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India's GDP growth is projected at 7.2 per cent in 2024-25, around 7 per cent in the next fiscal, and after that, there is a strong likelihood that the growth will revert to the 8 per cent trend, said <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> deputy governor <keyword id="20244361" type="General" weightage="20" keywordseo="Michael-Debabrata-Patra" source="keywords">Michael Debabrata Patra</keyword>. He was speaking at the New York Fed Central Banking Seminar organised by the <keyword id="20238413" type="General" weightage="20" keywordseo="Federal-Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Federal Reserve Bank" meta.hostid="261" meta.entityid="Federal Reserve Bank">Federal Reserve Bank</keyword> here on Monday. "...I do believe with all the strength of my conviction that India's time has come," he said, and highlighted the country heads into its future with the youngest population in the world with a median age of 28 years. Unlike in many parts of the world, the working age population is growing -- every sixth working age person is an Indian. Patra said that since independence in 1947, India's growth path has undergone three structural shifts with trend growth, having risen to 7 per cent during 2002-2019. After the severe contraction during the pandemic, a new growth trajectory averaging 8 per cent seems to be forming during 2021-24, he said. India is now regarded as the fastest growing major economy in the world. Already the fifth largest economy in terms of market exchange rates, it is poised to become the third largest economy by 2030, the senior RBI official said and added the country is already the third largest economy in terms of <keyword id="20776921" type="General" weightage="20" keywordseo="purchasing-power-parity" source="keywords">purchasing power parity</keyword>. "Our projections show that India's <keyword id="21013593" type="General" weightage="20" keywordseo="real-GDP-growth" source="keywords">real GDP growth</keyword> will be 7.2 per cent in 2024-25 and around 7.0 per cent in 2025-26 in a cyclical correction to the rebound from the pandemic. Thereafter, there is a strong likelihood that India's growth will revert to the 8 per cent trend," Patra said. On inflation, he said it is projected to average 4.5 per cent in 2024-25 and 4.1 per cent in 2025-26. Consumer Price Index (CPI) based inflation fell below target during July-August but rose to 5.5 per cent in September on the back of a pickup in price momentum in some food items and adverse base effects inherent in year-on-year measurement. "Our projection indicates that these price pressures will persist in October and November before headline inflation realigns with the target from December 2024 and remains aligned in 2025-26," the deputy governor said. He also emphasised that India is emerging as a world leader in leveraging <keyword id="20181895" type="General" weightage="20" keywordseo="digital-technologies" source="keywords">digital technologies</keyword> for transformative change.

India likely to grow at 7.2% in FY25, says RBI deputy governor

<ul class="summary-list"><li>OpenAI acquired the URL "chat.com," which now redirects to ChatGPT.</li><li>HubSpot's cofounder Dharmesh Shah previously owned the domain, paying over $10 million.</li></ul>OpenAI's splashy acquisition of a four-letter domain name is a smart strategic play, branding experts told Business Insider.On Wednesday, OpenAI CEO Sam Altman <a target="_blank" class="" href="https://x.com/sama/status/1854238332534108188?s=46">posted</a> "chat.com" on social media, a URL that now automatically redirects to ChatGPT's website.The domain was previously owned by HubSpot founder and CTO Dharmesh Shah, who <a target="_blank" class="" href="https://x.com/dharmesh/status/1854307883304792294">confirmed</a> that he sold the domain to OpenAI after <a target="_blank" class="" href="https://www.linkedin.com/posts/dharmesh_chatux-ai-chatux-activity-7067513561303916544-w12b/?u">buying it in 2023</a>.Although Shah did not disclose its exact sale price, he previously said he "sold it for more than I paid." In his Wednesday post, he hinted that he had received shares in OpenAI as a result of the transaction.OpenAI did not respond to a request for comment from Business Insider.<h2 id="f9d9b464-ec4c-450d-921b-12648e880019">OpenAI could be trying to make 'Chat' the new 'Google it'?</h2>The latest addition to OpenAI's domain collection, which also includes "chatGPT.com" and possibly "ai.com," suggests a branding shift toward a wider consumer audience, brand experts told BI.Margarita Polishchuk, head of strategy at <a target="_blank" href="https://clay.global/">Clay</a>, a UI/UX design and branding agency with clients including Amazon and Google, said that OpenAI is "securing and strengthening their position" with its new simplistic — and, therefore, stronger — domain name."It's very memorable and super on point," she told BI. "Strategy-wise, I think that for ChatGPT and OpenAI, purchasing a domain like this marks its shift toward a very global audience."While Google's Gemini and Microsoft's Copilot are also sticking to one-word monikers, Gil Luria, an analyst at D.A. Davidson, said the domain is the "most intuitive name" for how consumers think of chatbots."I think the hint that we may be getting from this is that they may want to productize their chat as a consumer product," he said. The new domain "could be a very significant asset in consumer adoption of a particular technology," he added.The new URL could also be the more practical result of a common linguistic error. Nicole Ferry, chief strategy officer at <a target="_blank" class="" href="https://sullivannyc.com/">Sullivan NYC</a>, a brand engagement firm, said that she often notices people switch the letters of ChatGPT to "GTP.""'ChatGTP' actually redirects to NinjaChat AI, which is obviously not OpenAI's product," she said. "So having chat.com is simply also just an easier URL to use in a call to action."She also added that the company's decision to focus on "chat" rather than "GPT" makes the product more approachable."It sounds easy," she said. "I can do that. I chat on my phone with my friends or in DMS or whatever. It feels like something I can already do versus something I have to learn."While "chat" has been a part of the English lexicon to indicate a human interaction, Polishchuk said this marks the incoming of a "major technical shift" in how people may perceive the term."So now any user that is not really tech savvy, when they type in chat.com, they will immerse themselves into the world of LLM and AI," she said.While people might not quite be saying, "Go ChatGPT it," Polishchuk said acquiring a domain with just the word "chat" could propel the AI to become similarly ubiquitous, like "Googling."

