Business
RBI says momentum in economic recovery to continue in FY23
India’s economic recovery from the pandemic shock has sustained in FY22 and the momentum is expected to broadly continue through the ongoing FY23, though with risks of downside from the geopolitical shock and its spillovers, said the RBI’s Annual Report for 2021-22 released on Friday.
Despite the risks, the report said the recovery is “getting entrenched and is broadening”, besides the Union Budget for FY22 envisioned the roadmap for ‘India at 100’, with a focus on demand side measures.
The substantial increase in government capital expenditure outlay could crowd-in private investment and “propel a virtuous cycle, thereby improving aggregate demand”.
Furthermore, the National Infrastructure Plan (NIP) amounting to Rs 100 lakh crore and the National Monetisation Pipeline (NMP) involving Rs 6 lakh crore – both targeted for completion by FY25, are also expected to give a major thrust to infrastructure spending, it added.
“The focus on supply side management through ‘process reforms’, facilitating the smoothening and simplification of processes in some sectors where government’s presence as a facilitator or regulator is necessary, would help improve the resilience of the Indian economy.”
Overall consumer and business confidence remains resilient in spite of the third wave on the back of the accelerated pace of vaccination and better prospects for economic activity.
“A full recovery in aggregate demand is, however, contingent on a turnaround in private investment. On the supply side, there is a resurgence in mining and manufacturing sectors. The services sector, which felt the brunt of the pandemic, is staging a broad-based recovery since Q2FY22.”
The report stressed upon reforms in the labour market so as to adapt to the pandemic by reskilling workers.
On financial markets in FY22, the report said that abundance of liquidity and accommodative monetary policies in major economies had pushed financial asset prices to all-time highs. The market was bolstered also by stimulus packages and easing of Covid-19-led restrictions.
The financial markets in India remained vibrant amidst easy liquidity conditions, although the severe second wave of the pandemic during April-May 2021 dampened sentiments. The equity market continued to register double digit growth in FY22 in sync with the global peers with optimism on large scale vaccine rollouts and resurgence in economic activities.
Notably, the direct participation of retail investors in equities continued to increase, with the opening of 3.46 crore Demat accounts during FY22, as against 1.42 crore opened during the previous year. During the fiscal, on an average, 28.8 lakh Demat accounts were opened every month, which is higher than 11.8 lakh per month in the previous year and 4.2 lakh Demat accounts per month in 2019-20, the annual report said.
Business
After Meta, Google to report child sexual abuse content directly to Indian authorities

New Delhi, Sep 22: After Meta, US tech giant Google will report content flagged as child sexual abuse material (CSAM) directly to the Indian authorities, contrary to the long‑standing global practice of routing such reports through a US non‑profit organisation.
Meta announced a similar change last week after Indian officials pressed major tech firms in recent weeks to speed up reporting, citing concerns that the existing system delays reports considerably.
Google “invests significantly to detect, deter, remove, and report child sexual abuse material,” a company spokesperson said, describing the change as part of the company’s “ongoing discussions with the government of India.”
Meta and Alphabet’s Google used to send tips to the US‑based National Center for Missing & Exploited Children (NCMEC) which then relayed them to local law enforcement, according to reports.
Such a practice could cause dangerous delays in cases where children may be at immediate risk as reports pass through an intermediary before reaching domestic police who can act on the ground.
The US nonprofit that erstwhile used to receive such reports first hand runs CyberTipline portal that recorded nearly 21.3 million reports from around the world of suspected child sexual exploitation in 2025.
India remains the largest market by user count for both Meta’s Facebook and Google’s YouTube. Meta’s shift in policy comes after weeks of friction with New Delhi, including an apology last month by CEO Mark Zuckerberg over the spread of child sexual abuse material on the company’s platforms.
Technology and law enforcement officials in the United States, the European Union and elsewhere have urged platforms to bolster detection and reporting. However, most countries continue to route reports through the US nonprofit as the primary international clearing house.
The Central government, in July, directed Google to take down multiple Firebase web development accounts that were impersonating the websites and mobile apps of major public- and private-sector banks and other financial institutions.
Business
Sensex, Nifty open marginally higher over crude price correction

