The World Opinion

Category: Economy

  • Bengaluru Man Gets Free Tomatoes From Swiggy Instamart; But Why Is He Irked? Post Goes Viral | Economy News

    New Delhi: Freebies are usually taken kindly by the customers, however a free delivery package of tomatoes has not gone down well with an X (formerly Twitter)user, who called out Swiggy Instamart for practicing ‘Dark Pattern’.

    In an X post, the user that goes by the name Bengaluru Man wrote that he received free tomatoes from Swiggy Instamart. However the frustration was not on getting free tomatoes, but he mentioned the problem of not being able to remove it from his cart, despite willing to do so. 

    Further explaining, he wrote, “the problem isn’t that I’m getting tomatoes. The problem is that basic expectations of e-commerce aren’t being respected. I should have full control as a consumer of what I choose to receive, which isn’t happening.”

    “Very bad design in Swiggy Instamart, where an item is automatically added to my cart. I don’t want tomatoes but I cannot remove it from my cart. Even if I am not paying for it, this is basket sneaking which is a dark pattern,” he wrote.

    Very bad design in Swiggy Instamart, where an item is automatically added to my cart. I don’t want tomatoes but I cannot remove it from my cart. Even if I am not paying for it, this is basket sneaking which is a dark pattern. pic.twitter.com/9mRpqqexWL


    — Bengaluru man (@NCResq) October 12, 2024

    A user wrote, “This is nearest dark store having too much stock of tomatoes and want to just dump them off. Give it to your watchman or someone bro”.

    This is nearest dark store having too much stock of tomatoes and want to just dump them off. Give it to your watchman or someone bro
    — Papps (@papps_gunner) October 13, 2024

    Yet another user wrote, “Customer must have the final say. Offer freebies but costumer must decide yes or no. Swiggy is losing it’s way & Zomato is becoming very dominant briskly. We need a brand that generates profits for businesses & serves us, the consumer better.”

    Customer must have the final say. Offer freebies but costumer must decide yes or no. Swiggy is losing it’s way & Zomato is becoming very dominant briskly. We need a brand that generates profits for businesses & serves us, the consumer better.
    — Deepak M A (@deepakmambalam) October 13, 2024

    Sharing his experience, a user said, “I faced the same issue few days back. I am pure vegetarian but they just offered me a free non veg dish. I had no discretion in changing my preference or to remove that item. Quite unusual.”

    I faced the same issue few days back. I am pure vegetarian but they just offered me a free non veg dish. I had no discretion in changing my preference or to remove that item. Quite unusual. pic.twitter.com/w0Gj4QjPqh
    — Suraj Sureka (@surajsureka9) October 14, 2024

    Another commented, “I’m trying to understand this better – if it’s free, does it still considered as dark pattern? I do understand that you’re unable to remove it”.

    I’m trying to understand this better – if it’s free, does it still considered as dark pattern? I do understand that you’re unable to remove it
    — Mohamed Siddique (@msiddique26) October 12, 2024

    To which the response came, “I don’t want something but it’s coming anyway. Dark pattern by definition. Doesn’t matter if it’s free.”

  • CCPA Directs Ola To Allow Consumers Choice Of Refund Method | Auto News

    The Central Consumer Protection Authority (CCPA) has instructed Ola, to implement a consumer-friendly mechanism allowing customers to choose their preferred refund method. According to the Ministry of Consumer Affairs, Food and Public Distribution, consumers will now have the option to receive refunds either directly to their bank accounts or via coupons, a significant change from Ola’s previous policy.

    The directive, aimed at enhancing consumer rights and service transparency, was issued by CCPA’s Chief Commissioner Nidhi Khare. The CCPA’s intervention came after observations that Ola’s “no-questions-asked” refund policy was solely offering coupon codes for future rides without providing a clear choice to consumers.

    This practice was found to potentially infringe on consumer rights, as it could incentivize consumers to book additional rides rather than offering a direct monetary refund.

    The authority emphasized that a fair refund policy should not unduly push consumers to utilize services again but should instead empower them with a choice.

