BUSINESS
India likely to record 827 mn air passenger traffic by 2032-33
With the rise in the number of flyers, the government has been taking multiple steps for corresponding growth in the airport infrastructure in the Country. As per the ministry, the timeline for construction of airports depends upon various factors such as land acquisition, mandatory clearances, removal of obstacles, financial closure, etc., by the respective airport developers The responsibility of implementation of airport projects, including funding of the projects rests with the concerned airport developer and the respective state government.
Despite Gujarat govt's intervention in edible oil market, no relief in prices to consumers
Last week the Gujarat government announced that it will provide groundnut oil of one liter pack at Rs 100, at 50 per cent subsidised rates. Yet, the prices of edible oil are seeing an upward trend and the people are not getting any respite. On Tuesday, 17-liter groundnut oil tin price was quoted Rs 2,850, the highest in this calendar year so far. Palm oil is trading at Rs 2,050 for 17-liter tin. The reason behind this is that most of the oil processing units are closed as there is no stock of groundnut in the market and the imports of palm crude oil were opened after a short break.
Indian fintech market to reach $1tn in AUM, $200 bn in sales by 2030
Much of the growth will be driven in the digital lending market, which is expected to grow to $515 billion in book size by 2030, according to the report by Chiratae Ventures in collaboration with Ernst and Young (EY).
India is currently home to 21 fintech unicorns and factors like favourable demographics, growing technology adoption, higher disposable incomes and an aware customer is fuelling this growth.
Delhi High Court allows Vivo entities to operate frozen bank accounts on conditions
Justice Yashwant Varma also directed the 14 entities of Chinese smartphone maker Vivo companies to provide the complete details in this regard to the ED in every 48 hours. The court said the petitioner companies maintaining a balance as was available on the day of freezing the individual bank accounts, the debit freeze order of ED can be modified.
Equity Mutual Funds schemes experience sharp fall in July
The total net inflow for the mutual fund industry as a whole last month was Rs 23,604.92 crore as against a net outflow of Rs 69,852.94 crore in June 2022, said AMFI. According to AMFI, the net inflows for equity mutual funds last month was Rs 8,898.25 crore down from Rs 15,497.76 crore logged in June 2022.
'Aviation & aeronautical manufacturing sector likely to generate 1 lakh jobs'
A parliamentary standing committee on Estimates in its report tabled in the Lok Sabha on Monday noted: "At present, the direct employment in the aviation and aeronautical manufacturing sector is around 2,50,000 employees which includes pilots, cabin crew, engineer, technicians, airport staff, ground handling, cargo, retail, security, administrative and sales staff."
India may restrict Chinese mobile players from under Rs 12K market: Report
According to a Bloomberg report citing sources that came out on Monday, the country "seeks to restrict Chinese smartphone makers from selling devices cheaper than Rs 12,000 ($150) to kick-start its faltering domestic industry". The move, said the report citing people close to the matter, may push Chinese smartphone makers "out of the lower segment of the world's second-biggest mobile market".
Long, harsh funding winter ahead for unicorns: SoftBank's Masayoshi Son
In the earnings call after reporting $23.4 billion net loss in the June quarter, Son said that unicorn leaders "still believe in their valuations and they wouldn't accept that they may have to see their valuations go lower than they think". The winter for publicly-listed companies is still continuing, but a similar downturn for startups may last "longer," warned the 64-year-old executive.
5G roll out likely in a month: Centre
He said that the government is promoting the indigenously designed, developed and manufactured advanced telecom technology, and as a result, India today has a strong home-grown 5G mobile communications ecosystem. "By the end of this year, we are likely to see indigenously developed, and manufactured 5G stack, getting deployed, in rolling out 5G network in India.
Top brokerages welcome Paytm's strong Q1 results, reiterate 'buy' rating for stock
In their brokerage notes, they highlighted Paytm's strong growth in revenue and contribution margins during the quarter in addition to sharp improvement in net payment margins. In its note, Goldman Sachs said that the company "remains firmly on the path to profitability" following its Q1FY23 results. The brokerage also raised its EBITDA estimates for Paytm and believes that Patytm's Q1FY23 results should "help provide more visibility to investors" on the company's profitability target.
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