India’s GDP to increase by 7% this fiscal year despite mediocre manufacturing performance: NSO
According to the First Advance Estimates of National Income for the year released by the National Statistical Office (NSO) on Friday, India’s real GDP is projected to rise by 7% in 2022–23, declining from 8.7% in FY22.
The advance estimate predicts that growth will slow to 4.5% in the second half after the GDP increased by an estimated 9.7% in the first six months.
The NSO’s estimate is based on limited data and essentially acts as input for the process of producing the Union Budget.
Indian economy expected to grow at 7% in 2022-23, says government data – The Hindu
India surpassed Japan to take third place in the world’s auto market
According to reports, India surpassed Japan in terms of auto sales last year, putting it to third position for the first time.
Early data indicates that India sold more new cars than Japan, topping its 4.2 million sales with at least 4.25 million.
According to the Society of Indian Automobile Manufacturers, 4.13 million new cars were delivered in India between January and November 2022. When the December sales figure was released on Sunday by Maruti Suzuki, the largest automaker in India, the total increases to about 4.25 million vehicles.
iPhone exports increase by double this fiscal year to surpass $2.5 billion
In light of rising geopolitical tensions, Apple Inc. exported more iPhones from India from April to December, amounting to more than twice the amount exported from China during the previous fiscal year.
In the first nine months of the fiscal year ending March 2023, Foxconn Technology Group and Wistron Corp. both shipped more than $1 billion worth of Apple’s high-profile products overseas. By the end of January, Pegatron Corp., another significant Apple contract manufacturer, is on track to export approximately $500 million worth of the devices, the sources said.
India Inc. logs 2,007 deals worth $127 billion in 2022
Despite the macroeconomic circumstances around the world, India Inc. recorded 2,007 deals worth $127 billion last year, a 6% decline in deal volumes over 2021, according to a report released on Friday.
According to Grant Thornton Bharat’s annual dealtracker report, the year also saw 97 deals valued between $100 and $999 million, totaling $26.2 billion, and 11 multi-billion dollar deals, totaling $82.5 billion.
In addition, the year 2022 experienced a value gain of 47%, thanks to a few landmark transactions that no other year witnessed.
In 2022, there were 477 mergers and acquisitions (M&A) deals worth $91.4 billion in India, a 200 percent increase from 2021.
India Inc recorded 2,007 deals worth $127 billion in 2022: Report – The Hindu BusinessLine
Chinese Smartphone Makers in talks With Local Contract Manufacturers with PLI nod
Leading Chinese smartphone brands are in discussions with Indian contract manufacturers to take advantage of the latter’s approval under the production-linked incentive (PLI) scheme. This is in the midst of a significant campaign by the Indian government to encourage smartphone manufacturers in Asia’s neighboring countries to include more domestic players in their manufacturing ecosystem.
According to a senior industry official, Chinese smartphone manufacturers like Xiaomi, Oppo, Vivo, and Transsion, are in negotiations with PLI-approved companies like Bhagwati (Micromax), Lava International, UTL Neolync, Optiemus Electronics, and Dixon Technologies.