BUSINESS
India's eight core industries May production rise over 16% YoY
The pandemic-triggered national lockdown (from late March 2020) during Q1FY21 had a massive impact on the economy, which suffered a GDP contraction of 24.4 per cent. It was only on June 1, 2020, that the partial unlock measures were implemented. Unlike last year, the lockdown in 2021 was more regional in nature. Production and manufacturing by several industries were allowed this time around.
India's Q4FY21 current account deficit widens to $8.1 bn
On a YoY basis, the country's Balance of Payment was in surplus of $0.6 billion in Q4FY20. "India's current account balance (CAB) recorded a deficit of Q4:2020-21, primarily on account of a higher trade deficit and lower net invisible receipts than in the corresponding period of the previous year," the RBI said in a statement. "Net services receipts increased on the back of a rise in net earnings from computer, transport and business services on a year-on-year basis."
Rupee weakens further amid strong dollar, rising oil prices
The rupee ended at 74.32 per dollar on Wednesday, weakening by 9 paise from its previous close. Rahul Gupta, Head Of Research (Currency), Emkay Global Financial Services, said: "The rupee is on an edge, for which the greater sensitivity probably lies towards stronger US data and a stronger dollar." He noted that that the foreign exchange market is focusing on a "potentially hot" US labour report.
India's consumer digital economy to touch $800 bn by 2030
The digital economy includes 60 per cent of travel, 40 per cent of non-grocery retail, 30 per cent of education, 25 per cent of food and beverages services and 6 per cent of pharma/grocery, RedSeer said during its flagship event 'Ground Zero 5.0' attended by Niti Aayog CEO Amitabh Kant, T.V. Mohandas Pai, Chairman, Manipal Global Education Services and Sanjeev Bikhchandani, co-founder, Info Edge.
$30-$35 bn of value pool will be created in agri-logistics, offtake, and agri-input delivery by 2025
Agritech and agri-ecosystem sectors have received significant interest from the investor community, making India the third-largest nation in terms of agritech funding and the number of agritech startups. Estimates indicate that approximately $30-$35 billion of the value pool will be created in agri-logistics, offtake, and agri-input delivery by 2025. These are among the findings of Bain & Company's ;Indian Agriculture: Ripe for Disruption', the report, released on Wednesday.
Fear & Loathing: FY22 pent-up demand likely to fizzle away
At present, India suffers from a resurgence of Covid cases. However, a sharp decline in new infection rate has triggered hopes of economic normalisation. In contrast, low consumer sentiment as well as falling household income levels amid job losses will negatively impact the off-take of several sectors. Consequently, the current situation has led various multilateral organiations to revise India's GDP growth rate downwards.
Personal loan offtake rose in FY21, industrial loans contracts
Data released by the Reserve Bank of India (RBI) also showed that credit to the household sector rose by 10.9 per cent on a year-on-year basis (YoY). The share of credit to household sector in total credit increased to 52.6 per cent in March 2021 from 49.8 per cent a year ago showed 'Quarterly BSR-1: Outstanding Credit of Scheduled Commercial Banks for March 2021'.
Stock Talk: Top 5 gas distribution companies stocks on Sensex today
City Gas Distribution (CGD) market in India is forecast to witness a CAGR of 10% to grow from an estimated 9,223 MMSCM (Million Metric Standard Cubic Meter) in 2020 to 25,570 MMSCM by 2030.
RBI raises average base rate for NBFC-MFI to 7.98%
The rate has been increased from 7.81 per cent that was applicable in the April-June quarter. "The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company - Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning July 1, 2021 will be 7.98 per cent," said an RBI statement.
Jet shares hit 5% upper circuit as monitoring panel put in place
With the approval of the National Company Law Tribunal to the Kalrock-Jalan consortium's resolution plan, the Corporate Insolvency Resolution Process (CIRP) of the bankrupt airline has concluded and Ashish Chhawchharia has ceased to be the resolution professional of the company, effective from June 25, 2021.
Don't Miss
Advertisement