India’s FMCG Market Grew 12.6% in Sept Quarter Led Mostly by Price Hikes
India’s FMCG market rose 12.6% in the July- September 2021 quarter vs the same period last year, driven by higher prices and an increase in urban consumption, as per NielsenIQ.
Economy
News on Indian Economy
India to have 500 Million 5G Subscribers by End-2027: Ericsson
As per the recent mobility report by Ericsson, India is expected to have 500 million 5G mobile subscribers by the end of 2027. 4G is expected to continue as the most used technology while 5G is expected to represent 39% of mobile subscribers by 2027.
India Could be the Third-Largest Economy in the Next Decade; MFs may be One of the Major Beneficiaries
India could be the world’s third-largest economy in the next decade, and the mutual fund industry may be a significant recipient of this transformation. The mutual fund industry is worth Rs 38 Lakh crore (US$ 510 billion) of asset under management. The largest AMC is a vintage Indian name in the Mutual Fund industry. The rise of this vintage name was inspirational as they explored the Branch Networking concept to its fullest and reaped the benefits of the same.
Ather Energy Commissions Second Plant, to Invest INR. 650 Crore in 5 Years
Ather Energy has commissioned its second manufacturing facility in Hosur to satisfy to the growing demand of its electric scooters, the 450X and 450 Plus, the firm stated in a statement. The company plans to manufacture 400,000 units per annum, a significant jump from its current capacity of 120,000 units. Ather Energy had set up its first manufacturing facility at Hosur prior this year. With this capacity expansion, Ather is on its path to becoming the country’s largest EV producer by next year, it stated in a statement.
Gross GST Collection in FY 2021-22 Shows Increasing Trend
The gross GST Collection in FY 2021-22 post COVID-19 pandemic outbreak are showing an increasing trend. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in written reply to a question in Lok Sabha on Mondy.
Production Linked Incentive of INR. 120 Crore is Provided for Indian Manufacturers of Drone and Drone Components
The Production-Linked Incentive (PLI) Scheme for drones and drone components has been notified on 30 Sep 2021 to push the production of drones.
Revenues of Indian Public Tech Firms Grew 4.5% QoQ, 17.8% Annually: Nasscom
Indian public technology companies revenues increased 4.5% sequentially and 17.8% annually, with digital and cloud remaining the major drivers, according to National Association of Software and Services Companies (Nasscom) “Quarterly Industry Review”. It included that companies expect to grow in double digits going forward.
India to have 228 Million Social Commerce Consumers by the Tip of 2022
India may have 228 million native social commerce shoppers by the tip of 2022, a 45% rise from the present consumer base, as consumers discover newer ways of shopping for items online through social media apps such as YouTube, WhatsApp, FB and Instagram, according to a report by Recogn.
India’s Tata in Talks to Set Up US$ 300 Million Semiconductor Assembly Unit
Tata group is in talks with three states to invest up to US$ 300 million to set up a semiconductor assembly and test unit, stated two sources familiar with the matter, as part of the conglomerate’s push into high-tech manufacturing.
Work Expedited to Bring Imphal on Railway Map
The capital of Manipur will be connected by rail in the next two years, taking the country’s railway network to barely 100 km from Myanmar border. This will become a new lifeline for Imphal, which is now primarily dependent on the road network for getting essential supplies.