BUSINESS
Combined index of eight core industries rose 7.4% in Dec 2022
In April-December 2022, the core industries' growth was 8 per cent, compared to 12.6 per cent in the year-ago period. The growth was mainly due to rise in seven out of the eight core sectors, except for crude oil production. The eight core sectors are coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity.
Adani Group acquires Israel's strategic Haifa Port for $1.2 billion
Adani Group Chairman Gautam Adani appeared with Israeli Prime Minister Benjamin Netanyahu during the signing of the deal and spoke of investment opportunities. Prime Minister Netanyahu called the Haifa Port takeover a "significant milestone" that will improve connectivity between India and Israel in various ways, including transportation, air routes, and sea routes.
Economic Survey gives prescription for attaining more equitable economic growth
Going forward with the vision of 'Minimum Government; Maximum Governance', further developments will hold the key to attaining more equitable economic growth. Evident ones include stepping up learning outcomes through digital and teaching interventions in schools, enhancing the role of community workers in healthcare, pushing SHGs through better product design and upscaling enterprises, Eco Survey said.
Prompt measures by govt, RBI contained inflation: Economic survey
The survey, which was laid in the Parliament on Tuesday, states that the consumer price inflation in India went through three phases in 2022. A rising phase up to April 2022 when it crested at 7.8 per cent, then a holding pattern at around 7 per cent up to August 2022 and then a decline to around 5 per cent by December 2022.
Rupee not weakened, it is US dollar that has strengthened: Eco Survey
On a financial year basis, that is, from April to December 2022, the rupee has depreciated against dollar by 8.3 per cent.
Over the same period, the dollar has appreciated by 4.4 per cent in terms of the dollar index. This holds even on a calendar year basis, that is, from January to December 2022, the rupee has depreciated by 10.8 per cent whereas the dollar has appreciated by 6.4 per cent.
MakeMyTrip logs highest-ever quarterly gross bookings at $1.75 bn
The company earned adjusted operating profit of $19.7 million in Q3 FY23, as compared to $13.2 million in Q3 FY22, over the revenue of $170.5 million (versus $115 million in 3Q22). Profit for the period was $0.2 million as compared to a loss of $9 million during the same quarter last year.
22 cr beneficiaries under Ayushman Bharat as significant rise in govt spending: Eco Survey
Nearly 22 crore beneficiaries have been verified under the Ayushman Bharat Scheme as on 4 January, 2023. Over 1.54 lakh health and wellness centres have also been operationalised across the country. The survey says that the Central and State Government's budgeted expenditure on the health sector touched 2.1 per cent of GDP in FY23 (BE) and 2.2 per cent in FY22 (RE) against 1.6 per cent in FY21.
India's growth inclusive with focus on job creation: Economic Survey
India is the third-largest economy in the world in public-private partnership (PPP) terms and the fifth-largest in market exchange rates. "As expected of a nation of this size, the Indian economy in FY23 has nearly recouped what was lost, renewed what had paused, and re-energised what had slowed during the pandemic and since the conflict in Europe," the survey noted.
Why Apple's Tim Cook has not cut workforce amid mass layoffs
Wedbush tech analyst Dan Ives said that Apple CEO Tim Cook, who has taken a hefty salary cut by more than 40 per cent in 2023, didn't overhire during the pandemic, reports Yahoo Finance. "Apple never hired at the pace of these other tech giants. You'll see cost-cutting around the edges, but Cupertino -- I mean, they're tacticians
Service sector to see strong growth in 2023-24: Economic survey
It added that this subsector completely recovered from the pre-pandemic level in the second quarter of 2022-23, driven by the release of pent-up demand, ease of mobility restriction, and near-universal vaccination coverage. Going forward, strong momentum growth and an uptick in the High-Frequency Indicators (HFIs) for the contact-intensive services sector reflect a strong growth opportunity in the next fiscal.
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