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States borrowing cost rises for third week, jumps 12 bps to 7.77%
The weighted average cut-off of the debt rose by 12 bps to 7.77 per cent from 7.65 per cent in the last auction, despite the weighted average tenor declining to 13 years from 15 years, Aditi Nayar, chief economist at Icra Ratings, said in a note.

Forex reserves down USD 8.13 bn to USD 537.51 billion
The fall in the reserves for the week ended September 23 was on account of a dip in the foreign currency assets (FCA), a major component of the overall reserves, according to the Weekly Statistical Supplement released by the RBI.

India's forex umbrella continues to remain strong despite uncertainty, valuation changes: RBI Governor Shaktikanta Das
Das said about 67 per cent of the decline in reserves during this financial year that started Apr. 1 is due to valuation changes arising from an appreciating US dollar and higher US bond yields. The governor said that there was an accretion of US$ 4.6 billion to the foreign exchange reserves on balance of payments (BOP) basis during Q1:2022-23.

Government cuts market borrowing target for FY23 by ?10kcr
The Centre will borrow ₹5.92 lakh crore in the second half of FY23, which is ₹10,000 crore lower than intended, according to an official statement. The second-half borrowing will include the first-ever green bonds, worth ₹16,000 crore.

Govt to borrow Rs 5.92 lakh cr in H2 of FY23; plans to raise Rs 16,000 cr via sovereign green bonds


Government hikes interest rate on small savings schemes for Q3 of FY23
The government has effected minor hikes of 0.1% to 0.3% in interest rates payable on five small savings instruments, including Kisan Vikas Patra, Senior Citizens' Savings scheme and time deposits for two and three years, for the quarter beginning 1 October, according to a statement.

Govt lowers borrowing target for FY'23 by Rs 10,000 cr
In a statement, the finance ministry said the government will do total borrowing of Rs 5.92 lakh crore during October-March period of the current fiscal, including from issuance of its maiden Sovereign Green Bonds of Rs 16,000 crore.

India's external debt at US$ 617.1 billion as of June 2022
"Valuation gains due to the appreciation of the US dollar vis-à-vis Indian rupee and major currencies such as yen, SDR2, and euro were placed at US$ 14.4 billion. Excluding the valuation effect, external debt would have increased by US$ 11.9 billion instead of a decrease of US$ 2.5 billion at end-June 2022 over end-March 2022," stated the press release.

Government approves 22nd tranche of electoral bonds; sale from October 1-10
Electoral bonds have been pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency in political funding. State Bank of India (SBI), in the 22nd phase of sale, has been authorised to issue and encash electoral bonds through its 29 authorised branches from October 1-10, the finance ministry said in a statement.

Centre terminates Central Electronics divestment process
​​In November last year, the government approved the sale of CEL - a public sector enterprise under the Department of Scientific and Industrial Research (DSIR) to Delhi-based Nandal Finance & Leasing for Rs 210 crore.

India needs to make its point with rating agencies, says KV Kamath


Net direct tax mop up rises 23% to Rs 7.04 lakh crore so far this fiscal
"The momentum of the last fiscal continues in this fiscal with net direct tax collection of Rs 7.04 lakh crore so far, which is a growth of 23 per cent over the same period last fiscal," Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said.

Debt cost begins to pinch states again with 9 bps spike in last auction
The spike in average cost reflects the overall interest tightening taking place in the system after the US Fed went ahead with its third 75 bps hike last week and said it will deliver at least two more to fight inflation, which is trending at over 40 years high.

RBI may need to find ways to reload forex reserves as Indian rupee falls further, says HDFC's Abheek Barua
Barua said that the central bank may need to think of ways to bulk up its forex reserves, should the pool shrink to near $500 billion in the coming months. "The central bank should intervene to ensure that a falling currency does not eclipse India's fundamentals," wrote Barua.

FM to meet state chief secretaries to push capex, flagship schemes
Finance minister Nirmala Sitharaman will meet state chief secretaries this week to push state capital expenditure and to have better synergy in implementation of flagship schemes.


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