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India’s growth story continues despite Covid; more people turning into ‘job creators’

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Various waves of the Covid pandemic could not sweep off India’s growth story completely. Showing resilience India has registered 1.67 lakh companies in the financial year 2021-22 (April-March), according to a report by Ministry of Corporate Affairs (MCA).

The increase is significant considering that number of companies incorporated during Financial Year 2020-21 were the highest in any of the previous years.

The MCA had registered 1.55 lakh companies in 2020-2021. The incorporations during FY 2021-22 are 8 per cent more than the incorporations during FY 2020-21. While MCA had registered 1.24 lakh companies during FY 2018-19 and 1.22 lakh companies in 2019-20 respectively, it had registered 1.55 Lakh companies during FY 2020-21.

During FY 2021-22, the States having the highest number of registrations were Maharashtra (31,107 companies) followed by Uttar Pradesh (16,969 companies) Delhi (16,323 companies) Karnataka (13,403 companies) and Tamil Nadu (11,020 companies).

Sector wise, the maximum number of companies were incorporated in the Business Services (44,168 companies), followed by manufacturing (34,640 Companies) community, personal & social services (23,16 companies) and agriculture & allied activities (13,387 companies).

This also indicates that due to less availability of suitable jobs more and more people are opening their own businesses and are in turn becoming job creators.

The growth in GDP in India during 2021-22 is estimated at 8.9 per cent as against a contraction of 6.6 per cent in 2020-21. In value terms, GDP stood at Rs 38,22,159 crore in October-December 2021-22, higher than the Rs 36,22,220 crore in the corresponding period of the 2020-21.

Gross Value-Added (GVA) in the economy is expected to grow by 8.3 per cent in 2021-22 from a 4.8 per cent contraction in 2020-21, the National Statistical Office (NSO) said. Apart from the contact-intensive segment of trade, hotels, transport, communication & services related to broadcasting, all sectors are expected to surpass pre-pandemic GVA levels this year.

Even the MSMEs (Medium, Small, and Micro Enterprises) sector in India is set for an economic rebound, the latest ASSOCHAM-CRISIL joint study stated. It added that the sector is expected to achieve mid-teen growth in fiscal 2022 with the pick-up of economic activities.

Amidst the global pandemic, India has found its innate strength to brave the storm and focus on developing its domestic ecosystem, to support both the Indian and the global markets. The Aatmanirbhar Bharat vision that has been laid by the Hon’ble Prime Minister has enthused the Indian industry with confidence that will help us enhance our global play,” says MrDeepak Sood, Secretary General, ASSOCHAM.

Considered to be the engine of economies around the world, the MSME segment in India alone is estimated to have 6.3 crore units, which employs over 11.10 crore people. The sector accounts for 27 per cent of GDP and is crucial to the functioning of the economy, including in terms of employment generation, exports, and lending opportunities. The sector was the worst hit during the COVID-19 pandemic and the lockdown that followed in 2020.

Crediting MSMEs for putting the country on the firm path of economic recovery in 2022 after having had it tough in 2021, Bhushan Parekh, Director, CRISIL SME Solution, elaborated in the report, “A raft of measures by the government under its Aatmanirbhar Bharat banner has provided reprieve to MSME segment in recent months. These include Rs 20,000 crore subordinate debt for stressed MSMEs, Rs 50,000 crore equity infusion through MSME Fund of Funds (SRI Fund), 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for businesses, including MSMEs (which was subsequently increased to Rs 5-lakh crore in Union Budget 2022-23), change in definition of what constitutes an MSME, and no global tenders for government procurement up to Rs 200 crore.”

The report also notes that if MSME lending by banking and non-banking finance companies (NBFCs) in fiscal 2021 rose to 7 per cent on-year, then the credit is expected to grow by 7-9 per cent (around Rs 18-lakh crore) on-year in fiscal 2022 supported by favourable government measures as well as rise in demand.

While the banks continue to dominate around 80 per cent of the MSME-lending book, it is, however, expected to reverse in the future. One of the factors driving the change is the digitalization of the MSME sector. The digital footprint of MSMEs expanded in 2021, according to the CRISIL survey of over 500 MSMEs. This has not only helped in providing enhanced customer experience, operational efficiency and workforce enhancement, but also facilitates access to financial services.

