India’s GDP took a huge leap, RBI banned Paytm Payment Bank, know what special happened in the business world in February

The month of February is over. This month was full of discussions from political point of view. But many big news also came out from the business world. The biggest news is that the Ministry of Statistics and Program Implementation said that India’s GDP has increased to 8.4 percent in the third quarter of the current financial year. Apart from this, now India’s UPI service can be availed in countries like Sri Lanka and Mauritius. Indian company Reliance Industries and American company Walt Disney have merged with each other, taking the total valuation of the company to approximately Rs 70,350 crore. According to the latest report of ICRA, the Indian hotel industry will register revenue growth at the rate of 7 to 9 percent in the next financial year 2024-25. Reserve Bank of India has taken action on Paytm Payment Bank, under this all Paytm Payment Bank accounts will be deactivated from 29th February.

As the month of February went by, happiness spread on the faces of all the Indians, the Ministry of Statistics and Program Implementation released some figures on the last day of the month in which it was told that in the third quarter of the current financial year, India’s Gross Domestic Product (GDP) year-on-year. The year has increased to 8.4 percent. If we talk about last year, then GDP was 4.3 percent. GDP at constant prices is estimated at Rs 43.72 lakh crore in the third quarter of 2023-24, compared to Rs 40.35 lakh crore in the third quarter of 2022-23, showing a growth rate of 8.4 percent, the government release said. PM Modi wrote in a post on his social media platform X, “The strong GDP growth of 8.4% in the third quarter of 2023-24 reflects the strength of the Indian economy and its potential.” Our efforts will continue to bring rapid economic growth that will help 140 crore Indians live better lives and create a developed India.”

India’s Unified Payment Interface i.e. UPI services have started in Sri Lanka and Mauritius from February. In an online program, Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe and Mauritius Prime Minister Pravind Jugnauth launched this online payment service. With the launch of this service, passengers traveling to both the countries are going to benefit greatly. Now travelers going there will not need to exchange Indian currency into the currency of Sri Lanka and Mauritius. PM Modi said in his address that “With the introduction of UPI, tourism between these countries (India, Sri Lanka and Mauritius) will increase.” I am confident that Indian tourists will also like destinations where UPI services are available.”

If we talk about the entertainment world, then last month a deal has been sealed between Indian company Reliance Industries and American company Walt Disney. Under this deal, the deal between Reliance’s Viacom18 and Star India regarding OTT and television streaming has been finalized. After the merger of these two, the total valuation of the company will be around Rs 70,350 crore. With this merger, Reliance and Walt Disney have come to the top in the Indian entertainment sector. If we talk about Reliance, it will keep 16.34 percent stake with itself by investing a total of Rs 11500 crore. Viacom18 and Walt Disney will hold 46.82 percent and 36.84 percent stake respectively.

Indian hotel industry is also having good days, according to the report of credit card firm ICRA, Indian hotel industry will be on boom in the financial year 2024-25. According to the latest report of ICRA, the Indian hotel industry will register revenue growth at the rate of 7 to 9 percent in the next financial year 2024-25. The ICRA report said sustainment of domestic leisure travel, demand for meetings, incentives, conferences and exhibitions are some of the factors that will benefit the Indian hotel industry.

In the beginning of February, a news came that Reserve Bank of India has taken action on Paytm Payment Bank, under this, all Paytm Payment Bank accounts will be deactivated from 29th February. RBI accused Paytm that without doing Know-Your-Customer (KYC), Paytm has added crores of customers to its Paytm Payment Bank. RBI had also warned Paytm about this but Paytm kept violating the rules. And later RBI issued a notice saying that from February 29, all services of Paytm Payment Bank will be stopped. However, the rest of the services of Paytm will continue to work smoothly.