Top headlines: ESMA-RBI tussle, India's services exports, Paytm Q2 results

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Nodal central counterparty seen as a solution to ESMA-RBI tussle

A nodal central counterparty (CCP) could be a solution to the stalemate between the Reserve Bank of India (RBI) and the European Securities and Markets Authority (ESMA), the financial markets regulator for the European Union (EU).

According to government officials, regulatory authorities — both in India and the EU — are working to find a solution to the issue of allowing the ESMA to inspect and audit Indian clearing corporations.

Under the nodal CCP model, an ESMA-approved body will act as a link between Indian CCPs and the European regulator. The nodal CCP will be set up in India and will oversee the domestic CCPs. Read more

India's services exports to buck recession fears; see 25-30% growth

Even as merchandise export growth fell to single digits in three months, services exports continued to remain robust and witnessed 25-30 per cent growth since the beginning of the current fiscal year (July-September), reveals official government data.

Notwithstanding the threat of a recession looming ahead for the developed economies, exporters say they expect a similar trend to continue in the second half of the year.

Growth will be driven by sectors such as information technology (IT), accounting, engineering services, as India will have the advantage of low-cost services from skilled professionals it offers. Read more

Paytm reports 76% rise in Q2 revenue to Rs 1,914 cr on surge in loan growth

Indian digital payments firm Paytm reported a 76% jump in second-quarter revenue, driven by a surge in loan growth.

Paytm's parent, One 97 Communications Ltd, said revenue rose to 19.14 billion Indian rupees ($233.81 million) in the July-September quarter, from 10.86 billion rupees a year earlier.

Consolidated net loss widened to 5.71 billion Indian rupees from a loss of 4.73 billion rupees a year earlier, the company said in an exchange filing. Read more

Manufacturing picked up in Sept qtr, may sustain for 6-9 mths: FICCI study

The growth momentum in India’s manufacturing sector is likely to have picked up in the September quarter and may sustain for the next six to nine months over rising capacity utilisation, according to the latest quarterly survey on Indian manufacturing sector by Federation of Indian Chambers of Commerce and Industry (FICCI).

The survey shows 61 per cent respondents reporting higher production level in September quarter compared to the same period a year ago as against 55 per cent respondents reporting higher output in June quarter of FY23. Read more

FY23 GDP growth may not exceed 7%, says CEA V Anantha Nageswaran

India’s gross domestic product (GDP) growth for the current fiscal year (FY23) is now expected to be between 6.5 and 7 per cent, Chief Economic Advisor V Anantha Nageswaran said on Monday. This was for the first time a government official said real economic growth may not exceed 7 per cent this fiscal year.

Since the April-June GDP print, a number of agencies, including the International Monetary Fund (IMF) and the Reserve Bank of India, have lowered their GDP forecast for India on the back of uneven pick-up in demand and global headwinds caused by the war in Europe. Read more