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Home / News / India /  The week that was, in charts: GDP rise, FII outflow & KK’s songs

Every week, Plain Facts publishes a compilation of data-based insights—complete with easy-to-read visual charts—to help you delve deeper into the stories reported by Mint. This week, we examine how India’s economic growth fared in Jan-Mar, how much net outflows India witnessed in May, and which were the most streamed songs of singer KK on Spotify.

Losing Steam

India’s GDPgrowth slowed to 4.1% in the quarter ended March from 5.4% in the previous quarter because of curbs put in place to check the spread of coronavirus, global supply shortages, higher input costs, and fading base effect. The manufacturing sector contracted 0.2%. The trade and hotels segment, despite a 5.3% growth, failed to reach the pre-pandemic level, but other sectors performed relatively well. Inflationary pressures from the Russia-Ukraine war could weigh further on growth.

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Costly Business

Inflation hasbecome a pain point for the country and businesses are facing the heat as well, with the raw material costs as a share of revenues rising by 22 percentage points (pps) for the consumer durables sector, 13 pps for the auto segment, and 11 pps for chemicals, shows a recentMintanalysis. The rising costs have forced some firms to hike prices, which may hit consumer demand, further dampening the prospects of businesses.

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Bagging Big

$233.41 million:That’s the fat compensation package Freshworks Inc.’s founder and chief executive Girish Mathrubootham will get. The amount in stock awards, which will vest over the next seven years, is one of the biggest compensation packages received by an Indian business leader in recent years. However, Mathrubootham will receive 100% of the award if the company’s stock price averages at least $200 for two months before January 2029.

Dumping Equities

As Indiafaces persistent risks from high inflation and the Russia-Ukraine war, foreign investors have continued to dump Indian equities. In May, foreign investors sold equities worth $4,871 million on prospects of more aggressive rate hikes by the US Federal Reserve. Over the past one year, India has seen net outflow of foreign investments in nine months and this may continue because of interest rate differentials and given the headwinds from high crude oil prices.

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Sanction Shock

Brent crudeoil price jumped up to $123 per barrel on Wednesday, the highest since March, following the EU’s decision to ban import of Russian oil. The EU has agreed to cut 90% of oil imports from Russia by end-2022, which could keep crude oil prices under pressure. Crude oil prices had crossed the $100-mark on 28 February and surged to $133 before settling around $110. A further rise in crude oil prices could make it hard for India to manage inflation and the rupee’s value.

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Stuck In A Storm

1.6 trillion:After a successfulrun in 2021, with several companies such as Zomato and Nykaa grabbing headlines, initial public offerings (IPOs) have hit a wall. As the Russia-Ukraine war sent markets into turmoil, public share sale plans of nearly 1.6 trillion were put on hold with companies waiting for better returns, said a study by Prime Database. Some of the IPO aspirants are FabIndia, Aadhar Housing Finance, Go Airlines, and PharmEasy.

Beating Targets

The centre’sfiscal deficit in 2021-22 was contained at 6.7% of the gross domestic product (GDP), because of better-than-expected revenue mop-up. The deficit was expected to come in lower than aimed as the government’s nominal GDP and tax projections were conservative. This year, the government may see a fiscal slippage of 10-40 basis points because of revenue losses from excise duty cuts and additional expenditure on fertilizer and gas subsidies.

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Chart Of The Week: KK’s Classics

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Prominent singerand performer KK passed away on Tuesday. He was 53. His death left fans reminiscing on some of his best songs. According to Spotify data,Ajab Sifrom the movieOm Shanti Omwas the singer’s most loved song, streamed 36.9 million times.

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