Panorama July 2023 edition is out now!
Panorama is a meticulously crafted report that offers an overview of the macro factors and market trends influencing the Indian economic landscape.

Here are the key insights from the report:
1. The temporal and spatial distribution of the monsoon has been highly uneven. A significant deficit in early June was followed by very heavy rainfall in North-West India. Southern Peninsula, however, remains in deficit.
2. The unpredictable monsoon poses a risk to rural recovery. The delayed onset of the monsoon, coupled with uneven distribution, has hindered the progress of sowing. Skewed rainfall distribution with flooding across Northern India could impact agricultural production.
3. There has been a broad-based increase in food inflation. The increase in food inflation has pushed the inflation trajectory upwards. As a result, RBI may need to revise its inflation projections higher in the next policy. RBI MPC is expected to adopt a ‘wait and watch’ approach to evaluate the complete impact of the monsoon season on food inflation.
4. The Indian banking sector continues to demonstrate stability and resilience, evident in its consistently lower Gross Non-Performing Assets (GNPA) ratio compared to the base case of RBI’s semi-annual stress tests.
5. Unsecured credit does not pose any higher inherent risk compared to the secured segment, as the share of Special Mention Accounts (SMA) for unsecured credit is lower than that for secured credit.
6. The asset quality of Non-Banking Financial Companies (NBFCs) has shown a steady improvement, with GNPA ratios improving across sectors.

You can read the report here.