BUSINESS
Mukesh Ambani ranked 9th in Forbes World's Billionaires List 2023; richest in Asia
Ambani was ranked 10th in the prestigious list last year, with an estimated net worth of $90.7 billion. In the latest list this year, Ambani is ranked higher than the likes of Steve Ballmer of Microsoft, Larry Page and Sergey Brin of Google, Mark Zuckerberg of Facebook and Michael Dell of Dell Technologies.
Pakistani rupee hits all-time low amid high default risk
The currency slumped 1 per cent (or Rs 2.86) to Rs287.90 against the greenback at around 10.23 a.m. on Tuesday. A day earlier, the rupee had closed at Rs 285.04 per US dollar, the Express Tribune reported. Last month, the rupee had hit a record low, closing at Rs 285.09 per US dollar on February 3, it added.
Paytm UPI Lite crosses 4 million users with 10 million transactions to date
Currently, 10 banks support Paytm UPI Lite -- Paytm Payments Bank, Canara Bank, Central Bank of India, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Union Bank of India, and Utkarsh Small Finance Bank. Several other major banks are expected to go live with Paytm UPI Lite soon, the company said.
Air India Express, AirAsia India focus on common check-in systems after unified reservations
The unified customer interface of Air India Express and AirAsia India has witnessed a surge of visitors within days of launch with the platform, contributing over 25 per cent of international flight revenue on the first day itself.
3.1 mn jobs shortfall in cybersecurity globally, skill shortage hits India firms badly
Around 92 per cent of Indian organisations experienced cyber breaches in 2022, underlining an urgent need for cybersecurity skills training, according to the report by cyber-security firm Fortinet. The '2023 Global Cybersecurity Skills Gap Report' also found that 24 per cent of Indian organisations experienced five or more breaches.
ONDC to foster hyperlocal ecommerce business model in India: Nandan Nilekan
According to him, ONDC will not be limited to a few players but everyone in India -- a person owning a small grocery store, a small electronics retailer or a restaurant owner -- bringing millions of such people on the e-commerce marketplace and buyers will come from any consumer app. Today, India has achieved financial inclusion.
PM Modi meets Bhutan King, assures support to extend credit facility
Foreign Secretary Vinay Kwatra, while briefing about Prime Minister Narendra Modi's meeting with visiting Bhutan King Jigme Khesar Namgyel Wangchuk earlier in the day, said in the meeting it was agreed that India would step up its support for Bhutan's upcoming 13th five-year plan. India will work to extend an additional standby.
World Bank cuts India's GDP growth to 6.3% for 2023-24
Since May last year, the Reserve Bank of India has been hiking interest rates to control inflation.In its "India Development Update", the World Bank said that economic growth is likely to be impacted due to sluggish consumption growth, coupled with challenging external factors.According to the report, India's current account deficit is also likely to come down to 2.1 per cent in 2023-24, as against 3 per cent in 2022-23.
Govt removes windfall tax on crude oil production, cuts for diesel
The windfall tax on diesel has been slashed to Rs 0.5 per litre from Rs 1 per litre earlier.There is no windfall tax on petroleum and jet fuel or aviation turbine fuel (ATF).Windfall tax is levied by government on unexpectedly high profits earned by companies.
After delivering 25 bps hike in repo rate, RBI to change its stance
"There will be a 25 bps increase (in repo rate) and change in stance -- to neutral. The decision won't be unanimous as last time. There will be a pause after the hike," Madan Sabnavis, Chief Economist, Bank of Baroda told IANS. The MPC is likely to change policy stance to 'neutral', with a non-committal forward guidance, said Madhavi Arora, Lead Economist, Emkay Global Financial Services.
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