Info Edge Mobile Apps Removed from Google Play Store Amid Fee Dispute

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Info Edge Mobile Apps Removed from Google Play Store Amid Fee Dispute

Info Edge (India) Ltd revealed on Saturday that some of its mobile apps, like naukri.com and 99 acres.com, were taken off the Google Play Store. This happened after Google removed various apps due to a disagreement over service fees. Google stated that several companies, including prominent ones, hadn’t paid the necessary fees despite benefiting from the platform.

Info Edge expressed surprise at Google’s sudden action without prior notice. They clarified that users who already have the apps installed can still use them. Also, those accessing the apps via other platforms like the Apple App Store or the web aren’t affected. Info Edge is now reviewing the situation and working with Google to get its apps back on the Play Store.

The dispute arose because Google introduced a fee of 11-26% on in-app payments following a directive from the Competition Commission of India (CCI). Google removed apps that didn’t comply after the Supreme Court didn’t grant interim relief. Despite Info Edge’s compliance with Google’s policies, its apps were removed.

Info Edge’s founder emphasized the need for a strategic response to such challenges. He suggested creating an App Store or Play Store as part of Digital Public Infrastructure, similar to UPI and ONDC. This move, he believes, would ensure better compliance from Indian companies and offer a sustainable solution to such disputes.

Anant Ambani – Radhika Merchant Pre-Wedding Celebrations

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Anant Ambani – Radhika Merchant Pre-Wedding Celebrations
anant ambani - radhika merchant pre-wedding
Anant Ambani – Radhika Merchant

Anant Ambani – Radhika Merchant pre-wedding festivities were nothing short of spectacular, with the radiant bride-to-be dazzling in an off-shoulder rose gold gown while her future mother-in-law exuded elegance in a stylish maroon outfit.

Anant Ambani, scion of the Reliance Industries empire, is set to tie the knot with Radhika Merchant, daughter of Encore Healthcare CEO Viren Merchant and Shaila Merchant, in a grand ceremony later this year.

anant ambani - radhika merchant pre-wedding
Akash Ambani, Shloka Mehta, Nita Ambani and Mukesh Ambani

The extravagant three-day celebration commenced with a star-studded affair at the sprawling Ambani estate in Jamnagar, drawing luminaries from the realms of entertainment and business.

Friday night saw the Ambani family striking a pose for a memorable family portrait. Anant Ambani looked dapper in a black suit, complemented by his mother Nita Ambani’s glamorous violet ensemble and emerald diamond jewelry.

Shloka Mehta, wife of Akash Ambani, dazzled in a striking red gown alongside her husband, who sported a coordinated red and black suit, while their son Prithvi added to the charm of the moment.

anant ambani - radhika merchant pre-wedding
Anant Ambani – Radhika Merchant

Former US President Donald Trump’s daughter Ivanka Trump made a stylish statement in a shimmering golden-silver-hued saree, accompanied by her husband Jared Kushner and daughter Arabella Rose. She was seen sharing delightful moments with Mukesh and Nita Ambani.

The evening’s entertainment was elevated by a captivating performance by pop sensation Rihanna, accompanied by a mesmerizing drone show.

The guest list boasted an array of Bollywood celebrities like Shah Rukh Khan, Salman Khan, and Ranbir Kapoor, as well as sporting legends including MS Dhoni, Rohit Sharma, and Sachin Tendulkar, adding to the glittering affair.

anant ambani - radhika merchant pre-wedding
Mukesh Ambani

Nita Ambani shared her vision for the wedding ceremony, expressing her desire to celebrate their roots and pay homage to arts and culture. She emphasized the significance of Jamnagar in their family history, highlighting Gujarat’s importance as their ancestral land and the birthplace of their flourishing ventures.

