Economy News ( English version)

Perplexity's Aravind Srinivas addresses Amazon's legal threat against their AI browser, Comet. He stresses the importance of user choice and collaboration, vowing to defend users, while calling for a constructive partnership with Amazon.

Its first post-listing quarterly results filings on Saturday show that Urban Company's partners’ average active hours per month (excluding high-frequency vertical Insta Help workers) surged 51% since FY22—from 59 to 89—buoyed by smarter matching and denser local demand for services.

Core operational revenue shows signs of recovery in Q2, but the sharp drop in other income—the first since at least nine quarters—pushes overall income into the slow lane.

OpenAI is recruiting solutions engineers in India to enhance its product offerings. The company is focusing on building a foundational team in Bengaluru, reflecting its commitment to the region as a key market, while also planning a significant investment in local AI infrastructure.

Hyundai introduced the upgraded Venue SUV in India with advanced features and competitive pricing. This launch is pivotal for Hyundai to reclaim market share from competitors like Tata and Mahindra, following a slight decline in sales earlier this year.

On a mission to strengthen economic ties, Commerce Minister Piyush Goyal is visiting New Zealand to negotiate a transformative free trade agreement. His agenda includes key talks with Minister Todd McClay aimed at expediting a comprehensive economic framework.

India's GIFT City is considering allowing banks to transact in offshore renminbi. This move follows a suggestion from banks to broaden services. Previously, four other currencies were approved. The government is now reviewing the renminbi proposal due to improving India-China relations. This could boost trade and currency liquidity.

Expatriates working in India must now join the Employees' Provident Fund Organisation. The Delhi High Court upheld this rule for international workers of Indian firms. They can withdraw the full amount only upon retirement at 58 or due to total incapacity. This ruling impacts expatriates with shorter work durations in India.

The finance ministry has rejected a proposal to increase the food subsidy outlay, citing a need for prudent spending. Instead, the Department of Expenditure suggested liquidating surplus grains in the open market and cleaning up beneficiary databases to reduce costs and curb leakages.

India's wealthiest 1% saw their wealth share surge by 62% from 2000 to 2023. This trend mirrors global patterns where wealth concentration is increasing. A new report highlights extreme inequality as a choice, not an inevitability. It calls for global coordination and proposes an International Panel on Inequality to guide policy.