Excess liquidity and 250 bps of policy rate cuts over a year and a half helped banks cut lending rates on new loans by 162 bps since the start of 2019. But growth in bank credit slowed to 5.81% as on Jul 17 from 6.13% as on Jul 3.
State-wise GST collections, a proxy for manufacturing and services activity, contracted sequentially in July. This is in contrast to the government's claim that economy activity is slowly returning to normal.
Pent-up demand from rural and semi-urban areas is seen tapering off. Localised lockdowns in different states to contain COVID-19 and overall weakness in the economy are also likely to hit retail sales of vehicles.
Investors hire proxy advisors so that they use their votes on the company resolutions prudently. By allowing companies to force their differing viewpoints to be highlighted in the proxy adviser's reports, SEBI may be hurting the interests of shareholders.
Easing output curbs could backfire as demand outlook remains tremulous, says Bjornar Tonhaugen, Rystad Energy's head of oil market research. "OPEC+ tapering plans to year-end may need to be put on hold if the goal is to sustain the oil price recovery," he says.
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