Top headlines: Q1 GDP grows 13.5%; fiscal deficit at 20.5% of FY23 target

India’s Q1FY23 GDP grows 13.5%, fastest in a year: Govt data

India’s economy achieved its fastest annual expansion in a year in the April-June quarter, according to data released by the National Statistical Office (NSO) on Wednesday.

India’s gross domestic product (GDP) in the three months to June 30, 2022 was 13.5%. However, this is lower than the Reserve Bank of India’s projection of 16.2% GDP growth in Q1FY23. Read More

India’s April-July fiscal deficit at Rs 3.41 trn, 20.5% of FY23 target

The central government’s fiscal deficit touched 20.5 per cent of the annual target in the four months through July 2022 as against 21.3 per cent a year ago, reflecting improvement in public finance, as per official data released on Wednesday.

In actual terms, the fiscal deficit – the difference between expenditure and revenue – was Rs 3.41 trillion during the April-July period this financial year. Read More

Core sector output slows down to 4.5% in July against 9.9% a year ago

The output of eight core infrastructure sectors slowed down to 4.5 per cent in July — the lowest in six months — against 9.9 per cent in the year-ago period, according to official data released on Wednesday. Core sector output in June was 12.7%.

The output of these infrastructure sectors expanded by 13.2 per cent in June, 19.3 per cent in May, 9.5 per cent in April, 4.8 per cent in March, 5.9 per cent in February and 4 per cent in January. Read More

Softbank’s Rajeev Misra steps down as corporate officer and exec VP

SoftBank Group Corp. in a statement said that Rajeev Misra will step down from the position of Corporate Officer and Executive Vice President of SBG, effective from August 31, 2022. He will continue to serve as CEO of SB Investment Advisers which manages SoftBank Vision Fund 1.

The development comes as the Japanese investment group has made record losses due to a slide in its tech stocks. Masayoshi Son, founder of Softbank, has said that he will take over the management of the second Vision Fund. Read More

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