QBiz: WPI Inflation at 6-Month High; Xiaomi India Sales Boom
A round-up of the big business stories of the day
1. Inflation Touches Six-Month High in October
India’s annual wholesale price inflation picked up in October to a six-month high, driven by faster rises in prices of food and fuel products, government data showed on Tuesday.
India’s annual wholesale price inflation last month increased to 3.59 percent from a year earlier from a provisional 2.60 percent in September.
2. Xiaomi Shares Top Slot With Samsung in India
Buoyed by strong sales in the run-up to Diwali, Chinese smartphone player Xiaomi has for the first time shared the top slot with South Korean giant Samsung in the Indian smartphone market, with a market share of 23.5 percent and having shipped 9.2 million smartphones in the quarter
Xiaomi also become the fastest growing smartphone brand in India, with a growth rate of nearly 300 percent (year-on-year) in the third quarter this year, said the International Data Corporation's (IDC) latest Quarterly Mobile Phone Tracker, Q3 2017 on Tuesday.
3. Amazon India Double Capital to $4.74 Billion to Take on Flipkart
Amazon India has nearly doubled its authorized capital to Rs 31,000 crore ($4.74 billion), nearly matching its mammoth capital commitment of $5 billion made in June last year.
Not only does it improve the prospect of further investment commitments from founder and chief executive Jeff Bezos, it also sets the stage for an all-out, high-stakes war against local e-commerce rival Flipkart.
4. India’s Telecom Layoffs so Far: 75,000 and Counting
The telecom sector lost a fourth of its workforce, or some 75,000 employees, in the last one year as operators, tower firms and vendors consolidate to remain afloat in the severely competitive industry.
Players are shutting shop, shrinking operations and shedding flab in terms of both permanent and contract employees to run a tight ship, and now only 75 percent of the workforce remain from a year ago. More exits are on the anvil.
(Source: Economic Times)
5. Indian Companies Create 113K Jobs in US: Report
Indian companies have created more than 1,13,000 jobs in the US and invested nearly $18 billion in the country, according to an annual report which gives state-by-state breakdown of the tangible investments made and jobs created by 100 Indian firms doing business in America and Puerto Rico.
The report titled 'Indian Roots, American Soil', which was released by Confederation of Indian Industry (CII) yesterday, states that Indian companies have also contributed $147 million towards corporate social responsibility and $588 million as research and development expenditures in the US.
6. Export Drops 1.12% to $23bn in October; Trade Deficit Balloons
Export declined by 1.12 percent to $23 billion in October, retreating from a six-month high growth in September as shipments of textiles, pharmaceuticals, leather and gems and jewellery fell, official data showed.
Imports, however, grew by 7.6 percent to $37.11 billion in October.
Trade deficit widened to $14 billion during the month under review as against $11.13 billion in October 2016.
7. India Home to 2,45,000 Millionaires
India's total household wealth stood at $5 trillion while the country is home to 2,45,000 millionaires, says a Credit Suisse report.
The number of ultra rich in the country is expected to reach 3,72,000 while the total household income is likely to grow by 7.5 percent annually to touch $7.1 trillion by 2022, the report said.
According to Credit Suisse Global Wealth Report, since 2000, wealth in India has grown 9.9 percent per annum, faster than the global average of 6 percent even when taking into account population growth of 2.2 percent annually.
8. About 60% Taxpayers Identified Under Operation Clean Money Filed Returns
About 60 percent of taxpayers identified under ‘Operation Clean Money’ have filed their tax returns, Central Board of Direct Taxes Chairman Sushil Chandra told BloombergQuint.
“For individual taxpayers we have seen a growth of 23 percent… In overall returns filed we have seen a growth of 20 percent,” Chandra said, attributing it to the operation aimed at detecting black money generation post demonetisation.
In the first phase of Operation Clean Money, CBDT had identified 18 lakh individuals who made deposits that did not match with their taxpayer profile, and asked them respond on the taxman’s portal.
9. Delhi Airport Issue: IndiGo Moves Court Against DIAL
IndiGo has moved court against Delhi airport operator DIAL for its decision asking the airline to partially shift operations to Terminal 2, a senior civil aviation ministry official said on Tuesday.
Faced with capacity constraints, Delhi International Airport Ltd (DIAL) has asked IndiGo and SpiceJet to shift part of their operations from T1 to Terminal 2 (T2) – a proposal which has not found favour with the carriers.
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