India

News, The Morning Context

CRED is facing a catch-22 situation

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CRED is facing a catch-22 situation. The platform, founded by Kunal Shah, spent heavily on growth and acquiring affluent users. Despite substantial revenue growth in FY25 (₹1,473 crore), the company is yet to turn a profit. Its main revenue driver is the loans business (about 85% of FY25 revenue), but the growth rate of loan distribution has suffered a downturn. Analysts suggest CRED may not have enough cash left to build another vertical or sustain its current high valuation without significant fundraising.

News, The Morning Context

Is the worst over for Paytm?

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The year after the Reserve Bank of India’s (RBI) action against Paytm Payments Bank started hard for the company, threatening its operational existence. However, Paytm is showing signs of recovery. In the December quarter, its revenue came in at ₹1,901 crore. The company bagged the National Payments Corporation of India’s approval for a Third-Party Application Provider (TPAP) license, marking a key regulatory milestone. CEO Vijay Shekhar Sharma has emphasized compliance.

Adani Watch, News

Rahul Gandhi’s election pledge to support struggle against Adani’s Hasdeo coal projects

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The campaign to protect India’s Hasdeo forests from coal mining received a boost on 13 February 2024 when prominent Congress leader, Rahul Gandhi, met with leaders of the movement and pledged the support of his party. The indigenous tribal people of the biodiverse Hasdeo forests have been struggling gamely to protect their ancestral homeland from a string of coal projects being developed by the Adani Group. A change of state government in December had disastrous consequences, with dozens of campaigners detained by police while a swathe of forest was felled.

Adani Watch, News

Is Bangladesh’s electricity contract with Adani legally void?

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Bangladesh is attempting to re-visit the deal it made with Adani for buying electricity from its Godda power plant. According to the Bangladesh power company buying the power, Adani is charging too high a price for its coal imports. In this exclusive analysis of the official contract between Adani and Bangladesh, AdaniWatch asks whether the agreement should be considered legally void due to Adani’s inclusion of costs that appear to be non-existent. The agreement as it currently stands will cost Bangladesh significantly more than it should. The cost of power from Godda will be three times more than that imported from other Indian power plants.

Adani Watch, News

Violation of rights prompts secession move

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In the eastern Indian state of Odisha, a struggle by tribal people against displacement by a railway that will carry Adani’s Carmichael coal to its power station at Godda has exposed the violation of rights conferred when India became an independent nation. This story describes how this controversy has its roots in an old Indian fault-line between territories governed by the British Empire, and ‘princely states’ – territories governed in colonial times by native Indian rulers. The violation of indigenous rights enshrined at independence in 1947 has prompted leaders to call for a secession of a former princely state from the state of Odisha.

Adani Watch, News

Retired schoolteacher takes Adani to court over land grab at Godda

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Chintamani Sahu, 72, is spearheading a legal challenge to the Adani Group’s massive coal-power station at Godda. Having refused to surrender the land on which his ashram stands, he has led a group of refuseniks to file a case at the state’s High Court. They argue that the acquisition of land for the project was illegally carried out. Today, as the power plant’s skeleton hulks over his ashram, and the government stalls the case, Sahu is undeterred.

Adani Watch, News

Victims of Adani land grab lead their people’s struggle against Godda power plant

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For over four years, a brave family has refused to hand over their land to Adani’s coal-power project at Godda in north-eastern India. The power plant is the intended destination for Adani’s Carmichael coal. In 2018, Sita Murmu fell at the feet of Adani officials as crops on her land were bulldozed. Last month, she and her family addressed a tribal convention near the construction site, inspiring a struggle to protect indigenous rights in the region. They remain impervious to official threats and enticements to surrender their ancestral lands to the colossal power plant.

Adani Watch, News

Police injure orchardists defending fruit trees from Adani’s transmission line

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Lush orchards in the Indian state of West Bengal have become the latest flashpoint along Adani’s chain of land grabs for exploiting coal from its Carmichael mine. The orchards, locally famous for their mangoes and lychees, are to be bulldozed to make way for a high-voltage transmission line taking electricity from Adani’s Godda power plant to Bangladesh. In early July 2022, a huge force of police and Adani supporters overwhelmed orchardists protesting at the destruction of their fruit trees. Several orchardists were injured. Some claim there is a conspiracy to have them murdered.

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