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South Korea has slashed a record fine of over $400m (£299m) to online retail giant 'Coupang' over a massive data leak that exposed the data of more than 30 million customers in 2025. The fine has been issued by Seoul's Personal Information Protection Commission (PIPC) for a data breach, marking the largest fine ever by the country's government. The data breach revealed the names, contact information, delivery addresses and purchase histories of certain customers of Coupang, South Korea's largest e-commerce platform, often compared to Amazon. Responding to the move, Coupang told the BBC that it "deeply regrets the concern caused" and that it would strengthen its security systems, but added that it planned to challenge the Personal Information Protection Commission (PIPC). The number of affected accounts exceeds half of South Korea's population of nearly 50 million. On Wednesday, the PIPC imposed a fine of 423.6 billion won over the personal data leak, and an additional 201 billion won for collecting user information without consent.&nbsp;Also read: <a href="https://www.wionews.com/india-news/india-must-find-its-own-path-not-copy-china-says-general-atlantic-co-president-martin-escobari-1781166118870">India must find its own path, not copy China, says General Atlantic Co-President Martin Escobari</a> According to the commission, inadequate security measures, including poor management of authentication signing keys and weak access controls, led to the exposure of personal data belonging to about 37.5 million users. Coupang argued that the commission's ruling did not adequately take into account the company's explanations and the steps it had implemented to prevent further damage from the breach. "Upon receiving the official resolution from the PIPC, we expect that the facts will be clearly established through legal procedures," said Coupang. The decision follows a months-long probe into Coupang after allegations of the data leak surfaced in November.<h3>Continuous high-profile cyber-security incidents</h3>The US based company's majority revenue comes from South Korea. The firm stated that it first got aware of a breach affecting around 4500 customer accounts in November and immediately reported it to the officials. However, subsequent investigations revealed that nearly 34 million customer accounts, all based in South Korea, may have been compromised. The company claimed that the data breach likely began as early as June and originated from an overseas server. After the breach of data, Coupang's boss Park Dae-jun resigned from his role, apologising for the incident. Later, the company's chief administrative officer Harold Rogers was appointed interim CEO. Despite the reputation of country for stringent data privacy standards, South Korean firms continuously faced of high-profile cyber-security incidents last yea. Its largest mobile operator SK Telecom was also fined about $100m over a data breach involving more than 20 million subscribers. South Korean regulators have now imposed a record fine of more than $400 million on Coupang, citing inadequate security safeguards and the unauthorised collection of user data after the leak exposed the personal information of about 37.5 million customers.

South Korea has imposed a record fine of over $400 million on e-commerce giant Coupang after a massive data breach exposed the personal information of around 37.5 million users. Regulators cited weak security measures and unauthorised data collection.

South Korea has slashed a record fine of over $400m (£299m) to online retail giant 'Coupang' over a massive data leak that exposed the data of more than 30 million customers in 2025. The fine has been issued by Seoul's Personal Information Protection Commission (PIPC) for a data breach, marking the largest fine ever by the country's government. The data breach revealed the names, contact information, delivery addresses and purchase histories of certain customers of Coupang, South Korea's largest e-commerce platform, often compared to Amazon. Responding to the move, Coupang told the BBC that it "deeply regrets the concern caused" and that it would strengthen its security systems, but added that it planned to challenge the Personal Information Protection Commission (PIPC). The number of affected accounts exceeds half of South Korea's population of nearly 50 million. On Wednesday, the PIPC imposed a fine of 423.6 billion won over the personal data leak, and an additional 201 billion won for collecting user information without consent. Also read: India must find its own path, not copy China, says General Atlantic Co-President Martin Escobari According to the commission, inadequate security measures, including poor management of authentication signing keys and weak access controls, led to the exposure of personal data belonging to about 37.5 million users. Coupang argued that the commission's ruling did not adequately take into account the company's explanations and the steps it had implemented to prevent further damage from the breach. "Upon receiving the official resolution from the PIPC, we expect that the facts will be clearly established through legal procedures," said Coupang. The decision follows a months-long probe into Coupang after allegations of the data leak surfaced in November. Continuous high-profile cyber-security incidents The US based company's majority revenue comes from South Korea. The firm stated that it first got aware of a breach affecting around 4500 customer accounts in November and immediately reported it to the officials. However, subsequent investigations revealed that nearly 34 million customer accounts, all based in South Korea, may have been compromised. The company claimed that the data breach likely began as early as June and originated from an overseas server. After the breach of data, Coupang's boss Park Dae-jun resigned from his role, apologising for the incident. Later, the company's chief administrative officer Harold Rogers was appointed interim CEO. Despite the reputation of country for stringent data privacy standards, South Korean firms continuously faced of high-profile cyber-security incidents last yea. Its largest mobile operator SK Telecom was also fined about $100m over a data breach involving more than 20 million subscribers. South Korean regulators have now imposed a record fine of more than $400 million on Coupang, citing inadequate security safeguards and the unauthorised collection of user data after the leak exposed the personal information of about 37.5 million customers.

South Korea has imposed a record fine of over $400 million on e-commerce giant Coupang after a massive data breach exposed the personal information of around 37.5 million users. Regulators cited weak security measures and unauthorised data collection.

South Korea hits e-commerce giant with record $400m fine over data leak, nearly 37.5m users affected

General Atlantic Co-President Martin Escobari emphasised that India must find its own development path, and investors must be patient. He made the remarks while responding to a question from Zerodha co-founder Nikhil Kamath on the lessons that India could draw from China's rise. Having invested over $5 billion in India, Escobari reflected on a visit to China years ago when its GDP was only about 20 per cent larger than Brazil's."Today, it's 14 times bigger," he said, underscoring the remarkable transformation the country has achieved over 25 years. When Kamath asked Escobari what drove China's rise, Escobari highlighted China's focus on the "industrialisation", infrastructure development, digital adoption and export-led manufacturing. Then Kamath added that another political advantage China had was that it enabled long-term strategies, allowing "40-year plans" rather than a shorter electoral cycle every four years. On Kamath's response, Escobari agreed that India should not make everything a copy-paste of China's model. "Your solution is going to have to be more nuanced and more custom-made for India and the unique richness and traditions and complexities of your country," he said. &nbsp;However, Escobari also sounded bullish on the direction of travel. Looking at the growth trajectory of India, he said, "8 per cent is a lot. 8 per cent compounded over 10 years. So be patient with your country."&nbsp;Also read: <a href="https://www.wionews.com/world/torah-basic-law-and-more-is-israel-becoming-a-theocratic-state-the-big-question-judaism-ultraorthodox-jews-draft-1781158525343">Torah Basic Law and more: Is Israel becoming a theocratic state? The Big Question</a><h3>Attractive opportunities in Indian firms</h3>Kamath said he remains fully optimistic about India, both because he built his wealth in the country and because he is confident that India's economy will eventually reach the $10 trillion mark. However, he cautioned that the milestone may not be achieved within the next five, eight or even 10 years. He also revealed that he is diversifying his portfolio with a greater focus on sectors such as IT services and banking. Acknowledging that investing in IT services firms may appear unconventional in an era increasingly shaped by artificial intelligence, Kamath argued that Indian companies with strong competitive advantages and valuations in the range of 12 to 15 times earnings continue to offer attractive opportunities. The discussion then shifted to a long-standing question facing India's startup ecosystem: why the country has yet to create a globally dominant company of significant scale. Escobari stated that it takes one pioneer to make the "role model effect". "It can be done. There's access to capital. There is unfair access to human capital that is AI-trained at the right time. You need the courage to do what has never been done before," he said. Escobari said that once an Indian company successfully break through globally, it could inspire and encourage many others to follow a similar path. However, he also highlighted what he described as India's unique paradox. While a domestic market of 1.3 billion people offers enormous opportunities, it can also act as a trap. Escobari called it the "curse of a domestic market" as companies can become too comfortable helping India solely. "It is uncomfortable to go to a new country, build a multi-country team and get out of the comfort zone," he said. He also noted that even conquering India is not like conquering one nation. "The diversity in your country is beyond comprehension to anyone who hasn't travelled to your country. It's not one country. It's an amalgamation of civilisations."

Acknowledging that investing in IT services firms may appear unconventional in an era increasingly shaped by AI, Kamath argued that Indian companies with strong competitive advantages and valuations in the range of 12 to 15 times earnings continue to offer attractive opportunities. 

General Atlantic Co-President Martin Escobari emphasised that India must find its own development path, and investors must be patient. He made the remarks while responding to a question from Zerodha co-founder Nikhil Kamath on the lessons that India could draw from China's rise. Having invested over $5 billion in India, Escobari reflected on a visit to China years ago when its GDP was only about 20 per cent larger than Brazil's."Today, it's 14 times bigger," he said, underscoring the remarkable transformation the country has achieved over 25 years. When Kamath asked Escobari what drove China's rise, Escobari highlighted China's focus on the "industrialisation", infrastructure development, digital adoption and export-led manufacturing. Then Kamath added that another political advantage China had was that it enabled long-term strategies, allowing "40-year plans" rather than a shorter electoral cycle every four years. On Kamath's response, Escobari agreed that India should not make everything a copy-paste of China's model. "Your solution is going to have to be more nuanced and more custom-made for India and the unique richness and traditions and complexities of your country," he said. However, Escobari also sounded bullish on the direction of travel. Looking at the growth trajectory of India, he said, "8 per cent is a lot. 8 per cent compounded over 10 years. So be patient with your country." Also read: Torah Basic Law and more: Is Israel becoming a theocratic state? The Big Question Attractive opportunities in Indian firms Kamath said he remains fully optimistic about India, both because he built his wealth in the country and because he is confident that India's economy will eventually reach the $10 trillion mark. However, he cautioned that the milestone may not be achieved within the next five, eight or even 10 years. He also revealed that he is diversifying his portfolio with a greater focus on sectors such as IT services and banking. Acknowledging that investing in IT services firms may appear unconventional in an era increasingly shaped by artificial intelligence, Kamath argued that Indian companies with strong competitive advantages and valuations in the range of 12 to 15 times earnings continue to offer attractive opportunities. The discussion then shifted to a long-standing question facing India's startup ecosystem: why the country has yet to create a globally dominant company of significant scale. Escobari stated that it takes one pioneer to make the "role model effect". "It can be done. There's access to capital. There is unfair access to human capital that is AI-trained at the right time. You need the courage to do what has never been done before," he said. Escobari said that once an Indian company successfully break through globally, it could inspire and encourage many others to follow a similar path. However, he also highlighted what he described as India's unique paradox. While a domestic market of 1.3 billion people offers enormous opportunities, it can also act as a trap. Escobari called it the "curse of a domestic market" as companies can become too comfortable helping India solely. "It is uncomfortable to go to a new country, build a multi-country team and get out of the comfort zone," he said. He also noted that even conquering India is not like conquering one nation. "The diversity in your country is beyond comprehension to anyone who hasn't travelled to your country. It's not one country. It's an amalgamation of civilisations."

Acknowledging that investing in IT services firms may appear unconventional in an era increasingly shaped by AI, Kamath argued that Indian companies with strong competitive advantages and valuations in the range of 12 to 15 times earnings continue to offer attractive opportunities.&nbsp;

India must find its own path, not copy China, says General Atlantic Co-President Martin Escobari

India's economy is humming along at a steady and strong pace on paper. The International Monetary Fund and other leading financial institutions have touted the country's growth as the strongest among major economies for some time now.India's gross domestic product in 2025-26 came in at ₹345 lakh crore, or nearly $3.6 trillion, doubling from pre-pandemic levels. In rupee terms, the country's GDP is growing roughly 9 per cent per annum on average in recent years, suggesting a healthy rate.However, GDP growth rates are not measured in domestic terms on International platforms for comparative measures.They are broadly measured in dollars. But the rupee has been bleeding against the dollar in recent years, and quite significantly at that.Also read | <a href="https://www.wionews.com/india-news/rupee-slide-wars-and-more-indian-students-in-us-battle-currency-crisis-no-one-prepared-them-for-wion-horizons-1780044945428">Rupee slide, wars and more: Indian students in US battle currency crisis no one prepared them for | WION Horizons</a><h2>No stopping the bleeding</h2>In the seven years since the pre-pandemic period, 2018-19, India's GDP growth in dollar terms has been only about 5.7 per cent annually. That is where the country's dream of a $5 trillion economy has taken a hit.The pace of growth in dollar terms is less than half of what is needed to reach that target, even by 2029-30.The latest GDP of the country stands at nearly $3.6 trillion, with an exchange rate of 96 rupees per dollar. That exchange rate is near a fresh all-time low after a series of record-weak levels the currency has fallen in recent years, and the GDP is still over $1 trillion away from the dream $5 trillion target.<h2>Currency trap</h2>The rupee's bleeding against the dollar has only exacerbated in recent years, with the currency depreciating roughly 10 per cent in 2025-26 alone. That fall in a single year has neutralised the entire year's nominal GDP gains, more or less wiping out any progress towards the country's target.Also read | <a href="https://www.wionews.com/india-news/made-in-india-first-indigenous-airbus-c-295-completes-maiden-test-flight-watch-1781147116995">‘Made in India’: First indigenous Airbus C-295 completes maiden test flight | WATCH</a>Clearly, growth in local currency terms means nothing in a global context.The IMF projects India will likely hit the $5 trillion mark only in FY29, a full year later than the previously revised forecast, which was already pushed by a year. The caveat is that there is no further rupee shock.The Indian government had declared the $5 trillion goal in July 2019, aiming to climb the global GDP rankings rapidly.However, India's dollar GDP growth has covered only about 50 per cent of the required distance since then.While India had briefly overtaken Japan to become the fourth-largest economy in the world, it has now fallen back to the sixth position behind the United Kingdom.&nbsp;So, the rupee saga is more than just a currency crisis for the country.The lesson from the trend is clear - A country can grow in local currency and still shrink in global standing. Rupee depreciation isn't just a forex footnote anymore; it's fast becoming a strategic liability.India isn't just losing the growth race; it's losing the currency war, and in dollar terms, that's the only scoreboard on a global stage that counts.

India's economy has doubled since before the pandemic, but a weakening rupee is slowing growth in dollar terms. Here's why the $5 trillion economy target remains difficult to achieve.

India's economy is humming along at a steady and strong pace on paper. The International Monetary Fund and other leading financial institutions have touted the country's growth as the strongest among major economies for some time now. India's gross domestic product in 2025-26 came in at ₹345 lakh crore, or nearly $3.6 trillion, doubling from pre-pandemic levels. In rupee terms, the country's GDP is growing roughly 9 per cent per annum on average in recent years, suggesting a healthy rate. However, GDP growth rates are not measured in domestic terms on International platforms for comparative measures. They are broadly measured in dollars. But the rupee has been bleeding against the dollar in recent years, and quite significantly at that. Also read | Rupee slide, wars and more: Indian students in US battle currency crisis no one prepared them for | WION Horizons No stopping the bleeding In the seven years since the pre-pandemic period, 2018-19, India's GDP growth in dollar terms has been only about 5.7 per cent annually. That is where the country's dream of a $5 trillion economy has taken a hit. The pace of growth in dollar terms is less than half of what is needed to reach that target, even by 2029-30. The latest GDP of the country stands at nearly $3.6 trillion, with an exchange rate of 96 rupees per dollar. That exchange rate is near a fresh all-time low after a series of record-weak levels the currency has fallen in recent years, and the GDP is still over $1 trillion away from the dream $5 trillion target. Currency trap The rupee's bleeding against the dollar has only exacerbated in recent years, with the currency depreciating roughly 10 per cent in 2025-26 alone. That fall in a single year has neutralised the entire year's nominal GDP gains, more or less wiping out any progress towards the country's target. Also read | ‘Made in India’: First indigenous Airbus C-295 completes maiden test flight | WATCH Clearly, growth in local currency terms means nothing in a global context. The IMF projects India will likely hit the $5 trillion mark only in FY29, a full year later than the previously revised forecast, which was already pushed by a year. The caveat is that there is no further rupee shock. The Indian government had declared the $5 trillion goal in July 2019, aiming to climb the global GDP rankings rapidly. However, India's dollar GDP growth has covered only about 50 per cent of the required distance since then. While India had briefly overtaken Japan to become the fourth-largest economy in the world, it has now fallen back to the sixth position behind the United Kingdom. So, the rupee saga is more than just a currency crisis for the country. The lesson from the trend is clear - A country can grow in local currency and still shrink in global standing. Rupee depreciation isn't just a forex footnote anymore; it's fast becoming a strategic liability. India isn't just losing the growth race; it's losing the currency war, and in dollar terms, that's the only scoreboard on a global stage that counts.

India's economy has doubled since before the pandemic, but a weakening rupee is slowing growth in dollar terms. Here's why the $5 trillion economy target remains difficult to achieve.

The rupee trap for a $5 trillion economy?

US inflation in May reached its highest level with the fastest rate in three years, surging to 4.2 per cent. The rise in prices in the US from 3.8 per cent a month earlier was largely due to an upsurge in energy costs, the Bureau of Labour Statistics (BLS) said. The inflation marked the third month in a row that the Consumer Price Index (CPI) rose, with households continuously feeling the strain of the US-Israeli war in Iran. Rising inflation has increased expectations that the US Federal Reserve could raise interest rates to curtail consumer spending and ease price pressures. The last time inflation reached a higher level was in April 2023, when the US economy was grappling with the effects of the energy crisis triggered by Russia's invasion of Ukraine.&nbsp;Also read: <a href="https://www.wionews.com/business-economy/big-boost-for-rupee-rbi-s-forex-push-could-bring-55-65-billion-inflows-in-fy27-says-sbi-1781096044339">Big boost for Rupee? RBI's forex push could bring $55–65 billion inflows in FY27, says SBI</a><h3>What is the real cause of US inflation?</h3>Energy costs have been a major contributor to the latest increase, with household gas and electricity bills in May standing nearly 25 per cent higher than a year ago. Petrol prices have accounted for a significant share of the rise. Data from the motoring group AAA showed that the average price of regular gasoline in the US currently stands at $4.15 per gallon, up sharply from $2.98 on February 28, when President Donald Trump launched strikes against Iran. Following those attacks, Iran effectively shut down the strategically important Strait of Hormuz, a key shipping route that normally carries about one-fifth of the world's oil and gas supplies, pushing global energy prices higher. The US Bureau of Labour Statistics (BLS) also highlighted rising costs in sectors such as air travel, healthcare, recreation and communications. The Consumer Price Index (CPI) measures the change in prices compared with the same month a year earlier. The Federal Reserve's long-term inflation target remains 2 per cent.

