Key Highlights:
- CPI inflation rose 7.4% (y-o-y) in July, driven by food inflation, taking FY23 average to 7.7%.
- Non-food and services inflation eased 30 bps to 7.5% (y-o-y) in July.
- The trade deficit narrowed to Rs 1,455 billion in FY23 from a deficit of Rs 1,720 billion in FY22.
- Remittances stood 21% higher at Rs 1,221 billion in FY23, compared to a year ago.
- FX reserves rose to USD 11.7 billion as of mid-July, providing an import cover of 10 months.
- Tourist arrivals totaled 8,62,992 in FY23, up from 3,74,147 arrivals in the previous year.
