Read daily news briefs on the economic issues collected from different sources.
Adani group is set to acquire a 55.18% stake in New Delhi Television (NDTV). After the first transaction, Adani will acquire a 29.18% stake and after that, it will launch an open offer of Rs.493 crores to further acquire the 26% stake. However, the NDTV founder blames it as executed without any consent or conversation with the NDTV founder.[FE, BS]
The bounce rate has seen an increase in July. It has been seen after back-to-back hikes in lending rates by financial institutions. The bounce rate is the share of failed auto-debit requests. [FE]
RBI governor Shaktikanta Das said the inflation has peaked at 7.8% and RBI aims to bring down inflation below 6% and a two-year timeline to reach consumer inflation close to 4%. [ET, FE]
After Punjab, Gujarat in line? : AAP promises an 8% quota to locals in private jobs in Gujarat. [ET]
To protect domestic manufacturers and to make them able to compete at par with the cost structure of other international manufacturers, India has imposed 6-months of Anti-Dumping Duty against liver drug components (sodepxycholic acid), imported from China and Korea. [ET]
UPI is a digital public good which provides immense convenience to the public in making transactions. Hence, the government does not have any plan to levy any charges for UPI transactions. The UPI service providers should recover costs by any other means says Finance Ministry. [BS]
Supreme Court (SC) declared Section 3 (2 and 5) introduced by the amendment in Benami Act 1998 in the year 2016 void. The three-judge bench remarked that it violates Article 20(1) of the constitution and hence can not be used retrospectively. [BL]
Indian government forced Twitter to hire a government agent. A whistleblower has revealed that the government is trying to tap the user data by employing an agent in the company. [BL]
The ICRA has projected India’s GDP growth as 13% in the first quarter of the financial year 2023. It is a sharp jump from the GDP growth rate of 4.1% in the fourth quarter of the financial year 2022. [BL]
Editors:
Alok Aditya (Junior Research Fellow at ISEC)
Anuradha ( Research Assistant at ADRI)
Note: BL – Business Line, BS – Business Standard, FE – Financial Express, ET – Economic Times
Well done good job Authors👍