GDP growth outlook pegged at 6.4%

Mumbai (PTI): The Reserve Bank on Wednesday projected India's economic growth at 6.4% for 2023-24, broadly in line with the estimate of the Economic Survey tabled in Parliament last week.

New Delhi: Edible oil major Adani Wilmar Ltd on Wednesday reported a 15% increase in its consolidated profit to `246.11 crore for the third quarter ended December 2022, on higher revenue. Its net profit was `211.41 crore in the yearago period. The total income rose to `15,515.55 crore in the third quarter of this fiscal from `14,398.08 crore a year ago. The company’s net profit fell to `488.51 crore during the AprilDecember period of this fiscal. —PTI

NHPC NET PROFIT FALLS 12.59% TO `776 CRORE IN Q3

Gross Domestic Product (GDP) growth is estimated at 7% in 2022-23, according to the first advance estimate of the National Statistical Office (NSO).

The Economic Survey 2022-23 projected a baseline GDP growth of 6.5% in real terms for the next fiscal.

Amid volatile global de- velopments, the Indian economy remains resilient, said RBI Governor Shaktikanta Das while unveiling the last bi-monthly

Major Highlights

z GDP growth is estimated at 7% in 2022-23, according to the first advance estimate of the National Statistical Office (NSO) z The Economic Survey 202223 projected a baseline GDP growth of 6.5% in real terms for the next fiscal

CAD likely to moderate in H2 FY23: RBI Guv

spending, especially on services, such as travel, tourism and hospitality.

New Delhi: State-owned hydro power giant NHPC has posted a 12.59% decline in its consolidated net profit to `775.99 crore for the December 2022 quarter, mainly due to higher expenses. The consolidated net profit of the company was `887.76 crore in the quarter ended December 2021. Its total income rose to `2,691.34 crore in the quarter from `2,373.72 crore a year ago. Expenses increased to `1,303.06 crore from `1,259.28 crore. —PTI

GOLD JUMPS `335; SILVER RATES ALSO CLIMBS BY `516

New Delhi: Gold price jumped `335 to `57,463 per 10 gram in the national capital on Wednesday amid a rally in yellow metal prices internationally, according to HDFC Securities. The precious metal had settled at `57,128 per 10 gram in the previous trade. Silver climbed `516 to `68,075 per kilogram. “Spot gold prices in the Delhi markets traded at `57,463 per 10 gram, up `335 per 10 gram,” Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said. In the overseas market, both gold and silver were trading higher at $1,880 per ounce. —PTI

ZOOM TO LAY OFF ABOUT 15% OF TOTAL WORKFORCE

New Delhi: Video communication firm Zoom is reducing its workforce by approximately 1,300 people as the demand for its video-conferencing services slows with the receding of the COVID-19 pandemic. In a message to employees on the company’s official blog, CEO Eric Yuan said that the company will be cutting its “team by approximately 15% and say goodbye to around 1,300 hardworking, talented colleagues.” —FIB monetary policy of the current fiscal.

"Available data for Q3 and Q4:2022-23 indicate that economic activity in

Digital currency has 50,000 users and 5K merchants: RBI’s Deputy Governor

Mumbai (PTI): The recently launched retail central bank digital currency (CBDC) pilot has 50,000 users and 5,000 merchants, the RBI said on Wednesday.

“We want the process to happen, but we want the process to happen gradually and slowly. We are in no hurry to make something happen so quickly,”

Deputy Governor T Rabi Sankar said. “We have our targets in terms of users, in terms of merchants. We will go slowly,” he added.

The RBI does not want to end up in a situation where

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it does something without actually understanding the likely impact or would always be desiring to be in a position where it can manage the fallout. He said 50,000 users and 5,000 merchants are transacting through eight banks at present, and another five lenders are set to join soon.

5 MORE BANKS TO JOIN DIGITAL ` PILOT PROJECT

Mumbai (PTI): Five more banks will join the pilot on the central bank digital currency or e-rupee for retail customers and the project will be extended to nine additional cities, the Reserve Bank said on Wednesday. The Reserve Bank, which began piloting the central bank digital currency or e-rupee for retail customers in early December with eight banks in five cities, stressed that it does not want to rush with it but favours a slow and steady adoption.

