DailyWorld News - The First International Newspaper From India https://dailyworld.in/ Thu, 02 Oct 2025 16:03:11 +0530 en https://dailyworld.in/business/elon-musk-1st-person-ever-to-reach-net-worth-of-500-billion-641084.html New Delhi Oct 2 Tesla and SpaceX CEO Elon Musk has become the worlds first person ever to reach a net worth of 500 billion followed by Oracles Larry Ellison at a distant second According to Forbes billionaires index Musks net worth stood at 5001 billion as of 415 pm ET 145am Thursday India timeHis feat came as Tesla shares rose over 14 per cent so far this year closing 33 per cent higher on Wednesday US time adding more than 6 billion to Musks wealthMusks AI startup xAI was valued at 75 billion as of July xAI was targeting a 200 billion valuation after a fundraise although Musk said the company was not raising capital at that timeOracle Founder Ellison was the secondrichest person on Forbes list with a net worth of about 3507 billionLast month Ellison briefly become the worlds richest person overtaking Musk following a significant increase in his wealth due to the price surge of his companys sharesFor 300 days Musk was at the top of the global wealth rankings Musk who first became the worlds richest person in 2021 regained the title last year after briefly losing it to Amazon founder Jeff Bezos and LVMHs Bernard ArnaultMeanwhile Tesla has started delivering standard Model Y to its customers in India while the delivery of the Long Range variant is going to commence soonThe electric vehicle maker has announced that the new Model Y owners will be provided with a complimentary Wall Connector allowing convenient installation in their parking space for easy home chargingThe Wall Connector can be installed at customers homes or workplaces enabling them to start each day with a fully charged Tesla reducing costs per mile and eliminating trips to fuel stations Customers can also charge at Tesla Charging Stations in Mumbai and DelhiThe Model Y is available at a starting price tag of Rs 5989 lakhIn August Tesla inaugurated its first showroom in the National Capital Region NCR at the Worldmark 3 complex in Aerocity marking the electric carmakers second retail location in India after Mumbai IANS https://dailyworld.in/business/elon-musk-1st-person-ever-to-reach-net-worth-of-500-billion-641084.html Thu, 02 Oct 2025 12:37:00 +0530 https://dailyworld.in/business/nites-alleges-tcs-forced-2-500-employees-in-pune-to-resign-641097.html New Delhi Oct 2 The Nascent Information Technology Employees Senate NITES a forum representing IT sector staff has accused Tata Consultancy Services TCS of forcing nearly 2500 employees in Pune to resign The allegation was made in a letter written by NITES President Harpreet Singh Saluja to Maharashtra Chief Minister Devendra Fadnavis seeking immediate action to protect the affected workersAccording to NITES the Union Labour Ministry had already asked the Maharashtra labour secretary to look into the matterHowever Saluja said the situation on the ground had worsened with thousands of employees in Pune allegedly losing their jobs in recent weeksThe group claimed that many of these workers are mid to seniorlevel professionals who have spent 10 to 20 years at TCS and most are over 40 years of ageWith financial responsibilities like home loans school fees and care for ageing parents NITES said finding new jobs in the current market is extremely difficult for themThe employees forum further alleged that the terminations were being carried out in violation of the Industrial Disputes Act 1947 as the company had not given notice to the governmentIt claimed that TCS had not paid retrenchment compensation and that employees were being pressured into voluntary resignationsNITES said this crisis was not just about numbers but about families whose childrens education household stability and financial security are now at riskTCS however rejected the allegations In a statement the company said The misinformation shared here is inaccurate and purposefully mischievous Only a limited number of employees have been affected by our recent initiative to realign skills in our organisationThe company added that those impacted had been provided due care and severance benefitsIn June TCS had announced plans to cut about 2 per cent of its global workforce amounting to around 12261 jobs mainly in the middle and senior levelsCalling the situation a darkest hour for many families NITES has urged Chief Minister Fadnavis to intervene stop the alleged illegal terminations and ensure that all employees receive their rightful benefits under the law IANS https://dailyworld.in/business/nites-alleges-tcs-forced-2-500-employees-in-pune-to-resign-641097.html Thu, 02 Oct 2025 12:52:00 +0530 https://dailyworld.in/business/govt-issues-notices-to-25-offshore-crypto-exchanges-for-breaking-anti-money-laundering-rules-641112.html New Delhi Oct 2 The Financial Intelligence Unit of India FIUIND has sent notices to 25 offshore virtual digital asset VDA service providers for allegedly failing to follow Indias antimoney laundering laws according to a Finance Ministry statement The notices were issued under Section 13 of the Prevention of Money Laundering Act PMLAThis section allows authorities to launch investigations check company records verify customer details and demand reports on suspicious transactionsCompanies that violate the rules could face fines of up to Rs 1 lakh for each breachAmong the 25 offshore firms served notices are CoinW of Singapore BTCC of the UK Changelly of Hong Kong and Paxful of the USOther names include Huione of Cambodia CEXIO of the US and the UK LBank of the British Virgin Islands PrimeXBT of Saint Lucia Coinex of Hong Kong Remitano of Singapore Poloniex of Boston BitMex of Seychelles and LCX of LiechtensteinThe FIUIND has also issued separate notices under the Information Technology Act 2000 asking for the removal of apps and websites that were operating in India without proper registration under PMLAFIUIndia which was set up in 2004 is the main agency responsible for collecting and analyzing information about suspicious financial transactionsSo far 50 VDA service providers have registered with FIUIND However several offshore firms continue to operate in India without registering which keeps them outside the antimoney laundering and counterfinancing of terrorism AMLCFT frameworkThe government made it clear that all VDA service providers serving Indian users whether based in India or abroad must register with FIUIND and follow PMLA rulesThese rules apply to companies engaged in activities like cryptotofiat exchanges transfer of virtual assets safekeeping of digital assets or any services giving control over such assetsRegistration and compliance are mandatory even if the companies do not have a physical presence in IndiaThe Finance Ministry also warned users that crypto products and nonfungible tokens NFTs are currently unregulated and carry high risksIt said there is no regulatory protection if investors suffer losses from such transactions IANS https://dailyworld.in/business/govt-issues-notices-to-25-offshore-crypto-exchanges-for-breaking-anti-money-laundering-rules-641112.html Thu, 02 Oct 2025 13:52:00 +0530 https://dailyworld.in/business/gst-20-empowering-livelihoods-and-growth-in-uttar-pradesh-641117.html New Delhi Oct 2 The GST reforms provide targeted relief to Uttar Pradeshs diverse economy spanning GIregistered carpets brassware Zardozi footwear ceramics sports goods and cement Lower tax rates are expected to improve affordability for households ease workingcapital pressures on artisans and strengthen MSME competitiveness in both domestic and global markets according to an official statement issued on ThursdayBhadohi carpets Moradabad brassware and Saharanpur woodcraft are expected to become 67 per cent cheaper boosting exports and sustaining lakhs of artisan jobs The BhadohiMirzapurJaunpur region is one of Indias largest handknotted and handwoven carpet clustersFollowing the GST cut from 12 per cent to 5 per cent handmade carpets will become cheaper This is likely to improve affordability in domestic markets strengthen export competitiveness and ease workingcapital pressures for family looms and SMEs that dominate the clusterThe leather and footwear clusters in the KanpurAgra belt employing 15 million workers will also benefit from the GST rate cut which will improve the competitiveness of MSME and lead to higher exportsThe Firozabad glassware Khurja ceramics and Gorakhpur terracotta stand to gain from lower costs supporting fragile clusters and festival demand as prices come down due to the reduction in GSTThe GST rate cut will boost Lucknows Zardozi a GIregistered craft and an ODOPpromoted product which provides livelihood to around 152 lakh artisans with women forming a large share of the workforce in cottage and smallscale units producing these embellished fabrics The craft serves strong domestic demand from weddings and festivals along with exports to the Middle East Europe and the USAAgras famed marble inlay craft Parchinkari carried forward by artisan families in Agra Firozabad and Mathura remains closely tied to tourism The cluster sustains 500020000 workers including carvers polishers and inlay artists many supported under ODOP initiativesThe sector is closely tied to tourism and décor markets with additional sales through online gifting and limited niche exports to Europe and the Gulf A GI application for Agra Parchinkari is under examination and the craft is globally recognised for its link to the Taj Mahals heritageThe GST rate reduction from 12 per cent to 5 per cent is expected to make stone handicrafts more affordable for tourists and domestic buyers