Read daily news briefs on the economic issues collected from different sources.
As Inflation is now manageable, the Finance minister said job and economic growth are the top priorities of the government. She focused on the importance of India’s open network for digital commerce as a revolutionary for the retail and manufacturing sector. [FE]
The government is likely to release guidelines for social media influencers and content created regarding paid promotions and reviews. According to the new guidelines, social media influencers and content creators will have to disclose the paid push and reviews. The decision has been taken to protect the consumers’ interests. [BL]
The Union Cabinet Committee on Economic Affairs (CCEA) revised the current land leasing policy for the industrial use of the Indian Railway’s land. According to CCEA, it will ease the setting up of new cargo facilities which create additional traffic as well as revenue for the Railway. [BS]
The consumer goods firms are quite enthusiastic about the upcoming festive season sale. According to the industry, sales are expected to grow as high as 50%. [FE]
India is now the fifth-biggest equity market soon after becoming the world’s fifth-largest economy. While the global equity market collapsed due to two major events- Covid and the Ukrain-Russia war, the Indian share market outperformed and held firm in 2022. [ET]
The first defence contract between India-Pakistan has been signed under the 500 million dollar line of credit (LoC). According to this contract, India will supply defence gear. Bangladesh is also expecting military hardware from India in the long run amid concerns over the quality of equipment supplied by china. [ET]
A push to green energy: Adani announced to build of three giant Giga factories which will extend polysilicon to solar modules, and complete the manufacturing of wind turbines and hydrogen electrolysers. Adani group further mention that they would invest 70billion dollars in the green energy transition to become net exporters of clean energy. This will add an additional 45-GW of renewable energy to the existing 20-GW capacity and will generate 3 million tonnes of hydrogen. [ET]
Rice prices have gone up nearly by 5% as Bangladesh slashed import duty on rice from 25% to 15% to increase imports of rice. Along with the Bangladesh move, lower paddy cultivation because of insufficient rain too is making rice dearer. [ET]
Putin warns to cut supplies to those countries which will support European calls for a price cap on Russian supplies. Russia is the second largest oil exporter and the world’s top natural gas exporter. This would lead to higher energy prices and economic problems in those countries. [ET]
Editors:
Alok Aditya (Junior Research Fellow at ISEC)
Anuradha (Research Assistant at ADRI)
Note: BL – Business Line, BS – Business Standard, FE – Financial Express, ET – Economic Times
