BUSINESS
India's GDP data for FY22, Q4: Here's what experts have to say
The GDP grew 4.1 per cent year on year in Q4FY22 as against 1.6 per cent during the same quarter of FY21. Here's what some of the observers have to say on the GDP figures: Vivek Rathi, Director - Research at Knight Frank India. Global spillovers of supply shortages, crude oil shock and higher input costs thwarted India's growth momentum in 4Q FY22.
Indices decline marginally in early trade
At 9.57 a.m., Sensex was 148 points down to 55,418, whereas Nifty 34 points down to 16,550. Stocks in other Asian countries were steady on Wednesday, while bond yields extended their advances amid a debate about how aggressive monetary tightening will need to be to fight inflation, said Deepak Jasani, Head of Retail Research, HDFC securities.
Inflation zaps US savings rate, warning sign for consumer spending: Report
"For some, the decline is a red flag for consumer spending, which accounts for 70 per cent of gross domestic product," said Fox Business in its report about the decrease. With consumer inflation at a 40-year-high, costs are rising for everything from fuel to food, chipping away at personal balance sheets, said the report.
Rice, flour, tomatoes responsible for increase in All-India CPI-IW
On a one month percentage change, it increased by 1.35 per cent with respect to the previous month compared to an increase of 0.42 per cent recorded between corresponding months a year ago. The maximum upward pressure in the current index came from the Food and Beverages group contributing 0.80 percentage points to the total change.
China's economic crisis hits countryside after rural banks are told to freeze withdrawals
Deposits of several rural banks have remained frozen for more than a month now. These banks are Yuzhou Xinminsheng Village Bank, Zhecheng Huanghuai Community Bank, Shangcai Huimin County Bank, and New Oriental Country Bank of Kaifeng. Such a drastic move could be a precursor to a larger economic challenge, foreign policy watchers said.
Russia defiant after EU oil ban - says it will find new importers
On the first day of its "Special Meeting" in Brussels, the European Council agreed on the sixth package of sanctions against Russia which will cover crude oil, as well as petroleum products, delivered from Russia to member states. As the European leaders on Monday night decided to stop importing 90 per cent of Russian oil by the end of 2022, Moscow has vowed that it will find other importers soon.
BetterPlace acquires OkayGo to help gig workers earn more in India
"Despite having a large employable pool, enterprises in India are now facing an acute shortage of skilled workforce. The only way to solve this problem is to provide a mutually beneficial marketplace geared towards enabling people to be gainfully employed," said Pravin Agarwala, Co-founder and CEO at BetterPlace.
Centre clears entire GST compensation payable to states till date
The payment was made to assist the states in managing their resources and ensuring that their programmes, especially the expenditure on capital, is carried out successfully during the financial year, it said. "This decision has been taken despite the fact that only about Rs 25,000 crore is available in the GST Compensation Fund.
India's GDP grew 8.7% in fiscal FY22, 4.1% in Q4
The GDP grew 4.1 per cent year on year in Q4FY22, data showed. In the same quarter of FY21, it was 1.6 per cent. The Reserve Bank of India (RBI) had projected GDP for the fiscal that ended in March at 9.5 per cent and for Q4 at 6.1 per cent. Besides, the combined Index of Eight Core Industries stood at 143.2 in April 2022, which is an increase of 8.4 per cent (provisional) as compared to the index of April 2021.
Ashneer Grover tells VC firms to 'right size' themselves before advising startups
Grover's hard take on VC firms came as several large investment firms like Sequoia Capital, Lightspeed Venture Partners, Craft Ventures, and Y Combinator etc have sent memos and footnotes to their portfolio companies and startups on how to endure the ongoing crisis. Sequoia recently created a 52-slide deck, first reported by The Information, titled 'Adapting to Endure', for the founders of its portfolio companies.
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