    Additionally, the CCPA took issue with Ola’s policy regarding invoices for auto rides. It was found that the app displayed a message stating, “Customer invoice for Auto rides will not be provided due to changes in Ola’s auto service T&Cs,” when customers attempted to access invoices.

    The CCPA deemed this practice as an “unfair trade practice” under the Consumer Protection Act, 2019, which mandates issuing a bill, receipt, or cash memo for services rendered.

    Following CCPA’s regulatory intervention, Ola has introduced several consumer-centric changes to its platform aimed at enhancing transparency and consumer trust.

    One significant change is the display of grievance officer and nodal officer details. The names, phone numbers, and email addresses of the grievance and nodal officers are now prominently listed in the support section of Ola’s website.

    Additionally, the permitted time for ride cancellation, as per Ola’s policy, is now displayed at the time of booking, with the cancellation fee clearly mentioned.

    Ola has also added a new acceptance screen for drivers showing both the pickup and drop-off locations to avoid confusion. To improve user experience, additional reasons for canceling rides have been provided to consumers. 

    Furthermore, details such as base fare, per-kilometer fare, and pre-wait charges are now publicly displayed, ensuring consumers have access to important fare information before booking a ride.

    In an effort to enhance driver experience, Ola has issued communications encouraging drivers to accept digital payments and switch on the air conditioning as needed. The company has also adjusted the payment cycles for drivers to ensure timely payments.

    The CCPA’s directive comes amid a significant number of complaints registered on the National Consumer Helpline (NCH). From January 1, 2024, to October 9, 2024, a total of 2,061 complaints were filed against Ola, covering issues such as higher fares charged than initially displayed at the time of booking, non-refund of amounts to customers, drivers requesting extra cash payments, and incorrect drop-off or pickup locations.

  • Diwali Bonus Announced For Women Of This State: Check Eligibility, Age Limit, Other Details To Get Money In Bank Account | Personal Finance News

    Ladki Bahin Yojana Online Apply: The Maharashtra State Government has announced the Diwali Bonus 2024 under the Ladki Bahin Yojana. The officials will transfer the 4th and 5th instalment payments of Rs 3000 instead of Rs 1500 in October to the bank accounts of selected women as part of the Ladki Bahin Yojana Diwali Bonus 2024 program. All eligible women will receive the money for both the fourth and fifth instalments directly into their bank accounts.  

    Notably, the Maharashtra state government launched the Mukhyamantri Majhi Ladki Bahin Yojana to provide comprehensive support to women across the state. This special initiative aims to uplift and empower female citizens by offering various forms of assistance. 

    Ladki Bahin Yojana: Eligibility 

    Women residing in Maharashtra are eligible to apply online for this scheme. To qualify for the monthly assistance, applicants must belong to families with a combined annual income of Rs 2,50,000 or less and have their bank accounts linked to their Aadhaar number.

    The scheme is open to married, widowed, divorced, abandoned, or destitute women, with one unmarried woman in the family also eligible. Adding further, the female applicant must be between 21 and 65 years of age. 

    Ladki Bahin Yojana: Documents Required 

    To apply for the scheme, applicants need to provide several essential documents. These include an Aadhaar Card, Identity Card or Certificate, Bank Account details, Caste Certificate, Residence Certificate, Age Proof, and a Ration Card. Adding further, a passport-size photograph, Income Proof (though yellow and orange ration card holders are exempt from this requirement), Domicile Certificate, Birth Certificate, and Voter ID are also necessary. 

    Ladki Behen Yojana Last Date Of Application

    The Maharashtra government has extended the application deadline for the Ladli Behna Yojana to October 15. This extension allows women who have not yet applied for the scheme to still submit their applications. 

    Ladki Bahin Yojana Apply Online

    Step 1: Visit the official Ladki Bahin Maharashtra Portal if you meet the eligibility criteria to apply for the Majhi Ladki Bahin Scheme.

    Step 2: On the homepage, click on the “Applicant Login” option.

