Read daily news briefs on the economic issues collected from different sources.
Adani Reality, an arm of the Adani Group building luxury residential and commercial properties, is in advance talks for a merger with DB reality. DB reality is a Mumbai-based firm having over 628 acres of prime property mostly in Mumbai. [BL]
The demand for fast-moving consumer goods (FMCG) in rural India bounced back in August 2022 after the last few quarters of negative sales growth. It grew by 6.7% in rural while 5.5% in urban India in August. With the expectation of a good monsoon, the growth is expected to sustain. [BL]
The base year for the calculation of the wholesale price index (WPI) is expected to be revised from current 2011-12 to 2016-17. According to a top government official, inter-ministerial consultations are in progress to make this revision. [BL]
To counter the price cap enforcement of Russian oil by G7 countries, Russia is willing to offer a never before cheaper oil to India. In May Russian crude oil was $16 cheaper than the average Indian crude import basket price of $110 per barrel which was reduced to $14 and $6 in June and August respectively. [BS]
India has stepped out of the USA-led Indi-Pacific Economic Framework (IPEF). It was due to the lack of clarity on the expected benefit to be derived from the framework and the labour and environmental norms that mostly India does not fulfil. [BS]
By mid of the month September, cement makes are expected to opt for the price hike. There is a possibility of a further price hike of Rs15 per bag after an Rs.15-20 price hike in eastern and western India on September 6. [FE]
The reserve bank of India (RBI) is estimated to have sold $13 billion to hold the rate of Rs.80 per dollar. This is the highest intervention in the financial year 2022-23. [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
