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Hyundai crosses 40 per cent bids on day 2 of India IPO; eyes EV crown in US- The Week

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Hyundai crosses 40 per cent bids on day 2 of India IPO; eyes EV crown in US- The Week

In the same year that Hyundai Motor Group overtook Ford to reach the second position in the US EV market, which is led by Twitter-owner Elon Musk’s Tesla, the Korean automaker’s India unit crossed 40 per cent in bids on the second day of its IPO. When market closed, subscriptions hit more than 4.17 crore equity shares out of 9.97 crore shares on offer— the country’s largest-ever initial public offering of Rs 27,780 crore. This includes retail investors, Non-Institutional Investors (NIIs), Qualified Institutional Buyers (QIBs), and employee reserved portion. Of the 4.95 crore shares available to retail individual investors (RIIs), 38 per cent received bids at market close on Tuesday.

ALSO READ: Hyundai Motor India IPO: Should you apply for India’s largest public offering?

Hyundai is expected to launch four new models in the mass-market EV sector in India, starting with Creta EV scheduled for January 2025. Other models include Inster EV to rival Tata’s Punch EV, and speculations for Grand i10 Nios EV and Venue EV. As of now, Hyundai sells its high-end EV IONIQ 5 in India.

In the US, Hyundai, Kia, and Genesis—which together form the Hyundai Motor Group—accounted for more than 10 per cent of the EV market, with market leader Tesla slipping 50 per cent market share for the first time.

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ALSO READ: From Tesla to Toyota: Automakers race to embrace gigacasting technology

India’s EV market is touted to grow to a whopping Rs 318,000 crore by 2030 due to increasing affordability, launch of mass-market EVs, rising infrastructure, spiking fuel prices, and government support, according to a report by Grant Thornton Bharat and the Automotive Component Manufacturers Association. In September 2024, the Indian government issued new charging guidelines for EV charging stations and infrastructure, in a bid to attract more EV adoptions.

The India unit is a wholly owned unit of the global automaker Hyundai Motor Company (HMC), headquartered in Seoul, Korea. As of date, Hyundai India boasts a Credit Rating of CRISIL AAA for Packing Credie and CRISIL A1+ for Short Term Debt as per official information from the automaker’s India website. 

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PM Modi calls for creating ethical AI and data privacy rules with global standards- The Week

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PM Modi calls for creating ethical AI and data privacy rules with global standards- The Week

Batting for inclusivity in technology, Prime Minister Narendra Modi called on the world of telecom and Internet to develop a global ecosystem that does not leave behind anyone, and provides not just connectivity, but modes for equality and opportunity.

“Our future has to be technically strong and ethically sound. In our future, innovation should be there, so should be inclusive,” said PM Modi.

The prime minister was speaking at the joint inaugural ceremony of the World Telecommunications Standardisation Assembly, as well as the India Mobile Congress. It is the first time that the global telecom body that decides on standards and framework for the operation of new telecom technologies is meeting in India.

The PM called on the world body to take a leaf out of India’s own inspirational track record in inclusivity through the Digital India mission, which he himself had set in motion ten years ago.

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“World looked at mobile and telecom as a mode of convenience. India’s model was different — we didn’t look at telecom not as a mode of connectivity, but a mode for equity and opportunity,” Modi said, describing how the four pillars of Digital India were formulated — Device cost had to come down, Digital connectivity should reach all corners, Data should be affordable to all, and Digital first should be the aim.

Of this, Modi elucidated on how the first point led to ‘Make in India’ at first, and then the whole ‘Vocal for Local’ and PLI schemes originated. “Phones couldn’t have become cheaper unless we started making them in India. From 2 makers in 2014 to 200 manufacturing units, from being an importer, today we’re known as a mobile exporter!”, he said.

PM Modi also focused on cybersecurity, pointing out how India has come up with the Data Protection Act as well as a national cyber security strategy. “Telecom has to be safe for everyone. In this interconnected world, security should not be an afterthought,” he said, calling on the Standardisation Assembly to “Create a standard that is inclusive, accessible and is adaptable to all future challenges.”

“Create standards for rthical AI and data privacy that is adjustable with cultures of different parts of the world. No nation, region or community should be left behind in this technological age,” the PM said.

