RBI Governor Shaktikanta Das sees India moving ahead towards an 8 per cent GDP growth trajectory on a sustained basis, driven by structural economic reforms such as GST.

“If you look at the average growth India recorded over the three years, the average comes to 8.3 per cent and the current year we have given a projection of 7.2 per cent growth,” Das said at the 188th AGM (Annual General Meeting) of Bombay Chamber of Commerce & Industry.

India’s growth momentum remains strong and could improve further in the coming months. The country was on a path to achieving 8 per cent growth on a sustained basis, he added.

The RBI Governor also said there was clear evidence of private sector capital expenditure having picked up momentum, which should help growth further.

He also highlighted India’s contribution to global growth amid the worldwide economic slowdown.

“The Indian economy in the last financial year 2023-24 contributed to 18.5 per cent of the global growth, i.e., 18.5 per cent of the global growth was driven by India. It is an achievement as it was much lower 7 or 8 years ago and I think the IMF projects this growth to go up,” he said.

He said that the major drivers of this growth are the implementation of GST, the Insolvency and Bankruptcy Code, and Flexible Inflation Targeting.

“GST has the advantage of avoiding the multiplicity of taxes. It is one of India’s biggest structural reforms since 1947,” he remarked.

GST collections have touched 1.7 lakh crore in a month and it is in a range of 1.5 to 1.7 lakh crore every month, he added.

He also highlighted the fact that India is poised to become the third-largest economy in the world from its current position as the fifth-largest. AGENCIES

 The National Pension System enrolled as many as 110,655 new subscribers in April, reflecting the increasing attractiveness of the scheme, according to the latest figures compiled by the National Statistical Office.

The data show that state government employees constitute nearly two-thirds of these new subscribers.

Employees of state governments constitute 79,876 of these subscribers while central government staffers number 20,000. There were also 10,250 subscribers from the corporate sector during the month.

An age-wise analysis showed that 43.8 per cent (48,530) of new subscribers belonged to the 18-28 age group, who have got jobs for the first time. This also indicates the increase in employment that is taking place in the economy.

The National Statistical Office released the compiled payroll data on Tuesday after a gap of three months due to the model code of conduct remaining in place.

Overall, 937,000 subscribers joined the National Pension System during 2023-24 which is 13.6 per cent higher than the 824,700 new subscribers in 2022-23.

The corporate component of the scheme is voluntary in nature and includes people working in public sector organisations, private limited companies, or public sector banks.

The National Pension System, managed by the Pension Fund Regulatory and Development Authority, is being implemented on a contribution basis. Both the subscriber and the employer contribute an equal amount to the pension account. It was made mandatory for all new central government employees from January 1, 2004, except the armed forces. AGENCIES

 The publishing arm of gaming company Nazara Technologies on Wednesday said that it has partnered with nCore Games to publish the ‘Made in India’ FAU-G Domination mobile game.

Mobile Shooter FAU-G: Domination game will be marketed and distributed by Nazara Publishing. Pre-registrations for the game will be available on Google Play and the App Store later this year.”Made in India games have a huge potential to address the growing needs of the Indian gamer with locally relevant content and we are excited to partner with nCore to bring FAU-G: Domination to all our players,” Nitish Mittersain, Jt. MD & CEO of Nazara Technologies, said in a statement.

FAU-G: Domination is developed by Dot9 Games, a studio of nCore Games. The game features modern-day military aesthetics with Indian characters, each with a unique backstories.

The game includes various maps with diverse environments that reflect India’s rich heritage, blending cultural pride with cutting-edge gameplay.

“FAU-G: Domination is our humble response to Prime Minister Narendra Modi’s ‘Make-in-India’ call, and we’re thankful that Nazara shares our vision to bring the best of India to the world,” said Vishal Gondal, Co-Founder of nCore Games.

Nazara Publishing provides comprehensive services for both local and global game developers aiming to tap into the booming Indian gaming market. AGENCIES

 Indian equity markets gave stellar returns in the first six months of 2024.

The Sensex was up nearly 8 per cent and Nifty was up nearly 9 per cent so far this year.

The impact of the rally in the market was also visible on mutual fund schemes and investors have got very good returns.

According to a media report, around 260 mutual fund schemes have given an average return of about 17.67 per cent in the first half of 2024.

In terms of returns, top mutual funds schemes were from the Midcap and smallcap categories.

Quant Midcap Fund, JM Midcap Fund, ITI Midcap Fund, and Motilal Oswal Midcap Fund are on top, with returns of more than 30 per cent, since the start of 2024.

JM Flexi Cap Fund, Quant Value Fund, Quant Large and Midcap Fund, ICICI Prudential Midcap Fund, and LIC Small Cap Fund are among the top 10 schemes with returns ranging from 27 per cent to 29 per cent.

Nippon India Small Cap Fund, which is the largest fund by asset value, has given a return of nearly 21 per cent.

At the same time, HDFC Midcap Opportunity Fund, the largest fund in the midcap category, has given returns of more than 20 per cent to investors so far in 2024.