boosting sales and easing cost pressures on small workshopsGST 20 will boost cottagebased and familyrun units that dominate Uttar Pradeshs embroidery sector with nearly 253 lakh artisans engaged across Lucknow Varanasi and Bareilly NIFT and MSME reportsWomen make up a large share of the workforce particularly in semiurban and rural households Lucknow Chikan Craft and Varanasi Zardozi Work are both GIregistered and recognised ODOP products receiving special promotional supportThe GST reforms will give a fillip to the wooden toy and craft sector in Uttar Pradesh is sustained by family artisans many of whom work from their homesThe clusters in Varanasi and Chitrakoot alone employ around 1500025000 artisans while Saharanpur is home to thousands more engaged in woodworking and carving Rampur is also part of this traditional craft network The clusters cater to strong domestic demand through fairs religious toys and décor with modest exports reaching Europe and the GulfWith GST reduced from 12 per cent to 5 per cent toys and small crafts are expected to become cheaper improving affordability in local markets and helping artisans compete with machinemade plastic productsThe GST reforms will also benefit sports good clusters of the state in Meerut and Modinagar with 3000035000 workers engaged in small units MSMEs and larger factories The sector produces cricket and hockey equipment for a domestic market worth about Rs 250 crore while also exporting to the UK Australia Africa and the Middle East It is supported under ODOP with marketing and MSME assistanceWith GST reduced from 12 per cent to 5 per cent sports goods are expected to be cheaper This is likely to boost demand in the domestic market improve export competitiveness and support employment stability across small and medium enterprisesThe GST reduction from 28 per cent to 18 per cent will spur growth in Uttar Pradeshs cement industry spread across Mathura Chunar Mirzapur Firozabad and Aligarh is dominated by largescale industrial plants The sector employs about 1500020000 direct workers and another 10000 in transport raw material supply and constructionlinked servicesThese clusters are located around limestonerich areas ensuring efficient supply chains While the domestic market is driven by housing infrastructure and construction limited clinker exports also go to Nepal and BangladeshThe GST rate reduction will make cement more affordable lowering construction costs for developers and households improving competitiveness against imports and encouraging expansion of industrial plants and logistics services IANS https://dailyworld.in/business/gst-20-empowering-livelihoods-and-growth-in-uttar-pradesh-641117.html Thu, 02 Oct 2025 14:22:00 +0530 https://dailyworld.in/business/esic-issues-guidelines-of-new-amnesty-scheme-to-settle-court-cases-641118.html New Delhi Oct 2 The Employees State Insurance Corporation ESIC has issued detailed guidelines for the new Amnesty Scheme 2025 for settlement of court cases and withdrawal of prosecution cases The measure is aimed at simplifying compliance and reducing the burden of litigation to facilitate ease of doing business according to an official statementThe Amnesty Scheme 2025 is a onetime dispute resolution initiative aimed at reducing the backlog of court cases promoting compliance under the ESI Act and enhancing ease of doing businessThe scheme provides an opportunity to employers and insured persons to settle disputes outside courts in a structured and transparent manner It will remain in operation from October 1 to September 30 2026For coverage disputes the scheme applies to both closed and running units Units closed for more than five years with litigation pending for over five years and no assessment will have their cases withdrawn Units closed within five years must produce records pay accepted dues with interest and will not be liable for damagesRunning units can also settle disputes by producing records to support their claims with no damages imposed However cases where employers voluntarily registered through Form01 on the ESIC portal are excludedFor contribution disputes the scheme covers cases challenged under Sections 45A 45AA 75 82 or Article 226 without substantial legal questions Employers must obtain court permission apply in the prescribed format and pay contributions both employers and employees share with interest as per records Where records are missing documents from the EPFO or Income Tax authorities may be relied upon for verificationIn cases where no such records are available the employer will be required to pay at least 30 per cent of the assessed contribution Additionally interest on the dues will be payable at the revised contribution rate No damages will be levied but employers must give an undertaking for future complianceFor damages disputes cases will be withdrawn on payment of 10 per cent of the determined damages where contribution and interest have already been paid If ESIC has appealed in higher courts damages as fixed by the lower courts will be accepted and cases withdrawnCriminal cases under Section 84 against insured persons for wrong declarations will be withdrawn if excess amounts are refunded and an undertaking is given with no interest charged Cases pending for over five years where insured persons cannot be traced may also be withdrawn but those involving conspiracy or forgery are excludedProsecution cases under Sections 85 and 85A against employers may be withdrawn if contributions and interest are paid based on records or alternative documents like EPFOIT filings Where no records exist dues will be assessed on declared wages SSO survey reports or minimum wages No damages will be imposedThe scheme also covers old cases under Sections 85a and 85g pending for over 15 years with dues up to Rs 25000For closed units such cases may be withdrawn For running units compliance must be updated and at least 30 per cent of dues with interest paid Cases under Section 85e for nonsubmission of returns may be withdrawn since the requirement is redundant with digitalisation subject to compliance Cases of late submission of declaration forms pending for more than three years may also be withdrawn if compliance is complete and accident cases are settledTo ensure smooth implementation Additional Commissioner cum Regional DirectorsRegional DirectorsDirector IcJoint Director IcDeputy Director Ic of ESIC Regional amp SubRegional Offices have been fully empowered to process withdrawals and settlements during the scheme period A fieldlevel committee comprising legal and finance officers along with panel advocates will review such casesAll cases must be settled within six months from the date of application and even those who availed earlier amnesty schemes are eligible to benefit from this new initiativeBy offering a practical transparent and employerfriendly mechanism for dispute resolution this scheme removes procedural bottlenecks facilitates faster closure of longpending cases and builds confidence among stakeholdersIt is expected to ease operational challenges for employers reduce the legal load on courts and further strengthen ESICs role as a progressive and responsive social security institution the statement added IANS https://dailyworld.in/business/esic-issues-guidelines-of-new-amnesty-scheme-to-settle-court-cases-641118.html Thu, 02 Oct 2025 14:23:00 +0530 https://dailyworld.in/business/rs-3-29671-crore-earned-from-e-waste-disposal-69627-lakh-sq-ft-office-space-freed-jitendra-singh-641121.html New Delhi Oct 2 The government has generated Rs 329671 crore from the disposal of ewaste and scrap while more than 69627 lakh sq ft of office space has been cleared and put to productive use over the last four years according to Union Minister Dr Jitendra Singh Speaking at the launch of the Special Swachhta Campaign 50 at Nehru Park in the national capital Dr Singh said the campaign has brought visible changes in governance and public servicesHe highlighted that over 13786 lakh old files have been weeded out and more than 1204 lakh cleanliness sites across the country have been cleaned during previous phases of the campaignThe minister praised the Department of Administrative Reforms and Public Grievances DARPG and other departments for their role in achieving these resultsHe also participated in Shramdaan activities a plantation drive under the Ek Ped Maa Ke Naam initiative and the weeding out of old files at the eventCalling the Special Swachhta Campaign a unique success story of governance in Independent India Dr Singh said the implementation phase beginning October 2 would focus on institutionalising cleanliness drives streamlining administrative processes and improving efficiency in government officesHe thanked Prime Minister Narendra Modi for turning cleanliness into a peoples movement noting that the Prime Ministers call from the Red Fort transformed Swachhata into a behavioural change embraced by homes and communities across the countryDr Singh also honoured Safai Mitras by distributing safety kits and sweets acknowledging their central role in keeping the campaign effective on the groundThe minister added that various ministries and departments have already uploaded ambitious targets for the implementation phase including nearly 69 lakh public grievances for review over 269 lakh physical files and more than 52 lakh efiles identified for reviewThe National Archives of India will also open an exhibition titled Sushasan aur Abhilekh on October 10 showcasing historically valuable records accessed during earlier Special CampaignsAs the Special Campaign 50 enters its next stage Dr Singh said it reaffirms the governments commitment to cleanliness transparency efficiency and public