Latest trending news about the Indian economy, IT firms in Bengaluru, Facebook and Amazon news.
1. India to become 3rd largest economy by 2029.
At its current rate of growth, India is expected to surpass Germany in 2027 and Japan in 2029. In the final three months of 2021, India surpassed the UK to become the fifth-biggest economy.
India's GDP share is now 3.5 percent, up from 2.6 percent in 2014. At this rate, India will almost certainly be the fastest-growing economy in the current fiscal year. According to the report, authored by Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI, "this is a remarkable achievement by any standard." The calculation is in US dollars, and India maintained its lead in the first quarter, according to International Monetary Fund GDP figures.
2. IT firms in Bengaluru lose 225 crores as workers have been stuck in traffic for 5 hours.
Bengaluru IT companies suffered a loss of ₹225 crores as their employees were stuck in traffic for around five hours in a heavy flood situation. The Outer Ring Road Companies Association wrote to CM Basavaraj Bommai about the loss and the urgent need to redevelop the city's infrastructure.
The 17km stretch of the Outer Ring Road supports a significant portion of the state's economy and employs over a million people directly and indirectly, according to estimates.
The ORR's poor infrastructure has now reached crisis levels, as stated in the letter. If the situation remains the same, the association fears that the companies will seek alternative locations.
3. Facebook Is Shutting Down This Service Effective October 1st.
On October 1, Facebook will shut down its hyperlocal feature called Neighborhoods. This platform allowed people to connect with their neighbours, discover new places in their area, and become a part of the local community. People had the choice to sign up for the service and make a separate profile when it was first introduced in 2022 in nations like Canada and the US.
It was never widely spread during this time, revealing that Meta did not see a significant need for it. The choice to shut down Neighborhoods is likely an indication of this.
4. Government creates new rules to combat fake online reviews.
The government has finalised a draft set of standards for dealing with fake reviews and unverified star ratings on e-commerce websites. In an exclusive interview with ET's podcast series, The Morning Brief, Rohit Kumar Singh, secretary, of the Department of Consumer Affairs, stated that these guidelines will be released soon.
The main issue is the traceability and legitimacy of the reviews and ratings—whether the reviewer is actually the user. "We are developing a generic, robust framework to deal with this."
Given the growing popularity of e-commerce and the rise in online shopping, Singh said, "Now is the perfect time to address such issues."
5. After Cyrus Mistry's death in a car accident, India asks Amazon to stop selling seatbelt alarm blockers.
The Indian government has asked Amazon to stop selling devices that disable car seat belt alerts. Following the recent death of ex-Tata Chairman Cyrus Mistry in a car accident, transport minister Nitin Gadkari is implementing new road safety rules and measures.
Gadkari has asked the e-commerce site to stop the sale of devices such as metal clips that are inserted into seat belts to turn off the seat belt. Nowadays, cars have an alarm that keeps beeping until you put on your seat belt. People who dislike sound frequently purchase these devices to block noise.
Gadkari questioned the presence of seat belts and airbags in the front row but not in the back seats. This endangers the passengers' lives even more. The government intends to make rear seat belts mandatory in Indian cars.