MSME also has 50 per cent share in exports since the past five years. The report states that exports-linked MSME sectors have been on the path to recovery and will continue to do so in the next fiscal.

Business

Stock markets remain closed on account of Muharram

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Mumbai, June 26: Indian stock exchanges — the National Stock Exchange (NSE) and the BSE — remained closed on Friday on account of Muharram, with trading suspended across all equity market segments, including equity derivatives, currency derivatives, securities lending and borrowing (SLB).

Meanwhile, in the commodity segment, the Multi Commodity Exchange (MCX) remained closed during the morning session from 9 am to 5 pm.

Trading on the commodity exchange will resume in the evening session from 5 pm.

In addition, the National Commodity and Derivatives Exchange (NCDEX) — which primarily deals in agricultural commodities — remained closed for the entire day.

Following Friday’s Muharram holiday, the stock market will remain open for nearly three months before the next scheduled holiday on September 14 for Ganesh Chaturthi.

Thereafter, the bourses will remain closed on October 2 (Mahatma Gandhi Jayanti), October 20 (Dussehra), November 10 (Diwali-Balipratipada), November 24 (Prakash Gurpurb Sri Guru Nanak Dev) and December 25 (Christmas).

In the last session, the equity benchmarks ended their two-session winning streak on a positive note despite paring most of their intraday gains due to profit booking in IT and metal stocks.

Sensex settled over 100 points or 0.14 per cent higher at 77,100.47 after touching an intraday high of 77,803.18.

Similarly, Nifty ended higher, with an increase of 34.35 points or 0.14 per cent at 24,056.

Among Nifty constituents, Hindalco Industries, Power Grid, Bharti Airtel, ONGC, Infosys, NTPC, BEL, HCL Tech, HDFC Life, Asian Paints, Trent, Bajaj Finance, Bajaj Finserv, Tata Steel and Titan were top losers.

Moreover, the broader markets underperformed, with Nifty Midcap 100 and Nifty Smallcap 100 indices declining 0.5 per cent each.

As the holiday falls on a Friday, market participants will enjoy a three-day weekend, with trading set to resume on Monday, June 29.

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Indian markets open higher as crude oil prices hover near $70 mark

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Mumbai, June 25: Indian stock markets opened higher on Thursday as crude oil prices eased towards the $70-per-barrel mark, with tankers resuming their exit from the Strait of Hormuz following an initial peace deal between the US and Iran.

Sensex started the session up 400 points or 0.52 per cent at 77,391.07, while Nifty opened at 24,125.85, gaining over 100 points or 0.43 per cent.

Most sectoral indices traded in positive territory, led by Nifty Realty and Nifty Auto, gained up to 1 per cent.

Nifty PSU Bank, Nifty IT, Nifty Pharma, Nifty Oil & Gas, Nifty FMCG and Nifty Private Bank indices also advanced.

However, Nifty Metal was the lone major sectoral loser, declining 0.56 per cent.

From the Nifty pack, Hindalco Industries, Eternal, Bharat Electronics, Power Grid Corporation, ONGC, Infosys, Titan, Tata Steel, JSW Steel, ITC, Asian Paints and Coal India were among the top losers in early trade.

Category-wise, Nifty Microcap 250 gained 0.87 per cent, Nifty Midcap 100 rose 0.63 per cent, Nifty Midcap 50 advanced 0.61 per cent, and Nifty Smallcap 500 climbed 0.59 per cent.

Meanwhile, India VIX — the market’s fear gauge — slipped nearly 3 per cent to 13, indicating easing volatility.

According to analysts, the technical undertone remains positive as long as the Nifty sustains above the 24,000 mark. Immediate support is placed at 23,900, followed by the 23,790-23,750 zone if profit-booking intensifies.

“On the upside, the 24,090-24,150 zone remains the key resistance area, and a decisive breakout above this supply zone could trigger fresh short-covering, paving the way for a move towards 24,300,” they said.

Analysts further noted that supportive global cues and lower crude oil prices favour further gains, although traders should remain watchful of expiry-related volatility and evolving global monetary policy expectations.

