Latest news with #KaushikDas
News18
2 days ago
- Health
- News18
This Cheap, Smelly Fish Could Be The Answer To Managing Your Diabetes And Cholesterol
For decades, the Bengali kitchen has been dominated by familiar names - Hilsa, Rui, Katla, Pabda, Tangra. These fish are staples, prized for their taste and tradition. But while the spotlight remained on the favourites, an unassuming marine species was quietly carrying medicinal secrets that science has only now begun to unravel. New research from West Bengal has brought Bhola Bhetki, a strong-smelling sea fish many had shunned, into sharp focus. (News18 Bengali) A collaborative study involving Belda College and Vidyasagar University in Paschim Medinipur, along with Raja Narendralal Khan Mahila Mahavidyalaya, suggests that Bhola Bhetki has powerful effects on blood sugar, blood pressure, and even cardiovascular health. (News18 Bengali) 3/7 The work, initiated in 2017 under the leadership of Professor Kaushik Das, also included contributions from Professors Srabanti Pain and Jayshree Laha, and student researchers Sanjay Das, Supriya Bhowmik, and Sayan Panda. (News18 Bengali) Their findings suggest that Bhola Bhetki not only helps in stabilising blood pressure but also aides in reducing signs of heart disease. People who regularly consume this fish report fewer issues with hypertension and heart problems, said Professor Pain, who was honoured for her work at the 2023 West Bengal Science and Technology Congress. (News18 Bengali) Field studies in coastal villages revealed that among the 124 people surveyed, only three or four were diabetic. By contrast, diabetes was present in nearly 30 percent of those who primarily consumed freshwater fish. That prompted researchers to take the study into the lab. There, rats on a sugar-heavy diet were fed Bhola Bhetki. Despite the high sugar intake, their blood glucose levels dropped dramatically. The evidence pointed to an active compound in the fish capable of tackling hyperglycemia. (News18 Bengali) Researchers now believe this compound, still being studied, could potentially be extracted and developed into a medicine. If successful, it may offer a natural alternative in diabetes management and even preventive care for high-risk groups. (News18 Bengali) 7/7 People often avoid Bhola Bhetki because of its strong smell, said Professor Pain, adding that what's being ignored in kitchens could soon be valued in clinics. While the fish might not yet be a crowd favourite on the dinner plate, science has given Bengalis a reason to reconsider. (News18 Bengali)
Mint
23-07-2025
- Business
- Mint
Hard money: RBI must enlarge its buffer of foreign exchange reserves
Kaushik Das Today's level doesn't look adequate in the context of risks arising from capital flows more than trade gaps. Look at India's international investment position, not just import cover and current account deficit. The Indian rupee has lately been under stress not because of a wide current account deficit, but because of capital outflows. Gift this article On 27 June, the Reserve Bank of India (RBI) released balance-of-payments data for the January-March quarter and full year 2024-25. One notable point was the sharp drop in foreign direct investment (FDI) inflows in 2024-25. Gross inflows/investments into India stood at $81 billion, or 2.1% of gross domestic product (GDP), last fiscal year. On 27 June, the Reserve Bank of India (RBI) released balance-of-payments data for the January-March quarter and full year 2024-25. One notable point was the sharp drop in foreign direct investment (FDI) inflows in 2024-25. Gross inflows/investments into India stood at $81 billion, or 2.1% of gross domestic product (GDP), last fiscal year. This figure was lower than the peak of $85 billion (2.7% of GDP) attained in 2021-22. But gross FDI inflows excluding repatriation of equity and other capital fell significantly to $29.6 billion (0.8% of GDP) from a peak of $56.2 billion in 2021-22 (1.8% of GDP). Essentially, the repatriation of equity and other capital has increased from $28.6 billion (0.9% of GDP) in 2021-22 to a hefty $51.5 billion (1.3% of GDP) in 2024-25, thereby lowering gross FDI inflows substantially. But why? We find strong evidence that a sharp increase in US interest rates since 2022 is the main driving factor. India's long-term structural and investment story is positive, but higher US interest rates have led to a surge in repatriation to that country. This should then support gross FDI flows into the Indian economy, which have long helped