Morning Buzz: Indian economy may grow at 6.7 percent in FY24, Byju asks investors for $300 million for more control, and more

Here are the top business headlines this morning, to get your day started

By: Salil Panchal

Published:
26/12/2023 09:38 AM

Image: Shutterstock

Indian economy may grow at 6.7 percent in FY24: poll

The Indian economy is likely to grow 6.7 percent in FY24, according to a median forecast of 11 economists. This is higher than a previous forecast from a month ago, when an Economic Times poll pegged expansion at 6.3 percent. This expansion is being led by domestic demand for goods and services and a slightly better merchandise exports performance. The RBI has pegged India’s GDP growth at a slightly higher 7.0 percent for FY24.

(Economic Times)

Bjyu’s asks investors to pump in $300 million for more control

Troubled edtech startup Byju’s founder and CEO Byju Raveendran is seeking to raise $300 million from investors, who, in turn, want more control at the board level. Shareholders have been asking the unicorn to revamp its board so that they can have a bigger say in company operations. Byju’s however continues to be troubled to meet financial commitments and even profitability.

(Business Standard, Moneycontrol)

Education loans see record surge in April-Oct period

Education loans have seen a record year-on-year growth of 20.6 percent at Rs1.1 lakh crore in the current financial year till October, compared with Rs96,853 crore in the year-ago period. Experts say that the revival of offline campus courses in India and overseas have been driving the fresh and pent-up demand for education loans. This is the highest level seen in the past five years, according to RBI data, with banks and NBFCs being amongst the most active in providing high-ticket loans.

(The Hindu Businessline)

Sports brands sales in India on surge since FY21

Sales of some of the top sports brands in India – including Puma, Decathlon and Adidas – have risen smartly since the pandemic, data shows. They have doubled business in India, led by increased awareness and demand for fitness products and athleisure wear. Brands such as Puma, Decathlon, Adidas, Skechers and Asics have all grown 35 to 60 percent year-on-year since FY21, which constitutes combined revenues of Rs11,617 crore in FY23, compared to a figure of around Rs5,022 crore in FY21. Running and walking shoes have been amongst the fastest growing product segments for most brands.