Meanwhile, international benchmark Brent crude declined about 2 per cent to around $72 a barrel. Similarly, US West Texas Intermediate (WTI) crude fell 1.83 per cent to trade below the $70-per-barrel mark.

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Adani Group’s consolidated portfolio revenue stands at Rs 2.92 lakh crore in FY26: Chairman

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Ahmedabad, June 24: Gautam Adani, the Adani Group Chairman, on Wednesday said that FY2025-26 was another year of disciplined growth and strong execution for the Group, and its consolidated portfolio revenue stood at Rs 2.92 lakh crore, thereby reflecting a year-on-year growth of 7.4 per cent.

Addressing shareholders at the Adani Group’s 34th Annual General Meeting (AGM) 2026, Gautam Adani said they are now one of the very few global companies that are not reacting to the future but are prepared for it.

“At Adani Energy Solutions, our transmission order book rose to Rs 72,000 crore. We secured several major projects, including the Khavda South Olpad HVDC line, reinforcing our position as India’s only private sector player with proven HVDC capability,” the billionaire industrialist told the gathering.

“At Adani Power, we are implementing India’s largest ever private sector power capex programme of over Rs 2 lakh crore, with a target of reaching 45 GW of capacity over the next five years. We are also honoured to be partnering with the Government of Bhutan’s Druk Green Power Corporation. As part of this partnership, the Adani Group and the DGPC will jointly develop 5,000 megawatts of hydropower projects in Bhutan,” the Adani Group Chairman explained.

The Group’s entry into nuclear energy through Adani Atomic Energy is another confident step towards securing India’s long-term energy future.

“With land identified and a 10 GW targeted capacity by 2035, we are positioning ourselves early to serve the growing national demand for clean, round-the-clock power,” Gautam Adani noted.

“At Adani Total Gas, we accelerated and crossed the significant milestone of over 1.1 million Piped Natural Gas home connections. Given the current geopolitical situation, we are further ramping up our PNG projects to meet India’s rising demand for more accessible gas. Coming to connectivity and logistics, Adani Ports handled over 500 million tonnes of cargo in FY 2025-26, setting an unmatched benchmark for the nation and creating a clear pathway to one billion tonnes by 2030,” Gautam Adani highlighted.

The integrated network of ports, SEZs, logistics assets and expanding maritime services “places us in a unique position to keep gaining market share while lowering the cost and complexity of India’s trade”, the Adani Group Chairman noted.

“I am proud to specifically say that Vizhinjam, one of the most strategic ports on the global maritime route, delivered a record first year by crossing one million TEUs. This is the fastest pace ever achieved by any Indian port and a strong signal of India’s arrival on the global transshipment map,” said Gautam Adani during his speech.

In airports, the Group achieved two defining milestones with the opening of Navi Mumbai International Airport and the new integrated terminal building at Guwahati Airport, both inaugurated by Prime Minister Narendra Modi.

“Earlier this year, both these airports made it to the list of the World’s Seven Most Beautiful Airports. The commencement of operations at Navi Mumbai in December 2025 also marked a proud moment in India’s aviation landscape, with a 90-million-passenger-capacity-airport built in a world-record time of just over four years,” said Gautam Adani.

In digital and industrial infrastructure, the Group’s Data Centre business is firmly on the path to building a 3 GW platform by 2030.

“The binding MoU for a gigawatt-scale data centre with Google in Visakhapatnam reflects both the scale of the digital demand ahead, and the confidence that global technology leaders such as Google, Microsoft, Uber and Flipkart are placing on us,” the Adani Group Chairman noted.

“At Adani Cement, we contributed to iconic national projects ranging from the Chenab Railway Bridge to Navi Mumbai International Airport and the Umiya Dham foundation in Ahmedabad. Over the past year, our cement platform expanded significantly, with total capacity increasing to 110 MMTPA,” Gautam Adani added.

The Adani Group Chairman further added that in defence and aerospace, “our ambition became even bolder”.

“Our partnerships with Leonardo and Embraer are helping lay the foundation for integrated helicopter and regional aircraft manufacturing ecosystems in India. We are building a national aerospace platform that spans manufacturing, MRO, services and pilot training,” Gautam Adani said.

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