finance India's current account deficit. But RBI will be mindful of maintaining a sufficiently wide interest-rate spread with the US Fed Funds rate to disincentivize the repatriation of capital back to the US. The Fed has cut interest rates by 100 basis points (bps) in 2024, and may cut by another 75-100bps. Assuming 175-200bps of total cuts in this cycle, we think RBI's 100bps front-loaded rate cut is appropriate and that the repo rate should not be lowered further from its current level of 5.5%—taking into consideration the need to maintain a real interest-rate gap of some 100-150bps on a forward-looking basis, which would be a sufficient differential with the US to attract growth-critical capital. After all, interest differentials do matter over the medium-term. With gross FDI having come off sharply, net FDI has collapsed to under $1 billion in 2024-25, a record low, from a peak of $44 billion (1.6% of GDP) in 2020-21, when interest rates were close to zero globally. This is on account of Indian outbound investments maintaining a steady incline. In 2024-25, outbound FDI stood at $29.2 billion, much higher than $17.6 billion in 2021-22, but as a proportion of GDP, the increase is marginal (0.7% of GDP in 2024-25 versus 0.6% earlier). Increasing outbound FDI should not be seen negatively. Indeed, we see this as a testament to the Indian corporate sector's footprint expanding across the global economy in line with its global ambitions. This trend will likely continue in the coming years, but as the repatriation of equity subsides with US interest rates coming down and interest differentials widening with India, gross and net FDI flows should once again look healthy. Also read: India's FDI inflows offset by outflows: Blip or worry? Even so, interest rate differentials will continue to matter. The country needs a delicate balance between supporting domestic growth and attracting foreign capital, which RBI and its monetary policy committee members should take into consideration. While net FDI flows will take some time to recover, RBI would do well to shore up its foreign exchange reserves to the extent possible whenever opportunities arise. Currently, gross forex reserves stand at about $700 billion, but net of short forward positions of about $65 billion, they stand at $635 billion, which is lower than the $645 billion (spot plus forwards) India had at the end of March 2024. Over the last year, nominal GDP, imports, external debt (at end-March 2025, India's external debt was $736.3 billion, an increase of $67.5 billion over its end-March 2024 level) and other variables have all have gone up, thereby reducing the adequacy strength of forex reserves as calculated in terms of ratios. Another key indicator of this strength—short-term external debt (with one-year residual maturity)—increased to $303 billion by end-March 2025 from $285 billion a year earlier. If RBI does not add to its forex reserves at these levels, then its ability to defend the currency in times of sharp depreciation will likely be constrained. Recent events have highlighted how the global geopolitical backdrop can change swiftly, pushing the macroeconomic position of economies into stress at very short notice. While RBI's $700 billion in forex reserves may seem comfortable as a buffer, the actual buffer net of short forward positions is only $635 billion, as mentioned earlier. Note that India counts among countries with a negative net International Investment Position, with its liabilities (of $1,469.2 billion) exceeding assets ($1,139.2 billion) by more than $300 billion. Also, India's reserves-to-liabilities ratio has been consistently below 50% in the last 15 years. Also read: Rework India's investment treaty framework to attract FDI flows The Indian rupee has lately been under stress not because of a wide current account deficit, but because of capital outflows. Therefore, reserves adequacy calculated in relation to India's current account deficit and import cover may not reveal the true extent of vulnerability. Indeed, calculating reserves adequacy from the point of view of India's International Investment Position may make more sense. This points to the need for a build-up of foreign exchange reserves in the days to come. The author is chief economist, India, Malaysia and South Asia at Deutsche Bank AG Topics You May Be Interested In
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Business Standard
23-07-2025
- Business
- Business Standard
Best of BS Opinion: In a swirl of crises, who still holds the torch?
