Name: Government considers registering apartments even if the developer is bankrupt
Uploaded: 2023-05-31T13:27:51.000+05:30
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Channel: Editorji News Desk
Description: The Indian government is considering changing the insolvency code to permit the registration of flats in finished developments, even if the developer is through insolvency resolution

RBI MPC MEET Dec 2023: Reserve Bank of India Credit Policy Committee has kept the repo rate unchanged at 6.5% for the 5th time.

RBI MPC Meering December 2023: Repo rate left unchanged at 6.5% for the 5th time

This is the fifth time in a row that the RBI monetary policy committee has maintained status quo on the interest rates keeping it unchanged at 6.5%

<h2>This is the fifth time in a row that the RBI monetary policy committee has maintained status quo on the interest rates keeping it unchanged at 6.5%</h2>

RBI Monetary Policy Meet December 2023: For the fifth time in a row, the Reserve Bank of India Monetary Policy Committee has kept the repo rate unchanged at 6.5% and the withdrawal of accommodation stance has been maintained which means the RBI has decided to reduce the money supply in the system to rein in Inflation.
<h3>RBI MPC Meeting Dec 2023: Repo Rate unchanged</h3>
The decision by the MPC indicates the way forward for RBI as for the remainder of the financial year as it seeks to bring inflation under the 4% target. The RBI had increased the RBI repo rate in the last quarter of FY23 by 25 basis points &nbsp;under the liquidity adjustment facility. Since then the interest rate has been kept unchanged.
<h3>RBI MPC Meet Dec 2023: Shaktikanta Das on inflation</h3>
There has been broad-based easing in core inflation, which is indicative of successful disinflation through monetary policy actions, said Das. He added that the near-term outlook however is masked by risks to food inflation, which might lead to an inflation uptick in November and possibly in December. This needs to be watched for second-round effects, if any.
<h3>Economic Projections</h3>
The real GDP projection is also raised. For FY24 the forecast is raised to 7% from 6.5% while the CPI inflation is projected at 5.4%. The GDP for thrid quarter of FY24 will be 6.5%, and 6% for Q4. The CPI inflation projection for Q3 is at 5.6% and Q4 at 5.2%
Also Watch: <a href="https://www.editorji.com/business-news/economy/budget-2024-fm-nirmala-sitharaman-confirms-no-major-announcements-1701947612542#google_vignette" target="_blank">Budget 2024 - FM Nirmala Sitharaman confirms no major announcements</a>

The average price of 1 gram of 22K Gold stood at ₹5,770 while the cost for 24K gold prices stood at ₹6,295 and 1 kg silver stood at ₹77,200

Gold, Silver Rates today December 08, 2023: Check Prices in Mumbai, Delhi, Chennai

The average price of 1 gram of 22K Gold stood at ₹5,770 while the cost for 24K gold prices stood at ₹6,295 and 1 kg silver stood at ₹77,200

Gold Silver Price Today 08 December 2023: Gold prices increased while the silver prices fell on the Multi Commodity Index on Friday
The average price of 1 gram of 22K Gold stood at ₹5,770 while the 24K gold prices stood at ₹6,295.&nbsp;
The rate of 10 grams of 24K gold in Chennai stood at ₹63,660, which was followed by Delhi and Jaipur where the gold costs ₹63,100.&nbsp;
The average price of 10gm of Silver was at ₹772 and 1 kg of silver stood at ₹77,200.
However, in Chennai, Hyderabad, and Kerala the metal was sold at ₹80,000 followed by Delhi and Mumbai where the metal was sold at ₹77,200
<h3>24 Carat Gold Price Today December 08 (per 10gm) - Indian Top Cities</h3>
Delhi - ₹63,100 Chennai - ₹63,660 Mumbai - ₹62,950 Kolkata - ₹62,950 Bengaluru - ₹62,950
1 KG Silver Price Today December 08 - Indian Top Cities
Delhi - ₹77,200 Chennai - ₹80,000 Mumbai - ₹77,200 Kolkata - ₹77,200 Bengaluru - ₹76,000

The average price of 1 gram of 22K Gold stood at ₹5,755 while the cost for 24K gold prices stood at ₹6,278 and 1 kg silver stood at ₹77,200

