financial ecosystem

The World Memon Organisation recently hosted an Eid Milan programme in Mumbai, drawing a crowd of 5000 people, mostly women. The event at Islam Gymkhana showcased Memon women's entrepreneurial skills in handicrafts, cooking, and sales. WMO's Haji Mudassar Patel emphasized the need to nurture this talent.

Kunal Bahl, Snapdeal's co-founder, is advocating for the recognition of profitable startups, termed "Indicorns," over those solely focused on billion-dollar valuations. He highlighted that companies prioritizing sustainable growth and operational efficiency deserve acknowledgment. Bahl's comments arrive amidst valuation markdowns and uncertain IPO prospects, emphasizing the importance of financial sustainability in the startup ecosystem.

Public sector banks in India have achieved a record cumulative net profit of Rs 1.78 lakh crore for FY25, a 26% increase from the previous year. All 12 PSBs reported profits, marking a significant turnaround from losses in FY18. State Bank of India led with over 40% of the total earnings.

Ahmedabad-Gandhinagar-GIFT City is emerging as India's top Tier-II GCC hub, attracting global firms with its infrastructure, incentives, and skilled talent pool. GIFT City's tax benefits and Gujarat's industry-friendly policies are key drivers. The region offers a compelling proposition with a growing number of GCCs, startups, and IFSC units, making it a strong alternative to Tier-I metros.

Prosus has significantly invested in India, exceeding $8.6 billion, as part of its strategy to build a leading lifestyle ecommerce ecosystem. The company's ecommerce segment surpassed expectations, achieving over $435 million in adjusted EBIT. With a focus on integrating recent acquisitions and driving AI innovation, Prosus aims for further profitability in the coming year.

Union Minister Jitendra Singh urged Indian researchers abroad to return, highlighting India's advancements in science and research. He emphasized a shift in national mindset and the need for industry-determined research with equitable financial commitments. India's global scientific presence is growing, reflected in its improved rankings in innovation, patent filings, and startup ecosystem, signaling a golden period for science.

Atal Pension Yojana (APY) has garnered over 7.65 crore subscribers, accumulating a corpus of Rs 45,974.67 crore by April. The scheme, launched in 2015 to address retirement security for unorganised workers, sees increasing participation from women, now comprising about 48 per cent of subscribers. APY offers fixed monthly pensions and is administered by PFRDA, aiming for "Pension for All."

Patanjali Group's technology arm, Bharuwa Solutions, is entering the Indian banking sector with an AI-powered, bilingual banking ERP system. This platform aims to revolutionize digital banking for regional, cooperative, and small financial institutions by addressing language barriers and enhancing security. Founder Acharya Balkrishna emphasizes the commitment to technological inclusion, ensuring accessibility for all citizens.

Mick Schumacher's presence at the Miami Grand Prix has sparked rumors of a potential F1 comeback with Cadillac in 2026. The son of Michael Schumacher, currently racing in the World Endurance Championship, is reportedly being considered for a seat. Cadillac is evaluating several drivers, including Sergio Perez, Valtteri Bottas, and Zhou Guanyu, as they prepare for their F1 debut.

The All India Patent Officers Association has petitioned the Supreme Court for a CBI investigation into the alleged unauthorized access granted to Kaizen Institute, a private multinational firm, to the Intellectual Property Office's internal data servers.

Gurgaon is bracing for pricier liquor as Haryana's new excise policy, effective next month and lasting until March 2027, substantially raises annual fees for bars and restaurants, alongside increasing the base price of various liquors.