Business Today 19 February 2023

As the country looks ahead after completing 75 years of independence, there is a sense of hope and confidence that the next 25 years will be India’s—where the country will claim its place at the centre of the world stage and lead the way as one of the world’s biggest and most vibrant economies. As the government has articulated, the next 25 years are being seen as India’s journey into Amrit Kaal, a period of enormous possibilities, where the Indian economy will power ahead with a growth agenda that is both futuristic and inclusive. This January, at the World Economic Forum conference in Davos, Union Minister Ashwini Vaishnaw unveiled an EY report that also highlighted how India@100 could well be a $26-trillion economy. Even today, India is among the fastest-growing…

SOURCE SOCIETY OF INDIAN AUTOMOBILE MANUFACTURERS 3.8 MILLION UNITS Number of domestic passenger vehicles sold in 2022—the highest ever; the figure was 3.1 million in 2021 933,116 UNITS Number of commercial vehicles sold in 2022, nearly 38 per cent higher than 2021 15.61 MILLION UNITS Number of two-wheelers sold in 2022, up 7.43 per cent year-on-year (YoY); three-wheeler sales also grew 58 per cent YoY 18 PER CENT Rise in the exports of total passenger and commercial vehicles in 2022 at 733,220 units, from 622,206 units in 2021…

1.63 million LIKELY NUMBER OF DOLLAR MILLIONAIRES IN THE COUNTRY BY 2026 COMPARED TO 796,000 IN 2021, ACCORDING TO CREDIT SUISSE 390.8 GW* INDIA’S TARGET FOR INSTALLED RENEWABLE ENERGY CAPACITY BY 2030, COMPARED TO 156.83 GW AS OF NOVEMBER 2021 $8.50-9.11 billion* TOTAL VALUE OF MOBILE PHONES INDIA IS LIKELY TO EXPORT IN THE ONGOING FINANCIAL YEAR COMPARED TO $5.8 BILLION IN FY22 $2 trillion* EXPORT TARGET FOR GOODS AND SERVICES BY 2030 COMPARED TO JUST OVER $675 BILLION IN FY22 $15,000 INDIA’S EXPECTED PER CAPITA GDP BY 2047-48, ALMOST SIX TIMES THE CURRENT LEVEL, AS PER EY 120,000 km EXPECTED LENGTH OF RAILWAY TRACKS (RUNNING) BY 2025, COMPARED TO 100,900 KM IN FY21, AS PER BofA SECURITIES *Target/forecasts by the Union government GREAT EXPECTATIONS MERCHANDISE EXPORTS HAVE INCREASED NEARLY…

According to the 2022 Geography of Cryptocurrency report from Chainalysis, India ranks number one in Defi protocol adoption. What do you think has accelerated this growth? As per a recent study by Chainalysis, India boasts a commanding 59% stake in decentralized finance (DeFi) platform usage. This surge in engagement can be ascribed to the significant number of early crypto adopters in the country who possess a sound understanding and recognition of the long-term potential of virtual digital assets. Additionally, with a growing trend towards self-custody and centralized platforms facing a trust deficit, more and more users are turning to the benefits of peer-to-peer financial ecosystems backed by smart contracts. While these factors are propelling modern-day investors to delve into investment prospects in the DeFi sphere, the space has observed exponential…

▶ OVER THE PAST several months, the economy—both in India and globally—has been on a roller-coaster ride, with positives and negatives intermingling to create a heady concoction of sentiments. Almost fittingly, the Business Today-C Fore Business Confidence Index (BCI) has mirrored this sway between hope and despair. In the January-March 2022 quarter, the index had risen to 55.2 from 48.4 in the previous quarter. In April-June 2022, it fell to 51.2. Then in July-September 2022, the BCI rose again to 52.5, only to fall again to 51.4 in the October-December 2022 quarter, the second-lowest for calendar year 2022. Having said that, business confidence looks to be assuredly on an upward trajectory. In the 12 quarters between calendar years 2019 and 2021, not even one had seen the BCI cross the…

▶ NOT ONLY HAS stockbroking become a difficult business, many in the industry also feel that it is no longer a lucrative one. The regulatory framework regarding the manner in which broking houses can use—or just keep—client funds has been tightened over the years and a recent consultation paper by the Securities and Exchange Board of India (Sebi) hints at an era wherein broking firms will have absolutely no access to client funds. The capital markets regulator has proposed a mechanism where these funds will remain blocked in the bank account and will directly go to the clearing corporation as and when the trade is executed. This represents a marked shift from the current system where the funds move from the client’s bank account to that of the broking firm…