Top Business and Finance News Highlights of the Week: 16 June 2024

Expresso Business and Finance News Highlights of the Week on 16 June 2024 Transcript

The week of June 16, 2024, brought a flurry of business and finance news highlights that are sure to impact various sectors in India. Let’s dive into some of the key updates that made headlines:

First up, India’s retail inflation based on the Consumer Price Index is expected to have risen to a three-month high of 5% in May. This increase is primarily attributed to the rise in prices of vegetables and pulses. If the headline print comes in at 5%, the overall index will rise 0.7% month-on-month, marking the highest pace in 10 months. The National Statistical Office is set to release the CPI data for May, providing more insights into the inflation scenario in the country.

In infrastructure news, the Centre revealed cost overruns exceeding Rs 5.5 lakh crore in 448 infra projects in April 2024. The ratio of cost overruns in central government projects surged to a 12-month high of 20.09% in April, highlighting the challenges faced in project execution. Despite these overruns, efforts are being made to streamline project completion and minimize delays.

On the renewable energy front, Adani Group is making waves by offering renewable power at a significantly lower rate in Sri Lanka. With wind power projects totaling 484 MW, Adani Group has proposed a rate of LKR 24.75 per unit, much lower than existing tariffs in the country. This move showcases the potential for renewable energy to drive sustainable development and economic growth in the region.

In corporate news, Nestle India has decided to maintain its royalty rate at 4.5% to its parent company, Société des Produits Nestlé. This decision comes after shareholders rejected a proposal to hike the royalty rate to 5.25% over five years. By respecting the feedback from stakeholders, Nestle India aims to maintain transparency and accountability in its operations.

The real estate sector in Tier-2 cities is experiencing a surge in growth, fueled by economic diversification and rising consumer demand. These urban centers are rapidly closing the gap with Tier-1 cities, attracting residents and investors alike. The pandemic-induced reverse migration patterns have further accelerated this trend, highlighting the potential for sustainable development in these emerging markets.

In the consumer space, a report by Accenture reveals that consumers in India are feeling overwhelmed by the abundance of choices and advertising in the market. This has led to a significant number of consumers abandoning purchases, emphasizing the need for brands to streamline their offerings and communication strategies to cater to evolving consumer preferences.

Lastly, Indian universities and higher education institutions are set to introduce biannual admissions, aligning with the practices followed by foreign universities. This move is expected to benefit students by providing more opportunities for admission and improving employment prospects through biannual campus recruitment drives.

Overall, the business and finance landscape in India is witnessing dynamic changes and opportunities, paving the way for sustainable growth and development across various sectors. Stay tuned for more updates and insights on Expresso Business and Finance News.

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