fed’s Higher-for-Longer Strategy May Affect Indian Markets, Companies and the Central Bank

02 May 2024

Outlook India

"Suman Chowdhary, chief economist and head of research at Acuite Ratings and Research, says inflation is proving to be sticky. "For both the central banks, the last mile of this disinflation fight is proving to be challenging. This has made predicting the trajectory of rate cuts difficult,” he says. According to Chowdhary, the problem for the central banks is exacerbated by the fact that commodity prices are also witnessing a rally.

Acuité's quote on the Israel Palestine conflict covered by Business Today

30 April 2024

Business Today

"The ongoing conflict between Iran and Israel has clearly increased the geopolitical risk levels in the global economy. While crude oil prices are yet to rise sharply beyond $90 per barrel, there is a significant likelihood that it will breach $100 levels if the conflict spreads further over Middle East,” says Suman Chowdhury, Chief Economist and Head-Research at Acuité Ratings & Research. The agency has forecast 6.7% GDP growth and 5% retail inflation in FY25, but these could be revised if the Iran-Israel conflict escalates, he adds.

ZEE News exclusively covers insights on the Israel-Iran conflict.

19 April 2024

ZEE News

Says Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research said, "With the drone and missile attacks on Israel by Iran, there is a perceptible increase in the geo-political risk quotient, imparting higher uncertainty to the global economic outlook. Although crude oil prices are yet to rise sharply beyond USD 90 pb, there is a significant likelihood that it will breach the USD 100 levels if the conflict intensifies further over West Asia."

News 18 exclusively covers Acuité's insights on the Iran-Israel Conflict

18 April 2024

News18

Suman Chowdhury, chief economist and head (research) at Acuité Ratings & Research, said, "With the drone and missile attacks on Israel by Iran, there is a perceptible increase in the geopolitical risk quotient, imparting higher uncertainty to the global economic outlook. Although crude oil prices are yet to rise sharply beyond $90 per barrel, there is a significant likelihood that it will breach the $100 level if the conflict intensifies further over West Asia.”

Escalation of Iran-Israel conflict to impact inflation, oil price, interest rates in India: Acuite Ratings & Research

18 April 2024

Investing.com

The price of crude oil would breach $100, the central bank may delay cutting the repo rate over uncertainty over disinflation, exports to West Asia may be affected and an increase in shipping costs are some of the likely impact if the conflict between Iran and Israel escalates, said a top economist at Acuite Ratings & Research."With the drone and missile attacks on Israel by Iran, there is a perceptible increase in the geo-political risk quotient, imparting higher uncertainty to the global economic outlook. Although crude oil prices are yet to rise sharply beyond $90 per barrel, there is a significant likelihood that it will breach the $100 level if the conflict intensifies further over West Asia," Suman Chowdhury, Chief Economist and Head-Research, Acuite Ratings said.

Acuité's insights on the Iran-Israel Conflict covered by SME Times

18 April 2024

SME Times

The price of crude oil would breach $100, the central bank may delay cutting the repo rate over uncertainty over disinflation, exports to West Asia may be affected and an increase in shipping costs are some of the likely impact if the conflict between Iran and Israel escalates, said a top economist at Acuite Ratings & Research.

Acuite's insights on the Israel-Iran conflict covered by Financial Express

17 April 2024

Financial Express

According to economists, while the war could push crude above $100 per barrel, managing within that price range is feasible. Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research, said, "Although crude oil prices are yet to rise sharply beyond $90 per barrel, there is a significant likelihood that it will breach the $100 levels if the conflict intensifies further over West Asia.”

Acuité's comments on CPI covered by Financial Express

14 April 2024

Financial Express

Meanwhile, Suman Chowdhury, Chief Economist & Head of Research, Acuité Ratings & Research, said, "While the sequential inflation has been quite benign for food and beverages at 0.2 per cent MoM in Mar’24, the concerns around food inflation remain given the prediction of an intense summer over the next 2-3 months. On an annualized basis, cereal inflation remains high at 8.4 per cent along with a significant increase in egg, fish, and meat category to 6.7 per cent in March. With reduced availability of animal feed in the summer months, there can be a further rise in the latter category.”

Acuité's quote on RBI's rate-cut covered by Moneycontrol

08 April 2024

Money Control

Even Suman Chowdhury, Chief Economist and Head, Research, Acuité Ratings & Research, says that a possibility of a rate cut by the RBI in August 2024 also depends on clarity on the risks from Red Sea disturbance (which has primarily led to the uptick in crude oil prices), and the timely onset of South-West monsoon.

Acuité's Core sector report covered by SME Futures

06 April 2024

SME Futures

According to the analysis by Acuite Ratings & Research, the 6.7% year-on-year growth in February marks a significant uptick from the revised figure of 4.1% recorded in January. This surge, attributed to the highest growth print in the last three months, reflects a positive trend despite facing a less favourable base of 7.4% year-on-year growth in February 2023.

Acuité's quote on RBI MPC Covered by Financial Express in the story RBI Monetary Policy Meeting Highlights: RBI MPC decides to keep repo rate unchanged at 6.50%, maintains ‘withdrawal of accommodation’ stance

05 April 2024

Financial Express

Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research

"RBI MPC has kept the status quo on the interest rates and the monetary stance in the first meeting of FY25 and for the seventh consecutive time. Not surprisingly, RBI has continued to reaffirm its commitment to disinflation and price stability without providing any guidance on the timing of the monetary policy pivot. The central bank would continue to be watchful about the increased crude oil prices and any upward risks in food inflation in the near term, given the forecast of an intense upcoming summer season. The governor highlighted the significance of keeping the "elephant in the forest” (metaphor for high inflation) for a durable period.

Acuité's quote on RBI MPC Covered by News18 in the story Will RBI MPC Start Cutting Interest Rates From August 2024?

05 April 2024

News18

Suman Chowdhury, chief economist and head (research) at Acuité Ratings & Research, said, "The central bank would continue to be watchful about the increased crude oil prices and any upward risks in food inflation in the near term, given the forecast of an intense upcoming summer season. Given the tone of the MPC statement and the expectation of strong domestic growth, we believe that there is a low likelihood of any rate cut by RBI before October 2025.”

Acuité's RBI MPC Quote covered by BusinessWorld in the story RBI Keeps Key Lending Rate Steady, Experts Offer Insights

05 April 2024

Business World

Experts weighed in on the RBI's decision and its implications for the economy. Deepak Ramaraju, Senior Fund Manager at Shriram AMC, highlighted the uncertainty surrounding the timing of a potential rate cut, citing upward pressures from food prices and crude oil shocks. Suman Chowdhury, Chief Economist and Head of Research at Acuité Ratings & Research, underscored the RBI's optimistic GDP growth forecast for FY25 while maintaining a relatively moderate outlook on domestic growth prospects.

Acuité's RBI MPC Quote covered by Republic World in the story Why RBI kept rate unchanged, when is a rate cut expected? Experts weigh in

05 April 2024

RBI MPC has kept the status quo on the interest rates and the monetary stance in the first meeting of FY25 and for the seventh consecutive time. Not surprisingly, RBI has continued to reaffirm its commitment to disinflation and price stability without providing any guidance on the timing of the monetary policy pivot. The central bank would continue to be watchful about the increased crude oil prices and any upward risks in food inflation in the near term, given the forecast of an intense upcoming summer season. The governor highlighted the significance of keeping the "elephant in the forest” (metaphor for high inflation) for a durable period.

The growth expectations for RBI continues to be strong with the GDP growth forecast for FY25 retained at 7.0%, reaffirming the strong momentum in domestic economic activity.

Moneycontrol: RBI MPC Meet Live: Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research on RBI Policy

05 April 2024

Moneycontrol

RBI MPC Meeting 2024 Live: The central bank would continue to be watchful about the increased crude oil prices and any upward risks in food inflation in the near term, given the forecast of an intense upcoming summer season. The governor highlighted the significance of keeping the "elephant in the forest” (metaphor for high inflation) for a durable period. Given the tone of the MPC statement and the expectation of strong domestic growth, we believe that there is a low likelihood of any rate cut by RBI before October 2025.

Acuité's MPC quote covered by The Week

05 April 2024

Suman Chowdhury, chief economist and head of research at Acuite Ratings and Research, also feels that given the tone of the MPC statement and the expectation of strong domestic growth, there is "low likelihood" of any rate cut by RBI before October this year.

Acuite's quote on WPI covered by Zee News

14 March 2024

Zee News

Suman Chowdhury, Chief Economist and Head -Research, Acuité Ratings & Research said, "The deflationary trend in manufacturing goods may reverse only gradually over the next few months. Overall WPI inflation print is expected will be shaped by the trend in the food category and in the absence of any major surprises, should remain range bound between 0%-1.0% over the next two quarters.”

Acuite's quote on CPI Feb 2024 is covered by Financial Express

13 March 2024

Financial Express

Suman Chowdhury, Chief Economist & Head of Research, Acuité Ratings & Research, meanwhile, said that going ahead in the summer months, hotter weather conditions can raise the upward risks for food and thereby, the overall inflation.

Acuite's quote on IIP Covered by SME Futures

13 March 2024

SME Futures

According to Suman Chowdhury, Chief Economist and Head of Research at Acuité Ratings & Research, there has been a slight moderation in IIP growth in January 2024, standing at 3.8 per cent compared to 4.2 per cent in December 2023.

PMI indices remain steady: Acuité Ratings revises FY24 GVA to 6.9% and GDP to 7.6%:

11 March 2024

Financial Express

The average readings for both PMI Manufacturing and Services in the first two months of the current quarter is well above the average witnessed in the previous quarter, reflecting the continuing buoyancy of the Indian economy, said Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research. "While there has been a slowdown in the agricultural sector induced by the El Nino factor, both the manufacturing and the services have continued to display their resilience,” he said. Accordingly, the firm has revised upwards its forecasts for FY24 GVA and GDP to 6.9 per cent and 7.6 per cent respectively in line with that of NSO.

India vs world: Optimism on Indian economy improving, says Acuité Ratings but geopolitics a global red flag

06 March 2024

Financial Express

With NSO revising its GDP growth estimate to 7.6 per cent for FY24 and pegging Q3 growth at 8.4 per cent, RBI’s economic growth forecast at 7.0 per cent in FY25, headline inflation subsiding to around 5.0 per cent, core inflation dropping below 4.0 per cent, the optimism on the domestic economy seems to be improving by the month, said Acuité Ratings & Research in a report. Although GVA growth remained at 6.5 per cent in the previous quarter, GDP growth has been sharply higher due to higher tax collections net of subsidies.

Acuité's Core sector report exclusively covered by Financial Express

05 March 2024

Even as the combined Index of Eight Core Industries (ICI) increased at a moderate 3.6 per cent on-year in January 2024 which is a 15 month low print on an annualised basis, Acuité Ratings & Research Ltd said that the core sector along with the manufacturing sector is expected to be one of the key drivers of the economy over the medium term.

Acuité's report was mentioned in Business World's story NARCL Offers Bid To Buy Debt Of Three Bankrupt Companies

05 March 2024

Business World

Security receipts are instruments issued by asset reconstruction companies for the purchase of stressed debt, showing interest in the underlying assets. Hithodi Infra is a company formed between Patel Engineering (PEL) and an Eight Capital Group entity. According to an Acuite Ratings and Research report, it was formed to reduce the debt burden of PEL.

Acuité's quote on GDP covered by Investing.com in the story Higher-than-expected GDP may lead to tight monetary policy from RBI for a longer period

01 March 2024

Investing.com

The higher-than-expected momentum in the economy may lead to a tight monetary policy from the RBI for a longer period, and any reversal in the current stance is unlikely over the next six months, said Suman Chowdhury, Chief Economist and Head of Research at Acuite Ratings.The second advance estimates of GDP for FY24 released by the National Statistics Office (NSO) has indeed sprung a major surprise in the markets. The GDP growth for Q3FY24 is pegged sharply higher at 8.4 per cent, as compared to the consensus estimate of 6.6 per cent, Chowdhury said.

Acuité's quote on GDP covered by Economic Times in the story RBI may maintain policy rate amid strong Q3 GDP growth and delayed US rate cut expectation

01 March 2024

Suman Chowdhury, chief economist at Acuité Ratings & Research, said, "Clearly, the higher-than-expected momentum in the economy may lead to a tight monetary policy from the RBI for a longer period and any reversal in the current stance is unlikely over the next six months.”

Acuité's quote on GDP covered by Financial Express in the story GDP at 8.4% in Q3FY24: Economists raise some concern on marginal dip in consumption rate

01 March 2024

Suman Chowdhury, Chief Economist & Head of Research, Acuité Ratings

The second advance estimates of GDP for FY24 released by NSO has indeed sprung a major surprise on the markets. One of the key reasons for the material shift in the GDP print is the revisions in the GDP data for some quarters of the previous fiscal.

Acuité's quote on growth covered by Reuters in the story India's growth likely slowed to 6.6% last quarter as agriculture lagged

26 February 2024

Reuters

"While a moderation is expected in government capital expenditure in FY25, at least in the first two quarters of the fiscal year, private investments are likely to pick up. But the pace of pickup may be gradual," said Suman Chowdhury, chief economist at Acuite Ratings and Research.

Acuité's input on growth covered by Business Standard in the story Economic growth likely slowed to 6.6% as agriculture lagged: Poll

26 February 2024

Business Standard

"While a moderation is expected in government capital expenditure in FY25, at least in the first two quarters of the fiscal year, private investments are likely to pick up. But the pace of pickup may be gradual," said Suman Chowdhury, chief economist at Acuite Ratings and Research.

Acuité's quote on growth covered by The Print in the story India’s growth likely slowed to 6.6% last quarter as agriculture lagged: Reuters poll

26 February 2024

The Print

"While a moderation is expected in government capital expenditure in FY25, at least in the first two quarters of the fiscal year, private investments are likely to pick up. But the pace of pickup may be gradual,” said Suman Chowdhury, chief economist at Acuite Ratings and Research.

Acuité's comments on WPI covered by SMEFutures in the story India’s WPI eases for January 2024, experts forecast deflation continuation in manufacturing

14 February 2024

SME Futures

Suman Chowdhury, Chief Economist and Head of Research at Acuité Ratings & Research, commented on the WPI January data, noting that the trajectory was slightly more benign than anticipated, with the index slipping to 0.27% year-on-year from 0.73% year-on-year. Chowdhury highlighted the continued deflationary trend in wholesale food prices, contributing to a -0.33% sequential contraction in the index during January.

Acuité's quote on WPI covered by Moneycontrol in the story India's wholesale inflation at a 3-month low of 0.27 percent in January

14 February 2024

Money Control

"In the near term, the deflationary trend in manufactured goods is likely to remain. Overall WPI inflation print is expected to be shaped by the trend in the food category and in the absence of any major surprises, should remain range bound between 0 percent-1.0 percent over the next two quarters," says Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research

Acuité's quote on CPI inflation covered by Financial Express in the story CPI inflation at 5.1%: With inflation softening, RBI may look at cutting interest rates in second half of fiscal, say experts

13 February 2024

Financial Express

With India’s retail inflation moderated to a three-month low of 5.1 per cent in January due to easing food prices, economists and experts said that RBI may look at cutting interest rates during the second half of the fiscal year. Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research, said, "In the latest MPC meeting, RBI has already indicated its close watch on the ‘last mile of disinflation’. Any change in the monetary policy stance and any rate cut is unlikely before Aug’24. The rate decision by the Fed and other developed nations will also be a factor in the MPC stance in the current calendar year apart from the domestic inflation trajectory.”

Acuité's inputs on inflation picked up by Mint in the story Inflation is cooling but RBI has no reason to cut rates before June, say experts

13 February 2024

Live Mint

Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research said the upside risks from the continuing El Nino phenomenon and its impact on the rabi crop output can’t be discounted at this point. However, the retail core inflation is estimated to stand at 3.6 per cent in Jan'24, providing comfort to the central bank, as per Chowdhury.

Acuité's quote on inflation covered by Reuters India inflation likely cooled to a three month low in January - Reuters poll

12 February 2024

Reuters

"Core inflation has come down to a comfort zone below 4% and we believe it is likely to be stable in the near term despite pressures on food inflation, if any," said Suman Chowdhury, chief economist at Acuite Ratings and Research.

Acuité's expectations on CPI inflation covered by News18 in the story India's CPI Inflation Data for January 2024 To Be Out Today: What's Expected?

12 February 2024

News18

"Core inflation has come down to a comfort zone below 4 per cent and we believe it is likely to be stable in the near term despite pressures on food inflation, if any,” said Suman Chowdhury, chief economist at Acuite Ratings and Research.

Acuité's quote on inflation covered by Republic Tv in the story Retail inflation expected to dip to three-month low of 5.09% in January

12 February 2024

Republic World

Suman Chowdhury, chief economist at Acuite Ratings and Research, commented "Core inflation has come down to a comfort zone below 4% and we believe it is likely to be stable in the near term despite pressures on food inflation, if any,"

Acuité's quote on RBI MPC picked up by Indian Express in the story Why MPC kept repo rate unchanged

09 February 2024

The Indian Express

GDP growth in the second quarter of the current financial year has been significantly higher than market and RBI’s forecasts at 7.6 per cent, translating to a robust growth of 7.7 per cent in the first half of FY24. "We expect a moderation in growth in the second half of the year given the impact of El Nino on rainfall in the current year and its consequent effect on agricultural output and rural demand. Some of the high frequency indicators such as two-wheeler and FMCG sales as well as higher demand for MGNREGS reflect a weakness in rural incomes,” Suman Chowdhury, Chief Economist and Head, Research, Acuité Ratings & Research.

Acuité's inputs on inflation are covered by Economic Times in the story India inflation likely cooled to a three month low in January: Reuters poll

09 February 2024

The Economic Times

"Core inflation has come down to a comfort zone below 4% and we believe it is likely to be stable in the near term despite pressures on food inflation, if any," said Suman Chowdhury, chief economist at Acuite Ratings and Research.

Acuité's quote on inflation covered by Mint in the story India's retail inflation to drop to a three-month low in January at 5.09%, says Reuters report

09 February 2024

Live Mint

Suman Chowdhury, the chief economist at Acuite Ratings and Research, notes that core inflation has reached a comfortable level below 4 percent. Despite potential pressures on food inflation, stability is expected in the near term.

Acuité's quote on inflation carried by Business Standard in the story India inflation likely cooled to 3-month low in January, shows survey

09 February 2024

Business Standard

"Core inflation has come down to a comfort zone below 4 per cent and we believe it is likely to be stable in the near term despite pressures on food inflation, if any," said Suman Chowdhury, chief economist at Acuite Ratings and Research.

Acuité's quote on RBI MPC covered by Business Insider in the story RBI may not cut repo rate any soon or for six months: Economists

08 February 2024

Business Insider

"It was no surprise that RBI MPC decided to keep the status quo on the interest rates for the sixth consecutive time. However, RBI continued to sound hawkish as against the market expectations and has not provided any indication of the timing of the change in monetary stance from withdrawal of accommodation," said Suman Chowdhury, Chief Economist and Head - Research, Acuite Ratings & Research.

Acuité's quote on RBI MPC covered by The Week in the story RBI likely to cut interest rates in 2024, but the wait just got longer

08 February 2024

The Week

"Given the tone of the MPC statement and the expectation of growth buoyancy, we believe that the likelihood of any rate cut by RBI has significantly reduced over the next six months," said Chowdhury.

Acuité's input on RBI MPC covered by Zee business in the story RBI MPC Meet Feb 2024 LIVE Update: Rate cut of 50–75 bps expected after June, says expert

08 February 2024

Zeebiz

Holding a similar view, Suman Chowdhury, Chief Economist and Head of Research, at Acuité Ratings & Research, anticipates the status quo at least until June 2024. Thereafter, a rate cut totalling 50–75 bps in the next six months is anticipated by the expert. The policy stance may, however, be changed to neutral by April 24, given the low likelihood of a further rise in interest rates, Chowdhury added.

Acuité's quote on inflation covered by Investing.com in the story India inflation likely cooled to a three-month low in January: Reuters poll

08 February 2024

Investing.com

"Core inflation has come down to a comfort zone below 4% and we believe it is likely to be stable in the near term despite pressures on food inflation, if any," said Suman Chowdhury, chief economist at Acuite Ratings and Research.

Acuité's analysis of the MPC covered by SME Times in the story RBI may not cut repo rate any soon or for six months: Economists

08 February 2024

SME Times

"It was no surprise that RBI MPC decided to keep the status quo on the interest rates for the sixth consecutive time. However, RBI continued to sound hawkish as against the market expectations and has not provided any indication of the timing of the change in monetary stance from withdrawal of accommodation,” said Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research.

"Given the tone of the MPC statement and the expectation of growth buoyancy, we believe that the likelihood of any rate cut by RBI has significantly reduced over the next six months,” Chowdhury added.

Acuité's quote on RBI MPC covered by Zee Business in the story RBI February 2024 policy preview: Status quo likely for sixth consecutive time; will the MPC change its stance?

07 February 2024

Zeebiz

Holding a similar view, Suman Chowdhury, Chief Economist and Head of Research, at Acuité Ratings & Research, anticipates the status quo at least until June 2024. Thereafter, a rate cut totalling 50–75 bps in the next six months is anticipated by the expert. The policy stance may, however, be changed to neutral by April 24, given the low likelihood of a further rise in interest rates, Chowdhury added.

Acuité Ratings & Research on Jan’24 PMI Indices

06 February 2024

The Hindu Business Line

Stock Market Live Today: Acuité Ratings & Research on Jan’24 PMI Indices

Says Suman Chowdhury, Chief Economist and Head- Research, Acuité Ratings & Research

"The manufacturing sector has seen a growth slowdown in the third quarter of the current year, as reflected in the IIP data. This had been also corroborated by the PMI Mfg figures in Oct-Dec’23. The recovery in the PMI in Jan-24 raises hopes for an improved performance of the manufacturing sector including moderate export growth.

The pickup in the PMI Services also increases expectations of better traction in services exports in the current quarter. A sustained better performance in these sectors in the rest two months of the fiscal can help the GDP growth to come closer to 7% in FY24; our current estimates stand at 6.8%.”

Acuité's comments on interim budget covered by Outlook:

02 February 2024

Outlook Planet

Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research

"Given that the current budget was only interim in nature before the general elections, we were not expecting any major announcements in this event. In line with our expectations, the Government has focused its communication on (i) fiscal consolidation, (ii) stronger support and additional programmes for the economically weaker sections, (iii) continuing emphasis on infrastructure development, and (iv) fresh programmes to meet the green and sustainable development goals. On the green financing front, viability gap funding for offshore wind projects of up to 1 GW has been proposed. Coal gasification projects up to 100 million tonnes have been specified, which will possibly be implemented by the PSUs. This will help reduce the direct usage of coal. Further, it is proposed to blend compressed biogas (CBG) with compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes in a phased manner; financial support will be provided for the procurement of biomass aggregation machinery; these indicate the commitment of the government to scale up the nascent biomass energy generation sector.

Acuité's report of the interim budget exclusively covered by SME Times in the story Interim Budget 2024 strategically paves way for sustainable economic growth:

02 February 2024

SME Futures

In the aftermath of the presentation of the Interim Budget 2024, Acuité Ratings & Research Limited delves into the nuanced policy landscape, shedding light on the four pivotal themes highlighted by the government. Chief Economist and Head of Research at Acuité, Suman Chowdhury, offers a comprehensive analysis, deeming the budget as far from a non-event, contrary to initial perceptions.

Acuité's quote on interim budget covered by Investing.com inthe story 'Constrained financially, government will not be in a position to offer tax reliefs post election'

02 February 2024

Investing.com

Chennai, Feb 2 (IANS) The Central government may not offer any tax relief or concessions even in the post-election full budget owing to its financial constraints, said a top economist at credit rating agency Acuite Ratings & Research. On the absence of tax reliefs or concessions in the Interim Budget presented by Finance Minister Nirmala Sitharaman in the Parliament on Thursday, Acuite's Chief Economist and Head, Research, Suman Chowdhury said: "In our opinion, such concessions are unlikely even in the post-election full budget exercise given the fiscal constraints and the criticality of fiscal consolidation."

Acuité's quote on Interim Budget covered by Economic times in the story Expectations Highlights: Fingers crossed as Sitharaman set to present Modi 2.0 government's last Budget:

01 February 2024

The Economic Times

Suman Chowdhury, chief economist and head - Research, Acuite Ratings & Research, said, "Given the priority that is likely to be given for fiscal consolidation in the upcoming Budget, we don't expect any significant fiscal stimulus in it. However, the government may continue to earmark a significant quantum for capital expenditure with a growth of 15 per cent in its budgetary allocation; the latter will continue to be a primary driver of the domestic economy over the medium term".

Acuité's quote on Interim Budget covered by Deccan Herald in the story Union Budget 2024: Measures for economy, select segments to feature in Sitharaman's 6th straight budget:

01 February 2024

Deccan Herald

Suman Chowdhury, chief economist and head - Research, Acuite Ratings & Research, said, "Given the priority that is likely to be given for fiscal consolidation in the upcoming Budget, we don't expect any significant fiscal stimulus in it. However, the government may continue to earmark a significant quantum for capital expenditure with a growth of 15 per cent in its budgetary allocation; the latter will continue to be a primary driver of the domestic economy over the medium term"

Acuité's quote on Interim Budget covered by Financial Express in the story Budget 2024 Expectations: No big-bang measures likely; govt’s priority would be to achieve fiscal discipline, say economists

31 January 2024

Financial Express

With the Finance Minister Nirmala Sitharaman all set to present the interim Budget for the fiscal year 2024-25 on February 1, 2024, economists said that despite it being a vote on account, the government will continue with thrust on fiscal consolidation, easements of business and taxation laws, infrastructure, MSMEs, and financial inclusion. Suman Chowdhury, Chief Economist and Head-Research, Acuité Ratings & Research, said, "Given the priority that is likely to be given for fiscal consolidation in the upcoming budget, we don’t expect any significant fiscal stimulus in it. However, the government may continue to earmark a significant quantum for capital expenditure with a growth of 15 per cent in its budgetary allocation; the latter will continue to be a primary driver of the domestic economy over the medium term.”

Acuité's inputs on the interim budget covered by Mint in the story Measures for economy, select segments to feature in Nirmala Sitharaman's 6th straight budget:

31 January 2024

Live Mint

Suman Chowdhury, chief economist and head - Research, Acuite Ratings & Research, said, "Given the priority that is likely to be given for fiscal consolidation in the upcoming Budget, we don't expect any significant fiscal stimulus in it. However, the government may continue to earmark a significant quantum for capital expenditure with a growth of 15 per cent in its budgetary allocation; the latter will continue to be a primary driver of the domestic economy over the medium term".

Acuité's quote on the Core sector covered by NDTVProfit in the story Eight Core Industries Grow At The Slowest Pace In 14 Months In December

31 January 2024

NDTV Profit

Given the unfavourable base of December 2022, there was an expectation of a significant moderation in core sector growth in December 2023, said Suman Chowdhury, chief economist at Acuite Ratings. Nevertheless, the sequential growth has been healthy at 5.9%.

Acuité's interim budget report is covered in Business Today:

29 January 2024

Business Today

"Given the priority that is likely to be given for fiscal consolidation in the upcoming Budget, we don’t expect any significant fiscal stimulus in it. However, the government may continue to earmark a significant quantum for capital expenditure with a growth of 15 per cent in its budgetary allocation; the latter will continue to be a primary driver of the domestic economy over the medium term," said Suman Chowdhury, Chief Economist and Head-Research Acuité Ratings & Research.

Acuité's quote on budget covered by business today:

29 January 2024

Business Today

"The government may continue to earmark a significant quantum for capital expenditure with a growth of 15 per cent in its budgetary allocation," said Suman Chowdhury, Chief Economist and Head-Research Acuité Ratings & Research. Investors keenly await the Budget 2024 presentation, due on February 1.

Acuité's quote on the Indian economy covered by Mint in the story India's economy predicted to grow 6.9% this fiscal year: Reuters Poll

24 January 2024

mint

"While the Indian economy is on a strong momentum...there are signs of a moderation on account of a weakness in private consumption demand," said Suman Chowdhury, chief economist at Acuite Ratings and Research.

Acuité's inputs on the Indian economy covered by Business Standard in the story India to retain top economy title as govt spending stays strong: Poll

24 January 2024

Business Standard

"While the Indian economy is on a strong momentum...there are signs of a moderation on account of a weakness in private consumption demand," said Suman Chowdhury, chief economist at Acuite Ratings and Research.

Acuité's inputs on the Indian economy covered by News 18 India To Retain Top Economy Title In 2024 As Govt Spending Stays Strong: Report

22 January 2024

News18

"While the Indian economy is on a strong momentum…there are signs of a moderation on account of a weakness in private consumption demand,” said Suman Chowdhury, chief economist at Acuite Ratings and Research.

Acuité's quote on the Indian economy covered by BusinessWorld in the story India's Economy Expected To Grow 6.9% In Current Fiscal Year: Reuters Poll

24 January 2024

Business World

Suman Chowdhury, Chief Economist at Acuite Ratings and Research added that although the Indian economy is still growing quickly, there are signs that it is slowing down because of a decline in demand for private spending. He emphasised the reliance on government initiatives to create jobs and raise disposable incomes for a larger segment of society.

Acuité's inputs on trade covered by ET Auto in the story "Improved trade balance with better capital flows will be a positive for the rupee - ET Auto"

22 January 2024

ET Auto

India's merchandise trade deficit narrowed further to a 5-month low of USD 19.8 billion in December 2023 from USD 20.6 billion in November 2023. The sequential correction was entirely on account of exports, which posted a faster increase vis-a-vis imports, as per a report by Acuite Ratings and Research.

Acuité's inputs on trade covered by Investing .cominthe story "Improved trade balance with better capital flows will be a positive for the rupee"

21 January 2024

investing.com

India’s merchandise trade deficit narrowed further to a 5-month low of $19.8 billion in December 2023 from $20.6 billion in November 2023. The sequential correction was entirely on account of exports, which posted a faster increase vis-a-vis imports, as per a report by Acuite Ratings and Research.

