Latest Business, Finance, and Share Market News as of 10:00 am on April 30, 2024

Finance Minister Nirmala Sitharaman emphasized the need for continued efforts and visionary leadership to achieve India’s goal of becoming the third-largest economy in the world. Contrary to Congress leader P Chidambaram’s assertion that this goal is inevitable, Sitharaman highlighted the significant progress made under Prime Minister Narendra Modi’s tenure, with India’s economy rising to the 5th position globally.

In another development, Nestle India refuted allegations of selling baby food products with high sugar content in less developed countries like India. Chairman Suresh Narayanan defended the company, stating that the sugar content in Cerelac is well within the prescribed limits set by the FSSAI, and poses no risk to children.

Economists predict a slowdown in the growth of India’s industrial output in the upcoming fiscal year, citing a high base effect and diminishing pent-up demand. This could impact GDP growth projections for FY25, with estimates ranging from 6.5% to 7%. The International Monetary Fund has forecasted a growth rate of 6.8% for the same period.

Exporters have urged for an increase in interest subvention under the Interest Equalisation Scheme, citing rising costs post the Red Sea crisis and subdued demand in key markets. The scheme, set to expire on June 30, provides reduced interest rates on export credit, benefiting various categories of exporters.

Reliance Consumer Products, a subsidiary of Reliance Retail, is focusing on expanding its distribution network for Campa Cola by setting up its own bottling units. The company aims to leverage its network to revive the iconic soft drink brand and enhance its presence in the market.

Digi Yatra, a digital travel platform, is set to introduce new features for international travellers, including integration with e-passports for seamless access to public places. The platform aims to streamline travel experiences and enhance convenience for users.

GIFT Nifty indicated a lacklustre opening for Indian equity indices BSE Sensex and NSE Nifty 50 on Tuesday, following a positive trend in the previous trading session. Market experts anticipate continued support from the banking sector and rotational gains in other segments.