    Step 3: A new page will appear. Select the option “Create an Account.”

    Step 4: Fill in the registration form by providing all the required details, including your name, password, and address.

    Step 5: After completing the form, review all the information carefully, then click “Sign Up” to complete the registration process.

  • Will Reliance Announce Bonus Share Record Date Today? All Eyes On Board Meeting | Economy News

    New Delhi: The Board of Directors of Reliance Industries Limited (RIL) had in its recent annual general meeting (AGM) held last month, approved the issue of bonus shares in the ratio of 1:1. This means every shareholder holding 1 (one) fully paid-up equity share of Rs. 10 each on the record date will receive 1 (one) fully paid-up equity share of Rs. 10 each.

     

    “Pursuant to Regulation 29 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please note that meeting of the Board of Directors of the Company is scheduled to be held on Monday, October 14, 2024, inter alia, to consider and approve the standalone and consolidated unaudited financial results of the Company for the quarter and half year ended September 30, 2024. A presentation to analysts and media on financial results of the Company for the quarter and half year ended September 30, 2024 shall be made on the same day after the meeting,” RIL said in a BSE filing.

    RIL 1:1 Bonus Issue Record Date

    The company had not announced the record date for its bonus issues. Media reports are widely speculating that the company may officially disclose the record date for the bonus share in its board meeting today. 

    Reliance Bonus Issue: Early Diwali Gift For Investors

    “This will be the largest ever issuance of bonus equity shares in the Indian equity market. The issuance and listing of bonus shares will coincide with the upcoming festive season in India and will be an early Diwali Gift to all our esteemed shareholders,” RIL had said in its AGM.

    “This is the sixth bonus issue from RIL since its IPO and the second in this Golden Decade. The bonus issue is a testimony to Reliance’s continued commitment towards rewarding shareholders during the Golden Decade from 2017 to 2027”, it added.

    In 2017, Reliance had issued bonus shares in the ratio of 1:1. This was followed by a Rights Issue in 2020, where shareholder’s investment has grown 2.5 times already. In July 2023, Jio Financial Services Limited was demerged, which is valued 35 per cent higher today from its listing.

  • Over 30 Countries To Explore $117 Billion Untapped Export Potential For India | Economy News

    Mumbai: Highlighting the $117 billion untapped export potential for India, more than 30 countries are set to participate in the fifth edition of ‘World Trade Expo’ in the financial capital from October 17-18. India has untapped export potential with the participating countries in sectors such as textiles, pharmaceuticals, chemicals, automobiles and components, machineries, etc.

    The US offers the maximum untapped export opportunity worth $46 billion in sectors such as gems and jewellery, pharmaceuticals, automobiles and components and machineries.

    Diamond, agro-chemicals such as insecticides, iron and steel, jewellery and motor vehicles are some of the commodities with the highest export potential in most of these participating countries, according to the World Trade Center Mumbai and All India Association of Industries (AIAI), the organisers of the event. The event will showcase more than 30 countries and regions.

    Union Minister for Petroleum and Natural Gas Hardeep Singh Puri is expected to be the Chief Guest at a dedicated session on ‘Green and Renewable Energy’ at the event. Ambassadors and trade missions from the participating countries and regions will showcase trade, investment, tourism, education and technology exchange potential in their countries.

    The event will host developed and developing countries from Americas, Europe, Africa and Asia. These countries collectively account for 28 per cent of India’s total merchandise trade, 35 per cent of its merchandise exports, and 24 per cent of its imports.

    In FY24, India recorded a trade deficit of over $10 billion with them. They are the key suppliers of ores and minerals, semiconductors, other electronic spare parts, coal, and agro-commodities such as edible oils, which underscores their significance in India’s energy, mineral and food security.

    India has signed free trade agreements with many of these countries such as Malaysia, Sri Lanka, South Korea and Mauritius. Other participating countries such as Indonesia, Vietnam and Thailand are part of the 10-member ASEAN countries, with which India has a trade agreement.