US inflation climbed to 4.2% in May, its highest level in three years, driven largely by soaring energy costs. Rising fuel and utility prices, linked to tensions involving Iran and disruptions in the Strait of Hormuz, have heightened expectations of a Federal Reserve rate hike.

US inflation in May reached its highest level with the fastest rate in three years, surging to 4.2 per cent. The rise in prices in the US from 3.8 per cent a month earlier was largely due to an upsurge in energy costs, the Bureau of Labour Statistics (BLS) said. The inflation marked the third month in a row that the Consumer Price Index (CPI) rose, with households continuously feeling the strain of the US-Israeli war in Iran. Rising inflation has increased expectations that the US Federal Reserve could raise interest rates to curtail consumer spending and ease price pressures. The last time inflation reached a higher level was in April 2023, when the US economy was grappling with the effects of the energy crisis triggered by Russia's invasion of Ukraine. Also read: Big boost for Rupee? RBI's forex push could bring $55–65 billion inflows in FY27, says SBI What is the real cause of US inflation? Energy costs have been a major contributor to the latest increase, with household gas and electricity bills in May standing nearly 25 per cent higher than a year ago. Petrol prices have accounted for a significant share of the rise. Data from the motoring group AAA showed that the average price of regular gasoline in the US currently stands at $4.15 per gallon, up sharply from $2.98 on February 28, when President Donald Trump launched strikes against Iran. Following those attacks, Iran effectively shut down the strategically important Strait of Hormuz, a key shipping route that normally carries about one-fifth of the world's oil and gas supplies, pushing global energy prices higher. The US Bureau of Labour Statistics (BLS) also highlighted rising costs in sectors such as air travel, healthcare, recreation and communications. The Consumer Price Index (CPI) measures the change in prices compared with the same month a year earlier. The Federal Reserve's long-term inflation target remains 2 per cent.

US inflation climbed to 4.2% in May, its highest level in three years, driven largely by soaring energy costs. Rising fuel and utility prices, linked to tensions involving Iran and disruptions in the Strait of Hormuz, have heightened expectations of a Federal Reserve rate hike.

US inflation climbs to 4.2%, highest in three years: Here's why

The RBI’s latest measures, including special forex swap options for FCNR(B) deposits and external commercial borrowings (ECBs), are likely to bring more foreign currency inflows worth $55–65 billion in FY27. The development will strengthen the rupee and improve India’s external position, according to a report by SBI Ecowrap. The report indicated that RBI’s February and June 2026 measures show a coordinated strategy to neutralise the Indian rupee, attract long-term foreign capital, reduce pressure on external funding and deepen domestic debt markets. The expected inflows could mainly come through Foreign Currency Non-Resident Bank (FCNR-B) deposits. SBI Research projects that this channel alone could bring in nearly $40–45 billion, supported by attractive deposit rates and the RBI’s dollar-rupee swap facility. The Reserve Bank has opened a forex swap portal for fresh FCNR(B) deposits with tenures ranging from three to five years. SBI noted that a similar measure by RBI in 2013 helped India attract $24.5 billion during a period of high rupee pressure.&nbsp;Also read: <a href="https://www.wionews.com/photos/apache-helicopter-cost-vs-power-is-it-worth-millions-per-unit-1781084972199">Apache helicopter cost vs power: Is it worth millions per unit?</a><h3>SBI projects BoP surplus of $5–10 billion</h3>The report further estimates that an additional $15–20 billion may flow in through External Commercial Borrowings (ECB) and Overseas Foreign Currency Borrowing (OFCB) routes, as reduced hedging costs make overseas fundraising more appealing for banks and corporates. A major impact is expected on India's balance of payments (BoP). SBI Research has revised its FY27 outlook and now projects a surplus of $5–10 billion, a sharp turnaround from its earlier forecast of a $65–70 billion deficit. The report also anticipates banking sector deposit growth to improve to around 14.5–15 per cent, helping bridge the gap between credit and deposit growth while creating room for lower interest rates. At the same time, SBI cautioned that the RBI must remain proactive in addressing any weakness in the rupee and cannot afford to adopt a hands-off approach. “In the current environment, a passive approach could prove costly,” the report noted, and added that decisive intervention would help anchor expectations, control imported inflation and protect macro-financial stability. The report further stated that expectations of an immediate interest rate hike cycle appear premature, arguing that the future policy framework should remain data-dependent. Amid growing global uncertainty and high currency volatility, SBI believes that the latest dollar inflow strategy of RBI could give the firepower required to defend the rupee.&nbsp;

The Reserve Bank has opened a forex swap portal for fresh FCNR(B) deposits with tenures ranging from three to five years. SBI noted that a similar measure by RBI in 2013 helped India attract $24.5 billion during a period of high rupee pressure.

The RBI’s latest measures, including special forex swap options for FCNR(B) deposits and external commercial borrowings (ECBs), are likely to bring more foreign currency inflows worth $55–65 billion in FY27. The development will strengthen the rupee and improve India’s external position, according to a report by SBI Ecowrap. The report indicated that RBI’s February and June 2026 measures show a coordinated strategy to neutralise the Indian rupee, attract long-term foreign capital, reduce pressure on external funding and deepen domestic debt markets. The expected inflows could mainly come through Foreign Currency Non-Resident Bank (FCNR-B) deposits. SBI Research projects that this channel alone could bring in nearly $40–45 billion, supported by attractive deposit rates and the RBI’s dollar-rupee swap facility. The Reserve Bank has opened a forex swap portal for fresh FCNR(B) deposits with tenures ranging from three to five years. SBI noted that a similar measure by RBI in 2013 helped India attract $24.5 billion during a period of high rupee pressure. Also read: Apache helicopter cost vs power: Is it worth millions per unit? SBI projects BoP surplus of $5–10 billion The report further estimates that an additional $15–20 billion may flow in through External Commercial Borrowings (ECB) and Overseas Foreign Currency Borrowing (OFCB) routes, as reduced hedging costs make overseas fundraising more appealing for banks and corporates. A major impact is expected on India's balance of payments (BoP). SBI Research has revised its FY27 outlook and now projects a surplus of $5–10 billion, a sharp turnaround from its earlier forecast of a $65–70 billion deficit. The report also anticipates banking sector deposit growth to improve to around 14.5–15 per cent, helping bridge the gap between credit and deposit growth while creating room for lower interest rates. At the same time, SBI cautioned that the RBI must remain proactive in addressing any weakness in the rupee and cannot afford to adopt a hands-off approach. “In the current environment, a passive approach could prove costly,” the report noted, and added that decisive intervention would help anchor expectations, control imported inflation and protect macro-financial stability. The report further stated that expectations of an immediate interest rate hike cycle appear premature, arguing that the future policy framework should remain data-dependent. Amid growing global uncertainty and high currency volatility, SBI believes that the latest dollar inflow strategy of RBI could give the firepower required to defend the rupee.

The Reserve Bank has opened a forex swap portal for fresh FCNR(B) deposits with tenures ranging from three to five years. SBI noted that a similar measure by RBI in 2013 helped India attract $24.5 billion during a period of high rupee pressure.

Big boost for Rupee? RBI's forex push could bring $55–65 billion inflows in FY27, says SBI

Prime Minister Narendra Modi’s government has marked its 12 years since it came to power in the centre in 2014. During his tenure, various development projects and initiatives have been launched to foster growth in every sector with the aim of making India a 5 trillion economy. These results can be seen in India's economy, which continued its strong growth trajectory in FY 2025-26, with the country's Gross Domestic Product (GDP) at current prices surpassing Rs 345 lakh crore, reflecting sustained momentum driven by reforms, digital transformation, exports and industrial expansion. According to official data, India has emerged as one of the fastest-growing major economies, attracting increasing global attention. The government has also revised the base year for GDP calculations to 2022-23 to better reflect the current economic structure. The country's economic rise has been particularly significant over the past decade. While it took nearly 60 years after Independence for India to become a $1 trillion economy, the nation has rapidly expanded from a $2 trillion economy in 2014 to over $4 trillion today. If the current pace continues, India is expected to achieve the $5 trillion milestone within the next two years. "Today, India’s economy is moving forward rapidly. Now, India does not avoid challenges; it confronts them. Amidst all the turmoil in the world, India has kept up the speed of its progress," PM Modi said.&nbsp;Also read: <a href="https://www.wionews.com/india-news/modi-govt-12-years-how-india-s-shift-to-zero-tolerance-on-terrorism-reshaped-national-security-1781002708397">12 Years of Modi Govt: How India’s shift to zero tolerance on terrorism reshaped national security</a><h3>Growth in electronics sector</h3>India's growing economic influence is also being recognised globally. According to the World Bank, the country has become the second-largest contributor to global GDP growth. The electronics sector has emerged as a key driver of industrial growth. Electronics production has increased sixfold from Rs 1.9 lakh crore to Rs 11.3 lakh crore, while exports have surged eightfold from Rs 0.38 lakh crore to Rs 3.3 lakh crore. More than 25 lakh jobs have been created in the sector, supported by the Production Linked Incentive (PLI) scheme, which has helped position India as a global manufacturing hub. India's exports reached a record Rs 79 lakh crore in FY26, strengthening manufacturing activity and employment generation. Foreign exchange reserves stood at Rs 67 lakh crore, enough to cover 11 months of imports and 94 per cent of external debt, providing a strong buffer against global economic uncertainties.<h3>Tax slab rationalisation</h3>The government also highlighted next-generation reforms aimed at easing the tax burden on citizens. Tax slab rationalisation and GST simplification have benefited the middle class, boosting domestic consumption by nearly Rs 2 lakh crore and supporting greater economic formalisation through digital payments. Meanwhile, investments worth Rs 1.64 lakh crore have been mobilised under the Semicon India Programme. Twelve semiconductor projects across six states have received approval, laying the foundation for a robust domestic chip manufacturing ecosystem. In addition, public sector banks reported a record profit of nearly Rs 2 lakh crore in FY26, reflecting improved financial stability. Additionally, over 25 crore people have reportedly moved out of poverty, contributing to the rise of a new middle class and expanding domestic consumption. The Unified Pension Scheme, approved in August 2024, is also expected to benefit 23 lakh government employees.<h3>Industrial growth</h3>In the industrial and manufacturing domain, the electronics sector has seen a major production revolution, surging by 500 per cent from Rs 1.9 lakh crore in 2014 to over Rs 11 lakh crore by 2026, alongside a 700 per cent increase in electronics exports to over Rs 3 lakh crore. This momentum is heavily driven by mobile manufacturing, which grew 28 times to reach Rs 5.5 lakh crore, while mobile phone exports skyrocketed 163 times to Rs 2.6 lakh crore. Simultaneously, heavy industry expanded, with crude steel production capacity doubling from 109.85 million tonnes in 2014-15 to 220.3 million tonnes in 2025-26. Financially, macro stability has improved as general CPI-based inflation dropped from an average of 9.84 per cent (2011-2014) to 4.7 per cent (2014-2026). Public wealth and governance have also seen structural gains: India's stock market capitalisation crossed Rs 410 lakh crore in March 2026, foreign remittances hit a global high of Rs 13 lakh crore in FY25-26, and digital public infrastructure successfully secured over Rs 51 lakh crore in direct benefit transfers while preventing Rs 4.3 lakh crore in leakages. &nbsp;

India's GDP crossed Rs 345 lakh crore in FY26, cementing its status as a $4+ trillion economy. Driven by a massive electronics boom, record exports of Rs 79 lakh crore, and key tax reforms, over 25 crore people have successfully moved out of poverty.

Prime Minister Narendra Modi’s government has marked its 12 years since it came to power in the centre in 2014. During his tenure, various development projects and initiatives have been launched to foster growth in every sector with the aim of making India a 5 trillion economy. These results can be seen in India's economy, which continued its strong growth trajectory in FY 2025-26, with the country's Gross Domestic Product (GDP) at current prices surpassing Rs 345 lakh crore, reflecting sustained momentum driven by reforms, digital transformation, exports and industrial expansion. According to official data, India has emerged as one of the fastest-growing major economies, attracting increasing global attention. The government has also revised the base year for GDP calculations to 2022-23 to better reflect the current economic structure. The country's economic rise has been particularly significant over the past decade. While it took nearly 60 years after Independence for India to become a $1 trillion economy, the nation has rapidly expanded from a $2 trillion economy in 2014 to over $4 trillion today. If the current pace continues, India is expected to achieve the $5 trillion milestone within the next two years. "Today, India’s economy is moving forward rapidly. Now, India does not avoid challenges; it confronts them. Amidst all the turmoil in the world, India has kept up the speed of its progress," PM Modi said. Also read: 12 Years of Modi Govt: How India’s shift to zero tolerance on terrorism reshaped national security Growth in electronics sector India's growing economic influence is also being recognised globally. According to the World Bank, the country has become the second-largest contributor to global GDP growth. The electronics sector has emerged as a key driver of industrial growth. Electronics production has increased sixfold from Rs 1.9 lakh crore to Rs 11.3 lakh crore, while exports have surged eightfold from Rs 0.38 lakh crore to Rs 3.3 lakh crore. More than 25 lakh jobs have been created in the sector, supported by the Production Linked Incentive (PLI) scheme, which has helped position India as a global manufacturing hub. India's exports reached a record Rs 79 lakh crore in FY26, strengthening manufacturing activity and employment generation. Foreign exchange reserves stood at Rs 67 lakh crore, enough to cover 11 months of imports and 94 per cent of external debt, providing a strong buffer against global economic uncertainties. Tax slab rationalisation The government also highlighted next-generation reforms aimed at easing the tax burden on citizens. Tax slab rationalisation and GST simplification have benefited the middle class, boosting domestic consumption by nearly Rs 2 lakh crore and supporting greater economic formalisation through digital payments. Meanwhile, investments worth Rs 1.64 lakh crore have been mobilised under the Semicon India Programme. Twelve semiconductor projects across six states have received approval, laying the foundation for a robust domestic chip manufacturing ecosystem. In addition, public sector banks reported a record profit of nearly Rs 2 lakh crore in FY26, reflecting improved financial stability. Additionally, over 25 crore people have reportedly moved out of poverty, contributing to the rise of a new middle class and expanding domestic consumption. The Unified Pension Scheme, approved in August 2024, is also expected to benefit 23 lakh government employees. Industrial growth In the industrial and manufacturing domain, the electronics sector has seen a major production revolution, surging by 500 per cent from Rs 1.9 lakh crore in 2014 to over Rs 11 lakh crore by 2026, alongside a 700 per cent increase in electronics exports to over Rs 3 lakh crore. This momentum is heavily driven by mobile manufacturing, which grew 28 times to reach Rs 5.5 lakh crore, while mobile phone exports skyrocketed 163 times to Rs 2.6 lakh crore. Simultaneously, heavy industry expanded, with crude steel production capacity doubling from 109.85 million tonnes in 2014-15 to 220.3 million tonnes in 2025-26. Financially, macro stability has improved as general CPI-based inflation dropped from an average of 9.84 per cent (2011-2014) to 4.7 per cent (2014-2026). Public wealth and governance have also seen structural gains: India's stock market capitalisation crossed Rs 410 lakh crore in March 2026, foreign remittances hit a global high of Rs 13 lakh crore in FY25-26, and digital public infrastructure successfully secured over Rs 51 lakh crore in direct benefit transfers while preventing Rs 4.3 lakh crore in leakages.

India's GDP crossed Rs 345 lakh crore in FY26, cementing its status as a $4+ trillion economy. Driven by a massive electronics boom, record exports of Rs 79 lakh crore, and key tax reforms, over 25 crore people have successfully moved out of poverty.

12 years of Modi govt: How India became $4 trillion economy and set its sights on $5 tillion

OpenAI said on Monday that it has confidentially filed for a draft for IPO. The company is expected to go public as early as Q4FY26 with a valuation that could be close to a trillion dollars. The AI giant has submitted its S-1 form for review and is keeping the sensitive financial books private before they are made public to the prospective investors.“We recently submitted a confidential S-1. We expect it to leak, so we’re just announcing it. We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company. But it’s a complicated set of tradeoffs, and this gives us the option to go public sooner if that ends up being best,” read OpenAI's blog post.The company has a private valuation of somewhat close to $850 billion. CFO Sarah Friar told CNBC in April that it’s “good hygiene” for a company like OpenAI to look, feel and act like a “public company”. However, she did not mention a specific timeline for the IPO. The company is currently working with Goldman Sachs and Morgan Stanley on the filing.Also Read: <a href="https://www.wionews.com/world/china-exports-may-2026-ai-ev-tech-demand-trade-surplus-1780983208551">China exports surge 19.4% in May as AI, EV and tech demand offset West Asia war risks</a><h2>Open AI Financial reality</h2>OpenAI was last valued privately at $852 billion; going public would shed light on the real financial margin and expose the company to intense scrutiny. It flagship LLM (large language model) ChatGPT now supports more than 900 million active users weekly. OpenAI has raised around $180 billion in private VC funding. It is burning staggering computing and operational infrastructure costs exceeding $100 billion annually. Internal communication from the company, reported by the Wall Street Journal, states that it is not expected to be profitable before 2030. It plans to spend roughly $600 billion on computing and data centres by 2030, as reported by CNBC and Reuters.<h2>Race to Wall Street</h2>OpenAI marks the third AI giant which is racing to become public. Its primary rival, Anthropic, maker of Claude, has beaten them to the market with a confidential filing, at a private valuation of roughly $965 billion. Elon Musk's rocket maker SpaceX is leading the pack with its record-breaking $1.77 trillion valuation. SpaceX stock trading is scheduled to officially start on Friday, June 12, 2026, and is expected to raise around $75 billion.&nbsp;

OpenAI has confidentially filed for an IPO and could go public as early as Q4 FY26. The ChatGPT maker is reportedly targeting a valuation approaching $1 trillion amid soaring AI demand.

