Good Morning Folks!!!What body part of a kangaroo, responsible for its iconic hopping ability, is absent in newborn joeys, making them initially unable to hop independently? Stay tuned till the end of the newsletter to find out!

FINTECH
Fintech Sector Projected $420 Billion Industry by 2029

One Liner:India's fintech sector set to skyrocket to $420 billion by 2029, fueled by technological innovation and substantial startup funding.

India's fintech industry, currently valued at about $110 billion in 2024, is projected to expand exponentially to $420 billion by 2029, boasting a robust annual growth rate of 31%. Ajay Kumar Choudhary, India's third-ranking globally in fintech entities, with a significant 14% share of startup funding in the country. He emphasized the critical role of IT investments in banks and fintech firms to navigate digitization challenges and mitigate associated risks. This forecast underscores India's pivotal role in fintech innovation and its promising economic impact in the coming years

TRADE
Malaysia Urges India to Ease Export Restrictions on Rice and Sugar

One Liner: Malaysia appeals to India to relax export curbs on essential farm goods like rice and sugar, citing disruptions in its supply chain.

Malaysia's Minister for Plantation and Commodities, Johari Abdul Ghani, has requested India to ease export restrictions imposed on rice and sugar. India, being the world's largest exporter of rice and onions and the second-largest exporter of sugar, implemented these measures in 2023 to stabilize local prices ahead of the 18th Lok Sabha elections. These sudden restrictions have significantly impacted Malaysia's supply chain, as it heavily relies on India for these key commodities.

STOCK MARKET
IDBI Bank's Witnesses A Market Boost of 6%

One Liner:IDBI Bank's shares jump up to 6% as RBI sets "Fit & Proper" criteria for potential buyers.

IDBI Bank's shares surged by up to 6% on July 18th. The Reserve Bank of India (RBI) has submitted criteria for potential buyers interested in acquiring IDBI Bank, sparking optimism in the market. Industry experts expect progress in privatizing some small public sector banks (PSBs) this year. India's banking landscape, dominated by 12 state-run banks, controls about 60% of total banking assets. Despite earlier delays, the government aims to sell stakes in these banks post-2024 elections.

WORLD

The pound just reached the zenith in juxtaposition with the dollar in a 12 month span as investors anticipate UK interest rates to remain elevated for a longer period. Data collated on Wednesday reveals that the rate of inflation appears sturdy, as pointed out by analysts in the field. The pound has also been buoyed by hopes of a new Labour government offering unwavering economic stability.

WazirX, the Indian crypto behemoth, has met with a rather bizarre fate as it got mired in a notable security breach, raising concerns about the safety of its wallets. The mishap occurred with the transfer of $234 million to a distinct address. The jeopardised amount further heightened concerns as it was synonymous with half of its assets, according to the data from its proof of reserves (PoR) made public in June. Crypto aficionados, stay vigilant!

Nokia slashed its whole-year sales guidance in the backdrop of a fluctuating market spectrum as well as a sea of investors hesitant to pour money into novel equipment. The Finnish giant is mulling multiple sales growth scenarios in lieu of guidance and gearing towards the midpoint or slightly below the centre of its operating profit guidance.

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Riddle

I am always changing, yet always the same. I reflect what surrounds me, but hold no blame. I can be clear or cloudy, shallow or deep, But touch me, and I vanish in a silent weep.

ANSWER TIME!!

Answer(Trivia): Tail muscles

Answer(Riddle): A reflection