Business News Updates

Meta introduced verified subscription plans for businesses on Facebook, Instagram, and WhatsApp in India. The plans offer a verified badge, enhanced account support, impersonation protection, and more. Prices range from Rs 639 to Rs 21,000 per month.

On July 16, Nidhi Khare from the Department of Consumer Affairs highlighted the disparity between wholesale and retail dal prices to the Retailers Association of India. She urged retailers to lower margins and support affordable pricing.

India's manufacturing sector is booming, growing by 40% between June 2022 and June this year. The surge has created numerous job opportunities, particularly for CNC machine operators and production supervisors. Communication skills are highly sought after, alongside CNC and manufacturing skills.

Wholesale inflation in the country rose for the fourth consecutive month in June at 3.36%, driven by higher prices for food articles like vegetables and manufactured items. The wholesale price index (WPI) based inflation was 2.61% in May, showing a significant increase.

State Bank of India has raised its MCLR by 5-10 basis points, effective July 15. This affects various loan tenures, with the largest lender setting a trend for other banks to follow.

India's automobile exports surged by 15.5% in the April-June quarter compared to last year. SIAM data shows total shipments reached 11,92,577 units, with passenger vehicles up by 19% and two-wheelers up by 17%. Maruti Suzuki led with the highest export numbers.

The mutual fund industry experienced its highest-ever inflow via new fund offers (NFOs) in June, with 11 NFOs collecting Rs 14,370 crore. This surpasses the previous record of Rs 13,709 crore in July 2021. In the first half of 2024, thirty active equity schemes were launched, and investments in NFOs reached Rs 37,885 crore.

The Ministry of Ports, Shipping, and Waterways will hold a virtual meeting chaired by Secretary T. K. Ramachandran to discuss the comprehensive development of maritime and waterways transport in India. The focus includes state-specific master plans, green initiatives, cruise tourism, and lighthouse development.

RBI Deputy Governor Michael Debabrata Patra envisions India becoming the world's second-largest economy by 2031 and the largest by 2060. He attributes this potential to India's robust domestic savings, stable investment rates, macroeconomic and financial stability, and demographic advantages. Patra also highlights India's digital revolution and prudent fiscal policies as pivotal growth accelerators.

India’s net direct tax collection surged 19.5% to Rs 5.74 lakh crore by July 11, FY 2024-25. Corporate taxes rose 12.5%, while personal income taxes grew by 24%. The buoyant collections aid in controlling the fiscal deficit and supporting economic growth policies.

Industry experts predict that food prices will cool off in the coming months, stabilizing India's inflation between 4 and 4.5 per cent. Despite a slight rise to 5.08 per cent CPI in June, favorable monsoon conditions and improved agricultural output are expected to ease food inflation.

India's Sustainable Development Goal (SDG) score increased to 71 in 2023-24 from 66 in 2020-21, driven by progress in poverty elimination, decent work, economic growth, climate action, and life on land. Government initiatives like Pradhan Mantri Awas Yojana and Swachh Bharat significantly contributed. All states improved their scores.

India's foreign exchange reserves surged by $5.16 billion to a record high of $657.16 billion as of July 5, according to RBI data. This rebound reflects strong economic fundamentals and provides the RBI with more leverage to stabilize the rupee.

Indian Railways has added 92 general category coaches to 46 long-distance trains, enhancing passenger convenience. Plans are underway to manufacture another 10,000 non-AC coaches by 2025-26, including specialized Amrit Bharat coaches.

India's consumer price inflation rose to 5.08% in June, driven by higher vegetable and pulses prices. The Ministry of Statistics reported significant increases, with vegetables up by 29.32%. However, cooking oil prices fell slightly.