One of the major initiatives under consideration is Foxconn's new mobile phone assembly unit, known as Project Elephant, to be established in Karnataka. With a substantial investment of ₹22,000 crore, the project aims to create over 40,000 jobs.
Despite stock market declines and some economic uncertainties, the Reserve Bank of India (RBI) aims to manage inflation and support growth, projecting a 7.2% increase for the year. The stable rate benefits borrowers by keeping Equated Monthly Instalments (EMIs) steady, though loans tied to the marginal cost of funds-based lending rate (MCLR) might still see rate hikes. Future Monetary Policy Committee (MPC) meetings are scheduled for Oct 7-9, Dec 4-6, in 2024, and Feb 5-7, 2025.
The resignation and departure of Bangladesh Prime Minister Sheikh Hasina amid violent protests have significantly disrupted India-Bangladesh trade, halting truck movement at key border points. The crisis has led to an estimated $300 million loss in export trade and nearly stalled exports. Businesses in Indian border states report over 80% decline. The situation might also delay a potential free trade agreement between the two nations.
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A special Air India flight brought 205 people, including 6 infants, from Dhaka to New Delhi on Aug 7 morning, an official said. Meanwhile, IndiGo said its special flight flew from Dhaka to Kolkata on Aug 6 to bring back Indian nationals from Bangladesh.
The 30-share BSE Sensex jumped 1,092.68 points to 79,852.08 in early trade. The NSE Nifty surged 327 points to 24,382.60.
For the fiscal year 2024-25, as of July 31, 2024, the number of registered MSMEs stands at 63.41 lakh.
The 30-share BSE Sensex plummeted 2,222.55 points or 2.74% to settle at over a month's low of 78,759.40, marking its worst single-day retreat since June 4, 2024. Nifty also saw its worst single-day fall since June 4, 2024, when markets crashed more than 5% due to general election results.
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