Top Headlines: India's G20 presidency from today; GDP growth in Q2 and more

Here is our morning brief of today's top headlines

India is all set to assume the presidency of the G-20 grouping, the premier forum for international economic cooperation. On the other hand, India’s economy grew 6.3 per cent in the September quarter of FY23, boosted by robust activity in services, even as manufacturing output contracted unexpectedly, signalling uneven post-pandemic recovery in Asia’s third-largest economy. Read more on these in our morning brief of top headlines.

India to assume G20 presidency from today; 100 monuments to be illuminated

India is all set to assume the presidency of the G-20 grouping, the premier forum for international economic cooperation, on Thursday. On the occasion, 100 monuments including UNESCO world heritage sites bearing the G-20 logo will be illuminated for seven days from December 1 to 7 including Srinagar's Shankaracharya temple to Delhi's Red Fort to Thanjavur's Great living Chola temple. Read more
 

Robust activity in services sector holds up 6.3% GDP growth in Q2

India’s economy grew 6.3 per cent in the September quarter of FY23, boosted by robust activity in services, even as manufacturing output contracted unexpectedly, signalling uneven post-pandemic recovery in Asia’s third-largest economy. While the Reuters and Bloomberg polls had projected 6.2 per cent growth for the quarter, the Reserve Bank of India was spot on with its forecast of 6.3 per cent. Read more
 

Air India group most frequent flyer on 7 of 10 busiest domestic routes

The Air India group -- which comprises Air India, Vistara, Air India Express, and AirAsia India -- is the biggest operator on seven of the top 10 busiest routes in India. But it remains a distant number two, after IndiGo, in the overall domestic market. The Tata group and Singapore Airlines (SIA) announced on Tuesday that Vistara will be merged with Air India to create a single full-service airline, with SIA holding a 25.1 share in the new entity. Read more
 

E-marketplaces projected to see enterprise value zoom over 3 times

Digital marketplaces are projected to see their enterprise value more than double or triple and their contribution to gross domestic product to go up from 2-3 per cent currently to 5 per cent by 2027, according to a report released by Accel, jointly with Bain & Company. The report projects that the enterprise value of the companies would go up from $150-200 billion currently to $500 billion by 2027. Read more
 

Economy will grow over 6.8% in FY23, says CEA V Anantha Nageswaran

The Indian economy is on track to register 6.8-7 per cent GDP growth in FY23, said Chief Economic Advisor (CEA) V Anantha Nageswaran, on Wednesday. He further said he is more optimistic about the growth story than many global agencies have forecast for India for the upcoming FY24. Nageswaran, while presenting the outlook following the release of GDP data for the July-September quarter, said he expects domestic demand to drive growth amid an uncertain external environment. Read more