OpenAI said on Monday that it has confidentially filed for a draft for IPO. The company is expected to go public as early as Q4FY26 with a valuation that could be close to a trillion dollars. The AI giant has submitted its S-1 form for review and is keeping the sensitive financial books private before they are made public to the prospective investors. “We recently submitted a confidential S-1. We expect it to leak, so we’re just announcing it. We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company. But it’s a complicated set of tradeoffs, and this gives us the option to go public sooner if that ends up being best,” read OpenAI's blog post. The company has a private valuation of somewhat close to $850 billion. CFO Sarah Friar told CNBC in April that it’s “good hygiene” for a company like OpenAI to look, feel and act like a “public company”. However, she did not mention a specific timeline for the IPO. The company is currently working with Goldman Sachs and Morgan Stanley on the filing. Also Read: China exports surge 19.4% in May as AI, EV and tech demand offset West Asia war risks Open AI Financial reality OpenAI was last valued privately at $852 billion; going public would shed light on the real financial margin and expose the company to intense scrutiny. It flagship LLM (large language model) ChatGPT now supports more than 900 million active users weekly. OpenAI has raised around $180 billion in private VC funding. It is burning staggering computing and operational infrastructure costs exceeding $100 billion annually. Internal communication from the company, reported by the Wall Street Journal, states that it is not expected to be profitable before 2030. It plans to spend roughly $600 billion on computing and data centres by 2030, as reported by CNBC and Reuters. Race to Wall Street OpenAI marks the third AI giant which is racing to become public. Its primary rival, Anthropic, maker of Claude, has beaten them to the market with a confidential filing, at a private valuation of roughly $965 billion. Elon Musk's rocket maker SpaceX is leading the pack with its record-breaking $1.77 trillion valuation. SpaceX stock trading is scheduled to officially start on Friday, June 12, 2026, and is expected to raise around $75 billion.

OpenAI has confidentially filed for an IPO and could go public as early as Q4 FY26. The ChatGPT maker is reportedly targeting a valuation approaching $1 trillion amid soaring AI demand.

Race to Wall Street- OpenAI files confidentially for IPO on US stock market

The artificial intelligence boom is entering a new phase. OpenAI has confidentially filed for a US initial public offering (IPO), marking a major milestone for one of the world's most influential AI firms. The filing comes just days after rival Anthropic, the company behind Claude AI, also began preparations for a public market debut. Together with SpaceX, the three companies could test investor appetite for some of the largest technology listings in modern history.&nbsp;While OpenAI did not reveal the size or timing of the offering, reports suggest the company could target a valuation of up to $1 trillion. If achieved, it would place OpenAI among the most valuable technology companies ever to enter public markets.<h2>Why OpenAI's IPO is attracting global attention</h2>OpenAI has become one of the defining companies of the artificial intelligence era. Since launching ChatGPT in late 2022, the company has played a central role in bringing generative AI into mainstream use. Businesses, students, developers and consumers now use AI tools for everything from writing and coding to research and customer service. According to information shared during recent fundraising discussions, OpenAI has more than 900 million weekly active ChatGPT users and over 50 million paying consumer subscribers worldwide. The company also reported generating approximately $2 billion in monthly revenue earlier this year.&nbsp;Those numbers have helped fuel investor enthusiasm and explain why OpenAI's potential IPO is being viewed as one of the most significant technology offerings of the decade.<h2>Anthropic and SpaceX are also heading to public markets</h2>OpenAI is not alone. Anthropic, one of OpenAI's biggest competitors, recently filed confidentially for its own IPO. The company was recently valued at approximately $965 billion after a major funding round and has seen growing demand for products such as Claude AI and Claude Code. Meanwhile, Elon Musk's SpaceX has already filed for a public offering that could value the company at around $1.75 trillion. Reports suggest the offering could raise as much as $75 billion, potentially making it the largest IPO in history.&nbsp;Together, these listings represent a major test for public markets and could shape investor sentiment towards technology and artificial intelligence companies for years to come. The AI era is becoming a major investment theme. Artificial intelligence has rapidly become one of the most important investment themes globally. Over the past three years, companies developing advanced AI systems have attracted hundreds of billions of dollars in investment. Investors believe AI could transform industries including healthcare, education, finance, manufacturing, cybersecurity and software development.<h2>OpenAI's rapid growth has become one of the strongest examples of that trend</h2>The company reportedly raised funding earlier this year at a valuation of around $840 billion from investors including SoftBank, Amazon and Nvidia. Its growth rate has also drawn attention, with reports suggesting revenue has expanded much faster than many technology giants did during their early years.&nbsp;OpenAI still faces challenges Despite its growth, OpenAI faces several challenges.&nbsp;The company has reportedly told investors that it does not expect to become profitable until 2030. Developing and operating advanced AI systems requires enormous investments in computing infrastructure, data centres and specialised AI chips.<h2>Competition is also increasing</h2>Anthropic continues to gain momentum with its Claude family of models, while Google, Meta, Microsoft, Amazon and other firms continue investing heavily in AI research and development. Investors are increasingly asking whether AI companies can maintain rapid innovation while also building sustainable businesses.&nbsp;<h2>Why investors are watching model progress closely</h2>According to analysts, one of the key factors influencing future valuations will be innovation. The value of companies such as OpenAI and Anthropic depends heavily on their ability to continue improving AI capabilities. If technological progress slows significantly, investors may begin questioning the high valuations assigned to AI firms. So far, however, there is little evidence of a slowdown. New models continue to improve reasoning, coding, search, cybersecurity and multimodal capabilities at a rapid pace, keeping investor interest high.&nbsp;<h2>OpenAI's unusual structure remains under scrutiny</h2> Another factor attracting attention is OpenAI's corporate structure.The company began in 2015 as a nonprofit research organisation before creating a for-profit arm in 2019 to raise the capital needed for AI development. That structure has remained a subject of debate, particularly after the brief removal and return of CEO Sam Altman in late 2023. In recent years, OpenAI has moved towards a public benefit corporation structure to support future fundraising while maintaining aspects of its original mission. The issue also became part of a legal dispute with Elon Musk, who accused the company of moving away from its founding goals. A US jury ultimately ruled in favour of OpenAI earlier this year.

OpenAI files for IPO as AI boom enters new phase. With Anthropic and SpaceX also preparing listings, trillion-dollar valuations and rapid growth are driving investor interest while raising questions about profitability and long-term sustainability.

The artificial intelligence boom is entering a new phase. OpenAI has confidentially filed for a US initial public offering (IPO), marking a major milestone for one of the world's most influential AI firms. The filing comes just days after rival Anthropic, the company behind Claude AI, also began preparations for a public market debut. Together with SpaceX, the three companies could test investor appetite for some of the largest technology listings in modern history. While OpenAI did not reveal the size or timing of the offering, reports suggest the company could target a valuation of up to $1 trillion. If achieved, it would place OpenAI among the most valuable technology companies ever to enter public markets. Why OpenAI's IPO is attracting global attention OpenAI has become one of the defining companies of the artificial intelligence era. Since launching ChatGPT in late 2022, the company has played a central role in bringing generative AI into mainstream use. Businesses, students, developers and consumers now use AI tools for everything from writing and coding to research and customer service. According to information shared during recent fundraising discussions, OpenAI has more than 900 million weekly active ChatGPT users and over 50 million paying consumer subscribers worldwide. The company also reported generating approximately $2 billion in monthly revenue earlier this year. Those numbers have helped fuel investor enthusiasm and explain why OpenAI's potential IPO is being viewed as one of the most significant technology offerings of the decade. Anthropic and SpaceX are also heading to public markets OpenAI is not alone. Anthropic, one of OpenAI's biggest competitors, recently filed confidentially for its own IPO. The company was recently valued at approximately $965 billion after a major funding round and has seen growing demand for products such as Claude AI and Claude Code. Meanwhile, Elon Musk's SpaceX has already filed for a public offering that could value the company at around $1.75 trillion. Reports suggest the offering could raise as much as $75 billion, potentially making it the largest IPO in history. Together, these listings represent a major test for public markets and could shape investor sentiment towards technology and artificial intelligence companies for years to come. The AI era is becoming a major investment theme. Artificial intelligence has rapidly become one of the most important investment themes globally. Over the past three years, companies developing advanced AI systems have attracted hundreds of billions of dollars in investment. Investors believe AI could transform industries including healthcare, education, finance, manufacturing, cybersecurity and software development. OpenAI's rapid growth has become one of the strongest examples of that trend The company reportedly raised funding earlier this year at a valuation of around $840 billion from investors including SoftBank, Amazon and Nvidia. Its growth rate has also drawn attention, with reports suggesting revenue has expanded much faster than many technology giants did during their early years. OpenAI still faces challenges Despite its growth, OpenAI faces several challenges. The company has reportedly told investors that it does not expect to become profitable until 2030. Developing and operating advanced AI systems requires enormous investments in computing infrastructure, data centres and specialised AI chips. Competition is also increasing Anthropic continues to gain momentum with its Claude family of models, while Google, Meta, Microsoft, Amazon and other firms continue investing heavily in AI research and development. Investors are increasingly asking whether AI companies can maintain rapid innovation while also building sustainable businesses. Why investors are watching model progress closely According to analysts, one of the key factors influencing future valuations will be innovation. The value of companies such as OpenAI and Anthropic depends heavily on their ability to continue improving AI capabilities. If technological progress slows significantly, investors may begin questioning the high valuations assigned to AI firms. So far, however, there is little evidence of a slowdown. New models continue to improve reasoning, coding, search, cybersecurity and multimodal capabilities at a rapid pace, keeping investor interest high. OpenAI's unusual structure remains under scrutiny Another factor attracting attention is OpenAI's corporate structure. The company began in 2015 as a nonprofit research organisation before creating a for-profit arm in 2019 to raise the capital needed for AI development. That structure has remained a subject of debate, particularly after the brief removal and return of CEO Sam Altman in late 2023. In recent years, OpenAI has moved towards a public benefit corporation structure to support future fundraising while maintaining aspects of its original mission. The issue also became part of a legal dispute with Elon Musk, who accused the company of moving away from its founding goals. A US jury ultimately ruled in favour of OpenAI earlier this year.

OpenAI files for IPO as AI boom enters new phase. With Anthropic and SpaceX also preparing listings, trillion-dollar valuations and rapid growth are driving investor interest while raising questions about profitability and long-term sustainability.

The AI IPO wave is here: OpenAI files confidentially for an IPO after Anthropic

Perplexity plans to launch its initial public offering (IPO) in 2028 regardless of how investors respond to upcoming listings from OpenAI and Anthropic, according to CEO Aravind Srinivas.Speaking to CNBC, Srinivas said the company's timeline remains unchanged even as some of the world's biggest artificial intelligence firms prepare to enter public markets. The comments come at a time when investor interest in AI companies is reaching new highs, with OpenAI, Anthropic and SpaceX all moving closer to major public offerings. Srinivas said Perplexity had already been planning a 2028 IPO and that recent developments in the market have not changed that strategy.<h2>Why OpenAI and Anthropic IPOs matter to the AI industry</h2>The AI industry is closely watching upcoming IPOs from some of its biggest players. Anthropic, the company behind Claude AI, recently filed confidentially for an IPO. OpenAI has also reportedly begun the process of preparing for a public listing. Both companies are among the most valuable AI firms in the world and are often referred to as "frontier AI labs" because they develop some of the most advanced AI models available today. Srinivas acknowledged that the success or failure of these listings could influence market sentiment. "I think it's important for the AI industry that these IPOs go well," he said during the interview. He also pointed to the upcoming SpaceX IPO as a potential indicator of investor appetite for large technology offerings. According to Srinivas, strong performances from these companies could strengthen confidence in the broader AI sector.<h2>Are AI company valuations justified?</h2>One of the biggest debates surrounding the AI industry is whether current valuations are sustainable. OpenAI and Anthropic have both attracted enormous investments, pushing their valuations to levels rarely seen in the technology sector.Srinivas believes those valuations are justified for now because the companies remain at the forefront of AI innovation. However, he warned that continued progress is essential. "If for six months you don't see a model capability advance from one of these two companies, then it's a problem for them," he said.&nbsp;The comment highlights a growing expectation among investors that AI companies must continue delivering breakthroughs to maintain their value.<h2>AI spending is becoming a major concern</h2>Another important topic discussed by Srinivas was the growing cost of artificial intelligence. As businesses adopt AI tools across departments, spending on AI services has increased significantly. OpenAI CEO Sam Altman has previously described AI costs as a major issue for companies trying to scale usage. According to Srinivas, organisations are becoming more careful about how they spend money on AI. Instead of automatically choosing the most powerful model, businesses are increasingly looking for the most cost-effective solution for a particular task. This shift could reshape how companies deploy AI in the future.&nbsp;The rise of 'tokenmaxxing'Srinivas also discussed a trend known as "tokenmaxxing". The term refers to employees increasing their use of AI tools to appear more productive or technologically advanced. However, Srinivas argued that businesses are now moving beyond simply maximising AI usage. Instead, companies want AI systems that provide the best balance between performance and cost. Perplexity's platform already reflects this approach. The company's AI search engine can choose from multiple AI models depending on the user's request. For simpler tasks, the system may use a cheaper open-source model. For more complex requests, it can switch to advanced frontier models. According to Srinivas, this hybrid approach allows businesses to reduce costs while maintaining high-quality results.&nbsp;<h2>Why Perplexity believes efficiency will matter more</h2>Perplexity's strategy reflects a broader trend emerging across the AI industry. While many companies initially focused on accessing the most powerful AI models available, attention is now shifting towards efficiency and return on investment. Srinivas said that if an open-source model can complete a task successfully most of the time at a fraction of the cost, it often makes financial sense to use that model instead. "The future is still awesome for frontier intelligence," he said. "But it's not going to be mindless spending." This suggests the next phase of AI adoption may be defined not only by technological advances but also by how efficiently companies use those technologies.&nbsp;<h2>What Perplexity's IPO plans tell us about the AI market</h2>Perplexity's decision to maintain its 2028 IPO timeline shows confidence in the long-term future of artificial intelligence. The company appears to believe that demand for AI tools will continue growing, even as businesses become more selective about spending.At the same time, the success of upcoming IPOs from OpenAI, Anthropic and SpaceX could provide valuable insight into how investors view the future of AI. For now, Srinivas remains optimistic. He believes the leading AI companies continue to innovate rapidly and that investor interest in the sector remains strong. As some of the biggest technology listings in history approach, the next few years could become a defining period for the artificial intelligence industry and the companies leading it.

Perplexity plans a 2028 IPO as CEO Aravind Srinivas says AI listing wave is just beginning. With OpenAI, Anthropic and SpaceX nearing public markets, focus is shifting from rapid spending to efficient and cost-effective AI use.


Perplexity plans to launch its initial public offering (IPO) in 2028 regardless of how investors respond to upcoming listings from OpenAI and Anthropic, according to CEO Aravind Srinivas. Speaking to CNBC, Srinivas said the company's timeline remains unchanged even as some of the world's biggest artificial intelligence firms prepare to enter public markets. The comments come at a time when investor interest in AI companies is reaching new highs, with OpenAI, Anthropic and SpaceX all moving closer to major public offerings. Srinivas said Perplexity had already been planning a 2028 IPO and that recent developments in the market have not changed that strategy. Why OpenAI and Anthropic IPOs matter to the AI industry The AI industry is closely watching upcoming IPOs from some of its biggest players. Anthropic, the company behind Claude AI, recently filed confidentially for an IPO. OpenAI has also reportedly begun the process of preparing for a public listing. Both companies are among the most valuable AI firms in the world and are often referred to as "frontier AI labs" because they develop some of the most advanced AI models available today. Srinivas acknowledged that the success or failure of these listings could influence market sentiment. "I think it's important for the AI industry that these IPOs go well," he said during the interview. He also pointed to the upcoming SpaceX IPO as a potential indicator of investor appetite for large technology offerings. According to Srinivas, strong performances from these companies could strengthen confidence in the broader AI sector. Are AI company valuations justified? One of the biggest debates surrounding the AI industry is whether current valuations are sustainable. OpenAI and Anthropic have both attracted enormous investments, pushing their valuations to levels rarely seen in the technology sector. Srinivas believes those valuations are justified for now because the companies remain at the forefront of AI innovation. However, he warned that continued progress is essential. "If for six months you don't see a model capability advance from one of these two companies, then it's a problem for them," he said. The comment highlights a growing expectation among investors that AI companies must continue delivering breakthroughs to maintain their value. AI spending is becoming a major concern Another important topic discussed by Srinivas was the growing cost of artificial intelligence. As businesses adopt AI tools across departments, spending on AI services has increased significantly. OpenAI CEO Sam Altman has previously described AI costs as a major issue for companies trying to scale usage. According to Srinivas, organisations are becoming more careful about how they spend money on AI. Instead of automatically choosing the most powerful model, businesses are increasingly looking for the most cost-effective solution for a particular task. This shift could reshape how companies deploy AI in the future. The rise of 'tokenmaxxing' Srinivas also discussed a trend known as "tokenmaxxing". The term refers to employees increasing their use of AI tools to appear more productive or technologically advanced. However, Srinivas argued that businesses are now moving beyond simply maximising AI usage. Instead, companies want AI systems that provide the best balance between performance and cost. Perplexity's platform already reflects this approach. The company's AI search engine can choose from multiple AI models depending on the user's request. For simpler tasks, the system may use a cheaper open-source model. For more complex requests, it can switch to advanced frontier models. According to Srinivas, this hybrid approach allows businesses to reduce costs while maintaining high-quality results. Why Perplexity believes efficiency will matter more Perplexity's strategy reflects a broader trend emerging across the AI industry. While many companies initially focused on accessing the most powerful AI models available, attention is now shifting towards efficiency and return on investment. Srinivas said that if an open-source model can complete a task successfully most of the time at a fraction of the cost, it often makes financial sense to use that model instead. "The future is still awesome for frontier intelligence," he said. "But it's not going to be mindless spending." This suggests the next phase of AI adoption may be defined not only by technological advances but also by how efficiently companies use those technologies. What Perplexity's IPO plans tell us about the AI market Perplexity's decision to maintain its 2028 IPO timeline shows confidence in the long-term future of artificial intelligence. The company appears to believe that demand for AI tools will continue growing, even as businesses become more selective about spending. At the same time, the success of upcoming IPOs from OpenAI, Anthropic and SpaceX could provide valuable insight into how investors view the future of AI. For now, Srinivas remains optimistic. He believes the leading AI companies continue to innovate rapidly and that investor interest in the sector remains strong. As some of the biggest technology listings in history approach, the next few years could become a defining period for the artificial intelligence industry and the companies leading it.

Perplexity plans a 2028 IPO as CEO Aravind Srinivas says AI listing wave is just beginning. With OpenAI, Anthropic and SpaceX nearing public markets, focus is shifting from rapid spending to efficient and cost-effective AI use.

