Read daily news briefs on the economic issues collected from different sources.
The foodgrains stocks with Food Corporation of India (FCI) dropped to 60.11mt which was 90.41 mt last year. A total decline of 33.5% was registered where wheat stock, rice and unmilled paddy registered a decline of 52.1, 8.8, and 8.2% respectively. [BL]
The prices of TV, laptop, AC, and smartphones are expected to come down by half, according to the Vedanta Group after committing Rs.1.54 lakh crore investment in India’s first-ever semiconductor and display glass plant. [BL]
India’s petroleum products share in export touched a record high at 21.2%. High international energy prices and cheaper crude oil are the reasons for such a great jump. [BS]
K.S. Viswanathan, vice president at industry lobby group the National Association of Software and Services Companies (NASSCOM) said that as India is a tech hub for global enterprises so any disruption like the flood in Bengaluru will have a global impact. Approximately $194 billion Indian IT services industry is concentrated around the city. The flood has triggered worries for them. [BS]
Fitch, a credit rating agency slashes India’s growth to 7% against 7.8% for FY23. The estimates for FY24 have also been reduced to 6.7% against 7.4% earlier. These reduced estimates have been backed by the global slowdown and tighter monetary policy. [ET]
A charity organization, Oxfam India in its report revealed that women’s participation in India’s labour force is very low due to gender discrimination in terms of wages and opportunities. According to federal government data, India’s women’s work participation rate was just 25% for 2021 which is the lowest among the emerging economies. [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
