Indian economy, Economy

As India grapples with its unique set of issues and embarks on its journey to become a developed country, comprehensive reforms in the civil service are increasingly imperative: Vision India 2047

Vision India 2047: Revolutionising the civil service for a new era

Business Standard

Fintech firm Paytm's immediate priority is to invest in its consumer payments business in an effort to recover lost user base following regulatory actions by the RBI, a top company official said on Sunday.
The RBI had restricted Paytm Payments Bank from accepting deposits or facilitating credit transactions in customer accounts, including prepaid instruments and wallets.
In August, Paytm sold its ticketing business to foodtech company Zomato for Rs 2,048 crore to sharpen its focus on core operations  payments and financial services distribution.
"Payments remain our primary business, and the merchant side continues to be strong. However, we lost a significant consumer base due to regulatory constraints. Moving forward, we aim to reinvest in the consumer payments business area," Paytm CEO Vijay Shekhar Sharma said during an interactive session organised by the Calcutta Chapter of Young Indians, the youth wing of the Confederation of Indian Industry (CII).
Consumer payments encompass

Vijay Shekhar, Vijay

A local court here has acquitted seven accused in the Muzaffarnagar riots case due to lack of evidence, a counsel said on Sunday.
The Special Investigation Team has filed charge sheets in 175 of 510 riot cases, but only 21 people have been convicted in three cases so far.
More than 60 people were killed and over 40,000 people displaced in the communal riots of 2013 in Muzaffarnagar and Shamli districts.
Bittu, Praveen, Bablu, Pankaj, Pintu, Narender, and Anil were acquitted on Sunday.
Additional District and Sessions Judge Kanishk Kumar said the prosecution failed to prove its story in the case.
Defence counsel Rahul Chaudhry said the complainant and other witnesses did not support the prosecution's story and turned hostile.
According to the FIR filed in the matter, rioters barged into the Bahawdi village house of one Shakir and robbed cash and jewellery.
The incident occurred under the Phugana Police Station jurisdiction on September 8, 2013.
The SIT had filed a charge sheet a

gavel law cases

Union Coal and Mines Minister G Kishan Reddy flagged off the Secunderabad-Vasco Da Gama inaugural Express at the Secunderabad railway station here on Sunday.
Pointing to the long pending demand for an exclusive train to Goa from Hyderabad, he said the express train to Vasco Da Gama is being operated from Secunderabad twice a week, fulfilling people's wishes.
The service provides travel options for the people of Telangana and Andhra Pradesh to visit Goa and it also caters to the requirements of those who wish to travel to major cities of Karnataka like Ballari, Hospet, Hubbali and Dharwad, he said.
Highlighting railway development works in Telangana, Reddy said the Secunderabad railway station is being redeveloped with world-class standards at an estimated cost of Rs 700 crores and that the works are expected to be completed by the end of 2025.
The Secunderabad station stands second after the New Delhi railway station in operating the highest number of Vande Bharat Express services,

station, Indian Railway, railway station

According to Tata Digital's FY24 annual report, its financial services have witnessed significant growth, with its co-branded credit card reaching 1.18 million cards

credit cards

The three NSL group companies include NSL Sugar Ltd, NSL Krishnaveni Sugar Ltd, and NSL Textiles Ltd. NSL Group is led by Mandava Holdings Pvt Ltd, the holding company

Canara bank

Bollywood actor Rhea Chakraborty, comedian Bharti Singh and her husband Harsh Limbachiyaa have been sent notices by the Delhi Police to join the probe into a Rs 500-crore app-based fraud, officials said on Saturday, an official said.
Delhi Police on Thursday claimed to have busted the scam involving HIBOX, a mobile application that allegedly lured people into investing money through it with the promise of high returns.
As per complaints, nine social media influencers and YouTubers, including Bharti Singh, Harsh Limbachiya, Lakshay Choudhary, Adarsh Singh, Saurav Joshi, Abhishek Malhan, Purav Jha, Elvish Yadav and Amit and Dilraj Singh Rawat, promoted the app and lured people into investing money through it.
Rhea Chakraborty was also among those who promoted the app, said the officer privy to the investigation in the matter.
The Intelligence Fusion and Strategic Operations (IFSO) unit of the police has sent Rhea, Bharti and her husband notices to join the probe next week, the office

