📱Rising digital fraud

Good morning. It’s a great day - go after it! 💪 

- Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🇮🇳 Indian IT spending to reach $161.5B

• 📱 Rising digital fraud

• 🗞️ Bite-sized summaries

  • 📈 Zerodha growth

  • 🇮🇳 Updating the Tax code?

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Stock market experienced a sharp decline, primarily driven by disappointing corporate earnings and uncertainty surrounding U.S. trade policies. Sectors like Realty and Consumer Durables faced substantial losses, reflecting overall negative sentiment among investors amid heightened global market concerns and foreign institutional selling pressures.

TECHNOLOGY

🇮🇳 Indian IT spending to reach $161.5B

According to Gartner, India’s IT spending is forecasted to grow by 11.1% in 2025, reaching $161.5 billion. While slightly lower than the previous estimate of 11.2%, this growth reflects increased investments in software and IT services, projected to rise by 16.9% and 11.2%, respectively.

What else:

• Spending on data centre systems is also set to surge by 19.1%, nearly doubling from last year, as enterprises focus on AI-ready infrastructure and cloud-based solutions.

• Generative AI (GenAI) is a significant growth driver, with AI-enabled software commanding a premium.

• Gartner predicts GenAI spending will surpass $1 trillion globally by 2028, influencing over 50% of software investments by 2026.

However, Gartner warns that rising prices will absorb much of the budget growth, limiting real spending increases. CIOs are expected to prioritize AI, cloudification, and digitization to enhance technological capabilities despite cost pressures.

Overall: Globally, IT spending is on track to grow by 9.8% in 2025, reaching $5.61 trillion, driven by AI-focused investments and the rapid adoption of Infrastructure as a Service (IaaS) solutions. The demand for AI-managed services, specialized models, and accelerated servers for AI workloads is reshaping the IT landscape.

As businesses navigate this evolving ecosystem, the emphasis on scalable, AI-driven infrastructure highlights the need for strategic planning to maximize returns on IT investments.

Read more: Economic Times

CYBERSECURITY

📱 Rising digital fraud

India is grappling with a surge in “digital arrest” scams, a sophisticated cybercrime tactic where fraudsters pose as officials from agencies like the CBI or Income Tax Department. Using psychological manipulation, these scammers coerce victims into transferring large sums of money under the guise of avoiding fabricated arrests or legal actions.

The numbers are alarming: digital arrest scams cost Indians ₹120.30 crores in just the first quarter of 2024, while total losses from digital financial frauds soared to ₹14.57 billion by March 2024. With India now ranking 10th on the World Cybercrime Index, the threat is escalating as digital payments expand.

Recent incidents highlight the personal toll of these scams. A Bengaluru-based tech professional lost ₹11.8 crore, while a content creator endured 40 hours of emotional distress due to false accusations and manipulation. Despite these harrowing cases, there is hope—some victims have managed to recover funds by swiftly filing complaints and working closely with law enforcement.

Protecting yourself from such scams is critical. Here’s how:

• Don’t Transfer Money: Legitimate authorities never demand payments to halt investigations.

• Verify Callers: Confirm the identity of any caller claiming to be an official by contacting the relevant agency directly.

• Avoid Unverified Links: Refrain from clicking on links in unsolicited emails or messages.

• Stay Informed: Educate yourself and share scam prevention tips with others.

• Report Fraud: Use the government’s cybercrime portal (cybercrime.gov.in) or helpline (1930) to report suspicious activity.

Read more: India Technology News

GENERAL OVERVIEW

🗞️ Bite-sized summaries

📈 Zerodha growth - Zerodha, India's leading online stock broking platform, now has over 1.6 crore users managing assets worth ₹6 lakh crore, according to founder Nithin Kamath. Remarkably, the company achieved this milestone without significant advertising, relying instead on organic growth, with 30% of its users joining through customer referrals. Kamath highlighted the company's commitment to avoiding aggressive marketing tactics that might push users into unnecessary trading. While lagging behind competitor Groww in user count, Zerodha's asset management arm has shown impressive growth, with its AUM rising eightfold to ₹4,000 crore in under a year, reflecting its strong market position.

🇮🇳 Updating the Tax code? - India is preparing for a third attempt to overhaul its outdated tax code after the Union Budget. Despite only 7% of the population filing tax returns, many express dissatisfaction with income taxes, especially the middle class, which bears a disproportionate burden. Key reforms aim to simplify tax laws, expand the tax base, and ensure fairness between income groups. Challenges include balancing fiscal discipline with providing relief and maintaining low corporate taxes to attract investment. Past missteps heighten expectations for success, as a revamped tax code is seen as crucial for boosting middle-class confidence, driving consumption, and spurring economic growth.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• India set to take back 18,000 citizens from US to placate Trump.

• India’s Paytm goes international and expands its presence to the UAE, Saudi Arabia, and Singapore.

• Sweden-based Robot System Products opens a manufacturing facility in Chennai, India.

• TikTok app unavailable on Apple, Google stores in US despite Donald Trump delaying ban.

• India introduces Diamond Imprest Authorization Scheme to boost exports.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Australian open 2025 is in full swing: Quarter Finals updates here - Djokovic beats Alcaraz.

• Netflix renews The Lincoln Lawyer for Season 4.