- Friday, March 07, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Tuesday, November 1:
Indian finance minister Nirmala Sitharaman said on Tuesday that the issue of regulating cryptocurrency will be brought in the upcoming G20 meeting, Asian News International reported. “We have not come out with any plan to regulate digital assets. The agenda of cryptocurrency regulation will be brought in G20 meeting,” she said in New Delhi. Any single country cannot regulate the cryptocurrency remaining in silos, Sitharaman said while addressing ICREIR’s 14th Annual International G20 Conference. “You don’t know what the trail leads you to. Is it drug funding? Is it terror-funding or is it just gaming? So that regulation cannot be successful if any one country does it. We have not come up with any plans as yet. So we need to have all the members of the G20 on board to see how best it can be done,” she said.
The best stimulus the Government of India can provide to the economy is by reducing its debt through proceeds of its asset sales, the country’s chief economic adviser V Anantha Nageswaran on Monday (31) said, Moneycontrol reported. Speaking at a panel discussion on the International Monetary Fund’s (IMF) latest regional economic outlook for Asia-Pacific, he said a reduction in public debt could help improve India’s credit profile and lower interest rates. “…given the higher debt load that we carry, if we can use asset monetisation receipts from the Union and state governments to whittle down the stock of debt and in the process if we improve our credit rating and bring down the cost of capital, that will be the best stimulus we can provide to the economy via fiscal policy,” Nageswaran said.
India’s TVS Motor company registered a growth of 2 per cent with sales increasing from 355,033 units in October 2021 to 360,288 units in October 2022, ANI reported. Two-Wheeler Total two-wheelers registered sales of 344,630 units in October 2022 as against sales of 341,513 in October 2021. Domestic two-wheeler sales registered growth of 7 per cent increasing from 258,777 units in October 2021 to 275,934 units in October 2022. Motorcycle registered sales of 164,568 units as against sales of 172,361 units in October 2021. Scooter registered a growth of 20 per cent with sales increasing from 113,124 units in October 2021 to 135,190 units in October 2022.
Noted Indian banker and HDFC chairman Deepak Parekh on Tuesday said the biggest risks are not of economic disruptions but of despotic powers, the lack of cooperation and the growing weaponisation of trade, Press Trust of India reported. He also described the current avalanche of crises the world is facing as a ‘global polycrisis’. In his address to the Indian Chamber of Commerce’s Kolkata chapter, Parekh said it is for each country to decide what their priorities are and where their comparative advantages lie when it comes to balancing the goals of globalisation and self-reliance.
Manufacturing activities in India remained robust and price pressures were contained in October as new orders and production rose at a slower but stronger pace, according to a monthly survey released on Tuesday, PTI reported. The seasonally-adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) was up from 55.1 in September to 55.3 in October. The October PMI data pointed to an improvement in overall operating conditions for the 16th straight month. In PMI parlance, a print above 50 means expansion while a score below 50 indicates contraction.