    Dr Vijay Kalantri, Chairman, WTC Mumbai and President of AIAI, said that alongside trade and investment, “the Expo will also discuss collaboration with the participating countries in emerging areas such as green energy, gender equality, skill development, climate-smart technologies, capacity building of MSMEs and startups”.

  • ICICI Bank Credit Card Rules Change From THIS Date: 1% Fee On Education Payments, No Rewards For Government Transactions; Check Reduced Benefits | Personal Finance News

    ICICI Bank Credit Card Rules: ICICI Bank has introduced significant changes to its credit card rules, impacting millions of cardholders. The updates include modifications to reward points, transaction fees, and benefits across various card categories. The new rules will come into effect from November 15, 2024. After the new rules, the bank has taken away several benefits and services from its credit card holders. 

    ICICI Bank has not only reduced benefits on insurance, utility bills, fuel surcharges, and grocery purchases, but also doubled the spending limit for using airport lounges. Notably, ICICI Bank sent its credit card customers an SMS informing them about the changes. 

    ICICI Bank Credit Card New Rules

    The bank has changed several rules regarding credit card usage. The transaction fee for paying school and college fees through credit cards has also been increased. The new rules will apply to all credit cards of the bank. 

    Under the new rules, if school or college fees are paid using ICICI credit cards through third-party payment apps like CRED, Paytm, Cheque, or MobiKwik, a 1 per cent transaction fee will be charged. However, if you want to avoid this fee, you can make payments directly on the school/college website or through a POS machine.

    ICICI Bank Credit Cards Benefits Reduced 

    The bank has not only increased the transaction fees but also removed several benefits. The bank has reduced the rewards earned on utility and insurance payments made through credit cards.

    The reward points for utility and insurance payments have also been reduced. For premium cardholders, the limit for reward points is Rs 80,000 per month, while for other cardholders, this limit is Rs 40,000. 

    ICICI Bank has also imposed a cap on reward points earned for grocery and departmental store payments through credit cards. Adding further, the bank has decided to implement new limits on fuel surcharge waivers. Moreover, credit card holders will still earn reward points on your ICICI Bank Emeralde Private Metal Credit Card purchases, except for government-related transactions.

    Furthermore, the spa access through the DreamFolks card is now discontinued.

    SBI Bank Credit Card Rules: 

    SBI Card has recently announced a hike in fees for certain credit card transactions, including adjustments to the fee structure for utility bill payments and finance charges. From November 1, 2024, finance charges on unsecured SBI Credit Cards will increase to 3.75% per month, excluding Shaurya and Defense cards. 

    Adding further, a 1 per cent fee will be applied to utility payments exceeding ₹50,000 in a billing cycle, starting December 1, 2024. The implementation dates for these changes differ.

    HDFC Bank Credit Card Rules

    HDFC Bank has updated its loyalty program for select credit cards, while IDFC FIRST has introduced significant changes to its credit card payment terms, including adjustments to the minimum amount due (MAD) and payment due date. These revised regulations will come into effect on September 1, 2024. 

  • 32 Indian Startups Raise $135 Million In Funding This Week | Economy News

    New Delhi: At least 32 domestic startups secured nearly $135 million in funding this week, which saw four growth-stage deals and 22 early-stage deals in a significant jump of over 45 per cent from last week. 

    Deeptech startups emerged as leader this week as Industrial robotics maker Haber raised Rs 317.2 crore (approximately $38 million) in its Series C round, led by Creaegis with participation from Accel India and BEENEXT Capital.

    Software-as-a-service (SaaS) platform Spry Therapeutics raised $15 million led by Flourish Ventures, Together Fund and Fidelity’s Eight Roads and F-prime Capital.

    Cross-border speciality chemical manufacturing platform Mstack raised $40 million in its Series A funding round co-led by Lightspeed and Alphawave along with a debt from HSBC Innovation Banking. Mstack is now planning to make inroads into agrochemicals and pharmaceuticals. With the fresh proceeds, the firm will also hire talents across functions including R&D.