Acuité's comment on crude prices covered by Moneycontrol in the story Crude prices may stay capped on lower global demand despite supply challenges, geopolitical tensions: Energy experts

19 January 2024

Money control

"Global growth is expected to remain weak in 2024, especially in the first half, as the impact of higher interest rates would be realised in the period. Weak growth of developed economies and lower China demand would overall result in weak oil demand globally despite supply challenges. Currently, it is difficult to visualise crude oil prices going towards $85 or $90 per barrel,” said Suman Chowdhury, Chief Economist and Head of Research, Acuite Ratings and Research.

Acuité's quote on WPI covered by Business Insider in the story Wholesale price inflation rises to 9-month high in Dec:

15 January 2024

Business Insider

Suman Chowdhury, Chief Economist and Head - Research, Acuite Ratings & Research said, "On expected lines, the WPI trajectory has continued to be benign at 0.73% YoY in Dec-23 from 0.26% YoY in Nov-23. While the slight annualised uptick is on account of the base factor, there is a sequential contraction by 0.9% which is seasonally driven due to the softness in food articles."

Acuité's quote on WPI covered by Zee News in the story India's Wholesale Inflation Rises To 0.73% In December:

15 January 2024

Zeenews India

Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research said, ""On expected lines, the WPI trajectory has continued to be benign at 0.73% YoY in Dec-23 from 0.26% YoY in Nov-23. While the slight annualised uptick is on account of the base factor, there is a sequential contraction by 0.9% which is seasonally driven due to the softness in food articles."

Acuité's quote on WPI covered by Investing.com in the story Wholesale price inflation rises to 9-month high in Dec

15 January 2024

investing.com

Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research said, "On expected lines, the WPI trajectory has continued to be benign at 0.73 per cent YoY in Dec-23 from 0.26 per cent YoY in Nov-23. While the slight annualised uptick is on account of the base factor, there is a sequential contraction by 0.9 per cent which is seasonally driven due to the softness in food articles."

Acuité's quote on WPI covered by NDTV in the story Wholesale Inflation Accelerates To Nine-Month High In December

15 January 2024

NDTV Profit

While the slight annualised uptick is on account of the base factor, the sequential contraction was seasonally driven, due to the softness in food articles, said Suman Chowdhury, chief economist and head of research at Acuité Ratings & Research Ltd.

Suman Chowdhury of Acuité Ratings & Research on IIP data

15 January 2024

The Hindu Business Line

Stock Market Live Today: Suman Chowdhury of Acuité Ratings & Research on IIP data

"Industrial output for Nov-23 has disappointed even factoring in the impact of the festival holidays during the month and the adverse base factor. IIP has recorded a modest growth of 2.4% YoY, the lowest print in eight months since Mar-23. The IIP figure has been pulled down by the manufacturing sector which posted the lowest annualized growth of 1.2% in 13 months after a solid momentum in the early part of the fiscal. While a moderation in industrial activity is typically seen in the post festive season, the extent has taken us by surprise.While the slight annualised uptick is on account of the base factor, the sequential contraction was seasonally driven, due to the softness in food articles, said Suman Chowdhury, chief economist and head of research at Acuité Ratings & Research Ltd.

Acuité's quote on Inflation covered by Republic World in the story Retail inflation in December inched slightly to 5.69%

12 January 2024

Republicworld

CPI inflation for Dec-23 has been largely in line with expectations at 5.7 per cent YoY slightly higher compared to 5.6 per cent in Nov-23. This has translated to a quarterly average of 5.4 per cent for the third quarter of the fiscal as compared to the RBI forecast of 5.6 per cent for the quarter," Suman Chowdhury, Chief Economist and Head- Research, Acuité Ratings & Research said. According to Chowdhury, retail core inflation is estimated to stand at 3.9 per cent in Dec-23, providing comfort to the central bank. Expectedly, food and beverages inflation stood high at 9.5 per cent due to the continuing firmness in the prices of pulses and cereals

Acuité's quote on CPI covered by NDTV in the story India's CPI Inflation Rises To Four-Month High Of 5.69% In December

12 January 2024

NDTV Profit

CPI inflation for December 2023 has been largely in line with expectations, translating into an average of 5.4% for the third quarter of the fiscal as compared with the RBI forecast of 5.6%, said Suman Chowdhury, chief economist and head of research at Acuité Ratings.

Acuité's quote on IIP covered by Business Insider in Retail inflation inches to 4-month high in Dec; IIP growth slips to 8-month low in Nov

12 January 2024

Business Insider

"Industrial output for Nov-23 has disappointed even factoring in the impact of the festival holidays during the month and the adverse base factor. IIP has recorded a modest growth of 2.4% YoY, the lowest print in eight months since March 2023," said Suman Chowdhury, chief economist & head of research of Acuite Ratings & Research.

IIP quote covered by Investing.com in the story Industrial growth slumps to 2.4% in November

12 January 2024

investing.com

"Industrial output for Nov-23 has disappointed even factoring in the impact of the festival holidays during the month and the adverse base factor. IIP has recorded a modest growth of 2.4 per cent YoY, the lowest print in eight months since Mar'23," Acuite Ratings & Research's Chief Economist & Head of Research Suman Chowdhury said

IIP quote covered by SME Times in the story Industrial growth slumps to 2.4% in November

12 January 2024

SME Times

Industrial output for Nov-23 has disappointed even factoring in the impact of the festival holidays during the month and the adverse base factor. IIP has recorded a modest growth of 2.4 per cent YoY, the lowest print in eight months since Mar'23," Acuite Ratings & Research's Chief Economist & Head of Research Suman Chowdhury said

Acuité's comments on the Oil and gas industry covered by Moneycontrol in the story "Oil and gas industry hopeful of energy transition funds, boost for cleaner fuels"

09 January 2024

Money Control

"Oil companies, such as IOCL and BPCL, have announced rights issues and the government was supposed to put in their funds. While the government would put in some funds, it is expected to be less than the budgeted amount. This would mainly be done to ensure that the fiscal deficit is under control. So, the oil PSUs may see lower budgetary support in the current year,” Suman Chowdhury, Chief Economist and Head of Research, Acuite Ratings & Research, said.

Acuité's comment on GDP covered by Republic World in the story Anticipated slowdown in second half of FY24 to play out strongly in Q4

09 January 2024

Acuité's comments on PMI covered by Business Today in the story What explains slowing of manufacturing PMI?

09 January 2024

Business Today

Suman Chowdhury, Chief Economist and Head–Research, Acuité Ratings & Research, said that the PMI Composite improved to 58.5 in December 2023 from 57.4 in November 2023 driven by the higher PMI services print. "On a quarterly basis, the moderation in the growth of economic activity is evident from the average PMI Composite, which slipped to 58.1 in the third quarter of the fiscal from 61.3 in the second quarter and 60.9 in the first quarter.”

Acuité's comments on the Oil and gas industry covered by Moneycontrol Hindi in the story ऑयल एंड गैस इंडस्ट्री को स्वच्छ ईंधन के लिए बजट में मिल सकता है पैसा

09 January 2024

Money Control

Acuité's comments on RBI expanding the list of eligible issuers covered by Financial Express in the story CP issuances to rise after RBI expands issuer eligibility

08 January 2024

Financial Express

"The RBI has expanded the list of eligible CP issuers through these guidelines,” Suman Chowdhury, chief economist and head of research, Acuite Ratings & Research, told FE. "Some REITs and InvITs which raise funds from bond market may tap the CP market for funds. There will be some increase in issuances. To what extent, we need to see.”

Acuité's comment on PMI covered by Hindu Business Line in the story Here's what Suman Chowdhury, Chief Economist and Head –Research, Acuité Ratings & Research, said about Dec’23 PMI indices

08 January 2024

The Hindu Business Line

Stock market live updates: Here's what Suman Chowdhury, Chief Economist and Head –Research, Acuité Ratings & Research, said about Dec’23 PMI indices

Contrary to the sequential decline in the PMI Mfg, PMI Services witnessed an uptick. India’s services sector ended the year on a high note, with an uptick in business activity, led by a three-month high new order position.

Acuité's story on budget expectation covered by Money Control in the story Budget 2024: Analysts keep an eye on infra spending, expect modest allocations in metals & mining sector:

08 January 2024

Money Control

Acuité Ratings & Research's Chief Economist Suman Chowdhury predicts the government to announce some framework for private exploration of critical minerals. "Since they are already in process of inviting bids, some framework is likely to be announced," he added.

Acuité Macro pulse covered by Business Today in the story "Economists see FY24 GDP growth at 6.5–6.7%"

03 January 2024

Business Today

Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research said the agency has revised its GDP growth forecast to 6.% from the initial estimate of 6% for the fiscal after the second quarter data. "We have been a little cautious because of the expectation that there is a slowdown in rural economy,” he said, adding that manufacturing will continue to be a driver for growth while service sector could see some moderation in growth.

Acuité's quote covered by Republic World in the story Is India becoming a spender economy?

03 January 2024

Acuité Macro Pulse - Dec’ 23: Cautious on the growth prospects for FY25 at this stage

03 January 2024

Stock Market Live Today: Acuité Macro Pulse - Dec’ 23: Cautious on the growth prospects for FY25 at this stage

Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research,

CY2023 has been a special year for the Indian economy when the performance of the economy exceeded expectations. GDP growth was well over 7.0% in two quarters of the year albeit supported by a favourable base. Government capital expenditure did the heavy lifting for the economy, driving core sector activity and demand for commodities such as steel, cement, and coal.

Macro Pulse quote covered by Economic Times in the story "Global turmoil may restrict domestic impact, say economists"

03 January 2024

Acuité's quote covered in Republic world in the story Red flags from the Red Sea

03 January 2024

Acuité Macroeconomic Performance Index sees moderation in November

02 January 2024

The Hindu Business Line

Stock Market Live Today: Acuité Macroeconomic Performance Index sees moderation in November

After reaching an all-time high in October 2023, Acuité Macroeconomic Performance Index (AMEP index) witnessed a moderation in November 2023 by dropping 9.1 %MoM. While this may be partly due to the typical seasonal moderation in economic activity post the peak festive season, this also reflects the likelihood of a slowdown in the robust pace of economic activity in the remaining fiscal period.

Nevertheless, the index has still shown an annualized growth of 6.8% during the month with only three indicators out of sixteen indicators recording a contraction. While the trade metrics – exports and imports continue to see an adverse impact of lower commodity prices and the global slowdown, diesel consumption has also declined vs a higher base in last Nov-22.

Acuité's quote on Core Sector Nov'23 covered by Republic World

29 December 2023

Acuité's quote on Core Sector Nov'23 covered by NDTV in the story Eight Core Industries Grew At Slowest Pace In Six Months In November:

29 December 2023

NDTV

Expectedly, there has been a moderation in core sector growth in November to 7.8% year-on-year as compared to the double-digit print in October 2023, Suman Chowdhury, chief economist and head of research at Acuité Ratings, said. The differential in economic activity during these months can be attributed to the festival dates and the seasonality attached to it, he explained. On a cumulative basis,the eight core industries index has witnessed strong 8.6% annual growth in the April–November 2023 period, which continues to reflect the high public investments in infrastructure, he added.

Acuité's quote on Core Sector Nov'23 covered by CNBC in the story India's eight core sectors' growth up at 7.8% in November:

29 December 2023

CNBC TV18

Suman Chowdhury, chief economist and head of research of Acuité Ratings & Research said, "Expectedly, there has been a moderation in core sector growth in Nov-23 to 7.8% YoY as compared to the double-digit 12.0% print in Oct-23. The differential in the economic activity during these months can be attributed to the festival dates and the seasonality attached to it."

"On a cumulative basis, the eight core industries (ECI) index has witnessed a strong 8.6% YoY growth in the Apr-Nov’23 period which continues to reflect the high public investments in infrastructure. While the seasonality factor post-festive season has led to a sequential contraction in many of the segments, all of them except crude oil and cement output has seen a healthy annualized growth in the month of Nov-23," Chowdhury said.

Acuité's inputs on oil prices covered by Moneycontrol in their story "Rebel Ripples: Oil prices may rise temporarily due to the Red Sea crisis, say analysts"

19 December 2023

Money Control

"We don't expect a sustained impact (on oil prices) unless there is a larger escalation. This spike is triggered by a rebel attack and is unlikely to continue. We don't expect prices to go beyond $78 a barrel," said Suman Chowdhury, Chief Economist and Head, Research, Acuité Ratings & Research.

Acuité's insights on Oil and gas industry covered by MoneyControl in the story "Budget@10: Oil and gas industry headed to energy transition, focused on self-reliance"

19 December 2023

Money Control

Suman Chowdhury, chief economist & head of research, Acuite Ratings & Research

One of the key policy measures in the last nine years has been the notification of the National Policy on Bio Fuels in 2018, which has been further amended in 2022. The policy primarily incentivises the production of ethanol not only from sugarcane but also from food grain waste and other agro-commodities. The country has already achieved 12 percent ethanol blending with petrol in the current fiscal and has advanced the target of 20 percent to FY26 instead of FY30. This will reduce the import dependence of crude oil to a moderate extent.

Acuité's comments on WPI covered by Business today in the story Costlier food items to keep pressure on wholesale inflation

14 December 2023

Business Today

Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research said WPI inflation is expected to inch up gradually over the next few months, given healthy industrial and consumer demand amidst the backdrop of steady food inflation. This is set to hold CPI inflation in the range of 5%-5.5% over the next two quarters.

Acuité's quote on Fed's commentary covered by MoneyControl:

14 December 2023

Money Control

We expect the Fed to act quicker than expected if the data points on the US economy in the current and next quarter show a significant decline in the growth signals. In our opinion, any rate cut before Mar-24 is unlikely but if there are signs of a recession, the Fed is likely to take an accelerated route to lower interest rates. This may also translate into a pivot in the repo rates in India earlier than envisaged in May-June’24 provided, however, the headline inflation stays within the 5% figure. Such an expectation may drive a rally in Indian bond markets. .

Acuité's comments on WPI covered by republic world in the story: WPI in Nov at 0.26% back in positive territory after 7 months

14 December 2023

Republic World

"Expectedly, India’s wholesale inflation (WPI) has moved from the deflationary to the inflationary zone, reporting a figure of 0.26 per cent YoY in Nov-03 vs -0.52 per cent YoY in Oct-23. After seven months since Mar-23, wholesale inflation has reverted to the positive domain. Sequentially, the WPI index has risen by 0.53 per cent, the highest since Jul-23 and has been driven by a jump in prices of onions and pulses in particular which has translated to a 2.62% MoM inflation in primary food articles. Wholesale food inflation has increased to 4.69 per cent YoY compared to 1.07 per cent YoY in Oct-23,” Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research

Acuité's quote on CPI inflation covered by Republic World in the story "3-month high retail inflation in November. Where does food inflation go from here?"

13 December 2023

Republic World

The retail inflation in November has quickened from 4.87 per cent in October to 5.55 per cent in November this fiscal. However, the overall inflation number at 5.5 per cent in November is lesser than 5.88 per cent in the same month last year. The retail inflation is the highest in the last three months since August, and the inflation print in November was lower than the estimated inflation by economists at 5.8 per cent. "CPI Inflation for November 23 at 5.55 per cent has been largely in line with our forecast which stood at 5.40 per cent YoY. While this has been significantly higher than the 4.87 per cent print of October 23, it is somewhat lower than the expectations of many economists. Clearly, the prime driver of the pickup in inflation is food inflation which rose to 8.7 per cent YoY,” Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research said.

Breaking down the confluence of factors driving bull rally in Indian bourses

11 December 2023

Investing.com

"Surely, this is a bullish period for the Indian stock markets. BSE Sensex and Nifty have given one year returns of 11.6% and 12.7% respectively. But the returns from mid and small cap stocks have been significantly higher with BSE MidCap and BSE SmallCap indices delivering annualized returns of 34.6% and 37.7% respectively as on December 8. Over the last one month, the BSE Sensex and Nifty have returned 7.7% and 8.1% respectively. These are indications of a strong bull market,” Suman Chowdhury, Chief Economist and Head - Research, Acuité Ratings & Research, told IANS.

RBI allows reversal of liquidity measures under both SDF, MSF on weekends, holidays: What does it mean?

11 December 2023

Zeebiz

"While the liquidity conditions are already tight, the reversal of liquidity under MSF and SDF will resolve the operational issue at the end of banks and money market participants, explains Suman Chowdhury, Chief Economist and Head-Research at Acuite Ratings & Research. "An operational issue for banks and money market participants has been resolved by permitting balance adjustments to the MSF and SDF during holidays and weekends. This will help in normalising the sharp swings in system liquidity and prevent excessive volatility in call money or other short-term rates,” according to Chowdhury.

For equity markets, RBI's measure against personal loans is problematic:

11 December 2023

Zeebiz

Acuité Research expects GDP growth to moderate to 5.5 per cent in H2FY24 on account of lower agricultural output induced by the continuing El Nino phenomenon and its impact on rural demand.

Republic World: Repo rate not on cards, hawkish stance to be maintained: Economists

08 December 2023

Indian Express Monetary policy: Why RBI’s policy panel has kept repo rate unchanged, while revising growth upwards

08 December 2023

Indian Express

"The RBI is expected to maintain the system liquidity at a slightly deficit level to ensure better transmission of interest rates and this has been in evidence in the month of November. With higher govt. bond redemptions scheduled in the current month and also the likelihood of higher FPI flows, the RBI may consider the deployment of tools like OMO to suck up additional liquidity from the market,” said Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research.

Zee News: RBI Monetary Policy 2023 LIVE Updates: Status Quo In Interest Rates For 5th Time; RBI Keeps Rate Unchanged At 6.5%

08 December 2023

Zee News India

Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research said, "Expectedly, RBI-MPC has persisted with the pause mode on the monetary policy with the repo rate at 6.50% and the stance unchanged at "withdrawal of accommodation”. However, the intensity of hawkishness in the policy statement has clearly subsided and a balance has been brought in. The governor has also highlighted that "over-tightening” can also pose growth risks to the economy which possibly provides a signal that the policy stance may be subject to review in the subsequent MPC meetings."

Acuité's inputs on MPC Covered by Business today in the story"MPC: Will RBI increase its FY24 GDP forecast of 6.5 per cent now?"

07 December 2023

"Given the stronger growth momentum, there is a possibility that RBI revises its GDP forecast for the current year by 25-30 bps from the existing figure of 6.5%,” says Suman Chowdhury, Chief Economist, and Head of Research, Acuité Ratings & Research.

Moneycontrol: Eye on MPC: 5 things markets to watch out for in RBI governor's speech

07 December 2023

Money control

"Given the stronger growth momentum, there is a possibility that RBI revises its GDP forecast for the current year by 25-30 bps from the existing figure of 6.5%,” says Suman Chowdhury, Chief Economist, and Head of Research, Acuité Ratings & Research.

Looking ahead, India is preparing a carbon trading system to create an Indian Carbon Market, says Suman Chowdhury in an Outlook Planet authored article.

07 December 2023

Outlook Planet

The summit represents an important moment for international cooperation, moving countries towards a more sustainable and resilient future in the face of the complex challenge of climate change.
(Suman Chowdhury, Chief Economist and Head of Research, Acuité Ratings & Research Limited.)

Acuité's quote on RBI MPC covered by Mint in the story "RBI monetary policy meeting begins today: Here's all you need to know"

06 December 2023

Mint

"There is a strong likelihood that RBI-MPC will keep the benchmark repo rate unaltered at 6.50 per cent in the upcoming meeting and thereby continue with the pause mode for the fifth consecutive policy review. It’s also unlikely that there will be any revision in the monetary policy stance of withdrawal of accommodation," said Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research.

RBI monetary policy meeting begins today: Economists say RBI to keep repo rate unchanged at 6.50%

06 December 2023

Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research

There is a strong likelihood that RBI-MPC will keep the benchmark repo rate unaltered at 6.50 per cent in the upcoming meeting and thereby continue with the pause mode for the fifth consecutive policy review. It’s also unlikely that there will be any revision in the monetary policy stance of "withdrawal of accommodation”. We will look forward to RBI’s assessment of growth and inflation in its statement. GDP growth in the second quarter of the year has been significantly higher than market and RBI’s forecasts at 7.6 per cent YoY, translating to a robust growth of 7.7 per cent YoY in H1FY24. Given the stronger growth momentum, there is a possibility that RBI revises its GDP forecast for the current year by 25-30 bps from the existing figure of 6.50 per cent. Acuité Research has already revised its growth forecast from 6.0 per cent to 6.5 per cent after the GDP data of the second quarter; nonetheless, we expect a moderation in growth in the second half of the year given the impact of El Nino on rainfall in the current year and its consequent effect on agricultural output and rural demand.

Acuité's inputs on interest rate covered by Times Of India in the story RBI likely to stay with interest rate pause:

04 December 2023

The Times of India

Abhishek Upadhyay, an economist at ICICI Securities PD, highlights the robust growth momentum and well-behaved core inflation as factors supporting the anticipated pause. Suman Chowdhury, chief economist and head of research at Acuite Ratings & Research, foresees a sustained pause with potential inflationary pressures, especially if El Nino weather events impact food inflation.

Suman Chowdhury, Chief Economist and Head of Research, Acuité Ratings & Research writes about India's entry into other two global bond indexes in a Financial Express Authored Article- India’s tryst with global bond indices

04 December 2023

Finally after a long period of courtship of about 10-years, one of the global bond index providers (JP Morgan) has decided to include India in its family. While India allows foreign ownership of domestic bonds in a regulated manner, this act of global listing would clearly add a new dimension to India’s appeal as a destination for foreign investment.

Acuité's views on Q2GDP covered in Mint

01 December 2023

Livemint

Suman Chowdhury, Chief Economist and Head, Research, Acuité Ratings and Research

Given the exceptional growth print in Q2FY24 and the average 7.7 per cent YoY growth in the first half of the current financial year (H1FY24), there is a rationale for a review of our 6 per cent growth forecast for the full year. Nevertheless, we acknowledge that the base factor will not be in action in the second half of the year and there are material risks of lower agricultural output and weaker rural consumption.

Acuité's quote on Reserve Bank of India's key interest rate covered by Reuters in the story "RBI to hold rates at 6.50% through mid-2024, cut seen in Q3: Reuters poll"

01 December 2023

Reuters

"I think the RBI's focus is to keep it at around 5%... They will be comfortable with it because of the volatile nature of food inflation and the kind of weather and climate risk that we are seeing," said Suman Chowdhury, chief economist at Acuite Ratings and Research.

Suman Chowdhury, Chief Economist & Head-Research, Acuité Ratings & Research Limited's analysis exclusively covered by SME Futures in the story: Why is manufacturing sector responsible for remarkable 7.6% GDP in Q2?

01 December 2023

SME Futures

In a surprising turn of events, India’s Gross Domestic Product (GDP) witnessed a significant growth of 7.6 per cent YoY during the second quarter of the fiscal year 2023-24, following the robust 7.8 per cent YoY in the first quarter. Suman Chowdhury, Chief Economist at Acuité Ratings and Research, provided insights into the key drivers behind this unexpected surge.

India’s breakneck GDP growth rate risks losing momentum as rural demand continues to falter

01 December 2023

money control

Acuité Ratings and Research’s Suman Chowdhury and ICRA’s Aditi Nayar said that an acceleration in the manufacturing sector to 13.9 percent year-on-year in Q2 of FY24 led to the stronger GDP print for the period.

"Key things to watch out in July-Sept quarter growth data" Suman Chowdhury shares his perspective in Republic World

30 November 2023

Acuité's quote on India’s Q2FY24 GDP data covered by Financial Express in the story "India’s Q2FY24 GDP today: Economists expect growth in range of 6.8%-7% in July-Sept quarter"

30 November 2023

Meanwhile, Suman Chowdhury, Chief Economist and Head of Research, Acuité Ratings & Research Limited, said, "The resilience in urban demand is clearly one of the primary drivers of the current momentum in the Indian economy. Urban demand has reportedly been strong as reflected by a step up in passenger vehicle sales, online food deliveries, airline traffic and hotel occupancies which has particularly translated into a stronger than anticipated momentum in the services sector. While India didn’t win the ICC Cricket World Cup, the event surely did its bit to also push up consumption demand in the months of Oct-Nov’23 along with the regular festivities.” Nevertheless, he maintained that the rural engine is running on a slightly different track. "There are indications of a weaker rural demand due to the El Nino phenomenon, the estimated shortfall in the kharif crop and the risks to the current rabi crop,” said Suman Chowdhury.

Acuité's quote on GDP covered by Economic Times, CNBCTV 18, Economic Times:

30 November 2023

The Economic Times | CNBCTV18

"Although we don't expect any significant moderation in the intensity of public capital expenditure, persistent headwinds on the export front, higher interest rates along with a tighter funding environment for consumer loans and weaker agricultural output due to the El Nino phenomenon can pose risks to the overall growth trajectory in the second part of FY24,” said Suman Chowdhury, Chief Economist and Head of Research, Acuité Ratings & Research."We expect 5.0-5.5 per cent growth in H2FY24 and hold on to our base forecast of 6.0 per cent for FY24," reported IANS, citing Chowdhury.

Rural consumption recovery was interrupted in Q2 FY24 owing to a confluence of adverse macroeconomic and seasonal factors.

29 November 2023

The Hindu Business Line

Key factors such as adverse spillover from the anticipated (albeit somewhat delayed) global slowdown, dilution of pent-up demand (especially in services), and lagged impact of domestic monetary tightening, among others, are expected to moderate India’s second half (H2 FY24) GDP growth to 5.0-5.5 per cent, according to Acuite Ratings and Research.

Acuité's inputs from the Macro Pulse, covered by News18 in the story 'India's Q2 GDP Data To Be Out On Thursday: What Analysts Expect?"

28 November 2023

News18

Acuité Ratings & Research in its report expects Q2 growth at 6.5 per cent. It said there are two important takeaways from our latest macro heat map. One, the economic report card for the first half of the current fiscal has been strong supported by the high investments in public infrastructure, largely steady consumption demand particularly in the services sector and the ramp up in core industrial activity.

Suman Chowdhury of Acuité Ratings discusses impact of ICC World Cup on India’s economy and growth projections- Hindu Business Line:

28 November 2023

The Hindu Business Line

Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research,

The ICC World Cup has surely done its bit to push up consumption demand in the months of Oct-Nov’23 along with the regular festivities. Urban demand has reportedly been strong as reflected by a step up in passenger vehicle sales, online food deliveries, airline traffic, and hotel occupancies.

Acuité's macro pulse report exclusively covered by Hindu Business Line India’s GDP to moderate to 5.0-5.5% in second half of FY24:

28 November 2023

Acuité's comment on Bank disinvestment covered by Outlook Business in the story 'Will The Government Find The Right Valuation For Bank Disinvestments After LIC’s Mess?

23 November 2023

Outlook India

Suman Chowdhury, Chief Economist and Head of Research at Acuite Ratings and Research said closure of any large disinvestment will not be possible this financial year due to political reasons. "Valuation surely will remain a contentious issue for any PSU disinvestment. Currently the market scenario is conducive with a long queue of private sector IPOs and we believe that the markets are likely to remain firm over the next few months with expectation of a reversal of FII flows,” he added.

RBI tightening of unsecured loans: Banks may need Rs 84,000 crore excess capital:

18 November 2023

Indian Express

Suman Chowdhury, Chief Economist and Head, Research, Acuité Ratings & Research, said the higher capital requirements are expected to moderate the growth of such loans and address spread of any such systemic risks.

Acuité's views on RBI's Latest Move On RBI's regulatory measures covered by news18in the story

17 November 2023

News18

Suman Chowdhury, chief economist and head (research) at Acuité Ratings & Research, said that apart from a moderation in the aggregate growth of unsecured loans, the impact of the measures can be seen through the following:

1) A material increase in the interest rates charged on unsecured loans by banks and NBFCs, thus affecting EMIs

2) Higher cost of borrowings for large and small NBFCs (including FinTechs) with a high proportion of unsecured retail loans in their AUM

3) Increased focus of NBFCs on diversification of funding from banks and higher issuances in both public and private bond markets with attractive yields

4) Higher mobilization of capital by NBFCs into unsecured lending to cater to the additional capital requirements

5) Sudden withdrawal of banks and NBFCs from the consumer loan market may also enhance delinquency risks in this category.

Acuité's comments on trade deficit- October 2023 covered by Hindu Business Line:

16 November 2023

The Hindu Business Line

Stock market live updates: Suman Chowdhury, Chief Economist and Head – Research Acuité Ratings & Research, onn trade deficit data

While pressure for incremental weakness in INR might persist in the near-term given the volatility in the global markets, it is no longer likely to be intense in the coming weeks and the risks of INR breaching the level of 84 has reduced. The recent softness in US labor market/ inflation data has weighed upon the US dollar (DXY index has slipped 2.2% since its recent highs in Oct-23), thereby providing respite to EM currencies. Further, the likelihood of Fed opting for another rate hike in Dec-23 has also progressively declined, mitigating the risks of further capital outflows.

Acuité's quote on WPI, covered by Business Today in the story WPI inflation expected to move to positive territory in coming months:

14 November 2023

Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research noted that wholesale food inflation stood at 1.33% MoM and carry upside risks, given the continuing inflation in cereals, pulses and onions.

Acuité's views on CPI Inflation covered by Reuters in the story: Experts' view: India's retail inflation eases to 4.87% in October

13 November 2023

Reuters

SUMAN CHOWDHURY, CHIEF ECONOMIST AND HEAD – RESEARCH, ACUITE RATINGS & RESEARCH

"Given the concerns on the yield in the upcoming kharif crop and the El Nino phenomenon, the downside risks to food inflation remain."