Gold, Silver Rates today December 07, 2023: Check Prices in Mumbai, Delhi, Chennai

The average price of 1 gram of 22K Gold stood at ₹5,755 while the cost for 24K gold prices stood at ₹6,278 and 1 kg silver stood at ₹77,200

Gold Silver Price Today 07 December 2023: Ahead of the RBI MPC meeting decision, bothe the gold and silver prices remained lower on the Multicommodity Index on Thursday.
The average price of 1 gram of 22K Gold stood at ₹5,755 while the 24K gold prices stood at ₹6,278.&nbsp;
The rate of 10 grams of 24K gold in Chennai stood at ₹63,490, which was followed by Delhi and Jaipur where the gold costs ₹62,930.&nbsp;
The average price of 10gm of Silver was at ₹772 and 1 kg of silver stood at ₹77,200.
However, in Chennai, Hyderabad, and Kerala the metal was sold at ₹80,000 followed by Delhi and Mumbai where the metal was sold at ₹77,200
<h3>24 Carat Gold Price Today December 07 (per 10gm) - Indian Top Cities</h3>
Delhi - ₹62,930 Chennai - ₹63,490 Mumbai - ₹62,780 Kolkata - ₹62,780 Bengaluru - ₹62,780
<h3>1 KG Silver Price Today December 07 - Indian Top Cities</h3>
Delhi - ₹77,200 Chennai - ₹80,000 Mumbai - ₹77,200 Kolkata - ₹77,200 Bengaluru - ₹76,500

RBI MPC Meeting October 2023: The RBI monetary policy committee has remained status quo on the interest rates for 4th time in a row. Check out more details on repo rates here,

RBI Monetary Policy Meet October 2023: Repo rate left unchanged at 6.5%

This is the fourth time in a row that the RBI monetary policy committee has remained status quo on the interest rates. Since May 2022, the repo rate has been raised by a total of 250 basis points to bring inflation under control

<h2>This is the fourth time in a row that the RBI monetary policy committee has remained status quo on the interest rates. Since May 2022, the repo rate has been raised by a total of 250 basis points to bring inflation under control</h2>

RBI MPC Meet October 2023: For the fourth time in a row, the Reserve Bank of India Monetary Policy Committee has kept the repo rate unchanged at 6.5% and the withdrawal of accommodation stance has been maintained.
<h3>Repo Rate remains Unchanged</h3>
The Standing Deposit Facility and Marginal Standing Facility rates also left unchanged at 6.25% and 6.75% respectively.
During the credit policy announcement, RBI governor Shaktikanta Das cautioned on the need to remain vigilent towards inflation as this might be a major risk to macroeconomic policy &amp; growth.
Also Read: <a href="https://www.editorji.com/business-news/gst-council-to-review-28-levy-on-online-gaming-horse-racing-and-casinos-at-upcoming-meeting-1696425755131">GST Council to review 28% levy on online gaming, horse racing, and casinos at upcoming meeting</a>
<h3>RBI Monetary Policy Meet October 2023: Economic Projections</h3>
Shaktikanta Das Announcement: The RBI Governor has mentioned that the monetary policy focus remains to align inflation at the 4% target. The CPI inflation forecast for FY24 is retained at 5.4%. RBI's GDP growth projection has been kept unchanged at 6.5% for 2023-24.&nbsp;
Since May 2022, the central bank has raised the repo rate by 250 basis points which the governor says is still working through the economy.&nbsp;

Tata group's new iPhone assembly plants in Tamil Nadu's Hosur is set to be  mid-sized among iPhone factories globally. It would likely be bigger than Wistron and smaller than Foxconn’s biggest China facilities 