Mirae Assets Focused Fund gave the lowest return of about 7 per cent to investors in the beginning of 2024. AGENCIES

Global technology consulting and digital solutions company LTIMindtree on Wednesday said it has appointed veteran SN Subrahmanyan, (Vice-Chairman) as Chairman with effect from June 27, as AM Naik decided to step down from the post.

The announcement was made at the board of directors’ 28th AGM, said the Larsen & Toubro Group’s company.

Subrahmanyan (popularly known as SNS) and Chairman & Managing Director of Larsen & Toubro, joined the board of L&T Infotech in January 2015, and was appointed as the Vice Chairman of L&T Infotech on May 4, 2017.

He was also instrumental in the acquisition of Mindtree in 2019 and then led the merger of L&T Infotech and Mindtree, now called LTIMindtree.

“I would humbly like to take up this responsibility and take LTIMindtree’ legacy of trust, customer focus, timely delivery, quality, people centricity, and professionalism forward,” said Subrahmanyan.

Naik has been the Founder Chairman of the company and the architect of the transformation of LTIMindtree into a global conglomerate with dominance in the sectors in which it operates.

“It is with immense pride and satisfaction, I reflect on the journey from the initial days of L&T Infotech to the IT services behemoth that LTIMindtree has become today,” said Naik.

From June 27 under Subrahmanyan’s able leadership, “I am sure LTIMindtree will continue to grow further and reach new pinnacles of success.”

As a digital transformation partner to more than 700 clients, LTIMindtree has more than 81,000 professionals across more than 30 countries. AGENCIES

Embattled edtech firm Byju’s did not siphon off funds or manipulated accounts, a year-long investigation by the government has found.

However, the company did go through lapses in its corporate governance structure, the government added.

The probe by the Ministry of Corporate Affairs (MCA) concluded allegations regarding the manipulation of accounts and siphoning of funds against Byju’s “to be unsustainable” and as such are not recommended to be referred to the Serious Fraud Investigation Office (SFIO), according to people aware of the matter.

The MCA inspection was conducted after complaints were filed by the National Commission for Protection of Child Rights (NCPCR) and the Registrar of Companies (ROC).

These complaints revolved around accusations that Byju’s arm twists its customers for continuing with its products or services, and doesn’t issue refunds to those requesting it, among others.

According to people close to the matter, the report, yet to be made public, found that it is possible that the promoters and directors of Byju’s could have been more transparent with their actions.

However, the MCA report observed that most of the corporate governance issues which were alleged by the directors were in relation to “transparency and independence”.

It was also observed that the Nominee Directors had resigned during the year 2023-24, citing “corporate governance issues, including lack of deliberations with them on the important financial and business policies”.

The report also concluded that Bujy’s has been taking all steps to resolve complaints and grievances pursuant to which many complaints stand resolved and the remaining are under the resolution process.

As of January 31, Byju’s paid customer base had 7.5 million students.

Of the 4,390 complaints made to the edtech company, 2,856 have been resolved and the pending complaints formed 0.02 per cent of the total paid customer base.

There is also “no issue with the change in the accounting policy for revenue recognition,” the report found.

The company used Rs 9,025 crore from 2014 to 2022 for M&A and these acquisitions returned an income of Rs 4,287 crore.

Byju’s is currently involved in multiple cases in courts as well as in the National Company Law Tribunal (NCLT).

The edtech company is trying to raise $200 million in a rights issue but has been restrained from utilising any funds by the NCLT.

Byju’s is also exploring out-of-court settlements with some of its creditors.

Once valued at $22 billion, the edtech company is now worth zero.

Global investment giant Prosus wrote off the value of its shareholding in Byju’s, recording a loss of $493 million in its annual report for FY24. AGENCIES

 Despite significant shifts in funding and valuations, the global fintech industry saw a robust annual revenue growth of 14 per cent from 2021 to 2023, a report showed on Wednesday, adding that India is reaping the benefits of investment in digital public infrastructure (DPI).

Governments, especially in countries such as Brazil and India, are reaping the benefits of investment in integrated DPI, spurring dramatic growth in digital payments and innovation on top, according to the report by Boston Consulting Group (BCG) and QED Investors.

When we look at data, the unified payments interface (UPI) platform processed 13,115 crore transactions in FY24, aggregating to nearly Rs 200 lakh crore in value, compared with 8,376 crore transactions worth Rs 139 lakh crore in FY23.

Fintech leaders have hailed Prime Minister Narendra Modi’s vision to help India lead in digital payments, saying that the country’s fintech landscape is now a hotbed for innovation, reflecting the nation’s fearless spirit.

India is home to more than 10,000 fintech companies working in diverse sectors and segments.

According to the BCG report, perhaps more notably, the industry has initiated a shift from a “growth at all costs” model to one focused on profitable growth, with margins improving by 9 percentage points on average.

“Profitability and compliance are now the cornerstones of fintech success,” said Deepak Goyal, BCG managing director and senior partner and co-author of the report.

“They are essential for attracting continued investment, scaling operations, and building lasting, valuable companies,” he added.

