India's gross domestic product (GDP) has finally entered the positive. For the third quarter, it is at 0.4 percent, indicating a marginal expansion after shrinking in the previous quarters. Here are eight key takeaways from the data that you need to know about.
Take a look at these key events
Today: In line with the Prime Minister's clarion call for an "Aatmanirbhar Bharat", India's first virtual toy fair is set to begin, with Hamleys as the title sponsor for the event. Tomorrow:
Grand Kisan Panchayat to take place in Meerut on February 28, amid the ongoing farmers' protests.
India's benchmark index Sensex registered its sixth-biggest single-day fall after American bond yields, which are at their highest in a year, and US-Iran tensions sunk markets. Selling was rampant across sectors, as Sensex tumbled 1,939.32 points, or 3.8 percent, to 49,099.99 and Nifty crashed 568.20 points, or 3.76 percent, to 14,529.20. Find full details of the impact here.
Bounce lays off 80% of its workforce, including senior leaders
Bounce, known for its two-wheeler rental service, laid off nearly 80 percent of its workforce. To put this in context, that's about 300 people including senior leaders. This move comes as a part of cost-cutting measures to keep the firm afloat. According to people familiar with the matter, only founders in senior roles remain at the Sequoia Capital and Accel-backed firm as their post-pandemic recovery has been slower than expected. Moneycontrol's M Sriram brings you all the details in this Moneycontrol Exclusive.
Deadline to get a pan-India Umbrella Entity license extended, now what?
On February 26, the Reserve Bank of India (RBI) extended applications to register pan-India Umbrella Entities for retail payments till March 31. It had invited applications for this scheme in August 2020 and gave interested participants six months to complete the process. While the official reason for the extension seems to 'COVID-19 disruptions', is there more than what meets the eye? Dinesh Unnikrishnan brings you the full picture in this piece.
What hides behind the spike in cases in India?
Concerns are being raised about the recent spike in cases especially in states such as Maharashtra, Punjab, Kerala, Chhattisgarh and Tamil Nadu. They mainly surround the source of this sudden rise: is it linked to a new strain of SARS-CoV-2 or is it attributable to any super spreading event locally? Moneycontrol's Viswanath Pilla explains all you need to know about the COVID-19 situation in the country here.
Would you invest in Madhuri Dixit?
For Bollywood's proclaimed dancing queen Madhuri Dixit, the art of dancing was meant to be shared. This is what led the actress to create an app during the lockdown where she could share her skills along with other choreographers with the world online. As a result, 'Dance With Madhuri', has seen its user base grow to 300,000 in the last 100 days, with 70 percent of its digital revenue coming from abroad. The actress and her husband are now looking for investors. Maryam Farooqui brings you all the details in this piece.