Read daily news briefs on the economic issues collected from different sources.
Department of Telecommunication (DoT) seeks to regulate over-the-top (OTT) communication apps like Signal and WhatsApp. The authority argues in favour that this will prevent the misuse of the technology, while many industry associations are opposing the view. However, telecom operators welcome the decision as they have long demanded to implement similar rules and regulations as implemented on the similar communication services provided by these apps. [BL]
Adani Group has set a tentative date of October 17 for the open offer to purchase the stake of NDTV. [BL]
As demand across all sectors rises, bank credit continued to expand. In July the credit rises to 15.1% year-on-year (y-o-y) basis. [BL]
India became the first country where tech giant Meta launched a no-cost EMI scheme for its advertisers. [BL]
On August 30, the Indian benchmark indices registered the best one-day gains in over three months. The stability gained in the global market was triggered by the comment given by US federal reserve chairman Jerome Powell last week. [BS]
Adani has become now the 3rd richest person in the world. He is now the first Asian who got a position in the top 3. Gautam Adani grabbed 3rdposition with a net worth of $137 billion, while Elon Musk and Jeff Bezos are in 1st and 2nd position with a net worth of $251 billion and $153 billion respectively. [BS]
Zee Entertainment Entreprises (ZEE) has acquired the TV rights for the Indian Cricket Club (ICC0 events. This happened after the retention of the right by Disney Star which sublicensed the right to ZEE. [FE]
India’s G20 Presidency is likely to be themed as “one family” and the need for “sustainable growth”. The Presidency is going to be held from December 1 2022 to November 30, 2023. It is expected that India is going to make a strong pitch for G20 to adopt ‘LIFE’- the responsible consumption and sustainable lifestyle slogan given by PM Modi at the Glasgow Climate Conference. [ET]
World Bank report praises India’s Covid-19 strategies for its “whole of government” approach, accelerated tendering process and putting in place quality assurance protocols as well as for promoting the active role of the private sector in the establishment of laboratories and in raising additional resources by venture capital. [ET]
Congress has asked the government to ban illegal Chinese Loan apps and further pointed out that RBI has already said that at least 600 such apps are operating in India. These apps are duping “lakhs of young Indians” and so causing major economic and social consequences including many victims committing suicide. [ET]
Reliance Jio and Bharti Airtel together are likely to spend up to 17 billion dollars on 5G Capex in 3 fiscal years. [ET]
Economic Advisory Council to Prime Minister chairman Bibek Debroy said that by managing a sustained growth rate of 7 to 7.5% for the next 25 years, India can become an upper-middle-income country by 2047. [ET]
Insurance Regulatory and Development Authority of India (IRDAI) pitches to look at ways of reducing the expenses in order to make health insurance affordable for all and further asked the insurance industry to come out with pocket- friendly solutions as many out-of-pocket-expenditure become painful for the insured despite having a policy. [ET]
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