Top Headlines: Q1 GDP growth misses estimates; Sony-Zee merger, and more

India’s economy grew below expectations at 13.5 per cent in April-June 2022-23 (Q1 FY23), despite the low base of the equivalent period of 2021-22. Electric scooters (e-scooters) saw sharp increase in registrations in August — going up by over 10 per cent over July — after seeing falling/nominal growth numbers month-on-month since May. Read more on these in our top headlines.

Q1 GDP growth misses estimates despite low base; govt spending subdued

India’s economy grew below expectations at 13.5 per cent in April-June 2022-23 (Q1 FY23), despite the low base of the equivalent period of 2021-22, when economic activity was severely impacted by the Delta wave of the pandemic. Sequentially, gross domestic product (GDP) contracted 9.6 per cent in the June quarter of FY23 compared to the March quarter of FY22. Read more
 

Four of six major economies miss growth estimates including India: NSO

On Wednesday, the data released by the National Statistics Office showed that the Indian economy grew 13.5 per cent in the April-June quarter. Although the economy recorded double-digit growth, the actual numbers fell short of the Reuters Poll estimate of a 15.2 per cent uptick. The results were even lower than the 14.5 per cent estimate given by the RBI’s Survey of Professional Forecasters on Macroeconomic Indicators in August. Read more

E-scooter makers at 'inflexion point'; August registrations up by over 10%

Electric scooters (e-scooters) saw sharp increase in registrations in August — going up by over 10 per cent over July — after seeing falling/nominal growth numbers month-on-month since May this financial year (2022-23, or FY23). The number of e-scooters registered went up from 33,099 in July to 36,463 on August 31, based on the data of eight companies, according to figures from the VAHAN website. The statistics do not include incumbent two-wheelers like Bajaj Auto and TVS Motor Company. Read more

Sony-Zee merger can hurt competition, scrutiny needed, says CCI: Report

A merger between the Indian unit of Japan's Sony and Zee Entertainment to create a $10 billion TV enterprise will potentially hurt competition by having “unparalleled bargaining power”, the country’s antitrust wa­tchdog found in an initial review, according to an official notice seen by Reuters. The Competition Commission of India’s (CCI’s) August 3 notice to the two companies stated the watchdog is of the view that a further investigation is merited. Read more

Fresh intake, higher offshoring in IT sector impacting revenue per employee

Higher offshoring, work from anywhere/home, and an all-time high fresher intake in the information-technology (IT) sector have started affecting revenue per employee, a measure of employee productivity. Rather, revenue per employee at top IT firms has fallen continuously in the last two financial years. Read more