Acuité's comment on IIP covered by The Hindu Business Line

13 November 2023

Suman Chowdhury, Chief Economist and Head -Research, Acuité Ratings & Research "Industrial activity has seen a healthy uptick in the first half of the current fiscal with IIP growth at 6.0%YoY which is one of the highest prints for H1 if one excludes the last 2 years after Covid. While there still was some moderate base support, steady implementation of infrastructure projects has continued to boost demand for cement and steel while rainfall deficiency in the monsoon season has driven the demand for power and coal. Without the base support and risks of weaker rural demand, we expect IIP growth to moderate in the second half of the fiscal. On an overall basis, IIP growth is likely to be lower than 5.3% recorded in the previous year.”

Acuité's comment on IIP covered by Investing.com in the story "Growth in industrial production likely to be lower than 5.3% recorded in previous yr

13 November 2023

Investing.com

New Delhi, Nov 13 (IANS) Growth in industrial production to moderate in FY24, from 5.2 per cent recorded in FY23, as per Acuite Ratings and Research.Growth in India’s IIP eased to 5.8 per cent YoY in Sep23 from 10.3 per cent YoY in Aug23. The outcome was lower than market consensus of 7.0 per cent, and also marked the first negative surprise in the last four months.

Acuité's quote on CPI Inflation covered by BQ Prime

13 November 2023

BQ Prime

India CPI inflation expectedly has taken a further dip, however, food inflation still continues to be almost at the same level, said Suman Chowdhury, chief economist and head of research at Acuité Ratings and Research.

Acuité comments on the story Indian rupee to trade near record lows despite surging growth- Reuters Poll:

08 November 2023

Reuters

"With a reversal of capital flows next year, the RBI's intervention in the currency market should reduce," said Suman Chowdhury, chief economist at Acuite Ratings and Research.

Sankar Chakraborti, MD & CEO, Acuité Ratings & Research Limited shared his insights on green financing in a Business Standard article:

06 November 2023

Acuité's quote on PMI covered by The Hindu Business Line:

06 November 2023

Here's What Suman Chowdhury, Chief Economist & Head of Research, Acuité Ratings & Research, Said on PMI

The drop from the high level of PMI indices in Aug-Sep’23 were expected but the extent of the drop has surprised us. Given that we are in the middle of the festive season, the intensity of activity in the services sectors such as transportation and hospitality should have led to a better reading of Services PMI.

These readings may be an early indicator of a moderation in economic activity in the second half of the current fiscal due to lower agricultural output and weak rural demand. The PMI survey also reports a build-up of cost pressures particularly in the services sectors which may not allow core inflation to drop further from the current levels. We continue to stick to our original growth forecast of 6.0% for FY24.

Acuité's quote on core sector output in Sep’23 covered by The Hindu Business Line:

02 November 2023

The Hindu Business Line

"While the overall economy including the core sector has seen a solid momentum in the first half of FY24 partly supported by the base factor and the significant public expenditure in infrastructure, there are signs of a growth moderation in the second half of the year. Weaker rural demand may have an impact on core and industrial activity. In the short run, the Israel – Hamas conflict may also impact specific core industries such as petro-products and fertilizers.”

Acuité's quote from Macro Pulse covered by Hindu Business Line- Nifty set to open on a bearish note as global concerns prevail:

30 October 2023

The second half of the current fiscal may be a different ball game altogether. "With no base factor advantage, the economy will have to be driven by the strength of consumption demand and the acceleration in investments, both public and private. The key concern on growth at this stage emanates from the downside risks to agricultural output induced by an irregular monsoon and the uncertain impact of the prevailing El Nino”, said Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research,

Macro Pulse Oct 2023 covered by Hindu Business Line

27 October 2023

The average index print in the second quarter of the fiscal is 2.36% higher than in the previous year: Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research

"Following the ascending trail of the previous month, the Acuité Macroeconomic Performance Index (AMEP index) has shown further buoyancy in September. The average index print in the second quarter of the fiscal is 2.36% higher than in the corresponding period of the previous year. The steady and consistent momentum in economic activities in the second quarter of the current fiscal was supported by steady urban demand, onset of festive season, increased public expenditure in infrastructure and higher power demand in periods of deficient monsoon rainfall. Therefore, we expect the GDP growth in the second quarter of the fiscal to remain fairly strong at 6.4%-6.8%.

September 2023 AMEP covered by The HinduBusinessLine

19 October 2023

Hindu Businessline

"Expectedly, the AMEP index has risen further in the Q2 quarter end after the healthy uptick in August, reflecting the optimism on consumption demand during the festive season. Further, economic activity in the core sector has continued to be boosted by steady public investments in the infrastructure sector. With persistent challenges on the export front, higher interest rates and a tighter funding environment along with risk of weaker agricultural output due to El Nino, there is a likelihood of a moderate slowdown in growth in the second half of the year. Accordingly, we hold on to our base forecast of 6.0% GDP growth in FY24,” Suman Chowdhury said.

Economy Watch: Economist Suman Chowdhury: IIP exceeds expectations, manufacturing at 14-month high:

16 October 2023

Stock Market Live Updates: Economy Watch: Economist Suman Chowdhury: IIP exceeds expectations, manufacturing at 14-month high

Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research

"IIP growth in Aug-23 has exceeded expectations by rising to 10.3% YoY vs 6.0% YoY in Jul-23. The growth in the manufacturing sector stood at a 14-month high of 9.3% YoY along with a moderate sequential output growth of 1.2%, better than the seasonal trend of the past. Cumulatively, IIP has grown by a healthy 6.1% YoY in the first five months of the fiscal which reflects a significant momentum in industrial activity.

Acuité's comment on WPI inflation, covered by news18:

16 October 2023

news18

Suman Chowdhury, chief economist and head (research) at Acuité Ratings & Research, said, "India’s wholesale inflation print still continues to be negative at -0.26 per cent in September 2023 albeit it has tightened from -4.18 per cent in June 2023, respectively. A rapid drop in the increased vegetable prices and overall benign wholesale food inflation that declined by 4.5 per cent MoM, has helped to keep the WPI sequential trajectory at -0.6 per cent MoM.” ”

Acuité's comments on WPI inflation covered by Business today:

16 October 2023

Business today

"There is a structural and longer-term challenge with regards to food inflation in the cereal and the pulses category. Wholesale cereal inflation stands at 7.3 per cent year-on-year in September on the back of a high 11.9 per cent YoY in September 2022. Pulses wholesale inflation has sharply climbed to 17.7 per cent YoY in September 2023 and has been near double digits since June,” noted Suman Chowdhury, Chief Economist and Head–Research, Acuité Ratings and Research.

Acuité's analysis of auto sector covered by The Hindu Business Line:

13 October 2023

The Hindu Business Line

Stock Market Live Updates: Sectoral Watch: Positive consumer sentiments and crop expectations boost India’s auto sector growth

Auto Sales - Sept’23, with a quote by the Chief Economist and Head of Research, Mr. Suman Chowdhury. Chief Economist & Head - Research, Acuité Ratings & Research Ltd.

‘Best of both worlds’ – economists give thumbs-up to CPI, IIP data

13 October 2023

Money Control

On the consumption side, production of durables and non-durables rose by 5.7 percent and 9 percent, respectively, which Suman Chowdhury, Chief Economist at Acuité Ratings & Research, attributed to stocking requirements during the festive season.

Retail inflation falls to three-month low of 5.02 per cent in September:

13 October 2023

The Telegraph Online

Suman Chowdhury, chief economist and head – research, Acuite Ratings & Research, said: "The geo-political risks in the background and the upward pressure on oil prices, apart from the food output risks, will keep the RBI’s monetary policy committee (MPC) watchful and any reversal of the monetary policy stance is likely to happen only in the next fiscal (year).”

Acuité comments on Retail inflation falls to three-month low of 5.02 per cent in September Covered by- The Print and other subsequent publications:

12 October 2023

The Print | The Telegraph | Business World | Republic

Commenting on the numbers, Suman Chowdhury, chief economist at Acuite Ratings & Research, said IIP is expected to maintain such a trend for FY24 as a whole, although, the base factor will not remain as favourable in the second half of the year.

Acuité's comment on IIP covered by Business today:

12 October 2023

Business Today

Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research, forecast headline inflation to average 5.6% in FY24 and remain in the range of 4.5-5.5% in the second half of the fiscal. "Nevertheless, we believe that the geo-political risks in the background and the upward pressure on oil prices, apart from the food output risks will keep the RBI Monetary Policy Committee watchful and any reversal of the monetary policy stance is likely to happen only in the next fiscal,” he said.

Acuité's comment on IIP growth indicates steady festive demand and some boost from base effect Covered by Business Today:

12 October 2023

Acuité's comments on PMI covered by Hindu Business Line:

09 October 2023

The Hindu Business Line

Here’s what Suman Chowdhury, Chief Economist and Head of Research, Acuite Ratings & Research, said on outlook for Indian Economy

The elevated readings of the twin PMI indices continue to indicate the steady momentum in both the manufacturing and the services sector in the first half of the current fiscal.

The expectation of strong demand during the festive season (mostly Q3) has been an important driver of increased economic activity. The strength of rural demand in particular amidst a deficient monsoon and higher food prices will be a monitorable in the second half of the year. Nevertheless, high investment activity through government capital expenditure and a gradual rise in private sector capex will facilitate a healthy GDP growth in FY24, ours being pegged at 6.0% for now..

Acuité' comments on the story Crude supply, inflation risks for India if war spreads to West Asia: Economists covered by Investing India

08 October 2023

Investing.com

"In the worst case, there is also a likelihood of the conflict spreading across West Asia and involving several nations. That may lead to further supply challenges in crude oil where supply cuts by OPEC+ (Organisation of Petroleum Exporting Countries and other oil producing countries) have already led to a rise in global prices,” Suman Chowdhury, the ChiefEconomist and Head of Research, Acuite Ratings & Research Ltd told IANS.

Acuité' comments on the story Israel Palestine Conflict: पश्चिम एशिया तक फैला युद्ध तो भारत पर भी हो सकता है असर, बढ़ सकती है महंगाई. Covered by Zee Business Hindi:

08 October 2023

Zeebiz.com

सुमन चौधरी, मुख्य अर्थशास्त्री और अनुसंधान प्रमुख, एक्यूइट रेटिंग्स एंड रिसर्च लिमिटेड ने बताया कि सबसे बुरी स्थिति में, इस संघर्ष के पूरे पश्चिम एशिया में फैलने और इसमें कई देशों के शामिल होने की भी संभावना है. इससे कच्चे तेल (Crude Oil) की आपूर्ति में और चुनौतियां पैदा हो सकती हैं, जहां ओपेक प्‍लस (पेट्रोलियम निर्यातक देशों और अन्य तेल उत्पादक देशों का संगठन) द्वारा आपूर्ति में कटौती के कारण पहले से ही वैश्विक कीमतों में बढ़ोतरी हुई है.

Acuité comments on RBI MPC Covered by Economic Times:

06 October 2023

The Economic Times

Suman Chowdhury, Chief Economist and Head- Research, Acuité Ratings & Research

RBI MPC has persisted with its "pause” on benchmark interest rates for the fourth consecutive time in October and also retained the stance on "withdrawal of accommodation”, on expected lines..

Acuité comments on the story RBI-MPC's decision on repo rate may be unanimous but not on the stance: Econ .. covered by ET-BFSI

03 October 2023

BFSI

"In our opinion, there will be no divergence of views on the rate pause decision , 6-0. But as earlier, there is likely to be one dissent on continuing the existing monetary stance, 5-1," Suman Chowdhury, Chief Economist & Head - Research, Acuite Ratings told IANS.

Acuite comments on the core sector- Covered by The Hindu BusinessLine:

03 October 2023

The Hindu Business Line

Strong growth in eight core industries

The output growth of eight core industries has witnessed a strong performance in August by rising to 12.1% YoY as compared to 8.4% YoY in July 2023. This is the highest growth print in the core sector in 14 months since June 2022, albeit partly supported by a weaker base in the previous fiscal year. On a sequential basis, the eight core industries index also had a healthy rise of 2.5% MoM, which had actually dropped in July and June 2023 by 1.8% MoM and by 1.0% MoM respectively. The core sector or infrastructure output, which comprises eight sectors including coal and electricity, accounts for nearly 40 per cent of industrial output.”

Suman Chowdhury, Chief Economist & Head - Research, Acuité Ratings & Research Ltd.

Acuité comments on the story ‘Satya MicroCapital raises $60 million from Japan’s Sumitomo Mitsui Banking Corporation’, covered by The Economic Times

30 September 2023

The Economic Times

Acuite Ratings and Research expects the sector to grow to Rs 4 lakh crore by March 2024 from around Rs 3.50 lakh at the end of March this year.

Acuité comments on the story India’s Core Industries Up 12.1% In August, All 8 Sectors Record Growth* *covered by Business world

29 September 2023

Business World

Commenting on the development, Suman Chowdhury, Chief Economist, and Head- Research, Acuité Ratings & Research said, "Core sector in India has reported a strong growth in Aug-23 with the latest ECI index rising by 12.1% YoY, the highest print since Jun-22. The core sector print continues to reap the benefits of a relatively weaker base in the previous fiscal year. On a sequential basis, the index has witnessed a healthy growth of 2.5 per cent, as compared to a contraction in the previous two months."

Expect growth outcomes to moderate due to unfavourable statistical base along with several factors that play a role in pace of economic growth' Acuité comments on the story Rating Agencies Less Optimistic Than RBI On India’s Growth Rate For FY24, covered by Outlook Business

28 September 2023

Outlook India

Suman Chowdhury, Chief Economist and Head of Research at Acuite Ratings and Research said they expect growth outcomes to moderate due to unfavourable statistical base along with several factors that play a role in pace of economic growth.

Acuité comments on Crude oil prices to remain elevated but will not breach $100 per barrel in 2023 covered by Moneycontrol

27 September 2023

Moneycontrol

"The buoyancy in crude oil prices is not going to sustain for a longer time as it is not fundamentally driven by demand but by supply cuts from Saudi and Russia. Demand is still not very strong. Though stimulus measures have been announced in China, data points are not strong,” said Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research.

Microfinance lenders need to raise fresh capital in FY25

26 September 2023

The Economic Times

According to Acuite Ratings & Research, pure-play microfinance lenders in India will need to raise fresh capital in FY25 to sustain their growth momentum. Acuite projects the country's microfinance portfolio to reach Rs 4 lakh crore by March 2024. The non-banking finance company-microfinance institutions (NBFC-MFIs) experienced a compounded annual growth rate of 24.6% in FY21-23 and increased their market share to 39.7%.

RBI will continue to hold on to the pause button on the interest rates in the current scenario. Said Suman Chowdhury, Chief Economist & Head - Research, Acuité Ratings- Covered by Zee business.

26 September 2023

Zee Business

Suman Chowdhury, Chief Economist & Head - Research, Acuite Ratings told IANS that RBI will continue to hold on to the pause button on the interest rates in the current scenario.

"While vegetable prices have moderated after July-August and the government has continued to take steps to cool down food prices, there are potential food inflation risks due to the erratic monsoon and its impact on the kharif output particularly rice and pulses. RBI MPC is expected to keep a close eye on not only the food prices but also on increased crude oil prices and its implications on the overall inflation curve,” Chowdhury said.

The optimism on the CAD and the BoP have started to decline particularly after the unexpected rise in crude oil prices since Aug-23. Says Suman Chowdhury, Chief Economist and Head – Research, Acuité Ratings & Research. Covered by Times of India

19 September 2023

The Times of India

"The optimism on the current account deficit (CAD) and the balance of payments have started to decline, particularly after the unexpected rise in crude oil prices since August 23. Going ahead, merchandise trade deficits are likely to remain elevated and will lead to higher CAD in Q2 and Q3 unless there is a strong growth in services exports,” said Suman Chowdhury, chief economist, Acuite Ratings.

Acuite expects the WPI inflation to be in the positive territory over the next few months, covered by The Hindu:

14 September 2023

The Hindu

Economists expect wholesale inflation to rebound from the deflationary trend in coming months, which would also feed into pressures on inflation in consumer prices, which remained elevated at 6.83% in August. "Prices of crude oil, cereals and pulses are rising and industrial as well as consumer demand is holding up. This would keep CPI inflation in the range of 5.5%-6.5% over the next two quarters and not allow it to come down sharply,” said Suman Chowdhury, chief economist and head-research at Acuité Ratings & Research.

“Our latest heat map indicates that after a strong performance in Q1, the global headwinds and the freshly emerging domestic headwinds have started to impact the economic momentum in Q2.” covered by Hindu Business Line

14 September 2023

According to Suman Chowdhury, Chief Economist & Head – Acuité Research, "Our latest heat map indicates that after a strong performance in Q1, the global headwinds and the freshly emerging domestic headwinds have started to impact the economic momentum in Q2.”

Acuité Ratings & Research believes that food inflation will continue to be a risk factor over the next six months though the near-term pressures have subsided, covered by The Hindu Businessline:

13 September 2023

The Hindu Business Line

With the moderation in the vegetable prices, the headline CPI inflation has moderated to 6.83% in Aug-23 compared to 7.44% in July:

Suman Chowdhury, Chief Economist, and Head- Research, Acuité Ratings & Research "With the moderation in the vegetable prices, the headline CPI inflation has moderated to 6.83% in Aug-23 compared to 7.44% in July. This is a relief to the central bank and also reflects the steps being taken by the Government to cool down food prices.

Economy Watch: IIP growth in July 2023 hits 5.7% YoY, manufacturing and mining lead the way

" IIP growth in Jul-23 has improved to 5.7% YoY vs 3.8% YoY in Jun-23. The growth in the manufacturing sector stood at 4.7% YoY although on a sequential basis, the output has been largely stagnant. The major growth drivers in the manufacturing sector were higher production of metals, pharmaceuticals and automotives.

The mining sector has benefitted from the delayed rainfall across the country, leading to an YoY output growth of 10.7% during the month but its performance will be impacted by the seasonality factor. Typically, the electricity sector witnesses a decline in generation during the monsoon months but given the lack of consistency in the rainfall, the output has been relatively stable in the current quarter. Power demand and generation is estimated to have increased further in August due to the nation-wide deficiency in rainfall.

It is encouraging to see both annualized and sequential output growth in the consumer goods sector in July-23 and this is likely to be due to the stocking requirements before the festive season. However, any sustained growth in consumer goods will require a consistently favourable demand scenario.

Cumulatively, IIP has grown by 4.8% YoY in the first four months of the fiscal which we believe is healthy. We expect IIP to maintain such a trend for FY24 as a whole although the base factor will not remain as favourable.”

- Mr. Suman Chowdhury, Chief Economist, and Head- Research, Acuité Ratings & Research

After Tomato Trouble, Will Sugar Leave A Sour Taste In The Festive Season ?

07 September 2023

Outlook India

"The current increase in sugar prices is not significant enough to move the needle on the overall CPI inflation on its own. However, the collective impact of higher prices across several categories such as cereals, pulses, milk and sugar can hold food inflation firm for a longer period despite the moderation in vegetable prices,” said Suman Chowdhury, Chief Economist, Acuite’ Ratings & Research.

Acuité Ratings & Research statement on passenger vehicle volumes ahead of festive season covered by The Hindu BusinessLine

07 September 2023

www.businesstoday.in/news-reel/video/how-has-india-helped-to-set-agenda-as-g20-president-394910-2023-08-21

Passenger vehicle volumes are responding strongly to the approach of the festive season, according to Acuité Ratings & Research. Apart from the festive factor, the other factors that are driving growth in the segment are increased consumer preference towards the SUV/MPV segment, improvement in semiconductor availability, and the nearing elections both in multiple states and the central level, it said.

Read the article on the India GDP outlook for the year published in @CNBC TV 18 and penned by our Chief Economist and Head of Research, Mr. Suman Chowdhury.

31 August 2023

"While India's April-June GDP growth numbers are set to be robust, the growth outcomes are expected to moderate in the current and subsequent quarters, with slower momentum in exports and increased uncertainty on consumption growth. Unless there is a better than expected traction in private sector investments, the GDP growth for the full financial year is expected to be around 6.0 percent", he writes.

To access the full article, click:

CNBC TV18

Read an article on India’s current GDP outlook, written by our Chief Economist and Head of Research, Mr. Suman Chowdhury, published by the Outlook Business.

29 August 2023

Amidst the robust GDP growth expected in Q1 of the year, there are risks of a moderate slowdown in the subsequent quarters on account of the headwinds to global trade and the uncertainty in near term agricultural output arising from weather events. Nonetheless, we believe that a step up in both public and private investments will support a healthy growth of 6% for FY24 as a whole.

To access the full article, click:

Business Outlook

Acuité expects the RBI to continue to maintain a hawkish stance in the near future, covered by IANS, and the story was picked up by Investing.com, Bhaskarlive, and other subsequent publications:

27 August 2023

Acuité comments on the story ‘Q1 GDP growth seen at a four-quarter high of close to 8%', covered by Business Today:

23 August 2023

Business Today

According to Suman Chowdhury, Chief Economist and Head - Research, Acuité Ratings & Research GDP growth in the first quarter is set to be strong at around 7.5 per cent YoY, partly driven by the favourable base but the growth print is likely to be 150-200 bps lower in the subsequent quarters. "We hold to our forecast of 6 per cent for FY24 for now,” he said.

Acuité comments on the story ‘High natural gas prices to cool after Australian workers’ stoppage is resolved: Analysts, covered by Moneycontrol:

23 August 2023

Money Control

"Uptick in prices due to the Australia issue is a short-term supply disruption-driven price surge but we are not expecting much of an increase going forward. Once the issue is resolved, prices will tend to moderate,” said Suman Chowdhury, chief economist and head of research, Acuite Ratings & Research.

Acuité’s Macroeconomic Performance Index (AMEP index) - July'23 signals Indian economic slowdown amid global uncertainty, covered by The Hindu Businessline:

22 August 2023

The Hindu BusinessLine

Acuité’s AMEP Index signals Indian economic slowdown amid global uncertainty

"Acuité Macroeconomic Performance Index (AMEP index) provides some signals of a slowdown in the Indian economy from the month of July. While a sequential drop in the index can be largely attributed to the seasonality factor in Q2 of the fiscal, the uptick YoY has turned moderate. The slowdown in China and the overall global uncertainty have started to impact the growth momentum despite the overall domestic demand resilience. GDP growth in the first quarter (Q1FY24) is set to be strong at around 7.5% YoY, partly driven by the favourable base but the growth print is likely to be 150-200 bps lower in the subsequent quarters. We hold to our forecast of 6.0% for FY24 for now.”

- Suman Chowdhury, Chief Economist & Head - Research, Acuité Ratings & Research Ltd

In an exclusive interview with Business Today, our Chief Economist and Head of Research, Mr. Suman Chowdhury, explains how India has helped set the agenda as G20 President:

21 August 2023

To watch an exclusive interview, click on the below link:

Acuité expects India's CPI inflation to remain above 7 percent in Aug'23, covered by News 18:

19 August 2023

News18

According to the latest official data, India’s retail inflation jumped to 15-month high of 7.44 per cent in July on account of costlier food items. In its report, Acuité Ratings & Research said, "Although tomato prices have begun to correct, CPI inflation in Aug-23 may continue to remain above 7 per cent.

Acuité comments on the story ‘Will Dairy Inflation Ease In Coming Months As Raw Milk Supply Improves?', covered by Outlook India:

18 August 2023

Outlook India

Suman Chowdhury, chief economist and head of research at Acuite Ratings, said that the supply chain issues have not entirely gone away. "There are still concerns due to the erratic monsoon pattern and high prices of fodder.” He opined that dairy inflation could remain in the 7-8 per cent range and also increase from the current levels if companies hike milk prices.

According to Acuité Ratings & Research, liquidity will be tighter than expected due to the iCRR, and this may lead to an increase in short-term rates, covered by The Times of India:

16 August 2023

The Times of India | The Economic Tines | BFSI | Business Journal

"Experience during demonetisation shows that cash that has been returned to a bank account because of currency withdrawal will soon be withdrawn,” said a senior banker with a public sector bank. According to Suman Chowdhury, chief economist at Acuite Ratings, liquidity will be tighter than expected due to the iCRR, and this may lead to an increase in short-term rates.

Acuité comments on the story ‘Share Market Highlights 14 August, 2023: Sensex rebounds with Reliance and Infosys boost; Nifty ends positive', covered by The Hindu Businessline:

14 August 2023

The Hindu Business Line

Chief Economist at Acuite on IIP growth

IIP growth print in June-23 has disappointed at 3.7% YoY. Clearly, the manufacturing sector has not been able to sustain the growth trend that had been seen in the first two months of the last quarter. The manufacturing output grew only by 3.1% YoY and actually saw a sequential contraction of almost 1.0%. While mining and power have seen better annualised growth rates compared to Apr-May, their weightage in the overall IIP is only 22%. Nevertheless, on a quarterly basis, the IIP growth in Q1FY24 is 4.5% which is 1% higher than the average of the first quarter IIP growth in the last ten years excluding the last 3 yrs which had some anomaly due to Covid.

Acuité comments on the story ‘Retail Inflation: क्या खाएगी जनता? महंगाई आउट ऑफ कंट्रोल, 15 महीने में सबसे ऊपर', covered by Aaj Tak:

14 August 2023

Aaj Tak

कब तक कम होगी महंंगाई?

बिजनेस टुडे के अनुसार, Acuité Ratings & Research के रिसर्च प्रमुख सुमन कुमार चौधरी ने कहा कि हमारी राय में सब्जियों की खेती के छोटे चक्र और सरकार की ओर से कीमतों को कम करने के लिए कुछ कदमों के साथ सब्जियों के भाव का इतना उच्च स्तर नवंबर-दिसंबर 2023 से आगे कायम रहने की संभावना नहीं है. इसलिए, मुद्रास्फीति दो से तीन महीनों के बाद कम होने की संभावना है.

Read an article written by our Chief Economist and Head-Research, Mr. Suman Chowdhury, on the RBI's latest monetary policy announcement, published by CNBC TV18

10 August 2023

To read the full article, click on the below link:
https://www.cnbctv18.com/views/monetary-policy-why-it-is-important-to-decipher-rbis-liquidity-strategy-17487061.htm

According to Acuité Ratings & Research, the likelihood of an extended pause on interest rates has been reinforced due to the uncertainty on the inflation front, covered exclusively by Bizz Buzz:

11 August 2023

Bizz Buzz

Given such uncertainty on the inflation front, the likelihood of an extended pause on interest rates has been reinforced, says Suman Chowdhury, Chief Economist, and Head- Research, Acuite Ratings & Research.

"In our opinion, any possible rate cut may not materialize before the last quarter of FY24. The liquidity will be slightly tighter than expected in the near term due to the ICRR imposition and this may lead to some increase in short-term rates,” Chowdhury said.

Acuité attributed RBI's hawkish stance to the unexpected announcement of an incremental CRR (ICRR), covered by The Economic Times:

10 August 2023

https://www.indiaweekly.biz/exclusive-indias-low-employment-per-capita-income-problems-cant-be-solved-overnight-says-acuite-ratings-chief-economist/

Furthermore, Suman Chowdhury, Chief Economist and Head- Research, Acuité Ratings & Research, attributed RBI's hawkish stance to the unexpected announcement of an incremental CRR (ICRR).

"The hawkish stance is also reinforced by the unexpected announcement of an incremental CRR (ICRR) of 10 per cent on the incremental NDTL over the last 3 months which will help in absorbing a large part of the excess liquidity created through the return of the Rs 2000 notes and the large dividend to the government from RBI. Nevertheless, it has been stated that the need for the ICRR will be reviewed next month and may be done away with depending on the credit requirements during the festive season," He said.

Acuité comments on the story ‘RBI keeps repo rate steady: Here is what market experts, analysts, and industry leaders say', covered by Zee Business:

10 August 2023

Zeebiz

Suman Chowdhury, Chief Economist, Head, Research, Acuité Ratings & Research

"The governor sounded hawkish, highlighting that headline inflation needs to subside sustainably below 4 per cent and any surge in the inflation print if continued for a longer period, may necessitate fresh action. The hawkish stance is also reinforced by the unexpected announcement of an incremental CRR (ICRR) of 10 per cent on the incremental NDTL over the last 3 months, which will help in absorbing a large part of the excess liquidity created through the return of the Rs 2,000 notes and the large dividend to the government from RBI. Nevertheless, it has been stated that the need for the ICRR will be reviewed next month and may be done away with depending on the credit requirements during the festive season.

MPC has again revised its average inflation forecast to 5.4 per cent in FY24 from 5.1 per cent earlier. Given such uncertainty on the inflation front, the likelihood of an extended pause on interest rates has been reinforced. In our opinion, any possible rate cut may not materialise before the last quarter of FY24. The liquidity will be slightly tighter than expected in the near term due to the ICRR imposition, and this may lead to some increase in short-term rates. Another encouraging development is the decision of the bank to come out with new steps to facilitate better access of funds to the infrastructure NBFCs (NBFC-IDFs) and the announcement of an open architecture for access to credit in India in the lines of ONDC."

Acuité comments on the story ‘Rate cut may not materialise before last quarter of FY24', covered by IANS, and the story was picked by investing.com and other subsequent publications:

10 August 2023

Although India’s nominal GDP in 2022 was the fifth largest in the world at USD 3.4 trillion (£2.6 trillion) and is set to rise to USD 3.8 trillion (£2.9 trillion) in 2023, its per capita GDP is pulled down by its large population", says our Chief Economist and Head-Research, Mr. Suman Chowdhury, in an exclusive interview with India Weekly:

07 August 2023

As per Mr. Chowdhury, India’s low employment and per capita income issues can’t be solved overnight.
To read the full article, click on the below link:

Read an article written by our Chief Economist and Head-Research, Mr. Suman Chowdhury, in the Financial Express on the adequacy of India’s foreign exchange reserves:

05 August 2023

India’s total forex reserves have reclaimed USD 600 bn mark (as on Jul 14, 2023) after a gap of almost thirteen months. The sequential increase of USD 31 bn in forex reserves in FY24 so far appears impressive. Going by the current trend, the reserves can scale a new record high of USD 650 bn before the end of FY24.