The ceremony was envisioned as a tribute to their heritage, showcasing the rich tapestry of Indian arts and culture, meticulously crafted by talented creative minds. Nita Ambani’s heartfelt sentiments underscored the profound significance of the occasion, encapsulating the spirit of love, tradition, and celebration.

anant ambani - radhika merchant pre-wedding
Nita Ambani
anant ambani - radhika merchant pre-wedding
Anant Ambani and Nita Ambani

Stock Market: Sensex and Nifty Scale New Peaks on Positive GDP Figures

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The Indian benchmark equity indices, Sensex and Nifty, surged over one-and-a-half percent to achieve lifetime highs on Friday, buoyed by robust GDP figures and fresh foreign investments.

Nifty Reaches New Heights:

The Nifty soared by 355.95 points or 1.62 percent to settle at a record closing level of 22,338.75. During the trading session, it peaked at 22,353.30, marking an intra-day record high, fueled by positive momentum from global markets and robust auto sales data.

Sectoral Performance:

Key sectors witnessed significant gains, with the metal sector leading the charge, surging by 3.84 percent, followed by capital goods, banking, auto, energy, oil & gas, commodities, and industrials.

GDP Growth Impetus:

India’s economy expanded by a better-than-anticipated 8.4 percent in the final quarter of 2023, the highest rate in one-and-a-half years. The growth, surpassing expectations, contributed to a favorable estimate of 7.6 percent for the current fiscal year.

Manufacturing Sector Strengthens:

The manufacturing sector exhibited resilience, with the HSBC India Manufacturing Purchasing Managers’ Index (PMI) climbing to a five-month high of 56.9 in February, indicating robust sectoral health supported by increased factory production and sales.

Market Outlook:

Market experts remain optimistic, attributing the bullish sentiment to stellar GDP performance and easing US inflation. With the general election drawing closer, investor confidence is bolstered by robust economic data, anticipating a pre-election rally.

Special Trading Session:

In preparation for major disruptions or failures, leading stock exchanges BSE and NSE will conduct a special live trading session on Saturday. The session will facilitate an intra-day switch over from the primary site to the disaster recovery site, ensuring operational readiness.

Foreign Fund Inflows:

Foreign Institutional Investors (FIIs) turned net buyers on Thursday, injecting Rs 3,568.11 crore into the equity market. This influx of foreign funds underscores growing investor confidence in the Indian market.

Outlook:

With positive cues from both domestic and global markets, Indian equities continue to attract investor interest, supported by strong economic fundamentals and favorable market conditions.

Aha OTT Platform Possibly Up for Sale by Allu Aravind

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Aha OTT Platform Possibly Up for Sale by Allu Aravind

Aha, a popular Telugu OTT platform, was launched in 2020 as a joint venture between Arha Media and Broadcasting Private Limited, led by Allu Aravind, and My Home Group. Following its success, Aha Tamil was introduced in 2022.

Despite garnering significant viewership, OTT platforms face financial challenges due to high content costs, including movies and web series. While Aha invested heavily in original productions like Balakrishna’s Unstoppable show, it struggles to secure medium to big-budget films, which are often acquired by larger platforms such as Netflix and Prime Video.

With comparatively lower subscription fees and limited access to high-budget content, Aha is finding it challenging to sustain profitability. As a result, discussions have begun regarding the potential sale of the platform to entities like Sony Network, Sun Network, and other major players in the industry.

Paytm Users Rejoice! Continued UPI Transactions with a Twist

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Paytm Users Rejoice! Continued UPI Transactions with a Twist

Paytm users worried about their @paytm handle’s future can breathe easy – for now. The RBI has stepped in to ensure uninterrupted UPI transactions, but with some key changes.

  • Paytm Payments Bank’s wallet freeze: Bad news for existing account holders – they can’t top up after March 15th.
  • Paytm as a Third-Party App Provider (TPAP): The good news – @paytm can continue as a UPI app, but under new regulations.
  • Handle migration: Existing users must migrate to a new handle linked to a different bank.
  • No new users allowed: Paytm can’t add new users until the migration is complete.
  • More payment partners: The RBI wants 4-5 banks certified to handle Paytm’s high transaction volume.

