Finance Minister says India’s growth resilient

New Delhi: Finance Minister Nirmala Sitharaman has said that despite exogenous threats, India’s well-targeted policy mix, accompanied by major structural reforms and sound external balance sheet, have aided its growth to remain resilient.

She made these observations while attending the 7th Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), via video conferencing.

Sitharaman appreciated the AIIB for its continued commitment and dedication to assist members and for providing high-quality development finance.

While advocating the need to enhance climate finance, the Finance Minister highlighted that Prime Minister Narendra Modi is actively leading India’s climate change response efforts through various programmes such as ‘Lifestyle for Environment’ among many others.

Indian regulator slaps Rs 936 crore fine on Google, 2nd penalty in 1 week

New Delhi: The Competition Commission of India (CCI) this week slapped its second penalty on Google within a week — this time to the tune of around $113 million (Rs 936 crore) — for abusing its dominant position with respect to its Play Store policies.

Last week, the market watchdog had imposed a penalty of Rs 1,337.76 crore on Google for abusing its dominant position in multiple markets in the Android mobile device ecosystem.

In its fresh ruling, the regulator found Google to be dominant in the markets for licensable OS for smart mobile devices and market for app stores for Android smart mobile OS, in India.

“Making access to the Play Store dependent on mandatory usage of GPBS for paid apps and in-app purchases is one sided and arbitrary and devoid of any legitimate business interest. The app developers are left bereft of the inherent choice to use payment processors of their liking from the open market,” said the CCI.

The CCI also directed Google to cease and desist from indulging in anti-competitive practices.

Image courtesy of (File photo)

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