QBiz: Microsoft’s Satya Nadella in India, No Petrol in GST & More
Here’s a wrap of the top business stories from the papers.
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1. India to Become Third Largest Economy After 2030, Says UK Think Tank: ET
India is projected to become the world’s third largest economy by 2030 which means that countries like France and Italy could get kicked out of the exclusive G8 group. In a report by UK think tank Centre for Economics Business and Research (CEBR), China will overtake the US as the largest economy in the world in 2029 with the US slipping to second place and India close behind at third.
India’s projected GDP in 2030 is estimated to be $10,133 billion, behind America’s $32,996 billion. China tops the list with a projected GDP of $34,338 billion. India is also expected to become the largest economy among the Commonwealth nations by 2019, which includes countries like Pakistan, Australia and South Africa among others.
Read more here.
2. Price of Power Lower in 2015 by 22 Percent: BS
People in India have been paying less for their power consumption this year, as the power prices were said to be lower than the previous year.
According to the Business Standard report, the falling trend of fuel price, power supply resources and easy pricing of power has enabled the figures to come down. Prices have fallen up to 22 percent compared to last year, putting the rate at Rs 2.8 per unit against Rs 3.59 from 2014.
Read more here.
3. GST to Not Include Petroleum Products Right Now: FE
The Chief Economic Advisor (CEA) Arvind Subramaniam has given the country some relief by confirming that petrol and other petroleum products will not be included under the GST regime for a while, once the new taxation regime gets rolled out.
According to a Financial Express report, the CEA has stated that the duration of excluding petrol from the GST regime will be decided by the GST council.
Read more here.
4. Chennai Floods Could Hamper IT Sector Growth in 2015: ET
India’s top IT firms could bear the brunt of devastating rainfall that hit Tamil Nadu recently. According to the Economic Times, the companies that were afloat in water for several days are readying themselves to understand the financial implications which could affect their growth this year. It is being estimated that last quarter of 2015 could be the worst in the recent history of India’s IT sector. Thee floods have compelled IT majors like Infosys and TCS to revise their projections for 2015.
Read more here.
5. Auto Sales up But Still Lag FY12 Peak: FE
Auto sales are picking up smartly after a tough two years but volumes for several segments remain well below the peaks scaled in 2011-12.
According to a Financial Express report, in the eight months to November, total sales of passenger cars were 1,344,306 units, boosted by strong performances from Maruti Suzuki and Hyundai. But, with four months to go, the peak sales of 2,015,453 units seen in 2011-12 are unlikely to be achieved.
Similarly, sales of heavy and medium trucks have done exceptionally well to grow by 31.38% y-o-y to 1,81,651 units on the back of a rise in the supply of cargo from the infrastructure, manufacturing and agriculture sectors.
Nevertheless, the peak volume of 3,48,571 units is still far away.
Read more here.
6. Microsoft CEO Satya Nadella to Visit T-Hub in Hyderabad Today
After the recent visit of Google’s Indian-origin CEO, Sundar Pichai, it’s time for Microsoft’s CEO, Satya Nadella to visit the country. He will be reaching India later on Monday and will visit his hometown, Hyderabad.
Nadella is expected to meet Andhra Pradesh’s Chief Naidu, N Chandrababu Naidu to discuss matters related to growth and development of the region. Nadella will also visit the T-Hub in Hyderabad which is said to be India’s largest incubator of startups and technology ecosystems.
Read more here.
7. India’s CAD for 2015 to Be Less Than $25 Billion: ET
India’s current account deficit (CAD) remains in check and is expected to be lesser than USD 25 billion this fiscal, says a report.
According to financial services major Barclays, though the underlying growth in the country is improving, it is unlikely to put significant pressure on the current account.
It further noted that India is a large beneficiary of lower crude oil prices, and FDI inflows remain on a relatively strong footing and help to offset the portfolio outflows seen in recent months.
Read more here.
8. India Could Get Cashless Universal Health Insurance: BS
After providing life cover and accident cover, the government is now working on a universal health insurance plan. To begin with, it will provide a seamless solution to the existing cashless health schemes in states by integrating those with the Centre’s direct benefits transfer (DBT) platform. Later, these would be scaled up.
Read more here.
9. Fortis May See Aggressive Turnaround as Market Bullish on Healthcare
The success of IPOs of healthcare companies like Dr Lal PathLabs and Narayana Hrudayalaya (NHL) has had a rub off effect on its listed peers — Apollo Hospitals and Fortis Healthcare — both gained 7 percent and 9 percent, respectively in the past one month. A spate of new IPOs of firms like HealthCare Global Enterprises, New Delhi Centre for Sight and Aster DM Healthcare in the coming months is likely to keep the sector on investors’ radar.
While Apollo Hospitals is larger and more consistent performer, Fortis is the one holding promise of a more aggressive turnaround.
Read more here.
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