BUSINESS
RBI Directs Banks to Offer Customers Choice Across Card Networks
In a draft circular soliciting feedback, the RBI noted that the existing arrangements between card networks and issuers are limiting customers' options. Currently, banks and non-banks typically assign a specific provider, such as American Express, Diners Club International, Mastercard, Visa, or RuPay, when issuing cards.
Shark Tank India 3: FOMO Brews Secures Rs 35 Lakh Investment from Aman Gupta and Anupam Mittal
Avik Chaudhery and Gaurang Gadia, the dynamic duo behind FOMO, took center stage with their refreshing concept. Gaurang, a 21-year-old pursuing a Masters in Business Laws from National Law University, Bengaluru, joined forces with Avik, currently pursuing an executive MBA from Stoa, Bengaluru, to kickstart FOMO during their college days.
India's Projected Growth: 6.8% in FY'25, Eyes Upper Middle-Income Status by 2031
Outlined in its India Outlook report, Crisil suggests that the Indian economy will derive momentum from both domestic structural reforms and cyclical factors, thereby potentially sustaining or even enhancing its growth trajectory to secure the position of the world's third-largest economy by 2031.
Tata Sons Could Attain Valuation of Rs 7.8 Lakh Crore Upon Listing
The impending listing is anticipated to simplify the convoluted group-holding structure. Recent reports have hinted at a potential valuation of Rs 11 lakh crore for the company, with the IPO size estimated at around Rs 55,000 crore. However, it's believed that around 80 per cent of Tata Sons' holdings may not be immediately monetizable, yet the restructuring process could trigger a re-evaluation.
Gold Prices Reach New Record Peak: Surges Rs 800 to Rs 65,000 per 10 Grams
In the preceding session, the precious metal had concluded at Rs 64,200 per 10 grams. Meanwhile, silver surged Rs 900 to Rs 74,900 per kilogram from its previous settlement at Rs 74,000 per kilogram.
China Maintains 5% Growth Target Amid Economic Struggles in 2024
The NPC annual session, attended by Chinese President Xi Jinping and over two thousand delegates, serves as a platform to deliberate on key initiatives aimed at bolstering the country's economic growth trajectory.
Moody's Upgrades India's 2024 Growth Projection to 6.8 Percent
India's real GDP demonstrated robust expansion, recording a year-over-year growth of 8.4 percent in the fourth quarter of 2023, culminating in a full-year growth of 7.7 percent for the same year.
Increased App Restorations on Play Store Following Google's Billing Compliance; IAMAI Raises Worries
Murugavel J, the founder and CEO of matrimony.com, disclosed that only eight apps from their portfolio, including Bengali Matrimony, Marathi Matrimony, Tamil Matrimony, Jodii, and Bharat Matrimony, were reinstated upon accepting Google's terms. Despite this, the majority of their 100-plus apps are yet to be restored on the Play Store, he stated.
February Sees 12.5% Surge in GST Collections, Exceeding Rs 1.68 Lakh Crore
This growth was predominantly fueled by a 13.9 percent surge in GST from domestic transactions, coupled with an 8.5 percent uptick in GST from the import of goods. The net GST revenue, after accounting for refunds, for February 2024 stands at Rs 1.51 lakh crore, marking a notable growth of 13.6 percent compared to the same month last year.
Stalemate in WTO Negotiations; E-commerce Duty Moratorium Prolonged Yet Again
The 13th ministerial conference (MC13) achieved several outcomes, including the introduction of new regulations on domestic services, the formal admission of Comoros and Timor-Leste as WTO members, and the continuation of Least Developed Countries (LDCs) receiving benefits even after three years of graduation.
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