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Indian Economy
India's IIP growth jumps to 8-month high in April at 7.1%
April's industrial activity is reportedly the highest in 8 months. A quick estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 135.1. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of April 2022 stand at 116, 132.5 and 194.5, respectively. These Quick Estimates will undergo revision in subsequent releases, as per the revision policy of the IIP.
Momentum with markets: Expect further upmove
On each of the three days of losses, markets had opened positive and were up for a sizeable part of the day before selling brought the markets down and turned negative. On Thursday, markets were weak and recovered form the lows to record gains. BSE-SENSEX gained 558.27 points or 1.03 per cent to close at 54,884.66 points while NIFTY gained 86.30 points or 0.53 per cent to close at 16,352.45 points.
Snapping 3-day losses, equity indices chart into positive territory
Even though there were no firm fresh underlying fundamentals as such, the benchmark indices charted between gains and losses in highly volatile global market conditions during the day's trade. Sensex closed at 54,253 points, up 503 points or 0.9 per cent, whereas Nifty at 16,170 points, up 144 points or 0.9 per cent.
India retains top spot as fastest-growing major economy: UN report
"We expect Indian recovery to remain strong in the near term in the next year, and two," Hamid Rashid, the chief of the UN's Global Economic Monitoring Branch, said on Wednesday at the release of the World Economic Situation and Prospects (WESP) mid-year report. India's growth contrasts with the global growth rate that is forecast at 3.1 per cent this year and the next, according to the report.
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India's growth story continues despite Covid; more people turning into 'job creators
The increase is significant considering that number of companies incorporated during Financial Year 2020-21 were the highest in any of the previous years. The MCA had registered 1.55 lakh companies in 2020-2021. The incorporations during FY 2021-22 are 8 per cent more than the incorporations during FY 2020-21. While MCA had registered 1.24 lakh companies during FY 2018-19 and 1.22 lakh companies in 2019-20 respectively, it had registered 1.55 Lakh companies during FY 2020-21.
India's Q3FY22 current account deficit at $23 bn
A wider trade deficit on the back of expensive commodities negatively impacted the current account. The current account was in a deficit of $9.9 billion in Q2FY22. On a YoY basis, the country's Balance of Payments was in a deficit of $2.2 billion in Q3FY21.
India's Feb wholesale price inflation rises to 13.11%
The annual rate of inflation, based on wholesale prices, rose to 13.11 per cent last month from 12.96 per cent reported for January 2022. Similarly, on a year-on-year (YoY) basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce and Industry showed an exponential rise last month over February 2021, when it stood at 4.83 per cent.
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