Reliance Layoff Raises Economic Red Flags in India
India’s largest conglomerate, Reliance, announced an 11% reduction in its workforce, laying off 42,000 employees. According to Livemint, most of these employees were either contract workers or part-time employees. The company also hired 33% fewer fresh recruits than the previous year. RIL has recruited merely 1.17 lakh new recruits in this fiscal year. These changes…
Abdullah Ansari
Adani Family Left Out of Hurun’s Top Family Businesses
Recently, Hurun released its report on India’s most valuable family businesses. According to Hurun’s list of the top 10 family businesses in India, these businesses have collectively amassed a total value of more than INR 60,00,000 crores. However, this list doesn’t include the name of multi-billionaire Gautam Adani’s business. This news sent a shockwave across…
India’s Largest Bank Welcomes its New Chairman
The Cabinet Committee on Appointments has appointed a new chairman for the State Bank of India (SBI), the largest bank in the country. With a market cap exceeding INR 7,21,000 crores, SBI boasts a robust balance sheet and strong asset quality. The former chairman, Dinesh Khara, played a crucial role in revitalising the bank’s ailing…
Chandan Kumar
Major Relief For Homeowners As Centre Modifies LTCG
In Budget 2024, Nirmala Sitharaman announced some major changes in the taxation policy for homeowners, which received significant backlash from the real estate sector; because of this, the government revamped the finance bill and announced major relief for them. Earlier, the budget introduced a taxation regime that removed indexation benefits from the property and also…
Vipin Kumar
Manufacturers May Flee To India Amidst Dhaka Crisis
Bangladesh, once considered one of the fastest-growing economies in the world, is now engulfed in political tensions. Nearly 100 are dead, and thousands are injured in the ongoing political riots. Sheikh Hasina, who has been ruling Bangladesh since 2009, has resigned from her prime ministerial position and fled from the nation. The army chief of…
Shipra Prajapati
Adani To Retire At 70: Who Will Be The Next Chairman?
Gautam Adani, Indian business Tycoon and Asia’s second-richest person, has decided to step down from his position in early 2030 and transfer his control to his sons and nephews. The 62-year-old multi-billionaire will retire at the age of 70 and has emphasized the importance of succession in an interview with Bloomberg News. According to the…
Infosys Among Other IT Firms Targeted for Tax Evasion
Recently, the Karnataka government slapped India’s second-largest IT company with a GST tax evasion notice for more than INR 32,000 crores. Infosys, a Bengaluru-headquartered IT giant, reported that they received the pre-show cause notice for the period of July 2017 to March 2022 regarding the expenses incurred by overseas branch offices of Infosys Limited. Further,…
NPCI disconnects 300 small Banks from retail payments
In a recent turn of events, India witnessed another ransomware attack on July 31, 2024. According to the NPCI (National Payments Corporation of India), C-Edge Technologies Ltd., a tech service provider to RRBs (Regional Rural Banks), was possibly hit by a ransomware attack. The regulator mentioned that only cooperative and small banks were affected by…
Bhumika
RBI Report Highlights Major Digital Economy Concerns
Recently, the RBI released its Report on Currency and Finance (RCF), which highlights some of the major concerns in the Indian banking and financial sector. The report mentions that the financial sector in India has undergone some major changes in the last decade due to the mass adoption of technological advancements. This shift has negatively…
Himanshu
Blackstone and Haldiram’s Jaw-Dropping AgreementÂ
American private equity firm Blackstone, Abu Dhabi Investment Authority (ADIA), and Singapore’s GIC plan to invest INR 40,000 crore in the iconic Indian brand Haldiram. However, this is not the first time this consortium has bid to acquire a majority stake in the company. On May 15 2024, it was rumoured Blackstone led a consortium…