Tata plans new iPhone assembly plants as Apple looks to expand in India

Tata group's new iPhone assembly plants in Tamil Nadu's Hosur is set to be &nbsp;mid-sized among iPhone factories globally. It would likely be bigger than Wistron and smaller than Foxconn&rsquo;s biggest China facilities&nbsp;

iPhone assembly plant:&nbsp;Tata group is planning to build India's biggest iPhone assembly plants, reported Bloomberg. This comes, as the conglomerate is looking to tap into Apple's ambition to increase manufacturing in India.
<h3>Tata Factory</h3>
As per the Bloomberg report, Tata wants to construct the factory in Hosur in the southern Tamil Nadu state. The facility will likely have about 20 assembly lines and employ 50,000 workers within two years. The report also mentions that Tata group is aiming to make the site operational in 12 to 18 months.
Also Read: <a href="https://www.editorji.com/business-news/tata-to-make-iphones-in-india-for-global-markets-acquires-wistron-plant-for-125-mn-1698413076778">Tata to make iPhones in India for global markets; acquires Wistron plant for $125 mn</a>
Tata already has an electronic manufacturing unit in Hosur where it manufactures iPhone enclosures, or metal casings and the Bloomberg report mentioned that hiring in the unit has been accelerated. In an effort to make its partnership with Apple go beyond manufacturing, Tata has also said that it will launch 100 retail stores focused on Apple products.
As per Bloomberg, the new plant in Hosur is set to be &nbsp;mid-sized among iPhone factories globally. It would likely be bigger than the one Tata acquired from Wistron, which employs more than 10,000 people, and smaller than Foxconn&rsquo;s biggest China facilities that employ hundreds of thousands.
This plan is expected to bolster Apple&rsquo;s efforts to localize its supply chain and strengthen its partnership with Tata. The Indian conglomerate already has an iPhone factory it acquired from Wistron Corp, located in Karnataka.
The Production linked subsidies introduced by the Union government has so far spurred Apple&rsquo;s key suppliers such as Taiwan&rsquo;s Foxconn Technology Group and Pegatron Corp. to ramp up in India. In the last fiscal, Apple assemble more than $7 billion of iPhones in India increasing its share of the device&rsquo;s production to about 7%.

The retail inflation eased to a four-month low of 4.87% in October, mainly due to cooling prices of food items. The Reserve Bank's MPC, in its October meeting, projected CPI inflation at 5.4% for 2023-24, a moderation from 6.7% in 2022-23

RBI Monetary policy expectation: May keep interest rates unchanged

The retail inflation eased to a four-month low of 4.87% in October, mainly due to cooling prices of food items. The Reserve Bank's MPC, in its October meeting, projected CPI inflation at 5.4% for 2023-24, a moderation from 6.7% in 2022-23

The RBI Monetary Policy committee is expected to remain status-quo on the repo rate. If left unchanged, this would be the 5th credit policy in a row where the MPC has left the rates unchanged.&nbsp;
The RBI previously halted its rate hike cycle in response to global disruptions causing inflation earlier in 2023. The recent 7.6% GDP growth in the September quarter, attributed to government spending and manufacturing, might prompt cautious moves by the RBI, particularly regarding food inflation. Hence, the RBI's commentary will also be crucial to watch out for. Meanwhile, forecasts also suggest a potential GDP growth adjustment to 6.8% for 2023-24.&nbsp;
Also read/watch - <a title="RBI unveils Sovereign Gold Bond series X redemption, 112% profit" href="https://www.editorji.com/business-news/rbi-unveils-sovereign-gold-bond-series-x-redemption-112-profit-1701673690666">RBI unveils Sovereign Gold Bond series X redemption, 112% profit</a> 
Aligned with government targets, controlling retail inflation remains crucial for the RBI with a clear inflation target of 4%.&nbsp;&nbsp;
October's inflation at a four-month low of 4.87%, primarily due to reduced food prices, aligns with the MPC's projection for 2023-24, indicating a decline from the previous year's 6.7%.

Currently, Indian banks close on the second and fourth Saturdays. If the proposal for a five-day workweek gets approved, there could be changes in bank employees' working hours.

IBA's proposal: Banks consider transition to five-day workweek

Currently, Indian banks close on the second and fourth Saturdays. If the proposal for a five-day workweek gets approved, there could be changes in bank employees' working hours.

