BUSINESS
Experts predict India's emergence as 'third pole', despite GDP growth worries
"In my view, 2023 will be remembered for India's emergence as the third pole of the world," wrote Shigesaburo Okumura, Editor-in-Chief of Nikkei Asia, in a recent article. Another important factor not to be neglected is India. According to the UN, China's population last year was 1.426 billion while India's was 1.417 billion.
Jack Ma relinquishes control of Ant Group to put its IPO back on track
According to the South China Morning Post, Ma will end an "acting-in-concert pact" with Ant's chairman Eric Jing, former chief executive Simon Hu and Alibaba Group Holding veteran Jiang Fang. The pact had given Ma 53.46 per cent of the voting power in the fintech company, according to a company statement.
New Year heralds record tech layoffs, all eyes now on quarterly results
To put this in perspective, tech companies globally sacked 28,096 workers in the January 1-January 5 period, according to layoff tracking website Layoffs.fyi. In December last year, over 17,000 tech employees were shown the door (holiday season may be one of the reasons for lower numbers). This shows 2023 may become the worst year in the history of the tech world.
IMF bullish on Indian economy despite global downturn signals
On November 28, the executive board of the IMF concluded the Article IV consultation with India, where it noted that the "Indian economy has rebounded from the deep pandemic-related downturn." It said: "Real GDP grew by 8.7 per cent in 2021-22, bringing total output above pre-pandemic levels.
India's startup economy stares at deepening funding winter in 2023
Although some startups, like fintech platform KreditBee ($200 million), Foodtech platform HealthKart ($135 million) and HRtech software-as-a-service (SaaS) platform BetterPlace ($40 million), raised decent funds in December last year and in the beginning of January, the scene overall is grim as VC money has squeezed.
Optimistic about growth, RBI says fundamentals of Indian economy sound
"The global economy is facing formidable headwinds with recessionary risks looming large. The interplay of multiple shocks has resulted in tightened financial conditions and heightened volatility in financial markets. "The Indian economy is confronting strong global headwinds.
India's guard rails against recession continue to be strong
In such a scenario, it was just not possible to expect global markets to perform. They too were under pressure. Dow Jones lost 3,425.86 points or 9.43 per cent to close at 32,912.44 points. NASDAQ was indeed very weak and lost 5,178.52 points or 33.10 per cent to close at 10,466.48 points. Looking at what happened in the US, India is clearly an outperformer.
Despite losing market share, The New India Assurance continues to lead industry
As per the data released by the industry lobby body General Insurance Council, The New India had earned a gross premium of Rs 26,092.47 crore as against Rs 25,477.44 earned during the previous year corresponding period. It should also be noted that the other three government owned general insurers -- The Oriental Insurance, United India Insurance and National Insurance -- have also lost market share to the private sector during the period under review.
Indian economy to grow at 7% in FY23, 6% in FY24
The NSO, while releasing the first advance estimates of National Income for 2022-23, said that the "Real GDP (gross domestic product) or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated at Rs 157.60 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of Rs 147.36 lakh crore, released on May 31, 2022. The growth in real GDP during 2022-23 is estimated at 7 per cent as compared to 8.7 per cent in 2021-22".
Indigo expands its fleet to 300 aircraft
Speaking on the occasion, Pieter Elbers, Chief Executive Officer, IndiGo said: "We are excited to announce that our fleet size now stands at 300 aircraft, giving wings to our ambitions. We have recently expanded operations across west, east, and north-east India as well as the middle east.
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