Saturday, April 26
Myntra launches M-Now, a quick commerce service offering 30-minute deliveries of fashion and beauty products. Targeting young shoppers desiring instant gratification, M-Now leverages third-party dark stores and partner stores. This move comes as brands increasingly adopt quick commerce platforms, challenging traditional e-commerce players to accelerate delivery timelines.
The packaged water industry is hopeful about a potential GST rate cut from 12% to 5% for 20-litre packs. However, they're pushing for the same reduction on smaller packs (1, 2, and 5 litres), currently taxed at 18%.
Russian President Vladimir Putin endorsed India's Make in India initiative at the VTB Russia Calling Investment Forum. He expressed Russia's readiness to invest and manufacture in India, highlighting the stable investment conditions fostered by the Indian government. Putin also advocated for greater BRICS cooperation to support SME growth and investment, particularly benefiting developing nations.
India's forex reserves rebounded by $1.51 billion to $658.09 billion in the week ending November 29, snapping an eight-week decline. This rise, the first in nine weeks, comes after reserves hit five-month lows. While foreign currency assets grew, gold reserves dipped. The increase is attributed to RBI intervention aimed at stabilizing the rupee amidst recent pressures and volatility.
Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, closed in red on Friday, but saw their strongest weekly performance in six months.
The Indian government has launched PAN 2.0, a program to modernize and digitize PAN and TAN administration. It will consolidate services, enhance security with QR codes, and identify duplicate PANs. Holding multiple PANs can result in a penalty.
The Reserve Bank of India (RBI) has raised the interest rate ceiling on Foreign Currency Non-Resident (Bank) or FCNR(B) deposits to attract more foreign currency. For deposits maturing in one to less than three years, the new ceiling is the overnight Alternative Reference Rate (ARR) plus 400 basis points, effective until March 2025.
India's first 410-meter Hyperloop test track is complete, a collaborative achievement by Indian Railways, IIT Madras, and startup TuTr. This innovative transport system uses pods to carry passengers at high speeds through low-pressure tubes, potentially revolutionizing travel in India.
