The business landscape in India is experiencing a significant shift as new investment projects announced in the March quarter have seen a sharp 29% decline, totaling Rs 11.3 trillion. This trend, extending from the previous two quarters, raises concerns about the government’s optimistic economic outlook for the new fiscal year. Both private and government investment announcements have decreased at a similar rate, according to data from the Centre for Monitoring of Indian Economy.
On the retail front, Aditya Birla Fashion and Retail (ABFRL) has been strategically expanding the presence of Reebok, the sportswear brand it acquired distribution rights for in December 2021. With plans to tap into India’s Rs 20,000-crore organized sports footwear market, ABFRL aims to compete with major players like Puma, Adidas, and Nike.
In the agricultural sector, the government has initiated a wheat procurement drive to bolster stocks, which have hit a 16-year low. The target for the rabi marketing season is set at 30 to 32 million tonnes, with hopes of boosting stocks and facilitating open market sales by the Food Corporation of India.
Meanwhile, the railways have achieved a milestone in electrifying tracks and increasing freight loading in the financial year 2023-24. With 7,180 route kilometers of tracks electrified and a five percent increase in freight loading compared to the previous year, the national transporter is making significant progress.
Additionally, the Reserve Bank of India (RBI) has reported that nearly 97.69% of the Rs 2000 denomination bank notes have returned to the banking system, signaling a successful withdrawal process. The aviation sector has also seen positive developments, with the Bureau of Civil Aviation Security issuing guidelines to address flight delays and passenger inconvenience.
As the stock market prepares for a weak opening, investors are keeping an eye on key stocks like Aditya Birla Fashion, Maruti Suzuki, and Infosys. Stay tuned for more updates on these developments.