OpenAI's splashy purchase of a 4-letter domain name is a smart play

<ul class="summary-list"><li>Laurie and Rich Ramelow were scammed out of $63,000 while buying a home in Texas.</li><li>A fraudster impersonated their escrow officer near the end of the buying process.</li></ul>Earlier this year, Laurie and Rich Ramelow decided to leave California and move to Texas to be closer to their daughter. Laurie, a former real-estate agent, and Rich, a project manager for a telecommunications company, found a 1,901-square-foot, four-bedroom home in San Antonio that seemed perfect. After their offer was accepted, they were sent instructions on a Friday in April to wire the escrow money. The following Monday, they heard from the escrow officer asking them to send the money they'd already sent. "She called and said, 'Where's the money?" Laurie, 55, told Business Insider. "I said, 'What?'" The Ramelows were <a target="_blank" class="" href="https://www.businessinsider.com/millennials-lost-down-payment-to-real-estate-wire-fraud-scam-2024-7">victims of a scam</a>. <a target="_blank" class="" href="https://www.businessinsider.com/millennial-buying-home-got-scammed-by-real-estate-wire-fraud-2024-3">A fraudster had impersonated</a> the Ramelows' escrow officer and swindled about $63,000 from them. "The timing was right, and the fraudster knew the address and all the parties involved," Laurie said. The Ramelows still ended up closing on the house in San Antonio, but it cost them a chunk of their future. <h2>They felt rushed to finish the deal when they didn't have to</h2>Prior to being scammed, the Ramelows were living in a house in Simi Valley, California, a city near Los Angeles, and weren't in a serious rush to buy their new home. The California home — also four bedrooms and just over 1,900 square feet — was their primary residence for over 30 years after they purchased it from Rich's parents. That buying process was a lot different. "It wasn't escrow with all these parties and everything transpiring," Rich, 55, told BI. "It was a quick and easy process with escrow because it was among family." The San Antonio purchase was, essentially, the Ramelows' first time buying a house on their own. They received wiring instructions — <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/credit-score/wire-fraud">having never wired money before</a> — and noticed a certain urgency from the other side. But they kept going. <div type="image" title="San Antonio skyline" height="339" width="508" msid="112633835" hostid="261"></div>"There was an urgency to get escrow closed that day, which, for us, didn't really matter," Rich said. "We were buying it while we still had our house in California, so we shouldn't have fallen for being pressured into it. We should have just slowed down and taken our time." "We were just trying to go with the flow and we didn't want to be the ones holding up escrow," Rich added. Even Laurie, who was a real-estate agent until 2017, was unfamiliar with the escrow process. "I wasn't involved so much with escrow — escrow handled all that," she said. "I made sure they walked clients through and I never had that experience." Laurie had noticed a few grammatical errors in the email containing the fraudulent wiring instructions, but since she hadn't communicated much with the escrow officer beforehand, she chalked them up to harmless mistakes. <h2>The Ramelows' story follows a common pattern</h2>Lisa Plaggemier, the executive director at the National Cybersecurity Alliance, a nonprofit organization that advocates cybersecurity awareness and education, said the Ramelows' case followed <a target="_blank" class="" href="https://www.businessinsider.com/land-fraud-home-title-theft-prevention-tips-2023-9">a pattern she's seen before</a>. "The telltale signs of the language being a little bit off and that sense of urgency," Plaggemier told BI. "Those are two consistent things that we see very often." Small mistakes that can sometimes be telltale signs of a scam — like a missing letter in a word — went unnoticed. "I think that a lot of banks train their frontline staff to look for things like this," Plaggemier said. "It sounds like obviously there was a missed opportunity there," she added. <div type="image" title="A man and woman taking a selfie." height="1024" width="768" msid="112633837" hostid="261"></div><h2>The Ramelows had to liquidate retirement accounts to revive the deal</h2>The Ramelows still wanted to be closer to their daughter, so the sale continued, but they had to <a target="_blank" class="" href="https://www.businessinsider.com/real-estate-wire-fraud-scam-cost-homebuyer-life-savings-2024-3">sacrifice accumulated wealth</a>. "It was pretty devastating," Rich said. "We had to liquidate some funds from IRAs from retirement. It did have to cost penalties and that sort of thing, but we didn't want it to drastically fall through so we could still move on." Laurie and Rich weren't the only ones affected by the scam. Laurie's parents had contributed $20,000 to the $63,000 that was lost. They were able to retrieve that $20,000, save for a couple thousand dollars. The Ramelows, however, are still waiting to recover their money. They're working with <a target="_blank" class="" href="https://www.certifid.com/">wire-fraud-protection company CertifID</a> and the Secret Service to recover the funds, but their window is closing. "Usually the 90 to 120 days is when they would release funds back," Rich said. "We're still hoping, we're hopeful, but we understand, and we've learned our lesson." Correction: August 20, 2024 — An earlier version of this story included the name of a bank the wire-fraud scammer mentioned in their email to the Ramelows. It has been removed because Business Insider was unable to verify the bank’s involvement in the fraudulent wire transfer. A statement from a spokesperson for the bank was also removed.

