The Signal (weekly highlights)

1. Agri exports up 18% to $10 billion in H1

India’s exports of major 37 agriculture and processed products, promoted by Agricultural and Processed Food Products Export Development Authority (Apeda), jumped 18% to $10 billion during the first half of the current fiscal.

The jump in exports can help farmers in gaining increased income in these tough covid times. The rise in farmer’s income is likely to help the rural economy flourish even further.

2. Moody’s upgrades banking system outlook to ‘stable’

Moody’s Investors Service on Tuesday raised the outlook for the Indian banking system to ‘stable’ from ‘negative’ citing moderate deterioration of asset quality since the onset of the pandemic and likely pick-up in credit growth with economic recovery.

The rating agency assumes that the government will provide a very high level of support for rated public sector banks, given their strong links to the government.

3. EPFO adds 1.48 million net subscribers in August

Retirement fund body EPFO added 14.81 lakh subscribers in August 2021, reflecting a growing trend in net payroll for the first five months of this fiscal.

 The growing trend in net payroll additions has been noted in industries like trading-commercial establishments, engineering products, building and construction, textiles, garment making, hospitals and financing establishments.

4. Credit grows by 6.47 % on YoY basis to Rs 110.3 trillion in early October

The credit dispensed by commercial banks in India rose by 6.47 per cent on a year-on-year basis (Y-o-Y basis) to Rs 110.3 trillion as on October 08, 2021

The credit growth in the country still remains below the pre pandemic levels. A well rounded & sustained economic recovery going forward can help the credit growth move in the range of 8-10 % in the second half of this fiscal year.

5. 06 million domestic air passengers in Sep, 5.44% higher than August

Around 7.06 million domestic passengers travelled by air in the month of September, 5.44 per cent higher than 6.70 million who travelled in August

The rise in domestic air travel signals a recovery in the Indian economy as it is one of the high frequency indicators. With the government opening up the airline’s capacity, the uptrend is likely to continue in the domestic air travel segment.