Country Financial News

Household Consumption Expenditure Survey (HCES) will likely have limited impact on consumer price index and inflation calculations, as the food component still accounts for a significant proportion of consumer spending in the country, experts said. The impact on urban inflation will likely be even lower than rural, as the decline in food spending is smaller for urban areas compared with villages. «The new HCES does not indicate big shifts in the consumer price index basket, as the ratio of food items remains high in total spending,» said Rahul Bajoria, managing director and head of EM Asia (ex-China) economics at Barclays. The HCES, which provides information and data on spending, is a key source of input for deciding of weights and shares for the composition of the inflation basket. The results, released on Saturday, were eagerly awaited in view of the update needed to the CPI basket, tilted heavily towards food. The latest survey will lead to an update of the base year for the calculation of consumer prices. It is 2012 for the current series based on the HCES of 2011-12. The National Statistical Office conducts the household consumer expenditure survey every five years. The last survey of 2017-18 was junked citing data inconsistencies. Experts say categories within food could bring about larger shifts in inflation dynamics. «Within food also there could be bigger shifts,» Bajoria said.

Acer, known for its laptops and PCs, is expanding into home electronics, with plans to manufacture and export appliances such as water and air purifiers, refrigerators and vacuum cleaners from India, a market that last year became the Taiwanese IT hardware major's second largest for its global operations after the US. Harish Kohli, managing director, Acer India, told ET that the company is already on track to meet the targets for the first year of the revised production-linked incentive (PLI) scheme that started from April 2023 on the back of strong shipments in the commercial space and exports. Under plans to diversify its business in one of the only markets that saw growth-revenue rose 19-20% on-year-in 2023, Kohli said a company named AcerPure is being formed under which the laptop-maker will be selling consumer appliances. AcerPure «will get registered in the next couple of weeks in India and we are going to be a very strong player».

Civil Society Organisations Sunday said that there is no mandate for the adoption of the proposed agreement on investment facilitation for development (IFD) which is being negotiated by a group of members of the World Trade Organization (WTO), led by China. A WTO decision of 2004 prohibits negotiations on investment facilitation and efforts are on to bring the issue in through plurilateral means. Around 130 members support the pact. The US, Sri Lanka and Pakistan are also not part of this proposed pact. India and South Africa have opposed it as it neither has the WTO mandate or its members’ consensus and cannot be brought to the formal process in the WTO.

In 1930, John Maynard Keynes published his short essay ‘Economic Possibilities for Our Grandchildren,’ in which he outlined his vision of a future global economy characterized by leisure and abundance. As the rapid advance of artificial intelligence (AI) now threatens to displace millions of workers, it is worth revisiting this brilliant, passionate work. Keynes originally wrote his essay in 1928 for a lecture at a boys’ school in Hampshire, England, and spent two years revising it before its publication.

Mankind Pharma, the country's fourth largest pharma company, has countered the objections raised by a retail chemists' body which had sought withdrawal of advertisement of its vitamin supplement, HealthOK. According to the All India Organisation of Chemists and Druggists (AIOCD), the advertisement that features actor Ranveer Singh insinuates that non-vegetarian individuals are healthier. In a letter dated February 13 to the association, the company said its intent was not to hurt anyone or undervalue the benefits of vegetarian food. Mankind shared epidemiological studies done by independent doctors and researchers indicating deficiency of essential vitamins in the Indian population. It urged the AIOCD to allow continuation of the advertisement in the greater interest and benefit of Indian citizens.

