EconoTicker

India’s FX reserves fell to 688.06B USD, down from 698.35B previously. With no forecast provided, the data points to a further decline in reserve buffers compared with the prior reading.

Importance: Low

Possible Market Effect: Lower reserves can keep markets attentive to external-balance sensitivity, especially if pressure on the rupee or oil-related import costs remains elevated.

Source: Reserve Bank of India (RBI).

India’s HSBC India Manufacturing PMI came in at 53.9 in March, above the 53.8 forecast but below 56.9 previously. The data shows manufacturing activity remained in expansion territory and slightly exceeded expectations, but the pace of expansion softened compared with the prior reading.

Possible Market Effect: The reading is still supportive for the broader manufacturing outlook, but the slowdown from the previous level may limit the strength of any positive market reaction.

Source: HSBC and S&P Global.

The RBI Monetary and Credit Information Review was listed as a released item in the current data set. No numerical values were provided in this entry, so the release indicates publication of a broader monetary and credit assessment rather than a single measurable economic data point.

Importance: Medium

Source: Reserve Bank of India (RBI).

India’s balance of payments stood at -24.400B in Q4, unchanged from the previous reading of -24.400B. The current account balance also remained at -13.20B, unchanged from -13.20B previously, while the current account deficit as a share of GDP held at -1.30%, also unchanged from -1.30%. The figures indicate a stable but still negative external-account position in Q4, with no improvement from the previous quarter.

Source: Reserve Bank of India (RBI).

India’s trade balance stood at -87.400B in Q3, improving from -93.600B previously. The data shows the merchandise trade gap narrowed from the prior quarter, pointing to a somewhat less negative external trade position.

Possible Market Effect: A narrower trade deficit can be modestly supportive for the rupee at the margin, although the deficit remains large in absolute terms.

Source: Reserve Bank of India (RBI).

India’s foreign debt rose to $765.5B in the fourth quarter from $746.0B previously, indicating a further increase in the country’s external liabilities. The rise suggests India’s exposure to global financing conditions grew, even as the economy continues to absorb higher external funding needs.

Importance: Low

Source: Reserve Bank of India (RBI).

India’s industrial data remained firm in February, with industrial production rising 5.2% YoY, slightly above the previous 5.1% and ahead of the 4.7% forecast. At the same time, manufacturing output increased to 6.0% from 5.3%, while cumulative industrial production edged up to 4.10% from 4.00%. The combined picture points to steady industrial momentum, supported in particular by manufacturing strength.

Importance: Low

Source: Ministry of Statistics and Programme Implementation (MOSPI), Government of India.

India’s federal fiscal deficit rose to 12,526.49B in February from 9,814.07B previously, pointing to a wider budget gap as the fiscal year moved closer to its end. The increase suggests public finances came under greater near-term pressure, keeping attention on borrowing needs and the government’s year-end budget position.

Importance: Low

Source: Controller General of Accounts (CGA), Government of India.

India’s M3 money supply growth eased to 10.7% from 11.5% in the data you shared, pointing to a slower pace of broad liquidity expansion. The move suggests monetary growth is still solid, but no longer accelerating at the same speed seen in the previous reading. The official publisher for this series is the Reserve Bank of India, which releases weekly monetary data through its Weekly Statistical Supplement and data systems.

Source: Reserve Bank of India (RBI) — Weekly Statistical Supplement / Database on Indian Economy (DBIE).

India’s March flash PMI data showed a clear slowdown, even though activity remained in expansion territory. The composite PMI fell to 56.5 from 58.9, the services PMI eased to 57.2 from 58.1, and the manufacturing PMI dropped to 53.8 from 56.9. Since all three readings remain above 50, the private sector is still growing, but the latest data points to softer momentum heading into the end of the fiscal year.

Source: S&P Global Market Intelligence / HSBC — Flash India PMI.

India’s latest data showed a softer macro mix. Infrastructure output slowed to 2.3% YoY in February, down sharply from 4.7% previously, pointing to weaker momentum in the country’s core sectors. At the same time, foreign exchange reserves fell to $709.76 billion from $716.81 billion, suggesting a decline in the external buffer. The combination indicates that while India remains resilient overall, growth in key infrastructure industries eased and reserve cover weakened at the margin.

Source: Ministry of Commerce and Industry, India; Reserve Bank of India