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The Monetary Policy Committee (MPC), at its meeting held during February 46, 2026, unanimously decided to keep the policy repo rate under the Liquidity Adjustment Facility (LAF) unchanged at 5.25% and retain a neutral stance. Consequently, the Standing Deposit Facility (SDF) rate remains at 5.00%, while the Marginal Standing Facility (MSF) rate and the Bank Rate continue at 5.50%. The MPC assessed that the current policy setting remains appropriate amid...
During Jan-26, Indian steel prices increased by 6% MoM to Rs53,500/tonne, hitting a 52-Week-High post the announcement of safeguard duty. Chinese steel prices increased by 1% MoM to $470/tonne, owing to the production cuts and reduction in inventory levels. Coking coal prices increased by 24% MoM to $214/tonne, driven by supply-side disruption caused by weather conditions. In Dec-25, Indian steel production increased by 8.0% MoM to 14.8 mn tonnes, while estimated Chinese steel output fell by 2% MoM to 68mn tonnes in-line with the anti-involution policy for capacity discipline. Global steel production remained flat MoM at 140 mn tonnes. Furthermore, Chinese steel exports...
Indian HRC: Indian HRC prices increased by 0.7% WoW to Rs 53,900/tonne, making a new 52-week-high post 2-3 price hikes taken by steel mills in the month of January, driven by steady state demand...
Dealers expect prices to further improve in February as demand strengthens on the back of Government spending. We interacted with cement dealers across regions in India to assess the demand and pricing trends in Jan'26. Our discussions indicate that demand showed a gradual improvement across select markets, supported by easing...
In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities in January, 2026. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). The month witnessed higher ADR on YoY, a promising start to the year. However, on MoM basis, ADR was a mixed bag. ADR growth reflects sustained demand-supply imbalance, limited new hotel supply in key micro-markets, and strong pricing power, especially in premium business and leisure destinations. International travel recovery...
growth after the GST 2.0 rate cut as overall sentiments remain positive. Festivals, marriage season, rural traction from robust rabi acreage and near completion of a good Kharif harvest, discounts on MY25 models, reduced interest rates amongst others were the driving factors. PV dealer inventory was at healthy levels with new model launches and deliveries; only Maruti Suzuki showed weak sales. 2Ws and 3Ws maintained strong momentum. Announcement/ anticipation of price hikes by OEMs also led to some prebuying in Jan'26. Tractor volumes surged aided by government policies and...
Banking sector non-food credit growth increased 14% YoY and 4% MoM in Dec'25. As per the latest sectoral deployment data, credit growth across agriculture, industry, personal loans and services remained healthy, with double digit YoY growth during the month. Agriculture loan growth stood at 12% YoY in Dec'25, while credit to industries witnessed an acceleration to 13% YoY. Services sector credit growth moderated to 15% YoY in Dec'25, although lending to NBFCs within services remained strong at 15% YoY. Retail loan growth also improved to 13% YoY in Dec'25, with unsecured loans growing at 10% YoY. On the liabilities side, deposit growth remained...
India's automotive OEMs posted healthy volume prints for January 2026. It was primarily driven by positive demand conditions amidst tailwinds from GST 2.0 rate cut, which lowered vehicle prices and boosted consumer sentiment. OEM wholesale sales volume for January 2026 came in healthy with CV & Tractor segment outperforming peers. CV space reported healthy volume prints for the month of January'26 with continued recovery visible across M&HCV & LCV segments. TMPV set the bar high, outperforming in the PV space while M&M continued with its dominance in...
The Union Budget 2026-27 sets out a growth-oriented yet fiscally disciplined roadmap aimed at advancing India toward its long-term Viksit Bharat vision.
Back to Basics (Balancing Growth with Fiscal Prudence): The defining characteristic of Budget 2026-27 is its adherence to fiscal prudence despite the political temptation to expand revenue expenditure.
The India-European Union Free Trade Agreement (India-EU FTA) was signed on January 27, 2026, during the 16th India-EU Summit in New Delhi. The agreement, known as the "mother of all deals," forms one of the world's largest trade blocs, accounting for approximately 25% of global GDP and nearly one-third of global trade.
Chinese HRC: Chinese HRC prices decreased by 0.6% WoW to Rs 43,146/tonne, amid seasonal slowdown in HRC demand. Weak demand and export consumption remains intact. CISA reported a 0.8%...
