S and P Global Ratings on Monday cut India’s economic growth forecast for current fiscal year to 7 per cent, but said the domestic demand-led economy will be less impacted by the global slowdown. S and P had in September projected the Indian economy to grow 7.3 per cent in 2022-23 and 6.5 per cent in next fiscal year (2023-24). “The global slowdown will have less impact on domestic demand-led economies such as India… India’s output will expand 7 per cent in fiscal year 2022-2023 and 6 per cent in next fiscal year,” S and P Global Ratings Asia-Pacific chief economist Louis Kuijs said.

Ola Electric has finalised its second phase of expansion, under which it will increase its plant capacity fourfold – from 1 million two-wheelers per annum to 4 million. This will also include motor­cycles, said a top executive of the company. It will also build a plant with a 5 Gwh of advanced chemistry cell battery storage capacity in the same super factory located on the outskirts of Bengaluru.

Benchmark indices ended at fresh lifetime highs on Monday amid foreign fund inflows, a decline in crude oil prices and buying in index major Reliance Industries. Rallying for the fifth day in a row, the 30-share BSE Sensex climbed 211.16 points or 0.34 per cent to settle at 62,504.80, its fresh record closing high. During the day, it jumped 407.76 points or 0.65 per cent to its lifetime intra-day peak of 62,701.40.

Amazon India has decided to shut down ‘Amazon Distribution’, according to sources. This follows its recent decision to shut its food delivery and edtech offerings. The moves are part of the annual operating planning review process amid global macroeconomic uncertainty. The e-commerce giant is looking to focus on its core businesses, sources said.

“Independence means if government has done something wrong, you say it’s wrong. But at the same time, you should have courage when the government is doing the right thing every day. You have to also say that,” he Gautam Adani was quoted as saying by FT.