In a potential move set to restructure the banking landscape in India, the Indian Banks Association (IBA) has submitted a proposal to the Finance Ministry advocating for a transition to a five-day workweek for banks.
This proposed shift has sparked discussions and raised questions about its impending impact.
According to statements made by Bhagwat Karad, Minister of State for Finance, the Finance Ministry has officially received the proposal from the IBA.
However, Karad refrained from disclosing any specifics about the proposal's current status or whether the Ministry is actively considering its adoption.
Presently, banks in India remain closed on the second and fourth Saturdays of each month. Should the proposal for a five-day workweek gain approval, it is anticipated that bank employees' work hours may undergo alterations.
Additionally, the operational hours for customers seeking banking services are likely to be extended to accommodate the condensed workweek.
Also Watch: <a href="https://www.editorji.com/business-news/banks-may-soon-have-a-5-day-work-week-with-all-saturdays-off-1691398685692#google_vignette">Banks may soon have a 5 day work week with all Saturdays off</a>

The decline was also influenced by speculation around the Reserve Bank of India's anticipated decision on interest rates in its upcoming monetary policy review

Sensex ends seven-day surge, drops 132 points

The decline was also influenced by speculation around the Reserve Bank of India's anticipated decision on interest rates in its upcoming monetary policy review

Equity indices Sensex and Nifty ended their seven-day winning streak, closing lower on Thursday as profit-taking took precedence following recent substantial gains. The BSE Sensex dropped 132.04 points, or 0.19%, to close at 69,521.69, hitting an intraday low of 69,320.53. Similarly, the broader Nifty declined 36.55 points, settling at 20,901.15, down 0.17%.
Amid negative cues from Asian markets and selling pressure from foreign institutional investors, traders exercised caution. The decline was also influenced by speculation around the Reserve Bank of India's anticipated decision on interest rates in its upcoming monetary policy review.
Key losers in the Sensex included Bharti Airtel, Hindustan Unilever, Tata Steel, and ITC, while Power Grid, UltraTech Cement, NTPC, and Titan saw gains.
Market expert Vinod Nair highlighted the cautious investor sentiment in anticipation of the monetary policy announcement. Factors like Q2 GDP growth, global oil prices, and bond yields are anticipated to play a role in the RBI's decision.
In the global arena, Asian markets, including Nikkei 225, Hong Kong's Hang Seng, and China's Shanghai Composite, saw declines. European markets witnessed mixed trends, with France's CAC 40 rising, Germany's DAX falling, and London's FTSE 100 experiencing losses. The US markets closed with the S&amp;P 500 registering a slight decrease on Wednesday.
Brent crude, the global oil benchmark, was trading at USD 75.05 a barrel, up by 1.01%.
The previous day saw both Sensex and Nifty hitting record highs, with a surge in stock prices. However, Wednesday also saw foreign institutional investors selling shares worth Rs 79.88 crore, according to exchange data.

Adhering to India's Election Commission guidelines, the interim Budget abstains from introducing significant initiatives that might influence voter preferences towards the current government. Moreover, it excludes the Economic Survey presentation.

Budget 2024-25: Nirmala Sitharaman confirms no major announcements

Adhering to India's Election Commission guidelines, the interim Budget abstains from introducing significant initiatives that might influence voter preferences towards the current government. Moreover, it excludes the Economic Survey presentation.

Union Finance Minister Nirmala Sitharaman addressed the public's expectations, clarifying that the upcoming February 1 Interim Budget for the fiscal year 2024-25 won't feature any major announcements. Emphasizing its nature as a vote-on-account, she highlighted its purpose to sustain expenditure until the next government assumes power after the 2024 general elections, the dates for which are yet to be disclosed.
Speaking at the CII's Global Economic Policy Forum 2023 in New Delhi, Sitharaman emphasized, "The February 1 Budget is just a vote on account; a budget to meet expenditure till the next government comes to power. No spectacular announcements." She indicated that the comprehensive budget would follow in July.
The Interim Budget primarily comprises estimations related to government expenditure, revenue, fiscal deficit, and financial projections for the forthcoming months. It refrains from major policy declarations to avoid encumbering the government with additional commitments. Complying with the Election Commission of India's code of conduct, the interim Budget refrains from unveiling major schemes that could sway voter sentiment in favor of the incumbent government.
Additionally, the interim Budget does not include the presentation of the Economic Survey. Instead, it primarily secures Parliamentary approval for crucial expenditures like salaries and ongoing operational costs through a vote-on-account.
Notably, significant policy changes and long-term projects typically await the full Budget presentation post-general elections, which generally remains valid for up to two months but can be extended if required.
Also Watch: <a href="https://www.editorji.com/business-news/union-budget-2024-experts-push-for-higher-tobacco-taxes-says-report-1701092206039#google_vignette">Union budget 2024: Experts push for higher tobacco taxes says report</a>

