Questions and Answers
What was Sebi asked to investigate by the Supreme Court?
Both the proximate causes of Adani stock volatility and the Adani group in the context of Hindenburg's allegations
What was Hindenburg's report on Adani accused of by the market regulator?
Being sensationalist
What is the main characteristic of 'ultra slums'?
Unplanned infrastructure and unkept sewer lines
What is necessary to battle poverty, according to the passage?
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What was Hindenburg's report alleged to be doing by the market regulator?
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Where has the phenomenon of unplanned infrastructure and unkept sewer lines spread to?
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What is the author emphasizing through the concept of 'ultra slums'?
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What was Sebi investigating according to the passage?
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What is the author's suggestion for ensuring poverty reduction?
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What is implied by the author as a prerequisite for realizing the need for backward classes?
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Study Notes
Economy and Policy
- India's services sector growth recovered in June, driven by a surge in sales and new orders, both domestic and international.
- The HSBC India Services Purchasing Managers' Index (PMI) rose to 60.5 in June, up from 60.2 in May, indicating the 35th consecutive month of growth in services activity.
- Services firms increased their hiring at the fastest pace since August 2022, and job creation rose the most in 22 months.
- India's GDP is expected to grow at 7% in 2021-25, with the services sector growing at 8.2% in 2023-24, accounting for more than half of the country's GDP.
Consumption and Growth
- Household consumption expenditure grew 11.7% in FY22 and 6.8% in FY23 after a 5.2% contraction in FY21.
- The government plans an awareness campaign on direct selling malpractices and will scrutinize regulatory compliance.
- The Consumer Protection Act 2019 safeguards consumers against defective products, unsatisfactory services, and unfair trade practices.
Deals, Tech, and Startups
- The 'Global Capital India AI Summit 2024' aims to establish India as a global leader in AI innovation.
- Fintechs seek a regulatory framework that promotes financial inclusion and are seeking tax benefits and subsidies on GST.
- Collective Artist Network acquires Terribly Tiny Tales, a creator marketplace and talent management firm.
- Felix Pharmaceuticals Pvt. Ltd, a veterinary pharma company, plans to raise fresh capital for expansion and providing an exit window to existing investors.
- Good Glamm Group is in advanced discussions for Series E funding, expected to raise ₹1,000 crore, potentially its last round before going public.
Viewpoint
- Seven years of GST have led to "one nation, one market, and one tax", with digitalization of the GST portal, input tax credit, and other benefits.
- The market regulator Sebi has been asked to investigate the Adani group in the context of Hindenburg's allegations of fraud, stock manipulation, and more.
- Residents of ultra-slums should have access to welfare provisions, and decent jobs and livelihood opportunities need to be created and distributed throughout India.
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