 "Top Headlines: IPEF deal on supply chains in Detroit, GDP preview and more")
GDP preview: Strong growth seen in Q4 on services rebound, pvt investment
India’s economy, in the January-March quarter of 2022-23 (Q4FY23), is expected to show much-improved growth on sequential and year-on-year bases, primarily driven by the manufacturing and services sectors reflecting improved consumption trends, and an encouraging rise in private investment, according to analysts. For Q3FY23 (October-December), GDP growth came in at 4.4 per cent; it was 4 per cent in Q4FY22. The official print for Q4FY23 and full FY23 will be released by the National Statistical Office on Wednesday. Read more...
IPEF members "substantially conclude" deal on supply chains in Detroit
The 14 members of the Indo-Pacific Economic Framework (IPEF), including India, have "substantially concluded" negotiations for the supply chain pillar of the deal in a Ministerial Meeting in Detroit, the US commerce department said in a statement. The supply chain agreement is aimed at improving crisis coordination and response to supply chain disruptions and working together to support the timely delivery of affected goods to member countries during a crisis. Read more...
Changing of Rs 2,000 currency notes off to a slow yet smooth start
The withdrawal of Rs 2,000 denomination bank notes, which started last week, went on smoothly as most bank branches and the Reserve Bank of India (RBI) regional offices saw lukewarm response in the first week. According to central banking sources, most Rs 2,000 notes were deposited the first week, while only 20 per cent was exchanged. Read more...
Airlines start filling up Go First void even as fares soar up to 5x
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Indian carriers have started new flights on Go First’s top routes to partly fill the void created by its exit. Nevertheless, spot fares on these routes have increased by as much as fivefold. Go First operated 52 flights per week on the Delhi-Ahmedabad route, making it the sixth-busiest route of the airline, according to data from aviation analytics firm Cirium. Read more...
Tesla's U-turn on India in search for new EV manufacturing destination
A senior Tesla delegation, mostly from its supply chain function, met officials at the Prime Minister’s Office and the Commerce Ministry in New Delhi and, it is believed, executives of a Mumbai EV manufacturer over a two-day visit last fortnight.
Tesla’s tryst with India has been on and off for over two years. In May last year, the Elon Musk-founded company decided -- following rounds of talks, letter exchanges with the government, and a plethora of tweets from Musk – to shelve its India plans after it failed to convince the government to reduce high import duties so that it could test the waters by importing completely built units (CBU) cars. Read more...