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2025 Federal Income Tax Brackets: Key Changes and What They Mean for You

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Federal Reserve Bank

The IRS has announced the updated federal income tax brackets and standard deductions for the 2025 tax year, which will impact the taxes filed in 2026. These changes include higher income thresholds for each tax bracket, ensuring that taxpayers can potentially retain more of their income in lower brackets due to inflation adjustments. Understanding these new brackets is essential for tax planning and optimizing your personal finances.

Federal Income Tax Brackets for 2025

Federal income tax brackets define the tax rates applicable to different portions of your “taxable income.” Taxable income is calculated by subtracting either the standard deduction or itemized deductions from your adjusted gross income. Below are the updated marginal tax brackets for the 2025 tax year:

Taxable Income Marginal Tax Rate
$23,850 or less 10%
$23,851 to $96,950 $2,385 plus 12% of the amount over $23,850
$96,951 to $206,700 $11,157 plus 22% of the amount over $96,950
$206,701 to $394,600 $35,302 plus 24% of the amount over $206,700
$394,601 to $501,050 $80,398 plus 32% of the amount over $394,600
$501,051 to $751,600 $114,462 plus 35% of the amount over $501,050
$751,601 and above $202,154.50 plus 37% of the amount over $751,600

2025 Standard Deduction Increases

In addition to the new tax brackets, the standard deduction is set to rise in 2025:

  • Married couples filing jointly: $30,000 (up from $29,200 in 2024)
  • Single filers: $15,000 (up from $14,600 in 2024)

These changes reflect inflation adjustments, which help minimize the tax burden for many taxpayers. The higher standard deductions introduced under the Tax Cuts and Jobs Act (TCJA) of 2017 are set to expire after 2025 unless Congress extends them. Therefore, it’s crucial to take advantage of the increased standard deductions in the coming tax year.

How These Changes Impact Your Taxes

The updated federal income tax brackets and higher standard deductions may reduce your taxable income, particularly for middle- and high-income earners. To benefit from these adjustments, ensure you are aware of how the new tax rates and deductions apply to your financial situation.

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Whether you’re a single filer or a married couple, planning ahead can help you optimize deductions, reduce taxable income, and ensure you’re prepared for any potential tax obligations in 2025.

In summary, staying informed about these federal tax updates is critical for effective tax planning. Be sure to review your financial status and consider consulting a tax professional for additional guidance in navigating the changes for the 2025 tax year.

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UK ministers explore using break clauses in asylum housing contracts

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UK ministers are keen to apply break clauses in contracts for asylum accommodation with outsourcers including Serco and Mears in an effort to renegotiate terms or end the deals.

Home Office ministers were “shocked” by the profits made by Serco, Mears and Clearsprings Ready Homes on multiyear contracts signed in 2019 and hope to use break clauses in 2026 either to revise the original terms or terminate, said two people briefed on their thinking.

“They [the companies] made way more than was originally envisaged because the asylum system became so out of control,” said one of the people. The Home Office was regularly bidding against other Whitehall departments for hotel and dispersal accommodation, driving up prices, the person added.

In 2019, the previous Conservative government overhauled the procurement of asylum accommodation. It said the changes would ensure vulnerable asylum seekers had access to support and set clear requirements for housing conditions, although human rights groups have continued to warn that some asylum accommodation remains unsafe.

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In the same year, 10-year contracts for asylum accommodation were awarded to Serco in the Midlands, North West and east of England, Mears in the North East and Yorkshire and the Humber, and Clearsprings in the south of England.

The contracts, which contained break clauses after seven years in 2026, will cost the state about £4.6bn in total, according to government procurement data provider Tussell. Tussell’s figures also include Mears contracts in Scotland and Northern Ireland, and a Clearsprings contract in Wales.

The three companies do not specify the returns made on the contracts. But last year Clearsprings, whose principal source of business is asylum contracts with the Home Office, reported an increase in operating profit to £62.5mn, from £1.9mn in 2019.

Its profit margin — the proportion of revenue that is profit — rose from about 3.5 per cent to 5.8 per cent in the same period.

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In corporate filings last year, Mears said its contract brought in about £440mn in revenues — up £90mn on the previous 12 months — and accounted for 40 per cent of total revenues. In 2019, the company said it expected the contract to account for roughly 15 per cent of total revenues.

Since 2021, Mears’ profits have jumped 83 per cent to £47mn, and last year it warned that losing the asylum contract in 2026 was a “principal risk” to its business. Shares in London-listed Mears closed down 13 per cent on Wednesday at £3.32, the lowest since February.

