by Editor | Aug 20, 2024 | News, Politics
Lucknow: Bahujan Samaj Party chief Mayawati on Tuesday slammed both the central and Uttar Pradesh governments over “lack of employment” as she raised concern over the “growing divide between the rich and the poor” in the country.
The former chief minister took to social media to demand a “proper solution” for the “huge unemployment”.
“There is not only an acute lack of employment in the country but also a growing divide between the rich and the poor, which means the abnormal distribution of wealth has worsened the disease of economic inequality. This situation is affecting both the public and the country’s interests, which is a matter of great concern,” Mayawati said on X in Hindi.
“Why aren’t there enough jobs in proportion to the claims of development in the country? Who is responsible for this,” she added.
“In the same manner, the Uttar Pradesh government’s claims, through massive advertisements, that there is a boom in employment are, in reality, just as disconnected from the ground reality as their other claims,” the BSP supremo said.
by Editor | Aug 20, 2024 | Business, Economy, News
Mumbai: There are signs of a revival of net exports as a lever of India’s growth as after the contraction in 2023- 24, outbound shipments from the country are undergoing an expansion in 2024-25 so far, according to the RBI’s monthly bulletin released on Monday.
India’s export basket is also undergoing a shift towards electronics and engineering goods even as traditional products such as gems and jewellery, textiles, garments, leather products, and marine products are losing competitiveness, the report points out.
It states that business services that support operations such as consulting, engineering, research and design are rapidly becoming India’s export powerhouse, surpassing software and information technology. They also cover advertising, public relations, logistics, accounting, auditing, architectural, and legal services.
The rising demand for specialised services and the integration of services into manufacturing are forces driving this growth.
Global capability centres are setting the next steps in this export drive, including in the evolution of business and knowledge process outsourcing, the report adds.
The cumulative value of merchandise exports during April-July 2024 was $144.12 billion as compared to $138.39 billion during April-July 2023, registering a positive growth of 4.15 per cent, according to figures compiled by the Commerce Ministry.
Electronic goods exports, which include smartphones, increased by 37.31 per cent from $2.04 billion in July 2023 to $2.81 billion in July 2024. Engineering goods exports increased by 3.66 per cent from $8.72 billion in July 2023 to $9.04 billion in July 2024 while drugs and pharmaceuticals exports increased by 8.36 per cent to $2.31 billion during the month.
The RBI report further states that logistics are also improving as India’s ports and shipping are experiencing strategic infrastructure, technological advancements and transformation. In particular, port development is expanding cargo handling capacity and connectivity. RFID-based port access control is stepping up security and operational efficiency while public-private partnerships are helping to drive growth.
by Editor | Aug 20, 2024 | Business, Economy, News
Mumbai: Online food delivery platform Zomato saw a block deal on Tuesday where 21 crore shares (around 2.4 per cent equity) worth Rs 5,438.5 crore changed hands.
The block deal, likely by Antfin Singapore, was executed at an average of Rs 258 per share.
The Zomato stock was marginally down at Rs 259.58 apiece in the morning trade after the block deal.
According to reports, the stake sale also triggered a 90-day lock-in period, before Antfin can execute another round of equity sale.
It was earlier reported that Antfin was planning to offload 1.54 per cent shares worth $408 million in Zomato.
The food delivery giant’s share rose 12 per cent after the company reported strong Q1 results. The company posted over 126 times growth in net profit to reach Rs 253 crore in the April-June quarter (Q1 FY25), from Rs 2 crore in net profit in the same quarter last year.
The Deepinder Goyal-run company reported 74 per cent growth (year-on-year) in revenue to Rs 4,206 crore in Q1 FY25.
Zomato’s gross order value (GOV) has increased by 27 per cent to Rs 9,264 crore in Q1 of the financial year 2024-25.
by Editor | Aug 20, 2024 | Business, Economy, News
Mumbai: The gross foreign direct investment (FDI) flowing into the Indian economy has surged by 26.4 per cent to $22.5 billion during the April-June quarter of the current financial year compared to the same quarter of the previous year, according to the RBI’s latest monthly bulletin.
This has resulted in net FDI shooting up to $6.9 billion during the first quarter of 2024-25, compared to $4.7 billion in the same period of 2023-24, the report states.
Manufacturing, financial services, communication services, computer services, electricity and other energy sectors accounted for about 80 per cent of the gross FDI inflows.
The major source countries for the FDI include Singapore, Mauritius, the Netherlands, the US, and Belgium which account for as much as 75 per cent of the FDI, according to the RBI report.
Net FDI flow had dropped sharply to $9.8 billion in 2023-24 from $28 billion in the previous year. In FY22, net FDI flows into the country were $38.6 billion.
The report is upbeat on the performance of the country’s external sector.
“There are signs of a revival of net exports as a lever of India’s growth as after the contraction in 2023- 24, outbound shipments from the country are undergoing an expansion in 2024-25 so far. Barring China, nine of the top 10 destinations accounting for about half of the total value of exports are recording growing demand,” according to the report
India’s export basket is also undergoing a shift towards electronics and engineering goods even as traditional products such as gems and jewellery, textiles, garments, leather products and marine products are losing competitiveness, the report points out.
The report also states that global capability centres are setting the next steps in this export drive, including in the evolution of business and knowledge process outsourcing.
by Editor | Aug 20, 2024 | Business, News
Mumbai: Despite global macro-economic conditions, India continues to remain a bright spot and is expected to be the fastest-growing major economy this year, a report showed on Tuesday.
The country has become the fifth-largest economy in the world, and is set to be among the top three global economic powers soon. Dr Gita Gopinath, Deputy Managing Director of the International Monetary Fund (IMF), stated last week that the country is likely to achieve this feat by 2027.
The IMF has raised its economic growth forecast for the country for FY25 to 7 per cent from 6.8 per cent projected in April.
The overall headline numbers of India’s economy are strong, reflecting a large amount of public investment which has been a critical factor driving growth.
According to the latest report by Motilal Oswal Private Wealth (MOPW), corporate earnings growth over the last five years has been stellar and this has been the primary driver of equity market performance.
The report mentioned that for the top 500 listed companies (Nifty500), the PAT growth between FY19-24 was 22 per cent, and the total market cap of these companies has grown at the same rate during this period.
