Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: Benchmark indices Nifty and Sensex ended slightly higher after a volatile session on June 24. The indices dropped by up to half a percent before rebounding by noon to finish in the green.

BUSINESS

BSES Lights Up Delhi with India's Largest Battery Storage System

What happened

Delhi’s BSES, a major power distributor has just unveiled a game-changer in India’s power sector: the country’s largest utility-scale Battery Energy Storage System (BESS). This high-tech system, located at BSES Rajdhani's Kilokari substation, ensures uninterrupted power supply even during technical faults or grid failures. 

Using advanced Lithium Iron Phosphate (LFP) technology, the BESS will serve as an alternative power source during local outages, providing continuous electricity to residential areas. The project, approved by the Delhi Electricity Regulatory Commission (DERC), is expected to be up and running within 10-12 months.

Why it matters

So, why should you care about another power project? Well, this isn't just any power project. The BESS is designed to tackle the frequent power outages and variations in electricity demand that Delhiites are all too familiar with. Improving grid stability and reducing network overloading, it ensures that you can keep enjoying your favorite TV shows without sudden blackouts.

Plus, it’s a cost-effective way to integrate renewable energy sources, which means cleaner, greener power for everyone. And who doesn’t want to save money? Charging the BESS during off-peak hours with surplus or low-cost power will lower overall power purchase costs.

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In a nutshell, BSES’s new BESS is a revolutionary step towards reliable and efficient power supply in Delhi. This project not only promises to keep the lights on but also sets a benchmark for future energy storage initiatives across India. With a focus on grid stability, cost reduction, and renewable energy integration, the BESS is a win-win for both consumers and the environment. 

BIG MONEY MOVES

Jashvik Capital injects $25 million into Futura Surgicare 

Jashvik Capital has announced a $25 million investment in Bengaluru-based Futura Surgicare, a medtech firm specializing in wound closure and surgical consumables and devices.

The investment aims to fuel innovative device development, drive growth across multiple speciality areas, and ensure affordable access to high-quality medical products in India and international markets. With regulatory authorizations spanning over 70 countries, Futura Surgicare eyes a significant share in India's $11.25 billion medical devices market and aims to cater to a $3 billion global demand serviced from India.

Indian steel exports struggle against China's price pressure

India's steel exports are encountering hurdles due to China's strategy of saturating the international market with competitively priced steel. In May 2024, Indian steel exports declined by almost 25% to 0.5 million tonnes compared to April's figures.

This trend coincides with China's notable increase in crude steel production, resulting in heightened global exports. Chinese hot-rolled coil export prices plummeted to $520 per tonne, contrasting with India's higher export prices ranging from $650 to $660 per tonne. 

BUSINESS

India Records $5.7 Billion Current Account Surplus in Q4FY24

What happened

India's latest financial report reveals a noteworthy development in its economic landscape. The country recorded a current account surplus of $5.7 billion in the March 2024 quarter, marking a significant turnaround from the previous year's deficit of $1.3 billion. T

his positive shift is part of a broader trend, with India's full fiscal year 2023-24 (FY24) witnessing a sharp narrowing of the current account deficit to $23.2 billion, representing 0.7% of GDP, compared to $67 billion in FY23.

Why it matters

The current account surplus signifies a healthier economic position for India, indicating an improved balance in international trade and financial transactions. This development is crucial as it reflects a more stable and resilient economy, capable of attracting foreign investments and fostering domestic growth. The narrowing deficit also points towards effective economic policies and strategies contributing to India's economic recovery and stability.

• In Q4 2023-24, foreign portfolio investment saw a significant increase with a net inflow of $ 11.4 billion, compared to an outflow of $ 1.7 billion in the previous year. 
  
  

• Similarly, external commercial borrowings to India also rose to $ 2.6 billion from $ 1.7 billion a year ago. 
  
  

• NRI deposits surged with a higher net inflow of $ 5.4 billion, up from $ 3.6 billion in Q4 2022-23.
  

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India's achievement of a current account surplus in Q4FY24, coupled with the significant reduction in the full fiscal year deficit, highlights the country's economic resilience. The surplus not only boosts investor confidence but also provides room for further investments in key sectors, driving overall economic prosperity. 

BIG PICTURE

Apple faces EU charges for breaching tech rules

Apple has been charged by EU regulators with breaching the bloc's tech rules. This is the first charge under the EU's new Digital Markets Act (DMA), aimed at curbing Big Tech's power. The European Commission's investigation found Apple's new business terms restrict app developers' ability to communicate with users. EU antitrust chief Margrethe Vestager highlighted these issues, asking Apple to comply by March or face fines of up to 10% of its global annual turnover.

Paytm expands travel services with new partnerships

Paytm is set to enhance its travel services by partnering with major travel aggregators like Skyscanner, GoogleFlights, and Wego. In a recent stock filing, Paytm announced plans to integrate with other international aggregators such as Cambodia Angkor Air, SalamAir, and FlyDubai.

This move follows a notable 19% increase in passenger numbers and a 15% year-on-year growth in international ticket bookings. Additionally, Paytm has entered into a New Distribution Capability (NDC) integration with Amadeus, featuring airlines like Singapore Airlines, Qatar Airways, and Eva Airways. 

BUSINESS

Digital Competition Bill: Convenience Out, Consent Fatigue In!

What happened

The draft Digital Competition Bill (DCB) is set to shake up the digital landscape in India. According to a recent analysis by the CUTS Institute for Regulation & Competition (CIRC), thirteen out of twenty-three major digital enterprises, including Zomato, Swiggy, Paytm, IRCTC, Makemytrip, and Flipkart, will fall under the new regulations.

These enterprises are labelled as Systemically Significant Data Enterprises (SSDEs) based on their financial heft and user numbers, with thresholds set at over 10 million end-users or 10,000 business users. This means they will be subject to stringent ex-ante regulations, much to the dismay of many app users.

Why it matters

The user experience is about to get a lot more cumbersome. Imagine using Zomato, which currently saves your delivery address for convenience. Post-DCB, you’ll have to manually enter your address every time due to new restrictions on data usage. Apps like Makemytrip will have to split their services into separate apps, so instead of a one-stop shop, you'll be juggling multiple apps for different services like “outstation cabs” and “forex card & currency.” 

This fragmentation is expected to make the user experience more tedious. The report also highlights the concept of "consent fatigue," where users of apps like MyJio will be bombarded with pop-ups asking for consent to use their data across different services, turning the app experience into a "Pop-Up Party."

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While the draft DCB aims to level the playing field in the digital market and protect user data, it also introduces a host of inconveniences for the end-users. The seamless experience we’ve grown accustomed to might be replaced with more manual inputs, multiple app downloads, and frequent consent requests. As the bill progresses, regulators must balance consumer protection with maintaining user-friendly digital experiences. 

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