OpenAI, Anthropic and SpaceX IPOs could shape the future of AI investing, says Perplexity CEO

China's export pace peaked in May despite the bottleneck due to the war in West Asia. The overall export growth for May was at 19.4 per cent at $376.78 billion from a year, compared to the 14.1 per cent growth of April, surpassing the projected growth of 15 per cent. The AI-related technology export made up the largest growth; high-tech exports grew by 50 per cent in May compared to a year ago.<h2>Tech demands keep China's exports high</h2>&nbsp;Analysts predict the war in West Asia and the resulting energy crisis, projecting the demand for clean technology such as green tech and EV-related products. “The war is boosting demand for green exports, such as electric vehicles, batteries, solar products, and AI-related technology goods,” said Sheana Yue, senior economist at Oxford Economics. &nbsp;While exports grew at a faster pace, imports also jumped for the month at 27.4 per cent compared with April's 25.3 per cent year-on-year expansion. The massive export growth and the relatively slower import growth widened China's total monthly trade surplus to an unexpected $105.43 billion. Exports to the US in May surged by more than 35 per cent from the year before, after an 11 per cent increase in April.Also Read: <a href="https://www.wionews.com/trending/michael-reiter-bush-era-officials-jeffrey-epstein-prosecution-allegations-1780929002021">‘It felt like they were working for Epstein’: Former police chief makes explosive claim about Bush-era officials</a>Key performers are integrated circuits (ICs), which surged by 111 per cent, the most since 2013; computer and parts surged by 66 per cent, total high-tech exports jumped by 50.9 per cent, automatic data processing machines by 66 per cent, mobile phones by 44.3 per cent, autos by 39.3 per cent, and ships by 31 per cent. The major export destinations include the US, ASEAN countries, South Korea and Russia.China is the biggest importer of crude oil, but its import volume has dropped drastically. In May, crude oil import volume dropped by -29 per cent YoY. While import values rose 10.0 per cent YoY. China's large oil reserves afford it more flexibility to adjust imports strategically. Still, the import growth is driven mostly by technology imports rather than energy imports.&nbsp;A recent Federal Reserve paper reported that China's global trade surplus has topped 1 per cent of global GDP. Western regulators have warned about China Shock 2.0, as subsidised Chinese technology floods the world market, alleging that massive state subsidies account for roughly 60 per cent of Chinese firms' recent international market gains.

China's exports jumped 19.4% in May to $376.78 billion, driven by AI technology, EVs, semiconductors and green tech despite disruptions from the West Asia conflict.

China's export pace peaked in May despite the bottleneck due to the war in West Asia. The overall export growth for May was at 19.4 per cent at $376.78 billion from a year, compared to the 14.1 per cent growth of April, surpassing the projected growth of 15 per cent. The AI-related technology export made up the largest growth; high-tech exports grew by 50 per cent in May compared to a year ago. Tech demands keep China's exports high Analysts predict the war in West Asia and the resulting energy crisis, projecting the demand for clean technology such as green tech and EV-related products. “The war is boosting demand for green exports, such as electric vehicles, batteries, solar products, and AI-related technology goods,” said Sheana Yue, senior economist at Oxford Economics. While exports grew at a faster pace, imports also jumped for the month at 27.4 per cent compared with April's 25.3 per cent year-on-year expansion. The massive export growth and the relatively slower import growth widened China's total monthly trade surplus to an unexpected $105.43 billion. Exports to the US in May surged by more than 35 per cent from the year before, after an 11 per cent increase in April. Also Read: ‘It felt like they were working for Epstein’: Former police chief makes explosive claim about Bush-era officials Key performers are integrated circuits (ICs), which surged by 111 per cent, the most since 2013; computer and parts surged by 66 per cent, total high-tech exports jumped by 50.9 per cent, automatic data processing machines by 66 per cent, mobile phones by 44.3 per cent, autos by 39.3 per cent, and ships by 31 per cent. The major export destinations include the US, ASEAN countries, South Korea and Russia. China is the biggest importer of crude oil, but its import volume has dropped drastically. In May, crude oil import volume dropped by -29 per cent YoY. While import values rose 10.0 per cent YoY. China's large oil reserves afford it more flexibility to adjust imports strategically. Still, the import growth is driven mostly by technology imports rather than energy imports. A recent Federal Reserve paper reported that China's global trade surplus has topped 1 per cent of global GDP. Western regulators have warned about China Shock 2.0, as subsidised Chinese technology floods the world market, alleging that massive state subsidies account for roughly 60 per cent of Chinese firms' recent international market gains.

China's exports jumped 19.4% in May to $376.78 billion, driven by AI technology, EVs, semiconductors and green tech despite disruptions from the West Asia conflict.

China exports surge 19.4% in May as AI, EV and tech demand offset West Asia war risks

India is experiencing an unequal trend in criminal activity, where overall crime across the country is declining due to increased public investment, digitisation, and enhanced surveillance, meanwhile cyber-crime has risen, possibly crossing 1 lakh cases, according to a report by the State Bank of India (SBI). The SBI report noted, "India recorded 58.86 lakh cognizable crimes in 2024, down by 6.0 per cent from the previous year, with the all-India crime rate falling from 448.3 to 418.9 per lakh population." Surprisingly, crime against women, a major crime highlight in India, has declined by 1.5 per cent from 4.48 lakh cases in 2023 to 4.41 lakh cases in 2024, the report added. The expansion of digital systems has increased the likelihood of detecting criminal activity through tools such as UPI transactions, FASTag records and digital surveillance, thereby raising the risks associated with committing offences. Data also indicates that locations with a higher density of CCTV cameras recorded a modest decline in crime between 2022 and 2024, showing a correlation of -0.148. Under the Smart Cities Mission, all 100 designated smart cities now have operational Integrated Command and Control Centres (ICCCs), which combine surveillance, technology and real-time data monitoring to enhance urban governance and public safety. "More than 84,000 CCTV surveillance cameras had been installed across the 100 Smart Cities, along with 1,884 emergency call boxes, 3,000 public address systems. These measures increase the perceived probability of detection," the report said.&nbsp;Also read:<a href="https://www.wionews.com/india-news/gandhi-family-asset-or-liability-ramachandra-guha-rahul-gandhi-congress-debate-1780912288610"> Is the Gandhi family holding Congress together or holding it back?</a><h3>Relationship between crime and economic growth</h3>The report also noted that areas with greater CCTV coverage experienced a slight reduction in crime during the same period. It added that there is an interesting relationship between crime and economic growth. "Empirical literature suggests that crime can act as a drag on economic growth by raising uncertainty, increasing security and transaction costs, discouraging investment, and crowding out legal economic activity (Goulas and Zervoyianni , 2013)," it said. It further noted that a 1 per cent fall in the IPC/BNS crime rate per lakh population is connected with around 0.11 per cent higher real GDP growth in the short run. Hence, as crime falls, society gains a growth dividend, finding that crime against women acts as a labour market friction and could lead to lower participation by females. "The broader implication is that women's safety is not only a law-and-order issue; it is also a labour market policy variable," it said. Although reported crimes against women have declined, the reduction remains marginal compared to the scale of the problem. According to NCRB 2024 data, 1,20,227 cases involving cruelty by husbands or relatives were registered, affecting 1,21,166 victims. However, SBI Research noted that NFHS-5 data paints a much larger picture. With an estimated 27.88 crore ever-married women in the relevant age group and 24 per cent reporting physical and/or sexual spousal violence in the previous year, the estimated annual number of affected women rises to nearly 6.69 crore.

The expansion of digital systems has increased the likelihood of detecting criminal activity through tools such as UPI transactions, FASTag records and digital surveillance, thereby raising the risks associated with committing offences.

India is experiencing an unequal trend in criminal activity, where overall crime across the country is declining due to increased public investment, digitisation, and enhanced surveillance, meanwhile cyber-crime has risen, possibly crossing 1 lakh cases, according to a report by the State Bank of India (SBI). The SBI report noted, "India recorded 58.86 lakh cognizable crimes in 2024, down by 6.0 per cent from the previous year, with the all-India crime rate falling from 448.3 to 418.9 per lakh population." Surprisingly, crime against women, a major crime highlight in India, has declined by 1.5 per cent from 4.48 lakh cases in 2023 to 4.41 lakh cases in 2024, the report added. The expansion of digital systems has increased the likelihood of detecting criminal activity through tools such as UPI transactions, FASTag records and digital surveillance, thereby raising the risks associated with committing offences. Data also indicates that locations with a higher density of CCTV cameras recorded a modest decline in crime between 2022 and 2024, showing a correlation of -0.148. Under the Smart Cities Mission, all 100 designated smart cities now have operational Integrated Command and Control Centres (ICCCs), which combine surveillance, technology and real-time data monitoring to enhance urban governance and public safety. "More than 84,000 CCTV surveillance cameras had been installed across the 100 Smart Cities, along with 1,884 emergency call boxes, 3,000 public address systems. These measures increase the perceived probability of detection," the report said. Also read: Is the Gandhi family holding Congress together or holding it back? Relationship between crime and economic growth The report also noted that areas with greater CCTV coverage experienced a slight reduction in crime during the same period. It added that there is an interesting relationship between crime and economic growth. "Empirical literature suggests that crime can act as a drag on economic growth by raising uncertainty, increasing security and transaction costs, discouraging investment, and crowding out legal economic activity (Goulas and Zervoyianni , 2013)," it said. It further noted that a 1 per cent fall in the IPC/BNS crime rate per lakh population is connected with around 0.11 per cent higher real GDP growth in the short run. Hence, as crime falls, society gains a growth dividend, finding that crime against women acts as a labour market friction and could lead to lower participation by females. "The broader implication is that women's safety is not only a law-and-order issue; it is also a labour market policy variable," it said. Although reported crimes against women have declined, the reduction remains marginal compared to the scale of the problem. According to NCRB 2024 data, 1,20,227 cases involving cruelty by husbands or relatives were registered, affecting 1,21,166 victims. However, SBI Research noted that NFHS-5 data paints a much larger picture. With an estimated 27.88 crore ever-married women in the relevant age group and 24 per cent reporting physical and/or sexual spousal violence in the previous year, the estimated annual number of affected women rises to nearly 6.69 crore.

The expansion of digital systems has increased the likelihood of detecting criminal activity through tools such as UPI transactions, FASTag records and digital surveillance, thereby raising the risks associated with committing offences.

Overall crime rate in India drops 6%, Cybercrime surges past 1 lakh cases: SBI report

Artificial intelligence is reshaping biology at both ends of the moral spectrum, by accelerating cures for diseases while lowering the barrier to potential global devastation. With deep machine learning in areas like gene editing, AI is rewriting the code of life. But it can also be misused as a tool for crafting biological weapons. In a rare consensus, many AI bosses are joining the concerns and debate among researchers. Here is a situation report:<h2>AI is already a working tool in genome editing</h2>OpenCRISPR-1 is possibly the first gene editor designed entirely by AI. Its large language models (LLMs) were trained on around 239,000 Cas9 proteins, producing an editor hundreds of mutations from any natural one. Deep-learning tools such as ABEdeepoff and CBEdeepoff can now predict gene editing outcomes with mindboggling accuracy. Critics are pushing back, with UC Berkeley's Fyodor Urnov dismissing embryo editing as “a solution in search of a problem.”.<a href="https://www.wionews.com/videos/ai-tells-scientists-how-to-make-biological-weapons-1779736553469/embed">https://www.wionews.com/videos/ai-tells-scientists-how-to-make-biological-weapons-1779736553469/embed</a><h2>AI the Destroyer: The bioweapons alarm</h2>The same AI tools that design medicines can also design pathogens. On June 3, an open letter organised by the Institute for Progress and the Foundation for American Innovation had a curious mix of signatories in that it included many top players in AI. They were: Sam Altman of OpenAI, Dario Amodei of Anthropic, Demis Hassabis of Google DeepMind, Mustafa Suleyman of Microsoft AI, and Alexandr Wang of Meta. Also among the signatories were national security officials, scientists and DNA-synthesis firms including Twist Bioscience and Ansa Biotechnologies.Their shared concern? AI is fast dissolving the expertise that once kept bioweapons out of reach. The letter warned that those knowledge barriers "will meaningfully erode."Also read: <a href="https://www.wionews.com/world/found-30-biological-labs-in-ukraine-possibly-for-bioweapons-claim-russian-forces-460189">Found 30 biological labs in Ukraine, possibly for bioweapons, claim Russian forces</a><h2>Are we talking about chatbots or AI agents building viruses?&nbsp;</h2>It is quite possible, as LLMs can help design new toxins and pathogens, though some lab skill is still required to build a functional one. Stanford biosecurity expert David Relman recently warned that AI can point users to suppliers that won't screen orders and coach them on altering an order to slip through. In the worst-case senatio, an AI-designed pathogen can spark a global pandemic, intentionally or by accident.&nbsp;<h2>What the open letter on the possible bioweapons risk of AI seeks</h2>The signatories wanted the US Congress to mandate the screening of all synthetic DNA/RNA orders, which is currently a voluntary process. They require record-keeping of orders and specifications to aid biosecurity investigations. Still there is danger that such screening can miss brand-new sequences and short DNA fragments.Also read: <a href="https://www.wionews.com/science/ai-based-chatbots-could-help-plan-bioweapon-attacks-report-648082">AI-based chatbots could help plan bioweapon attacks: Report</a><h2>The promise and peril of AI that runs on the same engine</h2>The AI labs are lobbying for guardrails against the destroyer side of the technlogy, even as they keep racing to build on the creator side of AI. The way out could be regulator scruity of all types gene editing and pathogen modifications, whether to create medicines or babies.

Artificial intelligence is transforming biomedicine, including areas like gene editing and medicine. Now, fears are being expressed about possible AI-designed pathogens and bioweapons. AI leaders, scientists, and policymakers are urging stronger safeguards.

Artificial intelligence is reshaping biology at both ends of the moral spectrum, by accelerating cures for diseases while lowering the barrier to potential global devastation. With deep machine learning in areas like gene editing, AI is rewriting the code of life. But it can also be misused as a tool for crafting biological weapons. In a rare consensus, many AI bosses are joining the concerns and debate among researchers. Here is a situation report: AI is already a working tool in genome editing OpenCRISPR-1 is possibly the first gene editor designed entirely by AI. Its large language models (LLMs) were trained on around 239,000 Cas9 proteins, producing an editor hundreds of mutations from any natural one. Deep-learning tools such as ABEdeepoff and CBEdeepoff can now predict gene editing outcomes with mindboggling accuracy. Critics are pushing back, with UC Berkeley's Fyodor Urnov dismissing embryo editing as “a solution in search of a problem.”. https://www.wionews.com/videos/ai-tells-scientists-how-to-make-biological-weapons-1779736553469/embed AI the Destroyer: The bioweapons alarm The same AI tools that design medicines can also design pathogens. On June 3, an open letter organised by the Institute for Progress and the Foundation for American Innovation had a curious mix of signatories in that it included many top players in AI. They were: Sam Altman of OpenAI, Dario Amodei of Anthropic, Demis Hassabis of Google DeepMind, Mustafa Suleyman of Microsoft AI, and Alexandr Wang of Meta. Also among the signatories were national security officials, scientists and DNA-synthesis firms including Twist Bioscience and Ansa Biotechnologies. Their shared concern? AI is fast dissolving the expertise that once kept bioweapons out of reach. The letter warned that those knowledge barriers "will meaningfully erode." Also read: Found 30 biological labs in Ukraine, possibly for bioweapons, claim Russian forces Are we talking about chatbots or AI agents building viruses? It is quite possible, as LLMs can help design new toxins and pathogens, though some lab skill is still required to build a functional one. Stanford biosecurity expert David Relman recently warned that AI can point users to suppliers that won't screen orders and coach them on altering an order to slip through. In the worst-case senatio, an AI-designed pathogen can spark a global pandemic, intentionally or by accident. What the open letter on the possible bioweapons risk of AI seeks The signatories wanted the US Congress to mandate the screening of all synthetic DNA/RNA orders, which is currently a voluntary process. They require record-keeping of orders and specifications to aid biosecurity investigations. Still there is danger that such screening can miss brand-new sequences and short DNA fragments. Also read: AI-based chatbots could help plan bioweapon attacks: Report The promise and peril of AI that runs on the same engine The AI labs are lobbying for guardrails against the destroyer side of the technlogy, even as they keep racing to build on the creator side of AI. The way out could be regulator scruity of all types gene editing and pathogen modifications, whether to create medicines or babies.

Artificial intelligence is transforming biomedicine, including areas like gene editing and medicine. Now, fears are being expressed about possible AI-designed pathogens and bioweapons. AI leaders, scientists, and policymakers are urging stronger safeguards.

AI gene editing, bioweapons concerns spook AI bosses, researchers: Creator or destroyer?

OpenAI, the AI firm behind the popular chatbot ChatGPT, is reportedly planning a superapp. While Sam Altman-led OpenAI is yet to make any formal statement, the super app has been in discussions ahead of the company's stock market debut.<h2>OpenAI superapp: What reports are saying</h2>According to reports in Financial Tims and other outlets, OpenAI is merging ChatGPT, Codex, and its browser into one desktop superapp. The aim is to turn ChatGPT from a standard question-and-answer chatbot into a comprehensive superapp. The FT report cited sources as saying that the future of AI belongs to autonomous agents capable of executing complex, multi-step tasks like &nbsp;booking flight tickets or managing calendars, &nbsp;rather than simply answering queries.Also read: <a href="https://www.wionews.com/world/openai-ceo-seeks-expanded-ai-testing-rejects-pre-release-government-approval-rules-1780553999229">OpenAI CEO seeks expanded AI testing, rejects pre-release government approval rules</a><h2>OpenAI superapp will have coding tools front and centre</h2>The overhaul, expected to roll out in the coming weeks, will give prominence and resources to OpenAI's coding product Codex. The offerings will initially appear as updates to ChatGPT's website and mobile apps. Codex active user base increased sixfold to more than 5 million weekly since launch, and most are paying users.&nbsp;<a href="https://www.wionews.com/videos/florida-sues-openai-over-alleged-chatgpt-risks-safety-concerns-1780387002286/embed">https://www.wionews.com/videos/florida-sues-openai-over-alleged-chatgpt-risks-safety-concerns-1780387002286/embed</a><h2>OpenAI interface redesign to funnel users toward new capabilities</h2>OpenAI is redesigning ChatGPT's interface with new prompts and features steering users toward coding tools, image generation and partner services such as Canva and Booking.com. The partner integrations - &nbsp;apps built by third parties living inside ChatGPT, similar to the Google Play Store ecosystem - are the most "superapp-like" element. The experience might be similar to the Chinese WeChat, where one app hosts many services. OpenAI agents will deploy for multi-step task execution.Also read: <a href="https://www.wionews.com/world/trump-administration-government-stake-openai-sam-altman-1780749692161">Trump administration explores potential government stake in OpenAI</a><h2>OpenAI is still not revealing much about superapp plans</h2>OpenAI had confirmed the superapp reports back in March, but only in broad strokes. ChatGPT currently has around 900 million weekly active users. OpenAI surpassed 50 million consumer subscribers earlier this year, with 2 million business customers accounting for roughly 40 per cent of revenue, which might rise to 50 per cent by year-end.Some reports claimed that the superapp could launch as early as this week, and talked about a developer portal called "Aria Hub." Hardware and software requirements include Windows 11 24H2 and NPU acceleration, according to these uncorroborated reports.&nbsp;While the reports are not confirmed, the direction appears to be an enterprise product competition between OpenAI and Anthropic as both AI firms head for IPOs.