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Cyclone Michaung

The Indian government is considering changing the insolvency code to permit the registration of flats in finished developments, even if the developer is through insolvency resolution

Government considers registering apartments even if the developer is bankrupt

The Indian government is considering changing the insolvency code to permit the registration of flats in finished developments, even if the developer is through insolvency resolution

The government is mulling permitting registration of flats in finished projects even if the developer is going through insolvency resolution.
Given the difficulties in resolving bankruptcy in the housing sector, where homebuyers are also considered financial creditors under the Insolvency and Bankruptcy Code (IBC), it might also make it possible for the National Company Law Tribunal (NCLT) to consult the appropriate Real Estate Regulatory Authority (RERA).
The proposed action is anticipated to relieve thousands of homeowners who face the possibility of seeing their money disappear when builders fail.
Additionally, this can inspire homebuyers to complete their mortgages and gain ownership. Once a developer has filed for bankruptcy, buyers are frequently hesitant to finish payments.
More than 100 housing projects are reportedly blocked or delayed in the National Capital Region's Noida and Greater Noida sectors alone.

In this episode of Invest Smart, Feroze Azeez, Dy CEO 
of Anand Rathi Wealth, and Editorji's Avni Raja discuss how investors should navigate the current bullish trend in the stock market.

Invest Smart: How to manage investments in a bull market 

In this episode of Invest Smart, Feroze Azeez, Dy CEO&nbsp; of Anand Rathi Wealth, and Editorji's Avni Raja discuss how investors should navigate the current bullish trend in the stock market.

In this episode of Invest Smart, financial expert Feroze Azeez engaged in a comprehensive discussion shedding light on navigating investments within the ongoing bull market.&nbsp;
He drew attention to the evolution of bull markets, emphasizing the transition from the high compound returns of the past to the current, more moderate gains hovering around 13-14%.
Crucially, Azeez highlighted the pivotal role of earnings growth in sustaining the market's upward trajectory. However, the discussion underscored the necessity of cautiousness due to observed levels of overvaluation in various market segments. Large-cap stocks
Delving deeper into market complexities, the dialogue spotlighted nuances within large-cap stocks. While overall Nifty PE ratios remained at a reasonable 21-22, concerns were raised regarding overvaluation in specific counters. Azeez stressed the importance of a nuanced approach, considering the wide valuation fluctuations evident within market indices.
Profit booking On profit booking, Azeez offered tailored advice based on individual equity allocations. Investors with over 80% equity exposure were advised to consider profit booking, while those with a below 50% equity allocation were encouraged to maintain a balanced stance.
Fear of Missing Out on Rally
Azeez dispelled the Fear of Missing Out (FOMO) by presenting historical market data, illustrating the market's circular trajectory over the last two years. He emphasized the importance of a realistic, long-term investment outlook, anticipating both returns and corrections in the range of 14-15% annually.
For prospective investors, He recommended building a diversified portfolio foundation comprising flexi-cap, mid-cap, and small-cap funds. He also outlined contemporary funds poised to potentially outperform the Nifty by 3-4%. Sectoral Investments&nbsp;
Addressing sectoral investments, Azeez cautioned about the limitations of mutual funds in swiftly capitalizing on sectoral shifts. However, he identified Pharma as a potentially lucrative long-term sector due to an impending industry transformation. Concluding his advices, Azeez encouraged viewers to engage and seek tailored investment guidance.
Also Watch:<a href="https://www.editorji.com/business-news/invest-smart/invest-smart-navigating-market-turmoil-strategies-for-investors-amidst-volatility-1698407893823"> Invest Smart: Navigating market turmoil; strategies for investors amidst volatility&nbsp;</a>

The unions' firm request for a 5 day banking remains a crucial condition, emphasizing their stance to withhold complete endorsement of the wage agreement until this requirement is fulfilled. 

Bank unions secure 17% salary hike agreement; Demand 5 day work week

The unions' firm request for a five-day work week remains a crucial condition, emphasizing their stance to withhold complete endorsement of the wage agreement until this requirement is fulfilled. 

