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Real GDP to grow at around 9.5% in FY22: SBI Ecowrap

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India’s real GDP is expected to grow at around 9.5 per cent in 2021-22 on a year-on-year (YoY), an SBI Ecowrap report said on Saturday.

The report comes a day after the National Statistical Office (NSO) released the First Advance Estimates of National Income for financial year 2021-22.

Accordingly, the estimates had said that India’s economy is expected to clock a growth of 9.2 per cent in terms of real GDP for FY22.

The NSO data had indicated that Real GDP’ or ‘GDP at Constant Prices’ (2011-12) in the year 2021-22 rose to Rs 147.54 lakh crore from Rs 135.13 lakh crore, the ‘Provisional Estimate of GDP’ for the year 2020-21.

The Ecowrap report said: “We believe that NSO’s estimate is on the conservative side, as the calculated GDP growth for H2FY22 for construction comes at (-) 0.9 per centa Services is at a mere 2 per cent for H2FY22.

“We still believe that real GDP will grow at around 9.5 per cent in FY22. Meanwhile, this estimate however has a shelf-life of only two months and is only used as an input for budget arithmetic.”

Besides, the report said that the NSO will release the first revised estimate of FY19, FY20 and FY21 on 31 Jan’21.

“We believe that for FY22 the figures would be revised again in February’21 and May’21.”

As per the report, going forward, even if the rising Covid infections could impact mobility, yet economic activity is not expected to get affected much.

“Cases have been rising significantly in India as well as across the globe. However, studies so far reveal that the current Omicron variant is less severe than the Delta variant. Data also substantiates this fact,” the report said.

“While number of new cases increased from 1.3 crore in October’21 to almost double to 2.5 crore in December’21 the number of deaths remained constant (just 2,200 more deaths occurred in Dec as compared to Oct).”

In addition, the report said that taking into account the revised GDP figures, “even if we consider the additional spending announced by the government in early Dec’21 fiscal deficit of the government still comes at Rs 15.88 lakh crore or 6.8 per cent of the GDP”.

“For FY23, the fiscal consolidation should remain limited to 30-40 bps from the current fiscal.”

Business

Tesla rolls out Halloween Mode for ‘Model Y’ in India

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Tesla India on Friday said it launched a new software update for Model Y and Model Y L vehicles that adds a range of Halloween-themed features, highlighting the company’s over-the-air (OTA) software update capabilities.

According to the Elon Musk-backed firm, the update allows Tesla vehicles to receive new features and improvements remotely without requiring a visit to a service centre.

Halloween Mode includes a ghost-themed vehicle avatar, Halloween sound effects, special lighting sequences, seasonal vehicle wraps and a themed lock sound, it said.

The update also introduces a ‘Trick or Treat Mode’ which activates sound and lighting effects when visitors approach the vehicle.

Other features include a photobooth function and a voice messaging feature that allows users to speak through the Tesla app and have the vehicle relay messages, the company said.

Tesla said customers can experience the new features at its Experience Centres across India.

The company currently operates those centres in Noida, Delhi, Gurugram, Chennai, Hyderabad, Bengaluru and Mumbai and has approved collision centres in Pune and Ahmedabad.

Earlier in October, Tesla CEO Elon Musk showcased a new version of the Roadster sports car with a prototype briefly lifting off the ground during a demonstration at a SpaceX facility in Texas.

A post on X shared by Musk showed the vehicle navigating an elevated curved track before becoming airborne for a short distance and landing safely, drawing comparisons to a flying car.

The showcase highlighted a specialised propulsion system that combines the electric vehicle platform with high-pressure air tanks and thruster technology.

According to Tesla, the system can generate lift and improve vehicle dynamics through strategically placed thrusters that help control movement while off the ground.

The test prompted enthusiastic reactions from company executives, who described it as evidence that flying-car technology is moving closer to reality. Tesla, however, did not provide a timeline for commercial deployment.

Musk said the vehicle would remain practical for everyday use, although he acknowledged that road legality could depend on local regulations.

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Maha CM directs development of state-of-the-art digital platforms for aggregator companies

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Maharashtra Chief Minister Devendra Fadnavis on Thursday directed the transport department to build a state-of-the-art digital platform to provide real-time information on aggregator companies’ vehicles, drivers, and working hours, aiming to make app-based passenger transport services in the state safer, more transparent, and well-organised.

