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  "documentTitle": "Global Economics Intelligence June 2023",
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  "notes": "The slide provides a comprehensive economic snapshot of India using various metrics like CPI, WPI, PMI, and trade data.",
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      "text": "CPI inflation reached a 25-month low in May 2023; India reported GDP growth of 6.1%—the highest among the world's major economies—in Q4:2022–23.",
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      "text": "The Reserve Bank of India (RBI) has achieved its goal for the consumer price index with CPI inflation declining from its peak of 7.8% in April 2022 to 4.3% in May 2023, and remaining comfortably within the central bank's tolerance band of 2–6%.",
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      "text": "CPI inflation reached a 25-month low in May 2023; India reported GDP growth of 6.1%—the highest among the world's major economies—in Q4:2022–23. Manufacturing sector posted net profits; Indian rupee showing stability.",
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      "text": "The purchasing managers' index (PMI) for manufacturing hit a 31-month high in May, remaining solidly in expansion territory at 58.7 (versus 57.2 in April). By contrast, the services PMI recorded a m-o-m decline of 1.3% to stand at 61.2.",
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      "text": "Exports decreased -10.3% on an annual basis in May, to $34.98 billion, amid global demand challenges. However, May's merchandise exports figure represents a 1% increase over April's total of $34.66 billion. At $57.10 billion, imports were down -7% from last year's level.",
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      "text": "Sales of passenger vehicles in May 2023 reached their highest-ever level for the month of May, returning a y-o-y growth of 13.5% to reach 334,247 units; this represented a m-o-m increase of 1% versus April's level of 331,278.",
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      "text": "Financial markets witnessed a rise in both the NSE (Nifty) and BSE (Sensex), up by 2.7% and 2.4%, respectively, on a monthly basis (as of June 22). Over this period, the rupee fluctuated slightly against the dollar and the euro. Reserves in the central bank declined to $594 billion.",
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      "text": "The key RBI policy rate (repo rate) stands at 6.5% in June and remains unchanged since the prior month. Inflation further slowed in May to 4.3%. While inflation for fuel and light sharply declined to 4.64%, y-o-y food-price inflation was at 3.29% in the month of April.",
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      "text": "According to the Centre for Monitoring the Indian Economy, the unemployment rate improved to 7.7% in May (8.5% in April), with the rate observed in urban areas down to 9.1% (9.8% in April); rural unemployment followed a similar trend, falling to a little under 7%.",
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      "text": "Industrial production m-o-m followed a downward trajectory, with a decline in mining (-20.6%) and manufacturing (-5.4%); however, there was an increase in electricity output (+2.3%). Y-o-y numbers, nevertheless, were positive, with an overall growth of 4.2% compared to April 2022.",
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      "text": "The annual rate of inflation based on the India Wholesale Price Index (WPI) for May is -3.48% (versus -0.92% in April). The decline in the rate of inflation for May 2023 is primarily attributed to a fall in the prices of mineral oils, basic metals, food products, textiles, etc.",
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      "text": "Source: Havers; IHS Markit; Ministry of Commerce and Industry; Ministry of Statistics and Programme Implementation (MOSPI); Reserve Bank of India",
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