Economy Financial News

By Laila Kearney

Stocks are holding steadier a day after skidding to sharp losses on worries that interest rates will stay high for months longer than hoped

The index of industrial production (IIP) has in recent years been coming under increasing criticism for not being relevant for contemporary users. A recent op-ed in Mint (‘India’s IIP is losing its relevance as a lead indicator of economic growth’)(bit.ly/42D5YvE) is a good example. These criticisms are valid, and to better understand the disaffection, it is useful to review the manner in which the series is constructed.

Byju’s, once the darling of India’s digital economy with a valuation of $22 billion in late 2022, is attempting to raise money at a valuation that’s a small fraction of that today. Through its roller-coaster ride, one thing has remained constant: in its 13-year history, it appears to never have been profitable. This is standard for internet companies.

Paris climate targets ahead of schedule and remains firmly committed to addressing the global issue. Prime Minister Modi said India's carbon emissions account for only four per cent of the global total despite it being home to 17 per cent of the global population and undertaking some of the world's largest energy access initiatives. Congratulating the IEA on its 50th anniversary, the prime minister said, "I am sure that the IEA will benefit when India plays a bigger role in it." "Inclusivity boosts the credibility and capability of any institution," he said and added that "1.4 billion Indians bring talent, technology and innovation to the table".

By Nathan Gomes

By Akash Sriram

International Energy Agency's member countries have begun talks with India on its application to become a full member of the Paris-based agency of 31 nations, IEA said on Wednesday. In a statement issued after IEA's 2024 ministerial meeting in Paris, the agency said the talks with India are in recognition of the country's "strategic importance" in tackling global energy and climate challenges. «The Ministerial gave the IEA a strong mandate to deepen cooperation with major emerging economies. This includes starting discussions with India on its request for full IEA membership,» it added. India, which joined the IEA as an associate member in 2017, sent a formal request for full membership in October 2023.

Inflation has pulled back significantly from its pandemic-era peak. In fact, some categories have fallen into outright deflation, meaning consumers are seeing their prices decline instead of rise.

London Fashion Week is set to kick off on Friday, marking its 40th anniversary this year. The event will showcase the autumn/winter lines of both new and established designers, while fashion enthusiasts join in the celebrations. The British Fashion Council (BFC) will open the London Stock Exchange on Thursday, and iconic landmarks like Covent Garden and the London Eye will be illuminated in green to honor the creative industry's contribution to the British economy. According to the BFC, UK womenswear and menswear sales reached a staggering £47.5 billion ($59.6 billion) last year, highlighting the significance of the fashion industry. The BFC, established in 1983, hosted its first London Fashion Week a year later. London Fashion Week is renowned as one of the premier fashion events worldwide, alongside New York, Milan, and Paris. It is particularly recognized for its platform for emerging talent and avant-garde trends, which have launched the careers of notable designers like Alexander McQueen and Stella McCartney.

A 'Mornings with Maria' panel discusses the U.S. economy and markets after the January year-over-year CPI comes in at 3.1%.

₹4,200 crore by the end of this year, with an anticipated growth to ₹5,500 crore by the end of fiscal year 2024-25 (FY25). This growth trajectory will help set the stage for the company to consider an initial public offering (IPO), said Sanjay Sharma, the company’s founder and managing director. “We will look at it (IPO) not in the next financial year, but the year after that.

Narendra Modi on Wednesday said India brings talent and innovation to the table and the International Energy Agency (IEA) will benefit if the world's fastest growing major economy plays a bigger role in the Paris-based organisation. In a recorded message for the ministerial meeting of the IEA, he said India has surpassed its Paris climate targets ahead of schedule and remains firmly committed to addressing the global issue. Prime Minister Modi said India's carbon emissions account for only four per cent of the global total despite it being home to 17 per cent of the global population and undertaking some of the world's largest energy access initiatives. Congratulating the IEA on its 50th anniversary, the prime minister said, «I am sure that the IEA will benefit when India plays a bigger role in it.»

The 30-share BSE benchmark Sensex surged 278 points or 0.39% to settle at 71,833. The broader NSE Nifty rose 97 points or 0.45% to end at 21,840.

On a year-on-year basis, the value of such investments rose 26 per cent from USD 584 billion in December 2022.

Modi emphasized the importance of inclusive and corruption-free governance on Wednesday, stating that such leadership is crucial in the contemporary world. Speaking at the World Governments Summit during his visit to the UAE, PM Modi reiterated his longstanding principle of 'minimum government, maximum governance'. He highlighted the growing trust of the Indian populace in the government's integrity and dedication over the past few years. «People have trust in the intent and commitment of the Indian government. This was possible only because we prioritized public sentiments,» Modi stated during his address.

Nilesh Shah, MD of Kotak Mahindra AMC says there are mixed signals in the market for various segments. While there is a green signal for large caps, there are red signals for micro, mini-caps and SMEs. In an interview with Mint, Shah recommends investors should maintain a neutral allocation to equity with a long-term view while keeping some cash to increase exposure when valuation is cheaper.

Lab-created diamonds come with sparkling claims: that they are ethically made by machines running on renewable energy

Sovereign Gold Bond: SGBs provide a secure and convenient method for investing in gold, offering several benefits such as safety, interest income, capital appreciation, tax advantages, and liquidity. They are particularly suitable for long-term investors aiming for stability and protection against underperforming assets

India is today Bangladesh's largest export destination in Asia, the Indian High Commissioner here has said, highlighting the importance of multimodal connectivity in unlocking the true potential of bilateral cooperation between the two countries. High Commissioner Pranay Verma made these remarks on Monday after Shipping Minister Khalid Mahmud Chowdhury inaugurated the Sultanganj port, establishing naval connectivity between Bangladesh's Rajshahi and India's Murshidabad. «The future of our partnership lies in efficient multimodal connectivity — encompassing road and rail, inland waterways, and coastal shipping,» he said.

the semiconductors that power the digital economy have proven trickier to master. That has been the source of much anxiety among its political and business elites in recent years. America’s decision in 2022 to halt exports to the country of its whizziest chips and chipmaking tools brought into stark relief the chokehold of China’s geopolitical rivals over the industry.