- Tuesday, November 26, 2024
By: Shubham Ghosh
HERE are some news in brief related to India’s economy and business for Thursday, July 21, 2022:
The Asian Development Bank (ADB) has lowered its growth forecast for India to 7.2 per cent for 2022-23 from a projection of 7.5 per cent made in April, citing higher than anticipated inflation since that month along with tightening of monetary policy, the Hindu reported. In a supplement to its Asian Development Outlook report, the institution on Thursday moderated its growth hopes for 2023-24 to 7.8 per cent from 8 per cent and raised its inflation projection for that year to 5.8 per cent — a tad below India’s 6 per cent upper tolerance threshold for price rise.
The Indian rupee recovered from its all-time low of 80.06 to close 20 paise higher at 79.85 (provisional) against the US dollar on Thursday following overall weakness in crude oil prices and fresh foreign fund inflows. At the interbank forex market, the local unit opened lower at 80.03 against the greenback and fell further to an intra-day low of 80.06. The local unit recouped losses later and settled at 79.85 (provisional), registering a rise of 20 paise over its previous close.
India’s preventive healthcare sector – fitness, wellness, foods and supplements, early diagnostics and health tracking – is estimated to reach $197 billion (£164.7 billion) by 2025, growing at a CAGR of 22 per cent, Business standard said citing a recent report. Bengaluru-based consulting firm Redseer Strategy Consultants in collaboration with Bengaluru’s Chiratae Ventures and Amazon Web Services came out with a report on the ‘State of Preventive Health in India’.
The Reserve Bank of India (RBI) on Thursday announced a change in the date of the upcoming meeting of the Monetary Policy Committee, which will take the decisions on policy rates, Asian News International reported. Due to administrative exigencies, it has been decided to reschedule the MPC meeting from August 2-4, 2022 to August 3-5, 2022.
India’s largest youth and accessories brand Fastrack is all ready to launch its next range of smartwatch Reflex Play on Amazon this Prime Day, the biggest and the most awaited shopping event of the year for Prime members on Amazon.in, ANI/NewsVoir reported. Two days of great deals, savings, blockbuster entertainment, new launches, and much more kicks off July 23, 2022, at midnight and runs through July 24, 2022.
India’s carmakers are grappling with a huge backlog of around 6.5 lakh (0.65 million) units, with chip shortage continuing to crimp their manufacturing activities and leading to long waiting periods for customers. The country’s largest carmaker Maruti Suzuki India alone has a backlog of around 3.4 lakh (0.34 million) units while Hyundai and Mahindra & Mahindra have a combined pending order list of about three lakh (0.3 million) units.
