Economy

News on Indian Economy

BharatPe’s PoS Business Grows to $4 Billion Annualised Transaction Value

In the last 12 months, fintech firm BharatPe has increased the reach of its PoS (point of sale) business (BharatSwipe) by 25 times to over 250 cities. The company has deployed over 1.25 lakh BharatSwipe machines across offline retailers since launching its POS business in the second half of 2020. BharatPe claims it has done the fastest-ever scale-up on POS business in India, achieving this record in little over a year and a half.

TCS World’s Second Most Valuable IT Brand, Infosys Fastest Growing: Report

TCS and Infosys have moved IBM from second to fourth place. IBM’s brand value is now US$ 10.6 billion, down 34% from last year and 50% since 2020. Following the divestiture of Kyndryl, the brand value of the US technological behemoth has plummeted. IBM lost almost US$ 19 billion in sales as a result of the transaction, and its brand value suffered as a result.

India to Grow At 9% in 2022 & 2023; Well Above US, China, Europe & World Economies: IMF

The International Monetary Fund (IMF) on Tuesday predicted that the global economy will grow at 4.4% in 2022 and is expected to slow down to 3.8% in 2023. While releasing the latest projections for world growth, the IMF has revised India’s growth prediction for the current fiscal year ending on March 31 by 0.5% (from 9.5% earlier to 9% now) which still retains its position as the world’s fastest-growing major economy.

‘One District One Product’ (ODOP) Initiative of Centre Churning Big Success Stories in J & K, North East , Uttar Pradesh

Some key examples referred to included design trainings for Molela artisans in Rajsamand District, Rajasthan; skill trainings for Muga Silk weavers from Kamrup, Assam, sustained year-year trade facilitation of Lakadong Turmeric from West Jaintia Hills, Meghalaya and the promotion of ODOP products from across districts and categories at international events such as the Dubai Expo 2020.

NSE World’s Largest Derivatives Exchange for Third Straight Year

According to the Futures Industry Association (FIA), the National Stock Exchange of India has surpassed the New York Stock Exchange as the world’s largest derivatives exchange for the third year in a row in terms of the number of contracts traded in 2021. In addition, according to the World Federation of Exchanges (WFE) figures for 2021, the exchange placed fourth in terms of cash equities trading.