Expresso Business and Finance News Highlights of the Week on 30 June 2024

Expresso Business and Finance News Highlights of the Week on 30 June 2024 Transcript

Let’s begin with the major update, Foreign portfolio flows are poised to return to India in the second half of the year, according to a note from top brokerage Jefferies. The note indicates that foreign institutional investors are now seeking new investment opportunities in sectors such as real estate, capital goods, and public sector undertakings. Jefferies highlighted a growing interest among investors in India, fueled by the country’s projected 7% GDP growth and a market capitalization target of $5 trillion. The brokerage observes that emerging market funds are currently “neutral” to slightly “underweight” on India due to high valuations, recent election-related volatility, and an increase in the country’s weightage in global indices. So far in 2024, foreign portfolio investors have sold shares worth Rs 1.27 lakh crore.


Moving on, President Droupadi Murmu said that the Union Budget will be a futuristic document and all reforms will be fast-tracked as she addressed a joint sitting of Parliament. Congratulating the new MPs in her first address to the joint sitting of Parliament after the constitution of the 18th Lok Sabha, the President said that the representatives of people would act as the medium for fulfilling the aspirations of the people of India. GST has become a medium to formalise India’s economy today and is helping make business and trade easier than before, the President said. The President also said that the BJP-led NDA government has provided Rs 3.20 lakh crores to the farmers of the country under PM Kisan Samman Nidhi PM-KISAN scheme.


Furthermore, Exporters have called for a government-led initiative to develop a India-based shipping line of global standing. This would reduce the shipping costs, and help sharpen Indian exports’ competitiveness in the global markets, they feel. According to Federation of Indian Export Organisations (FIEO) India remitted $ 109 billion as transport service charge in 2020 and with rising exports it could touch $ 200 billion as exports touch $ 1 trillion by 2030. The meeting with the “trade and Services” sector also sought participation of export promotion councils for marine, leather and gems and jewellery. National Association of Software and Services Companies (Nasscom), Federation of Hotel and Restaurant Association of India (FHRAI), and regional chambers of commerce and industry also participated in the meeting.


Additionally, IndiGo, India’s leading airline, has announced the introduction of additional daily non-stop flights between Mumbai and Jeddah, starting from August 15, 2024.This expansion aims to meet the growing demand for travel between India and the Middle East. The new daily flights underscore IndiGo’s commitment to expanding its global footprint and linking key destinations within its extensive network, according to an official release. The Mumbai-Jeddah route connects two dynamic cultural and economic centers. Jeddah, known as the gateway to Mecca and Medina, attracts travelers seeking spiritual fulfillment and cultural immersion. Mumbai, celebrated for its iconic landmarks, offers a glimpse into India’s rich heritage. This enhanced connectivity ensures increased convenience and flexibility for passengers.


Moving on, Just hours after its debut in China, Motorola has revealed the India launch date for the Moto Razr 50 Ultra. The highly anticipated foldable phone is set to launch in India on July 4, nearly a week before Samsung unveils its Galaxy Z Flip 6 and Galaxy Z Fold 6 at the Paris Unpacked event. The product listing page for the Moto Razr 50 Ultra on Amazon India confirms the launch date and reveals the colour options available for Indian market. The Moto Razr 50 Ultra will be offered in three colors: Peach Fuzz, Spring Green, and Midnight Blue. However, it remains unclear if Motorola will also introduce the more affordable Moto Razr 50 in India.


Furthermore, The National Deep Tech Start-up Policy (NDTSP), aimed at giving a boost to early-stage technologies and their commercialisation, would go to the cabinet soon for approval, a senior official said, adding that the final draft of the policy is ready. The draft has been approved after the meeting with the Empowered Technology Group (ETG) which is headed by the Principal Scientific Advisor to the government of India earlier this month. ETG which was set up in 2020 to lay down, coordinate and oversee procurement and induction of technologies, research and development in technologies that require large outlays and advise on government’s technology development programmes. The policy could be announced in the coming Union Budget.


Lastly, Paytm parent One97 Communications has seen a 19% year-on-year (y-o-y) growth in flight bookings in January-March, significantly outpacing the industry growth rate of around 3%. The company’s ticketing business operates on the Paytm Travel platform. Paytm is the second largest online travel aggregators (OTAs) in train bookings in January-March, enhancing customer experience with new features like guaranteed seat assistance, and easy tatkal, the company said in an exchange filing on Monday. The growth in Paytm’s travel segment has been driven by partnerships and travel solutions. The company has collaborated with various global travel aggregators, including Skyscanner, Google Flights and Wego. Paytm’s travel ticket business falls within the marketing services vertical, which rose 1% y-o-y to Rs 395 crore in the March quarter.