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EnglishپارسیEnglishپارسیThe World Economic Forum is exploring plans to shrink its 28-member board of trustees, according to a Financial Times report, in a move that could concentrate more influence at the top of the organization. The report says the proposals may strengthen the roles of interim co-chairs Larry Fink of BlackRock and André Hoffmann of Roche as the WEF tries to simplify governance after a turbulent period.
The timing matters. The WEF has been in transition since founder Klaus Schwab stepped down as chair last year, and more recently Børge Brende resigned as president and CEO in February, with Alois Zwinggi taking over on an interim basis. The FT said board-slashing proposals are expected to be debated in the coming months, with a decision possible as early as the trustees’ in-person summer meeting.
Source: Financial Times; Reuters; World Economic Forum.
India’s February trade data showed a modest improvement in the external balance. Exports edged up to $36.61 billion from $36.56 billion, while imports fell sharply to $63.71 billion from $71.24 billion. As a result, the trade deficit narrowed to $27.10 billion, better than the $28.00 billion forecast and a clear improvement from the previous $34.68 billion. The data suggests that weaker import demand played the biggest role in improving the balance, while exports remained broadly stable.
Source: Ministry of Commerce and Industry, India
India’s WPI inflation rose to 2.13% YoY in February, above the 2.00% expectation and higher than 1.81% previously, pointing to firmer upstream price pressure in the economy. The details showed food wholesale inflation accelerating to 2.19% from 1.55%, while manufacturing inflation edged up to 2.92% from 2.86%. Fuel prices remained in deflation at -3.78%, but the reading was slightly less negative than the previous -4.01%. Overall, the data suggests wholesale price pressure is gradually broadening, even if energy is still acting as a partial cushion.
Source: Office of the Economic Adviser, India / Ministry of Commerce and Industry
India’s banking data stayed firm, with bank loan growth rising to 14.5% from 13.6% and deposit growth accelerating to 11.9% from 11.2%. But the external buffer weakened, as foreign-exchange reserves fell to $716.81 billion from $728.49 billion, the sharpest weekly drop in more than a year, according to Reuters, which cited RBI data and linked the fall partly to rupee-defense intervention. The mix suggests domestic credit momentum remains strong, even as external pressures have intensified.
Source: Reserve Bank of India (Weekly Statistical Supplement).
India’s LSEG/Ipsos PCSI rose to 57.26 in March from 56.37 previously, pointing to another improvement in consumer sentiment. The move suggests Indian households stayed relatively optimistic in March, reinforcing the picture of a still-firm domestic-demand backdrop.
Source: LSEG/Ipsos PCSI.
India’s consumer inflation rose to 3.21% YoY in February, above the 3.10% forecast and up from January, showing price pressures are firming again. Even so, inflation remains below the RBI’s 4% target and inside its tolerance band, which keeps the picture manageable for now even as oil risks remain in focus.
Source: Ministry of Statistics and Programme Implementation (MoSPI); Reuters.
India’s M3 money supply growth rose to 11.5% from 10.9%, pointing to faster liquidity expansion in the financial system. The move suggests monetary conditions remain supportive, with broad money growth still running at a firm pace.
Source: Reserve Bank of India, Weekly Statistical Supplement.
India’s FX reserves increased to $728.49B, up from $723.61B previously, strengthening the external liquidity buffer.
Source: Reserve Bank of India (RBI)
India’s HSBC Services PMI (Feb) eased to 58.1 (vs 58.4 expected; 58.5 prior). The HSBC Composite PMI printed 58.9 (vs 59.3 expected; 58.4 prior). Even with a small miss, both readings remain firmly expansionary, underscoring robust demand in the services-led economy.
Source: S&P Global / HSBC
India’s external balance weakened in Q4, with the current account deficit widening and the overall balance of payments turning negative:
A larger trade shortfall alongside a negative BoP can increase sensitivity in INR to energy prices, global risk sentiment, and capital flow conditions.
Source: Reserve Bank of India (RBI)
India’s activity data for January showed slower industrial growth, even as monthly manufacturing output remained positive:
The mix points to decelerating year-on-year momentum, which can temper the near-term growth narrative even if month-to-month production is still expanding.
Source: Ministry of Statistics & Programme Implementation (MoSPI)
HSBC India Manufacturing PMI (Feb) printed 56.9, below the 57.5 expectation but higher than the prior 55.4. Even with the miss, the level remains firmly expansionary, pointing to sustained manufacturing strength.
Source: S&P Global / HSBC