participation while carrying forward Mahatma Gandhis legacy of civic responsibility and collective action IANS https://dailyworld.in/business/rs-3-29671-crore-earned-from-e-waste-disposal-69627-lakh-sq-ft-office-space-freed-jitendra-singh-641121.html Thu, 02 Oct 2025 14:55:00 +0530 https://dailyworld.in/business/indias-electronics-component-scheme-attracts-over-rs-1-lakh-crore-ashwini-vaishnaw-641128.html New Delhi Oct 2 Union Minister for Electronics and IT Ashwini Vaishnaw on Thursday announced that the government has received investment proposals worth Rs 115 lakh crore under the Electronics Component Manufacturing Scheme The scheme was launched to boost domestic production of electronic components and devices in IndiaThe investment applications of more than Rs 1 lakh crore under the Electronics Component Manufacturing Scheme clearly show PM Narendra Modis focus on electronics manufacturing and the trust developed by the world in India in the last 11 years This trust is resulting in investment employment and extra production he saidThe minister said the proposals have exceeded expectations in terms of investment employment and production targets compared to what was initially envisioned at the time of designing the schemeThe application window for the scheme closed on September 30 and we have received investment proposals worth Rs 115351 crore Vaishnaw saidHe added that while the government had originally projected around Rs 59000 crore of investment under this scheme the final proposals have nearly doubled that amountThe application window for the capital equipment segment of the scheme remains openThe Union Cabinet had approved the Electronics Component Manufacturing Scheme in March with a budget outlay of Rs 22919 crore for six yearsThe objective of the scheme is to attract largescale investments into the electronics component manufacturing ecosystem build domestic value addition and integrate Indian companies with global value chains GVCsIt aims to create a strong component ecosystem by offering targeted incentives to Indian manufacturers across different categories of components and subassemblies enabling them to enhance scale and technological capabilitiesThe scheme initially targeted Rs 59350 crore of investment Rs 456500 crore worth of production and the creation of 91600 direct jobs along with numerous indirect employment opportunities accelerating Indias growth in the electronics manufacturing sectorElectronics and IT Secretary S Krishnan said that the proposals submitted under the scheme include commitments to generate employment for 141 lakh people significantly higher than the target of 91600 jobs IANS https://dailyworld.in/business/indias-electronics-component-scheme-attracts-over-rs-1-lakh-crore-ashwini-vaishnaw-641128.html Thu, 02 Oct 2025 15:35:00 +0530 https://dailyworld.in/business/centre-extends-unified-pension-scheme-switch-deadline-till-nov-30-641025.html New Delhi Sep 30 The government on Tuesday extended the deadline to switch from the National Pension System NPS to the Unified Pension Scheme UPS till November 30 against the earlier date of September 30 The deadline has been extended for eligible employees past retirees and legally wedded spouses of deceased retirees to exercise their option to join the UPS by two months according to a notification by the Department of Financial Services DFSIn the official communication to the Pension Fund Regulatory and Development Authority PFRDA the DFS said the decision was taken after receiving multiple requests from stakeholders seeking more time in view of recent changes announced under the schemeThe Finance Ministry has directed the PFRDA to make necessary changes in the Central Recordkeeping Agency CRA systems and issue a circular to implement the decisionEarlier the Finance Ministry had urged all Central government employees and past retirees under the NPS who wish to switch to the UPS to exercise their option well ahead of the September 30 deadline to avoid being caught up in a lastminute rushAll eligible employees are urged to exercise their option well before the deadline to avoid any lastminute difficulties and to ensure the timely processing of their requests Employees who choose to remain in the NPS cannot opt for the UPS after this date a Finance Ministry statement had saidEligible employees under the UPS can switch to the NPS only once and cannot switch back to the UPS The switch must be exercised at least one year before superannuation or three months before voluntary retirement whichever is earlierThe switch facility will not be allowed in cases of removal dismissal or compulsory retirement as a penalty or where disciplinary proceedings are ongoing or contemplatedThose who do not opt for the switch within the stipulated time will continue under the UPS by defaultThis initiative aims to provide Central government employees with an informed choice in planning their postretirement financial security By opting for the UPS the employees retain their choice to switch to the NPS at a later date IANS https://dailyworld.in/business/centre-extends-unified-pension-scheme-switch-deadline-till-nov-30-641025.html Wed, 01 Oct 2025 00:02:00 +0530 https://dailyworld.in/business/google-korea-pays-122-million-in-corporate-taxes-in-2024-lawmaker-641044.html Seoul Oct 1 Google Korea the local unit of US tech giant Google paid 172 billion won 122 million in corporate taxes last year a lawmaker said on Wednesday adding the amount represents only a fraction of what South Korean firms would have had to pay Google Korea paid 172 billion won in corporate taxes last year although it should have paid 6762 billion won said Rep Choi Soojin of the People Power Party citing figures based on the companys estimated sales reports Yonhap news agencyShe referred to a report by professor Jeon Seongmin of Gachon University which estimated that Google Koreas revenue in 2024 could have reached up to 113 trillion wonApplying Korean internet giant Naver Corps corporate taxtorevenue ratio of 59 percent Choi argued that Google Koreas tax liability should have been 6762 billion wonAs of last year Google Korea accounted for 312 percent of the countrys data traffic compared with Navers 49 percentHowever Google Korea reported just 3869 billion won in revenue while Naver posted 107 trillion won in sales Choi said Naver paid 3902 billion won in corporate taxes in 2024Neglecting the issue of domestic revenue minimisation and tax avoidance by global big tech companies like Google will be a major factor hindering fair competition with domestic firms Choi said In the long term this will inevitably have a negative impact on the domestic information and communications technology ecosystemMeanwhile Google said on Tuesday it will accept the South Korean governments security requirements to remove coordinates for the Korean region from its map in order to secure approval to export highprecision map data overseasWe are announcing two more measures to address any remaining national security concerns from the government Cris Turner vice president for government affairs and public policy at Google said in a press conference in SeoulFirst to provide worldclass navigation service in Korea we are strengthening our longterm partnership with local technology he saidSecond we will remove latitude and longitude coordinates for places in Korea he added noting that the Seoul government has asked Google to remove such information IANS https://dailyworld.in/business/google-korea-pays-122-million-in-corporate-taxes-in-2024-lawmaker-641044.html Wed, 01 Oct 2025 14:31:00 +0530 https://dailyworld.in/business/sensex-nifty-open-in-green-ahead-of-rbi-repo-rate-decision-641051.html Mumbai Oct 1 The Indian benchmark indices opened with mild gains on Wednesday as investors await the decision of the Reserve Bank of Indias RBI monetary policy decision As of 930 am the Sensex was up 144 points or 018 per cent at 80412 and the Nifty advanced 17 points or 007 per cent at 24628The broad cap indices Nifty Midcap 100 and Nifty Smallcap 100 inched up 052 and 029 per cent respectively Shriram Finance Tech Mahindra Trent and Tata Consumer Products are among the major gainers on the Nifty pack while losers include Bajaj Finance Interglobe Aviation Bajaj Finserv and SBI Life InsuranceAmong sectoral indices Nifty Media the top gainer advanced 174 per cent Nifty Pharma up 124 per cent and Nifty Realty up 130 per cent were other major gainersAnalysts said that banking stocks will be the focus of attention since a rate cut at this juncture will impact their NIMs and their stock prices A pause by the MPC will impart resilience to the banking stocks they saidAmid the continuing market weakness and decline caused by sustained selling from foreign institutional investors FIIs analysts recommended systematic investment in highquality largecap stocks emphasising that patience is essential for longterm wealth creationAccording to market experts Nifty can find support at 24550 followed by 24500 and 24450 On the higher side 24650 can be an immediate resistance followed by 24700 and 24750The US markets ended in the green zone overnight as Nasdaq edged up 031 per cent the SampP 500 added 041 per cent and the Dow moved up 018 per cent in the last trading sessionThe Asian markets were trading mixed during the morning session following gains on Wall Street as investors appeared unperturbed by a looming US government shutdownWhile Chinas Shanghai index added 052 per cent and Shenzhen advanced 035 per cent Japans Nikkei declined 117 per cent while Hong Kongs Hang Seng Index added 081 per cent South Koreas Kospi added 060 per centOn Tuesday foreign institutional investors FIIs sold equities worth Rs 2327 crore while domestic