The 2024-25 Budget may be presented during the Monsoon Session of Parliament on July 24, with the Economic Survey on July 23. The 18th Lok Sabha concluded on Tuesday and the next session is expected to begin on July 22. President Droupadi Murmu stated that the budget will focus on economic and social reforms, including changes in schemes like PM Awas Yojana-Gramin and PMAY-Ur.
Bhole Baba's religious event in Uttar Pradesh turned tragic as a stampede led to the deaths of over 120 people and many injuries. Despite maintaining a low profile on social media, the self-proclaimed former Intelligence Bureau employee has millions of followers and his gatherings continue to attract large crowds, raising concerns about safety and management.
BTS's Jin, recently discharged from military service, may have a significant role as a torchbearer at the 2024 Paris Summer Olympics. He will join over 11,000 others, including Holocaust survivors and athletes, in carrying the torch through 400 locations. His agency HYBE emphasized that any Olympics-related details must be coordinated with the IOC.
Shares of discount broking firms fell sharply on Tuesday after Sebi announced new guidelines for market infrastructure institutions, requiring them to charge uniform fees for big and small brokers. This led to a decline in shares of Angel One, Geojit Financial Services, IIFL Securities, and Motilal Oswal Financial Services.
Sebi has banned regulated entities from associating with unregistered "finfluencers" to protect investors from misleading information and unrealistic profit promises on social media. The new regulations also establish a secure payment system for registered investment advisors and research analysts, creating a safer environment for investors and holding finfluencers accountable for their advice.
India's peak power demand is projected to hit 260 GW in September or October, a 20% surge in two years. This could lead to an unplanned review of the National Electricity Plan (NEP), typically revised every five years. The government is revamping the plan to accommodate a peak demand of 400 GW by 2031-32.
Experts believe that the slowing growth in GST collections suggests that the Indian economy has entered a stable phase after a period of recovery. This may result in a slower GDP growth of around 7% this year. However, it is premature to conclude that the peak phase of collections is over, and with proper policies and economic revival, there is still potential for moderate growth.
Apple may be changing their iPhone strategy by using a single A18 chip for all four iPhone 16 models, according to a leaked code discovered by Nicolás Alvarez. This follows rumors of a unified chip strategy and five new iPhone models equipped with the A18 chip. The leak also suggests a potential iPhone SE model and upgrades in RAM and Neural Engine for the iPhone 16 lineup.
Asian markets opened mixed on Wednesday, following record gains in the US market and a dovish tone from Fed Chair Jerome Powell. Japan's Nikkei 225 rose 0.68%, while Korea's Kospi was down 0.06%. The Asia Dow was up 0.36%, and China's Shanghai Composite was flat. GIFT Nifty was trading up, indicating a positive start for domestic indices NSE Nifty 50 and BSE Sensex.
RBI proposes new guidelines for caution-listing exporters who fail to realize payments for exports within 24 months. Under the new draft, exporters can escape the caution list if they can prove they are still pursuing delayed payments. The proposed regulations aim to promote ease of doing business and empower Authorised Dealer banks to provide efficient services.
Capgemini to invest ₹1,000 crore in a new state-of-the-art facility in Chennai, focused on innovation, growth, and sustainability. The 5,000-seat campus will be environmentally friendly, powered by renewable energy, and designed with advanced technologies. The company aims to attract top talent from southern India and will also contribute ₹3 crore towards the development of neighbouring schools.
Electronics and smartphone companies are requesting the government to lower tariffs and duties on imported components to boost India's global competitiveness. They have suggested a Rs 40,000-45,000 crore incentive plan for electronics parts. The industry states that high tariffs hinder India's participation in global value chains, as China and Vietnam have lower tariffs.
India's fast fashion industry is growing rapidly, expected to reach $50 billion by 2031. Millennials and Gen Z are driving this growth, with a 30-40% growth rate that outperforms the broader fashion market. Frequent collection updates and low entry barriers contribute to its success. The mid-value segment is predicted to have the most significant expansion.
Traders and market participants are pushing for tax reforms and incentives in the upcoming Budget, including higher exemptions on capital gains and reintroduction of rebate on STT. ANMI suggests a Rs 3 lakh exemption for short-term gains and Rs 5 lakh for long-term gains. Possible changes in F&O trading and dividend taxation are expected to attract more retail investors.
Zepto, a quick commerce unicorn, is planning to raise another round of funding, possibly at a valuation of $4.6 billion. General Catalyst is expected to join as an investor, along with sovereign funds like KKR, GIC, and ADIA. This comes at a time when the industry is seeing smaller deals, but Zepto continues to dominate the market with a 28% share and a GMV run-rate of $1.2 billion.
The Adi and Nadir Godrej families will acquire Rishad Naoroji's 12.65% stake in Godrej Industries, valued at Rs 3,653 crore, as part of a family settlement. The block deal will be executed at a discounted price of 5% from Tuesday's closing price. This will increase their total shareholding to 43.83%. The Jamshyd Godrej-Smita Crishna families will have control of God
CIEL HR, a recruitment and staffing solutions firm, aims to expand into new markets by acquiring three companies in FY25. With a revenue of ₹1,086 crore in FY24, a 36% increase from the previous year, they plan to raise over ₹80 crore in a pre-IPO round to fund the acquisitions. Serving over 450 companies with temporary staffing and assisting over 3,000 companies with permanent hiring.
The commerce ministry is developing a web platform for exporters to report non-tariff barriers and seek government intervention. A cell will be set up to handle complaints and prioritize those with the biggest impact on trade. Non-tariff measures, such as regulations and quotas, are hindering India's exports to countries like Japan, Korea, and the EU.