Acuité comments on the story ‘With a hawkish undertone, RBI-MPC may continue to retain the repo rate: Experts', covered by IANS, and the story was picked by Zee Business, and other subsequent publications:

05 August 2023

Zeebiz | The Freedom Press | Odisha TV | Prokerala | Canindia | Always First | Social News XYZ

Suman Chowdhury, Chief Economist and Head of Research, Acuite Ratings & Research in a report on the Purchasing Managers' Index (PMI) for July said as per the respondents' feedback there has been a resumption of rise in input prices and this could gain further strength if food and oil prices are to rise further in the next few months.

Acuité comments on the story ‘Relief unlikely for homebuyers as RBI may hold key rates steady till June 2024', covered by India Today:

01 August 2023

India Today

"They are not going to be very decisive in cutting rates and that is why we believe this pause ... may remain for a longer period unless there are clear signs of a slight weakness in growth or core inflation coming down," said Suman Chowdhuri, chief economist at Acuite Ratings and Research, told the news agency.

Acuité comments on the story ‘RBI to hold rates at 6.50% through Q1 2024, cut in April-June: Reuters poll', covered by Reuters

01 August 2023

Reuters | Samachar Central | Republic World | News18 | Samachar Central | The Local Report

"They are not going to be very decisive in cutting rates and that is why we believe this pause ... may remain for a longer period unless there are clear signs of a slight weakness in growth or core inflation coming down," said Suman Chowdhuri, chief economist at Acuite Ratings and Research.

Acuité comments on the story ‘Despite High Profit Margins, What Stops Manufacturing Firms' Capex Cycle?, covered by Outlook India:

31 July 2023

Outlook India

Suman Chowdhury, chief economist and head of research at Acuite Ratings, says that one of the key reasons behind it has been inconsistent growth of Indian economy in the last few years which led to low confidence in firms to expand capacity. "Even before the pandemic started, the pace of growth had slowed down. The pandemic shock as well dealt a blow to the economy. The focus has been on recovering from the dip seen in growth.”

Acuité comments on the story 'RBI won't revise repo rate, decision to be unanimous: Economists', covered by IANS, and the story was picked by Investing.com, SME Times, Weekly Voice, and other subsequent publications:

31 July 2023

Acuité comments on the story ‘Core Sector Growth Witnesses 5-Month High Jump At 8.2% In June', covered by Business World:

31 July 2023

Business World

Suman Chowdhury, Chief Economist, and Head- Research, Acuité Ratings & Research commented on the core sector growth. ""The momentum in the core sector continued to be strong as indicated by the latest ECI index growth at 8.2 per cent YoY in Jun-23. The core sector print will continue to reap the benefits of a relatively weaker base in the previous fiscal year. In Q1FY24, the sector has seen a healthy growth of 5.8 per cent YoY. Nevertheless, on a sequential basis, the index has contracted slightly by 0.9 per cent which is partly a seasonal factor due to the impact of the monsoons on mining activities and power demand. The current growth engines of the core sector are the steel and cement production which has grown at 21.9 per cent and 9.4 per cent in Jun-23 on an annualised basis. The output in these industries have also risen on a sequential basis by 1.2 per cent and 1.7 per cent respectively, reflecting the strength of domestic demand from the infrastructure sector. The other segments in the core sector such as coal, fertilisers and power had a relatively weaker performance which was largely due to the seasonal factor. As in the earlier months, the output in the oil and gas sector continues to pull down the overall core index.”

He added, "The healthy print in the core sector is likely to translate into a steady IIP growth figure for June-23 at around 5 per cent and is a reflection of an improved industrial activity so far in the current fiscal.”

Acuité comments on the story ‘High likelihood of correction in equity markets over next few months, covered by IANS, and the story was picked by Investing.com, Daily Hunt, IB Times, and other subsequent publications:

30 July 2023

Acuité comments on the story ‘India’s economy to hold top spot for GDP but not so much for jobs growth, covered by Reuters, and the story was picked by The Economic Times, ET BFSI, ET CFO, Business Standard, Financial Express, Indian Express, Firstpost, and other subsequent publications:

24 July 2023

The Economic Times | ET CFO.com | BFSI | Financial Express | Business Standard | Indian Express | Firstpost

"Manufacturing needs to see strong growth and that is possible only when we … iron out the issues that are preventing fresh investments in the sector,” said Suman Chowdhury, chief economist at Acuite Ratings and Research.

"Strengthening domestic demand, a growing consumer market, a thriving startup ecosystem, significantly increased government spending on infrastructure, and the digital wave, are configuring India’s reform trajectory," writes Mr. Sankar Chakraborti, our MD & CEO in this opinion piece titled - Why India’s growth story seems so believable.

19 July 2023

Financial Express

There was an unmistakable conviction in the way Prime Minister Narendra Modi presented India’s growth story during his visit to the US. As he highlighted India’s economic transformation over the years, drawing investors to join the country’s development journey, there were mixed reactions ranging from open criticism, and shades of doubt to belief and excitement about the seismic shifts that are yielding visible outcomes.

Acuité believes that the rise with regards to electronic goods is primarily on account of higher exports of mobile phones from India, given the PLI incentives that are being provided, covered by BQ Prime

18 July 2023

BQ Prime

The rise with regards to electronic goods is primarily on account of higher exports of mobile phones from India, given the PLI incentives that are being provided, said Suman Chowdhury, chief economist and head of research at Acuité Ratings & Research.

Acuité comments on the story ‘Crude oil prices not sustainable beyond $80 per barrel: Analysts', covered by Moneycontrol:

17 July 2023

Money Control

"The global economy is still in the midst of a slowdown, and China’s growth has been lower than expected. Despite the supply cuts, we don’t see a reason for prices to rise in a sustainable way. Moreover, the US is one of the major producers, and their production is quite steady. US production may increase further if prices increase. These are reasons why prices increased to over $80 per barrel in recent weeks but immediately corrected and are now around $79," said Suman Chowdhury, Chief Economist & Head of Research, Acuite Ratings & Research.

Acuité believes that the RBI will continue with its pause stance for an extended period possibly till December to watch for such risks while also assessing the impact of the 250 bps rate hike on the economy, covered by IANS and the story was picked by Bhaskar Live, and other subsequent publications:

16 July 2023

Bhaskar Live | hi India | Prokerala | Can India | The Freedom Press | Weekly Voice | Social News XYZ

"We believe that the RBI will continue with its pause stance for an extended period possibly till December to watch for such risks while also assessing the impact of the 250 bps rate hike on the economy,” said Suman Chowdhury, Chief Economist and Head-Research, Acuite Ratings & Research.

Acuité comments on the story ‘Higher Food Price Drives India’s Retail Inflation To 4.81% In June', covered by Business World:

12 July 2023

Business World

Suman Chowdhury, Chief Economist at Acuité Ratings & Research said that the government have been taking steps from time to time to cool down the prices of cereals, edible oil and pulses and similar steps are likely to be taken going forward.

Acuité projects a CAD of 1.4 percent of GDP and a BOP surplus of $24 billion in FY24', covered by Outlook India:

07 July 2023

Outlook India

Similarly, Acuite Ratings mentioned in its report that for FY23, the CAD was exactly in line with the expectation of 2 per cent of the GDP. The report mentioned that going forward, there could be further compression in it towards 1.4 per cent of the GDP in FY24, led by lower commodity prices in FY24 over FY23.The increased Russian imports of crude would further act as an additional support.

Acuité comments on the story ‘HDFC-HDFC Bank Merger: How Will The Mega Merger Impact The Banking Sector And Markets', covered by Outlook India

01 July 2023

Outlook India

While announcing the deal in April 2022, HDFC had said in a statement that the transaction would create a large balance sheet and net-worth which would allow "greater flow of credit into the economy”. Suman Chowdhury, Chief Economist and Head of Research at Acuité Ratings & Research, claims that the merger will strengthen HDFC’s position in the market. "The funding position of the whole group would improve as banks have an inherent advantage when it comes to raising funds compared to NBFCs. With a large balance sheet, the merger will surely boost the standing of HDFC Bank in the sector,” Chowdhury says.

Acuité comments on the story ‘Savings, Fixed Deposit Rates May Go Up As Banks Struggle To Attract Deposits', covered by Outlook India:

26 June 2023

Outlook India

Suman Chowdhury, Chief Economist and Head of Research at Acuité Ratings & Research, says that working capital requirement of enterprises increased in the last one year due to recovery in consumer demand. "Along with this, another reason for increase in working capital requirement was a rise in the prices of commodities due to inflation.”

Acuité comments on the story 'Gov't spending to drive India growth this fiscal year, economists say', covered by Reuters, and the story was picked up by The Economic Times, Business Standard, The Indian Express, Livemint and other subsequent publications:

23 June 2023

Reuters | Economic Times | Business Standard | The Indian Express | Livemint

"Services exports (are) doing well, but in manufacturing, there is a slowdown. Petroleum, textiles, and two-wheeler exports have come down, and it's very unlikely they will reverse that in a big way," said Suman Chowdhury, chief economist at Acuité Ratings.

Acuité comments on the story ‘Is Indian Government’s Divestment Plan Losing Sheen?', covered by Outlook India

20 June 2023

Outlook India

"Better tax collections in both direct and indirect segment may have diverted the government’s attention. That could be one of the reasons that divestment is not a theme attracting immediate attention of the government” Suman Chowdhury, chief economist and head of research, Acuite Ratings & Research, tells Outlook Business.

Acuité comments on the story ‘El Nino: How Can Below-Normal Monsoon Impact Indian Economy?’, covered by PTI, and the story was picked up by The Outlook, and other subsequent publications:

19 June 2023

Outlook India

Commenting on the impact on rural economy, Suman Chowdhury, Chief Economist and Head of Research at Acuite Ratings and Research, says, "Owing to El Nino, this year we are staring at a possibility of an unfavorable monsoon which is a downside risk to the recovery we are witnessing in rural India. Monsoon has been quite good in last two years.”

Acuité comments on the story ‘Crude oil prices may rise as Saudi output cuts kick in but remain range-bound: Experts', covered by Moneycontrol.com:

19 June 2023

Money Control

"There is a possibility of crude oil prices to go up due to cuts announced by Saudi Arabia and a slight uptick in economic activity,” said Suman Chowdhury, executive director of Acuite Ratings. "At this point, it does not look like we’ll see a very substantial upward movement but up to $80 per barrel is a possibility with the July Saudi cuts.”

Acuité comments on the story 'SGX Nifty indicates another lacklustre day for domestic markets', covered by The Hindu Businessline:

15 June 2023

The Hindu Business Line

Suman Chowdhury, Chief Economist, and Head – Research, Acuité Ratings & Research, said, "In our opinion, the soft wholesale inflation trajectory is already factored in by the MPC in its latest macroeconomic assessment. "The pause in the benchmark interest rates by RBI MPC is likely to extend for another 2-3 quarters although the stance can change to "neutral” if the inflation print continues to be benign for another few months,” he said.

Acuité comments on the story 'India's Retail Inflation Unlikely To Hit RBI's 4% Target In 2023, Say Economists', covered by BQ Prime

14 June 2023

BQ Prime

The RBI will continue with its pause stance for an extended period, possibly till December 2023, to watch for risks from El Nino and the monsoon performance in the current year while also assessing the impact of the 250 basis point rate hike on the economy, said. Suman Chowdhury, chief economist at Acuité Ratings & Research.

Acuité maintains an inflation forecast of 5.3% in FY24 despite the current softness in the CPI trajectory, covered by BQ Prime

12 June 2023

BQ Prime

Headline inflation may touch 4% or go slightly below that for a brief period over the next few months if there are no risks from the monsoon or on the geopolitical front, said Suman Chowdhury, chief economist at Acuité Ratings & Research. However, it will be difficult to hold the figure below 4% for an extended period, given the healthy growth momentum in the domestic economy. "We have stuck to an inflation forecast of 5.3% in FY24 despite the current softness in the CPI trajectory."

Acuité expects the upcoming MPC meeting in early June to focus on two important aspects that have emerged in the last few weeks -- a sustained moderation of the headline retail inflation and a better-than-expected GDP growth print in Q4FY23, covered by IANS, and the story was picked up by Zee News, Bharat Times, and other subsequent publications

08 June 2023

Zee News India | Bharat Times | The News Ocean | India07 | eFLIP

For the current year, Acuite Ratings continue to forecast a growth of 6.0 per cent given the expected impact of the global uncertainties and the lagged impact of the interest rate hikes in the domestic economy although RBI has pegged it at a more optimistic 6.5 per cent, Chowdhury said.

Acuité comments on the story ‘Natural gas prices in Europe, US edge up amid supply issues and rising demand', covered by Moneycontrol:

07 June 2023

Money Control

"Some LNG (liquefied natural gas) terminals in Europe have been shut down and gas pipeline in Turkey also closed which has led to supply-side issues; and therefore the price rise,” said Suman Chowdhury, Chief Economist and Head of Research, Acuite Ratings & Research.

Acuité comments on RBI-MPC meet, carried by Business Today on their daily story

06 June 2023

Business Today

"The upcoming MPC meeting in early June is expected to focus on two important aspects that have emerged in the last few weeks - a sustained moderation of the headline retail inflation and a better than expected GDP growth print in Q4FY23," said Suman Chowdhury, Chief Economist and Head - Research, Acuite Ratings and Research on RBI's Monetary Policy Committee meet

Article written by the Chief Economist and Head-Research of Acuité, Mr. Suman Chowdhury, on the requirement for more investments and reforms as inflation rises on animal products, covered by The Economic Times.* Click:

05 June 2023

The Economic Times

A May 2023 Acuite research study (shorturl.at/qLOPZ) analysed the impact of the pandemic specifically on animal protein inflation. These food items constitute a significant 10.65% of the overall consumption basket - egg (0.43%), meat (2.35%), fish (1.26%) and milk (6.61%).

Acuité comments on the story ‘RBI-MPC may not change interest rates: Experts’, covered by IANS, and the story was picked up by The Economic Times, and other subsequent publications

02 June 2023

Economic Times | The Siasat Daily

"The upcoming MPC meeting in early June is expected to focus on two important aspects that have emerged in the last few weeks — a sustained moderation of the headline retail inflation and a better than expected GDP growth print in Q4FY23,” Suman Chowdhury, Chief Economist and Head – Research, Acuite Ratings and Research told IANS.

For the current year, Acuité continues to forecast a growth of 6.0% given the expected impact of the global uncertainties and the lagged impact of the interest rate hikes in the domestic economy, covered by BQ Prime

31 May 2023

BQ Prime

Acuite Ratings & Research predicts that India’s economic growth for FY23 will be around 7.0%. Looking aheConcern remains on the demand side amid modest private consumption growth in the fourth quarter, said Suman Chowdhury, chief economist and head of research at Acuite Ratings.

Acuité predicts that India’s economic growth for FY23 will be around 7.0%, covered by Adda 24/7 Current Affairs

29 May 2023

Current Affairs 2023

Acuite Ratings & Research predicts that India’s economic growth for FY23 will be around 7.0%. Looking ahead to FY24, they consider factors such as the impact of higher interest rates on urban demand, stability of the monsoon, and absence of base factors. For now, Acuite Ratings & Research maintains a GDP growth forecast of 6% for FY24, without factoring in additional risks from monsoons and external factors.

Acuité expects India's current account deficit to narrow to $53 billion in FY24, covered by IANS, and the story was picked up by The Economic Times (BFSI), Business Standard, and other subsequent publications

17 May 2023

Acuité comments on the story "Dedollarisation a gradual journey, likely to face geopolitical challenges: Expert", covered by IANS Live, and the story was picked up by investing.com, Bhaskarlive, and other subsequent publications:

09 May 2023

Acuité comments on the story "Lenders staring at a likely loss of Rs 5,600 crore in Go First", covered by Indian Express, UNI News, and BQ Prime Hindi

03 May 2023

The Indian Express | UNI News | Hindi BQ Prime

On January 19, 2023, rating agency Acuite downgraded the company’s rating on Rs 5,600 crore bank loans from A- to BBB in the wake of its deteriorating financial position. "The rating downgrade factors the consistent losses incurred in the past three years which has also continued in the first half of FY23 leading to higher dependence on external borrowings and group support,” the rating firm said. According to the IPO prospectus, Central Bank had an exposure of Rs 424 crore and Bank of Baroda Rs 85.79 crore as of March 2020.

According to a report by Acuité Ratings, Go First has 56 billion rupees ($685 million) in rated Indian bank debt, covered by The Print

02 May 2023

The Print

Go First has 56 billion rupees ($685 million) in rated Indian bank debt, according to a January report by Acuite Ratings. Central Bank of India and Bank of Baroda have the largest share.

Acuité comments on the story "Firm milk prices key threat to falling inflation", covered by Financial Express:

01 May 2023

Financial Express

"CPI data shows that month-on-month milk prices have been rising after December 2020,” said Suman Chowdhury, chief economist and head-research, Acuité Ratings & Research, adding that the domestic supply cannot be increased within a short period and hence, milk inflation may remain firm at high single digit in the near to medium term.

Acuité comments on the story "Core sector growth slows to 5-month low of 3.6% in March", covered by Financial Express:

29 April 2023

Financial Express

Cumulatively, the growth in core sector output stands at 7.6% for FY23 which is fairly healthy considering the dilution of the base factor after the pandemic,” said Suman Chowdhury, Chief Economist and Head-Research, Acuité Ratings & Research. "With the weakening global and domestic demand, Ind-Ra believes that the growth in infrastructure industries would be under pressure in the ongoing fiscal year. As a result, the agency expects the core sector annual growth in FY24 at around 5%,” said India Ratings economists Paras Jasrai and Sunil K Sinha.

Acuité expects GDP growth to moderate but still remain healthy at 6.0 percent in FY24, covered by IANS, and the story was picked up by The Times of India, Business Standard, and other national publications:

26 April 2023

Acuité expects the central bank to maintain a prolonged pause and gradually scale back liquidity surplus to push monetary policy transmission, covered by Moneycontrol.com

21 April 2023

Money control

India’s inflation dynamic has turned favourable due to lower commodity costs, statistical base effects and government interventions, Acuite Ratings has said, adding it expects the Reserve Bank of India (RBI) to maintain a prolonged pause on rates and gradually scale back liquidity to push monetary policy transmission.

Acuité expects India's economic activity to decline and witness a lower growth print in FY24 on the back of buoyancy in the services sector, moderation in inflation, and consistency in public sector capital expenditure, covered by The Economic Times and other subsequent publications:

20 April 2023

The Economic Times | News Next

"While the overall GDP growth for FY23 is estimated to be close to 7.0%, that in Q4FY23 is estimated to be around 4.0%-4.5%. Notwithstanding the heightened global risks and the impact of increased interest rates, we believe that India can post a 6.0% growth print in FY24 on the back of a buoyancy in the services sector, moderation in inflation and the consistency in public sector capital expenditure,” said Suman Chowdhury, Chief Analytical Officer, Acuité Ratings. Additionally, power generation has dipped by 3.1% YoY in March 2023 which can be attributed to the lower residential demand amidst relatively moderate weather in the previous month as compared to the heat wave experienced in corresponding period of previous year. .

Acuité comments on the story "The funding conundrum: Insights from Indian start-up investors", covered by SME Futures

17 April 2023

SME Futures

"The collapse of a few regional banks in the US and the merger of Credit Suisse with UBS have weakened investor sentiments further, particularly as SVB was largely into the funding of start-ups. With the support received on deposit insurance and an orderly takeover by another bank, the start-up ecosystem is unlikely to incur any immediate losses,” explains Chowdhury from Acuité Ratings and Research.   .

Acuité comments on the story "How do 22 leading BFSI entities, and experts view RBI’s policy decision?", covered by Banking Frontiers:

13 April 2023

Banking Frontiers

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research: RBI’s pause on the interest rates has been primarily induced by the turbulence in the global banking sector brought about by the failures of a few regional banks in the US and the potential contagion risks in other parts of the world. In other words, it is a "wait and watch” policy being adopted for now not only on the global environment but also on the domestic inflation print. What has also helped in taking a pause decision, for now, is the moderation in the hawkish stance from Fed, weakness in the US dollar and the recent improvement in India’s current account position. In our opinion, the likelihood of a continued pause and a pivot to lower rates in the current year is still uncertain. The pause in the rate cycle, however, will be positive for the bond markets and government borrowings. Despite a higher issuance of G-secs in H1FY24, we don’t expect the 10 yearr G-sec yields to move appreciably above the current levels. RBI will also ensure that the liquidity in the system remains either neutral or slightly in surplus.

According to Acuité Ratings & Research, if there are no surprises on the weather and the oil front, one can expect the headline inflation to moderate further and settle in the band of 5.0%-5.5% over the next few months. Such a trend is likely to support the continuation of the pause although a pivot on rates is still some distance away, covered by The Economic Times

13 April 2023

The Economic Times

"If there are no surprises on the weather and the oil front, one can expect the headline inflation to moderate further and settle in the band of 5.0%-5.5% over the next few months. Such a trend is likely to support the continuation of the pause although a pivot on rates is still some distance away,” said Suman Chowdhury, chief analytical officer at Acuite Ratings & Research.

Acuité comments on the story "Inflation At 15-Month Low: What Does It Mean for RBI?", covered by News18.com

13 April 2023

News18

Suman Chowdhury, chief analytical officer of Acuité Ratings & Research, said, "If there are no surprises on the weather and the oil front, one can expect the headline inflation to moderate further and settle in the band of 5-5.5 per cent over the next few months. Such a trend is likely to support the continuation of the pause although a pivot on rates is still some distance away."

Acuité comments on the story "Where are loan rates going after inflation cooled?", covered by Business Journal

13 April 2023

Business Journal

"If there are no surprises on the climate and the oil entrance, one can anticipate the headline inflation to reasonable additional and settle within the band of 5.0%-5.5% over the following few months. Such a development is prone to assist the continuation of the pause though a pivot on rates continues to be a long way away,” stated Suman Chowdhury, chief analytical officer at Acuite Ratings & Research.

Acuité comments on the story "RBI unexpectedly keeps interest rate unchanged", covered by PTI, and the story was picked up by The Print

07 April 2023

The Print

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research, said the pause has been primarily induced by the turbulence in the global banking sector brought about by the failures of a few regional banks in the US and the potential contagion risks in other parts of the world.

Acuité comments on the story "RBI के इंटरेस्ट नहीं बढ़ाने से होम लोन ग्राहक खुश, लेकिन यह सिर्फ थोड़े समय की राहत है", covered by moneycontrol.com

07 April 2023

Hindi Moneycontrol

While India’s GDP growth decelerated to 4.4 percent YoY in Q3 FY23 from 6.3 percent YoY in Q2, sequentially, GDP expanded by a healthy 3.5 percent QoQ, better than the pre-pandemic average (over a 5-year period) of 2.1 percent QoQ observed in Q3. India should be in a position to notch up a 6 percent GDP growth in FY24 despite the “higher for longer” phenomenon if weather Gods are supportive

06 April 2023

CNBCTV18

The pause in the rate cycle, however, will be positive for the bond markets and government borrowings. Despite a higher issuance of Government Securities (gsecs) in H1FY24, we don’t expect the 10 yr g-sec yields to move appreciably above the current levels. RBI will also ensure that the liquidity in the system remains either neutral or slightly in surplus. —The author, Suman Chowdhury, is Chief Analytical Officer, Acuité Ratings

RBI has not made any significant modifications to its existing forecasts on growth (6.5%) and retail inflation (5.2%) for FY24. In our opinion, the likelihood of a continued pause and a pivot to lower rates in the current year is still uncertain" says Mr. Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research, in his authored article 'RBI MPC — rate hike pause is a “wait and wat

06 April 2023

CNBCTV18

RBI has not made any significant modifications to its existing forecasts on growth (6.5%) and retail inflation (5.2%) for FY24. In our opinion, the likelihood of a continued pause and a pivot to lower rates in the current year is still uncertain" says Mr. Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research.

Acuité comments on the story "Stumped by RBI's decision on repo rate, experts react", covered by IANS, and the story was picked up by investing.com

06 April 2023

Investing.com

According to Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research, the MPC's decision is primarily induced by the turbulence in the global banking sector brought about by the failures of a few regional banks in the US and the potential contagion risks in other parts of the world.

Acuité comments on the story "Parent company support, low debt help smaller cement units stay afloat", covered by Moneycontrol.com:*

03 April 2023

Moneycontrol

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research, explained that smaller cement companies are likely to face higher headwinds due to a lack of scale and cost efficiencies which will bring down their EBITDA per tonne to a larger extent.

Acuité revises downward India's BoP for FY23 to $17 bn from $38 bn, covered by IANS, and the story was picked up by Business Standard, and other subsequent publications:

03 April 2023

Business Standard

In a research report, Acuite Ratings said India's current account deficit narrowed significantly to $18.2 billion (2.2 per cent of gross domestic product-GDP) in Q3 FY23 from $30.9 billion in Q2 FY23 (3.7 per cent of GDP).

According to Acuite Ratings & Research, the retail securitisation volumes in India are estimated to have reached Rs 1.8-trillion mark during 2022-23, almost near to the pre-pandemic level, covered by The Financial Express:

01 April 2023

Retail securitisation volumes had fell sharply from Rs 2 trillion in FY20 to Rs 90,000 crore in FY21 due to the lack of activity on account of Covid-19 pandemic. During FY22, the volumes stood at Rs 1.3 trillion, Suman Chowdhury, chief analytical officer at Acuite Ratings, said.

Acuité comments on the story "How RBI’s watchful eye saved Indian banks from Credit Suisse fallout, global banking contagion, covered by The Financial Express

21 March 2023

The Indian banking sector is adequately capitalised, said Suman Chowdhury, Director & Chief Analytical Officer, Acuité Ratings & Research. With increased credit growth and an expected pickup in private sector capex, the lending opportunities are set to increase. Given increased competition for deposits, however, the net margins may be under pressure, he added. On the other hand, Sunil Damania is bearish on the banking sector, stating that while Credit Suisse may not have an impact, the rising interest rates will harm banks’ NIM and increase NPA levels, affecting their quarterly earnings. As a result, he predicts the sector will underperform.

Acuité expects the average headline inflation figure for Q4FY23 to be higher than the RBI forecast of around 6.2%-6.4%, covered by The Financial Express and BQ Prime:

13 March 2023

Financial Express | BQ Prime

"The core inflation continues to remain above 6% with a steady increase in the prices of services. Further, the average headline inflation figure for Q4 FY23, in all likelihood, is set to be higher than the RBI forecast at around 6.2–6.4%," said Suman Chowdhury, chief analytical officer at Acuité Ratings & Research.

Acuité forecasts India's GDP growth at 7% in FY23 and 6% for FY24, while India's industrial activity rose to 5.2% YoY in Jan'23 from 4.7% in Dec'22, covered by IANS, and carried by Business Standard, Zee News, Bhaskar Live, and other subsequent publications

13 March 2023

According to Acuite, the government’s strong capex disbursals, recovery in auto sales, and improving capacity utilization at a macro level ought to have played a supportive role.

Acuité comments on the story "India's FY24 GDP growth rate predicted in 6-6.5% range by agencies", covered by IANS, and carried by Business Standard, Bhaskar Live, and other subsequent publications:

04 March 2023

According to Acuite Ratings & Research’s Chief Analytical Officer Suman Chowdhury, India’s economic growth in FY23 will be close to 7.0 per cent.

"Going ahead into the next fiscal however, the factors that will play an important role are the impact of higher interest rates on urban demand, the stability of the monsoon, and the absence of the base factor; we have kept our GDP growth forecast for FY24 at 6 per cent for now without factoring in any additional risks from monsoon and external factors,” Chowdhury said.

Acuité comments on the story "Interest rates to be at higher levels in FY24 as long as inflation is up", covered by IANS, and carried by Business Standard, and other subsequent publications:

04 March 2023

According to Acuite Ratings, over the last three months, inflation has begun to descend from peak levels across most economies in the world. The upshot from this development has been a step down in monetary policy aggression by most central banks despite the persistence of monetary tightening.

Acuité expects the economy to notch up a print close to 7% in FY23, with the GDP growth forecast at 6.0% for FY24, covered by The Economic Times:

01 March 2023

Money Control | Business Breaking News

Overall, the Q3 GDP print has been largely in line with the trend that we have observed in our proprietary Acuite Macro Economic Performance (AMEP) index which has held on to the same levels since Nov-22 after the festive activity. While there is a lack of momentum in rural demand and weakness in exports, it is partly offset by the steady demand for goods and services in the urban economy. With some support from the base factor, this will help the economy to notch up a print close to 7% in FY23.

Acuité kept its GDP growth forecast for FY24 at 6% for now without factoring in any additional risks from monsoon and external factors and at about 7% for FY23, covered by The Financial Express

01 March 2023

The Financial Express

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research said that going ahead into the next fiscal, the factors that will play an important role are the impact of higher interest rates on urban demand, the stability of the monsoon, and the absence of the base factor. The agency has kept its GDP growth forecast for FY24 at 6% for now without factoring in any additional risks from monsoon and external factors and at about 7% for FY23.

Acuité expects the domestic economy to notch a growth print close to 7 percent in FY23 with some base factor support, covered by The Hindu Businessline:

23 February 2023

The Hindu Businessline

"While we await the Q3 FY23 GDP figures, the index trajectory till January 23 indicates that the momentum in the domestic economy is adequate to notch a growth print close to 7 per cent in FY23 with some base factor support,” said Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research

Acuité comments on the story "CEA Nageswaran rejects weak manufacturing showing in GDP data, says sector in good health", covered by Moneycontrol & Business Breaking News:

28 February 2023

"Manufacturing has been a drag, contracting year-on-year in both July-September and October-December...which is partly due to the slowdown in exports arising from the global environment," said Suman Chowdhury, Acuité Ratings & Research's chief analytical officer.

