Indian economy recovering faster than expected: Oxford Economics : Bulletin: Business Today
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Indian economy recovering faster than expected: Oxford Economics

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Shailendra Shukla | November 16, 2020

Look forward to celebrating Diwali at the White House next year: Biden, Harris

US President-elect Joe Biden and Vice President-elect Kamala Harris wished people on the occasion of Diwali and said that they look forward to celebrating the festival of lights at the White House next year. Extending their wishes, Biden and Harris said in a joint statement that, like many cherished traditions, Diwali too symbolises of "light over darkness, knowledge over ignorance, and empathy over apathy" amid the coronavirus pandemic.

Indian economy recovering faster than expected: Oxford Economics

The Indian economy is seen recovering faster than expected and the Reserve Bank is likely to have come to an end of the rate easing cycle, according to global forecasting firm Oxford Economics. It further said that inflation is expected to average significantly above 6 per cent in the fourth quarter of the current fiscal and the RBI may hold policy rates in December monetary policy review meeting.

Gold imports dip 47% in April-October to $9.28 billion

Gold imports, which have a bearing on the current account deficit, declined 47.42 percent to $9.28 billion during April-October due to fall in demand in the wake of the COVID-19 pandemic, according to data from the Commerce Ministry. The decline in gold and silver imports has helped in narrowing the country's trade deficit, difference between imports and exports, to $32.16 billion during April-October 2020-21 as against $100.67 billion in the year-ago period.

Mukesh Ambani's Reliance Retail acquires majority stake in furniture startup Urban Ladder for Rs 182 crore

Reliance Industries Limited (RIL) subsidiary Reliance Retail Ventures Limited (RRVL) has acquired a majority stake in online furniture startup Urban Ladder Home Decor Solutions Pvt Ltd. The company has bought 96% holding in Urban Ladder's equity share capital for a cash consideration of Rs 182.12 crore. RRVL also has further option of buying the balance stake, which will take its shareholding to 100%, it informed the stock exchange on Saturday night, November 15.

UK to impose ban on sale of new petrol and diesel cars from 2030

British Prime Minister Boris Johnson plans to announce next week a ban on the sale of new petrol and diesel cars from 2030, five years earlier than previously planned, the Financial Times reported on Saturday. Britain had originally planned to ban the sale of new petrol and diesel-powered cars from 2040, as part of efforts to reduce greenhouse gas emissions.

Grofers sees four-fold jump in gross merchandise value by 2022

Softbank-backed e-grocer Grofers sees its gross merchandise value (GMV) rising four times to around Rs 30,000 crore by 2022. A company official said that the firm focuses on private label products to drive overall sales growth. It is also looking to enter new categories like electrical products, blankets etc, with focus on sales during winters. The official said the e-grocer is adding one-two new cities every month to sell groceries and expecting to expand its services to over 50 cities by June 2021 from 27 at present.

Festival demand may boost auto sales in November

The festive season has brought cheers to the automobile industry as bike and car sales picked up during the festival of Diwali amid strong demand and better sales. The domestic sales figures, which has largely remained tepid during the first six months of the current fiscal, is likely to bounce back strongly in November as compared to October sales amid hopes that people will buy capital goods such as automobiles during the auspicious period of Dhanteras. According to experts, the auto industry is expecting the sales to go up and cross last year's numbers clocked during Dhanteras. The key factors that are driving auto sales are pent-up demand, preference for personal mobility in wake of COVID-19 pandemic, festive season offers and higher offtake from semi-urban, Tier-2 and Tier-3 markets.

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