What does this mean for you?

  • If you use @paytm for UPI, keep an eye out for migration instructions.
  • New users, hold your horses! You can’t join the party yet.
  • More banks will be involved in processing your transactions, potentially increasing options.

Remember: This is a temporary solution while the RBI finalizes Paytm’s long-term status. Stay tuned for further updates!

Rupee Bucks the Trend: Up 4 Paise Against Dollar Despite Oil & Stock Market

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Rupee Bucks the Trend: Up 4 Paise Against Dollar Despite Oil & Stock Market

The rupee defied gravity for the fourth consecutive day, gaining 4 paise against the mighty greenback on Thursday. This positive run could be attributed to the weakening dollar in international markets, where investors are wary of aggressive interest rate cuts by the US Federal Reserve in the near future.

However, dark clouds still loom on the horizon. Subdued stock markets and rising crude oil prices could put pressure on the Indian currency, analysts warn.

Here’s the breakdown:

  • Rupee gains: Up 4 paise to 82.92 against USD.
  • Reason to cheer: Weaker dollar due to cautious Fed stance.
  • Cause for concern: Bearish stock market & rising oil prices.
  • Global benchmark: Brent crude futures rose 0.13% to $83.14 per barrel.

Market movements:

  • Sensex: Down 0.04% at 72,590.65 points.
  • Nifty: Down 0.02% at 22,051.45 points.
  • FIIs: Net buyers in Indian markets, purchasing Rs 284.66 crore worth of shares.

The question remains: Can the rupee continue its winning streak despite headwinds from the domestic and global markets? Only time will tell.

UPI and Aadhaar: Engines of India’s $8 Trillion Economy by 2030

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UPI and Aadhaar: Engines of India’s $8 Trillion Economy by 2030

A recent report led by Nasscom indicates that Digital Public Infrastructures (DPIs) like UPI and Aadhaar are paving the way for India’s digital transformation, aiming for an $8 trillion economy by 2030 and achieving a $1 trillion digital economy milestone. These DPIs have already impacted around 1.3 billion citizens, covering 97% of India’s population, and contributed significantly to the country’s GDP.

The matured DPIs have generated a value of $31.8 billion, equivalent to 0.9% of India’s GDP in 2022, with Aadhaar facilitating $15.2 billion in economic value by curbing leakages in Direct Benefits Transfer and UPI replacing cash transactions, contributing $16.2 billion. This digital shift not only enhances efficiency but also aligns with UN SDG goals, providing citizen-centric solutions and promoting social and financial inclusion.

Moreover, DPI adoption has led to substantial paper savings and reduction in carbon emissions, with logistics and transportation sectors witnessing a reduction of 3.2 million tonnes of carbon emissions in 2022. With over 30 countries considering or adopting India’s interoperable and open-source DPIs, the nation emerges as a global leader in digital innovation.

Looking ahead, the report emphasizes the need for continued policy support and regulatory clarity from government agencies to realize the full potential of DPIs by 2030. It calls for proactive measures to drive adoption, foster innovation through partnerships, and integrate emerging technologies like AI and Web3 into existing DPIs. Additionally, it encourages startups and SMEs to capitalize on digital infrastructure and experiment with new-age technologies, while urging corporates and Big Tech to anticipate future digital demands and invest in necessary infrastructure and innovation.

IBM India: AI Set to Generate More Jobs Than it Destroys

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IBM India: AI Set to Generate More Jobs Than it Destroys

As the realm of artificial intelligence (AI) poses potential threats to certain job sectors, Sandip Patel, Managing Director at IBM India/South Asia, offers a contrasting perspective, suggesting that AI will generate more job opportunities than it eliminates.

In his conversation, Patel emphasizes the evolution of technology and innovation over time, drawing parallels to previous transformative shifts. He argues that while the emergence of the Internet initially led to job declines in traditional sectors like newspaper printing, it simultaneously birthed entirely new job categories such as web design, data science, digital marketing, and web publishing, employing millions.