Acuité comments on the story "India's growth slips to 4.4% in Dec quarter, experts say less than expected", covered by IANS, and carried by Bhaskar Live, investing.com, and other subsequent publications:

28 February 2023

According to Acuite Ratings & Research’s Chief Analytical Officer Suman Chowdhury, while there is a lack of momentum in rural demand and weakness in exports, it is partly offset by the steady demand for goods and services in the urban economy.

Acuité comments on the story "India's growth slows to 4.4 in Dec quarter on manufacturing woes", covered by PTI, and carried by The Week, MSN, and other subsequent publications

28 February 2023

The Week | MSN| Ummid| Devdiscourse

Acuité comments on the story "Rate hike fears over high inflation buffet markets", covered by Livemint

23 February 2023

Livemint

A protracted hawkish stance by the Federal Reserve could potentially lead to the Reserve Bank of India (RBI) also keeping interest rates high. According to Acuité Ratings & Research, RBI is likely to continue with monetary tightening due to the stubbornly high levels of core inflation. As a result, there could be another 25-basis-point hike in April 2023, and RBI may adopt a data-dependent approach to its stance.

Acuité comments on the story "GDP growth seen at 7 pc for FY23", covered by eximin.net

23 February 2023

Exim India

India’s gross domestic product (GDP) growth is estimated in FY23 at 7 per cent, according to credit rating agency Acuite Ratings and Research. It also anticipates the economic growth trajectory in FY24 to slip to 6 per cent, which would still make India one of the highest growth economies in the world. The Indian economy has managed to withstand the headwinds rather well over the last several months amidst a tough global environment. Domestic growth impulses have gained strength, as urban consumption continues to push demand for both goods and services with derivative support accruing from the government capex cycle which has got a further boost from the Union Budget 2023. Private investments remain somewhat confined, although the higher credit growth reflects the start of a trickle, it said, as per a report.

Acuité expects the RBI-MPC to go for a 25bps policy rate hike in April, covered by IANS, and carried by Business Standard and other subsequent publications:

22 February 2023

"After a hike of 25 bps in Apr-23, MPC (Monetary Policy Committee) could opt for a pause for impact assessment. The stance may change to 'neutral' only after core inflation witnesses a sustained decline to below 5 per cent," Acuite Ratings said.

Acuité maintains the trade deficit at $106 billion or 3.1 percent of GDP for FY23, covered by Business Standard and other subsequent publications

20 February 2023

"As per Global Trade Research Initiative Yarns, Dyes, and Gems & Jewellery could see negative export growth in Feb-Mar 2023 (Turkey accounted for 2.2 per cent share in India's export basket in CY22)," Acuite Ratings said

Acuité expects India's GDP to grow 7 percent in FY23, and 6 percent in FY24, covered by The Economic Times, Business Standard and other publications

20 February 2023

"Domestic growth impulses have gained strength, as urban consumption continues to push demand for both goods and services with derivative support accruing from the government capex cycle which has got a further boost from the Union Budget 2023," Acuite Ratings said.

Acuité comments on the story "Nifty scales 18k but concerns over higher inflation print prevails", covered by Livemint, and Business Journal:

15 February 2023

Livemint | Business Journal

While wholesale core inflation has dipped further, positive sequential print in manufacturing reveals that producers will attempt to pass on cost pressures wherever feasible, said Suman Chowdhury, chief analytics officer, Acuité Ratings and Research. The MPC is expected to take into account headline and core retail inflation to decide on a rate hike in its next meeting, Chowdhury said there is a strong likelihood of a further rate hike in April unless we witness a significant drop in CPI inflation.

Quote of Acuité Ratings in “January CPI Inflation Surprise Hardens Chances Of Another 25 Bps Hike, Economists Say” covered by Bloomberg Prime

14 February 2023

BQ Prime

"It’s unlikely that the MPC will opt for a pause in an environment where both the headline CPI inflation and the core inflation doesn’t come down sustainably below 6%. Further, the monetary stance on "withdrawal of accommodation” is expected to continue in the near term. This may also lead to a hardening of rates in the bond market." Suman Chowdhury, chief analytical officer, Acuité Ratings

Acuité comments on the story "Will January inflation shock force RBI MPC hand into raising repo rate once again in April?", covered by The Financial Express:

14 February 2023

Financial Express | MSN

Given the print for Jan-23, CPI inflation for the current quarter is unlikely to remain below 6.0% although RBI has revised its forecast down to 5.6%. In the light of the unexpected inflation trajectory, the likelihood of a further hike in interest rates in the next MPC has surely increased, according to Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research. "It’s unlikely that the MPC will opt for a pause in an environment where both the headline CPI inflation and the core inflation doesn’t come down sustainably below 6%. Further, the monetary stance on "withdrawal of accommodation” is expected to continue in the near term. This may also lead to a hardening of rates in the bond market,” Chowdhary said.

Acuité comments on the story "CPI Inflation Again Above 6%: Will RBI MPC Pause Repo Rate Hikes in April?", covered by News 18:

14 February 2023

News18 | Bharat Times | PrimeTimes | Online Wiki

Suman Chowdhury, chief analytical officer of Acuité Ratings & Research, said, "In the light of the unexpected inflation trajectory, the likelihood of a further hike in interest rates in the next MPC has surely increased. It’s unlikely that the MPC will opt for a pause in an environment where both the headline CPI inflation and the core inflation doesn’t come down sustainably below 6 per cent."

Acuité comments on the story "CPI Inflation Rises To A Three-Month High Of 6.52% In January", covered by The BQ Prime:

13 February 2023

The BQ Prime

The 6.52% CPI inflation print for January 2023 has indeed been a negative surprise for the markets, said Suman Chowdhury, chief analytical officer at Acuité Ratings.

Acuité comments on the story "Analysts expect another 25 bps repo rate hike in RBI's April policy", covered by IANS, and it was picked up by Times Now, and other subsequent publications:

09 February 2023

Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research, said there is no indication of any pause in the rate hike and the likelihood of further moderate hikes in the repo rate remains, depending on the upcoming data prints.

Acuité comments on the story "Repo rate raised to 6.5 per cent; panel split 4:2", published by The Telegraph:

09 February 2023

The Telegraph

Suman Choudhury, chief analytical officer, Acuite Ratings and Research, said the RBI has maintained a hawkish tone in its statement.

Acuité comments on the story "Between the lines: Here's what India is talking about after RBI monetary policy", published by The Economic Times:

09 February 2023

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research: RBI MPC has hiked its benchmark repo rate by 25 bps in line with market expectations but importantly, has continued its stance at "withdrawal of accommodation”, maintaining a hawkish tone in its statement. There is no indication of any pause in the rate hike and the likelihood of further moderate hikes in the repo rate remains, depending on the upcoming data prints.

Acuité comments on the story "RBI Monetary Policy 2023 Live Updates: RBI Hikes Repo Rates by 25 Basis Points to 6.50%, Loan EMIs to go Up", published by Zee News:

09 February 2023

Zee News

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research said, "RBI MPC has hiked its benchmark repo rate by 25 bps in line with market expectations but importantly, has continued its stance at "withdrawal of accommodation”, maintaining a hawkish tone in its statement. There is no indication of any pause in the rate hike and the likelihood of further moderate hikes in the repo rate remains, depending on the upcoming data prints."

Acuité comments on the story "Analysts expect another 25 bps repo rate hike in RBI's April policy", covered by PTI, and it was picked up by The Economic Times, ET BFSI, BQ Prime, The Print, and other subsequent publications:

09 February 2023

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research: The decision of upcoming RBI MPC is unlikely to be based on consensus. While we believe there is a higher likelihood of a modest 25 bps (or even lower) hike in the repo rate, the probability of a pause has also increased due to the last two monthly inflation prints and the relatively conservative borrowing projections for FY24. The rationale for going for another round of hike is to anchor inflationary expectations, given that core inflation still continues to reign above 6%, and also stem the capital outflows which saw a spurt in Jan-23. While these data points may make it difficult for RBI to arrive at a decision, the prospects of a revision in monetary stance to neutral is strong

Coverage of Acuité Ratings Rationale in "FY22 emerges most profitable for Yash Raj, Dharma despite Covid-19", covered by Business Standard:

06 February 2023

Acuité comments on the story "On a green drive, budget stops short of spelling out a clear road map on financing decarbonisation", covered by The Economic Times (ET PRIME):

06 February 2023

To read more please click here

Acuité comments on the story "Continued focus on infra in Budget to ensure long-term growth in steel demand: Experts", covered by PTI, and it was picked up by Economic Times, ET Infra, BQ Prime, Udayavani, and other subsequent publications:

03 February 2023

Acuite Ratings & Research Limited said a large investment of Rs 75,000 crore proposed for one hundred critical transport infrastructure projects, primarily for ports, coal, steel, fertiliser and food grains sectors will increase the demand for these materials.

Acuité comments on the story "Budget 2023: Govt looks to encourage move to new income tax regime, with enhanced limit, new slabs", covered by The Week

02 February 2023

International Business Times

The rationalisation of personal income tax structure may lead to raising disposable income for the middle class, particularly younger tax payers and transition the tax payers to the new tax regime with minimal exemptions and lower and simpler tax slabs, feels Suman Chowdhury, chief analytical officer at Acuite Ratings and Research.

Acuité comments on the story "Union Budget 2023-24: Big announcements made; "Not Disappointing", say industry experts", covered by International Business Times

02 February 2023

The Budget 2023-24 is not disappointing regarding the commitment to public capital expenditure by the government, said a senior official of Acuite Ratings and Research.

Acuité comments on the story "Budget 2023 Reaction: Kotak Mahindra Asset Management Company MD lauds 'Baahubali Budget'", covered by Livemint:

02 February 2023

Mint

Suman Chowdhury, Executive Director & Chief Analytical Officer, Acuité Ratings & Research on on personal finance budgetary announcement: "The rationalization of the personal income tax structure is expected to lead to two things (i) raise disposable incomes for the middle class and particularly younger taxpayers (ii) transition the taxpayers to the new tax regime with minimal exemptions and lower and simpler tax slabs. This is expected to give a moderate boost to domestic consumption."

Acuité comments on the story "Budget delivers a big boost for consumption-related stocks: Analysts", covered by Business Standard:

02 February 2023

"The rationalization of the personal income tax structure is expected to lead to two things: (i) raise disposable incomes for the middle class and particularly younger taxpayers (ii) transition the taxpayers to the new tax regime with minimal exemptions and lower and simpler tax slabs. This is expected to give a moderate boost to domestic consumption," said Suman Chowdhury, executive director & chief analytical officer, Acuité Ratings & Research.

Acuité comments on the story "Budget 2023: New Deposit Scheme for Women with 7.5% Interest, Limits for Senior Citizens Saving Scheme Increased to Rs30 Lakh", published by IANS, and it was picked up by Moneylife

02 February 2023

Moneylife

Suman Chowdhury, executive director & chief analytical officer, Acuite Ratings & Research, said the market was expecting a further commitment to public capital expenditure from the government and it has not disappointed.

Acuité comments on the story "New tax regime may not be necessarily beneficial for all taxpayers: Experts", published by IANS, and it was picked up by Business Insider:

02 February 2023

Business Insider

Suman Chowdhury, Executive Director and Chief Analytical Officer, Acuite Ratings & Research, said, "The rationalisation of the personal income tax structure is expected to lead to two things (i) raise disposable incomes for the middle class, particularly the younger taxpayers (ii) transition of the taxpayers to the new tax regime with minimal exemptions and lower and simpler tax slabs. This is expected to give a moderate boost to domestic consumption."

Acuité comments on the story "Budget Relief: No tax for income up to Rs 7L in new tax regime (Ld)", published by IANS, and it was picked up by Investing.com:

02 February 2023

Investing.com

Suman Chowdhury, Executive Director & Chief Analytical Officer, Acuite Ratings & Research said, "The rationalization of the personal income tax structure is expected to lead to two things (i) raise disposable incomes for the middle class and particularly younger taxpayers (ii) transition the taxpayers to the new tax regime with minimal exemptions and lower and simpler tax slabs. This is expected to give a moderate boost to domestic consumption."

Acuité comments on the story "'Mahila Samman Savings Certificate': New deposit scheme for women in Union Budget 2023", published by IANS, and it was picked up by The Times of India.

02 February 2023

The Times of India

Suman Chowdhury, Executive Director & Chief Analytical Officer, Acuite Ratings & Research, said the market was expecting a further commitment to public capital expenditure from the government and it has not disappointed.

All outstanding ratings, including Adani company, under continuous surveillance: Acuite Ratings

30 January 2023

investment.com

Reached out for comments on their rating of Adani group entities, Acuite Ratings & Research's Chief Analytical Officer Suman Chowdhury told IANS: "As a credit rating agency, Acuite Ratings & Research keeps all its outstanding ratings under continuous surveillance and evaluates the impact of any economic, industry or company specific event on the credit profile of a rated entity through a process of 'Material Event Review (MER)'."

Acuité continues to forecast another 25 bps of rate hike by MPC (Monetary Policy Committee) in Feb-23, carried by IANS, and the story was picked up by investing.com

16 January 2023

Investing.com

Reacting to the latest WPI percentage Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research said it continues to drop rapidly and at 4.95 per cent for December 2022 has subsided below 5 per cent for the first time in 21 months.

Acuité expects a modest 25 bps hike in the next MPC meet, though the uncertainty on the decision stands higher with the faster retreat of the inflation print, covered by The Week

13 January 2023

"The MPC’s decision will be not only based on the domestic inflation print, but also on a reassessment of the global tightening environment, particularly Fed’s stance on the residual rate hikes. We continue to expect a modest 25 bps hike in the next MPC meet, though the uncertainty on the decision stands higher with the faster retreat of the inflation print,” said Suman Chowdhury, chief analytical officer at Acuite Ratings & Research.

Acuité comments on the story "Retail inflation eases to 12-month low of 5.72% in December", covered by The Financial Express:

13 January 2023

Financial Express | MSN

Suman Chowdhury, chief analytical officer, Acuité Ratings & Research said: "While RBI is expected to review its inflation forecast in the next MPC meet, we believe that the likelihood of a lower average inflation for FY23 as a whole vis-à-vis our forecast of 6.7% has increased,” he said.

Acuité comments on the story "India could emerge as the third pole despite GDP growth worries say experts", covered by The Business Insider:

07 January 2023

Business Insider

(3.7 per cent of GDP), its weakest since the 2008 global financial crisis, compared to a surplus of $4.6 billion in Q1 FY23, Acuite Ratings said.

Acuité has revised downward India's current account deficit to $106 billion in FY23, carried by IANS in the headline, and the exclusive story was picked up by the Business Standard, Free Press Journal, and other subsequent publications:

05 January 2023

Business Standard | Free Press Journal | Zeenews

In a report released on Monday, Acuite Ratings said it is revising the forecast for thecurrent account deficitto $106 billin from the earlier levels of $130 billion.

Acuité comments on BQ Prime's web story "Go First may incur losses in medium-term"

29 December 2022

bqprime

Acuité forecasts 7% growth for India's GDP in FY23, carried by IANS in the headline, and the exclusive story was picked up by Free Press Journal, and other subsequent publications

19 December 2022

Free Press Journal | The Hans India | MSN

In a report, Acuite said India's annualised GDP growth in Q2 FY23 expectedly, expanded at a slower pace of 6.3 per cent year-on-year (YoY) as against 13.5 per cent in Q1 FY23, the latter led by the easing of favourable base impact created by the second Covid wave in the previous year.

Acuité comments on the story "Easing Inflation Isn't Helping SMEs. Here's Why", covered by Bloomberg Prime

19 December 2022

Bloomberg Prime.

Suman Chowdhury, executive director and chief analytical officer at AcuitéRatings and Research, said margin pressures are easing in the ongoing quarter aided by lower commodity prices, after having persisted across the board up to the previous quarter

Acuité expects the trade deficit to moderate in H2FY23 due to the ongoing reduction in crude oil prices, covered by Moneycontrol

19 December 2022

Moneycontrol

"It already had a significant impact on the trade deficit in H1FY23. During the April-October period, the cumulative trade deficit shot up to $175 billion as compared to $94 billion in the corresponding period of the previous year. This has aggravated the pressure on the INR. However, we expect the trade deficit to moderate in H2FY23 due to the ongoing reduction in crude oil prices,” said Suman Chowdhury, Executive Director & Chief Analytical Officer, Acuité Ratings & Research Limited.

Acuité continues to forecast an average figure of 6.7 percent for CPI inflation in FY23, covered by The Business Standard:

13 December 2022

With core inflation continuing to be high, credit rating agencies like Acuite Ratings & Research and CARE Ratings do not expect any significant downtrend in the retail inflation for the next few months.

Acuité believes that RBI’s stance has remained moderately hawkish with the continuation of its stance of ‘withdrawal of accommodation’, covered by The Financial Express

07 December 2022

Since the RBI hasn’t changed its stance from ‘withdrawal of accommodation’ to ‘neutral’, experts have come to the consensus that the RBI’s outlook remains hawkish. "We believe that RBI’s stance has remained moderately hawkish with the continuation of its stance of ‘withdrawal of accommodation’,” said Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research.

Acuité expects a further rise in bank deposit rates over the next two quarters to the extent of 50-100 bps given the narrative from MPC and the continuing momentum in credit growth, covered by the Economic Times

07 December 2022

Acuité comments on the story "Expert View: India cenbank hikes key policy rate by 35 basis points", covered by The Print:

07 December 2022

The Print

"Acuite expects a further rise in bank deposit rates over the next two quarters to the extent of 50-100 bps, given the narrative from MPC and the continuing momentum in credit growth. The pass-through of higher rates to home loans may start to impact the demand for housing, particularly in the mid- to high-ticket segment.”

Acuité comments on the story "RBI likely to moderate interest rate tightening; economists see 25-35 bps repo rate hike", covered by The Week

05 December 2022

Suman Chowdhury, chief analytical officer at Acuite Ratings and Research, is also expecting a "moderate” repo rate hike of 30-35 basis points this week. He said "downside risks” to Acuite’s 7 per cent GDP growth forecast for 2022-23 had "increased due to the intense global headwinds.”

Acuité comments on the story "RBI MPC to continue repo rate hike pace in Dec, may pause after that; Monetary policy stance may get Neutral", covered by The Financial Express:

04 December 2022

"While we continue to peg GDP growth at 7.0% given the reasonably healthy domestic demand, downside risks to the forecast have increased due to the intense global headwinds. We continue with our expectations of a moderate hike of 30-35 bps in the repo rate in Dec-22 as the growth data has been in line with RBI’s forecasts,” said Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research.

Acuité comments on a story "India’s FY23 GDP growth pegged at 7%, downside risks amid global headwinds; 35 bps rate hike likely in Dec MPC", covered by The Financial Express

30 December 2022

"India’s GDP growth in Q2FY23 at 6.3% YoY has been slightly lower than our forecast and expectedly, has been driven by a strong pickup in the services sector as compared to the previous year which had been impacted by the pandemic fears. We believe that the manufacturing sector will continue to see a lack of momentum due to the decline in exports and may impact the overall growth print for FY23,” said Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research.

Acuité comments on a story "Can India raise USD2 billion via sovereign green bonds? A look into the plan and its challenges", covered by The Economic Times

30 November 2022

Acuité expects GDP growth at 6.5% in the second quarter of the fiscal, covered by The Financial Express:

26 November 2022

"We expect GDP growth at 6.5% in the second quarter of the fiscal. This will be significantly lower compared to the first quarter which was primarily driven by the favourable base effect,” said Suman Chowdhury, Chief analytical officer at Acuité Ratings & Research Ltd.

Acuité reaffirmed the Bank of India's rating of AA, revising the outlook to positive from stable for the bank's additional tier-1 bonds, covered by the Business Standard, India Infoline, Fortune India, and other national publications

24 November 2022

Business Standard | IIFL | Fortune India

Acuite said that the rating continues to take into account improvement in profitability metrics, capital position and credit growth. The bank’s net interest margin (NIM) improved from 2.42 per cent as on H1FY22 to 3.04 per cent as on H1FY23.

Acuité's comments on the story "Embassy Group co in talks with HDFC over loan default", covered by Mint (print & online)

21 November 2022

Livemint | Business Journal

"Credit bureau reports said some unrated loan accounts of EPDPL are not regular. High debt levels raises concerns on liquidity. Refinancing debt has not happened in a seamless manner. The proposed merger with Indiabulls Real Estate, could be value accretive, but may not translate into sizeable cash flows for the near term. That said, its financial flexibility in the form of asset monetization via REIT will remain," said Suman Chowdhury, chief analytical officer, Acuité Ratings.

Acuité's comments on the story "Despite economic uncertainty, the BT-C Fore business confidence index for Q2 has come out warm. What gives?", covered by Business Today

15 November 2022

Suman Chowdhury, Chief Analytical Officer of Acuité Ratings & Research: "Despite the unfavourable global backdrop marred by geopolitical uncertainty and an increasingly tight financial environment, India’s economy has remained broadly resilient with high frequency indicators witnessing a buoyancy, primarily supported by festivity-induced pent-up demand.” Chowdhury further points out that the Acuité Macroeconomic Performance (AMEP) index recorded a peak of 132.1 in September 2022 as against 120.7 in August 2022, which translates into a double-digit expansion of 14.1 per cent YoY in September 2022 compared to 12.4 per cent in August 2022; sequentially, the index expanded by 9.4 per cent month-on-month (MoM) from two consecutive negative months in July-August 2022.

Acuité believes that the profitability scenario in the steel sector will improve moderately over the next two quarters, covered by The Economic Times:

15 November 2022

Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research said raw material prices that increased due to supply constraints are set to moderate in the second half of the current fiscal while steel prices are expected to witness a firmness due to a seasonal pickup in demand.

Acuité's comments on the story "Government set to slash spending", covered by The Telegraph (print edition closed)

10 November 2022

The Telegraph Online

"It has been estimated that India will need green funds to the extent of $170 bn every year. Even if the government is expected to fund 20 per cent of such requirements through, this will amount to issue of $34bn (Rs 2.72 lakh crore) on an annualised basis,” Suman Chowdhury, chief analytical officer, Acuité Ratings & Research said. "Given the limited size of the issuance for this fiscal at Rs 16,000 crore, we, however, don’t foresee any challenges in the mobilisation.”

Acuité's comments on the story "RBI policy body set to meet on Nov 3 to explain missing inflation target", covered by the Indian Express:

28 October 2022

The Indian Express

Acuité's comments on the story “Multibagger stock in a niche sector issues warrants; shares zoom 14% to reach a 4 year high!

16 October 2022

Trade Brains

"Apollo Micro Systems operates in niche segment of high entry barrier defence and aerospace industry, and the client profile comprises of mostly government organizations, with repeat orders received over the years, which mitigates the counter party credit risk to a large extent,” said rating agency Acuité as it reaffirmed its long-term and short term rating of the bank facilities Apollo Micro Systems with ‘stable’ outlook in September this year.

Acuité's comments on the story “WPI inflation eases of 10.7% to 18-month low in September

15 October 2022

Acuité Ratings & Research, Chief Analytical Officer, Suman Chowdhury said the share of food on a consolidated basis in WPI stands much lower at 24.3 per cent, as compared to 45.9 per cent weightage in the Consumer Price Index (CPI) construct.

Acuité's comments on the story "CPI Inflation: Are Government’s Interventions Working?" covered by Bloomberg Prime

14 October 2022

Bloomberg Prime

Significant moderation has been observed in inflation in edible oil and pulses, said Suman Chowdhury, chief analytical officer at Acuite Ratings & Research.

Acuité's comments on a story "Inflation above RBI’s comfort zone for three full quarters; brace for 35-50 bps rate hike by MPC, say analysts", covered by The Financial Express

13 October 2022

"In our opinion, the likelihood of a moderate hike of 35-40 bps in the repo rate in Dec-22 is high given not only the inflation print but also the pressure on the currency. The systemic liquidity will also get tighter and will start getting reflected through a rise in bank deposit rates to the extent of 100-150 bps over the next few months,” said Suman Chowdhary, Chief Analytics Officer, Acuite Ratings & Research. However, Chowdhary expects the average inflation in the second half of this fiscal to gradually moderate due to softening commodity prices and slowdown in global economic activity.

Acuité's comments on a story "Stock market outlook on 13 October: From Infosys result to FII data to bulk deals, key triggers that will likely impact movement" *, covered by Zee Business, Business Journal and other national publications

13 October 2022

Zeebiz | Business Journal

Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research said: "While the market was expecting the headline CPI inflation print to remain over 7.0 per cent in Sep-22, the actual figure has come higher at 7.4 per cent vs 7.0 per cent in Aug-22. As expected, the key factor has been food inflation which has increased sequentially by 0.9 per cent, leading to the overall inflation to go up by 0.6 per cent over the index in the previous month."

Acuité's comments on the story "Retail inflation up at 7.41%, IIP down by 0.8%", covered by Moneylife

13 October 2022

Moneylife

Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research said: "While the market was expectin g the headline CPI inflation print to remain over 7.0 per cent in Sep-22, the actual figure has come higher at 7.4 per cent vs 7.0 per cent in Aug-22. As expected, the key factor has been food inflation which has increased sequentially by 0.9 per cent, leading to the overall inflation to go up by 0.6 per cent over the index in the previous month."

Acuité findings got covered in the story “India's foreign exchange reserves fall by another $4.9 billion” published by the Economic Times

07 October 2022

Global currencies such as euro, pound and yen depreciated against dollar by as much as 13.2%, 18.2% and 18.2% in this fiscal so far, Acuite Ratings said in a report.

Acuité's comments on a story “RBI watchers divided over December rate hike", carried by PTI, and it was picked up by The Economic Times, and other subsequent publications:

30 September 2022

Economic Times

Suman Chowdhury of Acuite Ratings said the fact that the central bank reiterated its resolve to be in the "withdrawal of accommodation" mode, has clearly increased the possibility of a further rate hike in December.

Acuité expects a hike in deposit rates by banks up to 50-150 bps in the second half of FY23, covered by Livemint

30 September 2022

Meanwhile, the government raised rates on certain small savings schemes on Thursday by up to 30 basis points (bps) for the December quarter. Experts said the reduction in surplus liquidity has ensured better monetary transmission and believe that deposit rate hikes are in the offing. "We believe that the large over 6% differential between the increased credit and deposit growth is clearly unsustainable and hence, we expect a hike in deposit rates by banks up to 50-150 bps in the second half of FY23," said Suman Chowdhury, chief analytical officer, Acuité Ratings & Research. Governor Das said the temporary moderation of surplus liquidity has to be seen in the context of the potential liquidity in the system arising from the expected pick-up in government spending in the second half of the year.

Acuité comments on a story "RBI’s Monetary Policy: Shaktikanta Das would have to juggle between the devil and the deep blue sea", covered by Business Today

30 September 2022

Second, the direction of US Fed rates have a significant impact on developing market monetary policy. Suman Chowdhury, Chief Analytical Officer at Acuité Ratings & Research, agrees when he says that the narrative for the upcoming MPC meeting will not just be driven by the concerns about the inflationary trajectory but also the sharply rising interest rates in the developed economies that continue to have an impact on the rupee and India’s foreign exchange reserves.

Acuité comments on a story "RBI Monetary Policy Live Updates: Shaktikanta Das hikes repo rate by 50 bps; Inflation retained at 6.7%", covered by the Financial Express

30 September 2022

Possibility of an additional hike in Q3FY23

"On the growth front, RBI appears to be fairly confident on the resilience of the domestic economy despite the global headwinds. While the GDP forecast for FY23 has been slightly moderated to 7.0%, there is a comfort emerging from the recovery in private consumption and the improved performance of the monsoon. This will help the central bank to continue on its hawkish stance till inflation declines below 6.0%. As regards headline inflation, MPC has maintained the existing forecast of 6.7% given the upside risks on food inflation and the likely rigidity of core inflation given the increasing consumption demand. The possibility of an additional hike in Q3FY23 is also borne out of RBI’s expectation that inflation will not come down in a hurry, given that they have projected an average CPI print of 6.5% in the next quarter, well above the upper MPC band.”

– Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research

Acuité's comments on a story “Rupee among worst performing emerging market currencies last week, says report: Here's how other currencies performed", carried by PTI, and it was picked up by Zee Business, and other subsequent publications:

30 September 2022

Zeebiz

The currency has held well relative to peers when its performance is compared since the start of the fiscal 2022-23, with a 7.6 per cent depreciation, the report by Acuite Ratings and Research said.

Acuité comments on a story "Another 50 bps repo rate hike by RBI likely amid inflation", covered by The Week

30 September 2022

International Business Times | IANS

Suman Chowdhury, the chief analytical officer at Acuite Ratings and Research says with average CPI for the current financial year expected to come in well above 6 per cent, the RBI is poised to continue its policy tightening approach through the next two quarters.

Acuité comments on a story "Growth in credit offtake at 9-yr high, with retail driving demand", covered by The Indian Express:

27 September 2022

The Indian Express

An improvement in banks’ overall asset quality and a reduction in the systemic risk aversion is also expected to aid the buoyancy in bank credit growth, said Suman Chowdhury, chief analytical officer, Acuité Ratings & Research.

Acuité expects one more rate hike of 50 bps in the upcoming policy review, covered by the Financial Express

26 September 2022

The Financial Express

The US Federal Reserve raised interest rates by 75 bps for the third consecutive time taking the policy rate to 3.0-3.25% with a view to combat the 40-year high inflation. From the domestic perspective, the overall economy continues to remain resilient with high-frequency indicators displaying incremental strength. "On the other hand, the uptrend in inflation has propelled the RBI to hike rates by 140 bps in 2022 so far, taking the repo rate to the pre-pandemic level of 5.40% currently. Acuité expects one more rate hike of 50 bps in the upcoming policy review,” said Suman Chowdhury, Acuité Ratings & Research, Chief Analytical Officer.

