Business - JK News

India poised to become 3rd largest economy by 2030: S&P Report

25Oct

By JK NewsNo Comments

National

India poised to become 3rd largest economy by 2030: S&P Report

New Delhi, October 25: While global economic growth faced stagnation for the second consecutive month in September, India continued to shine as a beacon of economic resilience, expanding at one of the strongest rates in nearly 13 years. According to a report by S&P Global Market Intelligence, this comes as the private sector output in developed markets, including manufacturing and services, faced a mild contraction. According to the Asia Credit Outlook 2023 released by S&P Global Market Intelligence, the Indian economy will be 3rd largest economy by 2030. The Indian economy is growing and will give huge opportunities for medium to long term if the projected trajectory holds India will supersede Japan and Germany to become the world's third-largest economy ...

21Oct

By JK NewsNo Comments

Business

Gold prices rise to 3-month high

Mumbai, Oct 20: Gold prices rose to a three-month high on Friday and were headed for a second consecutive weekly gain, on the back of a safe haven demand due to the Middle East conflict and expectations that the US Federal Reserve was likely to pause rate hikes. Gold, seen as a safe store of value during times of political and financial uncertainty, has risen 2.2 per cent so far this week. Gold prices crossed the Rs 60,000 per 10 gm on the Multi Commodity Exchange (MCX) on Friday and were hovering at Rs 60,313 in afternoon trade. In the international market, prices were around $1,976.40 per troy ounce. Gold futures, maturing on December 5, 2023, stood at Rs 60,615 per 10 grams on the MCX, after recording a marginal hike of Rs 272. As the Israe...

Income tax department raids at Trident Group across country

17Oct

By JK NewsNo Comments

Business

Income tax department raids at Trident Group across country

New Delhi, 17 October: The Income Tax Department is carrying out raids on the Trident Group, a diversified conglomerate with interests in yarn, home textiles, paper and stationery, chemicals, and adaptive power. These ongoing raids across the country are part of an investigation into potential financial irregularities, officials said. Trident Group, founded by Padma Shri Rajinder Gupta, is a prominent player in multiple industries and operates manufacturing facilities in key locations, including Budhni in Madhya Pradesh and Barnala and Dhaula in Punjab. The raids are not limited to a single location, as authorities are simultaneously carrying out probes in multiple cities. More than 40 officials are currently involved in the raid at the Budhni plant located in Madhya Pradesh, o...

Stock market opens in the green despite rising wholesale inflation.

17Oct

By JK NewsNo Comments

Business

Stock market opens in the green despite rising wholesale inflation.

Mumbai, Maharashtra, 17 October: The stock market started Tuesday on a positive note, opening in the green, even as concerns over rising wholesale inflation persisted. The Sensex opened with a gain of 312.92 points, reaching 66,479.85, while the Nifty also saw an opening gain of 88.85 points, starting at 19,821.10. The market's optimistic start came amid the release of data showing that India's wholesale inflation, as measured by the Wholesale Price Index (WPI), remained in the deflationary zone for the sixth consecutive month in September, standing at -0.26 per cent. This marked a rise from the previous month when WPI inflation was -0.52 per cent in August 2023 and significantly lower than the 10.55 per cent recorded in September 2022. The latest WPI data surprised experts, as...

Chhatrapati Shivaji Maharaj International Airport reports Q3 2023 recovery

17Oct

By JK NewsNo Comments

National, Business

Chhatrapati Shivaji Maharaj International Airport reports Q3 2023 recovery

Mumbai, Maharashtra, 17 October: Chhatrapati Shivaji Maharaj International Airport (CSMIA) has demonstrated a recovery in passenger traffic during the third quarter of 2023, marking a milestone in the aviation sector. According to a press note, the airport's passenger numbers surged to an impressive 12.7 million in Q3 2023, representing a recovery of 109 per cent when compared to the pre-Covid figures of Q3 2019, which stood at 11.7 million. This growth trend further underscores CSMIA's prominence in India's aviation landscape. In Q3 2023, CSMIA recorded a 33 per cent increase in passenger traffic compared to the same period in 2022 when the numbers stood at 9.6 million. Notably, August 2023 emerged as the busiest month with 4,329,749 passengers, driven by the presence of two long...

India has 350 mn online transacting users, will double by 2030

14Dec

By JK NewsNo Comments

Business, National, Technology

India has 350 mn online transacting users, will double by 2030

Bengaluru, Dec 14: India currently has around 350 million online transacting users across e-commerce, shopping, travel and hospitality, and OTT and the number is set to double by 2030, a new report showed on Wednesday. There are about 40-45 million mature users who spend a considerable share of their wallet online (more than 50 per cent). "We expect online transactors to become 2X by 2030, with mature users being the faster-growing cohort," said Mukesh Kumar, Engagement Manager, Redseer Strategy Consultants. "We also estimate that these mature users would account for $400 billion online spending by 2030," he mentioned. At 780 million, India is home to the second-largest Internet user base in the world, which is more than 2 times of the US populatio...