BUSINESS
Urban discretionary spending slows down even as rural demand weakens
Manufacturing sector contracted for a second straight quarter as demand for manufacturing exports decelerated given the global slowdown. Real GDP growth in FY24 will be in the range of 5.5-6 per cent (vs 7 per cent in FY23), with downside risks, given: (1) urban discretionary demand continues to decelerate along with weak rural demand, (2) private investment remains in the slow lane given rising borrowing costs and sluggish external demand
Startup founders find it difficult to raise funds, investors step back
Amid a deepening funding winter, only 53 per cent of startup founders had a positive fundraising experience (71 per cent of those who attempted to raise) in 2022, down from 92 per cent in 2021. Startup founders expect this year to be challenging, with 58 per cent of founders expecting a tough fundraising environment, according to a recent report by InnoVen Capital, Asia's leading venture debt firm.
Before economy regains pre-Covid trend line, slowdown may be setting in
On a 5 year CAGR trend basis, real GDP is growing at 4 per cent, which is sluggish. The weakness is pronounced in manufacturing (2.7 per cent), whereas services (5 per cent) seems to be doing relatively well. Nominal GDP growth stands at 11 per cent on a trend basis, (similar to pre-Covid trend), aided by higher prices.
Hoping for a High: India's FY24 GDP growth rate predicted in 6-6.5% range
The 4.4 per cent growth (down from 6.3 per cent in the previous quarter) logged during the third quarter of FY23 was predicted by the Reserve Bank of India (RBI) couple of months back while the markets had estimated it at a slightly higher level -- again difference only in the decimal point. In December 2022 announcing the RBI's Monetary Policy Committee's (MPC) decision to hike the repo rate by 35 basis points to 6.25 per cent, Governor Shaktikanta Das said the real GDP growth for FY23 is projected at 6.8 per cent, with Q3 at 4.4 per cent and Q4 at 4.2 per cent.
We have to improve our speed and move in top gear: PM
"Now we have to improve our speed and move in top gear", he said. Noting that PM Gati Shakti Master Plan is a critical tool that integrates economic and infrastructural planning with development, the Prime Minister said, "Gati Shakti National Master Plan is going to change the face of India's infrastructure and its multimodal logistics. Prime Minister Modi made the observation.
Twitter's revenue nosedived 40% in Dec as advertisers left: Report
Several advertisers "ditched the social-media platform following Elon Musk's takeover", the Wall Street Journal reported, citing people familiar with the matter. In an update to investors, Twitter reported a 40 per cent decline (year-over-year) in both revenue and adjusted earnings for December. The company recently made a first interest payment to banks that lent $13 billion.
Adani-Hidenburg Row: Demand for JPC probe is only to embarrass government, says Harish Salve
Talking to NDTV, Salve said that this investigation is crucial as it involves investors' trust and therefore, should be time-bound. He believes that investor confidence has been damaged by market volatility and that it is essential to know quickly what exactly happened to rebuild it. The Adani-Hindenburg row involves some complex financial matters that only subject matter.
Issue price of sovereign gold bonds scheme 2022-23 (Series-IV) notified
The scheme will open for subscription between March 6-10, while the settlement date would be March 14, official sources said. The government, in consultation with the Reserve Bank of India, has decided to allow a discount of Rs 50 per gram from the issue price to those investors who apply online and the payment is made through digital mode.
Pakistani rupee gains strong recovery after big fall against US dollar
The US dollar closed at 285.09 rupees on Thursday. On the last working day of the week, the local currency appreciated by 6.63 rupees, or 2.38 per cent, against the US dollar, official figures showed on Friday as quoted by Xinhua news agency report. Talking to Xinhua, Rehan Ateeq, Head of treasury with Silk Bank, a Pakistani commercial bank.
Foxconn Group announces investment project in Karnataka
Land of 300 acres for the project has been identified near the Bengaluru International Airport, in Doddaballapura and Devanahalli taluks. A Foxconn team, led by CEO and Chairman Young Liu, and comprising 16 senior leaders reached Bengaluru on Friday and were welcomed at the airport by IT and BT, Science and Technology, and Skill Development Minister C.N. Ashwath Narayan.
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