Acuité comments on a story "WPI inflation may ease off to single digit by Oct; RBI MPC may hike repo rate by 50 bps in Sep", covered by the Financial Express

15 September 2022

The Financial Express

Scope for further easing in WPI inflation: Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research

Acuité comments on a story "CPI Inflation Rises To 7% In August", covered by Bloomberg Quint Prime

12 Sep 2022

Bloomberg Quint Prime

According to Suman Chowdhury, chief analytical officer at Acuité Ratings & Research, the key driver for the renewed pressure was the rise in food inflation to 7.6%, driven by the higher prices of cereals.

Acuité comments on a story "Experts predict volatility in Indian rupee likely to persist in the short term", covered by The International Business Times, IANS, and other publications

10 Sep 2022

Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research, said: "Along with the expanded trade and current account deficit, such an environment has kept the pressure on the rupee which continues to hover around 80. While the FII outflows have been arrested, the uncertainty on capital flows and the volatility in rupee are likely to persist in the short term."

Acuité's report on Q1 FY23 GDP got covered by The India TV, and other subsequent publications

10 Sep 2022

India TV

Acuité comments on a story "SGX Nifty indicates gap-down opening for domestic markets", covered by The Hindu Businessline

05 Sep 2022

The Hindu Businessline

"While the double-digit annualised growth is impressive prima facie, the actual print is around two per cent lower than market expectations and is also accompanied by weak sequential momentum," said Acuité.

Acuité sees a downside risk of 30-40 bps to its full-year GDP growth projection of 7.5 percent, covered by The Hindu Businessline and India Today

01 Sep 2022

The Hindu Businessline | India Today

Acuité, said it remains cautiously optimistic about the domestic growth scenario as the dip in the external demand due to slowing global growth and rising interest rates could offset these gains. Considering the lower than expected GDP print in Q1 FY23, Acuité sees a downside risk of 30-40 basis points to the agency’s full-year GDP growth projection of 7.5 per cent.

Acuité expects India’s GDP growth in Q1 FY23 to register at 15%-16% on an annualised basis, covered by the Financial Express

31 Aug 2022

Acuité Ratings & Research expects India’s GDP growth in Q1 FY23 to register at 15%-16% on an annualised basis amidst support from a favourable statistical base due to the adverse impact of the disruptive Delta Covid wave in the previous year along with continued recovery in the services sector aided by pent-up demand, especially in sectors such as tourism, hospitality. Normalised personal mobility and an expansive vaccination coverage is also expected to aid growth. The GDP data is due for release post market hours today.

Acuité Macroeconomic Performance (AMEP) Index provides mixed signals on economic growth in the current fiscal; beyond the base factor, the double-digit annualized growth numbers for most macro indicators reflect resilience and a gradual pickup in the services sector as well as domestic private consumption despite inflationary headwinds and the global slowdown, covered by the Financial Express

31 Aug 2022

Our AMEP index provides mixed signals on economic growth in the current fiscal; beyond the base factor, the double digit annualized growth numbers for most macro indicators reflects resilience and a gradual pickup in services sector as well as domestic private consumption despite inflationary headwinds and the global slowdown Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research

Acuité expects another rate hike of 50-60 bps by the RBI in FY22, carried by IANS, and it was picked up by Zee Business, Weekly Voice, and other subsequent publications

22 Aug 2022

Zeebiz| Weeklyvoice| The Hans India | News Today | NewsDeal

Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research, said: "MPC minutes indicate that another 50-60 bps of a rate hike should be expected in the forthcoming policy announcements irrespective of the moderation in the inflation trajectory. The likelihood of the Q2FY23 CPI inflation print dropping to less than 6 per cent is low, particularly given the pickup in the services sector. What is encouraging to note is the declining inflationary expectations of households which reflects the effectiveness of both the monetary and the fiscal policy actions till now; it will also help in strengthening medium-term growth prospects.”

Acuité believes that robust demand for imports is likely to provide upside risk to FY23 CAD projection of $105bn, covered by the IANS and subsequent publications.

17 Aug 2022

IANS Live

The trade deficit figures in the coming months is expected to moderate in the coming months due to lower commodity prices and easing pressure on global supply chains, increasing risks to exports and relatively robust demand for imports is now likely to provide an upside risk to our FY23 current account deficit projection of $105 billion. Acuite ratings said in a report.

Acuité expects deposit as well as lending rates to rise by 50-100 bps over the next couple of quarters, covered by The Week

10 Aug 2022

"While there is a scope of another 50-60 bps of rate hike in the coming year, the pace of the residual hike will depend on the inflation print over the next few months. The rate hike implies further and higher rate increases in consumer loans as well as deposit rates,” said Suman Chowdhury, chief analytical officer at Acuite Ratings and Research.

Acuité expects the banks to hike deposit and lending rates due to the improved credit demand in the economy, carried by PTI, and it was picked up by NDTV, The Print, and other subsequent publications:

05 Aug 2022

NDTV | The Print

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research, said the deposit and lending rate hikes are expected by banks, given the improved credit demand in the economy.

Acuité believes that the INR may stabilise in the band of Rs 79-81 by March 2023, covered by the Economic Times

29 July 2022

Economic Times

With the likely moderation in commodity prices and a potential reversal of the large capital outflows, any sharp decline from the current levels of 80/Uis unlikely, said a report by Acuite ratings.

Acuité expects the INR to stabilize in the band of Rs 79-81 by March 2023, carried by IANS, and it was picked up by the Business Standard, and other subsequent publications

26 July 2022

Acuite believes that the INR may stabilise in the band Rs 79-81 by March 2023 with the expected moderation in commodity and crude oil prices and the prospects of some reversal of the sharp capital outflows seen over the last six months.

Acuité comments on a story "Corporates turn to rating agencies to map pressure points, assess impact of rupee fall", covered by the Moneycontrol

22 July 2022

Moneycontrol

Suman Chowdhury, chief analytical officer at Acuite said they are identifying "relatively vulnerable issuers who are net importers or have significant foreign currency debt obligations”. They will assess if the rupee slump would impact these companies’ profits and balance sheets in FY23.

Acuité comments on a story “Companies rope in rating agencies to evaluate pressures from rupee fall”, covered by the Economic Times

21 July 2022

"As a rating agency, we have started to identify relatively vulnerable issuers who are net importers or have significant foreign currency debt obligations,” said Suman Chowdhury, chief analytical officer at Acuité Ratings & Research. "We will assess if there is any material impact of the depreciation on their profitability and balance sheet in FY23,” he said.

Acuité expects the rupee to depreciate moderately and revises FY23 rates to 80.5-81.0 levels, covered by The Hindu Businessline

18 July 2022

The Hindu Businessline

"We revise our expectation of India’s FY23 current account deficit to $105 billion from $90 billion earlier,” said Acuite Ratings in its Market Pulse report. "We continue to expect therupeeto depreciate moderately, but extend our USD-INR call higher to 80.5-81.0 levels by Mar-23 vs. our earlier expectation of 79,” it added.

Acuité's press release on IIP - May'22 got covered by The The Market Times

14 July 2022

The Market Times

Acuité expects the pace of IIP recovery to come under pressure given the prolonged headwinds from ongoing Russia-Ukraine, elevated price pressures and slowing global growth.

Acuité comments on a story “Inflation may fall below 6 pc by Q4, ease pressure on RBI for prolonged rate hike”, covered by The Week:

13 July 2022

"The current picture of inflation raises hopes of a gradual moderation going forward with Q1 average CPI inflation already lower than RBI’s forecast by 20 bps. This has the potential to slow down the pace of rate hikes in the current year,” said Suman Chowdhury, chief analytical officer at Acuite Ratings and Research.

Acuité comments on a story “India’s retail inflation eases marginally in June but rate hike on cards”, carried by PTI, and it was picked up by the Business Standard, Outlook India, The Print, The Week, and other subsequent publications

12 July 2022

Business Standard | Outlook India | The Print | The Week | Quick Telecast

Suman Chowdhury, chief analytical officer at Acuite Ratings & Research, said with a pick-up in monsoon, food inflation should be range-bound in the current fiscal.

Acuité comments on a story based “Why India’s trade deficit rose to a record high in June”, published by the India Today

06 July 2022

India Today

In a research note published in May, ratings firm Acuite pointed out a few areas of concern, which include the geopolitical crisis that is keeping global commodity prices elevated and dampening world trade volume, the high cost of commodities due to the war and the supply disruptions, higher domestic demand post Covid which will lead to higher imports, and pressure on exports due to the export restrictions by the government in case of select commodities. In May, the Centre hiked duty on exports of iron ore up to 50 per cent, and a few steel intermediaries to 15 per cent to make them more available in the domestic market.

Acuité comments on a story based “Amid A Correction In Input Prices, India's Small Businesses Find Some Relief” published by the Bloomberg Prime

02 July 2022

Bloomberg Prime

Suman Chowdhury, chief analytical officer at Acuité Ratings and Research, said that it is too early to expect the decline in commodity prices to reflect in SME margins. If anything, because of the rise in logistics costs, pressure on margins is expected to rise, he said.

Acuité comments on a story based “How will a sliding Rupee impact credit ratings of companies?” , covered by the Economic Times (print & online), ET BFSI, ET CFO, ET AUTO, and other national publications

02 July 2022

The credit rating ratio, or upgrades over downgrades, dropped 83 basis points in the June quarter. The gauge is at 2.73 per cent versus 3.56 per cent in the March quarter, according to Prime Acuite Database

Acuité comments on a story based “Why rupee is likely to remain under pressure this year”, covered by The Week

23 June 2022

Suman Chowdhury, chief analytical officer at Acuite Ratings, too now sees the rupee touching 79 to a dollar this year, versus 78 expected earlier.

The combination of elevated global commodity prices and sequential improvement in domestic growth among other things is resulting in widening of trade and current account deficit for India, said Chowdhury.

Acuité comments on a story based “Why it makes sense for Air India to place a mega aircraft order?”, covered by The Moneycontrol and other national publications

22 June 2022

Moneycontrol | E Flip

"Currently, Air India has a relatively older fleet as compared to some of its peers and the induction of new aircraft in the fleet will help to reinvigorate the brand,” said Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research.

Acuité expects India’s Current Account Deficit (CAD) to widen to more than $90 billion in FY23, covered by The Livemint (print edition enclosed)

22 June 2022

"We expect India’s CAD to widen to more than $90 billion in FY23, from an estimated level of $47 billion in FY22 amid persistent rise in crude oil price which has again risen to more than $120 per barrel," Acuite said.

Acuité comments on a story based “High inflation, muted growth upset economy’s post-pandemic recovery

20 June 2022

The Hindubusinessline | Live Newshot

For central banks, it is like being between a rock and a hard place. "You cannot bring down food prices only by monetary policy action,” said Suman Chowdhury, chief analytical officer at Acuite Ratings and Research. "So, there has to be steps taken by the government.”

Acuité comments on RBI monetary policy announcement resulting in high capital outflows, captured by the IANS in a story on “Domestic funds counter FII selling spree”, got covered by The Free Press Journal and other media subscribers of IANS

19 June 2022

Acuite Rankings said that what, even so, is of greater problem at this phase is the significant volatility in the worldwide capital marketplaces, triggered by a sharp tightening in the financial policies of state-of-the-art economies. This proceeds to guide to large and sustained FII money outflows, adding to the rupee depreciation pressures that have currently been made by a greater trade and current account deficit.

The tale of Resilience & Recovery” got covered by The Financial Express (print and online) and other national publications. This report provides a comprehensive analysis of the financial performance of 1370 listed non-financial companies over the two year pandemic period (FY21 and FY22).

16 June 2022

Financial Express | News Deal | Paperdabba

The distinguishing element of corporate performance was profitability. Both operating profit (PBDIT) and net profit consistently grew at 26.6% and 34.8%, respectively, annually during the period, which were the highest in any two-year block over the last couple of decades, according to a report by Acuite Ratings & Research, which surveyed the financial performance of 1,370 listed non-financial companies over FY21 and FY22, said.

Acuité comments on India’s Index of Industrial production (IIP), and expects GDP growth for FY22 at 7.5 percent, covered by The Hindu Businessline and other national publications:

13 June 2022

"General, the spurt in costs of key commodities and importantly the contemporary provide chain bottlenecks triggered by the persevering with Russia-Ukraine battle are prone to decelerate the revival within the industrial output within the near-term,” Acuité stated whereas retaining GDP development for FY23 at 7.5 per cent with average draw back threat.

Acuité comments on the RBI monetary policy announcement, covered by The Hindu, The Hindu Businessline, NDTV, The Pioneer (print edition enclosed), The Print, and other national publications

08 June 2022

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research, said, "We believe that more rate hikes are likely in the next 2-3 policy meetings given that RBI has revised its headline inflation forecast sharply upwards.” "However, the extent of the subsequent hikes will depend on the inflation print over the next few months, the performance of the monsoon and its impact on the food prices as also on the effectiveness of the price control measures taken by the government.” Dhiraj Relli, MD & CEO, HDFC Securities, said while a revisit of the pre-COVID repo rate of 5.15% over the next 1-2 meets is a given, most economists expect this to go above that level.

Acuité expects expansion of current account deficit, driven by elevated global commodity prices, and unlocking of the economy, covered by The Business Standards and other national publications

06 June 2022

The expectation of the expansion of the current account deficit is not just driven by elevated global commodity prices, but is also linked to the unlocking of the economy reviving pent-up demand and improved vaccination cover aiding an organic recovery in the economy, ratings and research firm Acuite Ratings & Research said in a report.

Acuité expects the latest govt measures to cause a fiscal slippage of 0.3-0.4% of GDP for FY23, covered by Mintgenie

02 Jun 2022

Mintgenie

"Going forward in the current year, despite buffers from the recently concluded LIC IPO (garnering ₹20,500 crore on revised valuation) along with the likelihood of higher than budgeted tax revenue collections, we now see the possibility of fiscal slippage risks, aggregating to 0.3-0.4 percent of GDP from the budgeted 6.4 percent of GDP for FY23," said Acuité Ratings & Research in a note.

Acuité comments on a story based "Why RBI is poised to hike interest rates again in June 2022", published by The India Today

31 May 2022

The India Today

Overall, it is estimated that the RBI would raise repo rates by a total of 100 basis points in 2022-23. "Any continued pressure on headline inflation (based on consumer price index or CPI) could potentially tilt the balance in favour of additional hikes, thereby taking the repo rates to the pre-pandemic level of 5.15 per cent or higher,” says a report by Acuite Ratings & Research. Similarly, the RBI is expected to hike the cash reserve ratio (CRR) by another 50 basis points. The RBI had raised CRR by 50 basis points in May, taking it to 4.50 per cent. "Cumulatively, this would impound Rs 1.8 lakh crore of durable liquidity from the banking system and help amplify the monetary policy stance,” Acuite Rating said.

Acuité findings got covered in a story on “CFO Watchouts for Business Recovery by Shray Mehandiratta, Finance Director, IPM India Wholesale Trading Pvt. Ltd” published by the BFSI

26 May 2022

In the beginning of 2022, Omicron led to the fresh dent in economic activities. However, according to a report by Acuite Ratings and Research, the magnitude of the adverse impact was much lower as compared to the previous pandemic waves given less severity of infections amidst robust vaccination coverage, prevailing level of seroprevalence, improvement in medical and healthcare facilities and better management of supply chain logistics, all this was reflective in the all-time high GST collections in FY 2021-22

Acuité comments on a story based “After Biting the Bullet on Fuel, Fertiliser and LPG, What Will be the Impact on Centre's Finances?”, published by thewire.

25 May 2022

The Wire

Of course, all of these measures will come at an economic and fiscal cost which puts the Indian economy on the fast lane to an assured destination of higher borrowings, widened gross fiscal deficit and a steeper yield curve. With the petrol and diesel excise duty rate cuts, the government coffers will be absorbing an annualised revenue loss of Rs 1 lakh crore, whereas the LPG subsidy, as per finance minister Nirmala Sitharaman, will cost the exchequer Rs 6,100 crore per year. Besides this, there are other import custom duty cuts on coking coal, ferronickel and coke ranging from 2.5%-5% to nil. According to Acuité Ratings & Research, the total cost of these fiscal slippages will chalk up to a hefty Rs 2 lakh crore.

Acuité comments on duty cut on petrol and diesel to put pressure on fiscal deficit, covered by the Financial Express and other national publications

23 May 2022

Acuité Ratings and Research Chief Analytical Officer Suman Chowdhury said the excise duty cut and rate revision on import and export of certain commodities including steel products will have adverse implications on the fiscal position for FY’23 which may deteriorate over the budgeted 6.4 per cent, leading to higher borrowings, reported by PTI.

Acuité expects the widening trade deficit trend to pressure rupee further, covered by NDTV, and other national publications.

17 May 2022

NDTV | Today News Network | AP Direct | Sarkari

That widening trade deficit trend will weigh further on the rupee, which hit new record lows repeatedly last week, according to Acuité Ratings.

Acuité comments on India’s inflation surge due to Russia-Ukraine war, covered by the The Economic Times and other Techlive

17 May 2022

The Economic Times | Techilive | Nasiknews

The Russia-Ukraine conflict is not showing any signs of abating that could put further pressure on CPI inflation. "The Russia-Ukraine conflict is not showing any signs of cooling down. In fact, on the margin, the geopolitical environment seems to have deteriorated amidst unrelenting posturing by the two sides. This has raised the pressure on commodity prices further” said a report by ratings firm Acuite Ratings and Research.

Acuité expects India's CPI inflation, at an 8-year high print of 7.79% YoY in April, to trigger quicker rate hikes, covered by The Economic Times (Brand Equity, BFSI, Auto), Business Standard, Free Press Journal, IANS, Navhind Times, The statesman and other national publications

16 May 2022

Sounding a red alert on India's CPI inflation at an 8-year high print of 7.79% YoY in April, Acuite Ratings has said it may trigger quicker rate hikes. "If inflation pressures continue to mount there is a likelihood of additional hikes thereby taking the rate to its pre- pandemic level of 5.15 per cent or even higher in FY23. Additionally, we also expect CRR to be hiked by another 50 bps by H1FY23," Acuite Ratings said.

Acuité comments on the jump in inflation and expects rate hikes of 1 per cent in the remainder of the fiscal year, covered by The Times of India, The Economic Times, Business Standard, Financial Express, Zee News, CNBC TV18, The Telegraph, Business Today, Deccan Herald, and other national publications:

13 May 2022

The jump in inflation is dangerous and a scary start for the new fiscal year, Acuite Ratings and Research said in a note, adding that it also expects rate hikes of 1 per cent in the remainder of the fiscal.

Acuité comments on a story by The Economic Times on 'What is UN-PRI, and will it benefit Indian financial institutions?

09 May 2022

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings, believes that by making a commitment on the integration of ESG in the decision framework, global investors, lenders and rating agencies will support a greater linkage between ESG performance of businesses vs targets and their ability to access funds for future growth.

Acuité comments on trade deficit, covered by Business Today

05 May 2022

Business Today

India historically runs a trade deficit. As trade is normalising in the post pandemic period, the trade deficit has been widening as imports have been higher than exports. According to Acuité Ratings the cumulative trade deficit for 2021-22 has widened to more than a decade high at $192 billion. It was in 2012-13 when the trade deficit peaked at $190 billion. Given the higher crude prices , Acuité Ratings expects the trade deficit to widen further. A higher trade deficit will put pressure on the current account deficit (CAD), which in turn will increase demand for foreign currency, especially dollars, to finance the deficit.

Acuité comments on MPC announcement, covered by The Economic Times (Print Edition enclosed). ET BFSI did a separate story on it, carrying Mr. Suman Chowdhury's picture and quote.

05 May 2022

Economic Times | BFSI

"We expect a further rise in the CPI print over the next two-three months which will reflect the impact of retail fuel prices and also the increase in food inflation from categories such as edible oil,” said Suman Chowdhury, chief analytical officer at Acuite Ratings & Research,

Acuité comments on the rise and uncertainty of inflation, covered by The Economic Times, and The Week

05 May 2022

The Economic Times | The Week

The weakening economic impact of the pandemic, progressive normalisation of growth impulses, sharp upside risks to inflation and the need to be in sync with global interest rate cycle, warranted the commencement of withdrawal of the pandemic era monetary policy accommodation, said Suman Chowdhury, chief analytical officer at Acuite Ratings.

Acuité comments on India’s importance in the emerging geopolitical landscape, covered by the Broker’s Forum of India.

02 May 2022

Acuité findings got covered in a story on “IFCI notice against encumbrance of Future Brands’s assets”, published by the Financial Express (print & online) and other national publications

26 Apr 2022

Financial Express | Rashtranews | The Spuzz

According to a November 26, 2021, report by Acuité Ratings, Future Brands has bank loans worth Rs 806.25 crore. Future Brands was incorporated in 2006 and is 98.06% owned by Future Ideas Company and Surplus Finvest as on March 31, 2019.

Acuité comments on the sharp rise in India’s WPI inflation, covered by The Hindu Businessline, Free Press Journal, and other national publications

19 Apr 2022

''Amidst increasing pressures on the profit margins of manufacturing companies and a pickup in consumption demand, Acuité expects a further pass through of input costs. We expect persistent supply side bottlenecks and high commodity prices to hold the core inflation at double-digit levels in the near-term,'' Chowdhury said.

Acuité comments on a story by The Economic Times based how will sovereign green bonds fare

18 Apr 2022

A reduction of 50-100 basis points in comparison to similar tenure vanilla g-secs may be necessary for the government to consider raising funds through this platform, said Mr. Sankar Chakraborti, Chairman, ESGRisk.ai & Group CEO, Acuité.

Acuité believes a regular monsoon with healthy rainfall in the initial period of June-July'22 will help to moderate the prices of fruits and vegetables which have a significant weightage in the food basket, covered by the Business Standard, IANS, and other subsequent publications.

16 Apr 2022

"If the predictions come true for this year, this will be the fourth successive year of a favourable monsoon and healthy agricultural prospects. A regular monsoon with healthy rainfall in the initial period of June-July'22 will help to moderate the prices of fruits and vegetables which have a significant weightage in the food basket," said Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research.

Acuité expects the market to brace for a 50 bps repo rate hike for the current financial year, covered by The Economic Times, The Hindu Businessline, Livemint, Moneycontrol, The Week, and other national publications:

08 Apr 2022

Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research, said the announcements indicate the impending rise in repo rate over the next 1-2 policy meetings and may start to get reflected in a hike in banks’ deposit rates in the near term.
"Acuite believes that RBI has finally bitten the bullet and provided increased clarity on its monetary stance going forward. The increase in the repo rate and the change in the stance from accommodative to neutral can happen as early as June, depending on the inflation and the growth data. In our opinion, the market can brace for a 50 bps repo rate hike for the current financial year,” Chowdhury said. Stating that the economic activity is barely above pre-pandemic levels but continues to steadily recover, Das said the central bank will engage in a gradual withdrawal of liquidity over a multi-year timeframe beginning this year.

Acuité expects Brent crude to stay at $97 a barrel in FY23, covered by the Bloomberg Quint

07 Apr 2022

Acuite Ratings & Research Ltd. expects Brent crude to stay at $97 a barrel in FY23, while Crisil forecasts an average of $85-90 for the fiscal.

Acuité expects RBI to revise it's inflation forecast upwards and lay the ground for gradual exit from thier accommodative stance, covered by The Week

07 Apr 2022

Suman Chowdhury, chief analytical officer at Acuite Ratings & Research says that given the deteriorating global growth outlook and its cascading impact on India’s growth recovery, there is limited scope for the RBI to tighten monetary policy at this juncture.

Acuité expects the RBI to restore the width of the liquidity corridor to pre-pandemic levels, covered by The Economic Times, and Livemint:

07 Apr 2022

Economictimes | Mintgenie

"In our opinion, given the deteriorating global growth outlook and its cascading impact on India’s growth recovery, there remains a limited scope for the RBI to tighten monetary policy at the current juncture. However, due to overwhelming risks to India’s inflation outlook amid a spurt in commodity prices along with tighter global financial conditions, we expect the central bank to revise its inflation forecast upwards and lay the ground for a gradual exit from their accommodative stance," said Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research.

Acuité expects the demand for passenger vehicles (PVs) will witness moderate growth over the next few quarters, covered by The Hindu (print edition enclosed) , Business Standard, New Indian Express, Moneycontrol, and other national publications. Acuité is mentioned in the headline of top publications like The Hindu (print & online), and Zeebiz.

06 Apr 2022

"Acuite believes that the demand for PVs will witness a moderate growth over the next few quarters with complete unlocking of the economy and revival of demand, particularly in the rural areas," it said.

Acuité comments on emergency loan scheme guarantee scheme, covered by The Bloomberg Quint

06 Apr 2022

According to a report by Acuité Ratings & Research, The ECLGS has certainly helped in alleviating the financial stress in the MSME segment during the pandemic

Acuité comments on a story by Moneycontrol expecting CAD to cross $100 billion in FY23 after hitting a nine-year high in October-December

05 Apr 2022

Money Control | MSN

Bajoria is not alone in forecasting such a sharp deterioration in the current account. Using an average price of Brent oil of $97 per barrel – the average of monthly future prices for the next 12 contracts – Acuite Ratings and Research has projected a CAD of $85 billion for FY23 as a base case. This would be just short of the record deficit of $88 billion, posted in FY13.

Acuité expects crude oil price to moderate with increased supplies, covered by The Economic Times

05 Apr 2022

Acuite Research expects crude oil price to moderate with increased supplies. However, it may remain higher than the pre-conflict levels, and average in the range of $95-97 per barrel in FY23.

Acuité comments on story basis RBI Monetary Policy Committee (MPC) expectation on retaining the Repo rate, has appeared The Times Of India (print edition enclosed), The Economic Times, The Hindu Business Line, Financial Express, NDTV and other national publications

04 Apr 2022

Given the current uncertainties, Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research, opined that RBI "has limited scope to tighten monetary policy".

Acuité comments on story basis RBI may hike inflation forecast, appeared in Business Standard (print)

According to the data from Prime Acuité Rating Database, the industry credit ratio surged 172 basis points year-on-year to 2.81.

02 Apr 2022

The industry credit ratio, a gauge for financial health measured as a proportion of upgrades vis-à-vis downgrades, surged 172 basis points year-on-year to 2.81, data from Prime Acuite Rating Database showed. Prime Acuite compiled data from seven local rating companies.

Acuité comments on the rise of India’s manufacturing industry, thereby replacing 25% of China’s imports, covered by Inventiva

30 Mar 2022

Inventiva

New findings from Acuité, a rating agency, point to India’s manufacturing industry replacing 25% of China’s imports. In a single year, the import bill would be reduced by over $8bn.

Acuité comments on India’s exports growth touching record high for the first time covered by India Today

27 Mar 2022

India Today | MSN

With imports growing significantly compared to exports, analysts are seeing a widening of the current account deficit (CAD). Acuite Ratings, for instance, projects CAD in 2022-23 to widen to $85 billion. This will happen due to elevated global commodity prices, unlocking of the economy after the Omicron wave, improved vaccination cover limiting future Covid-led disruptions, and production-linked incentives by the Centre starting to contribute to export buoyancy in a gradual manner from FY23.

Acuité comments on the resumption of regular international flights to revive domestic airline companies after a prolonged disruption to their operations, covered by IANS and subsequent publications

27 Mar 2022

"The resumption of regular international flights after a hiatus of 2 years is set to give a booster shot to the domestic airline companies who have seen a prolonged disruption to their operations,” said Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research.

Acuité comments on the rise of exports to a record high in the ongoing fiscal, covered by the Bloomberg Quint

24 Mar 2022

While exports have risen, imports are also likely to exceed the $600 billion level in FY22, a research note by Acuite Ratings and Research said. This means that India's current account deficit is likely to widen to 2.5-3% of GDP in the current year.

Acuité comments on the rise of India’s oil demand in 2022, unfazed by inflationary risks, covered by the Bloomberg Quint

24 Mar 2022

While Brent crude has retreated from 14-year-high of $139.13 a barrel on March 7, it’s still elevated at $117. Acuite Ratings & Research expects the Asian benchmark for oil to stay around $97 in FY23.

Acuité comments on the struggle faced by India’s small business to pass on higher input costs, covered by the Bloomberg Quint

24 Mar 2022

The abnormal increase in commodities has hit small industries hard and is disruptive for them, said Suman Chowdhury, chief analytical officer at Acuité Ratings. "It could lead to liquidity challenges and even impact their ratings," he said.

Acuité comments on the risk of stagflation in India’s economy caused by Russia-Ukraine conflict, covered by IANS, and other subsequent publications

17 Mar 2022

On the other hand, Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research said: "We don't see any immediate risk of stagflation in India as high infrastructure spending and recovery of the services sector should ensure healthy growth prospects for India in the near to medium term."

Acuité comments on food inflation on the CPI front, covered by The Economic Times

16 Mar 2022

The Economic Times | BFSI

If crude prices were to rise, a 10% change in India's crude basket could impact CPI inflation by as much as 20 basis points, according to research house QuantEco Research. But a headroom to adjust excise duties can delay the pass-through of the elevated global prices to pump prices, it said.

Also, food inflation is expected to remain a source of comfort on the CPI front with prospects of robust rabi arrival backed by strong rabi sowing acreage (at 70 million hectares), adequate buffer stocks along with supply-side interventions taken by the government in case of edible oil and pulses, according to Acuite Ratings and Research.

Acuité comments on rise of India’s Feb retail Inflation and wholesale inflation, covered by Forever News:

16 Mar 2022

Forever News

Acuite Ratings & Research’s Chief Analytical Officer Suman Chowdhury said: "Clearly, this upward momentum is set to continue in March 2022 as the crude oil prices have shot up further and is currently hovering close to $110 per barrel (Brent).

Acuité comments on the rise of CPI inflation, covered by Financial Express, NDTV, Bloomberg Quint, and other national publications

15 Mar 2022

The retail inflation for the earlier month of January was at 6.01 per cent. Earlier, in its bimonthly financial coverage meet in February, the RBI had stated the CPI inflation is anticipated at 5.3 per cent for FY22 and 4.5 per cent for FY23. The February CPI print should still not improve the typical retail inflation past 5.5% for the present monetary yr 2021-22, Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research, stated.

