The state government of Odisha has announced the creation of the Integrated Global Financial Technology Capability Hub (I-GFTCH) in the city, a landmark decision that has the potential to transform the state’s digital economy.

The government inked a Memorandum of Understanding (MoU) with the Asian Institute of Digital Finance at the National University of Singapore (NUS-AIDF) and the Singapore-based Global Finance and Technology Network (GFTN) during President Tharman Shanmugaratnam’s January visit.

After the first group of students is chosen, Chief Minister Mohan Charan Majhi will officially launch the I-GFTCH on August 21.

The first-of-its-kind FinTech competence center will teach professionals in the FinTech and InsurTech fields, preparing more than 7,000 graduates for employment over the course of the next five years.

With I-GFTCH, Odisha not only joins the FinTech race but also hopes to lead it, according to Minister for Electronics and IT Mukesh Mahaling. Under Vision Odisha 2036 and 2047, the financial services industry in Odisha, which presently contributes around 8% of the state’s gross state value added (GSVA), is expected to grow rapidly. By concentrating on advanced banking, insurance, payments, and cutting-edge FinTech solutions, the state hopes to raise its GSVA share to over 49 percent by 2047,” he said.

Job applicants selected through an online exam will be offered a future-proof FinTech and InsurTech professional certification program by I-GFTCH as part of the project. This five-month hybrid course is intended for postgraduate and final-year undergraduate students who want to progress in their financial careers. It consists of online courses, on-campus sessions, and internship placements.

“This initiative puts Odisha on the global map of digital skilling, perfectly aligning with India’s broader technological aspirations,” said Minister of Higher Education Suryabanshi Suraj. “We are committed to building a talent pipeline that can power India’s innovation economy, and certification is a powerful step forward,” stated the chief executive officer. Additionally, I-GFTCH will have a Center of Excellence (CoE) to support business acceleration and digital innovation.

The center will provide all-encompassing support, including incubation, coaching, bootcamps, market readiness programs, and venture development help, with the goal of acting as a launching pad for regional startups and SMEs.

I-GFTCH will serve as the centerpiece of a globally integrated, multifaceted strategy to support inclusive growth, digital transformation, and international cooperation, according to Vishal Kumar Dev, Principal Secretary of Electronics and IT. “It will nurture financial technology and InsurTech startups and create a talent pool of professionals to help Odisha sustain its competitive edge in the digital economy,” he said.

Odisha’s goal to become a global hub for FinTech innovation is being realized, according to Sopnendu Mohanty, group CEO of GFTN, thanks to top-notch certification programs and a state-of-the-art capabilities hub that opens up international prospects for local talent and creates a digital economy prepared for the future.

In addition, the government said that in the first quarter of next year, Odisha will host the India edition of the Black Swan Summit (BSS), a prestigious worldwide gathering that aims to investigate disruptive ideas such as digital infrastructure, tokenization, artificial intelligence, and quantum computing.

The summit, which was introduced this year in Perth, Western Australia, now serves as the focal point of the Black Swan Network, GFTN’s premier multi-location, worldwide platform for group vision and cross-border cooperation.

According to Apple CEO Tim Cook, the iPhone manufacturer set revenue records in over two dozen countries and regions, including India, during the June quarter.

Cook told analysts on the call that double-digit increase in the iPhone, Mac, and Services categories was the main driver of these results.

In the great majority of the markets we monitor, we witnessed a global acceleration of growth. Every geographic area witnessed an increase in iPhone sales, while growing countries like Brazil, South Asia, the Middle East, and India had double-digit growth, according to the CEO of Apple.

With sales climbing 15% year over year, Mac continued to achieve outstanding achievements. Cook reported that “we set another all-time revenue record in Services which grew 13 per cent with double-digit growth in both developed and emerging markets.”

“We couldn’t be more excited to open new stores in the UAE and India later this year,” the company said, referring to the recent opening of the Apple Store online in Saudi Arabia.

According to Tarun Pathak, director of research at Counterpoint, Apple is still growing rapidly in India, setting yet another record-breaking revenue quarter with double-digit growth.

The iPhone 16 was the most delivered model in the area, which was a major factor in this momentum. According to Counterpoint, the iPhone captured 7% of the volume and 23% of the revenue share during the quarter. The big change in manufacturing was one of the quarter’s highlights, he told.

Cook pointed out that India is now listed as the “Country of Origin” for the majority of iPhones sold in the US.

India now accounts for 71% of all iPhone shipments in the United States, up significantly from 31% during the same period previous year, according to Counterpoint Research.

“As part of its continuous channel expansion strategy, Apple also announced plans to increase its presence in India with new retail stores opening later this year,” Pathak said.

Cook stated that the scenario about tariffs is changing.

We spent about $800 million on tariff-related expenses for the June quarter. “We estimate the impact to add about $1.1 billion to our costs for the September quarter, assuming the current global tariff rates, policies, and applications do not change for the remainder of the quarter and no new tariffs are added,” he said.

He said that there are a lot of variables that could change, including tariff rates, so this forecast shouldn’t be used to project future quarters.

