Trend Reversal

TWO YEARS after the covid-19 pandemic, the Indian economy is expected to see a reversal in growth trends. Real GDP is expected to rise 7% in 2022-23, showed official estimates released last Friday. The contact-intensive services sector has got back on track and may see the highest growth rate in 2022-23, outpacing the overall growth by 2.1 percentage points. On the contrary, industry, which clocked double-digit growth in the previous year, is seen slowing sharply to just 4.1%.

Golden Moment

REGIONAL CINEMA had a great year in 2022, with many movies making it to the top grossing chart. And 2023 also began on a historic note, with S.S. Rajamouli’s RRR getting India’s first-ever Golden Globe award. The song Naatu Naatu from the film won the best original song, beating Taylor Swift and Rihanna, among others. In terms of collections, RRR was a hit at home and abroad. It was behind only K.G.F: Chapter 2 in terms of gross domestic collections last year, and by a small margin.

Staffing Concerns

2,197: THAT’S BY how much Tata Consultancy Services’ staff count shrank in the October-December quarter—a first in 10 quarters. Infosys added a net 1,627 to its headcount. Both companies reported a decline in their attrition rate in their earnings announced this week. The software services sector spent much of 2022 struggling with high attrition. While TCS’ net profit missed analysts’ estimates, Infosys exceeded expectations.

MF Updates

MONTHLY NET inflows into equity-oriented mutual fund (MF) schemes—open- and close-ended ones— rose to ₹7,280 crore in December, rising threefold from November, showed data from the Association of Mutual Funds in India. This was the 22nd consecutive month of positive inflows into equity MFs. Small-cap funds saw net inflows of ₹2,245 crore, mid-cap funds saw inflows of ₹1,962 crore, and large- and mid-cap funds saw inflows of ₹1,190 crore.

Covid Alarm?

THE EXPLOSIVE surge in covid-19 infections in China after it ditched its zero-covid policy has led to a spurt in infections also in countries of East Asia and Europe, as well as the US. India has remained relatively unscathed, despite low booster dose coverage. Over 16% of India’s population has taken the booster shot, with Telangana, Gujarat and Sikkim leading the coverage, showed a Mint analysis. Experts attribute India’s insulation to ‘hybrid immunity’, a result of prior infection and vaccination.

Brazil Riots

1,200+: THAT’S THE number of protesters arrested for rioting in Brazil after they stormed the presidential palace, the Supreme Court and the National Congress on Monday. They are supporters of Jair Bolsonaro, the far-right president who lost the October 2022 elections, and were protesting against the new president, the left-leaning Luiz Inácio Lula da Silva. Bolsonaro has not conceded defeat yet and his supporters claim the results were “rigged”.

Cold and Unbreathable

DELHI’S AIR quality was severely bad for much of the past week due to adverse meteorological conditions. The Commission for Air Quality Management has directed Delhi and nearby regions to implement anti-pollution curbs strongly. In response, the Delhi government banned plying of Bharat Stage-III petrol and Bharat Stage-IV diesel cars. The 24-hour average air quality index in Delhi improved on Wednesday to 308 (“very poor”), but again rose to 372 on Thursday.

Chart of the Week: EV Milestone

IN A first, over 1 million electric vehicles (EVs) were sold in India in 2022. Also, every 20th vehicle registered in India last year was an EV, shows data. Yet, globally, India is still way behind Europe and China, where over 3 million and 6 million EVs, respectively, were sold in 2021.

Follow us on #MintCharts (https://twitter.com/hashtag/MintCharts) on our social media handles.