Acuité comments on the rise of wholesale price inflation, covered by The Hindu Businessline, IANS and subsequent publications

14 Mar 2022

Acuite Ratings & Research's Chief Analytical Officer Suman Chowdhury said: "Clearly, this upward momentum is set to continue in March 2022 as the crude oil prices have shot up further and is currently hovering close to $110 per barrel (Brent).

Acuité comments on rise in the cost of commodities led by the Russia-Ukraine war, covered by IANS and subsequent publications

13 Mar 2022

According to Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research: "There is a significant likelihood of CPI averaging 6 per cent in FY23 if crude oil prices remain above $100 per barrel over an extended period."

Acuité comments on rise of power tariff as coal prices zoom due to Ukraine crisis, covered by IANS and subsequent publications

09 Mar 2022

"The cost of imported coal for Indian power plants has become virtually unviable given that many of these plants have a competitive bid fixed tariff structure. For plants with a pass through structure, the variable tariff is usually reset on an annual basis and will depend on the procurement costs from CIL sources, not directly linked with global coal prices," said Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research.

Acuité comments on negative impact of global crisis on growth in the country due to inflationary trend covered by IANS and subsequent publications

08 Mar 2022

ET Auto | Free Press Journal | Fresherslive | Daijiworld

"Except for a 2 year period between 2012-14, crude oil prices have never averaged over USD 100 pb in the last 10 years and have supported a relatively benign inflation trajectory," said Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research.

Acuité comments on profiling of Madhavi Puri Buch appointment as the new SEBI chairperson, covered by The Hindu (Print edition enclosed), and other national publications.

06 Mar 2022

The Hindu | The Journal Time | ApDirect

"Given her wealth of experience in the capital markets and financial services space, she understands the pulse of the markets and knows what the market regulator’s focus ought to be,” said Sankar Chakraborti, Group CEO, Acuité Ratings and Research.

Acuité comments on inflation, covered by Livemint, and other national publication.

05 Mar 2022

Livemint | Dhansutra

"Business confidence throughout producers and service suppliers nonetheless stay subdued led by the continued rise in inflationary pressures,” in line with Acuité Ratings & Research Ltd, While the score company believes the expansion outlook for India might not have a excessive linkage with the rising geopolitical dangers, growing sanctions on Russia can disrupt international commodity markets and provide chains of some merchandise, thereby having an oblique influence on the provision aspect and aggravating inflationary pressures.

Acuité comments on crude oil price, covered by Moneylife:

02 Mar 2022

Moneylife

"Clearly, high crude oil prices that have breached the $110 pb mark due to the emerging geo political crisis in Ukraine, will create significant inflationary headwinds for the Indian economy," said Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research.

Acuité comments on Petrol and Diesel prices, covered by Krishi Jagran and New Kerala:

02 Mar 2022

Krishijagran| NewKerala

"High crude oil prices, which have exceeded the $110 per barrel level owing to the escalating geopolitical situation in Ukraine, would clearly generate major inflationary headwinds for the Indian economy," said Suman Chowdhury, Chief Analytics Officer, AcuiteRatings & Research.

Acuité comments on India's GDP growth covered by Moneycontrol (English & Hindi), and other national publications:

01 Mar 2022

Moneycontrol| Hindi Moneycontrol | SME Times

Acuite Ratings & Research Chief Analytical Officer Suman Chowdhury said: "While the core sector has been largely resilient to the third wave of the pandemic witnessed in the month of Jan' 22, the weaker momentum in output growth can be attributed to the uncertainty created by the spread of Omicron.

Acuité comments on India's GDP growth covered by The Economic Times, New Indian Express, IANS, and other national publications:

28 Feb 2022

"While we continue to believe that government’s thrust on infrastructure segment and the progress in vaccinations will strengthen core sector activity over the next few quarters, higher commodity prices and fresh supply chain bottlenecks in the context of the emerging geo-political risks through the Russia- Ukraine conflict will remain a point of concern,” Suman Chowdhury, Chief Analytical Officer at Acuite Ratings & Research, said.

Acuité's comments on crude oil prices covered by The Economic Times, The Hindu, New Indian Express, and other national publications:

25 Feb 2022

Economic Times | The Hindu | New Indian Express | MSN | Goodreturns

" Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research, said, "As the global economy witnesses a drop in headwinds from the Covid pandemic, new geopolitical risks emerge from the Russia-Ukraine conflict and if turns out to be a prolonged affair, crude oil prices are likely to stay above USD 100 over the near term." This will clearly have an impact on the domestic inflationary scenario where there are already significant undercurrents due to increasing pass-through of higher commodity prices with improving demand in manufactured products and even services, he said. "While the government can partly alleviate the pressures through a further cut in excise duties of retail fuels, input costs are set to increase further for sectors such as paints, chemicals, plastic products, transport and aviation in the near term.

Acuité comments on gold imports covered by Business Standard, IANS and its subsequent publications

24 Feb 2022

Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research, said international gold prices have remained mostly above $1,750 for most of the months in the last one year but despite that gold imports by India have remained high.

Acuité's comments on crude oil prices covered by The Hindu Business line (print edition enclosed), The Hindu (print edition enclosed), Siasat and other national publications

24 Feb 2022

Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research said: "As the global economy witnesses a drop in headwinds from the Covid pandemic, new geo political risks emerge from the Russia-Ukraine conflict and if turns out to be a prolonged affair, crude oil prices are likely to stay above $100 over the near term."

Acuité's release on AMEP Index Feb-22 covered by ETBFSI and other national publications

22 Feb 2022

BFSI | News WWC | Livdose

India’s FY22 GDP growth remains to be seen at 9.5% as the third COVID-19 wave will have limited impact on the Indian economy, according to a report by Acuite Ratings and Research.

Acuité's release on AMEP Index Feb-22 covered by IANS and its subsequent publications

18 Feb 2022

"Expectedly, Omicron has led to a fresh dent in domestic economic activities which was also reflected in our proprietary AMEP (Acuite Macroeconomic Performance) monthly index which eased to 112.2 in Jan-22 from 115.0 in Dec-21,” Chief Analytical Officer, Suman Chowdhury, said.

Acuité's report on trade deficit covered by Economic times, IANS and other national publications

17 Feb 2022

India’s FY22 current account deficit faces mild upside risk from high commodity prices, said Acuite Ratings & Research.

Acuité's comments on Inflation covered by The Print, Bloomberg Quint, The Week, Free Press Journal and other national publications

15 Feb 2022

Furthermore, Acuite Ratings & Research said: "Going forward, as the recovery turns more sustainable given strong progress in vaccination, decline in Covid caseloads along with gradual unwinding of lockdown restrictions by states we expect the RBI to gradually revert to its pre-pandemic policy corridor by hiking the reverse repo rate between April-22 and June-22 policy meeting."

Acuité's comments on IIP covered in The Hindu Business Line

15 Feb 2022

The Hindu Businessline

"Overall, the momentum of industrial revival has been slow in Q3FY22 and given the high base factor, one can continue to expect moderate growth at best in IIP in Q4FY22," said Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research.

Acuité’s comments on MPC Feb 22 covered by The Print, The Week, Business Today and other national publications

10 Feb 2022

In addition, Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research said: "It is clear that the central bank wants to hold on to the supportive monetary policy and augment the growth focussed budgetary initiatives of the government till the data points to a strong pick up in domestic consumption demand.”

MPC Feb'22 Preview by Acuité Ratings & Research covered by IIFL and Zee Business

10 Feb 2022

IndiaInfoline | Zeebiz

Says Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research "As such, we believe RBI could consider moving reverse repo rate up by 20 bps in the Feb-22 policy review to signal the initiation of interest rate normalization cycle while retaining the accommodative stance and the repo rate till the growth signals in the economy become durable. This will also be consistent with its ongoing emphasis on rationalization of liquidity surplus, which has already pushed short term money market rates higher.”

Acuité’s comments on MPC expected to retain its key lending rates covered by IANS and its subsequent publications

07 Feb 2022

"We believe RBI could consider moving reverse repo rate up by 20 bps in the February 2022 policy review to signal the initiation of interest rate normalisation cycle while retaining the accommodative stance and the repo rate till the growth signals in the economy become durable,” said Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research.

Acuité's comments on Green bonds covered by The Hindu (print edition enclosed), The Hindu Business Line, Moneycontrol, Financial Express and other national publications

01 Feb 2022

The Hindu | The Hindu BusinessLine | Money Control | Financial Express

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research

On Fiscal Deficit: In line with our expectations, the revised fiscal deficit for FY22 has been assessed at 6.9%, slightly higher than the budgeted print. In our opinion, this reflects the uncertainty on the LIC IPO and also the back loaded revenue and capital expenditure in FY22. With the significant jump in outlay for capex in FY23, the reduction in the fiscal deficit is budgeted to be only moderate at 6.4% next year. This will imply a significant quantum of gross govt borrowings as in the current year and will maintain the firmness in bond yields which have already seen a spike.

Acuité's comments on clean energy and electric vehicles covered by Times of India and First Post

01 Feb 2022

Times of India | Firstpost

"The government continues to provide increasing use of clean energy and EVs. Public transport would increasingly have a higher usage of EVs. Further, a policy for battery swapping will be developed which will ensure standardization and enhance charging infrastructure," said Suman Chowdhury, chief analytical officer at Acuite Ratings & Research.

Acuité's comments on the infrastructure covered by The Hindu Business Line

01 Feb 2022

According to Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research, "The outlay for capex has been significantly enhanced by 35 per cent from Rs 5.5 lakh Cr to Rs 7.5 lakh Cr, which is more than double of the levels in FY20. This will continue to boost the construction sector and generate jobs in the infrastructure sector.”

Acuité's comments on LIC IPO covered by The Telegraph, Yahoo, Reuters and other national publications

01 Feb 2022

Telegraph India | Finance Yahoo | Reuters | Times Now News

The downward revision "highlights the uncertainty regarding theLIC IPO," said Suman Chowdhury, chief analytical officer, Acuité Ratings in a note. "It is evident that the government is unlikely to pursue public sector units disinvestment in an aggressive manner over the next 1-2 years."

Acuité comments on Capex to focus on job creation, PLI expansion, covered by IANS and its subsequent publications

28 Jan 2022

"We expect a higher outlay for the healthcare infrastructure sector across the country and this is partly driven by the compulsions from the prolonged pandemic,” said Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research.

Acuité is now Great Place to Work - Certified covered by Business Standard, ThePrint, PTI, PR Newswire and other national publications

27 Jan 2022

Celebrating the momentous occasion, Mr. Sankar Chakraborti, Group CEO at Acuité Ratings & Research, said, ''Receiving the Great Place to Work®-Certification is a reminder that nothing is more precious to an institution than human capital. Whether it's driving innovations through technology to people's practices, we put our team at the heart of everything we do. This day, we reiterate our unwavering commitment to be loyal to these values and meet the expectations of our stakeholders.'' Acuité has been making consistent efforts in building an inclusive culture by facilitating idea generation and stimulating an intellectual environment. The company has made a remarkable impact in the minds of its stakeholders which was possible due to the excellence in execution demonstrated by its employees.

Mr. Sankar Chakraborti writes about 'Union Budget 2022: Key measures govt must take to address demand-side issue' covered by Business Standard

27 Jan 2022

The prolonged Covid pandemic had a significant impact on economic activity in FY21 when the real GDP contracted by 7.3%. While the pandemic continued in FY22 with an intense second wave in Q1FY22 and a nascent third wave in Q4FY22, the economy has witnessed a revival with expected GDP growth in the range of 9-10% for the current fiscal, which highlights that the economic output has exceeded the pre-pandemic levels. What has driven the revival is robust growth in public capital expenditure and exports, the latter fuelled by the demand recovery in the developed economies. Private consumption demand, however, remains a weakness particularly from the rural areas and is still yet to come above the pre-pandemic levels. Although the agricultural output has been healthy during the pandemic period and a broad-based revival in the manufacturing sector has been in evidence in FY22, the services sector is clearly yet to witness an adequate revival particularly the largely contact intensive trade, hotels and transport sector which is estimated to have a shortfall of 8.5% compared to the pre-pandemic FY20.

Acuité's comments on focus of Budget FY23 on capex covered by IANS and its subsequent publications

25 Jan 2022

"Higher spending on infrastructure and construction projects have a positive spin-off on employment and consumption demand,” said Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research.

Acuité's comments on expectations from the Union Budget 2022 giving infrastructure status to pandemic hit industries, covered by IANS and its subsequent publications

21 Jan 2022

Business Standard | Zee News | Bharat Times | New Kerala

"We believe there is a case for considering 'infrastructure sector' status to the healthcare and the EV charging eco-system. The criticality of adequate healthcare infrastructure across the country has increased significantly after the pandemic and the 'infrastructure' tag can be extended to not only hospitals but also diagnostic centres," said Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research.

Acuité’s comments on fiscal projections for FY23 covered by IANS and its subsequent publications

19 Jan 2022

"As regards the fiscal projections for FY23, we believe that the focus will remain on growth stimulation and include higher revenue and capital expenditure outlay. Therefore, we don't foresee any major reduction in the budgeted fiscal deficit for next year," said Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research.

Acuité Prime Ratings Database mentioned in the story of Non-cooperation movement of Indian borrowers covered by Business Standard (print edition enclosed)

18 Jan 2022

The Hindu BusinessLine | The Outreach

Acuité’s comments on WPI Dec’21 covered by IANS and its subsequent publications

17 Jan 2022

According to Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research: "The data indicates that the incremental price pressures in the primary article and the fuel segments have eased in the previous month, although a fresh rise in global crude prices can make such a relief temporary.

Acuité’s comments on inflation covered by IANS and its subsequent publications

13 Jan 2022

Acuite Ratings & Research’s Chief Analytical Officer, Suman Chowdhury, said: "Core inflation continues to be elevated and estimated at 6.2 per cent for Dec-21, almost at similar levels as in the previous month.

Acuité’s comments on economic impact of the third wave covered by IANS and its subsequent publications

12 Jan 2022

Suman Chowdhury, Chief Analytical Officer, Acuite Ratings and Research, said: "We believe that the economic impact of the third wave will be relatively lower as compared to the previous surges going by the current data on hospitalisation and mortalities which will hopefully translate into lesser risk of large scale and prolonged lockdowns.

Acuité's insights on Balance of Payments covered by Hindu Business Line (Print edition enclosed) and The Outreach

07 Jan 2022

Acuité Ratings has also revised its 2021-22 current account deficit forecast to $46 billion from $38 billion earlier, as against a surplus of $24 billion in 2020-21.

Acuité's report on Auto Sales Dec'21 covered by The Economic Times, IANS and its subsequent publications

05 Jan 2022

The reimposition of restrictions due to the rise in Covid cases is expected to impact demand for automobiles, especially for passenger vehicles and two-wheeler, ratings agency Acuite said on Tuesday.

Acuité Ratings & Research rated Edelweiss Financial NCDs that closed early and successfully. This was covered by LiveMint, Business Journal and other national publications

04 Jan 2022

Livemint | Business Journal | Businesstoday | Capital

The NCDs have been rated AA- with a negative outlook by rating agency Crisil Ltd and AA with a negative outlook by Acuité Ratings & Research Ltd.

Acuité’s comments on Indian Airport Sector covered by Business Standard, ET Infra, Deccan Herald, IANS and its subsequent publications

03 Jan 2022

Additionally, Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research said: "As of 2020, there were 153 operational airports in India which is poised to grow to by another 20-30 by 2030.”

Acuité's release on Rupee volatility covered by Free Press Journal, Zee Business, Economic Times, Business Standard and other national publications

30 Dec 2021

Indian rupee has been on a tumultuous ride since the beginning of the calendar 2021, witnessing significant volatility in the band of 72.4-76.0/USD. From maintaining an appreciating bias in the early months of 2021 amidst record high foreign inflows, the INR has been losing ground past couple of months and is likely to end the year as one of the laggards among the Asian market currencies, Acuite Ratings said.

AMEP Index update covered by Free Press Journal (print edition enclosed), IANS and its subsequent publications

"We observed that after the expansion in two consecutive months our proprietary AMEP (Acuite Macroeconomic Performance) index fell to 111 in November from a post-Covid peak of 124.9," Suman Chowdhury, Chief Analytical Officer of Acuite Ratings, said.

AMEP Index update covered by Hindu Business Line (Print edition enclosed) and other national publications

24 Dec 2021

The Hindu Business Line | News on News

Acuité Ratings & Research said its proprietary, AMEP (Acuité Macroeconomic Performance) index, fell to 111 in November 2021 from a post-Covid peak of 124.9 in October 2021, showing a loss in the momentum of economic recovery as the pent up and festive consumption demand dropped in intensity.

Findings of ESGrisk.ai on companies ESG assessment mentioned in Mint industry story (print edition enclosed)

23 Dec 2021

ESG data from ESG Risk Assessments & Insights Ltd, by Acuite Ratings, showed that of the Nifty 50 companies, 40% of private sector companies are rated ESG risk A. In contrast, only 14% of public sector units are rated A. Risk A indicates an ESG leader with a largely positive track record of managing material risks.

Acuité Ratings has incorporated ESG factors in its credit ratings covered by Bloomberg Quint

23 Dec 2021

Financial Express | The Economic Times

Besides India Ratings, Acuite Ratings & Research, too, has started incorporating ESG factors into its credit ratings. They will disclose the "financial materiality" of the ESG issues to the credit ratings in their analysis. Crisil Ltd. has its own ESG rankings separate from credit ratings.

Acuité's comments on inflation covered by IANS and it's subsequent publications

16 Dec 2021

sify| Nagpur Info

"The WPI print for November 21 clearly highlights the underlying inflationary pressures in the economy that is not apparent in the headline CPI print," said Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research.

Acuité's comments on inflation covered by The Economic Times (Print enclosed), NDTV, The Hindu, and other national publications

15 Dec 2021

The Economic Times | NDTV | The Hindu | Zee 5 | Fox Story India

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research, said, "The WPI print for November highlights the underlying inflationary pressures in the economy that is not apparent in the headline CPI print. While the wholesale inflation had declined to 10.66 per cent year-on-year in September, it climbed back to 12.54 per cent (YoY) in October and further to 14.23 per cent in November, the highest level seen in the current year."

Acuité's comments on regulations for Urban Cooperative Banks exclusively covered by The Hindu

15 Dec 2021

The Hindu

"While the central bank was vested with regulatory oversight on the banking activities of UCBs and DCCBs, its powers were limited to some extent which impacted its ability to take timely action in case of irregularities,” said Suman Chowdhury, Chief Analytical Officer at Acuité Ratings & Research.

Acuité's comments on industrial output covered by IANS and its subsequent publication

14 Dec 2021

sify

Acuite Ratings & Research Chief Analytical Officer, Suman Chowdhury said: "While the momentum of industrial revival is slower than expected, the output levels have started to exceed the pre pandemic levels."

Acuité's comments on inflation covered by IANS and its subsequent publication

14 Dec 2021

Henry Clubs

Suman Choudhary, chief analytical officer, Acuite Ratings and Research, said the rise in food inflation was driven by volatility in vegetable inflation, which has remained stable at 7.4% month-on-month despite favorable winter weather. This, he said, must have happened due to erratic rainfall patterns in some parts of the country.

Acuité's comments on IIP- Oct'21 covered by IANS and its subsequent publications

13 Dec 2021

Acuité's comments on Monetary Policy Preview covered by Financial Express, The Week and other national publications

08 Dec 2021

Financial Express | The Week | Aaj ki Taaza News | MSN | Samachar Central

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research: Monetary policy normalization will continue in the major global economies given the extended period of higher inflation but the speed may vary across the central banks, depending upon their assessment of the residual pandemic risks. India is also expected to continue with the gradual approach to normalization and a phase-wise increase in the reverse repo rate can be envisaged in the current fiscal.

Acuité's comments on RBI monetary policy Dec 2021 covered by IIFL and Zee Business

08 Dec 2021

IIFL Securities | Zeebiz | The Hindu Business Line | Bloomberg Quint

While there was a partial likelihood of a modest hike in reverse repo rate in today's MPC policy meeting, the central bank has stuck to its principle of ‘gradualism’ since the downside risks to a durable growth trajectory have clearly increased due to the spread of a new Covid variant, said Suman Chowdhury, chief analytical officer, Acuité Ratings & Research.

Acuité's preview on Monetary Policy covered by Financial Express and The Economic Times

07 Dec 2021

Acuité believes that monetary policy normalisation will continue in the major global economies given the extended period of higher inflation but the speed may vary across the central banks, depending upon their assessment of the residual pandemic risks. India is also expected to continue with the gradual approach to normalisation and a phase-wise increase in the reverse repo rate can be envisaged in the current fiscal," Chowdhury said.

Acuité's comments on PMI Data Nov'21 covered by Hindu Business Line and The Outreach

06 Dec 2021

The Hindu Business Line | The Outreach

"Overall, we expect PMI manufacturing and services to remain strong in the remainder of FY22 amidst a near complete removal of lockdown restrictions, ebbing of infections, improved consumer sentiments and steady progress on vaccination,” said rating agency Acuité Ratings & Research.

Acuité's comments on two wheeler sales covered by The Economic Times

03 Dec 2021

"We expect that the recent cut in fuel taxes, better personal mobility due to lower threat of the pandemic along with the progress in vaccinations will lead to an improvement in consumer sentiment in the two-wheeler market,” said Suman Chowdhury, chief analytical officer at Acuité Ratings & Research.

Acuité's comments on Q2FY22 GDP covered by The Economic Times (Print version enclosed), Moneycontrol, Bloomberg Quint, Telegraph India, MSN, IANS and its subsequent publications

"What is encouraging to see is a 10.7 per cent growth in gross capital formation in Q2FY22, driven primarily by public capital expenditure although there are also signs of a pickup in private capex in the current fiscal," said Suman Chowdhury, chief analytics officer, Acuite Ratings.

Acuité's comments on Q2FY22 GDP growth covered by IANS and its subsequent publications

30 Nov 2021

"We expect India's GDP and GVA to grow by 8.5 per cent YoY and 7.5 percent YoY, respectively, in Q2FY22 amid some support from a favourable statistical base along with a gradual removal of lockdown restrictions by most states towards the end of the last quarter," said Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research.

Acuité's release on Q2 GDP Preview covered by Moneycontrol, IANS and the subsequent top publications such Business Standard and Free Press Journal

26 Nov 2021

India’s Q2FY22 GDP is expected to grow by 8.5 per cent on a year-on-year (YoY) basis amid support from a favourable base, Acuite Ratings and Research said.

Acuité's quote on inflation covered by IANS and subsequent publications like Business Standard

26 Nov 2021

Business Standard | India.com| SME Times | Mangalorean| Telugustop

Acuite Ratings and Research's Chief Analytical Officer Suman Chowdhury said: "Some categories in the food basket have seen heightened inflation in the current year which includes edible oil, egg, meat and fish and pulses. Further, the sharply increased prices of petrol and diesel have also increased household expenditures with the unlocking of the economy."

Acuité's comments on airline industry covered by International Business Times

22 Nov 2021

IBM Times

"Clearly, IndiGo has built a dominant position in the domestic airline market over the last few years and in the pre-pandemic period, it was the only airline in India which demonstrated the ability to generate a healthy level of profits," Acuite Ratings and Research Ltd Chief Analytical Officer Suman Chowdhury said.

Acuité's report on inflation covered by ET BFSI

22 Nov 2021

Comfort on food inflation, likely record kharif output, and recent reduction in VAT on petrol and diesel are likely to keep headline inflation and household inflation expectations in check, according to a report by Acuite Ratings and Research.

Acuité's comments on WPI Oct'21 covered by Hindu Business Line

16 Nov 2021

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research said, "The WPI print for Oct-21 highlights the underlying inflationary pressures in the economy.”

Acuité's comments on Trade Data Oct'21 covered by Bloomberg Quint

16 Nov 2021

Bloomberg Quint

The export momentum continues to be encouraging but imports have also started to grow at a rapid rate both due to higher value of crude oil imports as well as higher domestic demand for non-oil products, Suman Chowdhury, chief analytical officer at Acuite Research, told BloombergQuint.

Acuité's report on inflation covered by ET Auto and IANS

15 Nov 2021

ET Auto | IANS Live

The continued benign inflationary trajectory in Q3FY22 has increased the likelihood of further postponement of interest rate normalisation, said Acuite Ratings & Research.

Acuité quoted in Bloomberg Quint story on India's bankers have a new favorite fit for lending Size S/M/L?

12 Nov 2021

After an extended period of sluggish loan growth, Indian lenders are starting to step up the pace at which they are giving out credit. Much of the improvement is coming via lending to medium-sized industries even as large corporations see little reason to borrow from banks and smaller units remain risky bets.

Between September last year and this year, banks extended a net of Rs 68,871 crore in loans to the industry, according to data published by the Reserve Bank of India. Much of this incremental lending was towards units titled as 'medium' sized and defined as those where investment in plant and machinery does not exceed Rs 50 crore and turnover does not exceed Rs 250 crore.

Outstanding credit to micro and small industries rose by Rs 35,092 crore. Outstanding credit to medium industries rose by Rs 57,540 crore. Outstanding credit to large industries fell by Rs 23,760 crore.

Credit growth to medium enterprises has grown rapidly through 2021, rising 71.5% on an annual basis in July 2021, before easing to 49% in September. In comparison, credit growth to the overall industry remained range bound at 2.5% in September.

As banks have stepped up lending to mid-sized firms, their share in outstanding credit has also increased. The share of credit outstanding to medium-sized industries, an indicator which moves slowly due to the relative size of large corporate lending, has risen to 6% in September 2021 from 4.5% in September 2020, the data shows.

CS Setty, managing director at the State Bank of India, said that medium-sized enterprises tend to do better compared to micro and small industries that are vulnerable and were harder hit in the pandemic. In addition, the government's emergency credit line scheme helped these companies survive and they are now benefitting as demand picks up, he said.

According to Suman Chowdhury, chief analytical officer at Acuité Ratings & Research, the early spurt in capex is also being led with medium-sized firms. The investments by this segment might not be large but is still sizeable on an aggregate level, he said. In contrast, in sectors where larger companies are investing, demand for credit is being met via the bond markets over banks, he added.

Within medium-sized industries, some sectors are seeing a bigger pick-up than others. According to RBI's sectoral bank credit data, infrastructure, textiles and chemicals are among those seeing improved traction.

Credit to infrastructure rose 5.8% in September over a year earlier, led by lending to power and road companies. Airports and roads saw the fastest pace of growth, rising by 46.5% and by 24.8% respectively. Credit to textiles rose 6.3% over a year earlier, while chemicals and chemical products saw a rise of 4.1%.

Mr. Sankar Chakraborti, Chairman, ESGRisk.ai and Group CEO, Acuité shares insights on why ESG scores matter to investors in an interview with Krishna Kant from Business Standard

09 Nov 2021

Business Standard

Last year Acuite Ratings & Research launched ESGRisk.ai to provide ESG ratings to India’s top listed companies. Sankar Chakraborti chairman, ESGRisk.ai & group CEO, Acuité Ratings & Research tells Krishna Kant from Business Standard.

Acuité report on Commercial Vehicle covered by the below publications:

08 Nov 2021

Commercial Vehicle volumes are set to pick up with the ongoing economic revival, ratings agency Acuite Ratings and Research Said.

Acuité views on - Diwali sales, not a revenge buying story in the below publications:

08 Nov 2021

Smart Investor | The Statesman | News Insure | Urall News

According to Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research: "Clearly, the festive season is likely to give an impetus to retail demand and this is already getting reflected in the data published by Confederation of All India Traders (CAIT) for this Diwali season; the sales at retail outlets have reportedly more than doubled to Rs 1.25 lakh crore from Rs 60,000 crore in 2019."

Acuité's comments on smog affecting health and economic activity, covered by IANS and its subsequent publications

08 Nov 2021

Daijiworld | Socialnews.XYZ | MENAFN | Andhravilas

Furthermore, the mobility of the area's residents start to get impacted due to the phenomenon, said Acuite Ratings & Research Chief Analytical Officer Suman Chowdhury, adding that this impacts contact intensive sectors such as retail and hospitality.

Acuité’s report on Banking sector covered by ET BFSI

03 Nov 2021

ET BFSI

The Indian banking sector is likely to witness a fresh phase of consolidation over the medium term, between FY22 and FY24, primarily driven by large private sector banks, according to a report by Acuite Ratings and Research.

Acuité's comments on the public sector banks covered by The Economic Times

02 Nov 2021

Over the last five years, public sector banks' market share has dropped by around 10% in both deposits and advances. "Clearly, asset quality and the resultant profitability, as well as capital challenges, have been the key factor in the slowdown of the public sector banks," Acuite Ratings & Research said in a note.

Acuité's comments on Core Sector data Sep'21 covered by The Hindu Business Line, ET Auto, NDTV, IANS and other national publications

01 Nov 2021

While we continue to believe that government's thrust on infrastructure segment, progress in vaccinations along with strong export demand will continue to bolster overall industrial activity over the next few quarters, the Sep-21 core sector data has come as a negative surprises and highlights concerns on higher commodity prices and raw material shortages,'' said Mr. Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research.

Acuité's report on gold imports covered by Live Mint

01 Nov 2021

Mint

A recent report by Acuité Ratings & Research Ltd showed that India’s gold imports were at a decade-high level in the first half of FY22, as a mild correction in domestic gold prices by 2.7% from the peak seen in May further provided a fillip to domestic gold demand. "It is also likely that a part of increased household savings in the higher income categories are being partly deployed in physical gold as it has been traditionally considered to be a safe haven in an environment where the risks of the pandemic continue to exist," said Suman Chowdhury, chief analytical officer, Acuité.

