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India’s Finance Ministry Projects 6.5% GDP Growth for FY24 Despite Global Slowdown

  • The ministry’s current fiscal outlook remains ‘bright’ and suggests second quarter of FY24 is doing well.
  • Rising crude oil prices and potential geopolitical developments pose risks to economic stability, but are not considered alarming.
  • Private sector’s health is positive, and food inflation has been curbed; oil price increases may impact twin deficits.

Digital currencies popular with central banks globally, could enhance de-dollarization: IMF report

  • Around 93% of global central banks are considering their own digital currencies, aiding in the overall shift away from the dollar.
  • China and Russia have introduced or are planning to introduce their own digital versions of national currencies.
  • This trend could support de-dollarization efforts if these digital currencies address financial inclusion barriers within respective nations.

FinanceGPT uses AI for financial analysis; preps African languages interface

  • FinanceGPT, a generative AI startup, aids in financial analysis, forecasting valuations using proprietary AI models and GPT-4.
  • The startup is developing a financial voice assistant proficient in some African languages, part of a move to bridge language gaps in emerging markets.
  • Member of Nvidia Inception, FinanceGPT uses Nvidia’s technology to create distinctive solutions addressing limited accessibility and cost issues in financial services.

HDFC Bank loses Rs 1 lakh crore market cap in 4 days, shares drop 8%

  • Concerns over near-term asset quality, margins and return on asset (RoA) have led to an 8% drop in HDFC Bank shares.
  • The bank’s market capitalisation dropped by around Rs 1 lakh crore over four consecutive sessions.
  • Following these trends, several brokerages have cut their target prices on the stock.

Amazon to Introduce Ad-Supported Prime Video in 2024

  • Amazon Prime Video will start showing ads in 2024, with a low-ad tier offered for an additional $3 per month.
  • The ad-supported Prime Video will launch in the U.S., U.K., Germany, and Canada initially, with France, Italy, Spain, and Mexico following later.
  • Amazon intends to show fewer ads than traditional TV, made possible by the company’s investments in original content and channel expansion.

Apple surpasses Samsung to become India’s top exporter of smartphones

  • Out of India’s 12 million total shipments exported during the June quarter, Apple held a 49% market share. Samsung held a 40% market share.
  • Only 9% of smartphones exported from India were produced by Apple between April and June of last year. In terms of volume, it now makes up nearly half of all exports.
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