institutional investors DIIs were net buyers of equities worth Rs 5761 crore IANS https://dailyworld.in/business/sensex-nifty-open-in-green-ahead-of-rbi-repo-rate-decision-641051.html Wed, 01 Oct 2025 14:39:00 +0530 https://dailyworld.in/business/centre-hikes-dadr-by-3-pc-to-benefit-118-cr-employees-pensioners--641057.html New Delhi Oct 1 The Union Cabinet on Wednesday increased Dearness Allowance DA and Dearness Relief DR by 3 per cent for about 4919 lakh central government employees and 6872 lakh pensionersnbsp The DADR increase of 3 per cent over the existing rate of 55 per cent of the basic paypension to compensate against the price rise is effective July 1 2025The combined impact on the exchequer on account of an increase in DA and DR will be Rs 1008396 crore per annum IampB Minister Ashwini Vaishnaw said while briefing on decisions taken in the Cabinet meetingnbspThe increase is in accordance with the accepted formula based on the recommendations of the 7th Central Pay CommissionAgencies https://dailyworld.in/business/centre-hikes-dadr-by-3-pc-to-benefit-118-cr-employees-pensioners--641057.html Wed, 01 Oct 2025 16:03:00 +0530 https://dailyworld.in/business/rbi-mpc-decisions-break-8-day-losing-streak-sensex-surges-715-points-641058.html Mumbai Oct 1 IANS The Indian equity indices soared high on Wednesday ending an eightday losing streak following heavy buying after the RBI decided to keep the repo rate unchanged at 55 per cent along with raising GDP growth forecast to 68 per cent for FY26 from its earlier projection of 65 per centnbspThe strong automobile sales data for September has also fueled the market sentimentnbspSensex ended the session at 8098331 up 71569 points or 089 per cent The 30share index started the session a bit lower at 8015990 against last sessions closing of 8026762 However the index turned positive and had a sharp rally after post RBI announced to maintain the status quo on repo rate The index touched an intraday high of 8106843Nifty closed at 2483630 soaring 22520 points or 092 per centnbspNifty closed Wednesdays session with a strong bullish candlestick after the RBI policy outcome and auto sales data reclaiming levels above its 100day EMA at 24750 which earlier acted as resistance said analystsnbspTata Motors Kotak Bank Trent Sun Pharma Axis Bank ICICI Bank Tech Mahindra HDFC Bank Adani Ports Mahindra and Mahindra Eternal Titan TCS ITC BEL and Hindustan Unilever were the top gainers from the Sensex basket Bajaj Finance Ultratech Cement SBI and Asian Paint ended the session lowerSectoral indices mirrored the market sentiment amid value buying Nifty Bank soared 712 points or 130 per cent Nifty Fin Services surged 360 points or 138 per cent Nifty Auto escalated 226 points or 085 per cent Nifty FMCG ended the session 394 points or 072 per cent and Nifty IT jumped 250 points or 074 per centnbspBroader indies followed suit as well Nifty Small Cap 100 escalated 193 points or 110 per cent Nifty Midcap 100 surged 500 points or 089 per cent Nifty 100 soared 207 points or 082 per cent and Nifty Next 50 closed 242 points or 036 per cent higher https://dailyworld.in/business/rbi-mpc-decisions-break-8-day-losing-streak-sensex-surges-715-points-641058.html Wed, 01 Oct 2025 16:19:00 +0530 https://dailyworld.in/business/rbi-policy-statement-an-authoritative-one-towards-market-reforms-sbi-chairman-641059.html New Delhi Oct 1 IANS State Bank of India SBI and Indian Banks Association IBA Chairman CS Setty on Wednesday said the RBI policy statement was an authoritative one towards unveiling of market reforms and moving beyond rate actionsnbspThe move towards a riskbased deposit insurance premium will facilitate significant improvement in the bottom line of sound banksnbspThe withdrawal of framework related to specified borrowers and allowing of MampampA financing by Indian banks are growth accretive and will foster incremental credit flow from banks Setty said in a statementExtension of timelines for repatriation from foreign currency accounts of Indian exporters in IFSC and for forex outlay for Merchanting Trade Transactions besides simplification of reconciliation processes in EDPMSIDPMS portals are welcome steps as they will further enhance ease of doing business for the export sector he further statednbspThe measures towards enhancing customer satisfaction and protection improved use of rupee across crossborder transactions will strengthen the larger financial ecosystem in terms of acceptability and improved currency outlook over the medium term Setty addedAccording to the research report from the SBIs Economic Research Department the unanimous decision of the Monetary Policy Committee MPC to vote for a status quo keeping the policy rate unchanged signals a rare kind of dynamism that fans out to areas well beyond the monetary policy facilitated by comfortable liquidity conditions and benign external sectors despite tradeled uncertaintiesnbspThe domestic financial system appears to benefit the most through a slew of forwardlooking reforms that aim at global repositioning it notedWe believe both FY26 and FY27 inflation numbers are likely to be much lower Juxtaposed against the uncertainty plaguing the global financial markets and economies themselves the choice of MPC of holding rates seems logical from a regulatory angle per se the report highlightednbspHowever given that monetary policy communication plays a pivotal role in guiding expectations the perceived reaction function and the clarity with which communication is delivered assume utmost importancenbspIn this context the RBI has kept the door ajar for future rate cuts with seemingly low inflation forecasts and downward adjustments in growth though the timing of such could keep everyone guessing the SBI report noted https://dailyworld.in/business/rbi-policy-statement-an-authoritative-one-towards-market-reforms-sbi-chairman-641059.html Wed, 01 Oct 2025 18:05:00 +0530 https://dailyworld.in/business/asian-development-bank-forecasts-indias-growth-at-65-pc-for-2025-and-2026-640840.html New Delhi Sep 30 The Asian Development Bank ADB on Tuesday projected Indias growth at 65 per cent for 2025 FY26 and 2026 FY27 as it trimmed its growth outlook for developing Asia and the Pacific by 01 and 02 percentage points for this year and next respectively amid the emergence of a new global trade environment shaped by tariffs and updated trade agreements Indias GDP grew 76 per cent in H1 2025 as higher investment from strong public capital spending offsets lower net exports and consumption despite firm rural demand ADB said in a statementIndustrial growth likewise improved in India with manufacturing and construction performing well offsetting declines in mining and utilities the report mentionedManufacturing conditions strengthened in India and most ASEAN economies Meanwhile services PMI in India stayed strong driven by rising demand for travel and recreation servicesRice prices are also projected to ease amid favourable weather conditions and record harvests in India the worlds largest rice exporter said the reportHigher tariffs imposed by the United States and elevated trade uncertainty are expected to weigh on the regions growthInflation will continue to ease to 17 per cent this year amid lower prices for food and energy before increasing modestly to 21 per cent next year as food prices normaliseIn India CPI inflation stood at 207 per cent in August remaining significantly lower than the 37 per cent reported a year ago Food prices continued to decline for the third consecutive month decreasing 07 per cent yearonyear primarily due to lower costs for vegetables pulses and spicesUS tariffs have settled at historically high rates and global trade uncertainty remains at elevated levels said ADB Chief Economist Albert ParkGrowth in developing Asia and the Pacific has remained resilient this year thanks to strong exports and robust domestic demand but the worsened external environment is impacting the outlook Amid the new global trade environment its crucial for governments to continue promoting sound macroeconomic management openness and further regional integration Park addedGrowth forecasts for the Peoples Republic of China PRC remain unchanged as policy support is expected to cushion the impact of higher tariffs and continued weakness in the property market The PRCs economy is projected to expand by 47 per cent this year and 43 per cent next yearEconomies in Southeast Asia are seeing the largest downgrades to growth forecasts amid weaker global demand and elevated trade uncertainty Growth in the subregion is now projected at 43 per cent for 2025 and the same for 2026 down 04 percentage points for each year compared with Aprils forecasts IANS https://dailyworld.in/business/asian-development-bank-forecasts-indias-growth-at-65-pc-for-2025-and-2026-640840.html Tue, 30 Sep 2025 16:16:00 +0530 https://dailyworld.in/business/sensex-nifty-open-in-green-as-investors-look-for-cues-from-rbi-mpc-meet-640841.html Mumbai Sep 30 The Indian benchmark indices opened in the green zone on Tuesday as investors keep their focus on Reserve Bank of Indias RBI monetary policy decision As of 920 am the Sensex was up 301 points or 038 per cent at 80666 and the Nifty advanced 93 points or 038 per cent at 24728The broad cap indices Nifty Midcap 100 and Nifty Smallcap 100 inched up 032 and 029 per cent respectively Titan Company Asian Paints Cipla Hindalco were among the major gainers on the Nifty pack while losers include Tata Motors Tech Mahindra and Dr Reddys LabsAmong sectoral indices Nifty Consumer Durables the top gainer advanced 059 per cent Nifty Private Bank up 043 per cent and Nifty Metal up 056 per cent were other major gainers All indices except Nifty