Finance

India’s Finance Minister Nirmala Sitharaman announced that the government is working with the Reserve Bank of India and banking institutions to build “world-class” banks and foster a dynamic ecosystem where more large-scale banks can grow. She said considerable groundwork has already begun and emphasised that mergers alone are not the only route; structural reforms and regulatory environment play key roles.

OpenAI has inked a record $38 billion deal with Amazon to deploy its generative AI models through AWS, signaling a massive expansion in AI cloud services. The partnership gives OpenAI access to Amazon’s enterprise clients while strengthening AWS’s position against Microsoft Azure in the global AI infrastructure race.

Major investment scams have hit top tech cities including Bengaluru, Delhi NCR, and Hyderabad, draining over Rs 1500 crore from unsuspecting citizens. Cybercriminals lured victims using fake websites and persuasive telecallers, exposing serious gaps in digital literacy and online security. Authorities ramped up cyber investigations, urged people to stay vigilant, and started campaigns on fraud awareness. Experts say coordinated action by financial institutions, law enforcement, and tech companies is critical to stopping such scams from escalating further.

Walmart has reportedly paused hiring foreign workers requiring H-1B visas after new restrictions were introduced under President Donald Trump’s administration. The company cited “policy uncertainties” and compliance issues, impacting positions across IT, logistics, and data management. Critics see the move as part of Trump’s broader crackdown on foreign labor amid rising protectionist sentiment. Walmart said it remains committed to hiring talent legally while reviewing visa dependency policies across its global operations.

The stock market closed higher during the Diwali Muhurat trading session, reflecting optimism for the new Samvat year. Benchmark indices recorded small but steady gains, led by healthcare and financial stocks such as Cipla, Bajaj Finserv, and Kotak Bank. Market experts noted strong investor sentiment despite global uncertainty, expecting momentum to continue post-festive season.

The European Council approved a “New Strategic EU-India Agenda” that sets priorities for the decade and signals efforts to conclude a free trade agreement (FTA) with India. The agenda aims to deepen collaboration in trade, connectivity, defence, technology and supply-chains. As negotiations resume, both sides face key hurdles like agricultural access and services liberalisation. This step marks a renewed push for a stronger EU-India partnership. (ORF Online)

China has filed a complaint against India at the World Trade Organization (WTO), alleging that India’s subsidies for electric vehicles (EVs) and batteries violate global trade rules. The complaint accuses India of favouring domestic firms under the “Make in India” initiative, creating unfair competition. Experts say this move could mark the beginning of a significant trade dispute and impact clean-tech cooperation between Asia’s largest economies.

Kerala’s renowned jeweller Malabar Gold and Diamonds is facing boycott calls following a promotional video by Pakistani influencer Alishba Khalid. The controversy ignited on social media amid heightened tensions between India and Pakistan. The jeweller has responded with clarifications, emphasizing brand values and seeking to mitigate reputational damage. Consumer reactions showcase the interplay of commerce, nationalism, and digital influencer impact in today’s market.

The Employees’ Provident Fund Organisation (EPFO) has introduced a new policy permitting immediate withdrawal of PF funds for members facing unemployment. This measure aims to provide financial support during periods of job loss, streamlining the process and reducing delays compared to previous protocols. It reflects the central government’s focus on social security and workers’ welfare in an uncertain economic environment.

RBI Governor assured that US tariffs on various goods should not greatly affect the Indian economy, downplaying concerns about trade tensions. According to him, India’s diversified export markets and strong domestic demand will cushion potential shocks, while India continues focusing on reforms and growth measures to maintain economic stability amid evolving global trade policies.