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Nykaa branded beauty products inside the Nykaa store in New Delhi, on 30 July 2021 | Bloomberg

With Nykaa IPO, Falguni Nayar gets her own story to become a billionaire start-up CEO

Nayar, a former investment banker, owns about half of the company with her husband and children. If the Nykaa IPO goes as planned, the value of their stake could exceed $2 bn.

‘Shot in the arm for the world’ — IMF nations approve $650 bn to aid Covid fight

The creation of the reserve assets is the first since $250 bn issued after global financial crisis in 2009 & is meant to help nations deal with debt & fallout from the pandemic.
Tesla Inc. electric vehicles charge at a Tesla Supercharger station in a parking lot in Shanghai, China | Representational image | Photographer: Qilai Shen | Bloomberg

No tax cut means buying a Tesla in India will be an expensive affair

Tesla is seeking to make inroads into India, where EVs account for less than 1% of annual car sales. It had last month requested Modi govt to cut import duty on electric cars.

Modi govt defers sale of 2 public sector banks to next financial year due to delays

Finance ministry is yet to finalise modalities to seek approval in Parliament for the sale, which leaves little time for the process to be completed this year.
Prime Minister Narendra Modi delivers the keynote address at the 5th edition of VivaTech in New Delhi, on 16 June 2021 | PTI

PM Modi to launch ‘e-RUPI’, a cashless & contactless solution for leak-proof welfare delivery

e-RUPI digital solution will be delivered to beneficiaries in the form of a QR code and SMS-string-based voucher.
A Policybazaar banner

Policybazaar looks to join India’s tech IPO boom, set to be 3rd largest debut this year

Softbank-backed Policybazaar plans to raise up to Rs 37.5 billion via a sale of new shares. Existing backers will seek to sell as much as Rs 22.68 billion worth of shares.

India’s manufacturing sector witnesses strongest rate of growth in 3 months in July

The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose from 48.1 in June to 55.3 in July.

Water storage levels low in major states, likely to hit food production and push inflation

Nine states have lesser storage in water reservoirs than in the corresponding period last year. Punjab, Gujarat, West Bengal, UP and MP among those facing the issue.

GST revenue at over Rs 1.16 lakh crore in July, 33% higher than in same month last year

Goods and Services Tax (GST) collection in July 2020 was Rs 87,422 crore. It was Rs 92,849 crore in June this year.
Several fraudulent withdrawals were made from the MEA employees' GPF accounts | Bloomberg

Centre’s fiscal deficit stood at 18.2% of budget estimate for FY22 at end of June

In absolute terms, the fiscal deficit was at Rs 2,74,245 crore. For the current financial year, the government expects the fiscal deficit at 6.8% of GDP or Rs 15,06,812 crore.

On Camera

YouTurn

The Finance Ministry at North Block in New Delhi | ANI Photo

Apple plans satellite features for iPhone that allow emergency calls

Apple has been working on satellite technology for years, with a team exploring the concept since at least 2017. However, the feature is unlikely to be ready before next year. an Francisco: Apple Inc.’s push to bring satellite capabilities to the iPhone will be focused on emergency situations, allowing users to send texts to first responders and report crashes in areas without cellular coverage. The company is developing at least two related emergency features that will rely on satellite networks, aiming to release them in future iPhones, according to a person with knowledge of the situation. Apple has been working on satellite technology for years, with a team exploring the concept since at least 2017, Bloomberg has reported. Speculation that the next iPhone will have satellite capabilities ramped up this week after TF International Securities analyst Ming-Chi Kuo said the phone will probably work with spectrum owned by Globalstar Inc. That’s led to conjecture that the iPhone will become something akin to a satellite phone,...
The Reserve Bank of India (RBI) logo | Bloomberg

RBI to penalise banks if ATMs run out of cash from 1 October

The scheme has been formulated over concerns of inconvenience caused to the public and to ensure that sufficient cash is available through ATMs, RBI said in a circular.

Defence

‘Will pull India into a vortex’ — why Delhi is unlikely to heed ‘Afghan demand for air support’

While no active military aid is being discussed, ‘benign support’ like maintenance of equipment, training and spare parts has been under discussion between India and Afghanistan.

Caste, ethnicity, religion – United colours of Indian hockey prove the game thrives in inclusivity

It's impossible to field an Indian hockey team that doesn’t reflect the diversity, the united colours, better than any other. Shows that a sport, or a nation, will prosper with growing inclusivity.
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