Economic Survey: GIFT IFSC an emerging city for fintech innovation in India

Monthly average gross SIP flows doubled in last 3 years: Economic Survey

The Economic Survey for 2024-25, which was tabled in Parliament on Tuesday, highlighted several key trends and developments in the Indian economy and financial markets. Here are some of the important takeaways from the Economic Survey:

1. GIFT IFSC emerging as a hub for fintech innovation in India

The survey noted that the Gujarat International Finance Tec-City (GIFT IFSC) is rapidly emerging as a hub for fintech innovation in the country. Several leading fintech companies, both domestic and international, have set up their operations at GIFT IFSC, contributing to the development of a vibrant fintech ecosystem in India.

2. Monthly average gross SIP flows doubled in last 3 years

The Economic Survey highlighted the increasing popularity of Systematic Investment Plans (SIPs) among Indian investors. As per the survey, the monthly average gross SIP flows have nearly doubled over the last three years, reflecting a growing preference for disciplined and long-term investment strategies in the country.

3. ElevenLabs raises $180 million, valuation soars to $3.3 billion

ElevenLabs, a leading provider of AI-powered text-to-speech and voice cloning technologies, has reportedly secured $180 million in a fresh funding round. This latest investment values the company at an impressive $3.3 billion.

4. boAt demands anti-dumping duty on realme earwears

boAt, a popular consumer electronics brand in India, has filed an application with the Directorate General of Trade Remedies (DGTR) seeking the imposition of anti-dumping duty on earwears manufactured by realme and imported from Vietnam and China.

5. Economic Survey raises concerns over anxieties about AI impact on jobs

The Economic Survey expressed concerns regarding the high level of anxieties among the Indian workforce about the potential impact of Artificial Intelligence (AI) on jobs in the country. The survey highlighted the need to address these concerns through effective policies and measures.

6. Economic Survey 2024-25: New ‘Trade Connect e-Platform’ launched to help exporters access new markets

The Economic Survey 2024-25 announced the launch of a new ‘Trade Connect e-Platform’ by the government. This digital platform is designed to assist Indian exporters in identifying and accessing new markets for their products around the world.

7. European shares at record peak as tech, healthcare lend support

European stock markets reached a new record high on Tuesday, driven by gains in technology and healthcare stocks. Investors remained optimistic amid easing inflation and mixed corporate earnings reports from the region.

8. Malpani Pipes IPO subscribed over 41 times so far on Day 3: Check GMP, price band and other details

The initial public offering (IPO) of Malpani Industries, a leading manufacturer of steel pipes and tubes in Eastern India, received a strong response from investors on Day 3 of the bidding process, with the issue being subscribed over 41 times so far. Keep an eye on Moneycontrol for the latest updates on the IPO.

9. Economic Survey shows concern for workplace mental health issues, calls it both a personal and economic hazard

The Economic Survey expressed concerns over the prevalence of mental health issues in the Indian workplace, highlighting their impact on both personal well-being and economic productivity. The survey emphasized the need for greater attention to mental health in the context of the country's rapidly changing work environment.

10. Lab-Grown vs. Natural Diamonds: Uncovering the True Environmental Impact

In the ongoing debate between lab-grown and natural diamonds, the survey delved into their respective environmental footprints. While lab-grown diamonds have a lower carbon footprint, the report highlighted the need for a holistic assessment considering factors beyond greenhouse gas emissions.

11. Every Delhi family saves Rs 25,000 per month due to AAP's schemes: Arvind Kejriwal

Delhi Chief Minister and Aam Aadmi Party (AAP) convener Arvind Kejriwal claimed that every family in the national capital is saving around Rs 25,000 per month as a result of various welfare schemes implemented by his government.