A former real-estate agent and her husband had to dip into retirement savings to buy a house after being scammed out of $63,000

With <keyword id="19899402" type="General" weightage="20" keywordseo="digital" source="keywords">digital</keyword> adoption fast gaining currency, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is likely to see <keyword id="19992513" type="General" weightage="20" keywordseo="retail" source="keywords">retail</keyword> <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> double to USD 7 trillion by 2030 from current levels, a study by Kearney and <keyword id="19942875" type="General" weightage="20" keywordseo="Amazon-Pay" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon Pay" meta.hostid="153" meta.entityid="Amazon Pay">Amazon Pay</keyword> said. In the report 'How Urban India Pays', Kearney-Amazon Pay said strong adoption of digital payments in <keyword id="21056201" type="General" weightage="20" keywordseo="online-purchases" source="keywords">online purchases</keyword> has potentially led to a permanent shift in consumer behaviours, fuelling offline adoption as well. While 90 per cent of the respondents of the survey preferred digital payments when making online purchases, affluent consumers lead the way with the highest Degree of Digital Payment Usage (DDPU), tending to use various modes of digital payment for 80 per cent of their transactions. "<keyword id="19955338" type="General" weightage="20" keywordseo="millennials" source="keywords">Millennials</keyword> and Gen X are leading in the adoption of all types of digital payment instruments," it said. "Men and women both use digital payments in about 72 per cent of their transactions, indicating gender parity." The research was based on an online survey of over 6,000 consumers along with more than 1,000 merchants through offline and online methods across 120 cities with representation from various regions, income groups, city categories, age brackets and genders. India has seen a surge in <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword>, with the market valued at USD 75 billion to USD 80 billion in 2022 and expected to grow at a 21 per cent CAGR until 2030. "In line with India's digital journey, retail digital payments have grown dramatically over the past five years - from USD 300 billion in FY18 to USD 3.6 trillion in FY24. By FY30, they are likely to double to USD 7 trillion," the report said. The Unified Payments Interface (<keyword id="19900911" type="General" weightage="100" keywordseo="UPI" source="keywords">UPI</keyword>) has been a key driver of this growth, demonstrating a CAGR of 138 per cent in its volumes during FY18-24. Other instruments such as cards and digital wallets are also gaining in popularity, contributing 10 per cent of digital transaction value today. "With such dynamic developments, it is no wonder that India is a global frontrunner in the digital payment landscape, accounting for a stellar 46 per cent of the global digital transaction volumes in 2022," it said. Digital payments have penetrated small towns, with respondents in these areas highlighting that 65 per cent of their transactions are digital, while respondents in larger cities cited this ratio to be 75 per cent. "There is a strong correlation between a city's average DDPU and its retail potential, as measured by the Kearney India Retail Index, with the top six metros displaying both high DDPU and high retail potential," the report said. DDPU surpasses retail potential in some cities such as Lucknow, Patna, Bhopal, Jaipur, Bhubaneswar, Indore, Ahmedabad and Pune, which have a high DDPU nearly matching that of larger metropolitan cities despite having a lower retail potential than the top six metros. The report said co-branded credit cards are gaining momentum. "Emerging methods such as buy now, pay later (BNPL), wearable payments and voice assistant-based payments are also starting to make inroads." Digital modes of payment constitute around 69 per cent of the total transaction volumes for the Indian merchants that were surveyed. Even street vendors such as paan shops, fruit and flower sellers, food stalls, and kirana stores are joining the digital payment brigade. "Challenges for merchant adoption mirror consumer concerns, emphasizing issues of financial fraud, limited connectivity and trust," it said. The report said the next wave of growth in digital payments will be fueled by increasing penetration in segments with lower DDPU, such as consumers in lower-income groups and smaller towns, along with enhancing the value of spending via digital modes of payment in the higher DDPU segments by addressing their concerns. "All key stakeholders across the digital payments' ecosystem, including payment providers, the government, and value-added services players, will need to play a part in expanding digital payment adoption," it said. The focus areas should be empowering communities with financial education by launching target programmes to boost awareness of digital payments and new methods such as UPI Lite and UPI Lite X, especially for aspiring consumer segments, women in small towns, and street commerce merchants, to encourage higher adoption. Also, there is a need to create user-friendly consumer journeys by streamlining documentation and know-your-customer (<keyword id="19910870" type="General" weightage="20" keywordseo="kyc" source="keywords">KYC</keyword>) processes, optimising user interfaces, and establishing responsive customer complaint resolution mechanisms, it said adding also there is a need to enhance digital infrastructure by addressing systems and network issues and exploring innovations such as UPI Lite X for areas with limited internet. Also, the risk of fraud has to be minimised and access to credit-based payment methods expanded by using alternate data for underwriting risk, developing innovative credit products and promoting credit education for financial health. "These areas can help India overcome challenges in the digital payment ecosystem by fostering a more inclusive, secure, and user-friendly environment, thereby enhancing the adoption of digital payments among consumers and merchants in India," it added.

