Relief, or Not?
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India’s retail inflation rate finally fell below 6% for the first time this year, coming in at 5.88% in November, data released this week showed. The sharp decline from 6.77% in October was driven by a drop in vegetable prices. However, don’t expect the Reserve Bank of India to pause its rate hikes just yet. Vegetable prices are known to drop at this time of the year. Several other key items under the food group saw an uptick in inflation, including cereals and milk, and related products.
Tech Wizards
Infosys, a pioneer in India’s information technology (IT) revolution, celebrated four decades of existence at an event in Bengaluru this week (it turned 40 in July 2021). The co-founders of India’s second-largest IT services firm used the moment to recollect its early years. In the last five years under chief executive officer Salil Parekh, the company’s stock has risen more than fourfold. Parekh is the sixth person to serve as CEO, the title first held by N.R. Narayana Murthy (1981 to 2002).
A World-beater
That’s how much the shares of mining company PT Adaro Minerals Indonesia have gained this year so far, becoming the world’s best performing stock, Bloomberg reported. The second-best stock on the 2,803-member Bloomberg World Index was Turkish Airlines, which gained 618%. The company has been lucky as coal prices have risen: it reached nearly 3,000 Indonesian rupiah since its debut at 100 rupiah. It is currently trading around 1,600 rupiah.
New Year’s Dread
The biggest dread for economies and markets in the new year is a slowdown. The biggest contributors to world GDP—the US, China, and the EU—are expected to slow from their long-term trends in 2023. Among the top economies that make up 75% of the global economy, only Japan and Spain may see growth better than their 10-year averages, according to International Monetary Fund projections. For India, the growth rate is likely to slow by 0.8 percentage points, a Mint analysis showed.
House in Session
The Parliament’s Winter Session began on 7 December. It has seen some ruckus over India-China troop clash in Arunachal Pradesh. In reply to a discussion on the Centre’s supplementary demand for grants, finance minister Nirmala Sitharaman said the government was working to further curb inflation. Sixteen new bills are on the Centre’s agenda. The previous session lagged on legislation, as per PRS Legislative Research. Will the Winter Session be better?
Aiming High
That’s the number of jetliners for which Air India is said to be close to placing orders from Airbus and Boeing, Reuters reported, quoting unidentified persons in the industry. This includes 400 narrow-body jets and 100 or more wide-body ones. The deal could be worth $100 billion, and could rank among the biggest by a single airline in terms of volumes, according to Reuters. Tata Group, which operates the airline, has made no official comment on the matter.
Airport Jams
Air passengers in India are an angry lot these days as the country’s biggest airports are getting crowded. Lengthy queues have been reported at all points at the Delhi, Mumbai and Bengaluru airports—entry, check-in counters, security, and immigration. The strength of security staff was inadequate to cater to the surge in travel demand, as more passengers travel by air than pre-covid levels. The ministry of civil aviation has stepped in, with the Delhi airport now taking steps to decongest.
Chart of the Week: Young Talent
Indian batter Ishan Kishan struck the fastest double century, in just 126 balls, in a one-day match against Bangladesh on Saturday. This was only the ninth time a batter has scored more than 200 runs in a single innings, but 24-year-old Kishan was the youngest.
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Elsewhere in Mint
In Opinion, Himanshu says a bleak picture lies behind shining GDP data on farming. Devaki Jain tells the Global South missed an opportunity better than G20. Parmy Olson warns of a dangerous Twitter rabbit hole. Long Story tells who moved your cheese, your chef and your waiter.