OpenAI is reportedly developing a superapp that combines Codex, browser features, AI agents, image generation and third-party app integrations. The AI firm is not revealing much, but it's a play ahead of is upcoming IPO.

OpenAI, the AI firm behind the popular chatbot ChatGPT, is reportedly planning a superapp. While Sam Altman-led OpenAI is yet to make any formal statement, the super app has been in discussions ahead of the company's stock market debut. OpenAI superapp: What reports are saying According to reports in Financial Tims and other outlets, OpenAI is merging ChatGPT, Codex, and its browser into one desktop superapp. The aim is to turn ChatGPT from a standard question-and-answer chatbot into a comprehensive superapp. The FT report cited sources as saying that the future of AI belongs to autonomous agents capable of executing complex, multi-step tasks like booking flight tickets or managing calendars, rather than simply answering queries. Also read: OpenAI CEO seeks expanded AI testing, rejects pre-release government approval rules OpenAI superapp will have coding tools front and centre The overhaul, expected to roll out in the coming weeks, will give prominence and resources to OpenAI's coding product Codex. The offerings will initially appear as updates to ChatGPT's website and mobile apps. Codex active user base increased sixfold to more than 5 million weekly since launch, and most are paying users. https://www.wionews.com/videos/florida-sues-openai-over-alleged-chatgpt-risks-safety-concerns-1780387002286/embed OpenAI interface redesign to funnel users toward new capabilities OpenAI is redesigning ChatGPT's interface with new prompts and features steering users toward coding tools, image generation and partner services such as Canva and Booking.com. The partner integrations - apps built by third parties living inside ChatGPT, similar to the Google Play Store ecosystem - are the most "superapp-like" element. The experience might be similar to the Chinese WeChat, where one app hosts many services. OpenAI agents will deploy for multi-step task execution. Also read: Trump administration explores potential government stake in OpenAI OpenAI is still not revealing much about superapp plans OpenAI had confirmed the superapp reports back in March, but only in broad strokes. ChatGPT currently has around 900 million weekly active users. OpenAI surpassed 50 million consumer subscribers earlier this year, with 2 million business customers accounting for roughly 40 per cent of revenue, which might rise to 50 per cent by year-end. Some reports claimed that the superapp could launch as early as this week, and talked about a developer portal called "Aria Hub." Hardware and software requirements include Windows 11 24H2 and NPU acceleration, according to these uncorroborated reports. While the reports are not confirmed, the direction appears to be an enterprise product competition between OpenAI and Anthropic as both AI firms head for IPOs.

OpenAI is reportedly developing a superapp that combines Codex, browser features, AI agents, image generation and third-party app integrations. The AI firm is not revealing much, but it's a play ahead of is upcoming IPO.

OpenAI is planning a superapp ahead of IPO. What reports are claiming

H-1B visa restrictions in the US are hitting the Indian IT companies that send tech professionals in large numbers. But an ironic twist is happening in some American states: the end of the housing boom created by these Indians relocating to American cities. A recent Bloomberg article highlighted this in Texas, where, in addition to federal curbs and hefty fees, the state also cut fresh applications and some racists there made the H-1B holders the targets of their attacks. The entire suburban boom north of Dallas in Texas was built by Indian H-1B workers, who paid rent and taxes, bought houses, and became consumers. But with increasing populism, xenophobic rhetoric, and openly racist attacks caught on camera, the H-1B visa programme has become a political target. The housing market that those same Indian and South Asian workers built, bought into, and sustained, is collapsing. Here is a deeper look.<h2>How Indians in Texas built "Dallaspuram"</h2>The Dallas-Fort Worth suburbs transformed from rural farmland into a booming tech corridor over the past two decades, driven overwhelmingly by Indian skilled workers on H-1B visas. During the four-year period ending 30 September 2024, nearly 32,000 new H-1B approvals were issued in the Dallas area, exceeding Silicon Valley, Seattle, San Francisco, and Washington DC, and trailing only the New York metro area. Texas is now home to 544,641 Indian residents, with Collin County containing the largest Indian community in the state, at 103,194. The Dallas-Fort Worth area as a whole is home to an estimated 235,000 Indian Americans—spanning generations of early and new arrivals—making it one of the largest Indian populations in the United States. Collin County recorded the largest percentage increase in Indian residents among major US counties, with the average Indian population rising from about 70,000 to more than 116,000 over the five-year period ending in 2024.In Frisco, meanwhile, Asians now make up 28 per cent of the population, with Indians dominating that figure. Indian workers were the engine of the area's real estate market. For instance, Tradition Homes, a builder north of Dallas, saw its South Asian buyer share peak at 70 per cent of all sales, according to the Bloomberg report. Builders designed homes with puja rooms—Hindu prayer spaces—and spice kitchens. Locally nicknamed "Dallaspuram", the suburbs of Frisco, Prosper, and Celina became the physical expression of this community's ambition and purchasing power.<h2>Success brings trouble: The political crackdown on H-1B</h2>This economic success story caught the attention of racists and populists, as well as federal and state governments. The very visa pipeline that made American technological progress and local economic prosperity possible is now under attack. At the federal level, the H-1B visa application fee was hiked steeply. Donald Trump's presidential proclamation of 19 September 2025 mandated that new H-1B petitions carry a $100,000 fee, creating a barrier that falls on employers and indirectly on workers. The random H-1B lottery was replaced with a salary-weighted selection system that took effect on 27 February 2026, favouring higher-paid applicants. The result: FY2027 H-1B registrations have plummeted by 38.5 per cent, as Indian IT firms are simply not applying.At the state level, Texas Governor Greg Abbott ordered an immediate freeze on all new H-1B visa petitions by state agencies and public universities, requiring institutions to document every foreign worker they currently sponsor. Texas Attorney General Ken Paxton launched an H-1B probe and expanded it in late April 2026, issuing civil investigative demands to almost 30 North Texas businesses suspected of visa fraud.Also read: <a href="https://www.wionews.com/india-news/us-republicans-introduce-bill-to-pause-h-1b-visas-for-3-years-propose-major-overhaul-1777127100494">US Republicans introduce bill to pause H-1B visas for 3 years, propose major overhaul&nbsp;</a><h2>H-1B crackdown leads to housing collapse in Texas</h2>Home prices in Collin County's northern suburbs fell nearly 9 per cent in February from a year earlier. This is more than double the 4 per cent decline across the broader Dallas-Fort Worth metro area. Tradition Homes' South Asian buyer share has dropped from 70 per cent to below 30 per cent, leaving the company with a backlog of 125 luxury homes under construction.Falling home prices, slowing demand, and growing inventories of unsold houses have hit the region, just as AI-driven tech layoffs compounded the damage caused by visa policy changes.Fewer people receiving H-1B visas meant an immediate negative shock to the housing sector, which had been built around those arriving on such visas.Also read: <a href="https://www.wionews.com/world/us-h-1b-visa-registration-drops-30-50-after-new-rules-what-it-means-for-industry-1774337854393">US H-1B visa registration drops 30–50% after new rules: What does it mean for industry?</a><h2>Xenophobia, racism, and political populism add to the economic poison</h2>There have been a number of racially motivated attacks and slurs targeting Indians. In Irving, masked men held signs during a roadside protest in 2025 reading, "Don't India My Texas: Deport H-1B Visa Scammers." At Frisco City Council meetings, activists regularly denounce an "Indian invasion", accusing residents of H-1B fraud without any evidence. In 2024, a woman in Plano pleaded guilty to four hate-crime charges after being filmed using racial slurs against a group of South Asian women. YouTube documentaries with titles like "I Exposed Texas' Indian Invasion" have attracted millions of views. Clips of anti-Indian city council tirades and videos denouncing Hindu rituals are circulating widely, scaring away the very buyers that home builders desperately need.Beyond the morality of it, this racism is directly costing the local economy, as such viral videos suppress buyer interest.Also read: <a href="https://www.wionews.com/world/trump-administration-s-100-000-h-1-b-visa-fee-what-it-means-and-what-it-doesn-t-explained-1758415588544">Trump administration's $100,000 H-1B visa fee: What it means and what it doesn't&nbsp;</a><h2>The human toll on H-1B visa holders</h2>The Bloomberg report shared the story of Priya Narayanaswamy, who bought a home in Keller in 2023 for $435,000. Her husband, Anand, an IT worker on an H-1B visa, was suddenly laid off and died by suicide, fearing he could not compete with AI. Priya's dependent visa reverted to a six-month visitor visa, and she could no longer legally work in the US. Her house went into foreclosure, and she boarded a one-way flight to India on 20 April this year with her children. The neighbours who helped her most were White American families, not the politicians or racists who demonised people like her husband.<a href="https://www.wionews.com/videos/h-1b-visa-fee-hike-explained-what-the-new-100k-fee-means-1758447341880/embed">https://www.wionews.com/videos/h-1b-visa-fee-hike-explained-what-the-new-100k-fee-means-1758447341880/embed</a><h2>Texas: The first case of what local economies will face if visas are curbed</h2>The economy of northern suburbs of Texas was transformed by Indian H-1B workers who built the tax base, bought million-dollar homes, filled schools, and created the cultural vitality of an entire region. But now, the state is watching that investment drain away because of politics and policy.Texas is a textbook case of what could happen to local economies if these factors make people on professional visas like H-1B feel unwelcome, unstable, and unsafe. How will this economy survive? Texas is about to find out. So are many other American states.

Texas suburbs that were once transformed by Indian H-1B workers are now facing falling home prices and weaker housing demand as visa restrictions, political backlash and tech layoffs reduce new arrivals. This could repeat in other American states too

H-1B visa restrictions in the US are hitting the Indian IT companies that send tech professionals in large numbers. But an ironic twist is happening in some American states: the end of the housing boom created by these Indians relocating to American cities. A recent Bloomberg article highlighted this in Texas, where, in addition to federal curbs and hefty fees, the state also cut fresh applications and some racists there made the H-1B holders the targets of their attacks. The entire suburban boom north of Dallas in Texas was built by Indian H-1B workers, who paid rent and taxes, bought houses, and became consumers. But with increasing populism, xenophobic rhetoric, and openly racist attacks caught on camera, the H-1B visa programme has become a political target. The housing market that those same Indian and South Asian workers built, bought into, and sustained, is collapsing. Here is a deeper look. How Indians in Texas built "Dallaspuram" The Dallas-Fort Worth suburbs transformed from rural farmland into a booming tech corridor over the past two decades, driven overwhelmingly by Indian skilled workers on H-1B visas. During the four-year period ending 30 September 2024, nearly 32,000 new H-1B approvals were issued in the Dallas area, exceeding Silicon Valley, Seattle, San Francisco, and Washington DC, and trailing only the New York metro area. Texas is now home to 544,641 Indian residents, with Collin County containing the largest Indian community in the state, at 103,194. The Dallas-Fort Worth area as a whole is home to an estimated 235,000 Indian Americans—spanning generations of early and new arrivals—making it one of the largest Indian populations in the United States. Collin County recorded the largest percentage increase in Indian residents among major US counties, with the average Indian population rising from about 70,000 to more than 116,000 over the five-year period ending in 2024. In Frisco, meanwhile, Asians now make up 28 per cent of the population, with Indians dominating that figure. Indian workers were the engine of the area's real estate market. For instance, Tradition Homes, a builder north of Dallas, saw its South Asian buyer share peak at 70 per cent of all sales, according to the Bloomberg report. Builders designed homes with puja rooms—Hindu prayer spaces—and spice kitchens. Locally nicknamed "Dallaspuram", the suburbs of Frisco, Prosper, and Celina became the physical expression of this community's ambition and purchasing power. Success brings trouble: The political crackdown on H-1B This economic success story caught the attention of racists and populists, as well as federal and state governments. The very visa pipeline that made American technological progress and local economic prosperity possible is now under attack. At the federal level, the H-1B visa application fee was hiked steeply. Donald Trump's presidential proclamation of 19 September 2025 mandated that new H-1B petitions carry a $100,000 fee, creating a barrier that falls on employers and indirectly on workers. The random H-1B lottery was replaced with a salary-weighted selection system that took effect on 27 February 2026, favouring higher-paid applicants. The result: FY2027 H-1B registrations have plummeted by 38.5 per cent, as Indian IT firms are simply not applying. At the state level, Texas Governor Greg Abbott ordered an immediate freeze on all new H-1B visa petitions by state agencies and public universities, requiring institutions to document every foreign worker they currently sponsor. Texas Attorney General Ken Paxton launched an H-1B probe and expanded it in late April 2026, issuing civil investigative demands to almost 30 North Texas businesses suspected of visa fraud. Also read: US Republicans introduce bill to pause H-1B visas for 3 years, propose major overhaul H-1B crackdown leads to housing collapse in Texas Home prices in Collin County's northern suburbs fell nearly 9 per cent in February from a year earlier. This is more than double the 4 per cent decline across the broader Dallas-Fort Worth metro area. Tradition Homes' South Asian buyer share has dropped from 70 per cent to below 30 per cent, leaving the company with a backlog of 125 luxury homes under construction. Falling home prices, slowing demand, and growing inventories of unsold houses have hit the region, just as AI-driven tech layoffs compounded the damage caused by visa policy changes. Fewer people receiving H-1B visas meant an immediate negative shock to the housing sector, which had been built around those arriving on such visas. Also read: US H-1B visa registration drops 30–50% after new rules: What does it mean for industry? Xenophobia, racism, and political populism add to the economic poison There have been a number of racially motivated attacks and slurs targeting Indians. In Irving, masked men held signs during a roadside protest in 2025 reading, "Don't India My Texas: Deport H-1B Visa Scammers." At Frisco City Council meetings, activists regularly denounce an "Indian invasion", accusing residents of H-1B fraud without any evidence. In 2024, a woman in Plano pleaded guilty to four hate-crime charges after being filmed using racial slurs against a group of South Asian women. YouTube documentaries with titles like "I Exposed Texas' Indian Invasion" have attracted millions of views. Clips of anti-Indian city council tirades and videos denouncing Hindu rituals are circulating widely, scaring away the very buyers that home builders desperately need. Beyond the morality of it, this racism is directly costing the local economy, as such viral videos suppress buyer interest. Also read: Trump administration's $100,000 H-1B visa fee: What it means and what it doesn't The human toll on H-1B visa holders The Bloomberg report shared the story of Priya Narayanaswamy, who bought a home in Keller in 2023 for $435,000. Her husband, Anand, an IT worker on an H-1B visa, was suddenly laid off and died by suicide, fearing he could not compete with AI. Priya's dependent visa reverted to a six-month visitor visa, and she could no longer legally work in the US. Her house went into foreclosure, and she boarded a one-way flight to India on 20 April this year with her children. The neighbours who helped her most were White American families, not the politicians or racists who demonised people like her husband. https://www.wionews.com/videos/h-1b-visa-fee-hike-explained-what-the-new-100k-fee-means-1758447341880/embed Texas: The first case of what local economies will face if visas are curbed The economy of northern suburbs of Texas was transformed by Indian H-1B workers who built the tax base, bought million-dollar homes, filled schools, and created the cultural vitality of an entire region. But now, the state is watching that investment drain away because of politics and policy. Texas is a textbook case of what could happen to local economies if these factors make people on professional visas like H-1B feel unwelcome, unstable, and unsafe. How will this economy survive? Texas is about to find out. So are many other American states.

