The banking system liquidity deficit neared Rs1.47 trillion—the highest since January 2020.
Tata Consumer in talks with Ching’s Secret
Tata Consumer is working on acquiring Capital Foods—makers of Ching’s Secret, and Smith & Jones brands. It plans to acquire 65 to 70 percent of the company from three investors with a pathway to acquire more. This comes as other contenders, Nestlé and Kraft Heinz, haven’t been able to move forward with the deal. Capital Foods had put itself up for sale last year.
Akasa scales down operations after pilot exodus
After the resignations of 43 pilots, Akasa Air has scaled down operations and cancelled 24 flights a day. The airline plans to stabilise operations again before scaling up. On September 11, it received a nod to start flying international, and plans to launch services to the Middle East by December. (Business Standard, Economic Times, Financial Express)
Banking liquidity deficit highest in three years
The banking system liquidity deficit neared Rs1.47 trillion—the highest since January 2020. The disbursal of Rs25,000 crore from the I-CRR (incremental cash reserve ratio) window may not be enough and the deficit could tighten to Rs2 trillion due to tax outflows and the arrival of the festive season. As a result, the weighted average call rate moved upwards to 6.82 percent. (Business Standard, Economic Times)
42 percent unemployment rate in graduates under 25
According to the State of Working in India 2023 report prepared by Azim Premji University, the unemployment rate for India is at 15 percent and for graduates under the age of 25 it has reached as high as 42 percent. The report says between 2017 and 2021, there was a slowdown in overall wage job creation, but formal jobs as a share of regular wage work rose from 25 percent to 35 percent. (Financial Express)