5G Adoption 📱, Lithium Jharkhand 🔋, Hyundai Crash Test 💥

Catch up on the latest in 🇮🇳 Indian 🇮🇳 startups and tech landscape - all in 5 minutes. [Newsletter Banner] Daily 🇮🇳 IndiaTech 🇮🇳 Roundup Welcome to today's edition of the NextBigWhat Daily IndiaTech News! Today's top stories include 5G adoption, lithium reserves in Jharkhand, and Hyundai Verna's crash test rating. 📱 🔋 💥 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( 31 million Indian users set to upgrade to 5G smartphones in 2023 🇮🇳 IndiaTech - Around 31 million Indian users are predicted to switch to 5G smartphones in 2023, as per an Ericsson report. - 5G users in India show high daily engagement with apps, spending two hours more per week using services compared to users in other early 5G adopter markets. - Transitioning from 4G to 5G has increased overall satisfaction by 30%, with India having a 13% higher share of very satisfied 5G users compared to the early adopter market average. Jharkhand identified as new lithium reserve hub in India 📈 India Business - Lithium, a key mineral for electric vehicles, has been discovered in Jharkhand, adding to India’s existing reserves in Jammu & Kashmir, Rajasthan, and Karnataka. - The discovery could boost India’s energy security, reduce import bills, and help achieve net-zero emissions by promoting green transportation and energy. - However, the reserves are currently in preliminary exploration stage, and it could take six to eight years to reach full capacity commercial production. The ultimate guide to starting and scaling your startup [NBW Newsletter Ad]( Learn how to start and scale with curated content and AI prompts! Learn from the top 0.1% practitioners [Enroll]( Hyundai Verna becomes first India-made Hyundai to achieve 5-star Global NCAP crash test rating 📈 India Business - Hyundai Verna is the first India-manufactured Hyundai to receive a 5-star rating in the Global NCAP crash test for adult and child occupant safety. - Despite the top rating, the car’s structure was deemed unstable and a Child Restraint System (CRS) failure was noted in a side impact test. - Global NCAP Secretary General Alejandro Furas and David Ward, President of the Towards Zero Foundation, praised Hyundai’s safety improvements and encouraged the continuation of this trend. CAIT lodges complaint against Flipkart and Amitabh Bachchan over misleading ad 🇮🇳 IndiaTech - The Confederation of All India Traders (CAIT) has filed a complaint against Flipkart and Amitabh Bachchan for a misleading ad about the Big Billion Days sale. - CAIT claims the ad falsely suggests that deals and discounts on mobile phones are only available on Flipkart, not in offline stores. - The organization has asked the Ministry of Consumer Affairs to remove the ad and impose penalties of Rs 10 lakh each on Flipkart and Bachchan. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( World Bank predicts India’s economic growth to slow to 6.3% in FY24 📈 India Business - The World Bank forecasts India’s economic growth to slow down to 6.3% in FY24 from 7.2% in FY23 due to waning base effects, slowing global growth, and domestic price pressures. - India’s inflation projection has been revised to 5.9% from 5.2%, and the fiscal deficit is expected to decline to 8.7% in FY24. - Despite the slowdown, India will remain one of the fastest-growing major economies, with public investment in infrastructure cited as a significant growth driver. Godrej Group in advanced talks to divide its Rs 1.76-lakh-crore business empire 📈 India Business - The Godrej Group is reportedly in advanced stages of negotiations to split its diverse businesses, including engineering solutions, home appliances, security solutions, agricultural products, real estate, and consumer products. - Key points of discussion include the use of the Godrej brand name post-split and land valuations held by Godrej & Boyce Manufacturing Company. - Top investment banker Nimesh Kampani and corporate lawyer Zia Mody are advising one faction, while banker Uday Kotak and legal firm Cyril Amarchand Mangaldas are leading discussions for the other. Indian startups secure $2 billion funding in Q3 2023 despite record layoffs and shutdowns 🇮🇳 IndiaTech - Indian startups raised $2 billion across 226 deals in Q3 2023, with the largest funding of $229 million going to SaaS-based B2B fintech firm Perfios. - Despite the significant funding, the quarter saw record layoffs and shutdowns, with over 30 startups firing 7,000-8,000 employees. - Bengaluru-based startups dominated the funding scene, securing 111 deals worth $1.26 billion, or 63% of the total fundraise in the quarter. Slight dip in India’s manufacturing PMI in September despite inflation concerns: S&P Global 📈 India Business - India’s Manufacturing Purchasing Managers’ Index (PMI) fell slightly to 57.5 in September from 58.6 in August, marking 27 consecutive months above the 50-level mark. - Despite the slowdown, strong demand drove business confidence to its highest level this year, with significant increases in new orders and production. - Rising input costs and higher labour costs led to increased selling prices, indicating further inflation worries. Jio Infocomm secures $2 billion offshore loan for 5G equipment 🇮🇳 IndiaTech - Jio Infocomm, a unit of Reliance Industries, has secured a $2 billion offshore loan to fund 5G equipment purchases from Nokia. - The loan, one of India’s largest offshore loans in FY24, was arranged by HSBC and insured by Finnish credit export agency Finnvera. - This follows a similar loan raised last month to fund purchases from Ericsson, with the funding expected to reduce Jio’s overall 5G gear funding costs. Delhi Police conduct large-scale raids on NewsClick over alleged China funding 📈 India Business - Delhi Police Special Cell raided over 30 locations linked to news portal NewsClick, seizing electronic evidence amid allegations of receiving funding from China. - The Enforcement Directorate (ED) shared information of fraudulent foreign fund infusion of Rs 38.05 crore in a short span of three years, leading to the raids. - The ED had previously conducted searches at NewsClick premises in 2021 in connection with a money laundering probe. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](