Patel underscores the importance of re-skilling in adapting to the changing job landscape, emphasizing the need for individuals to acquire the necessary skills to work alongside AI and automation tools effectively.

Despite ongoing efforts by companies in India to train or reskill employees for collaboration with automation and AI, Patel highlights the vast scope for further initiatives in this regard, acknowledging the government’s recognition of the issue.

Regarding talent acquisition, Patel points out that while there is enthusiasm among employees to embrace new AI and automation tools, there remains a challenge in training a diverse workforce, not all of whom can become proficient coders or AI developers.

Rajeev Chandrasekhar, Minister of State for IT and Skill Development, echoes similar sentiments, emphasizing the pivotal role of technological talent in India’s AI advancement. Chandrasekhar stresses the urgent need for universities to produce skilled professionals in AI through master’s and PhD programs.

Highlighting talent as a critical concern, Chandrasekhar calls for collaborative efforts between the tech industry, academic institutions, and governments worldwide to address the talent gap and shape the future workforce for AI-related jobs.

Market Update: Sensex Inches Up, Nifty Sees Modest Increase

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Market Update: Sensex Inches Up, Nifty Sees Modest Increase

Sensex and Nifty experienced marginal gains in early trading on Monday amid mixed trends in Asian markets. Sensex edged up by 0.03% to reach 72,450.60 points, with Bharti Airtel and Bajaj Finance leading the charge, while Nifty saw a modest increase of 0.15% to settle at 22,073.05 points.

Investors are monitoring Asian shares cautiously, with hopes pinned on China’s market recovery post-holiday. Meanwhile, the US market closure on Monday for President’s Day follows last week’s subdued performance, influenced by inflation data and corporate earnings assessments.

Despite global uncertainties, India’s domestic indices have seen consistent gains over the past four sessions, with Sensex climbing by 376.26 points on Friday to close at 72,426.64, and Nifty rising by 129.95 points to 22,040.70.

Foreign Portfolio Investors (FPIs) remained net buyers on Friday, adding Rs 253.28 crore worth of securities to their portfolios, according to exchange data. Analysts highlight the resilience of the US stock market, bolstered by stronger-than-expected fourth-quarter earnings despite inflation concerns.

Paytm Payments Bank Gets Lifeline: RBI Extends Shutdown Deadline by 15 Days

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Paytm Payments Bank Gets Lifeline: RBI Extends Shutdown Deadline by 15 Days

Good news for Paytm Payments Bank (PPBL) users! The Reserve Bank of India (RBI) has extended the deadline for Paytm Payments Bank Ltd (PPBL) to stop accepting new deposits and transactions by two weeks. This move aims to provide customers and merchants with more time to adjust to the upcoming changes.

New Deadline:

  • Previously, PPBL was set to cease accepting deposits, credit transactions, and top-ups as of February 29th, 2024.
  • The RBI has now granted a 15-day extension, pushing the new deadline to March 15th, 2024.

Reason for Extension:

  • The central bank acknowledges the potential inconvenience for customers and merchants caused by the initial deadline.
  • This extension aims to provide them with more time to make alternative arrangements for depositing funds and conducting transactions.

Additional Measures:

  • The RBI has directed PPBL to facilitate seamless withdrawal of customer deposits parked with partner banks under the “sweep-in sweep-out” facility.
  • This ensures customers can easily access their funds without facing any hassle.

Background:

  • The RBI’s action against PPBL stems from persistent non-compliance with regulations and supervisory concerns.
  • The extension provides a temporary solution while the bank addresses the underlying issues.

Further Information:

  • The RBI has released a set of FAQs to clarify the situation and address public concerns.
  • Customers and interested parties can access these FAQs on the RBI’s website.

Overall, this extension offers some breathing room for PPBL customers and merchants, but the bank’s long-term future remains uncertain.

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