Acuité's report on banking sector covered by Business Standard, The Hindu Business Line, Money control and other national publications

29 Oct 2021

The Hindu Businessline | Moneycontrol | The Outreach | MSN | Andhram

The Indian banking sector is set to witness a fresh round of consolidation over the medium term – spread over FY22-24 period - primarily driven by large private sector banks, according to Acuite Ratings and Research.

Acuité's comments on gold imports covered by Money Control

26 Oct 2021

Moneycontrol

"The release of the pent-up demand following the easing of lockdown restrictions and re-opening of retail outlets, the revival in consumer sentiments due to the steady progress in vaccination, the declining risk of a third COVID wave along with re-stocking of inventories ahead of the festive and wedding season have led gold imports to surge in FY22 so far,” says Suman Chowdhury, Chief Analytical Officer, Acuité Ratings.

Acuité's report on gold imports covered by Live Mint (Print edition enclosed)

26 Oct 2021

Acuité Macroeconomic Performance Index launch covered by Free Press Journal, IANS and it's subsequent publications

21 Oct 2021

"Based on the steady progress on vaccination, expected improvement in consumption driven by pent-up demand for goods and vengeance spend on services, favourable kharif crop estimates, export buoyancy as well as the continuing accommodative monetary and fiscal policy backdrop, we continue to hold on to our FY22 growth forecast of 10 per cent," said Suman Chowdhury, Chief Analytical Officer at Acuite Ratings & Research.

Acuité's comments on Sep'21 WPI inflation covered by The Hindu, Outlook India, Deccan Herald, The Week and Business World

18 Oct 2021

The Hindu | Outlook India | Deccanherald | The Week | Business World

Suman Chowdhury of Acuite Ratings & Research said the gap between CPI and WPI inflation indicates that the current inflationary risks are primarily emerging from the impact of commodity prices on the manufacturing sector, where further pass-through is likely as demand continues to improve.

Acuité's comments on IIP Aug'21 covered by IANS and its subsequent publications

13 Oct 2021

Acuite Ratings & Research Chief Analytical Officer Suman Chowdhury stated: "India’s Industrial Production expanded by 11.9 per cent YoY in August 2021 with a gradual revival in industrial activity. However, the momentum of such revival has clearly dropped as evident from the slight sequential contraction in the index vis-a-vis the strong uptick seen in the months of June-July after the peak of the second Covid wave.”

Acuité's comments on Tata regaining control of Air India covered by Hindu Business Line, Money Control, Reuters, CNBC and other national publications

09 Oct 2021

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings and Research, said, "With Air India, Vistara, and Air Asia having a current combined market share of 26.9 per cent, the Tata Group will emerge as the second-largest domestic airline after IndiGo once the consolidation of the operations of all three airlines is completed.”

Acuité's comments on the MPC announcement covered by Financial Express, Bloomberg Quint, Business Today and NDTV

08 Oct 2021

Financial Express | Bloomberg Quint | Business Today | NDTV

"While food inflation is expected to remain low, we believe there is a case to monitor inflation very closely over the next few months given the continuing commodity price pressures, industrial raw material shortages and the impending recovery in consumer demand," says Suman Chowdhury, Chief Analytical Officer at Acuité Ratings & Research.

Acuité's comments on the Expectations from Oct'21 MPC covered by IANS and its subsequent publications

06 Oct 2021

Social News XYZ | Telugu stop | Smallnews | CanIndia | IND Forums

Acuite Ratings & Research Chief Analytical Officer Suman Chowdhury said: "Unlike most developed and peer nations, the headline CPI inflation in India has moderated in Jul-Aug'21 due to lower food inflation and the short term outlook on inflation remains benign."

Acuité's comments on expectations from Oct'21 MPC exclusively covered by The Hindu Business Line and quoted first in the story (Print enclosed)

04 Oct 2021

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research, said: "Acuité believes, in line with market expectations, that Reserve Bank of India will continue with its accommodative monetary policy in October although it is likely that it may take some further steps to recalibrate the excess liquidity in the monetary system over the next one to two quarters.”

Acuité's comments on corporate credit quality exclusively covered by The Economic Times (Print edition enclosed)*

02 Oct 2021

"The sharp improvement in credit ratio reflects the steady recovery in the economic environment post the disruption from the pandemic," said Suman Chowdhury, chief analytical officer, Acuite Ratings

Acuité Ratings, first CRA from India to become a signatory to UNPR's “ESG in Credit Risk and Ratings Statement” covered by The Economic Times and Business Standard (Print Enclosed)

29 Sep 2021

Business Standard | The Economic Times

"We will maintain full independence in determining which factors may be material to its ratings criteria,” said Suman Chowdhury, Chief Analytical Officer, Acuité Ratings. A comprehensive issuer ESG analysis can be considered an important input to a rating exercise.”

Acuité's comments on Kharif crop estimates covered in Live Mint

26 Sep 2021

Livemint

"Overall, the first advance estimate of kharif crop is broadly in line with the sowing acreage which has been just 1% below last year’s level and will support the recovery in rural incomes in the post pandemic environment apart from moderating food inflation and thereby, headline CPI inflation, said Acuite Ratings and Research.

Acuité's comments on ratings upgrades covered by CFO Economic Times

16 Sep 2021

Economictimes

The number of upgrades has increased by 2.4 times in the April-August 2021 period as against April-August 2020 and the downgrades have almost reduced by 40%. Further, the number of upgrades during this five-month period is almost similar to that in the pre-Covid year while the number of downgrades has almost halved from those levels, according to Acuite Ratings.

Acuité's comments on Industrial prodcution (IIP) covered by Hindu Business Line

13 Sep 2021

"India’s Industrial Production (IIP) expanded by 11.5 per cent YoY in July as unlock measures lead to further normalisation, thereby helping industrial output to recoup its lost momentum. Sequentially, the IIP print grew for the second consecutive month by 7.2 per cent in July from 5.7 per cent in June. The improvement is in conjunction with a pick-up seen in high frequency indicators such as exports, E-way bills, PMI manufacturing and auto production for the month of July,” said Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research.

Acuité's analysis on Corporate Credit Quality, Apr-Aug'21 covered by Business Standard(Print edition enclosed), Hindu Business Line (Print edition enclosed), Money Control, Free Press Jourmal and other national publications.

09 Sep 2021

As per Acuite, the number of credit upgrades by all the CRAs in April-August period of current year stood at 1,380, far higher or more than 571 in the five month period of last year and close to pre pandemic level of 1,399 reported in April-August period of FY20. Similarly, credit downgrades have fallen from 1,015 last year to 601 in five months of current fiscal.

Acuité's comments on the india's forex resereves covered by Business Standard, Economic times, ET Auto and other national publications

06 Sep 2021

"Acuite believes that India's forex reserves have adequate cushion to handle the currency volatility that can arise during a possible taper down of the bond purchases by the developed economies over the next one year," said Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research.

Views from Acuité's Q1 FY22 GDP impact analysis report covered exclusively by Hindu Business Line

06 Sep 2021

Acuité's comments on Q1 FY22 GDP impact analysis report covered exclusively by Hindu Business Line

Acuité's comments on the boost of SDRs in India’s forex reserves covered by IANS and its subsequent publications

03 Sep 2021

"While the increase in SDR allocation further boosts the existing foreign exchange reserves for India, it has already been in a comfortable position and can cover over 15 months of imports, taking the average monthly import bill for the last 5 years,” Acuite Ratings & Research Chief Analytical Officer Suman Chowdhury said.

Acuité's comments on the Q1 FY22 GDP Data release covered by BloombrgQuint, Outlook India, The Week, Daily Pionner (Print edition enclosed) and other national publications

01 Sep 2021

Acuite Ratings & Research’s Chief Analytical Officer Suman Chowdhury said: "Acuite continues to maintain a tone of cautious optimism for the remainder of FY22 with the economy expected to be provided momentum by the approaching festive season, accommodative fiscal and monetary policy backdrop, vaccination progress along with better global growth outlook which will continue to be favourable for exports.”

Acuité's comments on the Q1FY22 GDP growth estimates covered by Business Standard, The Economic Times and other national publications

31 Aug 2021

The Economic Times | Business Standard

According to an SBI research report, the GDP is expected to grow at around 18.5 per cent in the first quarter of the current financial year. This estimate is lower than the Reserve Bank of India's GDP growth projection of 21.4 per cent for the April-June quarter. Meanwhile, Acuite Ratings pegs GDP growth at 22-23 per cent for Q1 on the back of a severe contraction a year ago and recovery in economic activities towards the end of the quarter. Any disappointment on the growth front could send markets in a tailspin.

Acuité's perspective on the Indian Equity Markets trends covered by The Indian Express (Print Edition Enclosed)

30 Aug 2021

The Indian Express

Suman Chowdhury, chief analytical officer, Acuite Ratings & Research, said FPI sales can be attributed largely to increased concerns on the taper down of bond purchases by the US Fed which are expected to commence by the end of the calendar year and normalise the excess liquidity in the global asset markets. However, the markets have been relatively stable due to steady purchases by DIIs and domestic retail investors as the accommodative policy stance of the RBI has ensured ample liquidity in the system.

Acuité's comments on the Q1FY22 GDP growth estimates covered by Business Standard, Free Press Journal, Newswire such as PTI and IANS, and other national publications

28 Aug 2021

"The growth print is likely to be supported by the relative resilience of the industrial sector in this phase of the pandemic, steady uptick in exports and improved government capital expenditure levels apart from the base factor,” said Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research.

Acuité's perspective on the Indian Equity Markets trends covered by The Times of India (print edition enclosed)

28 Aug 2021

The Times of India

Acuité's comments on GDP estimates covered exclusively by Business Standard

27 Aug 2021

Suman Chowdhury, chief analytical officer, Acuité ratings & Research, said Q1FY22 enjoys strong support from a favourable base from last year’s near-complete nationwide lockdown. It had led to a massive 24.4 per cent (YoY ) contraction in Q1FY21 GDP of India.

Acuité's comments on India's wholesale price inflation covered by IANS and its subsequent publications

17 Aug 2021

In addition, Acuite Ratings & Research Chief Analytical Officer Suman Chowdhury said: "This is in line with the trajectory of CPI inflation which has moderated to 5.59 per cent in July 2021 from 6.26 per cent in June 2021 reflects the easing of supply constraints due to the unlocking measures steadily undertaken by the state governments.”

Acuité's RBI MPC impact analysis report covered by Hindu Businessline, Mint and other national publications

16 Aug 2021

Livemint | India News Republic | Devdiscourse | MyDroll

Acuite Ratings & Research Limited opined that policy normalisation will begin in a gradual fashion with comfort on vaccination, clarity on fiscal stance, and global rates setting. The agency called the increase in the quantum of variable reverse repo auctions as the first small step towards the same objective.

Acuité's comments on the CPI data covered by National herald

16 Aug 2021

National Herald

"Clearly, the larger concern is the impact of consistently high food inflation on core inflation through cost push factors; the relatively high figure for transport and communication is a reflection of high tax driven fuel prices and increase in telecom tariffs," said Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research.

Acuité's comments on the IIP covered by PehelaNews

16 Aug 2021

Pehalnews

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research:

"The IIP print for Jun-21 at 13.6 per cent YoY reflected an even better performance than the core sector which had reported an 8.9 per cent YoY growth and indicates that the key industrial sectors are witnessing a gradual output recovery after the taper down of the second wave of Covid. The overall index has also shown a particularly sharp 5.7 per cent sequential rise as compared to May-21.

While the risks of a third wave still persist, steady progress in vaccination has raised hopes for a steady rebound of the IIP trajectory from Q2FY22.”

Acuité's impact analysis of RBI MPC Announcement Aug'21 covered by Hindu BusinessLine

10 Aug 2021

The expanded scope of Variable Rate Reverse Repo (VRRR) auctions for temporary absorption of liquidity surplus could act as a precursor for monetary policy normalisation, according to Acuite Ratings & Research.

Acuité's comments on the trends in private sector capex vs government capex covered in Bloomberg Quint:

09 Aug 2021

BloombergQuint

Acuité's comments on the MPC Announcement - Aug'21 covered by MoneyControl, Financial Express, Ndtv and other national publications

06 Aug 2021

Moneycontrol | Financial Express | Indiainfoline | NDTV | Newonnews

There is a consensus in the markets that MPC will continue with its accommodative monetary policy given the continuing uncertainty on the growth momentum and the threat of another wave of the Covid pandemic. We don’t expect any action on interest rates or any major step towards recalibration of systemic liquidity at this point in time. Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research

Acuité comments on the expectations from the MPC Announcement - Aug'21 covered by Hindu Business Line, Financial Express and India Tv News

06 Aug 2021

The Hindu BusinessLine | Financial Express | India TV | New Kerala

Acuité's views on the expectation of the MPC announcement covered by Financial Express, TheWeeek and other national publications

05 Aug 2021

"We don’t expect any action on interest rates or any major step towards recalibration of systemic liquidity at this point in time,” said Suman Chowdhury, Chief Analytical Officer at Acuite Ratings and Research.

Our Chief Analytical Officer talks about the proposed changes in the US economic policies and its likely impact on India’s export growth in “Forum Views”, a monthly capital markets magazine by The Bombay Stock Exchange Brokers Forum (BBF).

02 Aug 2021

BSE Forum

Acuité's comments on the Rating movements witnessed in the the Prime Acuité Credit Ratings Migration Database covered by Economic Times (Print in line) and other national publications

26 Jul 2021

"With vaccination drive gathering momentum, the pattern in the direction of normalisation is prone to additionally catch on involved intensive sectors,” mentioned Suman Chowdhury, chief analytical officer, Acuite Scores. "The speed of upgrades rose on the sharpest tempo since outbreak of the pandemic final 12 months.”

Acuité's impact analysis report on trade balance covered by IANS and its subsequent publications like Daily Pioneer (All print editions) and Free Press journal

20 Jul 2021

India's FY22 YoY current account deficit is expected to widen, Acuite Ratings & Research said. It estimates approximately $30 billion deficit vis-a-vis $26 billion estimate in FY21.

Acuité comments on India's June'21 WPI inflation, covered by IANS and its subsequent publications

15 Jul 2021

"Clearly, the steady pass-through of increased costs in manufactured products has spillover risks to CPI inflation in the near term," Acuite Ratings & Research's Chief Analytical Officer, Suman Chowdhury, said.

Acuité's study on MFIs and smaller NBFC sector covered by Economic Times, Zee Business, Daily Pioneer (Covered in all print editions), Business Today online, ET BFSI and subsequent publications carried the news from PTI and IANS

10 Jul 2021

A report by Acuite Ratings said that collection efficiencies which were seen recovering above 90 per cent in Mar-21 have dropped to between 65-85 per cent levels during Q1FY22.

Acuité's study on MFIs and smaller NBFC sector covered by Business Standard, Financial Express and other national publications

09 Jul 2021

''Analysis of MFIs and smaller NBFCs rated by Acuité indicates that the collection efficiencies which were seen recovering above 90 per cent in March 2021 have dropped to between 65-85 per cent levels during Q1FY22,'' it said.

Acuité Ratings and Research comments on the currency, covered by NDTV profit and other national publications (Quote reference - Macro Pulse report)

08 Jul 2021

NDTV | Upright Media | DiscountSutra | Scoop Blogs | Khabaradda

"After closing at its strongest level since the beginning of the pandemic at 72.61 in May-21, the rupee has been on a weak turf in the month of Jun-21. The recent weakness in INR appears to be in sync with strengthening bias creeping in for the USD, which seems to have received a shot in the arm post Federal Reserve's Jun-21 monetary policy review,'' said Suman Chowdhury, Chief Analytical Officer, Acuité Ratings and Research.

Acuité comments on entry restrictions hampering the economic growth. Exclusive story by IANS and covered by subsequent publications

07 Jul 2021

Acuite Ratings & Research Chief Analytical Officer Suman Chowdhury said selective access to contact intensive services based on vaccination would be a prudent measure.

Acuité comments on the sustainability of the FY22 Pent-up demand amidst prediction of a possible third wave of covid-19 covered by IANS and subsequent publications

30 Jun 2021

"The sustainability of the pent-up demand, however, will clearly depend on the likelihood and severity of the third wave and importantly, the speed of vaccination in the country over the next few months," said Suman Chowdhury, Chief Analytical Officer at Acuite Ratings and Research.

Acuité shares perspective on the FM announcement on new relief measures amid Covid 2.0 covered by Moneycontrol, IANS and subsequent publications

29 Jun 2021

Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research said: "The other significant measure from the government is a credit guarantee scheme for the MFI sector which has also been particularly impacted by the second wave of Covid.”

Acuité's comment on May inflation numbers was covered by India Today. One of the most prominent magazines read by leaders covered our views in the print and online edition

26 Jun 2021

India Today

"The upward trajectory in CPI inflation may moderate over the next few months with the tapering of lockdown restrictions and [the consequent easing of] supply constraints,” says Suman Chowdhury, chief analytical officer, Acuité Ratings & Research.

Acuité shares their analysis on top 10 listed cement companies covered by economic times, financial express, business standard and other national publications

22 Jun 2021

Pandemic-hit FY21 has turned out to be a good year for the big cement companies, as their net profits surged and market position strengthened, a report said. The net profits of 10 major listed cement companies surged by 29.6 per cent on an average in FY21, although aggregate revenues grew modestly by 3.8 per cent, according to an analysis undertaken by Acuite Ratings.

Acuité comments on the inflation for may 2021 covered by National news (print edition in line) and Kapi News

20 Jun 2021

The National News | Kapi News

"We don’t see any speedy response from RBI on the inflation entrance given the precedence accorded to the revival of the expansion impulses,” Suman Chowdhury, chief analytical officer at Acuité Scores and Analysis, says.

Acuité comments on the inflation spike in the national publications

15 Jun 2021

Suman Chowdhury, chief analytical officer at Acuite Ratings and Research, feels that the upward trajectory in consumer inflation may moderate in the next few months, as easing of lockdown restrictions across states will iron out supply constraints and the timely arrival of the monsoon will also have a favourable impact on vegetables and overall food prices. So, he doesn’t see any immediate response from the RBI on the inflation front.

"However, the government may need to take suitable measures to control inflation of food products such as edible oils and pulses as well as retail fuels to mitigate any longer-term structural risks to inflation,” said Chowdhury.

Acuité comments on the CPI inflation in May 2021, covered by IANS and its subsequent national publications

14 Jun 2021

"Some categories in the food basket such as meat and fish, edible oil, fruits and pulses continue to show high inflation, both on a YOY and sequential basis, reflecting structural supply bottlenecks that might have got further aggravated by the fresh disruption brought in by the second Covid wave," Acuite Ratings and Research's Chief Analytical Officer Suman Chowdhury said.

Acuité comments on the Industrial Production growth in april 2021, covered by NDTV and other national publications

11 Jun 2021

NDTV | Pehal News | The Vom News | Upright Media | News Cerca

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research:

”…The general IIP in April 2021 has witnessed a barely optimistic progress of 0.1 per cent though the manufacturing sector has contracted by 0.9 per cent vis-à-vis April 2019…..Undoubtedly, the nascent momentum in IIP seen over Q3/This autumn of FY21 has obtained a setback in April-May however a speedy taper down of the every day an infection numbers and the urgency round vaccination, have raised hopes for a fast rebound of the IIP trajectory.

”While nearly all of the segments underneath the manufacturing sector have been affected initially by the financial slowdown and thereafter by the pandemic, it’s attention-grabbing to notice that the metals section has recorded a progress of 15.1 per cent over a two-year interval.”

Acuité comments on the RBI Monetary Policy covered by PTI, IANS and subsequent publications

07 Jun 2021

Acuite Scores & Analysis Chief Analytical Officer Suman Chowdhury mentioned the Reserve Financial institution has taken observe of the upside dangers to inflation in a state of affairs of upper commodity costs and re-emergence of upper provide constraints amid lockdowns however continues to challenge benign inflationary figures for the following few quarters.

Acuité comments on the MFIs facing ratings downgrade risk amid second wave covered by Economic Times (Print edition in line) and other national publications

04 Jun 2021

"We will closely monitor the loan delinquency levels for our rated clients in the sector and assess the impact on credit quality given the uncertainty in the operating environment,” stated Suman Chowdhury, chief analytical officer at Acuite Ratings.

Acuité Ratings & Research shares preview on the monetary policy to be announced covered by Economic Times, Financial Express, Free Press Journal, IANS and subsequent national publications

04 Jun 2021

In addition, Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research, there is a need to pursue a similar monetary and fiscal policy framework over the next two-three quarters till the impact of the second Covid wave tapers-off.

"We expect the policy stance to remain unequivocally accommodative throughout the current financial year. While there is virtually no scope for a further cut in interest rates given the increased commodity prices... the status quo on rates is likely to continue for a longer time possibly till the end of FY22," Chowdhury said.

Acuité Ratings & Research shares preview on the monetary policy to be announced tomorrow

03 Jun 2021

The Indian Express | CNBCTV18 | Report Wire | Global Circulate

Suman Chowdhury, chief analytical officer, Acuité Ratings, said the current focus of the MPC is to support the fragile economy and the financial system from the damage inflicted by the second wave of Covid and to bring it back again on a healthy recovery path over the next few quarters. "We expect the policy stance to remain unequivocally accommodative throughout the current financial year. While there is virtually no scope for a further cut in interest rates given the increased commodity prices and the rising WPI, the status quo on rates is likely to continue for a longer time possibly till the end of FY22. Despite the risks of a build-up of inflationary pressures in the near term, the RBI is likely to give higher priority to the concerns around growth recovery,” he said.

Acuité comments on the Auto Sector amid second covid wave, covered by IANS and subsequent publications

02 Jun 2021

Acuite Ratings & Research's Chief Analytical Officer Suman Chowdhury said: "The sequential trajectory in auto sector sales is on a substantial decline in the face of the second Covid wave. Since a large number of states in India had imposed fairly strict lockdowns to contain the threatening rise in infections and mortalities, auto dealerships were either closed or partially operated during the month."

Acuité comments on the Q4 GDP covered by leading publications like Financial Express, Money Control, IANS and subsequent national publications

01 Jun 2021

Suman Chowdhury, Chief Analytical Officer at Acuité Ratings & Research: "However, what catches our attention is the quarterly GVA printing for the fourth quarter of fiscal year 21. The manufacturing sector registered a year-on-year growth of 6.9% in the fourth quarter which, despite the impact of the base factor , highlights the rebound in industrial activity. In addition, the construction sector has registered a growth of 14.5% year-over-year which, in our opinion, indicates the effect of government capital spending. What is pleasantly surprising is that financial, real estate and other services also posted healthy growth of 5.4% in the fourth quarter of fiscal 21. "

Acuité comments on the impact of Covid 2.0 on the rural demand and the overall economic growth, covered by IANS and subsequent national publications

30 May 2021

According to Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research: "There is a forecast of a timely and adequate monsoon in the current year which we expect will help to maintain healthy agricultural growth in FY22. While the spread of Covid 2.0 in rural areas may impact the agricultural sector, the extent will depend on the duration of the pandemic wave."

Acuité Ratings and research shares views on the rise in WPI in April 2021, covered by IndiaToday, the most widely circulated magazine in India (Print edition inline)

04 Jun 2021

Acuité shares their views on the companies rated as "issuer non-cooperating" in an exclusive interaction covered by The Hindu Business Line in a front page story today (Print Edition inline)

19 May 2021

Forbes India | The Financial Express

Acuité Ratings and Research share their views on April exports data that was covered by IANS and subsequent publications

16 May 2021

Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research, said: "Overall, the merchandise trade deficit at $15.1 billion shows a steady normalisation in external trade since December 2020. The performance of the external sector has been relatively better in April 2021 compared to the domestic demand given the slowdown in the nascent growth momentum aggravated by the highly intense Covid 2.0 wave.

"However, the sustainability of such a healthy trade trajectory will need to be seen with the stricter imposition of lockdown by several states in May 2021.”

Acuité shared an insightful and detailed report on the impact of RBI relief measures on the microfinance institutions amidst Covid 2.0. This was covered by Business standard and other national publications

14 May 2021

Business Standard | NewsPolo | International Business Times

Acuite Ratings and Research has said while the industry was in a gradual recovery phase from Q3FY21 — through an improvement in delinquencies and disbursements — the second wave has started to disrupt that nascent recovery.

Acuité shares their views on the CPI April 2021 and IIP March 2021 data that was covered by Financial express, Outlook India and other national publications

14 May 2021

Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research, said: "Expectedly, the CPI print for April 2021 has benefited from the base effect given the national lockdown in the same period of the previous year and the elevated prices therein driven by supply constraints.”

Mr. S S Mundra, Non-executive Chairman of Acuité and Former Deputy Governor of RBI writes in today’s Mint on how ESG investment is becoming mainstream for investors and businesses. Do read this interesting opinion piece.

Acuité shares their report on impact of RBI relief measures on the MFIs amidst covid 2.0 covered by Mint (Print Edition in line), NDTV, CNBC TV18 and other National publications

12 May 2021

According to Acuite Rating and Research, the central bank's recent announcements on the special long-term repo operation or SLTRO of ₹ 10,000 crore for the small finance banks will ensure higher direct disbursements to microfinance borrowers and better funding access for smaller MFI with asset size less than ₹ 500 crore.

Acuité shares their report on impact of RBI relief measures on the micro finance institutions amidst Covid 2.0 covered by LiveMint, The Hindu (Print edition in line) and other national publications

11 May 2021

The Reserve Bank of India’s (RBI) move to classify loans by small finance banks (SFBs) to certain microfinance lenders as priority sector is expected to boost lending by about ₹2,000-3,000 crore, said Acuite Ratings and Research.

Acuité shares their view on RBI's support measure to the healthcare sector covered by PTI and subsequently other national publications

06 May 2021

Acuité Ratings & Research Chief Analytical Officer Suman Chowdhury said the RBI's measures will support the availability of credit to the healthcare sector, which needs to ramp up significantly to addresstheCOVID2.0 challenges. Secondly, the restructuring option has been extended till September 2021 for retail and MSME borrowers with loans up to Rs 25 crore.

Acuité shares their views on the RBI Covid Relief Package May 2021 covered by Forbes, and financial express

05 May 2021

Suman Chowdhury, chief analytical officer, Acuité Ratings & Research, tells Forbes India this was a form of "optional moratorium” where banks were allowed to decide on whether fresh restructuring would be required or not.

Sankar Chakraborti, Group CEO, Acuité Ratings & Research shares his views on the revival of the MSME sector and the role of the credit rating agencies, in an exclusive show, India On the Move by CNBC TV18, which was also captured by Moneycontrol.com and Flipboard.com. Scroll down till the end of the story link to watch the video of the interview that appeared on CNBC TV18

30 Apr 2021

Moneycontrol.com | Flipboard

The revival of the MSME sector, which contributes significantly to the country’s GDP and employs close to 100 million people is a priority amid the turbulence unleashed by the pandemic. The ecosystem entrusted with this sector’s growth is actioning necessary steps to bring it back on track. Mridu Bhandari from CNBC-TV18 gets into a candid conversation with Manish Jain, Managing Director & Co-Head, Corporate Commercial & Institutional Banking, India, Standard Chartered Bank, Ajay Thakur, Head of BSE SME & Start-ups and Sankar Chakraborti, CEO, Acuite SMERA Group.

Acuité Ratings & Research shares their views on the monsoon outlook 2021 that was captured by Mint, The Hindu Business Line, The Economic Times, IANS and other national publications

19 Apr 2021

Both IMD and Skymet predicting a normal southwest monsoon in 2021 augur well for the Indian economy which continues to be impacted by the Covid-19 pandemic and increased inflationary pressures, said Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research.

Acuité Ratings and Research shares their analysis of the March 2021 trade data showcasing a sharp reduction in trade deficit captured by IANS and other national publications in headline

17 Apr 2021

Acuite Ratings and Research has said the trade data release for March confirms what was already visible earlier -- a sharp reduction in merchandise trade deficit.

India had a trade deficit of only 98.6 billion dollars in FY21, the lowest in the last five years and almost 50 per cent lower compared to the levels seen in FY19.

Clearly, said Acuite, the economic disruption alongwith sharply lower crude oil prices and also a buoyancy in commodity exports have contributed to such a curtailment in deficit in FY21.

Acuité shares their view on the WPI inflation jump captured by Moneycontrol, Hindu business line and other publications

16 Apr 2021

Moneycontrol | The Hindu BusinessLine | Trendypedia

According to Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research, "The WPI trajectory over the last 3 months further reinforces the concerns on the underlying inflationary pressures which can get further aggravated by a re-emergence of supply constraints in the wake of the second Covid wave.”

"While the sharp rise in the fuel and power component to 10.25 per cent in the previous month is understandable in the light of the rise in global crude and domestic retail fuel prices, the rise in prices of manufactured products by 7.34 per cent reflects a steady transmission of input costs. One case in point is the 14.51 per cent rise in wholesale prices of mild steel prices on a YoY basis. Clearly, this does not augur well for retail inflation in the near term; however, the favourable base factor in the previous year may help to moderate the average CPI print for FY22,” added Chowdhury.

Acuité launches India's first ESG rating company captured by economic times and other national publications

14 Apr 2021

"Collectively, all three Environmental, Social and Governance practices are gaining the centre stage for India to observe a holistic growth,” said Sankar Chakraborti, Chairman, ESG Risk Assessments & Insights and CEO – Acuité Group."Sensing this development, we launched ESG Risk Assessments & Insights which is relevant from investors, lenders and issuers alike."

Acuité's views on the jump in the retail inflation covered by PTI and other national publication

13 Apr 2021

Firstpost | Outlook India | The Week | Rediff.com | Devdiscourse | The New Indian Express | Yahoo ! Style | Latestly | Opoyi

Suman Chowdhury, Chief Analytical Officer, Acuité Ratings & Research, said any further increase in prices due to lockdown-driven potential supply constraints, continued depreciation of the rupee and continuing rise in commodity prices will remain a risk factor and may pose a policy challenge for RBI.

Acuité's view on the impact of rising price of essentials on the home budgets captured by The Week Magazine (11th April 2021, Print Edition)

11 Apr 2021