Karnataka Government to attend an event here was denied entry when she landed at Bengaluru airport and was then deported, according to her posts on social media platform X. Professor Nitasha Kaul, a Kashmiri Pandit academic based in London, in a series of posts on X claimed she was given no reason by immigration officials at Bengaluru airport and received no notice or information in advance from the Indian government that she would not be allowed to enter the country. There was no immediate comment from the Karnataka government, which had organised a two day 'Constitution and National Unity Convention -2024' on February 24 and 25, to which Kaul was invited as a speaker. Kaul's bio on the social media platform states that she is a novelist, writer and poet, among other things. «Denied entry to India for speaking on democratic & constitutional values. I was invited to a conference as esteemed delegate by Govt of Karnataka (Congress-ruled state) but Centre refused me entry. All my documents were valid & current (UK passport & OCI),» she said, sharing pictures of the invitation extended to her by the Karnataka government and other conference-related communications.

consumer expenditure survey indicates that poverty has come down to five per cent in the country and people are becoming prosperous both in rural and urban areas, NITI Aayog CEO B V R Subrahmanyam said on Sunday. The National Sample Survey Office (NSSO), under the Ministry of Statistics and Programme Implementation, released data on household consumption expenditure for the year 2022-23 on Saturday which shows per capita monthly household expenditure more than doubled in 2022-23 as compared to 2011-12. «This long-awaited consumer expenditure survey has brought out many things. With data on household consumption, we can assess what is the status of poverty in the country and how successful the poverty alleviation measures have been,» Subrahmanyam told reporters. «The survey findings indicate that poverty in India is below five per cent now. I am convinced with the data,» he said.

Amarinder Singh on Sunday condemned the Haryana Police for the "barbaric act of violence" against a farmer who was injured during the ongoing farm protest at the Khanauri border. He also urged Haryana Chief Minister M L Khattar to take strict action against the policemen responsible for assaulting the farmer — Pritpal Singh — who is currently undergoing treatment at the PGIMER in Chandigarh. Amarinder Singh, the former Punjab chief minister, said on X, «I strongly condemn the barbaric act of violence committed by the Haryana Police on our young farmer Pritpal Singh.» «I urge Haryana CM @mlkhattar to take strict action against the policemen who are guilty of badly beating up an unarmed youngster who was just serving langar to people,» he said.

Shang-Chi and the Legend of the Ten Rings, Destin Daniel Cretton, has been chosen to lead this thrilling venture. As both the writer and director, Cretton is poised to bring the action-packed world of Naruto to life. Recent consultations between Cretton and franchise creator Masashi Kishimoto have solidified the latter's involvement in overseeing the film's production. The esteemed production team includes Avi Arad, Ari Arad, and Emmy Yu from Arad Productions, with Cretton serving as a producer alongside Jeyun Munford’s company, Hisako.

Narendra Modi government bestowed the Bharat Ratna on eminent agricultural scientist late Dr MS Swaminathan to divert attention from its anti-farmer stance. One of the main demands of the farm outfits protesting currently is the implementation of the Minimum Support Price mechanism based on the formula of Swaminathan but the Centre was unwilling to implement it, said Clyde Crasto, national spokesperson of the Sharad Pawar faction of the NCP. «It is more than two weeks since the current farmers' protest started. The farmers have been stopped by the government from entering Delhi and placing their demands. They protested in 2020-21 too and after many lives were lost, the government took back the three farm laws as demanded by the farmers,» he said in a statement. The act of the Union government to give the Bharat Ratna, the country's highest civilian award, to Swaminathan was to divert attention from their anti farmer stance, Crasto claimed.

finance companies scouting for foreign equity, startups hurt by funding winter, and private equity and venture capital funds wooing overseas investors would enjoy the spinoffs from the United Arab Emirates (UAE) shedding the stigma of being in the ‘grey list’ of the global anti-money laundering watchdog. Last Friday, the Financial Action Task Force (FATF), the inter-government body which leads the action to combat illegal and suspicious fund flows, removed UAE from the category of “jurisdictions under increased monitoring” — better known as the grey list. The country was put on the grey list in March 2022. The development would make it easier for UAE investors and lenders to bet on businesses in India as the regulatory dos and don’ts attached to inflows from FATF grey list countries would no longer be applicable. Besides, money flowing in from such destinations are subject to closer scrutiny by banks handling remittance and fund custodians.

