The Week That Was: New RBI Governor, D Gukesh, CPI Data And Major IPO Success
Here are the top stories that caught the public's attention this week.
A wide array of important events and developments shaped India's news landscape in another eventful week.
From leadership changes at the Reserve Bank of India to India's evolving inflation rates, a monumental victory in the world of chess, a successful initial public offering and the latest Google trends providing a glimpse into the nation's interests — let's dive into the top six stories that caught the public's attention.
New RBI Governor
In a key development on Monday, the Union government appointed Sanjay Malhotra as the next governor of the RBI. This follows the completion of Shaktikanta Das six-year tenure, which came to a close on Tuesday.
Malhotra, a seasoned bureaucrat and revenue secretary in the Ministry of Finance, takes over from Das, the second-longest-serving RBI governor. Malhotra brings a wealth of experience to the role, having worked across sectors like finance, taxation, and information technology. As a graduate of IIT Kanpur and Princeton University, his extensive career spans over three decades, with notable positions in both the central and state governments.
His appointment marks a significant shift following Das' legacy, which included managing India's economic responses during the pandemic and overseeing key fiscal measures. The change in leadership at the RBI comes at a critical juncture as India's economy navigates through challenges like inflation and global uncertainties.
Markets Rangebound
The benchmark equity indices posted their fourth consecutive week of gains, ending higher after a volatile trading session on Friday.
The NSE Nifty 50 surged by 219.60 points, or 0.89%, closing at 24,768.30, while the BSE Sensex climbed 843.16 points, or 1.04%, to settle at 82,133.12. Throughout the session, both indices experienced fluctuations, dipping over 1% at one point, before rising more than 1% to finish in the green.
The market is now eyeing the upcoming US Federal Open Market Committee's decision next week, with the CME FedWatch Tool indicating a 96.7% probability of a 25-basis-point rate cut in the December meeting.
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Retail Inflation
India’s retail inflation, measured by the consumer price index, showed signs of moderation in November, offering a glimmer of hope to the economy.
According to the Ministry of Statistics and Programme Implementation, the CPI inflation decreased to 5.48% in November, down from 6.21% in October. This improvement was largely attributed to a reduction in vegetable prices, with food inflation cooling to 8.2%.
However, despite the positive movement, food inflation remains elevated, with the prices of key staples continuing to put pressure on household budgets. Core inflation, which excludes food and fuel prices, saw a minor dip to 3.72%. This marks the first decrease since June, offering some reassurance for the RBI, which aims to maintain inflation within a target range of 4%, plus or minus 2%.
World Champion Gukesh
Indian chess prodigy, D Gukesh, made history this week by becoming the youngest-ever world chess champion at the age of 18.
Gukesh defeated defending champion Ding Liren of China in a thrilling finale of their 14-game showdown, clinching the title with 7.5 points against Ding's 6.5.
Gukesh’s triumph marks a significant milestone for Indian chess, as he becomes only the second Indian to win the world title, following in the footsteps of the legendary Viswanathan Anand. His victory adds to India’s growing legacy in chess and provides a new icon for aspiring players.
MobiKwik IPO
The IPO of One MobiKwik Systems Ltd. turned out to be a resounding success, fully subscribed within hours of opening on its first day. The issue saw an overwhelming response, with a subscription rate of 119.38 times.
MobiKwik, a prominent digital wallet and payments platform, aimed to raise Rs 572 crore through this IPO, with the funds primarily directed towards enhancing its technological capabilities and expanding its market presence.
The Gurugram-based company had already raised Rs 257 crore from anchor investors before its public launch. This IPO represents a significant moment for India’s fintech ecosystem, as MobiKwik joins the growing list of tech startups going public in a thriving market.
Google Trends
As 2024 nears its close, Google's Year in Search report provides fascinating insights into the topics that captured India’s attention throughout the year. Unsurprisingly, the Indian Premier League dominated the sports landscape, with millions of searches flooding in during the tournament. Cricket enthusiasts also turned to Google for updates on the T20 World Cup, following India's stellar performance.
In politics, searches related to the Bharatiya Janata Party and the 2024 elections spiked as India geared up for another major electoral cycle. Other hot topics included the anticipated 2024 Olympics, which saw widespread interest in the performances of athletes like Neeraj Chopra, as well as a growing concern over the country's rising temperatures, leading to a surge in queries about excessive heat.
The passing of industrialist Ratan Tata also left a lasting impact, sparking many searches about his legacy and contributions. Meanwhile, the growing popularity of leagues like Pro Kabaddi and the Indian Super League underscored India's evolving sports culture, diversifying beyond cricket.
