Top Headlines: India's GDP may grow 7% in FY23, forex reserves up by $44 mn

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Big Tech uneasy over call for introduction of a digital competition law

The Parliamentary standing committee’s recommendations for introduction of a new Digital Competition Act to rein in Big Tech has given rise to serious concerns among global tech companies in India. The government is studying the suggestions of the committee on finance, which has suggested that a new Digital Competition Act be introduced to rein in Big Tech and ensure fair and transparent competition. Read more...

Forex reserves up by $44 mn to $562.85 bn on rise in RBI gold reserves

The Reserve Bank of India’s foreign exchange reserves rose by $44 million to $562.85 billion in the week ended December 30, latest central bank data showed. The marginal rise in the RBI’s reserves in the week gone by was due to a rise in the central bank’s gold reserves which rose $354 million to $41.32 billion, the data showed. Read more...

CoC won't accept revised Varde-Arena offer for two Srei companies

The committee of creditors (CoC) of the two Srei companies has decided not to accept the revised bid by Varde-Arena which came after the close of the ‘Challenge Mechanism’ auction. Varde-Arena had revised its offer upwards after National Asset Reconstruction Company (NARCL), the government-backed bad bank to take over stressed assets of lenders, emerged as the highest bidder in the auction that was conducted on Tuesday. Read more...

No reason to worry about new Covid variant Kraken in India yet: Experts

Kraken — nickname for the XBB.1.5 SarsCoV-2 variant — is spreading fast across the globe and has already been detected in 29 countries. While the World Health Organisation (WHO) has expressed concern about the variant, experts in India see no reason for alarm yet. Read more...

India's GDP likely to grow 7% in FY23: NSO's first advance estimates

The Indian economy may grow at 7 per cent in FY23, which is higher than projections made by the Reserve Bank of India (RBI) and the World Bank, according to the latest estimates by the National Statistical Office (NSO), which implicitly assumes a lower impact of intensifying global headwinds. The economy grew 9.7 per cent in the first half (April-September) of FY23, the data for which was released on November 30. Read more...