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India’s policy and economic calendar this week will focus on the Reserve Bank of India’s (RBI’s) monetary policy meeting, GST process reforms, business activity and the country’s external financial position.
RBI MPC meeting from October 5 to 7
At its previous meeting in August, the committee kept the repo rate unchanged at 5.25 per cent and maintained its neutral policy stance. The Standing Deposit Facility (SDF) rate remained at 5 per cent, while the Marginal Standing Facility (MSF) rate and bank rate stayed at 5.5 per cent.
HSBC Composite PMI final data on October 6
The HSBC India Composite PMI data for September will be released on October 6.
The composite PMI rose to 56.5 in September from 54.3 in August. A reading above 50 indicates expansion, while a reading below 50 points to contraction. The index remained above the 50 mark for the 62nd consecutive month.
Private-sector firms reported faster growth in new business in September as demand improved across manufacturing and services.
Services companies benefited from stronger marketing activity, with demand rising for property, transport, travel, software and digital services. Manufacturers reported stronger demand for aluminium, electronics, food, pharmaceuticals and new product models.
GST Council may consider process reforms
One proposal could allow small sellers using e-commerce platforms to use the platform’s warehouse as their registered place of business in states where they do not have their own premises.
Under the proposed system, a seller would need to have a genuine presence in at least one state, where physical verification and Aadhaar authentication would be completed. Registrations in other states could then be obtained with the consent of the e-commerce platform, without further involvement from tax officers.
Forex reserves data on October 9
After reaching a record high of $785.7 billion in the week ended September 4, India’s reserves declined by $38.1 billion over the following three weeks.
Foreign currency assets (FCAs), the largest component of the reserves, fell by $15.6 billion to $615.4 billion during the week ended September 25.
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