PUBLIC PROCUREMENT VIA GeM PORTAL TO CROSS

`2 LAKH CRORE IN FINANCIAL YEAR 2023: OFFICIAL

New Delhi: Procurement of goods and services from government portal GeM is expected to cross `2 lakh crore during this fiscal year on account of an increase in buying activities by different ministries and departments, a top official said on Wednesday. The procurement crossed `1.5 lakh crore on February 1.

CEO of the Government e-Market (GeM)

P K Singh said huge potential is there in states and public sector undertakings to increase the buying from the platform.

“After crossing `1.5 lakh crore, we are aspiring for `2 lakh crore for the full fiscal,” Singh said. —PTI

Linkedin Crosses 100 Million Members Milestone In India

Bengaluru: Professional network LinkedIn on Wednesday announced that it has crossed 100 million members in India. With a jump of 56% growth in its member base over the last three years, India has solidified its position as the second largest market for LinkedIn globally, it said. The largest share of members in India are from software and IT, followed by manufacturing, corporate services, finance, and education industries. —PTI

UPI payment extended to G20 nation travellers

Mumbai (PTI): The Reserve Bank on Wednesday allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country.

E-SCOOTER MAKER OLA SAYS ON TRACK FOR FIRST CAR IN 2024

New Delhi: Electric-scooter maker Ola Electric Mobility Pvt. is on track to deliver its first four-wheel vehicle in the second half of 2024. The manufacturer and ride-hailing company is focused on advanced stages of design and benefiting from the sharing of some technology deployed in its two-wheeler products, CFO said. “Software, safety systems, electronics, cells, the drive train — a lot of it is common,” CFO added. —FIB

For Port Talbot Plant

Later, the RBI also proposes to extend the Unified Payments Interface (UPI) facility to travellers from all countries.

UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.

"UPI has become hugely popular for retail digital payments in India. It is now proposed to permit all inbound travellers to India to use UPI for their merchant payments (P2M) while they are in the country," RBI Governor said.

India remains resilient. Urban consumption demand has been firming up, driven by a sustained recovery in discretionary

"Rural demand continues to show signs of improvement as tractor sales and two-wheeler sales expanded in December," he said. The governor further said passenger vehicle sales and domestic air passenger traffic posted robust year-on-year growth. Several high-frequency indicators also point towards the strengthening of activity.

He also informed that investment activity continues to gain traction.

January’s domestic air traffic at 1.25 crore: Icra

New Delhi (PTI): Domestic air passenger traffic touched 1.25 crore in January this year, an increase of 96% compared to the year-ago period, according to Icra. However, it said the traffic remained around 2% lower compared to the pre-Covid levels -- Jan 2020. The traffic stood at 64 lakh in January last year.

Icra is maintaining a negative outlook on the Indian aviation industry, reflecting the view that the financial performance of Indian airlines is likely to remain under pressure in the near term, even though the recovery in domestic passenger traffic has been healthy.

While a meaningful improvement in passenger traffic is expected in FY2023, the pace of recovery in the industry earnings will be gradual, it said.

Mumbai (PTI): Reserve Bank Governor Shaktikanta Das on Wednesday said Current Account Deficit (CAD) is expected to moderate in second half of 2022-23 from 3.3% of GDP in AprilSeptember mainly due to moderation in imports.

CAD, a key indicator of the external sector, had widened to 3.3% of GDP in first half of 2022-23 from 0.2% in the comparable period of 2021-22 on the back of a sharp increase in the merchandise trade deficit.

"The situation has shown improvement in Q3:2022-23 as imports moderated in the wake of lower commodity prices, resulting in narrowing of the merchandise trade deficit," the Governor said.

"The CAD is expected to moderate in H2:2022-23 and remain eminently manageable and within the parameters of viability," he said.

On the financing of CAD, the Governor said the net FDI flows remain strong at $22.3 billion during AprilDecember 2022 ($24.8 billion in the corresponding period last year).