On Wednesday, actor and philanthropist Sonu Sood will celebrate his 52nd birthday. To commemorate the milestone, he has announced a new unique project.

The actor from “Ek Vivaah… Aisa Bhi” has revealed an elderly care facility that will house and look after over 500 elderly people.

The goal of the old age home is to provide elderly people without caregivers with a caring, respectable, and safe environment.

In addition to housing, these senior citizens will receive medical attention, wholesome food, and emotional support.

That being said, Sood has already linked himself to a humanitarian cause. He has already garnered media attention for his assistance to migrant workers during the COVID-19 pandemic and for his support of patients and students from disadvantaged backgrounds.

The ‘Dabangg’ actor genuinely thinks that helping others is important.

Andhra Pradesh Chief Minister N. Chandrababu Naidu wished Sood a happy birthday and commended him for his steadfast dedication to charity.

“Happy Birthday to the ever-inspiring Sonu Sood!” the CM said on his official X handle, praising his altruistic charitable activities. Numerous lives around the country have been impacted by your unselfish generosity and assistance to people in need. I hope the upcoming year brings you health, happiness, and the willpower to start changing the world. @SonuSood.

Meanwhile, Sood celebrated his birthday in front of his followers and photographers.

A casual black shirt and dark blue trousers were the clothes he was wearing in the social media video.

As he sliced the cake, Sood was spotted grinning. The highlight of the celebration, though, was when fans showered Sood with flower petals.

The amount of love that Sood received on his special day clearly humbled him.

On Wednesday, Prime Minister Narendra Modi celebrated the return of Lord Buddha’s revered Piprahwa relics to India after a 127-year absence, calling it a moment of great pride and happiness for the country.

The Prime Minister emphasized India’s strong spiritual ties to Buddha’s teachings and reaffirmed the country’s commitment to conserving its civilizational legacy in a statement that reflected the government’s cultural vision of “Vikas Bhi, Virasat Bhi” (development along with heritage).

“A happy day honoring our cultural legacy! The return of the revered Piprahwa relics of Bhagwan Buddha after 127 long years would be a source of pride for all Indians, PM Modi wrote in a post on X.

These revered artifacts demonstrate India’s strong ties to the Bhagwan Buddha and his lofty teachings. It also demonstrates our dedication to conserving and safeguarding many facets of our magnificent culture,” PM Modi continued.

The relics were first found in 1898 at Piprahwa in Uttar Pradesh, which is said to be a portion of the ancient Kapilavastu region, which is connected to the early life of Lord Buddha.

During the colonial era, the artifacts—which included bone fragments, crystal caskets, gold decorations, and ritual offerings—were transported overseas and were recently rediscovered at an international auction.

We tried to make sure they went home after they participated in an international auction earlier this year. The Prime Minister expressed gratitude to everyone who had contributed to this endeavor.

The Center began a coordinated diplomatic and legal effort to halt the sale and ensure the repatriation of the relics after the auction listing. The repatriation was successfully arranged by the Ministry of External Affairs, the Ministry of Culture, and international legal specialists.

It is anticipated that the relics would be housed in a national museum or a well-known Buddhist heritage site so that people can pay their respects and discover more about their spiritual and historical value.

The proposed Income Tax Bill 2025 is simply intended to streamline wording and eliminate superfluous or out-of-date sections; it does not suggest altering tax rates, according to a clarification released by the Income Tax Department on Tuesday.

The explanation followed a number of social media posts and media reports that suggested the new bill will change the Long Term Capital Gains (LTCG) tax rates for specific taxpayer groups.

According to some accounts, the current tax breaks for equity investments might possibly be eliminated.

News reports stating that the upcoming Income Tax Bill, 2025, would alter the LTCG tax rates for specific taxpayer groups are making the rounds on a number of media outlets. The department highlighted in an official post on social media platform X that the Income Tax Bill, 2025 seeks to simplify the wording and eliminate unnecessary or obsolete clauses.

“It doesn’t aim to alter any tax rates. Any confusion in this regard will be appropriately resolved when the bill is passed,” the department continued.

Without altering the current tax structure, the remark makes it apparent that the new legislation’s main goals are to simplify the law and make it easier to understand.

During this year’s February Budget Session, the Lok Sabha received the new Income Tax Bill.

It was then forwarded to a Lok Sabha select committee, whose report was just turned in.

The primary objective of the bill is to make tax laws more straightforward, up-to-date, and technologically friendly by replacing the existing Income Tax Act, 1961.

For the first time, the tax code has undergone a comprehensive overhaul.

The 19-year-old Divya Deshmukh became the first Indian champion of the FIDE Women’s Chess World Cup after defeating Koneru Humpy, 38, in an all-Indian final.

On Monday in Batumi, Georgia, Divya won the second quick tie-breaker game by defeating Humpy with black pieces. The winner was determined by a tie-breaker following two days of fierce classical chess that ended in draws.