Mumbai, Sep 22: The Indian equity markets inched up slightly on Tuesday morning, tracking positive global cues and correction in global crude prices.
As of 9.20 am, Sensex added 64 points, or 0.10 per cent, to reach 74,914 and Nifty gained 34 points, or 0.15 per cent, to reach 23,449.
Main broad-cap indices outperformed gains of the benchmark indices, as the Nifty Midcap 100 added 0.33 per cent, and the Nifty Smallcap 100 advanced 0.4 per cent.
Sectoral indices on NSE traded in green except Nifty IT down 1.09 per cent and FMCG down 0.01 per cent. Nifty realty was the top gainer, up 1 per cent, followed by chemicals, up 0.64 per cent.
“With precious metals stabilising and fixed income returns becoming attractive, investors can now opt for a multi-asset strategy,” an analyst said.
WTI crude trading in the $92–$93-a-barrel range and a stronger rupee provided additional comfort on the broader macroeconomic front.
Global risk sentiment has improved, with US equities posting strong gains and Asian markets largely positive, while softer crude prices have eased some pressure on oil-importing economies.
In the previous session, Nifty surged 0.29 per cent and closed at 23,414. Immediate support is placed at 23,250–23,300, while resistance is seen at 23,550–23,600.
In the previous session, Bank Nifty closed at 56,470, up 0.20 per cent. Immediate support is placed at 56,000–56,300, while resistance is seen at 56,800–57,000, said analysts.
In Asian markets, China’s Shanghai index gained 0.22 per cent, and Shenzhen added 0.62 per cent, Japan’s Nikkei added 1.38 per cent, and Hong Kong’s Hang Seng Index added 0.41 per cent. South Korea’s Kospi added 1.89 per cent.
The US markets ended in green overnight as Nasdaq gained 2.26 per cent. The S&P 500 added 1.49 per cent, and the Dow Jones added 0.71 per cent.
On September 21, foreign institutional investors (FIIs) net sold equities worth Rs 576 crore, while domestic institutional investors (DIIs) bought equities worth Rs 2,800 crore.
Business
FM Sitharaman meets JPMorgan CEO Jamie Dimon in Mumbai

Mumbai, Sep 21: Finance Minister Nirmala Sitharaman on Monday met Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase & Co., during the 11th edition of the JPMorgan India Investor Conference in Mumbai.
According to the Finance Ministry, Dimon interacted with the finance minister on the sidelines of the conference, which brought together investors, policymakers and corporate leaders to discuss India’s economic outlook and investment opportunities.
FM Sitharaman also addressed participants at the event and took part in a fireside chat with Sajjid Chinoy, Head of Asia Economics at JPMorgan.
“Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co., interacts with FM Sitharaman during the J.P. Morgan India Investor Conference in Mumbai, Maharashtra,” the finance minister posted on social media platform X.
” FM Sitharaman addressed the gathering and participated in a fireside chat with Sajjid Chinoy, Head of Asia Economics at JPMorgan, during the 11th edition of the J.P. Morgan India Investor Conference in Mumbai, Maharashtra,” the finance minister added.
The meeting comes as JPMorgan said in a recent report that a combination of tax reforms and regulatory measures had enhanced the attractiveness of equities for domestic investors, helping sustain robust inflows despite relatively muted market returns over the past two years.
The brokerage noted that changes in the taxation framework for long-term capital gains, debt mutual funds and certain insurance products have improved the relative appeal of equities.
It said these measures, alongside rising participation through systematic investment plans (SIPs), are supporting a continued shift of household savings toward financial assets.
According to JPMorgan, domestic investors have increasingly emerged as a stabilising force for Indian markets, offsetting bouts of volatility triggered by foreign portfolio investor outflows and global uncertainties.
The report highlighted that retail participation has remained resilient even during periods of modest benchmark returns, signalling a structural change in investment behaviour.
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