Crisil revises India's FY26 GDP growth to 6.5% on good monsoon, rate cuts, and rural support
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Rating agency Crisil has revised India's gross domestic product ( GDP ) growth to 6.5 per cent for the current fiscal, supported by expectations of above-normal monsoon, rate cuts and the government's rural support schemes.The India Meteorological Department sees the above normal monsoon, and the arrival of the southwest monsoon is expected to boost agricultural production. The department expects above-normal monsoon for fiscal 2026 at 106% of the long-period average. It will aid discretionary spending, noted the report.Crisil also expects another rate cut in the current fiscal year, which is likely to further boost domestic demand.The Reserve Bank of India ( RBI ) has already cut rates by 100 basis points in the ongoing easing cycle, which has led banks to soften lending rates.The growth in output in investment-related goods reflects a healthy rise in the government's (centre plus states) capex in May.Central government capex rose 38.7 per cent (nominal terms) in May, and data for 17 major states indicate that cumulative capex surged 44.7 per cent on-year in May.Investment-related goods performed well in May, output growth in infrastructure and construction goods picked up 6.3 per cent vs 4.7 per cent.Additionally, "Income tax cuts and expected spending on rural support schemes as announced in the budget for fiscal 2026, too, will support private consumption," noted the rating agency.However, the report adds that tariff hikes are likely to hit goods exports, "the announced reciprocal tariffs (by the US administration) are expected to come into effect from July 9. The tariff hikes are likely to hit goods exports in fiscal 2026, while private investments may be impacted by global uncertainty."For the month of May, growth in the Index of Industrial Production (IIP) softened to 1.2 per cent on-year in May from 2.6 per cent in April, marking its lowest level since August 2024. A contraction in the electricity sector and softer growth in manufacturing were the factors weighing down on IIP in May.Along with consumer-oriented and electricity sectors, pharmaceuticals, chemicals, and textiles reflected a decline in output on-year. On the other hand, investment-related goods experienced a more positive growth trend, and Export-oriented sectors displayed a mixed performance.
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US brings charges in North Korean remote worker scheme that officials say funds weapons program The Justice Department announced criminal charges Monday in a scheme by North Korea to fund its weapons program through the salaries of remote information technology workers employed unwittingly by U.S. companies. The charges arose from what law enforcement officials described as a nationwide operation that also resulted in the seizure of financial accounts, websites and laptops that were used to carry out the fraud. Separate cases in Georgia and Massachusetts represent the latest Justice Department effort to confront a persistent threat that officials say generates enormous revenue for the North Korean government and in some cases affords workers access to sensitive and proprietary data from the American corporations that hire them. The scheme involved thousands of workers who, armed with stolen or fake identities, were dispatched by the North Korean government to find work as remote IT employees at American companies, including Fortune 500 corporations. The companies were duped into believing that the workers they hired were based in the U.S. when many were actually stationed in North Korea or China, and the wages the victimized companies paid were transferred into accounts controlled by co-conspirators affiliated with North Korea, prosecutors say. Senate votes on amendments to Trump's big bill ahead of July 4 deadline Possible changes to President Donald Trump's big bill of tax breaks and spending cuts are being considered in what's called a vote-a-rama, though most of the amendments are expected to fail. After a weekend of setbacks, the Senate is rushing Monday to move ahead with the bill despite a series of challenges. The hours ahead will be pivotal for the Republicans, who have control of Congress and are racing against Trump's self-imposed July 4 deadline. The 940-page ' One Big Beautiful Bill Act,' as it is now formally titled, has consumed Congress as its shared priority with the president, with no room politically to fail, even as not all Republicans are on board. Tropical storm Flossie strengthens, set to become hurricane off Mexico's Pacific coast Tropical storm Flossie continued to gain steam off Mexico's southwestern Pacific coast on Monday afternoon and was projected to turn into a hurricane overnight. Meanwhile, the