There's something surreal about watching the Olympic flame being passed hand to hand, unwavering, even as torrential rain pelts down or gusts of wind try to snuff it out. That torch — symbolising effort, endurance and fragile hope — has to stay alight. And so, often, do we. In a world where each week feels like a relay of upheavals, someone somewhere must clutch the torch. Whether it's a policymaker braving backlash, a pilot navigating public doubt, or a seller trying to keep the algorithm from crushing them. The flame must travel on, however stormy the route. Let's dive in. Private banks are gripping the torch with white-knuckled resolve. As unsecured loans and agri lending turn slippery, Axis and Yes Bank have already stumbled, reporting sharp slippages. Yet the system-wide burn remains faint, for now. As our first editorial notes, the deeper tremor lies in a subtle credit pivot: with big corporations increasingly tapping capital markets, banks may soon be stuck with the riskier borrowers. More risk, fewer returns, while households pile on debt and liquidity flows unchecked. The flame flickers, but regulators must keep it upright. NITI Aayog, meanwhile, is navigating geopolitical gusts. As our second editorial argues, it has recommended letting Chinese firms buy up to 24 per cent in Indian companies without extra clearances. A torchy move, given the fraught 2020 border standoff, but also a pragmatic one. With India's trade deficit with China peaking and FDI flows from Beijing still negligible, this could signal a new openness — though the risks, influence-wise, remain very real. Carrying the flame into darker terrain is A K Bhattacharya, who dissects the troubling investigation into the Ahmedabad Dreamliner crash. The AAIB's hasty, error-ridden probe, minus a Dreamliner pilot no less, has dented public trust. Global scrutiny, aviation opacity, Gujarat's political sensitivity—it's a storm of scrutiny. Yet in this downpour, the need for transparency and technical reform shines brighter than ever. And Kaushik Das writes of a rare weather shift: inflation has dipped to 2.1 per cent, offering momentary relief. But economists urge restraint — torch-bearing is not torch-throwing. The RBI must resist aggressive rate cuts, lest inflation re-ignites with renewed ferocity. Finally, in OTP Please! Online Buyers, Sellers and Gig Workers in South Asia, reviewed by Chintan Girish Modi, Vandana Vasudevan captures the lonely resilience of gig workers and small sellers trying to stay visible, solvent, and sane in a platform-controlled storm. Their struggles of data dominance, algorithmic suppression, and vanishing autonomy are stories of endurance, often in silence. Stay tuned!
Time of India
24-06-2025
- Business
- Time of India
RBI to conduct Rs 1 lakh crore VRRR for the first time since November 2024
The RBI will conduct its first variable rate reverse repo (VRRR) since November 2024 on July 4, aiming to absorb ₹1 lakh crore amid a ₹2.4 lakh crore liquidity surplus. The move aligns rates within the LAF corridor. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Reserve Bank of India will conduct a variable rate reverse repo (VRRR) operation on July 4, for the first time since November 2024. The VRRR - an operation that temporarily drains liquidity from the banking system - will be done for a notified amount of Rs 1 lakh crore and will have a seven-day announcement of VRRR comes at a time when banking system liquidity is in a surplus of Rs 2.4 lakh crore, RBI data showed. For June, average surplus stood at Rs 2.76 lakh Bank's Kaushik Das and HDFC Bank 's economist Sakshi Gupta had stated in their reports that the RBI is likely to conduct a VRRR operation, as reported by ET in its June 16 edition. This move is expected to cause the call and treps rates to align within the liquidity adjustment facility (LAF) corridor of 5.25% to 5.75%.The RBI has also decided to cancel the 14-day main VRR operation on June 27 after reviewing liquidity conditions.'It seems like the RBI is smoothing out the frictional surplus liquidity and bringing the call and treps rate closer to the repo rate,' said Sakshi Gupta, principal economist at HDFC Tuesday, the call rate stood at 5.27%, while the average treps rate was 5.20%. These overnight rates (call and treps) are expected to harden on Wednesday, experts announcement by the RBI also surprised a section of market participants as transmission of deposit rates is yet to be fully completed.'There were signals that such an operation may come, but this is sooner than expected. Further cues would be taken from the auction and we will have to see how the market responds to it in terms of bids,' said Gaura Sen Gupta, chief economist at IDFC First Bank
