Top headlines: Indian economic growth by 2029, ED raids Paytm, and more

From India becoming third largest economy by 2029 to CBDT issuing refunds of over Rs 1.14 trn, here are the top headlines this evening

India is likely to become third largest economy by 2029: SBI report

India is likely to become the third largest economy by 2029 -- up seven places since 2014 when the country was ranked 10th -- a State Bank of India report stated on Saturday. India is currently ranked fifth largest economy.

"The path taken by India since 2014 reveals the country is likely to get the tag of third largest economy by 2029," the report said. Read more here

Chinese loan apps case: ED raids Razorpay, Paytm, Cashfree in Bengaluru

The Enforcement Directorate on Saturday said it is conducting raids at Bengaluru premises of online payment gateways like Razorpay, Paytm and Cashfree as part of an ongoing probe against "illegal" instant smartphone-based loans "controlled" by Chinese persons.

The searches were launched Friday at six premises in Karnataka's capital city, it said in a statement. Read more here

CBDT issues refunds of over Rs 1.14 trillion between April to August

The Central Board of Direct Taxes (CBDT) said on Saturday that it has issued refunds of over Rs 1.14 trillion to more than 19.7 million taxpayers between April 1 to August 31.

It also said that income tax refunds of Rs 61,252 crore have been issued in 19,600,998 cases and corporate tax refunds of Rs 53,158 crore have been issued in 1,46,871 cases. Read more here

Alliance Air to hold Board meeting on Sept 16 to restore pilots' salaries

Disinvestment-bound regional carrier Alliance Air will hold a Board meeting on September 16 to restore pilots' salaries to pre-pandemic levels, CEO Vineet Sood said on Friday.

Sood issued the email yesterday evening after a significant number of pilots went on strike during the day on the issue of salaries' restoration, forcing the airline to cancel many flights. Read more here

OPEC+ faces output dilemma amid concerns of a global economic slowdown

The OPEC+ coalition is heading into unfamiliar territory.

After spending two years gradually feeding idle oil production back into the post-pandemic world, Saudi Arabia and its partners are facing a different market. The narrative that’s dominated the last few months -- pressure from key consumers like the US to tame inflation by ramping up supply -- is shifting toward concerns about a global economic slowdown. Read more here