Business Today 27 November 2022

Deepak Bagla, the Managing Director and CEO of Invest India, the government’s investment promotion agency (IPA), is a busy man these days. Apart from chairing the global body of IPAs—the World Association of Investment Promotion Agencies, or WAIPA—Invest India is also helping other countries by giving them advice on how to attract foreign investment. Not without reason. Consider the numbers: in just over six years since it was empowered and restructured (it was set up in 2009), Invest India has helped create 450,000 jobs, supported 81,000-plus start-ups, solved 300,000-plus queries from 174 countries, and facilitated 1,323 investment projects. And, going by the energy of Bagla and his young team (which has an average age of 29), this could just be the beginning. India received a record $85 billion in foreign…

SOURCE CAIT, FADA, MEDIA REPORTS ₹19,500 CRORE Worth of gold (39 tonnes) sold in just two days on the occasion of Dhanteras this year, which is 30 per cent higher than last year 539,227 UNITS Number of vehicles sold by automobile companies during Navratri this year, a growth of 57 per cent YoY 27 PER CENT The growth online marketplaces witnessed during the festive season sales between September 22 and 30, hitting the $5.7-billion mark…

BUGBEARS FACTORS THAT LED TO VOLATILITY IN THE MARKET IN SAMVAT 2078 ₹ 1.95 lakh crore NET OUTFLOWS BY FOREIGN INSTITUTIONAL INVESTORS FROM EQUITIES DURING THE NOVEMBER 4, 2021-OCTOBER 21, 2022 PERIOD 190 basis points HIKE IN REPO RATE BY THE RESERVE BANK OF INDIA DURING SAMVAT 2078 4 per cent RISE IN CRUDE OIL PRICES DURING THE PERIOD. IT SCALED A HIGH OF NEARLY $120 PER BARREL IN MAY 2022 FROM $77 ON NOVEMBER 4, 2021 11 per cent THE DECLINE THE INDIAN RUPEE WITNESSED AGAINST THE DOLLAR IN SAMVAT 2078 CALM AND FIRM WITH A MARGINAL DECLINE OF 1 PER CENT, THE BENCHMARK BSE SENSEX REMAINED FLAT IN SAMVAT 2078 DESPITE A ZIGZAG SHOW… IN THE RED ZONE … THE MAJOR GLOBAL INDICES, HOWEVER, DECLINED UP TO 42…

KEEPING WITH THE deadline of 2023, the Reserve Bank of India (RBI) commenced its pilot project on November 1, 2022 for launching the digital rupee, more popularly known as Central Bank Digital Currency, or CBDC. The first pilot is in the wholesale segment. The use case is the settlement of secondary market transactions in government securities, which recorded a total value of ₹275 crore on the first day. The retail segment is planned for launch within a month in select locations in closed user groups. Currently, only nine banks have been identified for participation in the pilot. The CBDC’s pilots will be closely watched for their efficacy and efficiency.…

Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch has brought in a lot of changes at the capital market watchdog with a strong focus on technology and data. At a recent event, the first woman chief of Sebi highlighted the fact that an in-house algorithm developed by “young officers” of the regulator works like “magic” and throws alerts related to serious market offences like insider trading and front running. “You can look at the data and say here is this guy, look at his trading pattern, that’s insider trading. It is as simple as that,” she said.…

While laying the foundation stone of the C-295 transport aircraft manufacturing facility in Gujarat’s Vadodara district, PM Narendra Modi said it had the potential to transform the country’s aerospace and defence sectors. “I can see a time when some of the biggest passenger aircraft are also manufactured in India. And they will be carrying the words ‘Made in India’,” he declared. Once operational, the Tata Advanced Systems and Airbus Defence and Space’s ₹22,000-crore JV will be the first private sector entity in both sectors. The first of the 40 Made in India aircraft is expected to roll out in H2 of 2026. The C-295 can take off or land on short or unprepared airstrips.…