Economy

Knight Frank India, the leading real estate consultancy in India in its report stated that the West Bengal government has agreed to levy stamp duty at a reduced rate till the end of the year (2021), resulting in a 79% increase in residential property registrations in greater Kolkata between January-November 2021. The 2% stamp duty exemption performed wonders for Kolkata’s residential real estate sector in the second half of 2021, boosting sales by more than half (51%) between July-November 2021.

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.