BUSINESS
Homegrown edtech platform Adda247 raises $35 mn, Google new investor
The Adda247 platform will invest the raised capital in enhancing its tech and product profile, expanding its student counselling team and hiring for some key leadership roles.Founded by Anil Nagar and Saurabh Bansal in 2016, Adda247 caters to the learning needs of millions of students from tier 2 and 3 cities.
Mixture of factors may shake India's sovereign ratings: S&P Global
Under more severe economic conditions, a few factors could have the potential to put pressure on its BBB-/Stable/A-3 sovereign ratings on India, S&P Global Ratings said. While the Indian economy is battling inflation and tightening financial conditions both at home and globally, the strong economic growth is counterbalancing the high fiscal deficits and debt burdens.
Rural demand in India to rebound: Morgan Stanley
In a research report, Morgan Stanley also said the high-frequency data suggest that overall economic activity has been normalising over the past three months after remaining sluggish in the trailing 12 months. According to the high-frequency data, the improvement has been led by a lower unemployment rate in rural areas, recovering two wheeler sales, increasing growth of credit to the agriculture sector, and early signs of stabilisation in terms of trade, the report said.
Pound falls sharply after Bank of England gives bond-buying end date
The currency skidded by more than a cent against the dollar to below $1.10 after the Bank's governor insisted the 65 billion pound scheme to purchase UK government bonds would not be continued beyond the deadline on Friday, The Guardian reported.
India the bellwether for global BPM industry, logs $44 bn revenues
Leveraging data to improve operational efficiency will emerge as the top priority for the BPM service providers in the next two years. As per the findings, over 90 per cent of the surveyed companies are expected to increase IT budgets by more than 10 per cent during the next 12 months though uncertainties like macroeconomic issues, geo-politics and delayed decision making may create some headwinds.
E-commerce losses due to online fraud to exceed $48 bn globally
This growth will be accelerated by the increasing use of alternative payment methods, such as digital wallets and BNPL (buy-now-pay-later), which are creating new fraud risks. In India, the Unified Payments Interface (UPI) reported another record high in August, with 6.57 billion transactions, amounting to Rs 10.72 trillion. In FY23 (till August) UPI recorded over 30 billion transactions worth Rs 51.74 trillion.
Forthcoming budget to focus on growth, says Sitharaman
Speaking at an event organised by the Brookings Institute in Washington, during the course of her five-day US visit, the Finance Minister in a conversation with Cornell University's Eswar Prasad, said on Tuesday that the focus of the forthcoming Union Budget would be on growth priority. She said that inflation concerns were also there and managing growth would be the main focus.
French PM to requisition workers as strikes at refineries continue
"A salary disagreement does not justify blocking the country," Borne told the National Assembly. "To refuse to discuss is to make the French the victims of an absence of dialogue." According to Borne, 30 per cent of the country's gas stations have already run out of at least one type of fuel, with the Greater Paris region one of the worst affected, Xinhua news agency reported.
IMF downgrades 2023 global growth forecast to 2.7%
The global economy is experiencing "a number of turbulent challenges", as inflation higher than seen in several decades, tightening financial conditions in most regions, Russia-Ukraine conflict, and the lingering Covid-19 pandemic all weigh heavily on the outlook, Xinhua news agency reported, citing the report.
IMF expects inflation in India to come down to 4% range next year
Daniel Leigh, the IMF's head of World Economic Studies Division, said at a news conference on Tuesday, "We do expect that inflation will come back into the inflation tolerance band 4 per cent in fiscal year 2023-2024, and additional monetary tightening is going to ensure that that happens." IMF's chief economist Pierre-Olivier Gourinchas said, "Inflation is still above the central bank target in India at 6.9 per cent (that) were projected for this year and coming down to 5.1 per cent".
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