India's poverty rates dropped significantly below 5% in 2024, as revealed by the State Bank of India's study. Both rural and urban poverty saw major reductions, with rural poverty at 4.86% and urban poverty at 4.09%. Further adjustments may occur following the completion of the 2021 census.
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UPI continues to set records, with March seeing 1,830 crore transactions worth Rs 24.8 lakh crore, a 36% rise in volume and 25% increase in value year-on-year. The platform now processes 59 crore transactions daily, averaging Rs 79,910 crore in daily value, showcasing significant growth.
The benchmark 10-year bond yield fell below 6.5% for the first time in over three years due to easing liquidity, the Indian government's borrowing strategy, and a stable rupee. Expectations of an RBI interest rate cut further supported the rally in government bond prices.
Elon Musk faced significant setbacks on March 10, with Tesla's stock plummeting by over 15% and his social media platform X experiencing major outages. The twin crises coincided with market panic and increasing criticism of Musk's political ties to Trump's administration. Additionally, Tesla's declining sales and growing competition, particularly from China's BYD, compound the challenges.
Zomato has invested an additional Rs 500 crore into Blinkit, its quick commerce business, bringing total funding to Rs 2,800 crore since the 2022 acquisition. This move follows Zomato's recent Rs 8,500 crore fundraising, aimed at bolstering its financial position amidst stiff competition in India's quick commerce sector.
Laxmi Dental raises Rs 314 crore from anchor investors before its IPO, attracting top domestic and international funds. The IPO will offer shares at a price band of Rs 407-428, with proceeds used for debt repayment, capital expenditure, and investments in subsidiaries, planning to list on BSE and NSE.
Ravi Kumar has led Cognizant's resurgence over the past two years, improving its positioning among peers and signing significant large deals. Cognizant has seen growth in its core verticals and implemented AI-driven productivity measures, aiming for further organic growth and margin expansion.
Byju’s interim resolution professional Pankaj Shrivastava has convened a committee of creditors meeting to vote on a permanent resolution professional. Glas Trust Company, holding 99.41% voting rights, can pass its preferred nominee. Previous resolution decisions were criticized by NCLT, leading to potential disciplinary action and Misconduct investigation, amid insolvency proceedings involving dues owed to BCCI.
Employee attrition in private sector banks in India has increased to around 25%, posing significant operational risks, according to the RBI's 2023-24 banking report. The report highlights the need for banks to adopt strategic measures to reduce turnover and ensure effective loan policies, especially concerning gold loans.
India’s GST revenue collection saw a notable 9.9% increase year-over-year in March, reaching Rs 1.96 lakh crore. February witnessed a 9.1% rise in GST collections, reaching Rs 183,646 crore, driven by substantial increases in domestic revenue sources.
India witnessed a record Rs 1.6 lakh crore raised through 90 IPOs in 2024, driven by robust economic growth and favorable market conditions. Hyundai Motor India's IPO led the charge, raising Rs 27,870 crore. Experts predict 2025 could surpass this record, with a potential Rs 2.5 lakh crore raised from upcoming IPOs, including HDB Financial Services and LG Electronics India.