Data recap: Growth in PMI, layoffs at Amazon

resilient growth

Indian manufacturing activity expanded at its fastest pace in 26 months in December, with the S&P Global Purchasing Managers Index (PMI) rising to 57.8 from 55.7 in November. This growth was driven by new orders, strong production expansion and easing input prices. Services PMI also rose to 58.5, the highest in half a year. PMI is based on company research, with 50 or above indicating growth. Among G20 countries, India had the highest manufacturing PMI.

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court stamp

The Supreme Court on Monday upheld the legality of the center’s 2016 decision to void its previous monetization. ¥500 and ¥1,000 notes. The 4-to-1 judgment said the government had the power to make decisions and did not comment on the economic merits of the policy. Central bank data, on the other hand, ¥In 2016-2017 it was 50% of the total value of banknotes, now it is only 14%.

shooting marathon

18,000+: That’s the number of employees tech giant Amazon will lay off, mostly from e-commerce and human resources departments, Reuters quoted CEO Andy Jassy as saying. This is more than his 10,000 job cuts, sources told the press in November. The headwinds facing the US tech sector amid a slowing economy have already led to thousands of layoffs as companies try to cut costs.

look to the game

The center on Monday released draft rules to regulate the growing online gaming sector. It proposes to introduce an online real money gaming platform under the IT (Intermediate Guidelines and Digital Media Code of Ethics) Regulations 2021, which also regulates social media. The draft defines “online games” as those “offered over the Internet and accessible via the computer’s resources if the user deposits in hopes of winnings”.

Revival of capital investment

In some good news, an Indian company has announced a worthwhile project ¥According to the Indian Center for Economic Monitoring, the third quarter saw a 44% year-on-year increase to $6.1 trillion. It was his highest in three quarters and the second highest since 2020. Capital spending announcements in the private space were even stronger, more than doubling him in a year. However, growth is still not widespread as it was dominated by a handful of states and primarily the manufacturing sector.

windfall tax

¥2,100/ton: This is the new windfall tax rate on crude oil. ¥1,700/liter earlier, the center said Monday. Windfall taxes on oil and aviation turbine fuel were also raised. Interest rates were first raised in July 2022 and have been adjusted several times since then. The first price hike was intended to support public spending at a time when oil producers were enjoying high profits due to higher international prices due to the effects of the Ukraine war.

cyber alert

The All India Institute of Medical Sciences server hack in November 2022 is a reminder that cybercrime of all sizes and forms is on the rise. According to a report released last week by CloudSEK, cyberattacks targeting the government sector nearly doubled worldwide last year, with India having the highest share (13.7%). Overall, in 2021, Telangana had the lowest incidence of 52,974 reported cybercrimes, Mint reported this week, citing official data.

Chart of the Week: Covid Curse

There are growing concerns about China’s reporting of covid-19 cases and deaths. Several countries have imposed restrictions on travelers from China. East Asian countries are reporting a sharp increase in COVID-19 infections. So does China, but the official data doesn’t show that.

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