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. . . . . .In today’s digital world, financial technology (fintech) companies manage vast amounts of structured and unstructured data. To handle this efficiently, data lakes have become essential. A data lake serves as a centralized repository that stores and processes large volumes of data, enabling organizations to perform forecasting, risk assessments, and compliance checks. It also helps companies [...]
Read More“We believe that it will have a short-lived impact on inflation, but for growth, a trade war will be extremely detrimental” – Luis de Guindos, Vice President, European Central Bank Executive Summary Uncertainty continued to weigh on markets through the month with impending liberation day tariffs, with yields ending marginally softer for the [...]
Read MoreThe growth of India’s alternative investment funds industry has been phenomenal over the past few years. The industry’s commitments raised, which denotes the amount clients are willing to invest in AIFs, clocked a 5-year CAGR of ~31% to ~INR 13.5 lakh crores as of Dec 2024. However, the mutual fund industry, which sits with an [...]
Read More“There is no change in RBI's approach. It does not look at any price level or band. It is our endeavour to curb excessive volatility. We should not be looking at daily movement or exchange rate.” – Sanjay Malhotra, RBI Governor on the depreciation of INR Executive Summary Last month saw risk-off moves and [...]
Read MoreThe goal of the Expected Credit Loss (ECL) method is to assess credit risk and determine provisions for potential losses within co-lending portfolios. By adhering to IFRS 9 guidelines, the method ensures timely and accurate provisioning based on the risk profile of loans, enhancing the ability to manage and mitigate credit risk effectively. Abstract: The [...]
Read MoreDebt plays a major role in the economic growth of a country as it offers a non-dilutive, lower cost alternative to companies looking to raise capital. The primary sources of debt are banks, NBFCs, and the public corporate bond market. Despite being the fastest-growing economy in the world, India still faces significant gaps in enterprise [...]
Read More“Interest rates are to asset prices what gravity is to the apple” – Warren Buffett Executive Summary The year 2025 had a volatile start with President Trump’s inauguration and tariffs in play. While tariffs weren’t levied on the first day as widely anticipated, they did eventually find their way through the month, though not [...]
Read More“In the last few years, we have traversed one of the most difficult periods in the history of the Indian economy and, perhaps, in the global economy...It was a period of relentless turbulence and jolts, and as a country we can derive satisfaction that the Indian economy has just not navigated this period of trials [...]
Read MoreThe logistics sector is crucial to the Indian economy and its development. It is valued at ~US$200-250 billion and employs over 2 crore people, making it one of the largest employers in the country (Economic Survey 2021). Freight forwarding (FF) is an integral part of the segment and forms an essential part of the supply [...]
Read More“The economy is not sending any signals that we need to be in a hurry to lower rates.”— Jerome Powell, Federal Reserve Chair Executive Summary November saw Trump regain the US presidency in a Republican sweep while the Fed continued the rate-cut trajectory reducing interest rates by another 25 basis points (bps) after the [...]
Read MoreThe Co-living space is a communal accommodation setup where residents share common areas while maintaining private bedrooms. The concept isn’t new, but the modern Co-living model gained prominence in the second decade of the 21st century and soon emerged as an investment opportunity in India. In developed countries like the US and UK, the model [...]
Read More“Change creates opportunities to grow, but it also creates opportunities to slip.”— Philip Fisher Executive Summary After the larger-than-expected rate cut of 50 basis points (bps) by the US Fed, markets braced for election impact as the yields corrected significantly throughout October ahead of the event risk and a stronger set of macro [...]
Read MoreIndia’s private credit investments is headed for its first US$10-billion year in 2024 as domestic funds gain traction driven by local expertise, and new AIF registrations and robust fundraising continued to grow – EY, H12024 Report Private credit provides an alternative source of financing for businesses with unique funding needs and irregular cash flows, [...]
Read More“Securitization market volume in India jumped 31% YoY to INR 60,000 crore in Q2 (July-Sep 2024) FY25 taking the total volume to INR 1.04 lakh crore in H1FY25.” - ICRA Asset Securitization is a process where debt products like home loans, auto loans, microfinance loans, and credit card debt are pooled and repackaged as [...]