Serco won asylum contracts worth £1.9bn in 2019, the company’s largest-ever contract, and now accommodates more than 30,000 men, women and children.

It reported a 5 per cent increase in overall profits between 2022 and 2023 to £249mn, and this year noted that profit margins on UK and European work had increased from 3.4 per cent in 2022 to 6.8 per cent in the first half of 2024.

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Serco operates across a number of sectors and in different countries, but when it increased its profit guidance last year, the company said the decision was in part because of “robust demand for immigration services”.

Joe Brent, analyst at investment bank Panmure Liberum, said UK asylum contracts had been a “source of profit growth” to Serco.

“If Labour succeeds in reducing the company’s level of returns considerably, it will reach a point where Serco goes elsewhere,” Brent said. “There aren’t many contractors that can deliver this at scale. It’s risky, intense, complex work, where capital is deployed and they have to deliver a return.”

The government has vowed to end the use of hotels and mass accommodation sites to house asylum seekers, but it has struggled to reduce reliance on hotels even as some large-scale sites, such as the Bibby Stockholm barge, are set to close.

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The government has been spending more than £8mn a day on hotel accommodation for asylum seekers, and in recent weeks ministers have contacted hotel providers to procure extra spaces after a rise in small boat Channel crossings.

The Home Office did not respond to a request for comment.

Serco said it had won its contracts “following a competitive tender to ensure that value for money was achieved for the taxpayer”.

“We make low single-digit returns across our UK government business, and in the previous asylum accommodation contracts we lost more than £100mn,” it added, referring to contracts that ran between 2012 and 2019.

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Mears said its profits related to performance across all activities, not just asylum contracts, and that its improved financial performance since 2021 had “come from an artificially low base because of the impacts of the pandemic”.

The company also said its contracts with the government stipulated caps on the level of profits the company could make and arrangements to return “surplus profit” to the client. It did not say how much profit if any it had returned to the Home Office since 2019.

“Mears has, over recent years, returned to operating margins that would be recognised as appropriate in the sectors in which it operates . . . in line with the historical performance of the group,” it added.

Clearsprings declined to comment.

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Hundreds of pensioners to get one-off cost of living cash worth £100 after losing winter fuel payment

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Hundreds of pensioners to get one-off cost of living cash worth £100 after losing winter fuel payment

HUNDREDS of struggling pensioners could receive a one-off voucher worth £100 to help with their energy bills this winter.

It follows the government’s decision to make winter fuel payments means-tested.

2CFA9TB Scattered new 20 pound polymer notes with British monarch Queen Elizabeth II

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2CFA9TB Scattered new 20 pound polymer notes with British monarch Queen Elizabeth IICredit: Alamy

The Older Adults Winter Support programme by Peterborough City Council is aimed to help around 1,000 of the most vulnerable pensioners in the area.

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The scheme, which is funded by the Household Support Fund, will be accepting applications until March.

To be eligible, applicants must be aged 65 or over and live alone or with another person aged 65 or over.

They must have a household income of less than £320 per week, with savings of £10,000 or less – with proof provided.

And they must not be eligible for Pension Credit.

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To apply for the scheme, which is run in partnership with Age UK, pensioners should contact the charity’s Cambridgeshire and Peterborough branch.

The charity will then assess each claim, and suggest alternative forms of winter support if applicable.

Labour councillor Alison Jones said: “With winter just around the corner, we wanted to do something to specifically help older people who may be struggling and feeling vulnerable right now.”

Many other councils around the country are using the Household Support Fund to give one-off payments to vulnerable pensioners.

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For example, Norfolk County Council is giving out one-off payments of £120.

Fuel duty hike is double blow after Winter Fuel Payment loss, says pensioner

Charities are also giving out gadgets such as air-fryers and heated blankets to help those struggling with energy bills.

Labour’s decision to scrap winter fuel payments was announced by Chancellor Rachel Reeves earlier this year.

However, the support will still be available to those on certain benefits – including Pension Credit, income support, tax credits and Universal Credit.

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How has the Household Support Fund evolved?

The Household Support Fund was first launched in October 2021 to help Brits pay their way through winter amid the cost of living crisis.

Councils up and down the country got a slice of the £421million funding available to dish out to Brits in need.

It was then extended for a second time in the 2022 Spring Budget and for a third time in October 2022 to help those on the lowest incomes with the rising cost of living.

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The DWP then confirmed a fourth extension of the scheme through to March 31, 2024.

