📹️ Video is king

Good morning and happy Friday. The Olympic Games kick off in Paris today.

94 boats, c.7000 athletes, and 1 river – the first-ever waterborne ceremony is sure to be a Seine-sational opener ⛵️👟 

- Ruchirr Sharma & Shatakshi Sharmaa

TABLE OF CONTENTS

• 📹️ Video is king

• 💲 Low cost transactions

• 🗞️ Bite-sized summaries

  • 🙅 No more scams?

  • 🗺️ Free to flyover

  • 🪪 Officially licensed

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Indian stock markets showed volatility during July F&O expiry. After a morning sell-off, the Sensex and Nifty50 recovered, closing slightly lower. Tata Motors, HDFC Bank, and others supported the recovery. Axis Bank was the biggest loser. Broader markets fluctuated. Metal, Private Bank, and Bank indices declined, while Auto rallied.

🌍️ International

• U.S. stock markets experienced mixed performance, with the S&P 500 and Nasdaq declining while the Dow Jones rose slightly. The tech sector continued to face pressure following disappointing earnings reports from major companies earlier in the week. However, stronger-than-expected U.S. GDP growth data provided some positive economic sentiment. The day's trading was characterised by volatility, reflecting ongoing uncertainty about tech valuations and potential impacts on future Federal Reserve policy decisions.

ECONOMY

📹️ Video is king

India's video market is set to skyrocket, reaching a staggering $13B in revenue by 2028. This meteoric rise is fuelled by massive investments from streaming giants, particularly focused on local content production.

As the world's fastest-growing major video market, India is attracting significant attention from global players. Netflix and Amazon are pouring $500M combined annually into acquiring and producing Indian content, whilst Jio Cinema is investing a whopping $1B per year, with a strong emphasis on sports.

This surge in investment is not only boosting the economy but also creating job opportunities. The streaming sector alone is projected to generate 280,000 jobs by 2028.

Overall: The market is consolidating, with major players like Disney's India operation merging with Reliance's Viacom18. This consolidation is expected to enhance the quality and diversity of content available to Indian consumers.

With 1.4 billion potential viewers, India has become a crucial market for streaming services. As competition intensifies, viewers can anticipate an exciting array of local and international content in the coming years.

Read more: Economic Times

FINANCE

💲 Low cost transactions

The Indian government's recent budget allocation has left payment firms in a pickle.

The incentive scheme for promoting RuPay debit cards and low-value UPI transactions has been significantly reduced from the initially proposed ₹3,500 Cr. to ₹1,441 Cr., a sharp decline from last year's ₹2,485 Cr. allocation.

Why’s this an issue?

• This reduction could substantially impact the fintech and banking industries' efforts to promote digital payments.

• The government's zero-cost policy for low-value UPI and RuPay debit card transactions has already led to revenue losses for banks and payment companies.

Despite the setback, industry players remain cautiously optimistic. Some executives hope for a potential increase in allocation later, similar to previous years. Meanwhile, payment startups are seeking clarification from financial authorities on how this reduced budget will affect their operations.

Overall: The payments industry had previously requested around ₹4,500 Cr. as subsidy support to compensate for losses incurred under the zero MDR regime.

With UPI now processing about 13 billion transactions monthly, there's a growing call to reassess the zero MDR policy.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🙅 No more scams? - The Indian Cyber Crime Coordination Centre (I4C) has intensified efforts against cybersecurity scams, shutting down 379 illegal loan websites and removing 91 phishing sites between October 2023 and March 2024. Additionally, 310 malicious '.in' domains were made non-functional. The I4C introduced a 'Report Suspect' feature on the National Cybercrime Reporting Portal, allowing users to report suspicious URLs. These efforts have saved over ₹2,400 Cr. across more than 7.6 lakh complaints. The government's actions align with the Reserve Bank of India's focus on preventing digital frauds, responding to a 708% rise in online fraud cases over two years.

🗺️ Free to flyover - Google Maps is introducing new features in India, including 'flyover callouts' for Android users in 40 cities and a 'narrow roads' feature to help drivers avoid congested areas. These features, developed using AI models specifically for Indian roads, aim to improve navigation and safety. Google is also adding information about 8,000 EV charging stations across India, collaborating with providers like ElectricPe and Ather. The updates come shortly after Google reduced the price of its Maps API for developers by 70%. These enhancements are designed to address user requests and improve the overall mapping experience in India.

🪪 Officially licensed - Revolut, a British fintech startup, has finally received a restricted banking license from the UK's Prudential Regulation Authority after a three-year wait. This allows Revolut to build its banking infrastructure before officially launching services. The company can now take deposits and issue loans and credit cards, joining other challenger banks like Monzo and Starling. The delay was partly due to Revolut's share structure, which has since been resolved. This milestone follows Revolut's strong financial performance in 2023, with a pre-tax profit of £438 million and a 95% increase in group revenues to £1.8 billion. The license marks a significant step in Revolut's growth and its ability to compete with traditional banks in the UK.

HEADLINES

🧑‍🍳 What else is cookin’?

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

• Tech Mahindra Q1 results: Profit jumps 23% YoY to ₹851 Cr., misses estimates.

• India will not sign global tax deal until its concerns are addressed: Finance Ministry official.

• India likely to ease curbs on some Chinese investments.

• India ‘clearly has a problem’ finding new drivers for economic growth.

• India is on alert after a fresh outbreak of the deadly Nipah virus.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Lady Gaga set to perform at 2024 Paris Olympics opening ceremony.

• Kay Kay Menon is desi Sherlock Holmes in first look of Shekhar Home series.

• Phir Aayi Hasseen Dillruba featuring Taapsee P and Vikrant released.

• Akshay Kumar’s Khel Khel Mein’s first track Hauli Hauli out now and creating all the buzz.