Data recap: Steady inflation, Sensex at record high, new MPs

Steady inflation

India's retail inflation eased to 4.75% in May from 4.83% in the previous month, data released on 12 June showed. However, food inflation, which accounts for nearly 40% of the over basket, remained elevated, exceeding the 8% mark for the seventh consecutive month. Some vegetables and pulses saw the highest rise in inflation during the month. Nevertheless, core inflation, which excludes the more volatile food, and fuel and light groups, brought relief as it moderated further to 3.12% in May from 3.25% earlier.

Market milestone

As the Bharatiya Janata Party (BJP) managed to form a government with the help of its allies, despite the poor show in the election, the Indian stock market showed signs of optimism. The Sensex surpassed the 77,000-mark intraday for the first time on Monday, a day after Narendra Modi took oath as Prime Minister. The optimism continued through the week and the benchmark index hit another high of 77,145.46 on Thursday, indicating investors’ confidence in ongoing reforms and policy stability.

Growth projections

6.7%: This is the average growth rate the World Bank has projected for the Indian economy from 2024 to 2026, making it the world’s fastest growing economy. In its latest Global Economic Prospects report, the World Bank projected growth rates of 6.6% for FY25, 6.7% for FY26 and 6.8% for FY27. In comparison, world growth is expected to be 2.6% in 2024 and 2.7% in 2025 and 2026. Even as India will be a bright spot, its growth over the next three years will be significantly less than 8.2% recorded in FY24.

MPs profile

As many as 250 of the 542 members of the newly elected Lok Sabha, which accounts for 46%, have criminal cases against them, a Mint analysis of data released by the Association for Democratic Reforms (ADR) based on their nomination filings showed. Around 31% of them faced serious criminal charges, which is a slight increase from 29.7% in 2019. Nearly every party has such MPs, with the BJP leading with 63 MPs, followed by Congress with 31 and Samajwadi Party with 17.

Consumer confidence

The new government starts off on a firm economic footing, thanks to three years of strong growth and a restrained fiscal position. However, the divergence in slow private consumption and upbeat consumer confidence underline low and high income groups. Growth in private final consumption expenditure (PFCE) was just 4% in FY24. However, urban consumers have maintained spending, which brought the Reserve Bank of India's consumer confidence index back to pre-pandemic levels.

Capex plans

₹4.17 trillion: That's the amount of capital expenditure state-run NTPC plans to make over the next 10 years to develop production capacities in methanol, ethanol, green hydrogen, and sustainable aviation fuel, a Mint report said, quoting unidentified sources. The NTPC Group currently has a cumulative power generating capacity of 76.04 GW, of which 62.19 GW is sourced from coal, 6.5 GW from gas or diesel, and 7.34 GW is renewable energy.

Import reduction

Reduction in import of pulses and edible oils has found a space in the first 100-day agenda of the new government, a Mint report said, quoting officials. The agriculture ministry is drafting a new scheme to achieve self-sufficiency in pulses by 2027. While there was a reduction in import of edible oils in FY24, that of pulses hit a six-year high. At the same time, the government will also work on increasing the supply of ethanol and stabilising food prices in the first 100 days.

Chart of the week: Voter trends

In the recently concluded high-stakes General Election, fewer people stepped out of their homes to vote, with the voter turnout falling to 65.8% compared to 67.2% in 2019, a Mint analysis showed. However, the trend varied in different parts of the country.

Follow our data stories on the “In Charts" and “Plain Facts" pages on the Mint website.