BUSINESS
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.
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.
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