T Rabi Sankar, Deputy Governor of the Reserve Bank of India, has been appointed as a part-time member of the 16th Finance Commission, according to the Finance Ministry. This appointment follows the resignation of Ajay Narayan Jha, a full-time member, due to personal reasons. Sankar will serve until the Commission submits its report or until October 31, 2025.
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The Central Consumer Protection Authority (CCPA) has mandated e-commerce platforms in India to conduct self-audits within three months to detect and eliminate deceptive "dark patterns." This initiative aims to protect consumers from manipulative interface designs that lead to unintended actions. Platforms are also encouraged to submit self-declarations confirming compliance with anti-dark-pattern norms to foster transparency and build consumer trust.
Infosys has inaugurated a new development center in Gujarat International Finance Tec-City (GIFT City), Gandhinagar, to support over 1,000 employees in a hybrid model. This TechFin hub will deliver advanced digital solutions for global BFSI clients, focusing on areas like digital banking and risk management. The center will leverage AI, GenAI, cloud, and blockchain technologies to enable cross-border digital solutions.
Procter & Gamble, the consumer goods giant, will implement significant layoffs. Around 7,000 employees, or 6% of the global workforce, may lose their jobs. This decision comes amid rising input costs and softening demand. The company aims to streamline operations and exit select markets. Andre Schulten announced the restructuring at a conference in Paris.
NeoLiv, a Mumbai-based realty developer, has successfully sold all 263 residential plots in its inaugural project, 'NeoLiv Grand Park' in Kundli-Sonipat, Haryana, generating over Rs 300 crore in sales. The project, spanning 19.46 acres, experienced demand nearly four times the available inventory, highlighting strong buyer confidence.
Following recent turmoil stemming from incorrect derivative trade recognition, the Institute of Chartered Accountants of India (ICAI) will scrutinize IndusInd Bank's financial statements. The Financial Reporting Review Board (FRRB) will conduct the review for the fiscal years 2023-24 and 2024-25 to ensure compliance with accounting and auditing standards.
Saudi Arabia, Russia and six other key OPEC+ members announced on Saturday a huge increase in crude production for July. But in early 2025, OPEC+ members decided on the gradual output increase and subsequently began to accelerate the pace.
Tata Sons' board has cleared company secretary Suprakash Mukhopadhyay of any ethical violations after reviewing an internal probe into his ties with Divinion, a family-owned financial firm. While Mukhopadhyay failed to disclose his connection, the board concluded there was no intentional breach of conduct. Concerns arose over potential conflicts of interest, given Divinion's links to current and former Tata employees.
Sebi has approved IPOs for six companies, including HDB Financial Services and Vikram Solar. HDB Financial Services plans to raise funds through a fresh issue and offer-for-sale, while Vikram Solar's IPO includes a fresh issue and an offer-for-sale by promoters. The funds raised will support business growth and capital requirements, with shares to be listed on BSE and NSE.
India's defence budget is set for substantial growth, potentially reaching Rs 31.7 lakh crore by 2047, according to a CII-KPMG report. Defence production and exports are also projected to surge, positioning India as a key global supplier. Increased capital expenditure and R&D investment are expected, alongside a rise in defence's GDP share.
India's services sector performed well in May. The HSBC India Services PMI Business Activity Index increased. This indicates growth in activity, hiring, and international demand. Companies hired more staff at a record pace. Export orders surged, especially from Asia, Europe, and North America. Businesses are optimistic about future activity. The HSBC India Composite PMI Output Index was 59.3 in May.