Top Stories | CNBC-TV18’s Global Leadership Summit concludes, Piyush Goyal, RBI Guv, India Inc share insights and more
India’s former CEA KV Subramanian and veteran banker Uday Kotak outlined strategies for keeping India’s GDP growing at 8% per year, aiming to make India a developed economy by 2047. Market expert Ramesh Damani offered up some investing tips, highlighting the power of compounding for beginners, while Wipro’s Executive Chairman Rishad Premji weighed in on the unicorn startup craze, calling it “overhyped” and advocating for a focus on creating sustainable value instead.
On the macro front, October saw WPI jump to a 4-month high of 2.36%, triggering jitters on the Street with the Nifty taking a hit for the sixth day in a row. Yet, there were bright spots: Hero MotoCorp posted solid profit growth, showing that consumer demand is holding strong.
Meanwhile, the CCPA has launched a probe into Ola Electric after a string of consumer complaints. And for a light-hearted moment—Infosys co-founder Narayana Murthy closed things out with a rendition of Elvis Presley’s, “Can’t Help Falling in Love.”
Piyush Goyal demands a rate cut, RBI Governor’s speech follows — all the action at Global Leadership Summit
Global Leadership Summit 2024 kicks off with a gripping debate over growth and interest rates. India’s Commerce and Industry Minister Piyush Goyal said the RBI must definitely cut interest rates. Governor Shaktikanta Das’ speech followed soon after and, indirect as it may be, he had a response.
Goyal said the Reserve Bank of India (RBI) must cut interest rates to boost growth, just days ahead of the next monetary policy review starting December 4. The view is in sharp contrast to that of the RBI Governor Shaktikanta Das who insists on waiting for retail inflation to fall to 4% before moving the needle on interest rates.
India wholesale inflation touches four-month high of 2.36% in October
The government has released the wholesale price index (WPI) data for the month of October on Thursday, November 14. The wholesale inflation came at 2.36%, touching its highest level in four months. In September, the wholesale inflation came at 1.84% and in August it came at 1.31%. The country’s core inflation also rose 0.3% in the month, compared with 0.1% in September, the data showed.
Ramesh Damani calls compounding the ‘eighth wonder’, shares advice for new stock market investors
Market veteran Ramesh Damani believes that compounding is the “eighth wonder of the world” and advises Young India to understand how compounding works in the stock market. In an interaction during the CNBC-TV18’s Global Leadership Summit, Damani shared his learnings from the stock market from the last three decades.
The first advise Damani has for the new investors in the stock market is to remain broadly invested and that the market cannot be timed.
RBI Governor says draft circular on expected credit loss soon
The Reserve Bank of India (RBI) will soon release a draft circular on expected credit loss (ECL), a new mechanism to provide for loans that could sour in the future, Governor Shaktikanta Das said at the CNBC-TV18’s Global Leadership Summit on Thursday (November 14).
The comment came just days before the RBI’s next Monetary Policy Committee (MPC) meeting scheduled to begin on December 4.
R.O.T.I, one of five ways India can grow fast for 25 straight years
India’s average annual GDP growth has been 6.1% for the last 15 years. The nearly $4-trillion developing economy wants to be a developed $55 trillion economy by 2047. India’s GDP has to grow at least 8% every year for the next 25 years to reach the desired goal of being a developed economy, according to former chief economic advisor KV Subramanian, who is now an Executive Director at the International Monetary Fund (IMF). Veteran banker Uday Kotak suggests five fundamental changes that India needs to grow at 8% every year sustainably.
One of India’s biggest bankers still dismisses bitcoin
Even as bitcoin rallies to fresh highs with its market capitalisation hitting over $1.7 trillion, veteran banker Uday Kotak remains sceptical about the future of cryptocurrency.
Speaking at the CNBC-TV18 Global Leadership Summit, the founder and director of Kotak Mahindra Bank said he is “not excited by it,” despite growing enthusiasm around crypto following Donald Trump’s victory in the US presidential elections.
Nifty ends weekly expiry session unchanged but posts significant losses for the week
The Nifty 50 extended its losses for the sixth consecutive session on Thursday, closing below the 23,600 mark, as continued foreign investor selling weighed on sentiment. Investors remained concerned that persistently high inflation could delay potential interest rate cuts by the Reserve Bank of India, further dampening market optimism.
Hero MotoCorp beats Q2 estimates with 14% net profit growth
Hero MotoCorp posted a 14.2% year-on-year (YoY) increase in net profit to ₹1,203.5 crore for the September quarter, surpassing the CNBC-TV18 poll estimate of ₹1,156 crore. Revenue climbed 10.8% YoY, reaching ₹10,463.2 crore, also topping the forecasted ₹10,271 crore and signalling robust demand amid market challenges.
Jefferies’ Chris Wood: ‘Won’t change India stance due to Trump fears’
A Trump presidency wouldn’t significantly alter India’s growth trajectory, said Chris Wood, Global Head of Equity Strategy at Jefferies. Speaking at CNBC-TV18’s Global Leadership Summit in Mumbai on Thursday, November 14, 2024, the ace investor addressed concerns about the US elections and their potential impact on emerging markets, particularly India.
Exclusive: CCPA orders probe into Ola Electric following consumer complaints
The Central Consumer Protection Authority (CCPA) has ordered a comprehensive investigation into Ola Electric following a surge of consumer complaints, according to CNBC-TV18 sources. The Director General (DG) Investigation, which is under the Bureau of Standards, and works under the aegis of the Consumer Affairs Ministry is going to lead the probe, prompted by what officials described as “unsatisfactory” responses from Ola Electric on prior complaints.
Rishad Premji calls unicorn craze ‘overhyped’
Rishad Premji, Executive Chairman of Wipro, expressed his views on the growing focus on unicorn startups, calling the craze “overhyped.” Speaking about the current startup landscape at the CNBC-TV18 Global Leadership Summit in Mumbai on Thursday, Premji emphasised the need for sustainable growth and long-term value creation, rather than being fixated on valuations.
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