News on Indian Economy
Tata Power has been presented with a project by Solar Energy Corporation of India (SECI) to build a 100 MW EPC solar project and a 120 MWh utility-scale Battery Energy Storage System (BESS). The Tata Sons subsidiary mentioned in a statement on Wednesday that the project is aimed to complete within 18 months and has an approximate value of Rs 945 Crore (US$ 126 million)
India’s Gross Domestic Product (GDP) is likely to grow more than 9.5% in fiscal 2021-22, as per an SBI research report. Second quarter current fiscal year GDP by National Statistical Office (NSO) released on Tuesday reported that country’s economy witnessed a growth of 8.4%. The growth in the April-June quarter this fiscal stood at 20.1%.
Gross Goods and Service Tax (GST) collection in November was recorded at Rs. 1,31,526 crores (US$ 17.5 billion), the second-highest collection in India’s tax collection history; November is the second consecutive month to cross the Rs. 1.30 lakh crore (US$ 17.2 billion) benchmark.
A robust demand, better market conditions, and increased hiring led to a rapid surge in manufacturing activities in November 2021. A private survey showed that manufacturing activities surged at their sharpest pace in 10 months. Input buying was ramped-up by companies thereby leading to the second-swiftest growth in stock purchases in the past 17 years.
India’s merchandise imports rose 57.18% YoY to US$ 53.15 billion in November 2021. India’s merchandise imports between April-November 2021 spiked 75.39% YoY to US$ 384.44 billion. The Trade deficit stood at US$ 23.27 billion in November 2021 compared to US$ 121.98 billion between April-November 2021.
Spending is expected to grow on all major IT segments in which devices will account for 43% of the total IT spending as more organizations are expected to shift from remote to a hybrid model by next year. From 2021 a 7.5% increase in device spending is to be observed which will be US$ 44 billion.
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.
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 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 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.
