Category: Business & Economics

Byju’s, once the poster child for India’s booming startup economy, is struggling to escape a post-Covid funk  Byju’s has been struggling with cash-flow problems and is embroiled in a dispute with creditors over a $1.2 billion loan.  Tech investor Prosus cut the edtech startup’s valuation to under $3 billion, 86% less than its peak valuation of $22 billion last year.  The latest disclosure, made by interim CEO Ervin Tu during Prosus earnings call, came just days after the startup announced a ₹ 2,250 crore loss.  The company spent heavily during…

India’s Defence Ministry to Hold Crucial Meeting on Major Fighter Aircraft Projects.  The Indian Defence Ministry is set to deliberate on two of the country’s largest fighter aircraft projects, collectively valued at 1.3 lakh crore rupees.  The agenda will include discussions on the acquisition of the advanced 97 new Light Combat Aircraft (LCA) Mark 1A.  Upgrading the SU-30 MKI jets will modernize and enhance the technical capabilities of India’s existing fleet, contributing to the overall strength of the country’s air defense.  The Indian Air Force has already ordered 83 LCA…

The Ministry of Mines, will be launching the first tranche auction of critical and strategic minerals here on 29th November, 2023. As Chief Guest, Union Minister of Coal, Mines and Parliamentary Affairs, Shri Pralhad Joshi will be launching the first ever critical minerals auction process. Twenty blocks of critical and strategic minerals being auctioned are spread across the country. This is a landmark initiative that will boost our economy, enhance national security and support our transition to a clean energy future. Critical minerals are essential for our country’s economic development and…

RBI adds 19 more entities, platforms, and websites to the Alert List of unauthorized forex trading platforms.  These entities are not authorized to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA)   They are also not authorized to operate an electronic trading platform (ETP) for forex transactions under the Electronic Trading Platforms (Reserve Bank) Directions, 2018.  The Reserve Bank said the Alert List also contains names of entities/platforms/websites that appear to be promoting unauthorized entities.  The apex bank regulatory body slapped penalties totaling ₹10.34 crore on Citibank,…

In its 63rd council meeting, International Sugar Organisation (ISO), headquartered in London, has announced India to be the Chair of the organisation for 2024. This is a huge achievement for the country to lead the global sugar sector and reflection of growing stature of the country in this domain. While attending the ISO Council Meeting, Shri Sanjeev Chopra, Secretary (Food), Government of India remarked that during its period of chairmanship of ISO in 2024, India seeks support and cooperation from all member countries and would like to focus on bringing together…

The Indian government has canceled the bidding process to hire an asset valuer for its planned IDBI Bank share sale, according to a statement.  The government will invite fresh bids to select a valuer for its stake in the lender, according to a statement from the Department of Investment and Public Asset Management on Tuesday.  The government gave no reason for the move.  India is looking to offload its 30.48% stake in IDBI Bank, while Life Insurance Corp of India will sell a 30.24% shareholding. Presently, the Indian government and…

The Supreme Court asked Patanjali Ayurved not to publish misleading claims and advertisements against modern systems of medicine.  The bench may also consider imposing a fine of ₹ 1 crore on every product if a false claim is made that it can cure a particular ailment.  The top court had come down heavily on Ramdev for criticizing allopathy and allopathic practitioners, saying he needed to be restrained from abusing the doctors and other systems of treatment. The Supreme Court Tuesday cautioned Patanjali Ayurved, a company co-founded by yoga guru Ramdev…

The Enforcement Directorate (ED) has issued a notice to edtech major Byju’s, asking it to pay ₹ 9,000 crore for allegedly violating foreign funding laws, sources have said.   The notice reportedly encompasses Byju Raveendran, the founder of Byju’s, and Think and Learn.   The ED’s move comes after an inquiry into potential FEMA violations by the ed-tech unicorn.  “Byju’s unequivocally denies media reports that insinuate Byju’s of any FEMA violation,” the edtech major has said in a statement.  Earlier this year, the ED raided Byju’s office in Bengaluru over…

Startups will play an important role in helping India become the third largest economy in the world, Chief Economic Advisor (CEA) to the Union government V Anantha Nageswaran has said.   Nageswaran said that tier-2 and 3 cities have become game-changers in helping startups flourish in the country due to improvements in infrastructure and supportive policies of the government.  Seven trillion USD economy size by 2030 is possible if India maintains its present growth trajectory, and in that journey, startup entrepreneurs are going to play an important role,” he said…