Texas suburbs that were once transformed by Indian H-1B workers are now facing falling home prices and weaker housing demand as visa restrictions, political backlash and tech layoffs reduce new arrivals. This could repeat in other American states too

Indians on H-1B visas exit Texas and its housing boom is dying. Other states could see similar decline

Anthropic, the AI company behind Claude, has warned that AI could start building itself and create its successor and that “full recursive self-improvement might increase the risks of humans losing control over AI systems.” A full recursive self-improvement refers to a stage where AI is able to improve itself without any human intervention and create a more powerful successor.&nbsp;&nbsp;The San Francisco-based firm also recommends a global pause on building the most powerful AI systems as the latest models are beginning to show signs they could evade human control.&nbsp;The company said that as it increasingly delegates AI developments to AI systems, there are signals that it leads to a future where “an AI system (is) capable of fully autonomously designing and developing its own successor.”&nbsp;Also Read: <a href="https://www.wionews.com/india-news/delhi-hotel-owner-helped-bangladeshi-nationals-get-fake-indian-documents-was-arrested-booked-last-year-1780654502514">Delhi hotel owner helped Bangladeshi nationals get fake Indian documents, was arrested, booked last year</a><h2>‘Average engineer producing eight times more code per day than in 2024’</h2>&nbsp;Anthropic shared that Claude now writes most of the code used to build the company’s AI systems. As a result, engineers are able to get much more work done, with the average engineer producing around eight times more code each day than in 2024. Claude is not just getting better at coding, but it is also improving at research tasks.&nbsp;&nbsp;Anthropic, an outlier among AI companies, said trends suggest AI systems are going to become much more capable ahead. “These trends have huge implications. AI that can build itself would be a major development in the history of technology—one that could bring enormous good for the world in science, healthcare, and beyond,” it said.&nbsp;<h2>‘All AI companies need to come together to decide on pause’&nbsp;</h2>&nbsp;It argued that all AI companies need to come together to decide to “pause” frontier AI development but warned that if only one company stopped, rivals would simply race ahead. Getting a real pause to work would mean all major AI companies in multiple countries agreeing to stop at the same time, under rules everyone could actually verify, Anthropic added.“Without a global coordination mechanism, companies and governments will have to make difficult decisions about safety while under competitive and geopolitical pressures,” it said.&nbsp;Also Read: <a href="https://www.wionews.com/world/futile-to-try-pressuring-pm-modi-putin-says-india-us-relations-do-not-affect-ties-with-russia-1780597993055">‘Futile to try pressuring PM Modi’: Putin says India-US relations do not affect ties with Russia</a>&nbsp;“We believe it would be good for the world to have the option to slow or temporarily pause frontier AI development to enable societal structures and alignment research to keep up with the advance of the technology,” it said.&nbsp;&nbsp;Anthropic compared the problem to nuclear arms control treaties but said it would be even harder to monitor since AI training is far easier to hide than a missile silo, and the temptation to quietly keep going would be enormous.&nbsp;<h2>Multiple challenges ahead for ‘pause’ proposal</h2>&nbsp;The AI giant’s research arm, Anthropic Institute, plans to study and help build systems that would be necessary to support a slowdown. It also plans to organise discussions involving policymakers, researchers, civil society groups and other AI firms to examine key questions around how to tackle the issue at hand. These questions include how to manage AI-related risks such as recursive self-improvement and how to improve mechanisms for coordination.&nbsp;Also Read: <a href="https://www.wionews.com/world/former-trump-nsa-john-bolton-to-plead-guilty-over-retaining-classified-documents-report-1780592120953">Former Trump NSA John Bolton to plead guilty over retaining classified documents: Report</a>&nbsp;The proposal would face an uphill battle in Washington and Silicon Valley, where US officials and tech executives have repeatedly argued that any slowdown in AI development risks handing China a decisive strategic edge in what many see as the defining technology race of the century.President Donald Trump also signed an executive order this week that allows the government 30 days to conduct a preliminary review of the most powerful US AI models before their release.&nbsp;The company stressed that such a stage has not yet arrived but argued that governments, regulators and society need to start preparing for it now.&nbsp;

Anthropic revealed that Claude now writes most of the code used to build the company’s AI systems, and as a result, engineers are able to get much more work done, with the average engineer producing around eight times more code each day than in 2024.

Anthropic, the AI company behind Claude, has warned that AI could start building itself and create its successor and that “full recursive self-improvement might increase the risks of humans losing control over AI systems.” A full recursive self-improvement refers to a stage where AI is able to improve itself without any human intervention and create a more powerful successor. The San Francisco-based firm also recommends a global pause on building the most powerful AI systems as the latest models are beginning to show signs they could evade human control. The company said that as it increasingly delegates AI developments to AI systems, there are signals that it leads to a future where “an AI system (is) capable of fully autonomously designing and developing its own successor.” Also Read: Delhi hotel owner helped Bangladeshi nationals get fake Indian documents, was arrested, booked last year ‘Average engineer producing eight times more code per day than in 2024’ Anthropic shared that Claude now writes most of the code used to build the company’s AI systems. As a result, engineers are able to get much more work done, with the average engineer producing around eight times more code each day than in 2024. Claude is not just getting better at coding, but it is also improving at research tasks. Anthropic, an outlier among AI companies, said trends suggest AI systems are going to become much more capable ahead. “These trends have huge implications. AI that can build itself would be a major development in the history of technology—one that could bring enormous good for the world in science, healthcare, and beyond,” it said. ‘All AI companies need to come together to decide on pause’ It argued that all AI companies need to come together to decide to “pause” frontier AI development but warned that if only one company stopped, rivals would simply race ahead. Getting a real pause to work would mean all major AI companies in multiple countries agreeing to stop at the same time, under rules everyone could actually verify, Anthropic added. “Without a global coordination mechanism, companies and governments will have to make difficult decisions about safety while under competitive and geopolitical pressures,” it said. Also Read: ‘Futile to try pressuring PM Modi’: Putin says India-US relations do not affect ties with Russia “We believe it would be good for the world to have the option to slow or temporarily pause frontier AI development to enable societal structures and alignment research to keep up with the advance of the technology,” it said. Anthropic compared the problem to nuclear arms control treaties but said it would be even harder to monitor since AI training is far easier to hide than a missile silo, and the temptation to quietly keep going would be enormous. Multiple challenges ahead for ‘pause’ proposal The AI giant’s research arm, Anthropic Institute, plans to study and help build systems that would be necessary to support a slowdown. It also plans to organise discussions involving policymakers, researchers, civil society groups and other AI firms to examine key questions around how to tackle the issue at hand. These questions include how to manage AI-related risks such as recursive self-improvement and how to improve mechanisms for coordination. Also Read: Former Trump NSA John Bolton to plead guilty over retaining classified documents: Report The proposal would face an uphill battle in Washington and Silicon Valley, where US officials and tech executives have repeatedly argued that any slowdown in AI development risks handing China a decisive strategic edge in what many see as the defining technology race of the century. President Donald Trump also signed an executive order this week that allows the government 30 days to conduct a preliminary review of the most powerful US AI models before their release. The company stressed that such a stage has not yet arrived but argued that governments, regulators and society need to start preparing for it now.

Anthropic revealed that Claude now writes most of the code used to build the company’s AI systems, and as a result, engineers are able to get much more work done, with the average engineer producing around eight times more code each day than in 2024.

‘Time for pause’: Humans may lose control on AI as it starts building itself, warns Anthropic

The Reserve Bank of India on Friday decided to maintain its repo rate at 5.25 per cent, revised the GDP growth forecast for India for the current fiscal year to 6.6 per cent from 6.9 per cent, and raised the inflation projection to 5.1 per cent from 4.6 per cent. RBI warned that elevated energy prices and global supply chain constraints are likely to have spillover effects. RBI maintained the repo rate for the second monetary policy meeting consecutively; its decision to maintain a “neutral” stance on the repo rate has sparked widespread market discussions about emerging stagflationary risk.<h2>Repo rate unchanged</h2>RBI Governor Sanjay Malhotra said that the MPC voted unanimously to maintain the repo rate under the liquidity adjustment facility at 5.25 per cent. While the wholesale prices (WPI) have been alarming, core retail inflation (CPI) has been relatively stable, giving RBI some breathing room. Core inflation also increased to 5.1 per cent from 4.6 per cent, within the tolerance level. India's current situation, however, is more complex; a sliding Rupee and the oil shock have made essential imports costlier. Further, there is a concern over a monsoon shortfall that is likely to add to the stagflationary risk.<h2>Growth projection revised</h2>RBI has revised its growth projection just ahead of the Ministry of Statistics and Programme Implementation releasing the provisional estimate of GDP for 2025-26 at 4 pm later today. GDP growth estimate revised downward to 6.6 per cent for FY27 from 6.9 per cent. However, this is still considered optimistic from a global outlook as Goldman Sachs projects India’s economic growth at 5.9 per cent, revising it from the earlier projection of 7 per cent.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/delhi-hotel-fire-hauz-rani-fire-safety-lapses-high-court-order-1780553182202">Delhi's move to relax certification norms under scanner after hotel blaze kills 21</a><h2>Key measures to hold foreign capital&nbsp;</h2>Along with the sliding rupee, the biggest problem since the start of the 2026 calendar year has been the outflow of foreign capital, $13.7 billion has left India, specifically in the equity segment. In order to attract foreign capital, the RBI has decided to incentivise them. The union government has said that it would exempt foreign institutional investors and the Bank for International Settlements from capital gains tax from April 1, 2026. Other key measures include removing limits on investments in other government securities and investments by Non-Resident Indians and Overseas Citizens of India. All new issuances of 15-year, 30-year and 40-year government bonds will be a part of the Fully Accessible Route. Bonds under this category are part of three global indexes. It has also decided to offer a concessional forex swap facility until September 30, 2026, to incentivise external commercial borrowings by the public sector. RBI will also bear the full hedging costs on fresh 3-5 year Foreign Currency Non-Resident deposits until September 30, 2026.&nbsp;&nbsp;

RBI kept the repo rate unchanged at 5.25%, cut India's GDP growth forecast to 6.6%, raised inflation projections, and announced measures to attract foreign capital.

The Reserve Bank of India on Friday decided to maintain its repo rate at 5.25 per cent, revised the GDP growth forecast for India for the current fiscal year to 6.6 per cent from 6.9 per cent, and raised the inflation projection to 5.1 per cent from 4.6 per cent. RBI warned that elevated energy prices and global supply chain constraints are likely to have spillover effects. RBI maintained the repo rate for the second monetary policy meeting consecutively; its decision to maintain a “neutral” stance on the repo rate has sparked widespread market discussions about emerging stagflationary risk. Repo rate unchanged RBI Governor Sanjay Malhotra said that the MPC voted unanimously to maintain the repo rate under the liquidity adjustment facility at 5.25 per cent. While the wholesale prices (WPI) have been alarming, core retail inflation (CPI) has been relatively stable, giving RBI some breathing room. Core inflation also increased to 5.1 per cent from 4.6 per cent, within the tolerance level. India's current situation, however, is more complex; a sliding Rupee and the oil shock have made essential imports costlier. Further, there is a concern over a monsoon shortfall that is likely to add to the stagflationary risk. Growth projection revised RBI has revised its growth projection just ahead of the Ministry of Statistics and Programme Implementation releasing the provisional estimate of GDP for 2025-26 at 4 pm later today. GDP growth estimate revised downward to 6.6 per cent for FY27 from 6.9 per cent. However, this is still considered optimistic from a global outlook as Goldman Sachs projects India’s economic growth at 5.9 per cent, revising it from the earlier projection of 7 per cent. Also Read: Delhi's move to relax certification norms under scanner after hotel blaze kills 21 Key measures to hold foreign capital Along with the sliding rupee, the biggest problem since the start of the 2026 calendar year has been the outflow of foreign capital, $13.7 billion has left India, specifically in the equity segment. In order to attract foreign capital, the RBI has decided to incentivise them. The union government has said that it would exempt foreign institutional investors and the Bank for International Settlements from capital gains tax from April 1, 2026. Other key measures include removing limits on investments in other government securities and investments by Non-Resident Indians and Overseas Citizens of India. All new issuances of 15-year, 30-year and 40-year government bonds will be a part of the Fully Accessible Route. Bonds under this category are part of three global indexes. It has also decided to offer a concessional forex swap facility until September 30, 2026, to incentivise external commercial borrowings by the public sector. RBI will also bear the full hedging costs on fresh 3-5 year Foreign Currency Non-Resident deposits until September 30, 2026.

RBI kept the repo rate unchanged at 5.25%, cut India's GDP growth forecast to 6.6%, raised inflation projections, and announced measures to attract foreign capital.

RBI holds repo rate at 5.25%, cuts GDP growth forecast to 6.6% and raises inflation outlook- Key takeaways from MPC meeting

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) on Friday unanimously decided to keep the policy repo rate unchanged at 5.25 per cent, maintaining its neutral policy stance amid rising global uncertainties, geopolitical tensions in West Asia and concerns over inflationary pressures. Announcing the decision, RBI Governor Sanjay Malhotra said that after a detailed assessment of evolving macroeconomic and financial conditions, the MPC voted unanimously to leave the policy repo rate under the Liquidity Adjustment Facility (LAF) unchanged at 5.25 per cent. "Consequently, the Standing Deposit Facility (SDF) rate remains at 5 per cent and the Marginal Standing Facility (MSF) rate and the Bank Rate at 5.5 per cent," the Governor said. Explaining the rationale behind the decision, the RBI Governor highlighted the challenging global economic environment marked by heightened uncertainty, disruptions to key trade routes and supply chains, increased market volatility and cautious business sentiment. "The global economy has been shaped by heightened uncertainty, disruptions to key trade routes and supply chains, increased market volatility, and cautious business sentiment. Let me at the very outset emphasise that the Indian economy entered this episode of global turbulence with much better fundamentals than in previous similar episodes," he said. The Governor noted that while India remains relatively well-positioned, policymakers must use the current phase of global turbulence to further strengthen the country's economic resilience. "It is important to not only confront and address these challenges, but also, at the same time, take this as an opportunity to further enhance our resilience," he added. The RBI Governor further pointed to the continuing geopolitical impasse in West Asia, escalating energy prices and global supply chain disruptions as key risks weighing on the world economy. According to him, monetary policy across major economies has become increasingly cautious as central banks grapple with difficult trade-offs between supporting growth and containing inflation. He also observed that major advanced economy central banks may increasingly lean towards monetary tightening. While global equity markets continue to remain buoyant, supported by optimism surrounding artificial intelligence-led growth, global bond markets remain under pressure due to renewed inflation concerns and worries over debt sustainability, he said. The latest decision follows the MPC's April policy meeting, where it had also unanimously voted to keep the repo rate unchanged at 5.25 per cent while retaining the neutral policy stance.Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

The latest decision follows the MPC's April policy meeting, where it had also unanimously voted to keep the repo rate unchanged at 5.25 per cent while retaining the neutral policy stance.

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) on Friday unanimously decided to keep the policy repo rate unchanged at 5.25 per cent, maintaining its neutral policy stance amid rising global uncertainties, geopolitical tensions in West Asia and concerns over inflationary pressures. Announcing the decision, RBI Governor Sanjay Malhotra said that after a detailed assessment of evolving macroeconomic and financial conditions, the MPC voted unanimously to leave the policy repo rate under the Liquidity Adjustment Facility (LAF) unchanged at 5.25 per cent. "Consequently, the Standing Deposit Facility (SDF) rate remains at 5 per cent and the Marginal Standing Facility (MSF) rate and the Bank Rate at 5.5 per cent," the Governor said. Explaining the rationale behind the decision, the RBI Governor highlighted the challenging global economic environment marked by heightened uncertainty, disruptions to key trade routes and supply chains, increased market volatility and cautious business sentiment. "The global economy has been shaped by heightened uncertainty, disruptions to key trade routes and supply chains, increased market volatility, and cautious business sentiment. Let me at the very outset emphasise that the Indian economy entered this episode of global turbulence with much better fundamentals than in previous similar episodes," he said. The Governor noted that while India remains relatively well-positioned, policymakers must use the current phase of global turbulence to further strengthen the country's economic resilience. "It is important to not only confront and address these challenges, but also, at the same time, take this as an opportunity to further enhance our resilience," he added. The RBI Governor further pointed to the continuing geopolitical impasse in West Asia, escalating energy prices and global supply chain disruptions as key risks weighing on the world economy. According to him, monetary policy across major economies has become increasingly cautious as central banks grapple with difficult trade-offs between supporting growth and containing inflation. He also observed that major advanced economy central banks may increasingly lean towards monetary tightening. While global equity markets continue to remain buoyant, supported by optimism surrounding artificial intelligence-led growth, global bond markets remain under pressure due to renewed inflation concerns and worries over debt sustainability, he said. The latest decision follows the MPC's April policy meeting, where it had also unanimously voted to keep the repo rate unchanged at 5.25 per cent while retaining the neutral policy stance. Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

The latest decision follows the MPC's April policy meeting, where it had also unanimously voted to keep the repo rate unchanged at 5.25 per cent while retaining the neutral policy stance.

RBI monetary policy: Repo rate unchanged at 5.25% amid West Asia crisis

Union Commerce and Industry Minister Piyush Goyal on Thursday expressed confidence that India will remain the world's fastest-growing economy over the next 20 years, citing the country's resilience in turning challenges into opportunities and its growing appeal for long-term global investments. Speaking at the Citi India Conference 2026, Goyal stated that India has continuously emerged stronger during times of global uncertainty and stands out as a preferred destination for trade, manufacturing, business and investments. "India will continue to be the world's fastest-growing economy for over two decades into the future," Goyal said. He emphasised that India has repeatedly adjusted its policies and business approaches in response to evolving global conditions, leveraging crises as catalysts for growth and development. The minister added that his recent engagements with global investors further strengthened optimism about India’s long-term economic outlook and growth trajectory. "Every conversation that I had reinforced one truth. The world's long-term capital is looking at India and the opportunities that India presents," he said.<h3>Hyundai's growth in India</h3>Goyal said the question for investors is no longer whether they should invest in India, but how soon they recognise and tap into the country's growth story. He also cited the example of South Korean automobile manufacturer Hyundai to illustrate India's growth potential. He highlighted that the company entered India in 1999 when infrastructure conditions were under development and invested USD 200 million. According to Goyal, Hyundai began manufacturing vehicles a few years later and has continued to expand its operations. He said that over the last 10 years alone, Hyundai has created a value of more than USD 12-13 billion through the residual value of its stake, while also receiving royalties, dividends, and capital aggregating another USD 12-13 billion. Goyal also referred to British construction equipment manufacturer JCB, which entered India when infrastructure development was still at an early stage. He said JCB now manufactures products in India and exports them to nearly 130 countries while also serving the growing domestic market. "Hyundai and JCB bet on substance over noise," Goyal said, adding that their success reflects India's manufacturing capabilities and long-term growth potential. The minister said India today is not only serving its domestic market of 1.4 billion people but is increasingly becoming a manufacturing base for global markets.

Piyush Goyal said that India has repeatedly adjusted its policies and business approaches in response to evolving global conditions, leveraging crises as catalysts for growth and development.

Union Commerce and Industry Minister Piyush Goyal on Thursday expressed confidence that India will remain the world's fastest-growing economy over the next 20 years, citing the country's resilience in turning challenges into opportunities and its growing appeal for long-term global investments. Speaking at the Citi India Conference 2026, Goyal stated that India has continuously emerged stronger during times of global uncertainty and stands out as a preferred destination for trade, manufacturing, business and investments. "India will continue to be the world's fastest-growing economy for over two decades into the future," Goyal said. He emphasised that India has repeatedly adjusted its policies and business approaches in response to evolving global conditions, leveraging crises as catalysts for growth and development. The minister added that his recent engagements with global investors further strengthened optimism about India’s long-term economic outlook and growth trajectory. "Every conversation that I had reinforced one truth. The world's long-term capital is looking at India and the opportunities that India presents," he said. Hyundai's growth in India Goyal said the question for investors is no longer whether they should invest in India, but how soon they recognise and tap into the country's growth story. He also cited the example of South Korean automobile manufacturer Hyundai to illustrate India's growth potential. He highlighted that the company entered India in 1999 when infrastructure conditions were under development and invested USD 200 million. According to Goyal, Hyundai began manufacturing vehicles a few years later and has continued to expand its operations. He said that over the last 10 years alone, Hyundai has created a value of more than USD 12-13 billion through the residual value of its stake, while also receiving royalties, dividends, and capital aggregating another USD 12-13 billion. Goyal also referred to British construction equipment manufacturer JCB, which entered India when infrastructure development was still at an early stage. He said JCB now manufactures products in India and exports them to nearly 130 countries while also serving the growing domestic market. "Hyundai and JCB bet on substance over noise," Goyal said, adding that their success reflects India's manufacturing capabilities and long-term growth potential. The minister said India today is not only serving its domestic market of 1.4 billion people but is increasingly becoming a manufacturing base for global markets.

