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    IMF cuts India's GDP growth forecast to 9.5 pc for FY22

    The IMF had earlier forecasted a GDP growth of 12.5 percent for FY22 in the month of April, but the severity of the second wave resulted in a lower revision The International Monetary Fund (IMF) on Tuesday cut its economic growth forecast for India to 9.5 percent for the fiscal year ending March 31, 2022 as the onset of a severe second COVID-19 wave cut into the recovery momentum.This...

    • an hour ago
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    How has the logistic sector gained its importance during COVID-19

    With a heavy focus on the latest technology to support the business, logistics companies are relooking and restructuring the way traditional businesses are done. The past two years have been transitional for the logistics industry.With the world coming to a standstill, the logistics sector, which was not only labour intensive but also driven basis a lot of external factors,...

    • an hour ago
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    FDI in food processing sector falls 57 pc to $393M in FY21

    In a written reply to the Lok Sabha, Minister of State for Food Processing Industries Prahlad Singh Patel said the FDI policy and data are the under purview of the Department for Promotion of Industry and Internal Trade. Foreign Direct Investment (FDI) in food processing sector declined 57 percent to $393.4 million (around Rs 2,926 crore) in 2020-21 as compared to the previous year, the...

    • 2 hrs ago
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    [Funding alert] Construction tech startup Bandhoo raises $1.1M led by Unitus Ventures

    Bandhoo is a construction tech startup that aims to bring transparency in the entire process of hiring the labour force. Bandhoo, a startup focused on the construction sector, has raised $1.1 million in funding from Unitus Ventures, with participation from Bharat Innovation Fund and other angel investors. This venture is a digital job tech platform that enables...

    • 3 hrs ago
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    Paytm looking to launch Rs 16,600 Cr IPO by October

    Paytm plans to earmark Rs 2,000 crore for business initiatives, acquisitions and strategic partnerships and up to 25 percent of the total fund raised through the IPO for general corporate purposes. Digital payments and financial services firm Paytm wants to hit the market with its Rs 16,600 crore IPO at the earliest and very likely by October, sources said on Monday.The company had filed...

    • 3 hrs ago
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    [Funding alert] Teen-focused fintech startup Pencilton raises $330K in a pre-seed round by Jupiter

    According to the official statement, the fresh funds raised by Pencilton will be utilised for product enhancement and initial growth. Hyderabad-based teen-focused fintech startup Pencilton on Tuesday announced that it has raised $330,000 in a pre-seed round led by Jupiter (registered as Amica Financial Technologies Pvt Ltd). The round also saw...

    • 4 hrs ago
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    Used-car market to more than double to 8.2M units by FY'26: Report

    The report expects by FY'26, two used-cars will be sold for every new car sold, a story that has already played out in developed economies. The pre-owned car market is set to more than double to 8.2 million units or $47 billion over the next five years ending FY'26 - from four million in FY'21 or $17 billion, which means that two used cars will be sold for every new car sold,...

    • 4 hrs ago
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    [Funding alert] Immensitas raises Rs 6.30 Cr led by Artha Venture Fund

    Immensitas will use this capital towards R&D, marketing and sales for its marketing automation platform Lemnisk. Immensitas Private Limited has raised Rs 6.30 crore in a Pre-Series A round led by Artha Venture Fund (AVF), with participation from LogX Ventures.The capital raised by Immensitas will be utilised for its flagship product - Lemnisk, a enterprise customer data...

    • 4 hrs ago
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    Flipkart Pay Later platform expects 2x growth of customer base in next 6 months

    Flipkart Pay Later purchase option serves over 2.8 million customers and made more than 42 million transactions to date. Flipkart, India's leading ecommerce marketplace, is targeting a 2x growth from "Pay Later" credit offering over the next six months. At present, over 2.8 million customers have adopted Flipkart Pay Later and have made more than 42...

    • 4 hrs ago
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    Ola's Bhavish Aggarwal pitches for Make in India amid Tesla's calls for duty cut

    In a spat on Twitter, Ola's Bhavish Aggarwal supported indigenous manufacturing as Tesla's Elon Musk call for lower duties on imported EVs in India. Pushing the case for Make in India, Ola's Bhavish Aggarwal today responded to Autocar India's editor Hormazd Sorabjee on Twitter.Hormazd's tweet pointed to the pitch of SS Kim, MD of Hyundai Motor, to lower import duties...

    • 4 hrs ago

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