CBI, Central Bureau of Investigation

Adani group has started blending green hydrogen in natural gas that is supplied to households for cooking purposes in parts of Ahmedabad, with a view to cut emissions and meet net-zero targets.
Adani Total Gas Ltd, the group's city gas joint venture with French energy giant TotalEnergies, has started blending 2.2-2.3 per cent of green hydrogen in piped natural gas supplies in Shantigram in Ahmedabad, the firm said in a post on LinkedIn.
Hydrogen produced through clean pathways is injected into natural gas pipelines, and the resulting blends are used to generate heat and power with lower emissions than using natural gas alone.
The firm has started producing green hydrogen by using renewable energy sources like wind or solar power, to split water into hydrogen and oxygen through a process called electrolysis. This hydrogen is blended in natural gas that is currently piped to households for cooking purposes and industries.
"We are thrilled to announce the successful commissioning of o

adani

Nine of the top-10 most valued firms together lost a whopping Rs 4,74,906.18 crore in market valuation last week, with Reliance Industries and HDFC Bank taking the steepest hit, in line with weak trends in equities.
Markets faced heavy drubbing last week amid worsening tensions in the Middle East and foreign fund outflows. In a holiday-shortened week, the BSE benchmark plummeted 3,883.4 points, or 4.53 per cent.
The valuation of Reliance Industries declined Rs 1,88,479.36 crore to Rs 18,76,718.24 crore.
HDFC Bank's market valuation slumped Rs 72,919.58 crore to Rs 12,64,267.35 crore.
Bharti Airtel's valuation plunged Rs 53,800.31 crore to Rs 9,34,104.32 crore and that of ICICI Bank tumbled Rs 47,461.13 crore to Rs 8,73,059.59 crore.
The valuation of Life Insurance Corporation of India (LIC) plummeted Rs 33,490.86 crore to Rs 6,14,125.65 crore and that of Hindustan Unilever tanked Rs 27,525.46 crore to Rs 6,69,363.31 crore.
The market capitalisation (mcap) of ITC dropped Rs 24,139

Reliance

The Reserve Bank of India's (RBI's) interest rate decision, Middle East conflict and trading activity of foreign investors are the key factors that will dictate investors' sentiment in the market this week, analysts said.
Moreover, quarterly earnings from IT bellwether TCS, domestic macroeconomic data and movement in global oil benchmark Brent crude would also guide trends in the market.
Worsening tensions in the Middle East and foreign fund outflows were the major culprits behind the equity markets sharp fall last week.
"On the domestic front, the market's focus will be on the RBI Monetary Policy Committee (MPC), which is scheduled to meet from October 7 to 9, 2024, with the outcome to be announced on Wednesday," Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd, said.
The second quarter earnings season is kicking off with TCS, he said.
"Domestically, liquidity remains strong, with signs of sectoral rotation from overvalued segments to areas with more attractive ...

Stock Market, Market

After a wave of initial public offerings (IPOs) in recent weeks, the primary market will experience a brief slowdown, with only two new public issues scheduled for the next week, aiming to raise Rs 365 crore.
There were 12 IPOs in the mainboard segment and 40 in the SME (small and medium enterprise) segment in September.
IPOs scheduled for next week, beginning October 7, are Garuda Construction and Engineering on the main board and Shiv Texchem on the SME segment.
Garuda Construction is seeking to raise Rs 264 crore, and Shiv Texchem is aiming for over Rs 101 crore through their respective IPOs available for public subscription during October 8-10.
The stock market has seen a significant correction in the equity market since the start of October amid intensifying conflict between Israel and Iran.
Despite the temporary slowdown, overall, the outlook for the IPO market is promising, with 26 firms proposing to raise Rs 72,000 crore presently holding Sebi's approval while another 55 .

Chennai-based Refex Industries Ltd on Thursday said it is planning to raise Rs 927.81 crore via preferential issue of equity and convertible warrants for investment in subsidiary companies, loan repayment and capex, among others.
The funding is proposed at an opportune time as Refex continues to innovate in logistics for ash management, addressing environmental challenges associated with thermal power plant operations, the company said.
Refex has a presence across sectors such as ash and coal handling and electric vehicle mobility.
"Refex proposes to raise funds to the tune of Rs 927.81 crore, by way of preferential issue of equity and convertible warrants, to certain investors, under 'promoter' and 'non-promoter' category," the company said in a statement.
Outlining the proposed fundraise plan, the company said of the total issue size of Rs 927.81 crore, Rs 530 crore are to be mopped up from high-net-worth individuals (HNIs) and family offices.
It further said the promoter group 

Refex Industries

The new Digital Consent Acquisition process allows consumers to consent to receive commercial texts, calls

