Economy
Data recap: Women’s bill, Maggi, Canada row, and more
Summary
News and developments from the week gone by, through numbers and charts.
Every Friday, Plain Facts publishes a compilation of data-based insights, complete with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by. Canadian Prime Minister Justin Trudeau accused the Indian government of a role in the murder of a Canada-based Khalistani leader earlier this year. The Sensex snapped an 11-day winning streak amid a weakness in global markets, with crude oil prices nearing $100 a barrel.
A new low
The relations between New Delhi and Ottawa hit a new low after Trudeau’s accusation, which India refuted strongly, calling it absurd. Both countries have expelled a diplomat each, and India on Thursday suspended the issue of visas to citizens of Canada "till further notice". The souring of ties in recent months has centred around India’s allegations of pro-Khalistan activities in Canada, and the latter’s repeated assertion that it values freedom of expression. India has a vast diaspora in the world’s second largest country: Indians are the biggest immigrant group there.
Landmark move
In a special session this week, the Parliament, with near-unanimity, passed a bill to reserve one-third seats in the Lok Sabha and in state Assemblies for women. The long-pending bill could give a much-needed boost to women’s role in the country’s electoral politics. Women’s representation in the Lok Sabha has increased gradually over the years, but India hasn’t quite kept pace with the progress in the rest of the world, a Mint analysis showed. The Lok Sabha currently has 82, or 15.2%, women members.
Helping hand
₹13,000 crore: The amount allocated for the Pradhan Mantri Vishwakarma scheme launched by the Centre this week, under which artisans and craftsmen in 18 kinds of trades can get collateral-free loans up to ₹3 lakh at 5% interest to produce their goods. They will also get training with stipends, and a “toolkit incentive" of up to ₹15,000 as e-vouchers. Marketing support will also be provided. Prime Minister Narendra Modi announced the scheme on the occasion of his birthday.
Trade report
India’s goods trade deficit, or the amount by which imports exceed exports, rose to a 10-month high of $24.16 billion in August, data released by the commerce ministry showed. Weak demand from the West and China meant that exports continued to shrink on a year-on-year basis, falling 7% to $34.48 billion. The outbound shipments of gems and jewellery and organic and inorganic chemicals fell 22% and 18%, respectively, while refined petroleum exports dropped 30%.
Trend reversal
Both Indian benchmark indices saw their steepest single-day drop in two months on Wednesday, a sharp reversal close on the heels of an 11-day rising streak that ended on Monday. The indices saw a further 0.9% drop on Thursday, dragged down by technology stocks after the US Federal Reserve indicated a hawkish stance in its monetary policy meeting. Weakness in global markets and crude oil prices nearing $100 a barrel have also made investors cautious.
Maggi’s magic
₹10/40 gm: Nestlé India’s popular noodles brand Maggi is making a comeback at the ₹10 price point in so-called rurban markets (rural markets and small towns) across 15 states. The pack priced at ₹10 weighs 40 grams, Mint reported. The company’s ₹10 packs used to weigh 100 grams over a decade ago, but that price point was increased to ₹12 in 2014, and then ₹14 last year as raw material costs grew. Maggi masala noodles are also available at price points of ₹7 (32 grams) and ₹14 (70 grams).
IPO prep
Tata Capital Ltd is restructuring its operations and expanding its board as part of the Tata group’s plan to take the non-bank lender public, Mint reported, quoting sources. The group is reportedly targeting an IPO for the company in 2025, and is seeking a valuation similar to recently listed non-banking financial company, Jio Financial Services Ltd. The central bank had in September 2022 classified both Tata Capital and Tata Sons Ltd among the 16 ‘upper-layer’ NBFCs, requiring them to go public within three years from the date of the categorization.
Chart of the week: Cyber warfare
Recent alleged cyberattacks on the Delhi Police website ahead of the G20 summit are yet another reminder of the growing threat to digital security. Between 2020 and 2022, India averaged 1.3 million cybersecurity incidents a year, according to government data. The actual number could be higher.
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