    Meanwhile, digital adoption platform (DAP) Whatfix introduced a $58 million liquidity programme for its employees and investors, marking the company’s fourth buyback of employee stock options (ESOPs).

    This week, Bengaluru-based startups led with 11 deals followed by Delhi-NCR, Mumbai and Pune. Last week, 21 startups in India raised nearly $93 million in funding across 16 deals, which included four growth-stage deals and 12 early-stage fundings. It was a big drop from nearly $461 million raised by 29 domestic startups in the previous week, which included 10 growth-stage deals.

    In the third quarter (July-September), domestic startups raised more than $4 billion, including several transactions over $300 million and $200 million, along with pre-IPO rounds. This included 85 growth and late-stage deals worth $3.3 billion, along with 207 early-stage deals worth $754.26 million.

  • PM Internship Scheme 2024 Registration Begins Today: Check Stipend, Eligibility Criteria, Companies, And Steps to Apply | Personal Finance News

    PM Internship Scheme Registration: The Ministry of Corporate Affairs, MCA, has begun the registration process for the PM Internship Scheme 2024 on October 12, 2024. Candidates can apply for the internship scheme through the official website at pminternship.mca.gov.in. The PM Internship Scheme aims at benefiting around 10 million young people over the next five years. 

    Notably, there are 80,000 internship opportunities across 24 sectors available on the online portal. The registration process for the PM Internship Scheme 2024 began at 5PM today.  

    The portal ensures efficient access to internships across sectors with Aadhaar-based registration and tools like bio-data generation. All eligible candidates in the age group 21-24 are encouraged to apply at the earliest.

    PM Internship Scheme 2024: Companies  

    Around 200 companies have registered with the Ministry of Corporate Affairs, which is overseeing the scheme aimed at offering over 1.2 lakh internships during the current financial year.

    Top companies such as Mahindra & Mahindra, L&T, the Tata Group, and Jubilant FoodWorks are leading the way, offering the highest number of internships on the portal. These opportunities span various sectors, including banking and financial services, oil and energy, FMCG, manufacturing, travel, and hospitality. 

    The PM Internship Scheme 2024 provides a 12-month opportunity to intern with India’s top 500 companies, offering valuable learning experiences from industry leaders

    PM Internship Scheme 2024 Stipend:

    Candidates will get Rs 5000  as a monthly assistant for the entire duration of 12 months of the internship. Out of the total amount, the company will pay Rs 500 to each intern from the Company’s CSR funds, and the government will pay Rs 4500. The government has also confirmed that reservation policies will be followed for Scheduled Castes, Scheduled Tribes, and Other Backward Classes candidates in this scheme.   

    PM Internship Scheme Eligibility: 

    Candidates should have passed High School or Higher Secondary School, have a certificate from an ITI, hold a diploma from a Polytechnic Institute, or are graduates with degrees such as BA, B.Sc, B.Com, BCA, BBA, B.Pharma etc. 

    How To Apply In PM Internship Scheme 2024

    Step 1: Visit the official website of the PM Internship Scheme at pminternship.mca.gov.in.

    Step 2: Click on the “Register” link to open a new page.

    Step 3: Fill in the registration details and click on “Submit.”

    Step 4: A resume will be generated by the portal based on the information you provide.

    Step 5: Apply for up to five internship opportunities, selecting preferences like location, sector, functional role, and qualifications.

    Step 6: After applying, click on “Submit” and download the confirmation page.

    Step 7: Keep a hard copy of the confirmation page for future reference.

  • PM Gati Shakti Scheme Assesses 208 Infrastructure Projects Worth Rs 15.39 Lakh Crore | Economy News

    New Delhi: In a fillip to India’s infrastructure development and multi-modal connectivity, the PM Gati Shakti scheme has achieved a milestone of assessing 208 big-ticket infrastructure projects worth Rs 15.39 lakh crore of various ministries, the government said on Saturday. 

