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Today, US President Donald Trump is going to speak at the World Economic Forum. He’ll talk about how to boost economic growth and improve global cooperation.
In India, Maharashtra’s Chief Minister, Devendra Fadnavis, discovered that 20 lakh (2 million) people who don’t qualify are enrolled in the ‘Ladki Bahin’ scheme. This change could save the state ₹3,600 crore each year.
UltraTech Cement reported a 17% drop in net profit for Q3 compared to last year, but its results were better than expected, causing its stock to rise more than 6%.
In business news, Parth Jindal from JSW Paints confirmed plans to acquire a stake in Akzo Nobel India, while also denying any involvement in cement cartelization.
Mazagon Dock Shipbuilders is in the lead for India’s ₹70,000-crore P75(I) submarine project, expected to enhance the Navy’s capabilities.
On the tech front, India is urging Apple and Google to support a state-backed app store, while WhatsApp has received temporary relief from restrictions on data transfers.
In other news, Trump’s ambitious $100 billion AI project is meeting skepticism, with Elon Musk doubting the feasibility of the funding.
Here are today’s top stories from the world of #markets, #business, and #economy:
World Economic Forum Update: Trump criticizes President Biden over inflation and rising costs. In a recent address, he described this week as a pivotal moment for America.
Fadnavis’ remarks on the ‘Ladki Bahin’ scheme indicate major potential savings by cutting ineligible beneficiaries.
He estimated a savings of ₹300 crore per month, totaling up to ₹3,600 crore annually, from removing these ineligible individuals from the program.
If funds are recovered from these beneficiaries, it could mean an additional ₹1,500 crore saved.
Maharashtra’s new policy might soon require car buyers to show proof of parking space before purchasing a vehicle to combat traffic issues in Mumbai.
Parth Jindal emphasized his commitment to acquiring the Akzo Nobel stake, stating there’s no turning back in this competitive bid valued between ₹10,000 crore and ₹12,000 crore.
In a bold statement, Jindal compared cement prices in India to the cost of potatoes, rejecting claims of market manipulation.
Finally, Mazagon Dock’s bid for the submarine project is moving forward as they’ve met the eligibility criteria set by the Ministry of Defence, with commercial negotiations ongoing.
For WhatsApp, a recent NCLAT ruling allowed them to continue data transfers to Meta after a stay on the initial order from the Competition Commission of India.
In tech news, India is pressing for access to its state-backed GOV.in app store in Apple’s and Google’s app marketplaces, aiming to reach more users.
Elon Musk publicly expressed doubts about the promised funding for Trump’s AI initiative, highlighting possible issues within the project’s planning.
