Amazon-owned livestreaming platform Twitch is set to lay off at least 500 employees, constituting roughly 35% of its staff, according to a report by Bloomberg citing sources familiar with the matter. The anticipated announcement of these layoffs is expected on Wednesday, January 10th, adding to a string of job cuts that have plagued the company in recent times. The backdrop of this decision is the departure of several high-ranking executives in 2023, including the chief product officer, chief customer officer, and chief content officer. Additionally, Twitch’s chief revenue officer, who was part of Amazon’s Ads unit, also bid farewell. The…
Author: Shrutika Patil
Hardeep Singh Puri, India’s Union Minister for Petroleum and Natural Gas, announced on Monday the commencement of oil extraction from the Krishna Godavari basin, located offshore the eastern coast of the nation. This significant milestone was achieved by the state-controlled Oil and Natural Gas Corporation (ONGC) at its flagship deep-water project in the KG-DWN-98/2 Block. Addressing the nation, Minister Puri expressed his enthusiasm, stating that the extraction marked the initiation of “First Oil” production from the challenging deepwater project. This key project, situated off the coast of the Bay of Bengal, aims to tap into the deepest frontiers of the…
VinFast, Vietnam’s leading electric vehicle (EV) manufacturer, has set its sights on India, signing an agreement with the southern state of Tamil Nadu. The ambitious venture aims to establish VinFast’s first manufacturing facilities in India, tapping into the world’s third-largest vehicle market. The memorandum of understanding, unveiled on Saturday, outlines a substantial investment of up to $2 billion, with an initial commitment of $500 million for the project’s first five years. The collaborative effort between VinFast and Tamil Nadu is expected to kickstart the construction of electric vehicle (EV) and battery manufacturing plants later this year, generating 3,000 to 3,500…
In a move to curb tax evasion and preserve the integrity of the Goods and Services Tax (GST) system, the government’s latest announcement on January 7 reveals a groundbreaking crackdown on fraudulent Input Tax Credit (ITC) claims. GST officers have identified 29,273 bogus firms involved in dubious ITC claims, amounting to a staggering Rs 44,015 crore. This discovery was made over the eight months leading up to December 2023 as part of a dedicated effort to combat fake registrations. The actions taken against these fraudulent entities have resulted in the preservation of revenue amounting to Rs 4,646 crore. During the…
The Indian Space Research Organisation (ISRO) has achieved a significant milestone in space technology with the successful testing of a cutting-edge fuel cell-based power system. This breakthrough not only holds the potential to power the proposed space station but also offers promising applications for society. The “100W class Polymer Electrolyte Membrane Fuel Cell based Power System (FCPS)” underwent testing in space aboard the PSLV Orbital Experimental Module (POEM), launched on January 1 as part of PSLV-C58. Fuel cells stand out as an ideal power source for space stations, providing both electrical power and pure water. ISRO expressed its satisfaction with…
As India’s stock market soared to new heights in December, there is a noticeable deceleration in the country’s manufacturing sector. The HSBC Purchasing Managers’ Index (PMI) recorded an 18-month low of 54.9 in December, down from November’s 56. The index, which indicates expansion above 50 and contraction below, reveals a shift in momentum for the manufacturing industry. The latest PMI reading, although still above the long-term trend, marked the lowest quarterly average (55.5) since the first quarter of the fiscal year 2023. Factors responsible for the slowdown A combination of unfavourable factors has contributed to this dip, with the pace…
Binny Bansal, the co-founder of Flipkart, has ventured into the world of e-commerce once again with his latest startup, OppDoor. The new venture aims to provide comprehensive end-to-end solutions to e-commerce firms globally. Binny Bansal’s New Venture After parting ways with Flipkart following its acquisition by Walmart in 2018, Binny Bansal has stepped back into the entrepreneurial arena. His new startup, OppDoor, focuses on offering a range of services to e-commerce companies, including design, product development, human resources, and backend support. About OppDoor Registered in Singapore and established in May 2021, OppDoor initially operated under the name ‘Three State Ventures…
In a dynamic financial landscape, the Unified Payments Interface (UPI) has emerged as a cornerstone in transforming the way Indians handle digital transactions. November 2023 witnessed an unprecedented surge in UPI transactions, reaching a staggering Rs 17.4 trillion. This marks a 1.4% increase from the previous month’s Rs 17.16 trillion, underscoring the growing prominence of UPI in the country’s digital payment ecosystem. Unified Payments Interface (UPI) has become the go-to payment method for millions in India, fostering a significant rise in digital transactions. To further refine and improve the UPI experience, various regulatory changes have been implemented, particularly by the…
In a strategic move ahead of the upcoming Lok Sabha polls in 2024, the Narendra Modi government has increased the interest rates on the Sukanya Samriddhi Yojana (SSY) scheme. The Finance Ministry’s recent circular announced a 20 basis points hike for the January-March quarter, elevating the interest rate from 8% to 8.2%. Benefits of Sukanya Samriddhi Yojana Guaranteed Returns: Being a government-backed scheme, SSY ensures stable and assured returns for investors. Tax Benefits: Investors can claim income tax benefits on contributions up to ₹1.50 lakh in a financial year under Section 80C of the Income Tax Act. Flexible Contributions: The…
Zomato, a leading online food ordering platform, has received a show cause notice from the Goods and Services Tax (GST) authorities amounting to ₹401.7 crores. This notice, issued by the Directorate General of GST Intelligence (DGGI), raises concerns over unpaid taxes on delivery charges collected by the company between October 29, 2019, and March 31, 2022. In November, the Directorate General of GST Intelligence (DGGI) issued pre-demand notices not only to Zomato but also to its rival Swiggy, seeking a total of Rs 750 crore in GST. Zomato argues that it is not obligated to pay any tax since the…