Morning Alert..ππ
Standards for shared economy on the cards amid rise in consumer complaints
India will soon come up with standards for shared-economy services players owing to the rising number of complaints from consumers and the increasing reach of digital players across the consumer ecosystem. The Bureau of Indian Standards (BIS), which is under the Ministry of Consumer Affairs, is taking the initiative in this regard. The BIS held a meeting on this on April 25. Indiaβs effort on this replicates initiatives taken by the International Organization for Standardization (ISO).
Moody's cuts CY22 India GDP growth forecast to 8.8% amid rising inflation
Moodyβs Investors Service on Thursday lowered its gross domestic product (GDP) growth forecast for India to 8.8 per cent for calendar year 2022 (CY22) from its March estimate of 9.1 per cent, holding that rising inflation and interest rates will temper the economic growth momentum. βThe rise in crude oil, food, and fertiliser prices will weigh on household finances and spending in the months ahead. Rate increases to prevent energy and food inflation from becoming more generalised will slow the demand recoveryβs momentum,β the rating agency said in its latest Global Macro Outlook.
Govt relaxes norms for ministries in bid to push public expenditure
In a bid to push public expenditure, the government has relaxed norms for ministries and department to utilise unspent amounts in the subsequent quarter in the same financial year. Ministries or departments are now permitted to utilise the unspent balances from Quarterly Expenditure Plan (QEP) for the first and second quarter within a financial year under intimation to the Budget Division for cash management purposes, according to an office memorandum issued by the Budget Division of the Finance Ministry.
Commodity play
Gold β Rs 50805/10gm, Silver β Rs 61340/kg, Brcrude β Rs 8707/barrel, Degumsyoil β Rs 1485/10kg, Copper β Rs 767/kg.
Corporate News
Piramal Group not eligible to acquire Reliance Capital, says Irdai.
Interglobe and UPS set up logistics firm offering B2B services in India.
ONGC to invest Rs 31,000 cr over next 3 years in finding oil, gas.
Vedanta pledges 86% Hindustan Zinc stake in Q4 as govt preps to sell stake.
Key results today β Aarti Industries, Edelweiss, Force Motors, Nykaa, GAIL, Glenmark, Info Edge, Oil India, PB Fintech, Ruchi Soya, Sun TV, United Spirits.
Sector in focus β Banks, Oil & Gas, Sugar & IT.
Standards for shared economy on the cards amid rise in consumer complaints
India will soon come up with standards for shared-economy services players owing to the rising number of complaints from consumers and the increasing reach of digital players across the consumer ecosystem. The Bureau of Indian Standards (BIS), which is under the Ministry of Consumer Affairs, is taking the initiative in this regard. The BIS held a meeting on this on April 25. Indiaβs effort on this replicates initiatives taken by the International Organization for Standardization (ISO).
Moody's cuts CY22 India GDP growth forecast to 8.8% amid rising inflation
Moodyβs Investors Service on Thursday lowered its gross domestic product (GDP) growth forecast for India to 8.8 per cent for calendar year 2022 (CY22) from its March estimate of 9.1 per cent, holding that rising inflation and interest rates will temper the economic growth momentum. βThe rise in crude oil, food, and fertiliser prices will weigh on household finances and spending in the months ahead. Rate increases to prevent energy and food inflation from becoming more generalised will slow the demand recoveryβs momentum,β the rating agency said in its latest Global Macro Outlook.
Govt relaxes norms for ministries in bid to push public expenditure
In a bid to push public expenditure, the government has relaxed norms for ministries and department to utilise unspent amounts in the subsequent quarter in the same financial year. Ministries or departments are now permitted to utilise the unspent balances from Quarterly Expenditure Plan (QEP) for the first and second quarter within a financial year under intimation to the Budget Division for cash management purposes, according to an office memorandum issued by the Budget Division of the Finance Ministry.
Commodity play
Gold β Rs 50805/10gm, Silver β Rs 61340/kg, Brcrude β Rs 8707/barrel, Degumsyoil β Rs 1485/10kg, Copper β Rs 767/kg.
Corporate News
Piramal Group not eligible to acquire Reliance Capital, says Irdai.
Interglobe and UPS set up logistics firm offering B2B services in India.
ONGC to invest Rs 31,000 cr over next 3 years in finding oil, gas.
Vedanta pledges 86% Hindustan Zinc stake in Q4 as govt preps to sell stake.
Key results today β Aarti Industries, Edelweiss, Force Motors, Nykaa, GAIL, Glenmark, Info Edge, Oil India, PB Fintech, Ruchi Soya, Sun TV, United Spirits.
Sector in focus β Banks, Oil & Gas, Sugar & IT.