Telecom tower

Global tech titan Google on Thursday said it has tied up with Muthoot Finance to provide gold-backed loans through its mobile payments service GPay.
Google also announced that from October 3, 2024, its AI assistant Gemini Live will be available in Hindi, and later eight more Indian languages will be included.
These announcements were made by the company officials at the 10th edition of 'Google for India' event here.
GPay is expanding its offerings by introducing gold-backed secured loans in collaboration with Muthoot Finance. According to Google India MD Roma Datta Chobey, about 11 per cent of the world's gold is housed in India.
People across India can now access this credit product, with affordable interest rates and flexible usage options--delivering flexibility to the borrower, and security to the lender, Google said.
As regards AI assistant Gemini Live, Hema Budaraju, Senior Director, Product Management, Google India, said that over 40 per cent of the Gemini users rely on voi

Google pay, Gpay

State-owned Bank of Baroda (BoB) on Thursday said it proposes to sell its Oman operation to Bank Dhofar as part of rationalisation of foreign operation.
The bank has accorded approval for accepting the offer for acquisition of the banking business of Bank's Oman territory operations by Bank Dhofar on a going concern basis, BoB said in a regulatory filing.
This is subject to approval from concerned regulatory authorities, it said.
The total business of BoB operation in the country was 113.35 million Omani Rial while the net worth stood at 25.54 million Omani Rial.
It is to be noted that the bank has been rationalising its foreign operations based on a comprehensive evaluation framework.
As part of this exercise, the wholesale branch in China was closed during 2020-21, and the entire stake in the wholly-owned overseas subsidiary at Trinidad and Tobago viz. Bank of Baroda (Trinidad and Tobago) Ltd was divested by way of sale to Ansa Merchant Bank Ltd.
As of March 31, 2024, the BoB's

Bank of Baroda

A policy to attract more such players in the works, details to be shared by first quarter of next year, says Telangana minister

Drew Pinto

At a time when the entire world recognises that China is a non-transparent and opaque economy, some people, possibly responsible for its growing influence in the India industry, are choosing to continue to praise or defend the China story, Commerce and Industry Minister Piyush Goyal said on Thursday.
Slamming the previous Congress-led government, he said it is a matter of "shame" that India allowed substandard and opaquely-priced Chinese goods to flood the Indian markets and kill Indian manufacturing.
"As regards China, it is very sad that some people, possibly responsible for the growing influence of China in the India industry, are choosing to continue to praise or defend the China story, whereas the whole world today recognises that China is a non-transparent and opaque economy," Goyal told Indian journalists at a news conference here.
He was responding to a question on recent remarks by Leader of Opposition in the Lok Sabha Rahul Gandhi during his US trip last month, alleging th

Piyush Goyal, Goyal, Commerce Minister

The existing SIT, set up by the Andhra Pradesh government, will be replaced by the new team, which will comprise CBI officers, Andhra state police personnel and an FSSAI member

Supreme Court, SC

Speaking at Kautilya Economic Conclave, Finance Minister Nirmala Sitharaman noted that while it took the country 75 years to achieve a per capita income of $2,730, the next leap will be much faster

Nirmala Sitharaman, Nirmala, Finance Minister

The Union govt has allocated over Rs 1 trillion to support two major agriculture support schemes: the PM-Rashtriya Krishi Vikas Yojana (PM-RKVY) and Krishonnati Yojana

PM Modi chairs first meeting of his new Cabinet, attended by the newly-inducted ministers, at the prime minister's 7, Lok Kalyan Marg residence, in New Delhi, Monday, June 10, 2024. (PTI Photo)

Sukriti Verma

Sukriti Verma

Sukriti Verma

Vision India 2047: Revolutionising the civil service for a new era

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Paytm focusing on consumer payments business: CEO Vijay Shekhar Sharma

Muzaffarnagar riots: Court acquits seven men due to lack of evidence

Kishan Reddy flags off Secunderabad-Vasco Da Gama biweekly express

Tata Digital's financial services bet pays off as credit cards top 1.5 mn

Canara Bank invites EoIs for counter bids on exposure to 3 NSL companies

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Rs 500 cr app scam: Delhi Police summons Rhea, Bharti Singh, her husband

Adani Group starts India's biggest hydrogen blending in natural gas project

Mcap of 9 of 10 valued firms erodes Rs 4.74 trn; RIL, HDFC Bank hit hard

RBI interest rate decision, West Asia conflict to drive markets: Analysts

IPO mkt braces for slowdown; 2 new issues targeting Rs 365 cr next week