Daily Podcast: 'Indian economy is an elephant that's starting to run' : Bulletin: Business Today
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Daily Podcast: 'Indian economy is an elephant that's starting to run'

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August 9, 2018

IMF sees Indian economy as an elephant that is starting to run

The International Monetary Fund (IMF) believes the $2.6 trillion economy is an elephant that is starting to run.
What's more, its latest report on India not only reaffirms that the country is "again one of the world's fastest-growing economies" - accounting for about 15 percent of global growth - but also that India it could be what China previously was for the world economy.The report's favourable medium-term outlook reflects continued robustness in private consumption and a recovery in investment, which is supplemented by progress in bank balance-sheet repair and improved credit growth.

WhatsApp officially rolls out forward message feature; restricts limit to 5 users
Instant messaging app WhatsApp has finally rolled out the limited 'forward message' option for India, which restricts a forward message to just five users, the company said on Wednesday. The Facebook-owned company has been under fire ever since several incidents of lynching, linked to rumours spreading through WhatsApp, were reported from different parts of India. "The limit has started to appear this week for people in India who are on the current version of WhatsApp," the company said in a statement on Wednesday.
 
Ikea opens its first store in Hyderabad today

Swedish retail giant Ikea has put all its might behind the company's first store in India opening in Hyderabad. The company put in around 12 years of work and took 6 years after their announcement to open their first Indian outlet. It is finally opening today.
 
Flipkart-Walmart deal: CCI nod to US retail giant's Flipkart acquisition for $16 billion

The Competition Commission of India (CCI) cleared the acquisition of India e-commerce major Flipkart by the United States-based retail behemoth Walmart. The approval from the competition watchdog clears the path for the biggest FDI deal in the history of Indian corporate sector. Back in May, Walmart had announced acquisition of 77 per cent stake in Flipkart in lieu of $16 billion. Once the deal is complete, the 11-year old Indian e-commerce firm will be valued at $20.8 billion.

SBI launches a unified payment terminal MOPAD
 
State Bank of India, the largest lender with a fifth of the market share, launched a payments machine that would help merchants eliminate the multiple choices that they keep to facilitate transactions from cards to QR code based payments. The new device titled MOPAD, or Multi Option Payment Acceptance Device, is a Point of Sale (PoS) terminal that would along with cards accept payments through UPI, Bharat QR, and SBI Buddy wallet which till now required different tools to receive payments as reported by the Economic Times.

Flipkart co-founder Sachin Bansal has this suggestion on ownership for Indian startups

Flipkart co-founder Sachin Bansal has a suggestion on ownership for Indian startups. One of the country's newest billionaires courtesy his recent exit from the company post its $16 billion deal with Walmart, Bansal told The Economic Times that differential voting rights will be helpful for the Indian startup ecosystem, especially for entrepreneurs. Bansal's decision to sell his entire stake to Walmart was reportedly the result of differences with the investors.
 
Google CEO Sundar Pichai questioned by US senators over reported Chinese search engine

Google CEO Sundar Pichai is being questioned by six US senators on reports about the company's plan to release censored search engine in China as reported by the Indian Express. Reports that came out last week stated that Google is planning a censored search engine project for China via The Information. Following these reports, six US senators including Florida Republican Marco Rubio have written to Pichai. Google has neither confirmed nor denied these reports.
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