<h2>The unions' firm request for a five-day work week remains a crucial condition, emphasizing their stance to withhold complete endorsement of the wage agreement until this requirement is fulfilled.&nbsp;</h2>

Bank Employees Salary Hike: Bank unions have recently reached an agreement with the Indian Banks Association (IBA) to implement a substantial 17% annual salary hike over five years, starting from the fiscal year 2021-22. This consensus, set to take effect from November 1, 2022, aims to enhance the financial remuneration for bank employees across the country.
This wage revision agreement, announced marks a significant milestone between the IBA and various bank unions. However, the unions have set forth a pivotal condition before fully endorsing the deal - the declaration of all Saturdays as public holidays for banks.
While a memorandum of understanding (MoU) has been formalized between the IBA and the United Forum of Banks along with other unions and associations, the final agreement hinges upon the assurance of a 5-day banking.
The 17% increase in salaries and allowances for the fiscal year 2022-23 would amount to approximately Rs 12,449 crore, encompassing all public sector banks, including the esteemed State Bank of India (SBI).
Per the terms outlined in the MoU, the new pay scales will incorporate the merging of dearness allowance (DA) amounting to 8,088 points with the basic pay as of October 21, 2022, coupled with a 3% loading, totaling ₹1,795 crore.
To allocate the annual wage hike among bank employees, the distribution will be calculated separately and proportionally based on the establishment expenses for the fiscal year 2022.
<h3>5 Days Banking</h3>
Further discussions between the parties are scheduled to finalize a comprehensive Bipartite Settlement or Joint Note, encompassing various consensual matters. It's noteworthy that the IBA has urged the government to designate all Saturdays as holidays within the banking sector under the Negotiable Instruments Act of 1881.
The unions&rsquo; insistence on a five-day work week stands as a significant demand, underlining their intent to not fully ratify the wage agreement until this condition is met, ensuring improved work-life balance for bank employees. Also Watch: <a href="https://www.editorji.com/business-news/iba-s-proposal-banks-consider-transition-to-five-day-workweek-1701956872154#google_vignette">IBA's proposal: Banks consider transition to five-day workweek</a>

UPI limits hiked: The RBI has increased the UPI payment limits to Rs 5 lakh for hospitals and educational institutions while increasing the limits of e-mandates for recurring payments of specific categories to Rs 1 lakh.

UPI Tranction Limit Hiked: RBI raises UPI limit to Rs 5 lakh per transaction for hospitals and educational institutions

The RBI has increased the UPI transaction limit to Rs 5 lakh for hospitals and educational institutions while increasing the limits of e-mandates for recurring payments of specific categories to Rs 1 lakh

<h2>The RBI has increased the UPI transaction limit to Rs 5 lakh for hospitals and educational institutions while increasing the limits of e-mandates for recurring payments of specific categories to Rs 1 lakh</h2>

UPI transaction limit increased: The RBI on Friday increased the UPI payment limits for hospitals and educational institutions to Rs. 5 lakh from Rs. 1 lakh per transaction. RBI Governor Shaktikanta Das announced this during the bi-monthly Monetary Policy Committee (MPC) meeting.&nbsp;
"The limit for various categories of UPI transactions has been reviewed from time to time. It is now proposed to enhance the UPI transaction limit for payment to hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction. This will help the consumers to make UPI payments of higher amounts for education and healthcare purposes," Shaktikanta Das said
<h3>UPI Limit enhancement in e-mandates</h3>
He further announced the enhancement of limits in e-mandates for recurring payments for specific categories. The limits have been raised to Rs 1 lakh for mutual fund subscriptions, insurance premium subscriptions, and credit card repayments.&nbsp;
&ldquo;E-mandates for making payments of a recurring nature have become popular among customers. Under this framework, an additional factor of authentication (AFA) is currently required for recurring transactions exceeding Rs 15,000. It is now proposed to enhance this limit to Rs 1 lakh per transaction for recurring payments of mutual fund subscriptions, insurance premium subscriptions, and credit card repayments. This measure will further accelerate the usage of e-mandates", Shaktikanta Das said
<h3>Repo Rate Unchanged</h3>
For the fifth time in a row, the Reserve Bank of India Monetary Policy Committee has kept the repo rate unchanged at 6.5% and the withdrawal of accommodation stance. The GDP forecast for FY24 is also raised to 7% while the CPI inflation is kept unchanged at 5.4%.
Also Read: <a href="https://www.editorji.com/business-news/rbi-monetary-policy-december-2023-1702010117722" target="_blank">RBI Monetary Policy December 2023: Repo rate left unchanged at 6.5% for the fifth time</a>