remnants of what was tropical storm Barry dumped rain on eastern Mexico. Flossie strengthened with maximum sustained winds of 100 kph. It was centred about 270 km southwest of Zihuatanejo and was moving northwest at over 19 kmph. Mexico's government issued a tropical storm warning along the southwestern coast from Punta San Telmo to Playa Perula. Bhubaneswar MP Sarangi condemns assault of Municipal officer, demands strict action Bhubaneswar MP and Bharatiya Janata Party (BJP) leader Aparajita Sarangi condemned the assault of Ratnakar Sahoo, Additional Commissioner of the Bhubaneswar Municipal Corporation, saying that the act does not align with the party's principles. Some miscreants have allegedly assaulted Additional Commissioner of the Bhubaneswar Municipal Corporation (BMC), Ratnakar Sahoo, inside the office of the civic body during a grievance redressal meeting on Monday. Sarangi requested Odisha Chief Minister Mohan Charan Majhi to take strict action against those who commit similar crimes. "The incident that happened in the Bhubaneswar Municipal Corporation is condemnable... The police are taking action. I request that the CM and the police take strict action against those who committed such a crime to prevent further repetition of such crimes," she told ANI. Himachal Pradesh: Due to very heavy rainfall in the region, the Beas River is experiencing severe flooding. Red alert in Himachal Pradesh as monsoon rains spark severe flood warning Heavy rain has pushed the Beas River into severe flooding. Himachal Pradesh woke up to blocked roads, power cuts and broken pipelines as the monsoon tightened its grip. The India Meteorological Department (IMD) raised a red alert for the state. The rain hasn't paused, crippling daily life and cutting people off from basic services. Massive disruptions across districts The Himachal Pradesh State Disaster Management Authority (HPSDMA) counted 259 roads blocked and 614 transformers knocked out. Water supply lines took a big hit too — 130 schemes stopped flowing overnight. 'The monsoon is intensifying its grip, and the impact is visible across multiple districts. Roads, power lines, and water systems are all severely affected,' said an official from the State Emergency Operation Centre (SEOC). He added that field teams are trying day and night to fix what's broken. Mandi district is the worst affected. It alone reported 139 roads blocked and 314 power transformers damaged — most of them in Gohar, Mandi II and J Nagar. A landslide at Jagatkhana in Bilaspur choked the highway, forcing traffic into a single lane. Floodwater at Pandoh in Mandi only made matters worse. Kullu, Sirmaur and Lahaul also reeling Sirmaur district counted 92 water schemes hit, including 19 in Nohradhar. Kullu has 20 roads blocked and 47 water schemes down in Kullu, Largi and Anni sub-divisions. Spiti Valley in Lahaul and Spiti saw 139 transformers fail in one blow. An official from the Revenue and Disaster Management Department said, 'Our top priority is restoring access and utilities in the worst-hit areas like Mandi, Sirmaur, and Kullu. Repair teams are being deployed with urgency.' Landslides trigger highway chaos On Monday, landslides and shooting stones shut down the Chandigarh-Manali highway for hours. Traffic was halted near Thalout, Larji and 9 Mile in Mandi. Commuters had no choice but to crawl along link roads or wait for bulldozers to clear debris. At Thalout, falling rocks blocked the road by the tunnel exit for two hours. A local official explained, 'The highway got blocked near 9 Mile late Sunday night due to a landslide triggered by heavy rainfall. By the time the landslide debris was cleared in the morning hours, there were more landslides and incidents of shooting stones; that's why it took time to restore the traffic movement.' Police warned of more falling stones near 4 Mile, 7 Mile and Dwara — known danger spots when the hills are soaked.
Time of India
2 hours ago
- Time of India
RBI appoints Kesavan Ramachandran as new Executive Director
The Reserve Bank of India (RBI) has appointed Kesavan Ramachandran as Executive Director (ED) with effect from July 1, 2025. Prior to being promoted as ED, Shri Kesavan Ramachandran was serving as Principal Chief General Manager in Risk Monitoring Department. Kesavan Ramachandran has experience of over three decades in areas relating to currency management, Banking and Non-Banking supervision, training and administration. He also served as Principal of the Reserve Bank Staff College during his career. He served as, RBI's nominee on the Board of Canara Bank for over five years and on the Auditing and Assurance Standards Board of ICAI for two years. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo As Executive Director, Kesavan Ramachandran will look after Department of Regulation ( Prudential Regulation Division ).