Former chancellor Jeremy Hunt extended the HSF for the fifth time while delivering his Spring Budget on March 6, 2024.

The Department for Work and Pensions (DWP) recently confirmed that eligible households will receive payments from November through to December.

To apply for the Older Adults Winter Support, call 01733 564 185 or email pbws@ageukcap.org.uk.

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What is the Winter Fuel Payment?

Consumer reporter Sam Walker explains all you need to know about the payment.

The Winter Fuel Payment is an annual tax-free benefit designed to help cover the cost of heating through the colder months.

Most who are eligible receive the payment automatically.

Those who qualify are usually told via a letter sent in October or November each year.

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If you do meet the criteria but don’t automatically get the Winter Fuel Payment, you will have to apply on the government’s website.

You’ll qualify for a Winter Fuel Payment this winter if:

  • you were born on or before September 23, 1958
  • you lived in the UK for at least one day during the week of September 16 to 22, 2024, known as the “qualifying week”
  • you receive Pension CreditUniversal Credit, ESA, JSA, Income Support, Child Tax Credit or Working Tax Credit

If you did not live in the UK during the qualifying week, you might still get the payment if both the following apply:

  • you live in Switzerland or a EEA country
  • you have a “genuine and sufficient” link with the UK social security system, such as having lived or worked in the UK and having a family in the UK

But there are exclusions – you can’t get the payment if you live in Cyprus, France, Gibraltar, Greece, Malta, Portugal or Spain.

This is because the average winter temperature is higher than the warmest region of the UK.

You will also not qualify if you:

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  • are in hospital getting free treatment for more than a year
  • need permission to enter the UK and your granted leave states that you can not claim public funds
  • were in prison for the whole “qualifying week”
  • lived in a care home for the whole time between 26 June to 24 September 2023, and got Pension Credit, Income Support, income-based Jobseeker’s Allowance or income-related Employment and Support Allowance

Payments are usually made between November and December, with some made up until the end of January the following year.

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One-of-a-kind Christmas attraction where families travel 140m underground to visit Santa

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The National Coal Mining Museum was named of the country's best hidden gem attractions earlier this year

AN UNDERRATED museum in the north of England is home to a one-of-a-kind underground Christmas attraction.

Earlier this year, research from luggage storage company Bounce named the National Coal Mining Museum in Wakefield as one of the country’s best hidden gem attractions.

The National Coal Mining Museum was named of the country's best hidden gem attractions earlier this year

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The National Coal Mining Museum was named of the country’s best hidden gem attractions earlier this yearCredit: Alamy
Santa Underground is an underground Christmas grotto

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Santa Underground is an underground Christmas grottoCredit: National Coal Mining Museum for England Trust

Located in West Yorkshire, the National Coal Mining Museum is housed at the former Caphouse Colliery, which dates back to the 18th century.

The museum opened to the public in 1988 and offers visitors a deep insight into the life and work of coal miners, preserving the rich industrial heritage of the region.

Later this year, the National Coal Mining Museum will host a Christmas event called Santa Underground.

Visitors will descend 140m underground where they’ll head to a “one-of-a-kind” Christmas grotto to meet the big man himself.

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At the event, Children will receive an age-appropriate gift and a certificate.

Previous visitors to Santa Underground have raved about the attraction, with one person writing on TripAdvisor: “I can’t write I can’t fault anything.

“The staff were fantastic and friendly, the underground tunnel to Santa’s grotto was magical and the grotto itself was enchanting.

“Santa spent a lot of time talking to the children and going underground in an original miners’ lift was very exciting.”

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Tickets to Santa Underground cost £10 for a full-paying adult and £13 for kids.

Named one of the UK’s best hidden gem attractions, there are plenty of other things to do at the National Coal Mining Museum.

Jet2 Launches Biggest Ever Winter Package from Scotland

Set across two former coal mines, visitors can learn about over 200 years of coal production.

On volunteer-led underground tours, visitors will hear stories from former coal miners.

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There are above-ground attractions too, including a nature trail, an adventure playground and a pony discovery centre where visitors can meet ponies.

The battery-powered Paddy Train is another popular attraction at the sprawling museum.

Previously used to ferry miners around the pit, museum-goers who visit during peak hours can ride on the train from Caphouse to Hope and back again.

Entry into the National Coal Mining Museum is free, although a £5 donation is encouraged. Underground tours cost an additional £7.50.