Piyush Goyal said that India has repeatedly adjusted its policies and business approaches in response to evolving global conditions, leveraging crises as catalysts for growth and development.

India to remain world's fastest-growing economy for next 20 years: Piyush Goyal

US Treasury Secretary Scott Bessent said on Wednesday that China has shown a strong interest in purchasing additional Boeing planes, adding that the Trump administration intends to raise the matter during Chinese President Xi Jinping's expected visit to the United States in September. “They agreed to 200 aeroplanes during the visit. We will see if they commit to a larger number when Xi Jinping arrives in Washington,” Bessent stated in his budget request testimony to the Senate Finance Committee. China’s agreement to acquire 200 Boeing planes was among the major outcomes of US President Donald Trump's visit to Beijing last month. The White House described the deal as an “initial purchase," suggesting the possibility of further orders in the future. According to Saurabh Gupta, Resident Senior Fellow at the Institute for China-America Studies, the Boeing deal was closely linked to the continued supply of engines and components required for China’s domestically developed C919 passenger aircraft programme. “Once there is sufficient trust in the assurance of flow, the number of Boeing jet purchases could reach up to an additional 500-550 more,” he predicted. Bessent’s statement followed a day after the US Trade Representative’s office declared a public comment process related to the newly created US-China Board of Trade, a method to manage bilateral trade between the two biggest economies of the world.&nbsp;Also read: <a href="https://www.wionews.com/world/patients-at-risk-pakistan-s-public-healthcare-under-pressure-as-hospitals-face-rs-2-2-billion-debt-crisis-1780574315869">Patients at risk? Pakistan's public healthcare under pressure as hospitals face Rs 2.2 billion debt crisis</a><h3>Investors' disappointment over deal</h3>Meanwhile, days ago, investors had expressed disappointment over the size of the Boeing deal, considering it as smaller than a nearly 500-plane package, according to Reuters. But at a US conference, the planemaker's CEO, Kelly Ortberg, stated that his trip to China alongside Trump ​had been "super successful" and reopened the market to the narrowbody planes of Boeing. This marks the first time in nearly ⁠a decade since an effective order freeze due to trade tensions between Washington and Beijing. "It's a good start. And I'm very confident ​that keeping that market open, that's an initial tranche of aircraft, and there will be more to come," Ortberg said. According to a source familiar with the matter, the commitment to purchase 200 aircraft represents a completely new agreement and does not include any previously undisclosed orders. The source also noted that delivery timelines for the jets have not yet been finalised.

China's decision to purchase 200 Boeing aircraft emerged as one of the key outcomes of US President Donald Trump's visit to Beijing last month. The White House termed the agreement an “initial purchase,” indicating that additional orders could follow in the future.

US Treasury Secretary Scott Bessent said on Wednesday that China has shown a strong interest in purchasing additional Boeing planes, adding that the Trump administration intends to raise the matter during Chinese President Xi Jinping's expected visit to the United States in September. “They agreed to 200 aeroplanes during the visit. We will see if they commit to a larger number when Xi Jinping arrives in Washington,” Bessent stated in his budget request testimony to the Senate Finance Committee. China’s agreement to acquire 200 Boeing planes was among the major outcomes of US President Donald Trump's visit to Beijing last month. The White House described the deal as an “initial purchase," suggesting the possibility of further orders in the future. According to Saurabh Gupta, Resident Senior Fellow at the Institute for China-America Studies, the Boeing deal was closely linked to the continued supply of engines and components required for China’s domestically developed C919 passenger aircraft programme. “Once there is sufficient trust in the assurance of flow, the number of Boeing jet purchases could reach up to an additional 500-550 more,” he predicted. Bessent’s statement followed a day after the US Trade Representative’s office declared a public comment process related to the newly created US-China Board of Trade, a method to manage bilateral trade between the two biggest economies of the world. Also read: Patients at risk? Pakistan's public healthcare under pressure as hospitals face Rs 2.2 billion debt crisis Investors' disappointment over deal Meanwhile, days ago, investors had expressed disappointment over the size of the Boeing deal, considering it as smaller than a nearly 500-plane package, according to Reuters. But at a US conference, the planemaker's CEO, Kelly Ortberg, stated that his trip to China alongside Trump had been "super successful" and reopened the market to the narrowbody planes of Boeing. This marks the first time in nearly ⁠a decade since an effective order freeze due to trade tensions between Washington and Beijing. "It's a good start. And I'm very confident that keeping that market open, that's an initial tranche of aircraft, and there will be more to come," Ortberg said. According to a source familiar with the matter, the commitment to purchase 200 aircraft represents a completely new agreement and does not include any previously undisclosed orders. The source also noted that delivery timelines for the jets have not yet been finalised.

China's decision to purchase 200 Boeing aircraft emerged as one of the key outcomes of US President Donald Trump's visit to Beijing last month. The White House termed the agreement an “initial purchase,” indicating that additional orders could follow in the future.

After 200-plane deal, China eyeing more Boeing jets from US ahead of Xi Jinping's Washington visit

Pakistan's public healthcare system is experiencing increased pressure as three major government hospitals in Rawalpindi have collectively outstanding dues of approximately Rs 2.2 billion to pharmaceutical suppliers, endangering the availability of free medicines for patients. According to The Express Tribune, despite the Punjab government's efforts to provide free medicines in emergency wards, outpatient departments, and hospital wards, the latest financial distribution has dipped far short of requirements. During the final weeks of the fiscal year, officials released only Rs 130 million for medicine. Under the allocation, Benazir Bhutto General Hospital received Rs 50 million, Holy Family Hospital was granted Rs 60 million, while Rawalpindi Teaching Hospital obtained Rs 20 million. However, despite efforts to manage expenses, the hospitals continue to face severe financial strain. Holy Family Hospital has pending dues of nearly Rs 900 million, while Benazir Bhutto General Hospital's liabilities stand at around Rs 850 million. Rawalpindi Teaching Hospital, meanwhile, owes close to Rs 270 million. The mounting debt has raised concerns among pharmaceutical suppliers, many of whom are becoming reluctant to provide medicines, medical gases and disposable medical products on credit.<h3>Funding in the 2025-26 fiscal year</h3>Funding allocations for the 2025-26 fiscal year have further intensified concerns. Holy Family Hospital requested Rs 1.5 billion for medicines and essential supplies, but received only Rs 400 million. Benazir Bhutto General Hospital was allocated Rs 380 million against a similar request of Rs 1.5 billion, while Rawalpindi Teaching Hospital received Rs 230 million despite seeking Rs 800 million. Together, the three hospitals cater to over 10,000 patients each day through emergency and outpatient services and offer a total of 2,580 beds. However, the growing demand for healthcare services continues to exceed the resources available. These hospitals also serve patients from different regions, including Islamabad, Pakistan-occupied Jammu and Kashmir (PoJK), Pakistan-occupied Gilgit-Baltistan (PoGB), and other parts of the Rawalpindi Division. The widening gap between healthcare needs and government funding has escalated concerns about the sustainability of the public health infrastructure of the country.

The three hospitals cater to over 10,000 patients each day through emergency and outpatient services and offer a total of 2,580 beds. However, the growing demand for healthcare services continues to exceed the resources available.

Pakistan's public healthcare system is experiencing increased pressure as three major government hospitals in Rawalpindi have collectively outstanding dues of approximately Rs 2.2 billion to pharmaceutical suppliers, endangering the availability of free medicines for patients. According to The Express Tribune, despite the Punjab government's efforts to provide free medicines in emergency wards, outpatient departments, and hospital wards, the latest financial distribution has dipped far short of requirements. During the final weeks of the fiscal year, officials released only Rs 130 million for medicine. Under the allocation, Benazir Bhutto General Hospital received Rs 50 million, Holy Family Hospital was granted Rs 60 million, while Rawalpindi Teaching Hospital obtained Rs 20 million. However, despite efforts to manage expenses, the hospitals continue to face severe financial strain. Holy Family Hospital has pending dues of nearly Rs 900 million, while Benazir Bhutto General Hospital's liabilities stand at around Rs 850 million. Rawalpindi Teaching Hospital, meanwhile, owes close to Rs 270 million. The mounting debt has raised concerns among pharmaceutical suppliers, many of whom are becoming reluctant to provide medicines, medical gases and disposable medical products on credit. Funding in the 2025-26 fiscal year Funding allocations for the 2025-26 fiscal year have further intensified concerns. Holy Family Hospital requested Rs 1.5 billion for medicines and essential supplies, but received only Rs 400 million. Benazir Bhutto General Hospital was allocated Rs 380 million against a similar request of Rs 1.5 billion, while Rawalpindi Teaching Hospital received Rs 230 million despite seeking Rs 800 million. Together, the three hospitals cater to over 10,000 patients each day through emergency and outpatient services and offer a total of 2,580 beds. However, the growing demand for healthcare services continues to exceed the resources available. These hospitals also serve patients from different regions, including Islamabad, Pakistan-occupied Jammu and Kashmir (PoJK), Pakistan-occupied Gilgit-Baltistan (PoGB), and other parts of the Rawalpindi Division. The widening gap between healthcare needs and government funding has escalated concerns about the sustainability of the public health infrastructure of the country.

The three hospitals cater to over 10,000 patients each day through emergency and outpatient services and offer a total of 2,580 beds. However, the growing demand for healthcare services continues to exceed the resources available.

Patients at risk? Pakistan's public healthcare under pressure as hospitals face Rs 2.2 billion debt crisis

Elon Musk-led SpaceX is aiming to raise around $75 billion through an initial public offering (IPO), according to a regulatory filing released on Wednesday (June 03). The proposed share sale would value the rocket and satellite company at approximately $1.765 trillion, making it one of the world's most valuable companies.&nbsp;SpaceX said it plans to offer 555,555,555 shares at an initial price of $135 per share. With nearly 13 billion shares outstanding, the company would achieve a valuation of about $1.765 trillion if the IPO moves forward.&nbsp;The offering would comfortably surpass the current record for the largest IPO, held by Saudi Aramco, which raised $25.6 billion when it went public in 2019. Founded in 2002, SpaceX has grown into a leading player in the global space industry and is widely credited with reshaping commercial spaceflight. A key part of the company's success has been its focus on reusable rocket technology.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-signs-order-making-easier-to-fire-8-000-senior-federal-employees-1780528495794">Trump signs executive order making easier to fire 8,000 senior federal employees</a>&nbsp;Through its Falcon 9 programme, SpaceX pioneered the routine recovery and reuse of rocket boosters, helping lower launch costs and increase the frequency of missions. The company has successfully landed and reused Falcon 9 boosters more than 600 times.<h2>First private company to dock with ISS</h2>SpaceX reached another major milestone in 2012 when it became the first private company to dock a spacecraft with the International Space Station (ISS), one year after NASA retired its Space Shuttle programme.&nbsp;Since then, the company has conducted regular cargo resupply missions to the ISS and expanded its operations across satellite deployment, commercial launches and human spaceflight.&nbsp;If successful, the IPO would not only set a new fundraising record but also mark another major milestone for Musk's space venture

The offering would comfortably surpass the current record for the largest IPO held by Saudi Aramco, which raised $25.6 billion when it went public in 2019, and analysts say it could also make Musk already the world's richest person the world's first trillionaire.

Elon Musk-led SpaceX is aiming to raise around $75 billion through an initial public offering (IPO), according to a regulatory filing released on Wednesday (June 03). The proposed share sale would value the rocket and satellite company at approximately $1.765 trillion, making it one of the world's most valuable companies. SpaceX said it plans to offer 555,555,555 shares at an initial price of $135 per share. With nearly 13 billion shares outstanding, the company would achieve a valuation of about $1.765 trillion if the IPO moves forward. The offering would comfortably surpass the current record for the largest IPO, held by Saudi Aramco, which raised $25.6 billion when it went public in 2019. Founded in 2002, SpaceX has grown into a leading player in the global space industry and is widely credited with reshaping commercial spaceflight. A key part of the company's success has been its focus on reusable rocket technology. Also Read: Trump signs executive order making easier to fire 8,000 senior federal employees Through its Falcon 9 programme, SpaceX pioneered the routine recovery and reuse of rocket boosters, helping lower launch costs and increase the frequency of missions. The company has successfully landed and reused Falcon 9 boosters more than 600 times. First private company to dock with ISS SpaceX reached another major milestone in 2012 when it became the first private company to dock a spacecraft with the International Space Station (ISS), one year after NASA retired its Space Shuttle programme. Since then, the company has conducted regular cargo resupply missions to the ISS and expanded its operations across satellite deployment, commercial launches and human spaceflight. If successful, the IPO would not only set a new fundraising record but also mark another major milestone for Musk's space venture

The offering would comfortably surpass the current record for the largest IPO held by Saudi Aramco, which raised $25.6 billion when it went public in 2019, and analysts say it could also make Musk already the world's richest person the world's first trillionaire.

Biggest-ever IPO in history: Musk's SpaceX aims to raise $75 billion at $1.765 trillion valuation

India on Wednesday approved a $1 billion relief package for airlines to help offset the impact of rising aviation fuel prices caused by the Iran war. The conflict has disrupted the oil-rich Middle East and affected the Strait of Hormuz, a key route through which one-fifth of the global oil usually passes, sending up aviation turbine fuel (ATF) costs. The surge in fuel prices has raised concerns about airline profitability and pushed airfares higher. Under the one-time measure, the government will provide interest-free advances to state-owned oil marketing companies to help stabilise ATF prices for airlines operating both domestic and international flights.&nbsp;Also read: <a href="https://www.wionews.com/india-news/india-eyes-largest-ever-drone-order-2-billion-military-purchase-to-boost-domestic-industry-industry-body-says-1780490500139">India eyes largest-ever drone order! $2 billion military purchase to boost domestic industry</a> "The measure will help protect and sustain domestic and international air connectivity, ensuring continuity of air services," it said in a statement. Government data indicated that ATF prices have more than doubled since March, rising from 60.50 rupees ($0.63) per litre to 142 rupees ($1.49) in May. Fuel accounts for nearly 40 per cent of the operating costs of the airline, and spiralling costs pile pressure on margins. Oil minister Hardeep Puri stated that the fund would protect 7.7 million jobs dependent on the aviation ecosystem. It would also "safeguard substantial public investment in airport infrastructure by keeping airline operations viable," he said in a post on social media X.

Under the one-time measure, the government will provide interest-free advances to state-owned oil marketing companies to help stabilise ATF prices for airlines operating both domestic and international flights.

India on Wednesday approved a $1 billion relief package for airlines to help offset the impact of rising aviation fuel prices caused by the Iran war. The conflict has disrupted the oil-rich Middle East and affected the Strait of Hormuz, a key route through which one-fifth of the global oil usually passes, sending up aviation turbine fuel (ATF) costs. The surge in fuel prices has raised concerns about airline profitability and pushed airfares higher. Under the one-time measure, the government will provide interest-free advances to state-owned oil marketing companies to help stabilise ATF prices for airlines operating both domestic and international flights. Also read: India eyes largest-ever drone order! $2 billion military purchase to boost domestic industry "The measure will help protect and sustain domestic and international air connectivity, ensuring continuity of air services," it said in a statement. Government data indicated that ATF prices have more than doubled since March, rising from 60.50 rupees ($0.63) per litre to 142 rupees ($1.49) in May. Fuel accounts for nearly 40 per cent of the operating costs of the airline, and spiralling costs pile pressure on margins. Oil minister Hardeep Puri stated that the fund would protect 7.7 million jobs dependent on the aviation ecosystem. It would also "safeguard substantial public investment in airport infrastructure by keeping airline operations viable," he said in a post on social media X.

Under the one-time measure, the government will provide interest-free advances to state-owned oil marketing companies to help stabilise ATF prices for airlines operating both domestic and international flights.

