Top Headlines: Top promoters' dividend income jumps, NRI deposits moderates

India's top promoters and business families' income jumped from equity dividends and share buybacks in FY22 while flow of money into NRI deposits moderated sharply to $3.23 bn in FY22.

India’s top promoters and business families income from dividends and share buybacks was up a whopping 50.6 per cent year-on-year in FY22. While most members of the monetary policy committee (MPC) on Wednesday argued for front-loading interest rate hikes in view of rapidly rising inflation during the off-cycle monetary policy review earlier this month. Read more on these in our top headlines.

Dividends, share buybacks lift India's top promoters' income in FY22

India’s top promoters and business families saw a big jump in their income from equity dividends and share buybacks in FY22 in line with a sharp jump in corporate earnings. Their income from dividends and share buybacks was up a whopping 50.6 per cent year-on-year in FY22 to around Rs 37,000 crore, as against a 12.6 per cent increase seen in FY21. Read more

MPC members argued for front-loading rate hikes in view of inflation

Most members of the monetary policy committee (MPC) argued for front-loading interest rate hikes in view of rapidly rising inflation during the off-cycle monetary policy review earlier this month — the minutes of the meeting published on Wednesday showed. In early May, the rate setting committee met unscheduled and unanimously decided to hike the repo rate by 40 bps. Read more

Flow of money into NRI deposits moderates to $3.23 bn in FY22: RBI data

Flow of money into non-resident Indian (NRI) deposits moderated sharply to $3.23 billion in April 2021–March 2022 from $7.36 billion in the same period of the previous year. Outstanding deposits have also gone down to $139.02 billion at the end of March 2022. This compares to $141.89 billion a year ago, according to Reserve Bank of India (RBI) data. Read more

Pieter Elbers: KLM veteran is the new pilot in IndiGo's management cockpit

India’s largest airline, IndiGo, has a new pilot in its management cockpit. Starting October, former KLM CEO Pieter Elbers will be heading the low-cost carrier IndiGo, the company announced on Wednesday. He will succeed Ronojoy Dutta who has decided to hang up his boots after almost four decades of career during which he served as a board member of US Airways, president of United Airlines and CEO of Air Sahara. Read more

EAC-PM report recommends scheme for urban jobless, universal basic income

The Economic Advisory Council to the Prime Minister (EAC-PM) on Wednesday suggested that the government should come out with a guaranteed employment scheme for the urban unemployed as well as introduce a universal basic income and allocate higher funds towards the social sector to reduce inequality in India. Read more