With an annual global profit pool of $3.2 trillion on a base of $14 trillion of total revenue, the global financial services industry is both massive and ripe for innovation.

“While the $320 billion of fintech revenue represents less than 3 per cent today, the exponential advances in GenAI and continued growth in embedded finance means we’re still in the early innings of fintech’s journey, where the separation of winners and losers is becoming apparent,” explained Nigel Morris, QED Investors Managing Partner.

The global fintech market has continued to grow revenues at a robust pace: 14 per cent over the past two years across the board, and 21 per cent when crypto- and China-exposed fintechs are excluded (both at a compounded annual growth rate).

The report outlined four trends that will drive the industry in the coming years — embedded finance will be a $320 billion market by 2030; connected commerce is poised for liftoff; open banking will have a modest impact on banking, but a greater impact on advertising and Generative AI will be a game changer for productivity. AGENCIES

The Finance Ministry on Wednesday advised the chiefs of public sector banks to expedite the opening of more brick-and-mortar branches in villages to further strengthen financial inclusion initiatives taken by the government.

Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance, told PSB chiefs at a review meeting held here that while significant progress has been made in expanding social security and deepening financial inclusion in the country through various flagship schemes of the government, banks must industriously work towards reaching the last mile to further strengthen financial inclusion initiatives taken by the government.

Jan Samarth portal & Aadhar seeding etc were also discussed during the review meeting meeting. He took a detailed review of the progress made in opening brick-and-mortar branches of banks in unbanked villages.

reviewed the progress under various financial inclusion schemes including Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Pradhan Mantri Mudra Yojana (PMMY), Stand Up India, PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi), PM Vishwakarma, PM Surya Ghar Yojana, Ethanol Blending in Petrol (EBP) and Compressed Bio Gas (CBG) financing.

requested banks to give more thrust on improving customer experience across banking services. The review meeting was also attended by senior executives of UIDAI, NABARD, SIDBI , Mudra Ltd. CERSAI & NCGTC. CEO, UIDAI also took part in the meeting to showcase the new product launched by UIDAI to benefit the banks while undertaking Aadhar authentication.
AGENCIES

Three persons including a senior official of Eastern Coalfields Limited, a subsidiary of Coal India Limited (NS:COAL), were arrested by the Central Bureau of Investigation (CBI (NS:CBI)) on Wednesday in connection with the multi-crore coal smuggling case in West Bengal.One of the two persons arrested have been identified as the former General Manager of EC, Amit Kumar Dhar. The identities of the other two, both coal traders, are yet to be disclosed by the Central agency.

The three will be presented at a special court of CBI at Asansol in West Burdwan district on Wednesday, and according to sources, the Central counsel will seek their CBI custody. All the three persons who have been arrested were named in the chargesheet by CBI.

Sources said that the three individuals were summoned at CBI’s Nizam Palace office in central Kolkata for interrogation on Tuesday, following which, they appeared. After a night-long interrogation, CBI took them into custody early Wednesday morning.

On June 21, CBI arrested the current General Manager of ECL Naresh Chandra Saha and civil contractor Ashwini Kumar in relation to the coal smuggling case.

Sources said that the consecutive arrests prove the kind of network the kingpins of the coal smuggling racket had spread in ECL in carrying out their activities.

To recall, the CBI started its investigation in the coal smuggling case in 2020. Later the Enforcement Directorate (ED) also started a parallel investigation in the matter focusing on the money laundering aspect of the case.

The date for filing the final chargesheet in the matter at the same special court has been fixed on July 3, following which, the trial process will start. Sources said that the arrest of these two individuals before that date is extremely significant in effectively carrying out the trial process. AGENCIES

 5G subscriptions are projected to reach around 840 million in India by the end of 2029, accounting for 65 per cent of mobile subscriptions in the region, a new report showed on Wednesday.

According to the Ericsson Mobility Report, total mobile subscriptions in the region are estimated to grow by 1.3 billion in 2029.

“The June 2024 Ericsson Mobility Report shows continued strong uptake of 5G subscriptions. Enhanced Mobile Broadband and Fixed Wireless Access are the leading use cases, with signs that 5G capabilities are influencing service providers’ Fixed Wireless Access offerings,” said Fredrik Jejdling, Executive VP and Head of Networks, Ericsson.

On a global level, researchers estimated that 5G subscriptions will be close to 5.6 billion by the end of 2029.

5G is expected to account for about 60 per cent of all mobile subscriptions by the end of 2029 globally.

Moreover, the report mentioned that India has made large-scale mid-band deployments, reaching over 90 per cent population coverage by the end of 2023.

5G subscriptions in India reached around 119 million and 5G penetration reached 10 per cent by the end of 2023.

Meanwhile, the government began the auction of 5G spectrum worth Rs 96,238.45 crore for telecom services. The total quantum of spectrum being auctioned is 10,522.35 MHz in various bands.

The 5G spectrum auction is witnessing participation from three bidders: Bharti Airtel, Vodafone Idea and Reliance Jio Infocomm. AGENCIES