Read daily news briefs on the economic issues collected from different sources.
A Group of Ministers(GoM) is expected to recommend separate rates of goods and services tax (GST) as well as different mechanisms to calculate the GST for online gaming, casinos, and horse racing. [BL]
Trecxn’s report on the tech startup space in India shows in August, funding for startups declined by 20% compared to July 2022. [BL]
Online price is the lowest since 2018. The weighted average modal price for onion is RS.1100 per quintal which is the lowest since 2018 when it had a price of Rs.837 per quintal. [BL]
With over 2.2 million new accounts, the Demat account in India crossed 100 million. The interesting fact is that it was even less than 41 million before COVID-19. [BS]
After the shutting down of the natural gas pipeline to Europe by Russia, the euro sank to 20 year low. The European stocks also dropped for the sixth month in the last seven days. [FE]
Indians are showing more interest in purchasing Brand products. According to a survey by Axis My India, 57% of the participants showed interest in purchasing Brand products while 38% were ready to pay extra for the Top Name Brands. [FE]
Energy security first: India will back the US-proposed price cap only if countries such as Venezuela and Iran will assure the supply of crude to the country. India can’t accept this proposal which will lead to a rise in crude prices in the open market because of uncertain and restricted supplies. [ET]
RBI Payment data reveals a strong Consumption revival as UPI transactions increased to 68% compared to the year earlier and outstanding credit card loans have also shown the same trend of rising.
Liz Truss became Britain’s next prime minister after winning a leadership race for the governing Conservative Party. She promised to take bold measures such as taxes and will also deal with a growing energy crisis. [ET]
Gig roles are attracting India’s young workforce like never before. In the first quarter of FY23, the segment of the workforce with 3-5 years of experience joining the gig workforce saw a 50% increase compared to the same time last year. However, not enough women professionals are opting for gig work as a career, despite the skills they have been in high demand. [ET]
Alok Aditya (Junior Research Fellow at ISEC)
Anuradha (Research Assistant at ADRI)