The RBI is in a fix. Too much capital is flowing into India. And it turns out, you can have too much of a good thing – money included.
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Corporate tax collections fall; income tax collections go up. various institutions compete for savings. And we have a current account surplus!
Mobile connections are growing at their 2017 pace. NRIs are making more deposits than ever. The Rupee is strong. But the economy is tepid.
The numbers for April are in. We’re trading less with the world, vehicle sales are a mixed bag, and FPI money leaves India. And more.
India’s earning a tidy bit of foreign exchange, as its capital account surplus trumps a falling current account deficit. An RBI MPC meeting has just begun. And February sees paltry tax collections.
We’re in a leap year; February was stretched by a day, and so are its numbers. Meanwhile, January saw the first current account surplus in forever, while money gushes into Indian mutual funds.