Nothing could have saved Indian corporates from showing a very dismal performance in their last quarterly results, even Prime Minister Modi’s Indian Ocean visits. One newspaper even stated that “Indian companies are on track for their worst earnings season in more than two years on weak demand for goods and services, adding to reasons for investors’ waning enthusiasm for local stocks.”
Aggregate net profit of 101 companies that have announced their March quarter earnings fell 9.23%, their worst performance since at least the quarter ended December 2012. Modi’s efforts to boost economic growth by effecting reforms in labour laws, increase of spending on infrastructure, partnering with neighboring countries and clearing projects that are stuck because of environmental and land-related problems have yielded little in terms of reviving corporate profitability, even though a new way of calculating gross domestic product showed that the nation’s economic growth had outpaced China’s in the December quarter.
However, the Deal Street seems to have nothing to do with the quarterly performance of companies, many bold headlines were seen in the last fortnight on fresh funding and angel investments. Apart from the that countries like Russia is keen to invest more in India as it is looking for alternate markets to divert its funds from the US and EU following the turmoil in Ukraine. Education as a sector can benefit if government plans to infuse foregoing funds in the sector materializes.
But does all the above that make India a Happy nation? No says, a new global ranking of the happiest nations, coming in at the 117th spot out of 158 countries on the index that took into account GDP per capita, life expectancy, social support and freedom to make life choices as indicators of happiness.
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