Media were in the green zoneAnalysts said that the Nifty 50 opened on a positive note in the previous session but slipped below 24650 closing in the red for the eighth straight dayreflecting sustained selling pressureFrom a technical perspective a sustained move above 24800 could pave the way for a rally toward 25000 The immediate support lies at the 24530 and 24400 zonesThe US markets ended in the green zone overnight as Nasdaq edged up 048 per cent the SampP 500 added 026 per cent and the Dow moved up 015 per cent in the last trading sessionThe Asian markets were trading mixed during the morning session as Chinas state data showed manufacturing activity contracted for a sixth straight month albeit less than market estimatesWhile Chinas Shanghai index added 044 per cent and Shenzhen advanced 042 per cent Japans Nikkei declined 005 per cent while Hong Kongs Hang Seng Index dipped 012 per cent South Koreas Kospi added 013 per centOn Monday foreign institutional investors FIIs sold equities worth Rs 2832 crore while domestic institutional investors DIIs were net buyers of equities worth Rs 3846 crore IANS https://dailyworld.in/business/sensex-nifty-open-in-green-as-investors-look-for-cues-from-rbi-mpc-meet-640841.html Tue, 30 Sep 2025 16:17:00 +0530 https://dailyworld.in/business/gold-reaches-record-high-poised-for-best-month-in-14-years-640847.html Mumbai Sep 30 The price of gold reached a record high on Tuesday on track for its largest monthly surge in 14 years amid concerns over a potential US government shutdown and rising expectations for further Federal Reserve rate cuts The price of yellow metal has risen 114 per cent so far in September on track for its best month since August 2011 when it rose 15 per cent boosted by safe haven demandThe price of 24carat gold 10 gram rose to a new high of Rs 115450 on Tuesday according to data published by the India Bullion and Jewellers Association IBJAUS gold futures for December delivery rose 04 per cent to 3872 US President Donald Trump and his Democratic opponents appeared to make little progress at a White House meeting aimed at heading off a government shutdown that could disrupt a wide range of services as early as WednesdayThe US Labour Department announced it will halt economic data releases including the September jobs report in the event of a partial government shutdown closing down its statistics agencyRecent economic data has bolstered expectations for additional easing by the Federal ReserveTraders are pricing in an 89 per cent likelihood of a 25basispoint cut at the upcoming Federal Reserve meeting as reported by CME Groups FedWatch toolSt Louis Federal Reserve President Alberto Musalem said he was open to further rate cuts but the Fed must be cautious and keep rates high enough to continue to lean against inflationGold has outperformed Indian equities for the fourth consecutive DiwalitoDiwali cycle continuing a trend where the yellow metal has outperformed equities in seven of the last eight yearsSilver also outperformed Indian equities for the third consecutive year driven by industrial demand from solar panel manufacturing semiconductors and electric vehiclesMeanwhile analysts say that bullion continues to receive support from robust central bank purchases and sustained inflows into ETFs The Fed Chairs cautious remarks on inflation the labour market and future rate cuts could act as a cap on bullions gainsInvestors are awaiting US data on job openings private payrolls the ISM manufacturing index and Fridays nonfarm payrolls report for insights into the economys trajectory IANS https://dailyworld.in/business/gold-reaches-record-high-poised-for-best-month-in-14-years-640847.html Tue, 30 Sep 2025 16:22:00 +0530 https://dailyworld.in/business/india-set-for-65-pc-average-growth-over-next-decade-morgan-stanley-640855.html New Delhi Sep 30 India is set for a 65 per cent annual growth rate for the next decade and can clock higher growth if the industrial and export sectors expand at a much faster pace US investment banking company Morgan Stanley said in a report on Tuesday The investment banking firm said that India has huge room for growth in the export sector which can be boosted through a comprehensive reform packageAnalysts had earlier reported that Indias economy is set to grow faster at 65 per cent in FY2026 GDP up from the previous expectation of 6 per cent due to GST reforms Morgan Stanley also concurred with this view saying In our base case Indias GDP will grow at this rate over the coming decade one of the fastestgrowing economies globallyMorgan Stanley cited studies that have shown that every job created by manufacturing exports creates two other jobs in related sectors like transportation and logisticsIn this context India presents a significant opportunity to enhance its export market share which currently stands at 18 per cent a figure significantly lower than its weight in terms of workingage population and GDPMorgan Stanley suggested a comprehensive reform package including accelerated buildout of public infrastructure especially for lastmile connectivityFurther it highlighted the need for a systematic approach that incentivises state governments to improve the business environment and ensure that the labour force is adequately skilledThe report acknowledged that policymakers are already making efforts but the magnitude of the jobs problem demands a need to accelerate the paceAt least 84 million people are expected to join the workforce in the coming decade even assuming that participation rates are unchangedOver the medium term one pressing issue is that AI will reduce job growth prospects particularly for the IT services sector which has been a key source of employment creation and for the domestic services sector as well it hintedThe scenario analysis suggests that an average GDP growth rate of 74 per cent will be needed to ensure a stable unemployment rate assuming participation rates stay constant the report saidIf we allow for a gradual rise in participation rate to 63 per cent an average GDP growth rate of 93 per cent is needed to ensure a stable unemployment rate it added IANS https://dailyworld.in/business/india-set-for-65-pc-average-growth-over-next-decade-morgan-stanley-640855.html Tue, 30 Sep 2025 16:30:00 +0530 https://dailyworld.in/business/govt-appoints-new-chiefs-for-union-bank-central-bank-of-india-640863.html New Delhi Sep 30 The government has cleared the appointment of Asheesh Pandey as Managing Director and Chief Executive Officer of Union Bank of India and Kalyan Kumar as the new head of Central Bank of India Both appointments are for a period of three years The Appointments Committee of the Cabinet chaired by Prime Minister Narendra Modi approved the appointmentsPandey who is currently serving as Executive Director of Bank of Maharashtra will take charge as MD and CEO of Union Bank of India for a threeyear term from the date he assumes officeSimilarly Kalyan Kumar Executive Director of Punjab National Bank will step in as MD and CEO of Central Bank of India after the superannuation of incumbent MV Rao in JulyThe Financial Services Institutions Bureau FSIB had recommended Pandey and Kumar for these top positions on May 30 The bureau is headed by former Department of Personnel and Training Secretary Bhanu Pratap SharmaEarlier the government appointed Shirish Chandra Murmu as a Deputy Governor of the Reserve Bank of India for a tenure of three yearsMurmus appointment was also approved by the Appointments Committee of the Union Cabinet and would come into effect from October 9 He will replace M Rajeshwar Rao whose extended service is set to end on October 8Currently he is serving as Executive Director at the RBI looking after the Department of SupervisionAccording to the law the RBI should have four Deputy Governors one from the commercial banking system two from within the bank and an economistThe other Deputy Governors are Swaminathan J Poonam Gupta and T Rabi SankarRao has been in the position for five years In 2020 he was appointed Deputy Governor for a threeyear term In 2023 and 2024 he was given two oneyear extensions IANS https://dailyworld.in/business/govt-appoints-new-chiefs-for-union-bank-central-bank-of-india-640863.html Tue, 30 Sep 2025 16:35:00 +0530 https://dailyworld.in/business/man-industries-shares-plunge-over-15-pc-as-sebi-bars-top-executives-from-market-640868.html Mumbai Sep 30 Shares of Man Industries India Ltd nosedived over 16 per cent in morning trade on Tuesday after the Securities and Exchange Board of India SEBI barred the company and three of its senior executives from accessing the securities market for two years The regulator also imposed a penalty of Rs 25 lakh each on the executives for alleged misrepresentation of financial statementsThose penalised include Chairman Ramesh Mansukhani Executive Director Nikhil Mansukhani and former Executive Director and current CFO Ashok Gupta according to SEBIs orderThe market watchdog said the companys financials from FY16 to FY21 were deliberately misstated depriving investors of a fair picture of its performanceSEBI observed that Man Structural Pvt Ltd MSPL a whollyowned subsidiary was excluded from consolidation after FY15 without justification thereby suppressing grouplevel losses and liabilities while inflating profits of the parent companyCalling the penalty minimal in comparison with its scale of operations Man Industries said the order does not impact its daytoday businessThe company is examining the order in detail and will seek appropriate legal remedies it addedAt 1146 am shares of Man Industries were trading at Rs 35830 on the NSE down 1180 per cent The stock has slipped over 19 per cent in the past five sessions and lost