    Additionally, 434 projects under three economic corridors of the Ministry of Railways have been evaluated and shared with the PMO, which are energy, mineral and cement corridors, high traffic density corridors and Rail Sagar.

    The PM Gati Shakti National Master Plan (NMP) has onboarded 44 Central Ministries and 36 states/UTs and a total of 1,614 data layers have also been integrated.

     

    #PMGatiShakti: Transforming India’s Infrastructure and Connectivity 

    ▪️ PM Gati Shakti incorporates the infrastructure schemes of various Ministries and State Governments such as #Bharatmala, #Sagarmala, inland waterways, dry/land ports, and #UDAN

    ▪️ The PM Gati Shakti… pic.twitter.com/A78Q41brNQ


    — PIB India (@PIB_India) October 12, 2024

    To ensure data accuracy, key infrastructure ministries have finalised standard operating procedures (SOPs) for a three-tier system and SOPs for eight infrastructure ministries and 15 social sector ministries have been notified, with development continuing for other ministries and States/UTs.

    According to the Ministry of Finance, a District Master Plan (DMP) portal is being developed to extend PM Gati Shakti to the district level.

    This portal will aid district authorities in collaborative planning, infrastructure gap identification and scheme implementation. A beta version of this portal has already been created for 28 aspirational districts, and user accounts were provided to these districts on September 18.

    “Trial runs of the portal are ongoing, with orientation programs in October 2024. The DMP portals for all the country’s districts will be developed in a phased manner and completed by March 31, 2025,” said the ministry.

    The PM Gati Shakti NMP has resulted in numerous achievements across various sectors, significantly improving project planning, speed, and execution.

    The Ministry of Road Transport and Highways planned over 8,891 km of roads using NMP, while the Ministry of Railways used NMP to plan more than 27,000 km of railway lines.

    The Ministry of Petroleum and Natural Gas streamlined the process for detail route survey (DRS), reducing the time required to create reports from 6-9 months to just one day using electronic DRS.

    Moreover, the National Logistics Policy (NLP) has been launched to boost India’s economic growth by creating an integrated, efficient, and cost-effective logistics network.

    The policy aims to reduce logistics costs, improve India’s Logistics Performance Index (LPI) ranking to be among the top 25 countries by 2030, and promote data-driven decision-making.

  • India’s Foreign Exchange Reserves Stay Above $700 Bn | Economy News

    India’s foreign exchange (Forex) reserves stood above $700 billion for the second-consecutive week, data from the Reserve Bank of India (RBI) showed on Friday. The foreign reserves stood at $701.18 billion as of October 4, a drop of $3.71 billion from the previous week, according to the RBI’s weekly bulletin.

    The country’s Forex reserves of over $700 billion are at an all-time high and the fourth-largest in the world. Forex rose nearly $35 billion in the earlier seven weeks. As per the Weekly Statistical Supplement released by the RBI, Foreign Currency Assets (FCAs) dropped by $3.51 billion to $612.6 billion.

    Gold reserves decreased by $40 million to $65.76 billion. Special Drawing Rights (SDRs) also saw a marginal dip by $123 million to stand at $18.43 billion. The country’s reserve position in the International Monetary Fund (IMF) witnessed a marginal decrease of $71 million at $4.3 billion.

    Despite geo-political uncertainties, the investors’ confidence remained intact in India’s growth story as last week, the country’s foreign exchange reserves surpassed $700 billion for the first time, reaching $704.89 billion. The Forex surged $12.59 billion, which is the largest weekly rise since mid-July 2023.

    The country has joined the ranks of three other countries – China, Japan, and Switzerland – which have crossed the $700 billion threshold in reserves. Foreign inflows into the country this year have crossed $30 billion. Looking ahead, India’s Forex reserves are projected to grow further.

    The strong Forex will boost its economic growth trajectory by strengthening its position internationally, drawing in foreign investments, and promoting domestic trade and industry. According to industry experts, strengthened Forex and a strong monetary policy stance are creating confidence among trade and industry and attracting foreign investments amid geopolitical vulnerabilities.