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Despite not being well-known as a tourist destination, there are plenty of other things to do in Wakefield.

One of those is Hepworth Wakefield, an art gallery that overlooks the River Calder.

Named after artist Barbara Hepworth, the award-winning museum is home to displays of artwork like sculptures and still life paintings.

Wakefield Cathedral is another popular attraction in the city, with the tallest church spire in Yorkshire.

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Other nearby attractions include Diggerland – one of the strangest theme parks in the UK.

Visitors can spend the day riding dumper trucks around a gravel pit, digging stones out of a hole with a full-sized digger and riding around a muddy concourse while seated in an enormous bucket.

Wakefield is a 70-minute drive from Manchester, and it’s a 20-minute drive from Leeds.

Five other unusual museums to visit in the UK

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HERE are five other unusual museums to visit in the UK.

The Dog Collar Museum, Leeds Castle, Kent
This unique museum houses a fascinating collection of dog collars dating from the 15th century to the present day. The display includes ornate and practical collars, illustrating the changing relationship between humans and their canine companions.

The British Lawnmower Museum, Southport
Dedicated to the history and development of the lawnmower, this quirky museum features over 300 restored exhibits, including lawnmowers once owned by Princess Diana.

The Museum of Witchcraft and Magic, Boscastle, Cornwall
This intriguing museum explores the history, folklore, and practices of witchcraft and magic, with a collection of over 3,000 objects. Visitors can delve into exhibits ranging from spell books and charms to tools and ceremonial items.

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The Fan Museum, Greenwich, London
The only museum in the UK dedicated solely to fans and fan-making, it boasts an extensive collection of fans dating from the 11th century to the present day. The museum also features beautifully decorated rooms and a tranquil Japanese-style garden.

The Cumberland Pencil Museum, Keswick, Cumbria
Celebrating the humble pencil, this museum traces the history of pencil manufacturing in Keswick, home of the first pencil factory. Highlights include the world’s largest colouring pencil and a secret World War II pencil with hidden maps.

Here are the 25 best ice rinks to visit in London and the South East.

And, these are the best Christmas markets to visit in the UK.

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Tickets to Santa Underground cost £13 per child.

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Tickets to Santa Underground cost £13 per child.Credit: Alamy
The National Coal Mining Museum is located just outside of Wakefield

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The National Coal Mining Museum is located just outside of WakefieldCredit: Alamy

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This is India’s most digital-ready city. And surprise, it’s not Bengaluru or Gurugram- The Week

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This is India’s most digital-ready city. And surprise, it’s not Bengaluru or Gurugram- The Week

The list of Indian cities ranked for digital readiness, unveiled at the India Mobile Congress on Wednesday afternoon threw up some surprises. Bengaluru and Gurugram, or for that matter, the heavy duty metros of Delhi and Mumbai, were conspicuous by their absence in the top 10.

ALSO READ: Digital India has nudged Indians into adopting new technology

The list, compiled by OpenSignal, looked at the ten most populous cities in the country, as well as designated smart cities. The topper turned out, ironically enough, to be Srinagar. The very capital of Jammu & Kashmir that has been more associated with internet shutdowns that superior internet quality.

But that evidently is the verdict of OpenSignal, the world’s leading evaluator of mobile and network quality. It looked at three parameters – 4G/5G availability, consistent quality, as well as download speeds, to come up with the winner.

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ALSO READ: Google doubles down on AI that talks in an Indian tongue

Interestingly, none of the metro cities made it into the top 10, with Agra taking the second spot, followed by Faridabad in Haryana, which is technically in Delhi BCR, though. The highest metro placement is Delhi at No.13, Chennai at No.19 and Kolkata at No.20 (Howrah comes in at No.21)

For the larger Mumbai metropolitan region, Kalyan-Dombivali fared better than main Mumbai city, coming in one position ahead of the maximum city at No. 26. Navi Mumbai came in at a lowly No.31 (Vasai-Virar at No.49).

ALSO READ: A global leadership opportunity in the AI age beckons India

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Bengaluru, the IT capital of the country, shockingly came at just No. 34, despite being a designated smart city to boot.

After Srinagar, Agra and Faridabad in the top three, the following cities rounded out the top 10, in order: Jaipur, Patna, Ranchi, Meerut, Madurai and Dhanbad, with Ahmedabad and Coimbatore jointly sharing the No.10 spot.

The data for the survey was collected by OpenSignal between February and July-end of this year.

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