Top headlines: Nominal GDP growth, Omicron cases, LIC IPO, and more

The Union Budget for FY23 is likely to assume 13-14% nominal GDP growth despite the growing inflationary concerns

Budget 2022-23: Govt likely to target 13-14% nominal growth in FY23 

The Union Budget for FY23 is likely to assume 13-14 per cent nominal GDP growth despite the growing inflationary concerns. According to finance ministry officials, the assumption of even faster nominal GDP growth may raise inflationary expectations, giving wrong signals to the market. Read more 

LIC IPO: Search for anchor investors begins, govt may seek higher valuation 

Merchant bankers appointed by the Union government have been asked to draw up a list of large investors that may act as anchor investors in the initial public offering (IPO) of Life Insurance Corporation of India (LIC), according to officials privy to the matter. The IPO, touted to be India’s largest, may need heavy lifting from anchor investors as the government is likely to seek a higher valuation for the insurer. Read more

Tata Consultancy Services fresher hiring may touch 100,000 in FY22 

IT major Tata Consultancy Services (TCS) could end FY22 with a fresher hiring of 100,000, the highest ever not just by the company in a financial year but also by any IT services player in India and multinationals. Read more

Omicron spread: Covid-19 cases skyrocket but fewer deaths this time round 

While Omicron is spreading like wildfire across the world, and India is no exception, the wave it has triggered here so far appears milder in terms of fatality. While death-related data comes with a lag, a comparison with the previous waves shows that while cases have increased in almost a perpendicular graph, the number of deaths has not risen as drastically.  Read more

Wealth of richest 98 same as bottom 552 million, says Oxfam report 

India’s richest families saw their wealth reach a record high in 2021, even as 84 per cent of Indian households saw an income decline amid the pandemic, according to a report from non-profit Oxfam India titled 'Inequality Kills'. It said the richest 98 Indians own the same wealth as the bottom 552 million people. Read more