Read MoreThe Insolvency and Bankruptcy Code (IBC) of 2016 was introduced to resolve financial stress in companies while maintaining them as going concerns. One key tool to achieve continuity of going concern is interim finance. IBC allows stressed entities to raise necessary funds during the insolvency resolution process to keep the debtor operational and to fund [...]
Read More“There have been three great inventions since the beginning of time: fire, the wheel, and central banking.” - Will Rogers Executive Summary The much anticipated and telegraphed US Fed rate cut finally took place in September. However, the Fed surprised most economists by delivering a larger 50 basis points (bps) cut than the median [...]
Read More“Lending firms using the Account Aggregator (AA) framework facilitated loans worth INR 42,300 crore during the period of September 2021 to March 2024.” - Sahamati What is the Account Aggregator framework? Account aggregation or financial data aggregation is a technique used in the financial services industry involving the collection, gathering, and synthesis of information [...]
Read MoreThe US Federal Reserve, in a historic move, cut its benchmark interest rate by 50 basis points (bps) for the first time since 2020. The federal funds rate now stands at 4.75%-5%, down from the 22-year high target range of 5.25%-5.5%. The rate cut followed a spate of 11 rate hikes since March 2022 (including [...]
Read More“It is a curious fact that although all booms are alike, all are different.” — Edwin Lefevre Domestic Updates India's retail inflation moves further away from RBI’s median target The retail inflation in India accelerated for the first time in 5 months to 5.08% YoY in June from the 12-month low of 4.75% in May [...]
Read MoreIn the Union Budget FY2024-25, the Centre attempts to strike a balance between job growth, rural development, and fiscal prudence. While fiscal discipline is crucial for better sovereign ratings in hopes of a stronger tax collection, a continued capex push is essential to create jobs and to support the economy to become the world’s third [...]
Read MoreDomestic Economic Updates India’s real GDP growth was recorded at 7.8% YoY in the March 2024 quarter, which translated into a growth of 8.2% for FY24 which exceeded the central government's second advance estimate of 7.6% for the year. The key drivers of growth are private consumption and investment. The growth in the primary sector [...]
Read MoreDomestic Economic Updates The Reserve Bank of India in the first Monetary Policy Committee (MPC) meeting of FY2024-25 kept the repo rate unchanged at 6.5%. It was the 7th consecutive time the key policy rate has been kept at the same level. The 6-member committee also maintained the policy stance at ‘withdrawal of accommodation’. FY25 [...]
Read MoreDomestic Economic Updates Purchasing Managers' Index (PMI) readings: India’s manufacturing sector activity grew at the fastest pace in 5 months as reflected in the HSBC India Manufacturing PMI reading. The index rose to 56.9 in February (revised upwards) from 56.5 in January driven by a rise in factory production and sales. Meanwhile, India’s services sector [...]
Read MoreGlobal Economic Updates Central bank policy actions The Federal Open Market Committee (FOMC) kept the benchmark interest rates unchanged at 5.25%-5.50% for the 4th consecutive time as expected by the Street. Since March 2022, the US Federal Reserve hiked rates 11 times to combat inflation. As per the previous FOMC meeting, rate cuts are likely [...]
Read MoreGlobal Economic Updates Central bank policy actions The People’s Bank of China kept the benchmark lending rates unchanged for the 5th consecutive month in their recent statement. The 1-year loan prime rate (LPR) remained steady at 3.45% while the 5-year LPR is held at 4.2%. The LPRs are based on an average of the lending [...]
Read MoreGlobal Economic Updates Central bank policy actions The US Federal Open Market Committee (FOMC) unanimously kept the federal funds rate steady at the 22-year high target range of 5.25%-5.5% for the third time in a row. However, the median projection for interest rates at the end of 2024 has been reduced to 4.5% and 4.75%, [...]
Read MoreThe 19-member US Federal Open Market Committee (FOMC) unanimously kept the federal funds rate steady at the 22-year high target range of 5.25%-5.5% for the third time in a row after following a spate of 11 rate hikes since March 2022 (including four in 2023) to combat inflation. “Inflation has eased from its highs, and [...]
