BUSINESS
Pakistani rupee's weakness 'still has further to run'
The New York-based research agency, in its quick view, noted that the rupee's devaluation was triggered by the decision among local foreign exchange companies to remove the self imposed cap on the exchange rate on January 25. The News reported. The State Bank of Pakistan (SBP) initially intervened, but the significant depreciation in the rupee "is a clear sign the authorities have effectively loosened their grip on the currency."
Agriculture sector records growth with annual rate of 4.6% over last 6 yrs
This has enabled the agriculture and allied activities sector to contribute significantly towards the country's overall growth, development and food security, said the Economic Survey 2022-23 tabled in Parliament by Union Minister of Finance Nirmala Sitharaman on Tuesday. Further in recent years the country has emerged as the net exporter of agricultural products,
Strong macroeconomic fundamentals increased FPI
The global economic factors, such as inflationary pressures, monetary tightening by central banks and recessionary fears in advanced economies, exerted pressure on foreign portfolio investments (FPI) to sell in Indian markets. Further, investors were also sitting on gains from Indian stocks that could be realised to offset losses elsewhere.
Growth in 2023-24 to be aided by rising domestic demand, capital investment: Eco Survey
It further noted that aided by healthy financials, incipient signs of a new private sector capital formation cycle are visible and more importantly, compensating for the private sector's caution in capital expenditure, the government raised capital expenditure substantially. "Budgeted capital expenditure rose 2.7 times in the last seven years, from 2015-16 to 2022-23, re-invigorating the capex cycle.
Decline in demand for MGNREGA emanating from growth in rural economy
Labour markets have recovered beyond the pre-Covid levels, in both urban and rural areas, as observed in the supply-side and demand-side employment data, the Survey said. Quarterly urban employment data shows progress beyond pre-pandemic levels as the unemployment rate declined from 8.3 per cent in July-September 2019 to 7.2 per cent in July-September 2022.
Suppressed global trade to affect India
As per United Nations Conference on Trade and Development (UNCTAD) the latest global trade update, global trade growth turned negative during the H2:2022, and geopolitical frictions, persisting inflationary pressures, and subdued demand are expected to suppress global trade further in 2023. This is likely to affect many countries, including India, with the prospects of sluggish exports continuing into FY24,
Wheels India Q3 net down at Rs 14.54 cr
According to Wheels India, the company has logged a net profit of Rs 14.54 crore for the period ended 31.12.2022 down from Rs 20.60 crore logged during the previous year corresponding period. The company's revenue for the period under review stood at Rs 1,016.58 crore up from Rs 1,007.18 crore earned during the third quarter of FY22.
Eco Survey says GDP growth to be 6.5% in 2023-24, slashes forecast to 7% in current fiscal
The survey said that in real terms, the economy is expected to grow at 7 per cent in the current financial year (2022-23), a downward revision from 2021-22, when the growth was 8.7 per cent in the previous financial year (2021-22). The fiscal deficit for 2022-23 is estimated to be 6.4 per cent of the GDP, the document said.
Samsung's Q4 profit drops 69% on sluggish demand, lowest since 2014
The world's largest mobile phone and memory chip maker said its October-December operating profit shrank 69 per cent from a year earlier to an eight-year-low of 4.3 trillion won ($3.49 billion). It is the tech giant's lowest quarterly operating profit since the third quarter of 2014, and 18.6 per cent lower than the average estimate by Yonhap Infomax, the financial data firm of Yonhap News Agency.
Musk plans WeChat-like payments system on Twitter that includes crypto
According to a report in The Financial Times, citing sources, the payments feature will support fiat currencies to start with. Neither Musk nor Twitter confirmed the development. "Mr Tweet" has apparently instructed developers to build the platform's payments system.
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