more than 7 per cent in the last month Despite the recent selloff the scrip remains nearly 10 per cent higher yeartodate The stock opened at 35620 falling sharply against last days closing of 40670Meanwhile the domestic stock indices turned flat after starting the session in green At around 1157 the Sensex was at 8031056 down 5438 points or 007 per cent and Nifty was trading at 2463160 down 330 points or 001 per centThe domestic equity indices opened in the green zone on Tuesday as investors kept their focus on the Reserve Bank of Indias RBI monetary policy decision IANS https://dailyworld.in/business/man-industries-shares-plunge-over-15-pc-as-sebi-bars-top-executives-from-market-640868.html Tue, 30 Sep 2025 16:38:00 +0530 https://dailyworld.in/business/kvks-have-empowered-over-58-lakh-indian-farmers-with-latest-scientific-skills-640873.html New Delhi Sep 30 As part of Indias agricultural strategy to take skill enhancement directly to farmers Krishi Vigyan Kendras KVKs are playing a central role in bridging the gap between research and practice through handson training demonstrations and vocational courses tailored to local agroclimatic conditions Between 2021 and 2024 KVKs have trained 5802 lakh farmers according to a statement issued by the Ministry of Agriculture and Farmers Welfare on Tuesday The number of farmers being trained through the KVK outreach has been steadily rising each year from 1691 lakh farmers in 202122 to 2156 lakh in 202324 In 202425 alone up to February 2025 an additional 1856 lakh farmers had also been trainedThese figures reflect the consistency and scale of the KVK network in empowering farmers with practical skills in crop management soil health animal husbandry and allied activities By grounding training in local realities while introducing scientific methods KVKs have become one of the most effective platforms for farmer capacity building ensuring that scientific knowledge translates into fieldlevel improvements and longterm resilienceInstitutions such as KVKs and schemes like Agricultural Technology Management Agency ATMA Skill Training of Rural Youth STRY SubMission on Agricultural Mechanization SMAM and the Pradhan Mantri Kaushal Vikas Yojana PMKVY have also built strong training platforms while sectorspecific interventions in horticulture livestock soil management and food processing are integrating skilling into their frameworksCollectively these efforts underline a clear vision Empowering farmers through skill enhancement is vital to boosting productivity raising incomes and building a resilient agricultural sectorATMA has supported states in revitalising their extension systems reaching around 127 Crore farmers from 2021 to 2025 The scheme promotes decentralised farmerfriendly extension system in the country with an objective to support state Governments efforts to making available the latest technologies and good practices in agricultureThe Soil Health Card Scheme has played a vital role in helping farmers make informed choices on crop planning and fertiliser application As of July 24 this year more than 2517 crore soil health cards have been distributed across the country alongside the organisation of over 93000 farmer trainings 68 lakh demonstrations and thousands of awareness campaigns These initiatives have promoted balanced nutrient management practices among farmers leading to improved soil health and sustainable enhancement of agricultural productivityThe government has also embedded skill development within flagship national schemes The Pradhan Mantri Kaushal Vikas Yojana PMKVY has incorporated agriculture as a priority sector it integrates agriculture and allied sectors within Indias flagship skilling framework Under the PMKVY scheme since its inception in 2015 till June 30 2025 more than 164 Crore have been trained and more than 129 Crore have been certifiedSpecial attention has also been given to preparing the younger generation of farmers for emerging opportunities in agriculture The STRY programme has been designed to impart shortterm skillbased training of about seven days to rural youth and farmers in agriculture and allied sectors IANS https://dailyworld.in/business/kvks-have-empowered-over-58-lakh-indian-farmers-with-latest-scientific-skills-640873.html Tue, 30 Sep 2025 16:45:00 +0530 https://dailyworld.in/business/net-absorption-of-indias-office-market-set-to-hit-record-high-surges-35-pc-in-q3-cy25-report-640878.html New Delhi Sep 30 Indias office real estate market saw its net absorption touching 163 million square feet across the top eight cities in Q3 CY 2025 a 35 per cent yearonyear YoY increase a report said on Tuesday In the first nine months of the year the market recorded 443 million square feet of net absorption reaching 87 per cent of the total for 2024 a report from real estate services firm Cushman amp Wakefield saidAnalysts said the sector is on course to exceed last years record of 507 million square feet potentially establishing a new annual absorption highNet absorption represents the net change in occupied office space and the huge growth of this measure underscored the depth of occupier activity and the sustained expansion of office footprints across sectors the report saidDelhi NCR and Bengaluru topped the quarter with 38 million and 35 million square feet respectively together representing nearly half of total net absorptionGlobal Capability Centres accounted for 32 per cent of leasing in the quarter ITBPM was the largest sector at 31 per cent followed by engineering and manufacturing at 18 per cent and BFSI at 14 per cent Flexible workspace operators represented 11 per centMumbai Chennai and Pune surpassed their yeartodate YTD net absorption levels from the same period last year and the latter two cities recorded their highestever YTD net absorptionGross Leasing Volume GLV in Q3 which is the total amount of office space leased during this quarter including renewals and new leases reached 226 million square feet a decline of 26 per cent yearonyearYeartodate leasing totals 642 million square feet positioning 2025 to potentially match or exceed last years record of 88 million square feetThe market is now firmly in an expansionary cycle with over 80 per cent of Q3 leasing driven by fresh takeup Nearly 80 per cent of Q3 completions were GradeA assets underscoring the decisive shift toward premium futureready workspaces said Anshul Jain Chief Executive India SEA amp APAC Office and Retail Cushman amp WakefieldFresh leasing marked a 21 per cent quarteronquarter increase and a slight YoY uptick the real estate services firm noted IANS https://dailyworld.in/business/net-absorption-of-indias-office-market-set-to-hit-record-high-surges-35-pc-in-q3-cy25-report-640878.html Tue, 30 Sep 2025 16:48:00 +0530 https://dailyworld.in/business/dots-sanchar-saathi-initiative-helps-recover-6-lakh-lost-and-stolen-mobile-handsets-640887.html New Delhi Sep 30 More than 6 lakh lost and stolen mobile handsets have been recovered on the Department of Telecommunications DoT SancharSaathi initiative the government said on Tuesday The Block Your Lost Stolen Mobile Handset facility on the citizencentric digital safety initiative has crossed a significant milestone marking a significant outcome reinforcing the citizens trust in digital governance according to Ministry of CommunicationsThis achievement underscores the governments commitment to protecting citizens digital assets and demonstrates the power of collaborative technology in combating cybercrimeThe facility on Sanchar Saathi integrates DoT Telecom Service Providers TSP and State UT police in realtime mannerBuilt on the theme of Digital by Design this facility is helping recover one phone per minute according to the governmentThe facility empowers citizens to report block trace or unblock lost stolen mobile across all Indian telecom networksReported lost stolen mobile handsets are blocked in telecom networks on pan India basis to prevent any misuseAs soon as any SIM is used with such loststolen mobile handset automated traceability is generated and alert is sent to the citizens as well as the Police Station concerned where the complaint for lost stolen mobile handset was registered according to the governmentCitizens are provided with the details of police station to be contacted in the generated traceability through SMSWith these efforts the recovery rate has shown consistent monthonmonth improvement with monthly recoveries increasing from 28115 in January 2025 to 45243 in August 2025 representing a 61 per cent increase over eight monthsThis milestone reinforces the governments vision of a secure digital ecosystem where technology serves as an enabler for citizen empowerment and safetyLaunched in May 2023 Sanchar Saathi has evolved into Indias most comprehensive digital safety platform recording over 19 crore website visits and more than 90 lakh mobile app downloads IANS https://dailyworld.in/business/dots-sanchar-saathi-initiative-helps-recover-6-lakh-lost-and-stolen-mobile-handsets-640887.html Tue, 30 Sep 2025 16:54:00 +0530 https://dailyworld.in/business/big-boost-for-exporters-fieo-hails-government-move-to-extend-rodtep-scheme-till-march-2026-640890.html New Delhi Sep 30 The Federation of Indian Export Organisations FIEO on Tuesday said it has welcomed the governments decision to extend the Remission of Duties and Taxes on Exported Products RoDTEP scheme till March 31 2026 The scheme will continue to cover exports from domestic tariff area DTA advance authorisation holders special economic zones SEZs and export oriented units EOUsFIEO President S C Ralhan said that the timely extension of RoDTEP has cleared the uncertainty that exporters were facingThe timely extension of RoDTEP has