The big stories of the week gone by – in charts

Illusionary Growth?

The government is set to release the gross domestic product (GDP) data for the June-ended quarter on Wednesday. After slowing down to just 4.1% in the March quarter, growth is expected to have jumped to 13-16%, because of the statistical effect of a low base. However, beyond the headline numbers, economists expect impressive recoveries in domestic goods and services sectors during the quarter despite headwinds from the Ukraine war and heatwave impact on produce.

Takeover Bid

Two days after Indian billionaire Gautam Adani’s conglomerate sought to have a majority stake in NDTV, the media firm pushed back, saying that Vishvapradhan Commercial Pvt Ltd (VPCL), along with AMG Media Networks Ltd and Adani Enterprises Ltd, will need the stock market regulator’s approval to buy 99.5% interests in its promoter group. The speculation over the acquisition has sent the stock prices of NDTV soaring since December.

Wedding Bells

40%: That’s the proportion of millennials who are taking charge of the expenses on their own weddings in India, where families are known for spending lavishly on marriage ceremonies. According to a survey by WeddingWire India, young couples are focusing on the quality of weddings and also cutting their guest lists. The survey also found an increase in wedding costs, with 31% vendors in the industry reporting high product and labour charges.

Centenary Dream

Prime Minister Narendra Modi set the target of making India a developed nation by 2047, on its 100th independence anniversary. A Mint analysis shows such an aim is ambitious as the country will need to jump from being a lower-middle income country to a middle-income country to high-income country in just 25 years. If India’s gross national income (GNI) grows at the rate it did over the last 25 years, it is unlikely to become a high-income country within the time frame.

Jittery Markets

The stock market hit the headlines on Monday as benchmark indices, the Sensex and Nifty 50, plunged 1.5%, erasing ₹3.9 trillion of investor wealth. This followed a 1.1% decline on Friday soon after Sensex crossed the 60,000-mark. Analysts said the hawkish tone of the US Federal Reserve and tensions over Taiwan had prompted sell-offs. The indices partially recovered over the next two days, but ended 0.5% lower on Thursday.

Time Concerns

₹32,881 crore: That is how much the initial public offerings set to expire in the last quarter of calendar year 2022 are worth. A Mint analysis showed that as many as 27 companies that had filed draft red herring prospectus with the Securities and Exchange Board of India will have to refile their papers if they fail to launch the IPOs in four months. Airline Go First’s public offer will expire on Friday, while some other firms will see their DRHPs expire in August and September.

Political Fights

All the chatter around the efforts to revive the Congress is inspiring little confidence among the masses. When the latest YouGov-Mint-CPR Millennial Survey asked respondents for a viable alternative to the Bharatiya Janata Party, as much as 21% favoured a coalition or aggregation of regional parties compared to the 19% who favoured a revitalized Congress. The most popular option was a new national counter such as the Aam Aadmi Party.

Chart Of The Week: UPI’s rise

With the country adapting to digital modes of transactions after demonetization and the coronaviruus outbreak, the growth trajectory of UPI payments has been rather phenomenal, with the government calling it a “digital public good".

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