India to see retail digital payments to double to USD 7 tn by 2030: Report

<ul class="summary-list"><li>Prices for bigger-ticket goods like furniture and used cars are falling despite overall inflation.</li><li>The consumer price index rose 2.5% year-over-year, but durable goods prices have declined.</li></ul>The prices for many goods are falling.However, you may <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/inflation-report-stock-market-today-fed-rate-cuts-economy-outlook2024-9">not have noticed</a> unless you've made a big-ticket purchase in the last year.The <a target="_blank" class="" href="https://www.businessinsider.com/inflation-august-consumer-price-index-federal-reserve-rate-cuts-2024-9">consumer price index</a> rose 2.5% year-over-year from August 2023 to August 2024, a drop from July's 2.9% rate. But prices for durable goods like furniture and <a target="_blank" class="" href="https://www.businessinsider.com/car-prices-falling-forecast-outlook-new-used-electric-vehicle-market-2024-6">used cars</a> actually flat-out fell in the latest report — and have been for the last two years.Furniture prices, for example, are down 5.1% year-over-year — with larger declines for living room, kitchen, and dining room furniture. Appliances like laundry equipment are down 3.2%, while items such as lamps and clocks are 2.1% less expensive.Overall, apparel is up 0.3%, though men's apparel has fallen by 0.8%. Shoes, jewelry, and watches have also fallen slightly.Transportation costs are 4.4% lower this year compared to last year, with prices for new vehicles down 1.2%. Prices for used cars and trucks, which skyrocketed in June 2021, peaking at a whopping 45.2% inflation rate, are down 10.4% year-over-year — and 20.2% since February 2022. Vehicle parts and tires have also fallen slightly.In addition, prices for many of America's favorite pastimes have fallen. Prices for video and audio products are 2.5% lower, while televisions are down 5.6%. Sporting goods have declined 2.3%, while toys and games have fallen 3.2%. However, photography equipment has shot up 14.7%, while books are also up.However, many Americans might not have noticed that steep fall in prices over the last two years, given that they only purchase larger items like a couch, cellphone, or car infrequently. A slight decline in price for these purchases might mean little when everyday necessities like grocery and rent prices continue ticking up.Overall <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-inflation">inflation</a> remains elevated largely due to housing costs, with the CPI shelter index up 5.2% over the year. Insurance, medical costs, and recreational activities like movies or sporting events have also gotten more expensive.With an <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-trolled-donald-trump-about-rally-crowd-size-2024-9">election</a> under two months away, many Americans are still concerned about inflation for essentials. Consumer sentiment is slowly elevating, though there exists a <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-impact-economic-sentiment-spread-owners-non-owners-2024-9">consumer sentiment gap</a> between wealthier stock-owning households and less wealthy Americans worried about retirement or putting food on the table.

