The week in charts: Low inflation, export decline, Google Pixel price

Every Friday, Plain Facts publishes a compilation of data-driven insights, complete with easy-to-understand charts to help you dive deeper into the stories told by mint last week. In his Independence Day address to the nation, Prime Minister Narendra Modi reiterated India's goal of achieving 500 GW of clean energy by 2030. Retail inflation fell below the RBI's 4% target for the first time in nearly five years, but this was mainly due to a high base. Meanwhile, Google launched its most expensive smartphone.

Renewable target

In his Independence Day speech from the Red Fort, Prime Minister Modi highlighted India's remarkable achievements in the fight against climate change, noting that the country's efforts have both “reassured and surprised” the world. Modi also expressed confidence that India will achieve the target of 500 gigawatts (GW) of non-fossil fuel electricity by 2030. As of July 31, India has 197 GW of installed renewable energy capacity, with Gujarat, Rajasthan, Tamil Nadu and Karnataka topping the list with over 20 GW of capacity each.

Inflation illusion

India's retail inflation stood at 3.54% in July, falling below the Reserve Bank of India's 4% target for the first time in nearly five years. However, this decline was mainly due to the high base effect from July 2023, when inflation had risen to 7.44%. Compared to June, inflation pressures increased in July, with the consumer price index rising 1.42% month-on-month, Mint analysis showed. This was the biggest monthly rise in a year, driven by higher food prices.

Bharti's bet

24.50%: This is the stake in British Telecom (BT) Group Plc that Bharti Enterprises will acquire. British Telecom Group Plc is the UK's largest mobile and broadband provider. The purchase will be made through Bharti Televentures UK Ltd, a wholly owned subsidiary of Bharti Global, which will acquire the equity of Altice UK. Initially, Bharti Televentures will immediately acquire 9.99% of BT, with the remaining 14.51% to be acquired after receiving regulatory approvals.

Moderate profit

India Inc.'s performance in the first quarter of 2024-25 was marked by a steady growth in revenue of 9%, while profit declined to single digits (5%) mainly due to a relatively higher base, a Mint analysis of 1,475 BSE-listed companies showed. Both revenue and profit benefited from the banking, financial services and insurance (BFSI) sector. Excluding the latter, net profit shrank 3.3% year-on-year – the second consecutive quarter of decline – while revenue grew only 6%.

Trade problems

India's export growth fell 1.47 percent year-on-year to an eight-month low of $33.98 billion in July, data released on Wednesday showed. The decline was mainly due to lower global demand and falling commodity and metal prices. Petroleum products recorded the sharpest decline, with exports falling nearly 21 percent. At the same time, imports rose 7.45 percent to $57.48 billion in July, leading to a wider trade deficit to $23.5 billion from $20 billion a year earlier.

Pixel price

₹172,999: That's the price of the latest foldable smartphone to launch in India: Google's Pixel 9 Pro Fold. This is the first time Google is launching its entire smartphone lineup in India, joining a number of brands like Samsung, OnePlus, Vivo, Oppo and Motorola, with the Pixel 9 Pro Fold being the most expensive phone. Google is also planning to reduce the prices of its Pixel 8 series and 7a smartphone models after reducing import duties in the budget.

Security concerns

The rise in factory accidents in the automotive supply chain has called into question the effectiveness of current safety protocols. According to a recent study by Safe In India (SII), an organisation focused on worker safety in the automotive industry, factory accidents have increased from 799 in 2021-22 to 1,597 in 2023-24, Mint reported. However, industry body Society of Indian Automobile Manufacturers (Siam) has strongly refuted allegations of widespread safety issues, saying that not every safety incident can be traced to the vehicle manufacturer.

Chart of the week: Rise of retail

Retail investors, once passive players, have now become a dominant force in the Indian stock market. 762 companies listed on the NSE now have more than 50,000 retail shareholders, up from 441 in March 2020. Moreover, 54 companies have more than a million retail shareholders, a nearly five-fold increase in four years, according to analysis by Mint.

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