United States said Sunday that multinational talks in Paris came to an «understanding» on a possible deal for Hamas to release hostages and for a new ceasefire in the Gaza war. An Israeli delegation led by Mossad chief David Barnea was in the French capital on Friday to discuss a deal to ensure a fresh ceasefire and the release of hostages held by Hamas in Gaza in exchange for Palestinian prisoners held by Israel.

₹10 crore from investors and spent the entire amount primarily on marketing. Reacting to Namita’s comments, in the video post Jeevika alleges that Sony on which Shark Tank is broadcasted has edited some part of the episode themed “Is this financial indiscipline". Jeevika claims the edited part of the episode was about startup’s spendings on inventory, business operations, and manpower cost.

Mann ki Baat monthly radio programme on Sunday, Prime Minister Narendra Modi hinted that the dates of the Lok Sabha elections may be announced soon and that there would be a three-month break before the next episode since the Model Code of Conduct may take effect in March. While speaking on the 110th episode of the programme, he said, "The atmosphere of Lok Sabha elections is all pervasive in the country and as happened last time, there is a possibility that the code of conduct might also be in place in the month of March." In 2019, the Election Commission had announced the Lok Sabha elections on 10 March. The voting took place in seven phases between 11 April and 19 May.

MUMBAI : Payment gateway business Razorpay Software Pvt. Ltd is preparing to launch its products in new Southeast Asian and West Asian markets this year, aiming to garner 5-10% of its revenue from its international business in 3-5 years. “We should definitely launch in some new countries this year as we look to expand our business in Southeast Asia and Middle East," said co-founder and managing director Shashank Kumar.

The U.S. and Britain have struck 18 Houthi targets in Yemen

India if they don't stand strong and united in the upcoming Lok Sabha elections. He was speaking at the valedictory of the 'Constitution and National Unity Convention -2024' here. «Many people are trying to erase or change the Constitution.

48th Raising Day of Indian Coast Guard", a "Day at Sea" was conducted by the Indian Coast Guard Regional Headquarters off Chennai harbour on Sunday. On this occasion, various distinguished guests which included families of ICG personnel, officials from Tamil Nadu State Administration, Port, CISF, and civil and private organizations were invited to sail on ships to witness operational prowess and ICG capabilities at sea. The event commenced early morning when eight ships of the Indian Coast Guard, with about 1,500 guests embarked, sailed out from Chennai harbour for a half-day voyage. Once at a safe distance from the port, ICG ships, aircraft and helicopters demonstrated various evolutions showcasing the operational capabilities of the maritime force.

extreme temperatures driven by climate change will increase risk of preterm birth by 60 per cent, causing several lifelong complications for millions of children around the world, a new research has found. Analysing results from 163 health studies globally, researchers said they have determined that climate change will be directly responsible for multiple detrimental health impacts in children, including higher occurrences of respiratory illnesses and more hospitalisations. The researchers, led by those at The University of Western Australia, warned that lack of global action on climate change will likely devastate children's health for generations. They said their study, published in the journal Science of the Total Environment, was the first to collect all the available scientific evidence for the effects of climate change on children's health.

All India Institute of Medical Sciences (AIIMS) at Rajkot (Gujarat), Bathinda (Punjab), Raebareli (Uttar Pradesh), Kalyani (West Bengal) and Mangalagiri (Andhra Pradesh). Union Minister of Health and Family Welfare, Mansukh Mandaviya and Gujarat Chief Minister Bhupendra Patel were present at the inauguration of AIIMS Rajkot. «Developing India is working at a fast pace and completing developmental works,» said PM Modi after inaugurating AIIMS in different parts of the country. «There was a time when all the major programs of the country used to take place in Delhi only. I took the Government of India out of Delhi and took it to every corner of the country. Today's program is also a witness to this. Today, through this one program, development works, inauguration and laying of foundation stones in many cities of the country… are taking a new tradition forward,» said PM Modi.

Mint. India imposed a ban on onion exports last December amid concerns over domestic production shortfall caused by irregular rainfall, pushing prices up. The ban is in place until the end of the ongoing financial year.