You may not have noticed your big-ticket purchases are getting cheaper

16 million credit cards purchased in FY 2023-24, UPI payments up by 42%: PwC report

Bitcoin Pizza Day: ₹5,800 crore slice of crypto history

As the world celebrates World EV Day, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s significant progress in adopting <keyword id="19895203" type="General" weightage="100" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> (EVs) across various categories is commendable, however, there is still a long way to go. The government of India's <keyword id="23096041" type="General" weightage="20" keywordseo="Vaahan-Dashboard" source="keywords" meta.keywordsubtype="org" meta.entityname="Vaahan Dashboard" meta.hostid="153" meta.entityid="Vaahan Dashboard">Vaahan Dashboard</keyword> data shows an increasing trend to shift towards green mobility solutions. The most notable trend in EV penetration has been witnessed in the three-wheeler category, where EVs have surged ahead in overall sales. According to the data, 53.61% of all new three-wheeler vehicles purchased this year (2024) were electric, making this segment the leader in <keyword id="20421629" type="General" weightage="20" keywordseo="EV-adoption" source="keywords">EV adoption</keyword>. The two-wheeler segment has also shown encouraging signs of EV adoption, with electric vehicles accounting for 4.97% of all two-wheeler sales so far in 2024. While the percentage is lower compared to <keyword id="20412606" type="General" weightage="20" keywordseo="three-wheelers" source="keywords">three-wheelers</keyword>, the two-wheeler category holds significant potential for growth, given its dominance in India's overall vehicle sales market. As more consumers seek cost-effective and <keyword id="20991927" type="General" weightage="20" keywordseo="environmentally-friendly" source="keywords">environmentally friendly</keyword> alternatives, the penetration of EVs in this segment is expected to grow further in the coming years. However, in the four-wheeler segment, the adoption of EVs remains relatively low, with electric cars making up just 2.14% of total car sales this year. Despite this, the increasing availability of EV models and government incentives are expected to drive further growth in this segment. Interestingly, the penetration of electric buses is higher than that of electric cars, with 3.20% of all new buses sold in 2024 being electric. This trend highlights the growing importance of sustainable public transport solutions as cities aim to reduce emissions and promote cleaner alternatives in mass transit. "Electric vehicles offer a very compelling solutions because they do not emit any tailpipe emissions so that improves their air quality that reduces their air pollution. It also reduces the carbon emission so it helps India to meet with its climate goals and generally, electric vehicles have lower operating cost as compared to the IC engine vehicles," said Samhita Shiledar, Director RMI to ANI. On a state-wise level, the Vaahan dashboard data highlighted that Goa leads the country in EV penetration, with 14.20% of all new vehicles sold this year being electric. Tripura ranks second, followed by Chandigarh in third place. Delhi also stands out with a 10.72% penetration of EVs in total vehicle sales, showcasing the capital's push towards sustainable urban mobility. On the other hand, Himachal Pradesh reported the lowest EV penetration, with only 1.09% of new vehicles sold being electric. In terms of total number of EV sales across all segments in India, the two-wheeler category dominates the electric vehicle market in India, accounting for approximately 51% of total EV sales this year. As World EV Day highlights the global commitment to cleaner mobility solutions, India's data reflects a promising shift but a long way to go towards electrification across various vehicle segments.

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India likely to grow at 7.2% in FY25, says RBI deputy governor

PTI

OpenAI's splashy purchase of a 4-letter domain name is a smart play

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A former real-estate agent and her husband had to dip into retirement savings to buy a house after being scammed out of $63,000

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India to see retail digital payments to double to USD 7 tn by 2030: Report

PTI

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16 million credit cards purchased in FY 2023-24, UPI payments up by 42%: PwC report

Prerna Tyagi

Bitcoin Pizza Day: ₹5,800 crore slice of crypto history

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World EV Day: 50%+ three-wheelers, 5% of 2-wheelers, and 2% of cars purchased in 2024 are EVs.

ANI

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