Reliance and Meta Join Forces for AI in India
At the 48th AGM of Reliance Industries Limited, Chairman Mukesh Ambani unveiled a game-changing AI joint venture with Meta. The initiative seeks to build open-source artificial intelligence models tailored for Indian businesses in energy, retail, telecom, media, and manufacturing. By combining Reliance’s industry dominance with Meta’s AI expertise, the partnership aims to democratize AI adoption in India. Ambani highlighted the importance of superintelligence in driving future growth, while Mark Zuckerberg emphasized the opportunity to shape AI responsibly. Together, they’re betting big on India becoming a hub for business-ready AI innovation at global scale.
Apple Sets Date for iPhone 17 Launch
Apple fans, mark your calendars: the iPhone 17 series will debut on September 9, 2025, at the “Awe Dropping” event in Cupertino’s iconic Steve Jobs Theatre. This isn’t just another launch—it’s a bold step in Apple’s India-first strategy. The series is expected to bring cutting-edge design, upgraded performance, and new features crafted with the Indian market in mind. Speculation suggests aggressive pricing and early India availability. By combining premium technology with local strategy, Apple seems determined to expand its dominance in one of the world’s fastest-growing smartphone markets. All eyes are on Tim Cook’s keynote.
Rupee Hits Record Low Amid US Tariff Shock
The Indian rupee has plummeted to uncharted territory, breaching the 88-per-dollar mark for the first time. The sudden crash followed Washington’s decision to impose an additional 25% tariff on Indian goods, doubling duties to a daunting 50%. This triggered panic across financial markets—currency, equity, and bonds all reeled under pressure. For India, the development raises fresh questions about its growth prospects, trade competitiveness, and inflation trajectory. Experts warn that prolonged volatility could impact import-heavy sectors, foreign investments, and even consumer prices. The coming weeks may see urgent policy responses to stabilize the currency.
Flipkart Faces GST Probe Over Tax Recasting
India’s e-commerce giant Flipkart has landed in regulatory hot water over alleged GST irregularities. At the heart of the probe is the accusation that Flipkart reclassified its marketplace fees as transportation charges, thereby paying lower GST rates. Marketplace services attract an 18% GST, while goods transport services—meant for small road transporters—fall under a reduced bracket. This alleged reclassification allowed Flipkart to slash its tax burden significantly. The Directorate General of GST Intelligence (DGGI) is investigating and has hinted at a possible show-cause notice for prosecution once sufficient evidence is gathered. Flipkart is yet to comment officially.
Byju’s Legal Woes Deepen With QIA Petition
Edtech giant Byju’s financial troubles are worsening. The Qatar Investment Authority (QIA), via Qatar Holding LLC, has filed an enforcement petition in the Karnataka High Court to recover a $235 million arbitral award, plus 4% compounded daily interest since February 2024. This pushes Byju’s liability to over $249 million. Already battling investor exits, layoffs, and mounting losses, the company now faces a severe liquidity crunch. Industry watchers believe this case could decide Byju’s survival. The QIA move also underscores the growing impatience of global investors with Indian startups that fail to balance aggressive growth and financial discipline.
Zomato-Blinkit Parent Eternal Faces ₹40 Cr GST Demand
Eternal Ltd., the company behind food delivery giant Zomato and quick-commerce platform Blinkit, is grappling with fresh tax troubles. The GST department has slapped demand orders worth ₹40 crore covering July 2017 to March 2020. The notice includes ₹17.19 crore in unpaid GST dues, ₹21.42 crore in interest, and a ₹1.71 crore penalty. Eternal disclosed the development in a regulatory filing, marking one of its biggest tax challenges in years. While the company is expected to contest the order, analysts believe it highlights ongoing compliance scrutiny in India’s booming digital-first consumer sector.
