- Tuesday, April 29, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Monday, November 14, 2022:
India’s headline retail inflation rate slumped to a three-month low of 6.77 per cent in October from 7.41 per cent in the previous months on a favourable base effect, data released on Monday by the country’s ministry of statistics and programme implementation revealed, Moneycontrol reported. At 6.77 percent, the latest Consumer Price Index (CPI) inflation print is broadly along predicted lines. As per a Moneycontrol poll, inflation was seen falling to 6.7 percent. India’s central bank, the Reserve Bank of India (RBI), too expected the inflation to fall. Speaking at an event on Sunday (13), governor Shaktikanta Das said the RBI saw CPI inflation going below seven per cent in October.
Smartphone shipment in India declined by 10 per cent to hit a three-year low of 43 million shipment in the July-September 2022 period, market research firm International Data Corporation said on Monday, Press Trust of India reported. The 5G smartphone share reached 36 per cent of total smartphones during the reported quarter with 16 million units at a slightly higher average selling price of $393 (£334), about Rs 32,000 (£336), apiece compared to $377 (£320.5), about Rs 30,600 (£321), in the previous quarter. “India smartphone market declined 10 per cent year-over-year (YoY) shipping 43 million units in July-September 2022. This was the lowest third-quarter shipment since 2019 despite an earlier onset of the Diwali festivities. Weakening demand and increasing device prices negatively impacted festive buying,” International Data Corporation’s (IDC) Worldwide Quarterly Mobile Phone Tracker report said.
Auto component suppliers are expected to log an 8-10 per cent growth in revenue this fiscal driven by healthy domestic original equipment manufacturers and pent-up demand from the aftermarket even as headwinds persist on the exports front, credit ratings agency ICRA said in a report, PTI reported. For the first half of the current fiscal, the industry reported a year-on-year growth of 29 per cent, ICRA said on Monday, based on projections from 49 auto ancillaries with aggregate annual revenues of close to Rs 3,00,000 crore (£31.4 billion). The export orders have slowed down in the last few months, impacted by inflationary pressures, geopolitical tensions, and supply-chain issues. “Domestic original equipment manufacturer demand constitutes almost 50 per cent of sales for the Indian auto component industry. This is likely to remain healthy in FY2023, with double-digit growth expected in both passenger vehicle and commercial vehicle segments,” said Vinutaa S, vice president and sector head at ICRA.
Budget airline SpiceJet on Monday reported a net loss of Rs 838 crore (£88 million) for the period ended September 30, 2022. The loss widened as compared to the year-ago-period when it reported a net loss of Rs 562 crore (£59 million), the Hindu BusinessLine reported. The losses stood at Ra 578 crore (£61 million), excluding forex adjustment, and business was affected by record high fuel prices and a depreciating rupee in the traditionally weak quarter, a statement issued by the airline said. While revenue was at Rs 1,953 crore (£205 million), up 45 per cent, operating expenses stood at Rs 2,943 crore (£309 million), up 40 per cent.
CropLife India, the leading association of domestic and multinational R&D-driven crop science companies is pleased to announce the appointment of Durgesh C Sharma as the new secretary general of the association, ANI/NewsVoir reported. Sharma will oversee the organisation’s strategy, outreach to various stakeholders and be an interface for public policy intervention. Speaking on the appointment, Dr K C Ravi, Chairman, CropLife India, said, “The board of directors is unanimous in its enthusiasm for having Durgesh lead CropLife India. Durgesh has consistently demonstrated professionalism, integrity and a commitment to doing what is best for Indian agriculture and is well respected by stakeholders across India and other countries. CropLife India would scale newer heights under the strong and focussed leadership.”
India’s ministry of information and broadcasting on Monday said that president Droupadi Murmu had appointed Gaurav Dwivedi as chief executive officer (executive member) in Prasar Bharati for a period of five years from his assumption of charge, after due recommendation by a selection committee. The ministry in a statement said, “In exercise of the powers conferred by sub-section (1) of Section 4 of the Prasar Bharati (Broadcasting Corporation of India) Act, 1990 read with sub- section (4) of Section 4 and sub-section (2A) of Section 6 of that Act, the president, on the recommendation of the Selection Committee, is pleased to appoint Shri Gaurav Dwivedi, IAS(CH: 95) as the executive member (chief executive officer} in Prasar Bharati with effect from the date he assumes charge of the office, for a term of five years.”