removed the uncertainty that was weighing on the exporting community Ralhan saidHe noted that the decision comes at a crucial time when global trade is facing challenges and the move gives exporters the confidence to plan their shipments without worryThis step comes at a critical juncture when exporters are navigating global headwinds and it provides the muchneeded policy continuity to plan exports with greater confidence he addedRalhan stated that RoDTEP has played a key role in making Indian exports more competitive by refunding taxes and duties that are not otherwise creditedAccording to him the continuation of the scheme will help Indian exporters sustain their momentum despite the current global headwindsThe scheme has been instrumental in making Indian exports competitive by neutralising the incidence of noncreditable taxes and duties and its continuation will help exporters sustain momentum in the current challenging global trade environment Ralhan mentionedHe also praised the Ministry of Commerce amp Industry and the Directorate General of Foreign Trade DGFT for responding positively to exporters concernsHe said that policy stability like this strengthens Indias position in global markets and motivates exporters to explore new destinations and expand their product rangeFIEO further assured that it will keep working closely with the government to ensure exporters take full advantage of the RoDTEP scheme and contribute to Indias ambitious export growth targets IANS https://dailyworld.in/business/big-boost-for-exporters-fieo-hails-government-move-to-extend-rodtep-scheme-till-march-2026-640890.html Tue, 30 Sep 2025 16:56:00 +0530 https://dailyworld.in/business/adani-electricity-provides-653-temporary-power-connections-to-navratri-durga-puja-pandals-640905.html Mumbai Sep 30 Adani Electricity on Wednesday said it has provided 653 temporary power connections to Navratri and Durga Puja Pandals this year In anticipation of the festive season Adani Electricity Mumbai had earlier this month simplified the process for Navratri and Durga Puja organisers to obtain temporary electricity connections for their pandalsWith a commitment to safety and efficiency the utility assures connection within 48 hours of application submissionWe are proud to share that this year we successfully provided temporary electricity connections to over 653 Durga PujaNavratri pandals across the city Adani Electricity recognises the importance of uninterrupted power supply throughout these auspicious celebrations a company spokesperson saidWe understand the importance of uninterrupted power during these celebrations Last year we successfully provided continuous electricity to over 647 Durga PujaNavratri pandals across the city This year weve strengthened our operations to ensure even faster connection releases and reliable supply the spokesperson addedEarlier this year during the Ganpati festival Adani Electricity released approximately 950 temporary connections to Ganpati Pandals and installed over 2571 floodlights at 167 Lord Ganesh idol immersion locations across 15 BMC wards ensuring a safe and joyful experience for devoteesFurther Adani Electricity also deployed a Quick Response Team with a welldefined restoration plan to address any unforeseen issues during the festivities The utility issued a safety advisory urging all pandals toThe company also issued a safety advisory urging all pandals to use wiring services only from licensed electrical contractors install mandatory Residual Current Circuit Breakers RCCBs to protect devotees and volunteers from electrical hazardsPrioritising safety reliability and ease of access to power Adani Electricity also issued dos and donts for Navratri and Durga Puja pandalsAdani Electricity urged to use standard wires and switches for the connection and allow only an authorised person to enter the meter cabinA fire extinguisher with operating knowledge is to be placed near the meter cabin The danger board needs to be fixed near the meter cabin Proper earthing at the meter cabin the company saidAdani Electricity also advised against using unauthorised extensions or direct supply making any joints in wiring putting obstacles at the entry of the meter cabin and exceeding the sanctioned load IANS https://dailyworld.in/business/adani-electricity-provides-653-temporary-power-connections-to-navratri-durga-puja-pandals-640905.html Tue, 30 Sep 2025 17:12:00 +0530 https://dailyworld.in/business/phonepe-mastercards-new-tap-and-pay-feature-to-enable-contactless-payments-in-india-640909.html New Delhi Sep 30 As contactless payments through smartphones gain popularity among consumers PhonePe and Mastercard have announced a collaboration to launch an exclusive feature for Mastercard cardholders in India The new feature enables Mastercard cardholders to make instore payments by simply tapping their NFCenabled smartphones at payment terminals using the PhonePe appThe collaboration is designed to offer secure and frictionless tap and pay experiences at physical retail outlets while also supporting tokenised ecommerce transactions all through NFCcapable Android smartphonesCardholders can simply save their Mastercard credit debit and prepaid cards issued in India on their smartphones and enjoy all the benefits of cardbased paymentsBy combining Mastercards global expertise in tokenisation with PhonePes vast base of 618 million registered users this launch expands access to digital payments both within India and internationally It reinforces the shared commitment of both companies to strengthening the countrys rapidly growing digital economyWere delighted to collaborate with Mastercard to bring devicebased tokenisation to millions of PhonePe users With an increased penetration of NFCenabled smartphones coupled with growing consumer preference towards usage of tap and pay using their cards this functionality marries the two seamlessly said Deep Agrawal Head of Payments at PhonePeThis elevates both convenience and security for users enabling contactless payments at physical stores and safer online transactions all within the familiar PhonePe app We view this association as yet another key step toward delivering a worldclass payment experience to PhonePe users across India and when travelling abroad Agrawal addedMastercard cardholders can now benefit from a suite of powerful features including secure tap and pay instore payments to make contactless payments at NFCenabled terminals across India and abroad using the PhonePe app on Android smartphonesIt provides safer online shopping Individuals can shop securely with Mastercard cards via the PhonePe app with each transaction tokenised and tied to your device making stolen credentials useless elsewhereSaving the card just once can enable a fast secure checkout every time backed by Mastercards global expertise in tokenisation and PhonePes intuitive user experienceMastercard has always believed in scaling innovation This collaboration with PhonePe marks a key step in broadening the reach of digital payments by expanding devicebased tokenisation empowering Mastercard cardholders exclusively to tap and pay at merchant outlets both within the country and abroad India plays a pivotal role in setting the pace of digital commerce globally and Mastercard is proud to support this momentum with solutions that make transactions smarter and safer said Ravi Datla Senior Vice President Products and Solutions South Asia MastercardUsers can securely add their credit and debit cards on the PhonePe app through a simple onetime process Once the card is tokenised and saved they can make seamless payments by selecting the card and tapping their smartphone against any PoS machine and shop onlineThe new feature will begin rolling out to Mastercard cardholders on the PhonePe app in a phased manner IANS https://dailyworld.in/business/phonepe-mastercards-new-tap-and-pay-feature-to-enable-contactless-payments-in-india-640909.html Tue, 30 Sep 2025 17:14:00 +0530 https://dailyworld.in/business/gst-20-comes-as-booster-shot-for-andhras-fisheries-pharma-auto-amp-dairy-sectors-640912.html New Delhi Sep 30 The GST rate cuts that kicked in on September 22 will give a big push to economic growth in Andhra Pradesh across sectors ranging from the fishing harbours of Visakhapatnam to the auto hubs of Anantapur and Chittoor as well as the coffee plantations of Araku Valley and the craft clusters of Kondapalli and Etikoppaka according to an official statement issued on Tuesday Lower tax rates will bring down prices for consumers ease working capital for MSMEs and expand market competitiveness for exporters The impact will be visible across fisheries dairy automobiles pharmaceuticals medical devices renewable energy handicrafts and everyday essentialsAndhra Pradesh contributed 41 per cent of Indias fish production in 202223 The sector accounts for 74 per cent of the states GSDP and provides employment to around 145 lakh people in the 9 coastal districts of the stateWith GST reduced from 12 or 18 per cent to 5 per cent on fish oils extracts preserved products fishing gear diesel engines pumps aerators and key chemicals input costs will decline easing the burden on small processors and traditional fishing communities Andhra Pradesh accounts for over 30 per cent of Indias seafood exports shipped mainly from Visakhapatnam Port to markets such as the US China the EU Southeast Asia and the Middle East These reforms will improve affordability boost competitiveness in global trade and strengthen livelihoods along the states coastline the statement saidThe states dairy sector is ranked 4th nationally in milk production and supports 24 lakh farmers many of them women in selfhelp groups and cooperatives Major