Siemens India reported growth in the first quarter 

Siemens Ltd announced its profits surged by 85% in the first quarter of 2023. This company is the German engineering company Siemens AG’s Indian arm. According to the team, infrastructure spending flourished in the country this year and drove Siemens’ gains.

Moreover, the company’s consolidated net profit rallied to 4.63B rupees in the last quarter of 2022. That’s almost double the amount compared to the previous year’s gains (2.50B rupees). The Indian government has been trying to strengthen infrastructure. It spent substantial amounts of funds on transport, metros, and highways. The country had to stop its development during the coronavirus pandemic. However, now that the pandemic ended, it aims to focus on infrastructure.  

The Indian government had introduced a 7.5T rupees capital expenditure plan for the last year at first. Earlier in January, it also increased the allotted funds by 35% to 10T rupees. However, it distributed these funds over the two years.

Sunil Mathur, the managing director, and chief executive of Siemens India, noted that in the recent budget announcements, the authorities substantially increased the outlay for capex in infrastructure. That includes roads, metros, and railways. Such a decision will bolster the Indian economy and help it to recover after the pandemic crisis. Besides, companies will also profit in the process.

Meanwhile, the Romanian central bank reported that inflation is slowing in the country

On Wednesday, Romania’s central bank stated that inflation was easing at last. The bank even lowered its annual inflation forecast. However, the latter is still higher compared to the central bank’s 2024 target.

According to the bank, inflation will likely lower to 7.0% in December 2023. A previous forecast featured it to stand at 11.2%, though. The government is taking various measures to cool rising prices, and it seems they are working. At the end of 2024, the bank expects inflation to be at 4.2%. While its comparatively low, the desired target is 1.5%-3.5%.