India's confidence indicators show diverging trends

For the week ended November 28:
  • Two data points on the economy: Business Confidence and Consumer Confidence indices released by MNI Indicators of the Deutsche Bourse group and ANZ-Roy Morgan respectively, indicated that while business is feeling far less optimistic about India’s economic/business prospects, consumers are far more buoyant, based on their expectations of future improvements.
  • RBI’s latest data on banks’ business throws light on area wise trends in credit growth, thus indicating where the slowdown stems from. It shows that metropolitan centres are seeing slowest growth in credit offtake, while semi-urban centres are showing the fastest growth.  
  • Data on Indian banks’ overseas business points to the fact that credit growth in 2014-15 was slightly slower on foreign shores than that in India, though the opposite is true of deposit growth.
  • Developments on production continued to be muted, as oil production has not changed very much in April-October 2015, compared to last year. Natural gas production has actually declined slightly, while the opposite is true of refinery production and crude production is unchanged.
  • Area under rabi crop was almost 15% less than that during last year as of the week ended November 27, with maximum lag in area under wheat.
  • The centre brought forward the target date for completion of Pradhan Mantri Gram Sadak Yojana (PMGSY) to 2019 from 2022 and also increased allocations for the same to INR 15,100 cr for 2015-16.
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