Economic Times
16-06-2025
- Business
- Economic Times
Crude moves to dictate direction for Indian debt, rupee; RBI key for currency
Reuters Representational image The direction of Indian government bonds and rupee this week will hinge on how the Israel-Iran conflict unfolds and its impact on crude oil prices, while the extent to which the central bank steps in to manage currency volatility will be crucial. Crude prices had soared on Friday following Israel's attack on Iran. On Monday, Brent crude jumped at open before pulling back. Brent, which climbed past $78 at open on Monday, was last at $74.78. The Israel-Iran conflict continues to escalate. Israel and Iran launched fresh attacks on Sunday, killing and wounding civilians. Early on Monday, Israel's air force attacked with surface-to-surface missile sites in central Iran. On Friday, the rupee dropped 0.6%, posting its largest one-day decline in over a month. Bankers said the Reserve Bank of India likely intervened to support the currency. "The RBI, in a way, indicated that it will not tolerate a big move that is purely driven by the unfolding Middle East conflict," said Kunal Kurani, vice president at risk advisory firm Mecklai Financial. "I would expect that intraday ranges will now widen and news headline risk will be high." With India importing the bulk of its crude requirements, any sustained increase in oil prices tends to widen the trade deficit, stoke inflation concerns, and increase demand for dollars from oil marketing companies-all of which are bearish for the rupee. Apart from oil, focus will be on central bank monetary policy meetings, with the Bank of Japan, Federal Reserve, and Bank of England all due to announce their decisions this week. Elevated inflation will impact demand for Indian bonds, as it further reduces the likelihood of additional rate cuts, especially after the RBI delivered an outsized 50 bps cut on June 6. Meanwhile, India's 10-year benchmark 6.33% 2035 bond yield ended at 6.2996%. The 10-year yield rose 6 basis points last week, posting its biggest weekly rise since the week ended December 20. Traders expect the yield to move in a range of 6.27% to 6.35% this week. Bond yields jumped despite the steepest cut in policy rates in five years, as traders chose to focus on the central bank's guidance that the easing cycle is over. The impact of the central bank's change in monetary policy stance and the abrupt stoppage of daily fund infusion hurt investor sentiment, leading to selling across the curve. Since Wednesday, the RBI stopped conducting overnight repos, which it had started in the middle of January. "We also wait to see if the RBI announces any daily VRRR (variable rate reverse repo) operations to prevent TREPS rate from remaining below the SDF rate, particularly as the monetary policy stance has turned neutral now and RBI discontinuing daily VRR auctions," Kaushik Das, Chief India Economist at Deutsche Bank said. India May wholesale price inflation - June 16, Monday (12:00 p.m. IST) Minutes of Reserve Bank of India's June monetary policy meeting - June 20, Friday (5:00 p.m. IST) Bank of England rate decision - June 19, Thursday (Reuters poll: No change expected) US May import prices - June 17, Tuesday (6:00 p.m. IST) May retail sales - June 17, Tuesday (6:00 p.m. IST) May industrial production - June 17, Tuesday (6:45 p.m. IST) May housing starts number - June 18, Wednesday (6:00 p.m. IST) Initial weekly jobless claims for week ended June 9 - June 18, Wednesday (6:00 p.m. IST) Federal Reserve monetary policy decision - June 18, Wednesday (11:30 p.m. IST)(Reuters poll: no change) June Philly Fed Business index - June 20, Friday (6:00 p.m. IST)
