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“You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express.
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Fund mobilisation by companies through equity and debt routes has dropped 20 per cent in 2022 to nearly Rs 11 lakh crore, as exuberance dwindled this year due to expensive credit avenues and volatile markets. The first half of 2023 could continue to remain challenging. The year 2021 was extraordinary for fundraising from the equity and debt routes, while 2022 has seen a slowdown in capital raising owing to elevated volatility provoked by unprecedented inflation globally and the Russia-Ukraine war. Vishal Chandiramani, Managing Partner Products and COO of TrustPlutus Wealth (India) Pvt Ltd told PTI that the first half of 2023 could continue to be challenging, largely driven by global macro developments. He further added If the slowdown/recession in the US is mild, then we could see a rally in global markets in the second half of next year, which would aid investor sentiment and the Indian markets as well.
Meanwhile, India’s export of agriculture and allied commodities rose 11.97 per cent to USD 30.21 billion during April-October period of current fiscal year, the agriculture ministry said on Monday. PTI reported that the exports stood at USD 26.98 billion in the same period of 2021-22, it said in a statement. Wheat, basmati rice, raw cotton, castor oil, coffee, and fresh fruits were major commodities exported from India. The overall export of agri and allied commodities rose 20 per cent to USD 50.24 billion in 2021-22, when compared with USD 41.86 billion in the previous year, it added. The ministry said there was improvement in the farm produce logistics with the introduction of ‘Kisan Rail’ service in July 2020. Till December this year, Kisan rails were operated on 167 routes in the country. Around 1,260 wholesale mandis in 22 states and three union territories have been integrated with the electronic-National Agriculture Market (e-NAM) with 1.72 crore farmers and 2.13 lakh traders registered on the platform till the current month, it said.
Moving on. The Reserve Bank of India failed to deliver on its contracted inflation target for the first time, started fiat digital currency pilot and finally saw its efforts to improve bank balance sheets see fruition in 2022, making it a mixed year for the central bank. With inflation ebbing into the target band, focus is likely to shift to helping economic growth in the new year, especially given the lagged impact of 2.25 per cent in rate hikes since May 2022, is likely to hamper GDP expansion. The big story of 2022 happened on October 12, when official data showed that headline inflation was above the 6 per cent mark — the upper end of the tolerance band set for the central bank — for nine consecutive months. It triggered a letter from RBI to the government enumerating the reasons for the miss and also when it sees the price rise coming to the 4 per cent mark.
In other news, the Central Bureau of Investigation on Monday arrested Videocon founder and CEO Venugopal Dhoot in connection with the ICICI Bank loan fraud case. Dhoot, 71, was arrested by the central probe agency in Mumbai. The development comes less than three days after the CBI arrested former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in connection with the case on Friday. The Kochhars were arrested over their alleged role in the Videocon loan case and have been charged with irregularities in granting loans and cheating in the 2012 case. In its FIR registered in the case in 2019, the CBI had named Dhoot and the Kochhars, along with companies Nupower Renewables managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited, as accused under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act in 2019.
Another important piece of news. Finance Minister Nirmala Sitharaman has reportedly been admitted to the All India Institute of Medical Sciences in Delhi on Monday. The Finance Minister, who is scheduled to present the Union Budget 2022-23 on February 1, 2023, was admitted for a routine check-up, ANI cited official sources as saying. The sources also informed that there is nothing to be worried about and that she was well. The hospitalisation of the 63-year-old minister comes at a crucial time since the presentation of Budget of the nation is only a month away.
Lastly, the share market. Indian equity indices ended Monday’s session in the green territory. The Sensex closed above 60,500 while the Nifty settled above 18,000 level. The top gainers of the BSE Sensex were State Bank of India, IndusInd Bank, Baja Finserv, Tata Steel and ITC. On the other hand, Nestle India, Kotak Bank, Bharti Airtel, HCL Tech, and Hindustan Unilever were the top laggards.
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