He instructed that this platform should integrate Artificial Intelligence (AI)-based analytics to maintain effective control over vehicle operations, driver dispatch, parking management, and passenger services.

CM Fadnavis gave these instructions during a meeting concerning the Maharashtra Aggregator Rules-2026. The review covered the growing number of vehicles in the aggregator sector, the challenges faced by independent taxi drivers, passenger safety, and transparency in ride allocation on digital platforms. Transport Minister Pratap Sarnaik, Additional Chief Secretary (Transport) Sanjay Sethi, Transport Commissioner Rajesh Narvekar, and other transport department officials were present.

The Chief Minister directed that complete digital details must be available for every vehicle operated by aggregator companies. This includes registration, assigned parking locations, driver profile, driving license, police verification, and other required documents.

Additionally, the system must maintain real-time logs indicating which driver is operating which vehicle across various shifts throughout the day. In the event of an incident, a robust mechanism should ensure that details regarding the vehicle and driver are immediately accessible.

By leveraging artificial intelligence on this platform, the system will analyse vehicle operations, driver shifts, and other critical parameters. This will allow regulatory authorities to monitor compliance with rules and enable prompt action whenever necessary, he said.

CM Fadnavis highlighted the need to verify whether independent taxi drivers and large fleet management companies receive equal opportunities when rides are allocated on app-based transport platforms.

He noted that it is essential to audit the criteria and reasons based on which specific vehicles are assigned rides on digital platforms. He directed officials to utilise technology to detect any bias or unfair discrimination in ride allocation algorithms.

The Chief Minister stressed that while passengers must receive safe and reliable service, local drivers must also get equal employment opportunities.

To achieve this, priority must be given to effective enforcement of rules, transparent ride allocation, and technical oversight of aggregator operations.

In light of the expansion of the state’s aggregator sector and growing passenger needs, he directed the Transport Department to develop an efficient, technology-driven regulatory framework that balances the interests of independent taxi drivers, passenger safety, and overall traffic discipline.

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Nifty, Sensex post early mild gains despite mixed global cues

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The Indian equity markets opened with mild gains early on Thursday despite mixed global cues and elevated crude prices.

As of 9.25 am, Sensex added 168 points, or 0.23 per cent, to reach 73,414 and Nifty gained 45 points, or 0.20 per cent, to reach 22,744.

Main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 gained 0.25 per cent, and the Nifty Smallcap 100 added 0.13 per cent.

Sectoral indices on NSE traded mixed with gains led by Nifty IT, up 0.80 per cent and pharma, up 0.30 per cent. Nifty private bank and media were among top losers, down 0.18 per cent and 0.16 per cent, respectively.

The opening gain of benchmarks may remain selective unless the Nifty decisively crosses 22,800, as the Federal Reserve’s policy message, elevated crude and high US bond yields continue to restrict broader risk-taking, an analyst said.

Brent crude remains elevated near $114.50 a barrel amid persistent geopolitical uncertainty, keeping energy costs high and leaving oil-sensitive sectors exposed to sustained cost pressures.

The Federal Reserve kept its policy rate unchanged, but two members voted for an increase, and markets raised expectations of another hike in December. The US 10-year Treasury yield consequently moved to around 5.02 per cent, indicating that the policy pause has not materially loosened global financial conditions.

Unless yields stabilise below recent levels, dollar assets may continue competing with emerging markets for capital and limit the durability of foreign inflows into India, market participants said.

In the previous session, Nifty closed at 22,698, down 0.22 per cent, after a recovery was capped by profit booking. Immediate support is placed at 22,600–22,650, while resistance is seen at 22,850–22,900.

In the previous session, Bank Nifty closed at 54,267, up 0.54 per cent. Immediate support is placed at 53,800–54,000, while resistance is seen at 54,600–54,800.

In Asian markets, China’s Shanghai index declined 0.82 per cent, and Shenzhen dipped 2.48 per cent, Japan’s Nikkei added 0.28 per cent, and Hong Kong’s Hang Seng Index advanced 0.06 per cent. South Korea’s Kospi lost 2.72 per cent.

The US markets ended in green overnight as Nasdaq added 0.27 per cent, S&P 500 gained 0.28 per cent, and the Dow Jones inched up 0.19 per cent.

On October 28, foreign institutional investors (FIIs) net bought equities worth Rs 872 crore, while domestic institutional investors (DIIs) bought equities worth Rs 643 crore.

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