Read MoreGlobal Economic Updates Central bank policy actions The US Federal Open Market Committee unanimously held on to the 22-year high federal funds rate in a target range of 5.25%-5.5% for the second time in a row after following a spate of 11 rate hikes since March 2022 (including four in 2023) to combat inflation. This [...]
Read MoreGlobal Economic Updates Central bank policy actions The Bank of Canada kept the key rates unchanged – the overnight rate at 5%, the Bank Rate at 5.25%, and the deposit rate at 5%, while continuing with its policy of quantitative tightening. The bank noted the slowdown in the global economy and stated a moderation in [...]
Read MoreSustainability Reporting: Need of the hour There’s always an element of uncertainty attached to the global economic, social, and environmental landscape. The uncertainty levels heighten due to disruptive events like climate-related disasters and pandemics among others. Upon closer observation, major global disruptions and imbalances are impending, sprouting from extended human negligence of sustainability issues (environmental, [...]
Read MoreThe US Federal Reserve kept its key interest rates unchanged at 5.25-5.5% in a unanimous decision by the Federal Open Market Committee (FOMC). This happened after the committee took the benchmark rate to a 22-year high at their July meeting with a 25 basis points (bps) hike. The key rate set at the meeting determines [...]
Read MoreRBI's Monetary Policy Committee (MPC) continued with its pause on the hike in repo rate — the rate at which the central bank lends short-term funds to commercial banks — for the third time in a row in a unanimous vote. RBI hit the brake on the rate hike cycle in April this year after [...]
Read MoreFertilizer is an essential part of the agriculture value chain and plays a key role in enhancing farm output. India is the second largest consumer of fertilizers globally, after China, with annual consumption of around 63.5 million metric tonnes in fiscal 2023. Given the criticality of the sector to India’s overall agricultural production, the fertilizers [...]
Read MoreThe credit landscape in India has increasingly turned congenial towards growth in private credit. In 2022, private credit transactions in the country stood at over US$5 billion (excluding venture debt, debt funding in financial services players and offshore bond raises), as per a report by Ernst & Young. In the overall private credit space, global [...]
Read MoreWhat is El Nino? El Nino is a climatic condition which results in warming of surface water in the equatorial Pacific Ocean suppressing monsoon rainfall in India. It impacts monsoons and consequently agricultural output, which in turn bears on inflation and economy. Under normal conditions over Pacific Ocean, trade winds blow west along the equator, [...]
Read MoreIn a unanimous vote, RBI's Monetary Policy Committee (MPC) hit the pause button for the second consecutive time in raising the repo rate — the rate at which the central bank lends short-term funds to commercial banks. While doing so, RBI retained the policy stance as “withdrawal of accommodation”, implying it could consider further hike [...]
Read MoreRoad assets account for ~27% of national monetisation pipeline (NMP) drafted by NITI Aayog. Under NMP, 26,700 km of road assets valued at INR 1.6 lakh crore were to be monetised over a 4 year period (FY22-FY25). Till Mar’23, only ~14% (by value) of the targeted assets have been monetised, as against plan of ~39%, [...]
Read MoreThe public and private spending on healthcare delivery around the world have been rising rapidly keeping pace with the growth in economies. The working pattern of the global population has turned more sedentary especially after the pandemic. This is giving rise to the incidence of more lifestyle-led chronic diseases causing an accelerated growth in demand [...]
Read MoreOn Feb 3, 2022, the Securities and Exchange Board of India (SEBI) came up with five consultation papers proposing changes in regulatory norms for AIFs. SEBI releases consultation papers on regulatory norms from time to time on different aspects of the capital market to seek inputs/ suggestions from all stakeholders on their proposals. The consultation [...]
Read MoreThe last one week has been extraordinary for the Indian economy and capital markets as they were moved by the Union Budget on Feb 1 and RBI Monetary Policy Committee (MPC) Meeting on Feb 8. Let us look at each of them. Union Budget FY24 The Union Budget for FY24 was no doubt a balancing [...]
Read MoreThe supply of credit remains an undeniable catalyst for the growth of the Indian economy. In its journey to becoming a US$5 trillion economy, India requires a credit supply that amounts to ~50% of that targeted economy size. Meeting that supply size could be a daunting task unless private credit markets mature in India. This [...]
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