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- Bit by Bit 16th Oct. || Auto Sales Analysis: Tata and HMSI emerge victorious beating Hyundai || Metaverse Revolution & More
Bit by Bit 16th Oct. || Auto Sales Analysis: Tata and HMSI emerge victorious beating Hyundai || Metaverse Revolution & More
Good morning! Better times are upon us. Saturday and Sunday are their names.
So, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
(Markets were closed on 15/10/2022, Saturday)
ECONOMY
The Story:
On the strength of swift digitalisation and government initiatives, Finance Minister Nirmala Sitharaman has voiced optimism that India will emerge from the current global turbulence and continue on the path of sustainable development. According to her, India has been able to establish a worldwide benchmark in the digitalisation of payment, healthcare, education, and regulatory compliances, which boosts economic confidence.
She said that the government had considered how the instability in the world would affect demand, exports, and the value of the rupee in relation to the US dollar. "I would assume that the economy's resurgence is on a sustainable road," she said. Since small firms may now acquire loans while sitting at home, credit availability is no longer a problem.
These are actually excellent lubricants when the economy is trying to figure out how to escape the siege or the challenges of a situation that is essentially unrelated, she added. The public distribution system was also digitalised at this time, and India also implemented the One Nation One Ration Card programme. "We think that since we were technologically well-connected, the intended strategy was feasible. And since we had established, validated identities of persons and were technologically well-connected, we reached out to the section when necessary ".
AUTOMOTIVE
The Story:
In the first half of the current fiscal year 2022–23, the Indian automobile sector finally appears to be emerging from the woods after enduring two years of challenging circumstances. According to Vinod Aggarwal, President of SIAM, there has been progress across all segments compared to the prior year, and the industry is anticipated to perform strongly in October, which includes the two big holidays of Dussehra and Diwali. The passenger vehicle segment recorded its best sales ever during H1 FY23, and Q2 FY23 became the first quarter in history in which domestic PV sales surpassed 1 million.
Domestic sales of two-wheelers increased year over year during H1 compared to the previous two years. Compared to the same period last year, when it was 6.55 million units, it increased to 8.39 million units between April and September of 2022. But the sales are still below what they were in 2019–20 before to Covid.
The passenger car segment is expected to reach new highs for the upcoming fiscal year 2022–2023, while October celebrations will continue to be crucial for the recovery of the two-wheeler industry.
RETAIL
The Story:
Abu Dhabi-headquartered supermarket chain Lulu Group International is planning an initial public offering and has hired investment bank Moelis & Co to advise it, two sources familiar with the matter said. According to its website, Lulu, one of the largest supermarket chains in the Gulf region founded by Indian-born businessman Yusuff Ali, operates 239 stores in 23 countries and employs more than 60,000 people.
A boom in Gulf stock market listings is bucking the global trend as the region reaps the benefits of high oil prices and investor inflows. The supermarket chain plans to list next year, the sources said, after grocery businesses emerged unscathed from the pandemic.
Abu Dhabi, sovereign wealth fund ADQ, said two years ago that it was investing up to $1 billion in Lulu to help it expand in Egypt, with sources later saying it had bought a 20% stake, implying an overall valuation for the company of $5 billion.
TECH
The Story:
One of the rapidly expanding IT fields, the metaverse is anticipated to have a market worth $1.3 trillion by 2030.
At the first-of-its-kind Metaverse Conclave, hosted by Meity - NASSCOM Center of Excellence in collaboration with K—Tech, prominent industry experts and stakeholders gathered to discuss the future business potential and innovations in the Metaverse ecosystem.
In order to collaborate and share ideas for advancing and leading the Metaverse revolution in India, the event attracted over 400 delegates and ecosystem players, including significant tech and non-tech firms, builders, innovators, investors, consultants, and key academic participants.
Want a BIT More?
The Story:
By the end of next month, Indian Railways will have connected the Eastern and Western Freight Corridors. Trials to connect the two routes are presently being conducted. This railway will link Khurja and Dadri and improve the nation's logistics. There will be a movement of about 1600 freight trains to this track.
The eastern and western routes will both be 2843 kilometres long. According to reports, Indian Railways spent about Rs 84,000 crores on the project. The Eastern Freight Corridor would connect Khurja to Pikhani, while the Western Freight Corridor will connect Ateli to Jawaharlal Nehru Port, Maharashtra (Uttar Pradesh).
The timely transportation of products through developed and connected ports is the goal of building these corridors. On these corridors, goods trains are anticipated to travel at a speed of 100 km/h. Currently, freight trains travel between 35 and 40 kilometres per hour. These corridors will get more than 16% of all freight trains that travel across the nation.
The Palanpur-Mehsana segment has so far seen the operation of 766 trains, with an average of 11 trains each day. Modern signal and communications systems, an autonomous train control system, and a modern accident prevention system will all be installed on the DFC's completely electrified track. A total of 10,000 hectares of land have been purchased for this project once the DFC's land acquisition process was complete.
While the Western Freight Corridor includes centres at Noida, Jaipur, Ajmer, Ahmedabad, Vadodara, Mumbai North and Mumbai South, the Eastern Freight Corridor has seven project centres at Ambala, Meerut, Tundla, Prayagraj, Deen Dayal Upadhyay and Kolkata. Prime Minister Narendra Modi laid the cornerstone for this project on September 30.
