This week, the corporate and tech landscapes in India witnessed significant developments. From India’s historic lunar mission to potential policy shifts favoring electric vehicle imports, the week was packed with news. The startup ecosystem touched a new high as India saw its 2023’s first unicorn, while on the public markets, Jio Financial Services tumbled. Let’s dive into the major stories that shaped the week.
India On Moon
India became the first country to ever land on the dark side of the moon when the Chandrayaan-3 lunar mission, landed on the moon on August 23. The cost-effective mission’s success drew admiration from leaders worldwide. Read the full article here.
Trump Targets India’s Tariffs
Former US President Donald Trump criticized India’s high tariffs, especially on products like Harley-Davidson motorcycles. He hinted at imposing reciprocal taxes on India if he wins the 2024 presidential elections. Read the full article here.
Jio Financial’s Market Movements
Shares of Jio Financial rebounded after four consecutive sessions of hitting the lower circuit. Analysts suggest that the stock’s decline might be influenced more by technical factors than fundamental ones. The stock’s removal from the indices was postponed again to Sept. 2. Read the full article here.
Zepto: India’s First 2023 Unicorn
Instant grocery delivery startup Zepto achieved unicorn status with a valuation of $1.4 billion after securing $200 million in a recent funding round. The startup aims to go public by 2025. Read the full article here.
India Opens Doors for Tesla
India is considering a new EV policy that could slash import taxes for automakers like Tesla who are keen on local manufacturing. This move could revolutionize India’s EV market, making high-end EVs more accessible to the masses. Read the full article here.
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