BUSINESS
Number of space sector startups more than doubled in 2021: Economic Survey
According to the Economic Survey, the number of new startups in the space sector registered in 2021 was 47 up from 21 in 2020 and 11 in 2019. With recent policy initiatives and private sector participation, the Indian space sector is expected to capture a larger share of the global space economy, which was close to US$ 447 billion in 2020. At present, India accounts for only about two per cent of the space economy, much behind the major players - USA and China, the Survey said.
Union Budget 2022
The session will be divided into two halves. The first half of the session will convene from 31st January to 14th February. The second half will resume from 14th March and will end on 8th April. The Budget will be presented on 1st February. The timing is expected to be around 11 A.M. The Budget will be streamed live on Sansad TV as well as Doordarshan channels
Shanghai saw record-high growth in foreign trade last yr
According to data released by the Shanghai Municipal Commission of Commerce, the city's export volume totalled 5.74 trillion yuan last year, up 15.2 per cent on a yearly basis, reports Xinhua news agency. Meanwhile, its import volume increased by 15.6 per cent to reach 4.35 trillion yuan.
India's smartphone market sales crossed $38 bn in 2021: Report
India's smartphone market retail ASP (average selling price) grew 14 per cent (on-year) to reach its highest ever at $227 (nearly Rs 17,000), according to Counterpoint Research. "The price hikes in the budget segment due to component price rise, increasing focus of OEMs on the premium segment and increased demand for mid-range and premium smartphones due to increasing uses and availability of financing options contributed to the increasing ASP," said research analyst Shilpi Jain.
Musk's Tesla lost $109 bn in single day amid weak outlook for 2022
Musk said last week that Tesla would not bring any new electric vehicles to market in 2022, despite so much buzz around Cybertruck, Semi truck, and a cheaper Tesla. The news led to Tesla shares plunging 12 per cent, closing at $829 which was the lowest since October 14, 2021.
RBI to take up repo rate hikes from April with a cumulative rise of 150bps in FY23
Morgan Stanley said in a report the focus will be on raising additional resources through strategic divestment and asset monetisation. Indeed, the overall focus of the government should be to utilise all revenue levers effectively (tax compliance to improve tax to GDP, strategic asset sales) to sustainably improve the health of the public sector balance sheet.
Indian equities open higher ahead of Economic Survey; Sensex up 800 points
The Economic Survey is an annual report card on the health of the economy which examines the performance of every sector and suggests future guidance. Indices saw some sharp decline in the past 2-3 sessions as the US Fed's Federal Open Market Committee in its latest meeting held on Wednesday said it was ready to tighten monetary policy on concerns of inflation.
Worsening of debt sustainability indicators to 2002 levels may drive fiscal conservatism
We see greater chances of moderating fiscal support from both the Centre and the states. GoI's spending in the proportion of Budget estimates is already restrained to levels that were last seen during the peaks of the economic boom in FY07-08, the report said.
Central bank liquidity, not fundamentals, driving extraordinary valuations: Citibank
"This has shown up in the extraordinary valuations that we've had in things like the tech sector - and yes, some of that is due to corporate profitsa", Matt King, global markets strategist at Citi Research, told reporters. Pointing to a decade of research, King said all of his "favourite" fundamental relationships have broken down.
What's likely to be unveiled by the Railway Budget
Union Finance Minister Nirmala Sitharaman will present her fourth Budget on Tuesday (February 1). This will be the sixth joint Budget after the merger of the Rail Budget with the Union Budget in 2017. As per information, it is expected that the Centre will increase the Rail budget by 15 to 20 per cent this year. With the Assembly elections in five states round the corner, the Centre can announce new railway facilities for the common passengers.
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