After a stalemate in the first swift tie-breaker between Koneru Humpy and Divya Deshmukh, Divya won the second. Divya’s victory guarantees her a spot in the Candidates event and helps her take home the ‘Grandmaster’ title. Divya wrote a fairy tale ending in Baku on Monday by defeating famous compatriot Koneru Humpy 1.5-0.5 in the fast tie-breaks of the all-Indian final.

Both players displayed tenacity and top-tier performance in the tight draws that closed the weekend’s classical matches. Divya, with the white pieces, established a strong position in the first game on Saturday but allowed Humpy to equalize late. Although Divya acknowledged she “wandered into trouble for no apparent reason” before holding on, the second game on Sunday was more evenly matched.

However, the young sensation turned the tide during the tie-breaks. Following a tie in the first quick game, Humpy faltered under time pressure in the second, making crucial mistakes that Divya took advantage of. With unwavering composure, Divya won the 2025 Women’s World Cup and became the fourth Indian woman to achieve the Grandmaster title and the country’s 88th GM overall.

After the final, an emotional Divya declared, “It was fate.” “I was considering the possibility of earning a Grandmaster norm here prior to the competition. In the end, I was promoted to Grandmaster.

Given the circumstances, Divya’s success is all the more impressive. She entered the tie-breaks as the underdog because it was generally assumed that Humpy, the two-time World Rapid Champion and current world No. 5 in classical chess, would win the faster format. However, according to the FIDE women’s list, Divya was placed No. 18 in classical, No. 22 in fast, and No. 18 in blitz.

The teenager from Nagpur, who won the World Junior Championship championship only a year ago, has had a spectacular ascent with this victory. She secured individual gold on her board and was instrumental in India’s gold medal drive at the 2024 Chess Olympiad in Budapest.

After the software giant Tata Consultancy Services (TCS) announced that it would lay off over 12,200 workers in FY26, its shares were trading down on Monday.

On the BSE, the share fell 1.7% to an intraday low of Rs 3,081. India’s largest IT exporter on Sunday announced plans to lay off around 2 per cent of its global workforce.

With 6.13 lakh workers as of June 2025, the IT behemoth intends to undertake layoffs across a number of areas and regions. The business claimed in a statement that middle and senior grades will be the most affected by the layoffs.

The decision, which TCS CEO K Krithivasan called “one of the toughest” he had to make, is meant to make the organization “future-ready and agile” in the face of quickly changing workplace patterns and technological advancements.

According to the allegations, the corporation is providing notice period compensation, extended insurance, severance packages, and placement support in locating other employment possibilities.

According to TCS, the difficulties in redeploying employees whose existing positions no longer match the company’s changing skill requirements are what are driving the layoffs rather than cost-cutting or automation. Demand in the IT industry is changing as a result of the IT giant’s present focus on the widespread implementation of artificial intelligence (AI) and other new technologies.

“TCS — the creation of the great F.C. Kohli and the pride of India — has triggered an economic earthquake by its announcement of 2 percent layoff in upper management,” Congress lawmaker Jairam Ramesh said in a post on X.

“A skills mismatch has been cited as the cause. In any case, the news is worrying, and the country can only hope that the tremor is an isolated incident,” he continued.

According to analysts, some senior professionals are finding it difficult to adjust to the contemporary, tech-driven workplaces, and roles such as manual testing are becoming less common.

The IT behemoth just revealed a Q1 FY26 net profit of Rs 12,760 crore, up 6% year over year. During this quarter, operating revenue increased 1.3% to Rs 63,437 crore. The company has declared an interim dividend of Rs 11 per share.

The US government declared on Sunday that there would be no extension this time and that the August 1 deadline for the imposition of reciprocal tariffs remains unaltered.

There is no chance of an extension for the Fox News Sunday TV show, according to US Commerce Secretary Howard Lutnick.

“No more grace periods or extensions. Tariffs are established on August 1. They will be put in place. Lutnick was cited on the television as saying, “Customs will begin collecting the money, and off we go.”

Additionally, he stated that in order to persuade US President Donald Trump to lower a 30% tariff rate that is set to take effect on August 1, the European Union (EU) has to open its markets to more US products.

“The question is, do they offer President Trump a good enough deal that is worth it for him to step off the 30 per cent tariffs that he set,” Lutnick stated.

It is up to President Trump, who is in charge of this negotiating table, to reach an agreement, as you are aware. “We laid the table,” he continued.

Ursula von der Leyen, the president of the European Commission, was scheduled to meet with Trump in order to finalize a trade agreement for Europe that would probably impose a baseline 15% tariff on the majority of EU goods.

To meet with EU Trade Commissioner Maros Sefcovic, US Trade Representative Jamieson Greer and Commerce Secretary Lutnick took a plane to Scotland this past weekend.

Before the deadline next week, five nations have already inked trade agreements with the Trump administration. Japan, Vietnam, Indonesia, the Philippines, and Britain are among them.

The much-anticipated agreement with the US has not yet materialized due to the tense negotiations between the two countries, whereas India is signing trade agreements at a breakneck rate, the most recent of which being with the UK.