India’s consumer price index (CPI)-based inflation could ease in the coming months thanks to the arrival of kharif crops, lower international commodity prices, and a pass through of lower input costs to consumers, the finance ministry said in its Monthly Economic Review (MER) for October, which was released on Thursday. The MER, however, warned that the global macroeconomic situation remained precarious and a recession in many advanced economies would impact India’s exports. “Easing international commodity prices and new Kharif arrival are set to dampen inflationary pressures in the coming months.
Posts tagged Rediff
Amazon’s Black Friday: Unions to join protests (25-11-2022)
Several Indian traders, hawkers, as well as transport and gig workers’ unions will join a global campaign by Make Amazon Pay coalition happening across close to 40 countries on Black Friday to protest alleged exploitative practices by the tech giant. Employees in the US, the UK, India, Japan, Australia, South Africa and across Europe are demanding better wages and working conditions as the cost-of-living crisis deepens, as part of the campaign. Trade unions, including Bharatiya Udyog Vyapar Mandal, Hawkers’ Joint Action Committee, Gig Workers’ Association, and All India People Science Network, will join the campaign.
Economy seen to maintain growth above 6.5%: CEA (24-11-2022)
Chief Economic Advisor V Anantha Nageswaran on Thursday expressed hope that the economy will maintain the trend growth rate of 6.5 per cent and above for the rest of the years in the current decade. The economy will close the current fiscal logging in a growth of 6.5-7 per cent, he said, citing the projections of private sector analysts, Reserve Bank of India (RBI) and international agencies like OECD and the IMF. “This appears to be reasonable at this point in time although we will get the data on the fiscal second quarter in a few days, which will give more clarity on these numbers.
Recession unlikely in APAC region in 2023: Moody’s (24-11-2022)
A recession is unlikely in the APAC region in the coming year, although the area will face headwinds from higher interest rates and slower global trade growth, Moody’s Analytics said on Thursday. In its analysis titled ‘APAC Outlook: A Coming Downshift’, Moody’s said India is headed for slower growth next year more in line with its long-term potential. On the upside, inward investment and productivity gains in technology as well as in agriculture could accelerate growth.
Air-India’s cabin crew all set for a BIG makeover (24-11-2022)
Tata group-owned Air India has issued new guidelines on grooming for its male and female cabin crew, including barring them from sporting black and religious thread on the wrist, neck and ankle. Among others, the airline has told the crew that they should not have grey hair and must be regularly coloured in natural shade. “Religious rings with coloured stones and pearls, nose-pins and neck jewellery” along with thumb rings are not allowed.
Sunak, his wife debut on UK’s ‘Asian Rich List 2022’ (24-11-2022)
British Prime Minister Rishi Sunak and his wife Akshata Murty have made their debut on the UK’s ‘Asian Rich List 2022’ topped by the Hinduja family. Sunak and his wife, whose father N R Narayana Murthy co-founded Indian IT major Infosys, are ranked 17th on the list, with an estimated wealth of 790 million pounds. The combined wealth of this year’s list sits at 113.2 billion pounds, an increase of 13.5 billion pounds over that of last year.
Budget: What exporters want from Sitharaman (24-11-2022)
Exporters on Thursday demanded fiscal incentives, tweaking in customs duties on certain products and credit at affordable rates in the forthcoming Budget to boost exports and create jobs. In a pre-budget virtual meeting with Finance Minister Nirmala Sitharaman, the Federation of Indian Export Organisations (FIEO) said the depreciation of the rupee against the US dollar is affecting exports’ competitiveness and the sector requires more support. “Creation of employment is the biggest challenge faced by the country…We would urge the government to provide fiscal support to units which provide additional employment in the export sector,” the exporter’s body said.
Delhi’s iconic Ashok hotel to go under the hammer (24-11-2022)
The government has fixed an indicative value for Delhi’s iconic ‘The Ashok’ hotel at Rs 7,409 crore under the national monetisation programme, according to sources. The Ashok and the adjacent hotel Samrat are among the eight India Tourism Development Corp assets listed under the National Monetisation Pipeline (NMP) announced by Finance Minister Nirmala Sitharaman last year. The sources said investor consultation has already been undertaken and a cabinet note for the sale of the sprawling 25-acre property in the heart of the national capital is under consideration.
Sensex hits record high; closes at 62,273 (24-11-2022)
Equity benchmark BSE Sensex closed at an all-time high of 62,272.68 on Thursday, tracking a firm trend in global markets after the US Fed minutes indicated a slower pace of rate increase that bolstered investors’ sentiment. Extending its rally to the third straight day, the 30-share BSE benchmark rallied 762.10 points or 1.24 per cent to settle at 62,272.68, its record closing peak. During the day, it jumped 901.75 points or 1.46 per cent to its lifetime high of 62,412.33.he broader NSE Nifty gained 216.85 points or 1.19 per cent to end at 18,484.10.
SC junks Tata Power’s plea on project award to Adani (24-11-2022)
In a setback to Tata Power, the Supreme Court on Wednesday dismissed the company’s challenge to the Maharashtra Electricity Regulatory Commission’s (MERC’s) decision to award a Rs 7,000-crore transmission project near Mumbai on a nomination basis to Adani Electricity. The court upheld the order by the Appellate Tribunal for Electricity (APTEL) in this case and directed all State Electricity Regulatory Commissions to frame guidelines on tariff determination in accordance with Section 61 of the Electricity Act and the national policy. The verdict has implications for the Mumbai power market, said Ashok Pendse, an energy expert based in the city.