Today's Business Blitz-"Slow economy, Surprising lok sabha elections, Rupee Rise, and more"
5th June, 2024
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1. “India's Economy Slows Down: EAI-GVA Hits 18-Month Low, Reports Motilal Oswal1“
India's EAI-GVA growth decelerated to an 18-month low of 6.3% in April 2024.
EAI-GDP grew at a seven-month high rate of 5.5% YoY in April-24, mainly led by growth in consumption and investments.
Selected HFIs suggest weak economic growth for May-24.
India recorded a GDP growth of 7.8% in Q4FY24 and 8.2% for FY24.
Q1 FY25 real GDP growth is expected in the range of 6.0-6.5%.
#Research Reports#bqblue#GDP#AI
2. “Maharashtra Lok Sabha Election 2024 Winners: Complete List & Analysis”
BJP-led NDA (17 seats): Fell short of target with 17 seats.
Maha Vikas Aghadi (30 seats): Congress (13), Shiv Sena (UBT) (9), NCP (8) saw significant gains.
BJP lost significant ground, winning only 9 seats compared to 23 in 2019.
Notable Victories: Ravindra Waikar (Shiv Sena) in Mumbai North West (by 48 votes), Nitin Gadkari (BJP) in Nagpur, Shrikant Shinde (Shiv Sena) in Kalyan.
#Congress #Elections #bqtrends #Lok Sabha #Nation #BJP #Politics#bqfree
3. “Capex & Fiscal Resilience: Navigating Post-BJP Election Outcomes, Experts Reveal”
India's economic growth remains resilient despite election outcome uncertainty.
Government's focus on capex and fiscal consolidation expected to continue.
Coalition government raises policy uncertainty concerns, but "easy" reforms likely to proceed.
Welfare spending may rise but coexist with gradual fiscal consolidation.
Macro stability remains a key policy anchor.
UBS warns of potential populist bias in government policies.
#Elections #fiscal #Economists Reaction
4. “Rupee Rises: How Weaker US Labour Market Boosts Indian Currency Against Dollar”
Rupee gains against dollar: The Indian rupee strengthened by 6 paise to close at 83.46 against the US dollar on Wednesday.
Weakening US labor market: The dollar index rose on signs of a cooling US labor market, with job openings in April falling below expectations and the March figure being revised lower.
RBI support: The Reserve Bank of India (RBI) reportedly intervened to protect the rupee at 83.50, but the currency closed slightly weaker at 83.53.
#Markets#Business#RBI#bqfree#Market
5. “Surprising Lok Sabha Election Results: The Mandate for Continuity, Decoded by Motilal Oswal”
BJP-led NDA wins unprecedented third consecutive term in Lok Sabha elections, securing 296 seats.
BJP's tally falls short of Exit Poll and party's own target.
Markets react negatively, with Nifty-50 and Midcap/small-cap indices declining significantly.
Opposition INDIA Alliance improves tally to 231 seats, with Congress doubling its seats to 99.
#elections #Congress #Lok Sabha #bqblue
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