Reliance Industries is prioritizing organic growth in India's quick commerce sector, foregoing acquisitions due to integration complexities and a robust existing customer base. The company leverages its retail stores and strategically located dark stores to meet demand, focusing on profitability and expanding beyond metropolitan areas.
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In 2024-25, the Indian government disbursed Rs 10,114 crore under Production-Linked Incentive (PLI) schemes, with large-scale electronics manufacturing receiving Rs 5,732 crore and pharmaceuticals securing Rs 2,328 crore. These two sectors collectively accounted for approximately 70% of the total incentive disbursements, highlighting their significant role in the PLI initiative.
China's exports experienced a faster growth in June, driven by a temporary easing of US tariffs, leading to a surge in orders before an impending deadline. Despite a decline in exports to the US, overall trade activity expanded, with exports to Southeast Asia and the EU increasing.
CoinDCX is investigating a security breach of an internal operational account, assuring customers that their funds are safe. Blockchain experts detected suspicious fund transfers, estimating a loss of around $44 million. The exchange has isolated the affected account, is working with cybersecurity firms, and will cover the loss from its treasury while tracing the funds.
India has significantly increased the flying rights for Kuwait, raising weekly seat capacity by 50% to 18,000. This agreement, signed by aviation officials from both nations, marks Kuwait's first bilateral capacity increase in 18 years. The move comes amid rising travel demand and aligns with India's policy to bolster its carriers' international presence through strategic agreements and infrastructure development.
SpaceX has pledged $2 billion to xAI as part of a $5 billion equity round, strengthening Elon Musk's AI startup's position against OpenAI. Following xAI's merger with X, the combined entity is valued at $113 billion, with the Grok chatbot now supporting Starlink and potentially integrating into Tesla's Optimus robots.
India is poised to produce its first commercial-scale, domestically manufactured semiconductor chip this year, marking a significant step in its semiconductor ambitions. IIT students have designed 20 chipsets, with eight already in the final design stage. The government's support through the India Semiconductor Mission and advancements in AI further bolster India's technological progress.
US stock indices experienced gains on Wednesday following a promising wholesale inflation report, fueling anticipation that the Federal Reserve might consider resuming interest rate cuts later this year. The S&P 500 neared its all-time high, while the Dow Jones Industrial Average also saw an increase. Bank shares, particularly PNC Financial Services, contributed significantly to the positive market performance.
Jensen Huang, Nvidia CEO, lauded China's AI contributions at a Beijing expo. He highlighted DeepSeek's efforts and China's rapid innovation. Nvidia will resume H20 chip sales to China after US assurances. This news boosted global tech markets, with Nasdaq reaching a record high.
The academic migration patterns of Indian students are evolving, with the US experiencing a slower growth rate of 11-13% through 2029. Ireland, Germany, the UAE, and Singapore are emerging as popular alternatives, offering attractive immigration policies and work opportunities. This diversification ensures continued growth in education loans, driven by the economic advantages of overseas education.