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Commerce Minister Piyush Goyal has called for policy changes to address food inflation and high interest rates, questioning their impact on the demand for staples like tomatoes and pulses. He expressed confidence in India's economic resilience, attributing recent GDP slowdown to temporary election-related factors while highlighting the strength of the country's macroeconomic fundamentals.
Maharashtra Chief Minister Devendra Fadnavis announced ambitious plans to position the state as India's first trillion-dollar sub-economy, following a strong FDI performance that captured 52% of the national total in the first half of the fiscal year. He aims to create a "third Mumbai" near Navi Mumbai, enhance infrastructure with projects like Atal Setu and Vadhavan Port, and reclaim Maharashtra's leading FDI status. Fadnavis attributed the coalition's electoral success to effective governance and a commitment to economic growth, aligning with PM Modi's vision of unity and safety.
India's logistics costs are projected to decrease from 16% to 9% within the next 2-3 years, enhancing the nation's economic competitiveness, according to Minister of Road Transport and Highways Nitin Gadkari. He highlighted the potential of hydrogen and biofuels, asserting India's future leadership in these sectors. Additionally, Gadkari noted that toll revenue is expected to rise from Rs 52,000 crore to Rs 1.4 lakh crore in two years, supported by the development of green express highways.
MapmyIndia's recent decision to separate its B2C venture has raised governance concerns among shareholders, leading to a decline in stock prices. In response to investor apprehensions, CEO Rohan Verma announced he would personally fund the new entity, ensuring no company funds would be utilized. This move has disappointed some investors who were optimistic about the consumer-facing business's potential.
India's GDP growth for Q2 fell to 5.4%, the slowest in seven quarters, significantly below expectations of 6.5% and the RBI's forecast of 6.8%. This downturn raises concerns about the economy's potential, with central government capex down 15% compared to the previous year, impacting overall growth. The RBI faces pressure to respond during its upcoming monetary policy announcement.
Congress leader Jairam Ramesh criticized the central government following Union commerce minister Piyush Goyal's remarks at the CNBC-TV18 Global Leadership Summit, where he claimed it was flawed to consider food inflation when deciding on interest rate cuts. Ramesh accused the government of manipulating data to fit its agenda. Meanwhile, RBI Governor Shaktikanta Das refrained from commenting on Goyal's suggestion, stating that the rate-setting panel would make an appropriate decision in December.
India's growth remains robust, supported by favorable factors such as a good monsoon, high reservoir levels, and increased rural demand, according to Finance Secretary Tuhin Kanta Pandey. While there has been a slowdown in government capex due to the electoral cycle, expectations for a rebound are high. Despite facing both external and internal challenges, the economy has demonstrated resilience, maintaining over 8 percent annual growth, with declining inflation contributing to this positive outlook.
Union Minister Piyush Goyal has shifted his stance on hybrid vehicles, now endorsing them as effective transitional options in the move towards electric mobility. He emphasized the benefits of plug-in hybrid electric vehicles (PHEVs) in reducing range anxiety, lowering fuel consumption, and decreasing reliance on petrol.
Market veterans emphasize the importance of patience and the power of compounding for new investors. Ramesh Damani describes compounding as the "eighth wonder of the world," likening it to a snowball that grows over time, while Raamdeo Agrawal highlights the necessity of waiting for compounding to take effect, especially during market downturns.
SEBI chief Madhabi Puri Buch has requested an exemption from appearing before the Public Accounts Committee (PAC) on October 24 due to personal reasons. The PAC, led by K C Venugopal, is set to review the performance of regulatory bodies, including SEBI, amidst ongoing political tensions following allegations from US firm Hindenburg.
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Piyush Goyal Calls for Policy Changes to Address Food Inflation and Interest Rates
17:12 07.12.2024
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07:37 24.10.2024
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