India approves $1 billion relief package for airlines as fuel price surge amid Iran war

The Reserve Bank of India (RBI) on Wednesday (Jun 3) stepped in to dismiss reports suggesting it sold a portion of India's gold reserves to support the rupee and foreign exchange reserves. The clarification comes after political reactions and public speculation over the country's financial position. WION Decodes the issue.<h2>Why is this issue making headlines?</h2>The controversy began after reports claimed the RBI had sold roughly $12 billion worth of gold over two weeks ending May 22, 2026. The reports suggested the central bank was trying to protect India's foreign exchange reserves amid pressure on the rupee, rising oil prices and a higher import bill linked to geopolitical tensions.The claims quickly gained attention, with AAP chief Arvind Kejriwal questioning whether India had reached a point where it needed to sell its gold reserves. Aam Aadmi Party (AAP) national convenor Arvind Kejriwal on Wednesday questioned the centre about the alleged sale of gold reserves. On X, he questioned, "Is this news true? Is the country's gold being sold? Has the government become so bankrupt? In the last 76 years, there have been many such occasions when the country was in a difficult situation. But the country's gold was never sold. Does that mean the situation is extremely bad? Why doesn't the government tell us anything? What is the state of the country?"<h2>What did the RBI say?</h2>The RBI issued a direct rebuttal to the reports. "The RBI emphasises that these reports are not correct," the central bank said, adding that its physical stock of gold remains unchanged at 880.52 tonnes.The central bank also reminded the public that information about its gold holdings is published regularly in the RBI Monthly Bulletin and urged people to rely on official data instead of speculation.<h2>What do the numbers show?</h2>According to RBI data, India's physical gold holdings remain at 880.52 tonnes. Between September 2025 and March 31, 2026, Gold's share in India's forex reserves rose from 13.92 per cent to 16.70 per cent. The share increased further to 16.85% as of May 22, 2026.If the RBI had actually sold a substantial amount of gold, gold's share in reserves would likely have fallen rather than increased.<h2>Why does RBI hold gold?</h2>Gold serves several purposes for central banks, including diversification, which reduces dependence on any single currency, particularly the US dollar. Furthermore, these reserves serve as crisis protection as gold often retains value during financial crises, wars and periods of market instability. Lastly, large gold reserves strengthen confidence in a country's financial system and reserve position. &nbsp;

After claims that the RBI secretly sold billions of dollars worth of India's gold reserves sparked a political storm, with Arvind Kejriwal asking whether the country was facing a financial crisis, the central bank has now issued a fact-check. What was the issue? WION Decodes

The Reserve Bank of India (RBI) on Wednesday (Jun 3) stepped in to dismiss reports suggesting it sold a portion of India's gold reserves to support the rupee and foreign exchange reserves. The clarification comes after political reactions and public speculation over the country's financial position. WION Decodes the issue. Why is this issue making headlines? The controversy began after reports claimed the RBI had sold roughly $12 billion worth of gold over two weeks ending May 22, 2026. The reports suggested the central bank was trying to protect India's foreign exchange reserves amid pressure on the rupee, rising oil prices and a higher import bill linked to geopolitical tensions. The claims quickly gained attention, with AAP chief Arvind Kejriwal questioning whether India had reached a point where it needed to sell its gold reserves. Aam Aadmi Party (AAP) national convenor Arvind Kejriwal on Wednesday questioned the centre about the alleged sale of gold reserves. On X, he questioned, "Is this news true? Is the country's gold being sold? Has the government become so bankrupt? In the last 76 years, there have been many such occasions when the country was in a difficult situation. But the country's gold was never sold. Does that mean the situation is extremely bad? Why doesn't the government tell us anything? What is the state of the country?" What did the RBI say? The RBI issued a direct rebuttal to the reports. "The RBI emphasises that these reports are not correct," the central bank said, adding that its physical stock of gold remains unchanged at 880.52 tonnes. The central bank also reminded the public that information about its gold holdings is published regularly in the RBI Monthly Bulletin and urged people to rely on official data instead of speculation. What do the numbers show? According to RBI data, India's physical gold holdings remain at 880.52 tonnes. Between September 2025 and March 31, 2026, Gold's share in India's forex reserves rose from 13.92 per cent to 16.70 per cent. The share increased further to 16.85% as of May 22, 2026. If the RBI had actually sold a substantial amount of gold, gold's share in reserves would likely have fallen rather than increased. Why does RBI hold gold? Gold serves several purposes for central banks, including diversification, which reduces dependence on any single currency, particularly the US dollar. Furthermore, these reserves serve as crisis protection as gold often retains value during financial crises, wars and periods of market instability. Lastly, large gold reserves strengthen confidence in a country's financial system and reserve position.

After claims that the RBI secretly sold billions of dollars worth of India's gold reserves sparked a political storm, with Arvind Kejriwal asking whether the country was facing a financial crisis, the central bank has now issued a fact-check. What was the issue? WION Decodes

'Is the country's gold being sold?' RBI issues fact-check as Kejriwal questions centre over reserves | WION Decodes

US Secretary of State Marco Rubio on Tuesday (Jun 2) said that the United States would "like to end" its extension on waivers on Russian oil purchases "as soon as possible". Speaking before the Senate Foreign Relations Committee, Rubio said the final decision rests with the US Treasury Department, but stressed that the broader policy of the United States continues to favour sanctions on Russian oil exports.<h2>What are these waivers?</h2>The waivers were introduced after the US-Israel-Iran conflict disrupted global energy markets and created concerns over oil supply shortages. They allow limited transactions involving Russian oil already loaded on tankers and stranded at sea, helping vulnerable countries avoid immediate fuel shortages.Also read | <a href="https://www.wionews.com/india-news/rupee-slide-wars-and-more-indian-students-in-us-battle-currency-crisis-no-one-prepared-them-for-wion-horizons-1780044945428">Rupee slide, wars and more: Indian students in US battle currency crisis no one prepared them for | WION Horizons</a>Last month, US Treasury Secretary Scott Bessent extended the waiver for another 30 days, arguing that it would help stabilise crude markets and ensure oil reached energy-vulnerable nations.Amid the Iran war, Tehran disrupted global shipping by blockading the Strait of Hormuz, a route that carries one-fifth of the global oil supply, including a significant share of India's oil imports. This prompted the US to temporarily ease restrictions on Russian oil already in transit to prevent supply shocks.<h2>What could waiver end mean for India</h2>India is among the world's largest buyers of Russian crude and has relied heavily on discounted Russian oil since the Ukraine war began. In recent months, however, New Delhi has had to balance its energy needs with pressure from Washington. US had earlier claimed that India had agreed to reduce additional purchases of Russian oil. However, India continues to insist that any decision would be based on national interest.Also read | <a href="https://www.wionews.com/world/tehran-attacks-gulf-countries-us-says-all-failed-to-hit-targets-hits-back-with-strike-inside-iran-1780447483106">Tehran attacked Gulf countries, but 'failed to hit targets' claims US; America strikes Iran's Qeshm Island</a>If Washington allows the waiver programme to expire permanently, Indian refiners could face tighter restrictions on Russian crude purchases. Additionally, India may need to increase imports from alternative suppliers such as Venezuela, Saudi Arabia, the US and African producers. Furthermore, higher transportation and insurance costs could put pressure on fuel prices as global oil markets become more volatile with supplies remaining constrained.<h2>Will India immediately lose access to Russian oil?</h2>Not necessarily. Rubio's comments suggest the US wants to eventually phase out the waivers, but no immediate decision has been announced. The Treasury Department has already extended the programme multiple times because of continuing disruptions in global energy markets. For now, India continues to benefit from the temporary exemption.&nbsp;&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Marco Rubio said Washington wants to end key sanctions waivers "as soon as possible." For India, one of the biggest buyers of discounted Russian crude, the move could have major implications for fuel supplies and prices. Scroll down to see how this could affect India.

US Secretary of State Marco Rubio on Tuesday (Jun 2) said that the United States would "like to end" its extension on waivers on Russian oil purchases "as soon as possible". Speaking before the Senate Foreign Relations Committee, Rubio said the final decision rests with the US Treasury Department, but stressed that the broader policy of the United States continues to favour sanctions on Russian oil exports. What are these waivers? The waivers were introduced after the US-Israel-Iran conflict disrupted global energy markets and created concerns over oil supply shortages. They allow limited transactions involving Russian oil already loaded on tankers and stranded at sea, helping vulnerable countries avoid immediate fuel shortages. Also read | Rupee slide, wars and more: Indian students in US battle currency crisis no one prepared them for | WION Horizons Last month, US Treasury Secretary Scott Bessent extended the waiver for another 30 days, arguing that it would help stabilise crude markets and ensure oil reached energy-vulnerable nations. Amid the Iran war, Tehran disrupted global shipping by blockading the Strait of Hormuz, a route that carries one-fifth of the global oil supply, including a significant share of India's oil imports. This prompted the US to temporarily ease restrictions on Russian oil already in transit to prevent supply shocks. What could waiver end mean for India India is among the world's largest buyers of Russian crude and has relied heavily on discounted Russian oil since the Ukraine war began. In recent months, however, New Delhi has had to balance its energy needs with pressure from Washington. US had earlier claimed that India had agreed to reduce additional purchases of Russian oil. However, India continues to insist that any decision would be based on national interest. Also read | Tehran attacked Gulf countries, but 'failed to hit targets' claims US; America strikes Iran's Qeshm Island If Washington allows the waiver programme to expire permanently, Indian refiners could face tighter restrictions on Russian crude purchases. Additionally, India may need to increase imports from alternative suppliers such as Venezuela, Saudi Arabia, the US and African producers. Furthermore, higher transportation and insurance costs could put pressure on fuel prices as global oil markets become more volatile with supplies remaining constrained. Will India immediately lose access to Russian oil? Not necessarily. Rubio's comments suggest the US wants to eventually phase out the waivers, but no immediate decision has been announced. The Treasury Department has already extended the programme multiple times because of continuing disruptions in global energy markets. For now, India continues to benefit from the temporary exemption. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Marco Rubio said Washington wants to end key sanctions waivers "as soon as possible." For India, one of the biggest buyers of discounted Russian crude, the move could have major implications for fuel supplies and prices. Scroll down to see how this could affect India.

Bad news for India? Marco Rubio wants Russian oil waivers to end. Here's what it could mean for you

Shark Tank India judge and Shaadi.com founder Anupam Mittal argued on social media that companies should move away from the "British-era next-month payout system" and instead pay employees twice a month. Anupam noted that Indian companies pay their employees’ salaries during the first week of the month for the work completed in the previous month. He stated that this age-old practice must be reconsidered to help employees avoid missed EMIs, missing rent, and don’t get entrapped in unfair debt arrangements. In a post on LinkedIn, Anupam Mittal wrote a long note and questioned, “When should you get paid?” He added that organisations often offer benefits like “enhanced leave, free food, and remote working” and claim to be “employee-centric,” while they ignore the “most valued benefit.” He further claimed that many companies disburse salaries around the 7th of each month, while others aim for the 1st but may postpone payments by a day or two when weekends or bank holidays intervene. Mittal said his company adopted a different approach, shifting salary payments to the end of each month, describing the change as a matter of "common sense."&nbsp;Also read: <a href="https://www.wionews.com/india-news/govt-cracks-whip-shunts-cbse-chairman-secretary-over-evaluation-fiasco-orders-probe-1780405678066">Govt cracks whip, shunts CBSE chairman, secretary after evaluation fiasco; orders probe into vendor selection</a> “A few years ago, we decided Shaadi.com that salaries should go out at the end of the current month, not in the following month. Not as a perk. But, as common sense,” he said. Anupam also noted that a delay in the disbursement of salaries can be disastrous for some employees. “Because for some folks, a week’s delay may be an accounting detail. But for most, it can mean an EMI bounce, a rent scramble, an awkward call, or half a day wasted fixing something that should never have broken. Ask the vast majority of India, and they will tell you, cash flow is dignity,” he said.<h3>Anupam Mittal on employees' salaries</h3>Later, he also made a case directing companies to pay their employees twice a month as this would be a “win for the economy.” “In fact, I think companies should pay twice a month, on the 15th and 30th. Yes, payroll teams will grumble a bit. But in 2026, with tech, this is not rocket science. Better cash flow means less stress, fewer debt traps, more spending velocity and ergo, a GDP nudge. Win for employees, win for companies, win for the economy. So push your HR and let’s end this British-era next-month payout system?” Anupam Mittal has been part of Shark Tank India as a judge since its debut in 2021. Over the first four seasons, he backed 103 startups through investment deals, committing a total of Rs 37.3 crore to entrepreneurs featured on the show.

Shark Tank India judge Anupam Mittal urged companies to abandon the "British-era next-month payout system" and pay employees twice a month (15th and 30th). He stated that Shaadi.com pays at the month-end to help workers avoid debt traps and missed EMIs.

Shark Tank India judge and Shaadi.com founder Anupam Mittal argued on social media that companies should move away from the "British-era next-month payout system" and instead pay employees twice a month. Anupam noted that Indian companies pay their employees’ salaries during the first week of the month for the work completed in the previous month. He stated that this age-old practice must be reconsidered to help employees avoid missed EMIs, missing rent, and don’t get entrapped in unfair debt arrangements. In a post on LinkedIn, Anupam Mittal wrote a long note and questioned, “When should you get paid?” He added that organisations often offer benefits like “enhanced leave, free food, and remote working” and claim to be “employee-centric,” while they ignore the “most valued benefit.” He further claimed that many companies disburse salaries around the 7th of each month, while others aim for the 1st but may postpone payments by a day or two when weekends or bank holidays intervene. Mittal said his company adopted a different approach, shifting salary payments to the end of each month, describing the change as a matter of "common sense." Also read: Govt cracks whip, shunts CBSE chairman, secretary after evaluation fiasco; orders probe into vendor selection “A few years ago, we decided Shaadi.com that salaries should go out at the end of the current month, not in the following month. Not as a perk. But, as common sense,” he said. Anupam also noted that a delay in the disbursement of salaries can be disastrous for some employees. “Because for some folks, a week’s delay may be an accounting detail. But for most, it can mean an EMI bounce, a rent scramble, an awkward call, or half a day wasted fixing something that should never have broken. Ask the vast majority of India, and they will tell you, cash flow is dignity,” he said. Anupam Mittal on employees' salaries Later, he also made a case directing companies to pay their employees twice a month as this would be a “win for the economy.” “In fact, I think companies should pay twice a month, on the 15th and 30th. Yes, payroll teams will grumble a bit. But in 2026, with tech, this is not rocket science. Better cash flow means less stress, fewer debt traps, more spending velocity and ergo, a GDP nudge. Win for employees, win for companies, win for the economy. So push your HR and let’s end this British-era next-month payout system?” Anupam Mittal has been part of Shark Tank India as a judge since its debut in 2021. Over the first four seasons, he backed 103 startups through investment deals, committing a total of Rs 37.3 crore to entrepreneurs featured on the show.

Shark Tank India judge Anupam Mittal urged companies to abandon the "British-era next-month payout system" and pay employees twice a month (15th and 30th). He stated that Shaadi.com pays at the month-end to help workers avoid debt traps and missed EMIs.

'Pay employees twice a month': Shark Tank India's judge Anupam Mittal calls for end to 'British-era' salary system

As most of the Silicon Valley giants are carrying out a massive exodus of employees, NVIDIA is on a hiring boom with huge paychecks. The majority of them are immigrant workers. According to the Federal Labour filings, NVIDIA has secured approximately 1,200 visa certifications during the first two quarters of the fiscal year 2026. This represents a 20 per cent increase from roughly 1000 applications approved during the same time frame the previous year. While this marks an increase in the H1B hiring for NVIDIA, it remains a long way off from other Silicon Valley companies like Alphabet and Amazon, which have 2,200 and 4,300 certifications in the H1FY26, down from 5,100 and 6100 in the same period the previous year, respectively.<h2>How much are Indians benefiting from the NVIDIA hiring boom?</h2>Indian technology professionals are the primary beneficiaries of the NVIDIA hiring boom both in the United States and within India's domestic tech hubs. Indian nationals historically secured 71-73 per cent of all H-1B visas in the US, so NVIDIA's rapid expansion of H1B hiring will likely disproportionately benefit Indian talent. According to the Federal Filings, NVIDIA is offering lucrative packages in basic salaries, excluding stock grants and bonuses, which can significantly increase overall compensation. An individual contributor can earn from a range of $356,500- $391,000 per annum, for roles like software engineer, research scientist, product manager, and hardware engineering manager. While Director-level roles are more lucrative, like architecture directors can earn up to $488,750, in base salary alone. However, the whole H1B segment has seen a structural overhaul, and the $100,000 "entry restriction" fee has made the immigration process move from a random lottery to a high-wage, high-skill selection model. This has helped Silicon Valley giants like NVIDIA, Alphabet and Amazon while pushing others like TCS, Infosys and Wipro out of the market.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-one-nation-under-god-christian-nationalism-debate-1779189316728">‘Make America Christian’: How Trump’s Christian nationalist messaging challenges America’s civic identity</a><h2>What is driving this hiring boom at NVIDIA?</h2>NVIDIA, which has been the leading beneficiary of the AI boon, posted its Q1 Fiscal Year 2027 financial results on May 20, 2026. It has recorded a massive year-over-year revenue growth of 85 per cent. It jumped to $81.62 billion from the $44.06 billion it reported in the same quarter last year. The data centre segment has recorded $75.2 billion in a single quarter. This is more than most Fortune 500 companies. NVIDIA is not just a supplier of the current AI wave; it is building the dedicated AI infrastructure for the AI wave.&nbsp;

NVIDIA is ramping up H-1B hiring and offering lucrative salaries as its AI-driven growth accelerates. Indian tech professionals are among the biggest beneficiaries of the recruitment surge.

As most of the Silicon Valley giants are carrying out a massive exodus of employees, NVIDIA is on a hiring boom with huge paychecks. The majority of them are immigrant workers. According to the Federal Labour filings, NVIDIA has secured approximately 1,200 visa certifications during the first two quarters of the fiscal year 2026. This represents a 20 per cent increase from roughly 1000 applications approved during the same time frame the previous year. While this marks an increase in the H1B hiring for NVIDIA, it remains a long way off from other Silicon Valley companies like Alphabet and Amazon, which have 2,200 and 4,300 certifications in the H1FY26, down from 5,100 and 6100 in the same period the previous year, respectively. How much are Indians benefiting from the NVIDIA hiring boom? Indian technology professionals are the primary beneficiaries of the NVIDIA hiring boom both in the United States and within India's domestic tech hubs. Indian nationals historically secured 71-73 per cent of all H-1B visas in the US, so NVIDIA's rapid expansion of H1B hiring will likely disproportionately benefit Indian talent. According to the Federal Filings, NVIDIA is offering lucrative packages in basic salaries, excluding stock grants and bonuses, which can significantly increase overall compensation. An individual contributor can earn from a range of $356,500- $391,000 per annum, for roles like software engineer, research scientist, product manager, and hardware engineering manager. While Director-level roles are more lucrative, like architecture directors can earn up to $488,750, in base salary alone. However, the whole H1B segment has seen a structural overhaul, and the $100,000 "entry restriction" fee has made the immigration process move from a random lottery to a high-wage, high-skill selection model. This has helped Silicon Valley giants like NVIDIA, Alphabet and Amazon while pushing others like TCS, Infosys and Wipro out of the market. Also Read: ‘Make America Christian’: How Trump’s Christian nationalist messaging challenges America’s civic identity What is driving this hiring boom at NVIDIA? NVIDIA, which has been the leading beneficiary of the AI boon, posted its Q1 Fiscal Year 2027 financial results on May 20, 2026. It has recorded a massive year-over-year revenue growth of 85 per cent. It jumped to $81.62 billion from the $44.06 billion it reported in the same quarter last year. The data centre segment has recorded $75.2 billion in a single quarter. This is more than most Fortune 500 companies. NVIDIA is not just a supplier of the current AI wave; it is building the dedicated AI infrastructure for the AI wave.

NVIDIA is ramping up H-1B hiring and offering lucrative salaries as its AI-driven growth accelerates. Indian tech professionals are among the biggest beneficiaries of the recruitment surge.

NVIDIA expands H-1B hiring while other Silicon Valley giants cut back