Facing financial woes, Dunzo aims to close down 50% of its dark stores, having already shut down 20-30% of these stores in Delhi-NCR and Hyderabad in 2022

Dunzo grapples with cash crunch, employees miss November paychecks

Facing financial woes, Dunzo aims to close down 50% of its dark stores, having already shut down 20-30% of these stores in Delhi-NCR and Hyderabad in 2022

Dunzo, backed by Google, faces financial strain, reportedly delaying employee salaries for November amid cash crunch problems, as per the Hindu Business Line. Layoffs and Unpaid Dues:
The hyperlocal e-commerce platform has cut over 30% of its workforce in recent months, reducing its staff from over 1,000 employees at the start of 2023. The company has undergone three rounds of layoffs, axing about 300 employees in the first half of the year to curb expenses.
Additionally, Dunzo has yet to settle dues for its existing employees, as reported by the Financial Daily. The startup has also deferred final payments to those laid off, planning to clear their dues over the next three months, as stated by PTI agency in October.
Dark Store Closures and Financial Woes:&nbsp;
Facing financial woes, Dunzo aims to close down 50% of its dark stores, having already shut down 20-30% of these stores in Delhi-NCR and Hyderabad in 2022.
The company's financial troubles coincide with its collaboration with OneTap, a revenue financing firm, established in August. Co-founder Dalvir Suri reportedly exited the company in October. Cost-Cutting Initiatives:&nbsp;
Earlier in April, Dunzo closed a $75-million financing round via convertible notes, having previously raised $240 million in equity funding in January 2022. Notably, Reliance Retail holds a 25.8% stake in Dunzo, while Google possesses around 20%.
Despite raising approximately $457.6 million across 19 funding rounds, Dunzo's auditor, Deloitte, expressed doubts about its sustainability, citing a significant increase in net losses to ₹1,802 crore in FY23, a 288% surge from the previous year.
To reduce costs, Dunzo migrated employee accounts from Google to Zoho workspace, aiming for at least a 33% cost reduction. Earlier, the company had also relinquished its Bengaluru office space.

Due to a surge in domestic prices to Rs 40/kg in wholesale trade following crop damage from unseasonal rainfall in Maharashtra, India has enforced a ban on onion exports until March 31, 2024. 

India bans onion exports until March 2024 amid price surge

Due to a surge in domestic prices to Rs 40/kg in wholesale trade following crop damage from unseasonal rainfall in Maharashtra, India has enforced a ban on onion exports until March 31, 2024.&nbsp;

The government has taken decisive action by banning onion exports until March 31, 2024, in response to a surge in domestic onion prices, which soared to ₹40 per kilogram in wholesale trade. The unexpected and untimely rainfall in Maharashtra severely impacted the onion crop, prompting this significant move by the government.
A team of officials from the central government recently conducted an assessment of fields in Maharashtra to evaluate the damage caused by the unanticipated rainfall.
The surge in onion prices, reaching between ₹38 to ₹41 per kilogram for good-quality onions in wholesale trade, was supported by robust export demand from Bangladesh, reporetd Economic Times.
Traders anticipate a considerable drop in onion prices by January, owing to the increasing arrival of kharif onions.&nbsp;
The prohibition on onion exports from December to February, a crucial period for such exports, not only affects market dynamics but also impacts farmers who rely on these exports, especially for onions with limited shelf life harvested during this time ET rported.&nbsp;
Also Watch: <a href="https://www.editorji.com/business-news/economy/onion-prices-in-delhi-touch-80-per-kg-govt-imposes-usd-800-tonne-minimum-export-price-1698751444663#google_vignette">Onion prices in Delhi touch ₹80 per kg, Govt imposes USD 800/tonne minimum export price</a>

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