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Similarly, factory output growth dropped in May, but the point to note is that it has now been positive for five months in a row, and the average growth since January at 3.5% is much higher than what we had seen in the second half of past year.

According to the minutes, Mr McCafferty thought that there were risks “of a more significant overshoot of inflation following its return to the target”.

The final Caixin China Manufacturing Purchasing Managers’ Index, which was released yesterday, dropped to 47.8 points for the month, its lowest level since July 2013, and down from 49.4 a month earlier.

Chris Williamson, chief economist at Markit, commented, “The eurozone manufacturing economy showed encouraging resilience in the face of the Greek debt crisis in July”.

Euro zone bond yields stabilised on Thursday, after a sharp rise the previous day fuelled by concern that the Federal Reserve and the Bank of England were heading for their first interest rate increases in nearly a decade.

Meanwhile, RBI on Tuesday kept the repo rate, at which it lends to the system, unchanged at 7.25 per cent and the cash reserve ratio, which is the proportion of deposits banks have to park with the central bank, at 4 per cent. The move was predicted by 39 of 42 economists in a...

The central bank on Tuesday kept the repo rate, or the rate at which it lends money to commercial banks, unchanged at 7.25%, and the cash reserve ratio, or the amount of funds that the banks have to keep with the Reserve Bank of India (RBI), at 4%.

“From the RBI’s side, we wanted to ensure the structure should ensure continuity in policy as the market attempts to understand the voting patterns of new MPC members”, he said.

The Nikkei/Markit Hong Kong purchasing managers’ index (PMI), which gauges business conditions in the private sector, including manufacturing, services, retail and construction, dropped to 48.2 last month, slightly down from 49.2 in June.

Bharti Airtel, the largest telecom operator in India, reported 24 per cent sequential increase in its June quarter net profit to Rs 1,554 crore, supported by strong performance of its India business and a one-time gain from sale of Africa tower assets. The profit was aided by a...

For the first time in three months, the Nikkei Services Purchasing Managers’ Index, compiled by Markit, nudged above the 50 mark that separates growth from contraction, coming in at 50.8 in July.

During the calender year, RBI has reduced the rate thrice by 0.75 percent.

The RBC Canadian manufacturing index was 50.8 last month, indicating purchasing managers in the sector generally saw expanded production and new business volumes. The index was 51.3% in June.

“We hope RBI announces rate cut of at least 25 basis points in its next policy meeting, would somewhat help the sector in clearing its unsold inventory”, said Samir Jasuja, CEO and founder at PropEquity, a real estate data, analytics and research firm.

The following are reactions from industry experts and analysts on RBI’s monetary policy announced today.