Retail investors surged on Dalal Street, with 15 crore demat accounts. Mutual fund folios reached 11 crore, while equity assets grew. SIPs rose to Rs 19,000 crore amidst foreign fund selloffs, supported by financialisation of savings and digitisation.
Hyundai and Kia collaborate with Exide Energy to localize EV batteries in India, focusing on lithium-iron-phosphate cells. The strategic move aims to pioneer domestic battery use in upcoming Indian EV models for market expansion.
TASL & Satellogic launched TSAT-1A, India's first private sub-metre res earth observation satellite. It offers high-res images to Indian armed forces, surpassing Isro's resolution. The satellite, in an inclined orbit, received support from Indian authorities for permissions.
Elon Musk has said, “The natural progression is to provide Tesla electric vehicles in India.” Musk’s statement is being seen as a big sign of interest in Indian markets. Reports suggest that Tesla hopes to establish a state-of-the-art manufacturing plant in India with investments of $2-3 billion.
RBI emphasized that recurrent inflation shocks caused by climate change can undermine policy transmission and need stricter monetary policies. According to RBI's monetary policy report, climate change has potential to increase inflation and impede GDP. It said global average temperatures are rising, with an accompanying increase in extreme weather events, and the economic and social impact is becoming increasingly evident.
India plans to establish Integrated Transport Planning Agency (ITPA) to coordinate transportation strategies across surface, railways, shipping, civil aviation. The agency aims to improve efficiency, reduce logistics cost, and enhance freight and truck speed targets by 2030.
Vistara's 98% pilots agree to new pay deal amidst merger with Air India. CEO Vinod Kannan addresses concerns, aims to enhance operational stability. Challenges include reduced pay, flight disruptions, and rostering issues. Efforts underway to improve operations and accommodate more passengers.
Thierry Delaporte resigns as Wipro CEO, succeeded by Srini Pallia. Pallia, based in New Jersey, set to lead major accounts. Industry expert Phil Fersht comments on the leadership change at Wipro.
RBI deputy governor M Rajeshwar Rao highlights the evolving financial landscape, challenges with new trends, and the importance of balanced regulations for niche players, emphasizing the need for responsible innovation in the market.
Income tax department uncovered a PAN fraud scheme where individuals misused PANs for house rent allowance claims, leading to the detection of numerous high-value cases. The misuse may entail legal repercussions, including penal interest and tax payments.
There are now more billionaires in Mumbai's 603 sq km than there are in Beijing's over 16,000 sq km. By overtaking the Chinese megalopolis, Mumbai has become Asia's billionaire capital for the first time. While China has 814 billionaires compared to India's 271, Mumbai hosts 92 billionaires against 91 in Beijing, Hurun Research's 2024 Global Rich List showed. Mumbai now ranks third globally in terms of billionaires after New York, which regained its top status after seven years with 119 billionaires, followed by London with 97.
Supreme Court ruled discounts on SIM cards won't trigger withholding tax. Telecom operators not liable without commission payments. CBDT should issue clear instructions to avoid future disputes.
