BUSINESS
Shift in Wealth: Mumbai Surpasses Beijing as Asia's Billionaire Hub
The Hurun report highlights Mumbai's unprecedented growth as the fastest-expanding billionaire hub worldwide, with an impressive addition of 26 billionaires within the year. This surge has propelled Mumbai to clinch the third position globally and establish itself as Asia's foremost billionaire destination. Additionally, New Delhi has made its debut in the top ten, signifying India's burgeoning economic landscape.
Indian Startups Raise Over $447 Million in Funding: Highlights from Last Week
Among these, nine deals were classified as growth-stage, while 11 were considered early-stage, with two transactions kept undisclosed, as highlighted in the report.
Government's Ban on Onion Exports Extended Indefinitely
Citing the authority vested in it by the Foreign Trade (Development and Regulation) Act, 1992, along with relevant sections of the Foreign Trade Policy, 2023, the Central Government revised Notification No. 49 dated December 7, 2023, concerning the export policy of onions. The notification reaffirmed the continuation of the export ban on onions classified under HS Code 0703-10-19 beyond the previously stipulated deadline of March 31, 2024.
Maruti Suzuki Ventures into AI Realm with Investment in Amlgo Labs
With a substantial investment exceeding Rs 1.99 crore, Maruti Suzuki secures a significant equity stake of over 6.44 percent in this innovative venture.
India Surpasses Germany and Britain in GDP (PPP) Growth: Report
According to findings from the Delhi-based nonprofit Social Policy Research Foundation (SPRF), as of 2024, India's economy, when measured by PPP, stands at 3.6 times that of the UK, 2.1 times that of Japan, and 2.5 times that of Germany. Notably, China had claimed the top spot in the rankings as of 2022.
India growing amid global slowdown riding on robust investment, strong demand: Finance Ministry
Various indicators underscore the buoyancy in demand, including a notable increase in air passenger traffic, robust sales of passenger vehicles, a surge in digital payments, enhanced consumer confidence, and optimism regarding a normal monsoon season, as detailed in the report.
India's Forex Reserves Reach New Heights: Surging for Third Consecutive Week to $642.5 Billion
This notable increase marks the third consecutive week of substantial growth in the nation's forex reserves. Just the previous week, ending on March 8, saw a remarkable uptick of $10.47 billion, propelling the reserves to a two-year peak of $636.1 billion.
Adani Group Uninformed by US Department of Justice: Clarification Issued
Reports surfaced last weekend, notably from Bloomberg, suggesting that US prosecutors from the Attorney's Office and the DoJ are scrutinizing an Adani Group entity along with Azure Power Global for potential bribery offenses.
Supreme Court Summons Ramdev and Balkrishna in Patanjali Advertising Controversy
Justices Hima Kohli and Ahsanuddin Amanullah expressed strong displeasure at the company and Balkrishna's failure to respond to earlier notices from the court, which questioned why contempt proceedings shouldn't be initiated against them for apparently breaching their commitments to the court.
Equity Indices Dive as Asian Markets Falter and Foreign Funds Exit
The BSE Sensex, comprising 30 shares, stumbled by 202.76 points to 72,069.18, while the Nifty experienced a drop of 42.9 points, settling at 21,699.
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