Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, July 3, 2024. My name is Nelson John. Let's get started:

Sensex and Nifty remained largely flat on Wednesday. Both fell by less than 0.1 percent during trading hours yesterday.

It's difficult to keep the Adani Group out of the news cycle. More than a year and half after it was accused of various irregularities by US-based short seller Hindenburg Research, we're back at it. The markets regulator Sebi sent a show-cause notice to Hindenburg and its financial partner, accusing their report of being sensationalist and profit-oriented. Hindenburg fired back and denied Sebi's accusations, calling it, and I quote, "nonsense". Hindenburg added that Sebi's report was premeditated, and the research firm stood by its report. Varun Sood outlines the entire saga, and explains the notices and responses between Sebi, Adani, and Hindenburg.

It's incredibly easy to get a loan these days. Fintech apps have brought in the "buy now, pay later" revolution, which means that you can order a pizza for dinner tonight and pay for it in the next three months, without any interest. But Indians aren't just borrowing small amounts — home, car, and education loans have been disbursed at the highest volumes since 2008. Vivek Kaul points out a glaring contrast between borrowing and spending data: we're borrowing more than ever, and spending... less? Private consumption today stands at just 8.5 percent, the slowest in two decades. Vivek answers why this dichotomy has taken place, and how the Indian economy is getting affected by such a pattern.

While fintechs have more business than ever, their voracious potential for growth is only limited by one possibility: regulation. Priyamvada C and Mansi Verma team up to report that India's fintech companies want clarity on such regulations. They want hassle-free licensing, tax considerations, and provisions for financial inclusion. Fintech players told Priyamvada and Mansi that a clear framework would help in streamlining their work. For example, currently, a fintech has to apply for multiple licences to offer their services. They claim that they could be making much more progress and digitising more of India's finances if they had such a framework to adhere to.

It's July, which means that it's the rainy season for most of India. While the season officially starts in June, this year's progress has been slow. This is bad news for India's agricultural sector, which completes much of the sowing for its kharif crops this month. A slow or insufficient monsoon can spell disaster for the country's economy, writes Harsha Jethmalani. She points out the concerns around inflation in June, and a cascading effect on rural incomes. India needs rural demand to rise, and a poor monsoon won't help with that.

July also means that it's tax season. The deadline to file your income tax returns is 31st July. Unfortunately, the process isn't easy. There are a lot of forms to choose from, and one might get confused. Sashind Ningthoukhongjam weaves a nice narrative to explain the different kinds of forms, and which ones would be appropriate for your type of income. Remember, missing the 31st July deadline can lead to a penalty of 5,000 rupees — I'd recommend you to read this story if you still had doubts on filing your IT returns.

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Show notes:

Mint Explainer: Hindenburg's latest salvo against Sebi and Adani—and Kotak 

Retail credit aplenty. But why is our spending growth soft? 

Fintechs seek regulatory clarity, improved licensing, tax reforms

With a sombre start, spectre of a disappointing monsoon season lurks 

Income tax deadline looms: Know your ITR forms to avoid penalties 

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