Top Business News of Sep 2021 | Account Aggregator | Inflation Rate Hike | iPhone News | GST Council

Top Business News of Sep 2021 | Account Aggregator | Inflation Rate Hike | iPhone News | GST Council | Indian Economics Analysis 2021

Daily business updates for commerce students by Chandan Poddar covering the top business news

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India is expected to grow at 7.2 per cent in 2021 but economic growth could decelerate next year, according to a United Nations report which said the recovery in the country is constrained by the ongoing human and economic cost of the pandemic and the negative impact of food price inflation on private consumption.

The UNCTAD Trade and Development Report 2021, released here on Wednesday, sounded a cautiously optimistic note to say that the global economy is set for a strong recovery in 2021, albeit with a good deal of uncertainty clouding the details at the regional and country levels over the second half of the year.

Apple Inc has asked suppliers to build as many as 90 million next-generation iPhones this year, a sharp increase from its 2020 iPhone shipments, according to people with knowledge of the matter.

The objective of Account Aggregator (AA) is to aggregate all financial information of an individual, said M Rajeshwar Rao, deputy governor of India’s central bank — Reserve Bank of India — at a virtual event Thursday.

The new system makes it possible for banks, tax authorities, insurers and other finance firms to aggregate data of customers — who have provided their consent — to get better understanding about their potential customers, make informed decisions and ensure smoother transactions.

Users who provide consent — and it only takes a few taps to do so — will be able to share their financial information from one Account Aggregator participant to another through a centralized API-based repository. Users get to decide for how long they wish their data to be shared with a particular Account Aggregator participant.

The automobile industry in India is the world’s fifth largest. India was the world's fifth largest manufacturer of cars and seventh largest manufacturer of commercial vehicles in 2019. Indian automotive industry (including component manufacturing) is expected to reach Rs. 16.16-18.18 trillion (US$ 251.4-282.8 billion) by 2026. The industry attracted Foreign Direct Investment (FDI) worth US$ 25.85 billion between April 2000 and March 2021 accounting for ~5% of the total FDI during the period according to the data released by Department for Promotion of Industry and Internal Trade (DPIIT).

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