NewsBites Issue 67.pdf - Issue No 67 PRESENTS Date 18th Aug...

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1 Issue No: 67 Date: 18 th Aug 2019 PRESENTS 1. India’s passenger vehicle industry suffered its worst sales performance in nearly 19 years in July as a slowing economy, higher ownership costs and floods in some states deterred buyers. Sales fell 31% to 200,790 vehicles last month from 290,931 units a year earlier, showed data released on Tuesday by the Society of Indian Automobile Manufacturers (Siam). It was the worst sales performance since a 35% decline in December 2000. 2. Wholesale price-based inflation July fell to a multi-year low of 1.08% mainly on account of cheaper fuel and food items, government data showed on Wednesday. Inflation based on Wholesale Price Index (WPI) was at 2.02% in June this year and 5.27% in July 2018. 3. India’s exports grew by 2.25% to $26.33 billion in July, government data showed on Wednesday. Imports, however, slipped by 10.43% to $39.76 billion, narrowing trade deficit to $13.43 billion in July. 4. India's foreign exchange reserves surged by $1.620 billion to $430.572 billion in the week to 9 August on rise in foreign currency assets, according to the latest RBI data released on Friday. 5. The Australia and New Zealand Banking Group (ANZ) slashed its forecast for India's economic growth to 6.2% in the financial year ending next March from a previous estimate of 6.5%, warning it would be tough for authorities to engineer a turnaround.
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