India’s retail inflation slowed to a 25-month low of 4.25 percent. Image: Indranil Aditya/NurPhoto via Getty Images
Retail inflation eases, factory growth reboundsIndia’s retail inflation
slowed to a 25-month low of 4.25 percent, closer to the Reserve Bank of India’s (RBI) comfort level of 4 percent. Alongside factory output data, through the Index of Industrial Production (IIP), of 4.2 percent in April (from 1.1 percent in March), this suggests the RBI may decide to keep interest rates on hold for one more monetary policy cycle in August. The signs of sustained growth need to be kept an eye on, as does the progress of the current monsoon.
(Economic Times, Business Standard, Mint, Times of India)
Recruiting sentiment improves for upcoming September quarter
Indian corporates that participated in the ManpowerGroup Employment Outlook Survey said they would hire more people in the July-September 2023 quarter, led by the technology sector, despite the layoffs seen in the industry over the past year. Overall, nearly half of the more than 3,000 employers who participated in the survey said they would hire more in the upcoming Q2FY24 quarter, compared to the slower pace seen in the previous two quarters this year.
Sebi debars Subhash Chandra, Punit Goenka from holding key positions
The markets regulator has barred Zee Entertainment Enterprises Promoter and Essel Group Chairman Subhash Chandra and its MD Punit Goenka from holding key positions in any listed company, after it confirmed that they were involved in siphoning off funds for their own benefit. This decision could impact the progress of Zee’s proposed merger deal with Sony Pictures Network.
(Economic Times, Mint, Hindu Business Line)
CoWIN data breach highlights need for data privacy law
The Central government is trying to allay concerns over the possible ‘data breach’ of thousands of citizens vaccinated against Covid-19 in India from the government’s CoWIN registration portal, which surfaced on social media yesterday. The possibility underpins the need for a data protection bill to protect sensitive data and improve accountability of institutions. The government, however, maintains the portal was not breached, is completely safe and the data was from a previous breach.
(Economic Times, The Print, Hindustan Times, Rediff.com)
Government tells Chinese handset companies to get Indian equity partners
The government has asked Chinese phone manufacturers such as Xiaomi, Realme and Oppo to induct Indian equity partners in their local operations, following meetings with the corporates and industry lobby groups. The Chinese companies will also need to bring in Indian professionals as part of their top management. Most of these manufacturers who have wholly owned operations in India, have, for several months, been under the scanner of local authorities for tax evasion and alleged illegal remittances, leading to penal action against them.