brands like Heritage and Vijaya anchor collection chilling processing and retail networks across the stateWith GST reduced to zero on UHT milk and paneer from 12 per cent to 5 per cent on ghee and butter and from 18 per cent to 5 per cent on icecream these products will become cheaper for consumers This will boost demand and generate higher incomes for dairy farmers and SHGled cooperatives in districts such as Krishna Srikakulam West Godavari East Godavari Guntur Chittoor and VizianagaramAndhra Pradesh has also emerged as a key auto hub with major plants of Kia Isuzu Hero and Ashok Leyland alongside over 100 autocomponent MSMEs in districts such as Anantapur Chittoor Visakhapatnam and Nellore The sector employs more than 11000 people including skilled technicians ITI diploma holders and engineers The GST rate cuts have made threewheelers small cars and motorcycles up to 350cc engine capacity and all auto parts more affordable This will increase consumer demand and reduce working capital pressures for manufacturers which also strengthens the competitiveness of Andhras auto exports to Europe the US and South Korea according to the statementIn the pharma sector the state is home to over 250 bulk drug and API units across Anakapalli Visakhapatnam Atchutapuram Naidupeta and Pydibhimavaram The sector employs more than 89000 highly skilled workers supporting both manufacturing and RampDGST cuts from 12 per cent to nil on 30 cancer drugs and from 12 per cent to 5 per cent on medicines for personal use make healthcare more affordable across India Global companies such as Dr Reddys Aurobindo Pharma GSK Lupin and Biocon operate in the state while exports led by the USA 52 per cent South Africa and China reinforce Andhras role as a pharma powerhouseThe states AP MedTech Zone AMTZ in Visakhapatnam houses over 100 manufacturing units producing medical devices diagnostics and healthcare technologies With GST reduced from 18 per cent to 5 per cent on devices like thermometers and medical apparatus and from 12 per cent to 5 per cent healthcare has become more affordable and accessible for domestic patients while strengthening Andhra Pradeshs exports to over 80 countriesWith capacity growing more than sevenfold between 2014 and 2024 clusters in Kurnool Kadapa and Anantapur have positioned the state as a frontrunner in renewable energy adoption The GST rate cuts are poised to boost this sector furtherSimilarly the states handicrafts sector also stands to benefit from the GST rate cuts Andhra Pradesh is famous for its GItagged Etikoppaka amp Kondapalli Toys stone carvings and leather puppetry which will get a boost the statement added IANS https://dailyworld.in/business/gst-20-comes-as-booster-shot-for-andhras-fisheries-pharma-auto-amp-dairy-sectors-640912.html Tue, 30 Sep 2025 17:17:00 +0530 https://dailyworld.in/business/indias-corporate-credit-profile-demonstrates-resilience-amid-global-uncertainties-report-640920.html New Delhi Sep 30 Despite the ongoing global uncertainties including tariffrelated disruptions and geopolitical tensions the credit profile of Indian corporates has demonstrated remarkable resilience a report said on Tuesday The domesticfocussed nature of the Indian economy would likely limit the broader macro impact posed by higher US tariffsDomestic consumption is likely to receive a boost from GST rate rationalisation income tax relief transmission of rate cuts and easing food inflation particularly aiding urban demand which has seen uneven recovery thus far ICRA Ratings said in its reportThe imposition of a steep 50 per cent tariff on Indian exports to the US presents a significant challenge for exporters particularly in sectors such as cut and polished diamonds CPD textiles and seafood which are heavily reliant on the US marketIn view of these positive domestic trends ICRA has revised its GDP growth forecast for FY2026 upward by 50 basis points to 65 per cent helping to cushion the adverse effects of the US tariffs said K Ravichandran Executive Vice President and Chief Rating Officer ICRAThe potential extension of protectionist measures to the services sector remains a key monitorable If enacted the proposed HIRE Act could significantly disrupt Indias outsourcing industry given its substantial reliance on the US market he addedDuring the first half of the current fiscal year H1 FY2026 ICRA upgraded the ratings of 214 entities while downgrading 75 resulting in a robust Credit Ratio of 29 timesRating upgrades in H1 FY2026 were largely driven by entityspecific factors such as the improvement in business fundamentals strengthening of the parents credit profile and reduced project risks in sectors like power and roadsKey business drivers included market share expansion order book growth operating leverage from scale and favourable shifts in product mix and cost structures the report saidAccording to the report the 50 per cent tariffs imposed by the US on Indian exports pose a significant risk to Indias merchandise trade going forwardGiven that the US accounts for nearly 20 per cent of Indias exports and 5060 per cent of these are now vulnerable merchandise exports could contract by approximately 45 per cent YoY in FY2026 if the higher tariffs persist through March 2026Despite the external headwinds the overall impact on the Indian economy is expected to remain limited due to its domesticoriented nature with exports to the US accounting for only 2 per cent of the GDP added RavichandranDomestic private consumption which contributes 57 per cent to the GDP is poised to get a boost from the recent GST rate rationalisation which is likely to enhance affordability and stimulate household spending he said further IANS https://dailyworld.in/business/indias-corporate-credit-profile-demonstrates-resilience-amid-global-uncertainties-report-640920.html Tue, 30 Sep 2025 17:22:00 +0530 https://dailyworld.in/business/maha-govt-approves-gcc-policy-to-create-4-lakh-high-skilled-jobs-640931.html Mumbai Sep 30 IANS The Maharashtra Cabinet chaired by Chief Minister Devendra Fadnavis on Tuesday approved the Global Capability Centre GCC policy to establish the state as a leading hub of GCCs in the country leveraging its diverse industrial base financial leadership and technological expertisenbspThe policy proposes to establish 400 new GCCs create four lakh high skilled jobs by integrating industry driven curricula fostering cutting edge research and equipping the workforce with advanced digital and technical skillsnbspIt aims to promote GCCled research foster multinational collaborations attract high value and knowledge intensive investments develop world class business districts and a robust digital data bankThe policy aims to propel tier2 and tier3 cities such as Nashik Nagpur and Chhatrapati Sambhajinagar into the global GCC landscape creating new economic hubs and fostering balanced technology driven growthnbspThe policy will remain in effect for five years Financial Year 202930 from the date of notification or until the next policy comes into effectnbspThe state government plans to set up dedicated GCC parks equipped with future ready infrastructure walk to work design and plug and play officesnbspThe state government will promote cluster development especially specialised GCC units within flagship initiatives such as Innovation City and Maharashtra Global Med ZoneThe state government proposes to provide one time capital subsidy of Rs 10 crore for small units with investment of Rs 50 crore Rs 20 crore for medium units with investment of Rs 100 to 250 crore and Rs 50 crore for large units with investment of Rs 250 to 300 crorenbspThe interest subsidy of Rs 25 crore per unit will be given for five years and power tariff subsidy of Rs 20 lakh per unit per annum for five years pay roll subsidy up to Rs 50000 for three years for 100 employees per GCC and stamp duty exemption for one timenbspIn addition the state government will provide exemption in electricity dutyThe state government proposes to give reimbursement towards rent green certification patent filing and research and development grantsnbspThe government will provide nonfiscal incentives to facilitate GCC establishment including industry status additional floor space index with premium concessions critical infrastructure fund zoning relaxation single window clearance approvals for right of way open access and property to related freebiesAccording to the policy the state government will establish Maharashtra GCC Growth Council which will serve as a combined thinktank and advisory group ensuring the policy remains aligned with regional economic priorities global business trends and industry specific workforce requirementsnbspTo ensure effective execution one per cent of the overall policy budget of Rs 10 crore per year whichever is lower will be earmarked for policy promotion capacity building stakeholder outreach and impact monitoring https://dailyworld.in/business/maha-govt-approves-gcc-policy-to-create-4-lakh-high-skilled-jobs-640931.html Tue, 30 Sep 2025 17:49:00 +0530 https://dailyworld.in/business/rbi-mpc-meet-expect-next-rate-cut-in-december-says-goldman-sachs-analyst-640933.html New Delhi Sep 30 IANS US investment banking company Goldman Sachs Chief India Economist Santanu Sengupta said on Tuesday that the Reserve Bank of India is expected to maintain current rates and take a dovish approach in the current monetary policy committee with potential cuts in December if conditions permitnbspInvestors await the Reserve Bank of Indias monetary policy decision on Wednesday in hopes for a potential lending rate cutnbspSengupta said that the RBIs stance will be impacted by the uncertain trade policy and external headwinds despite a strong domestic growth outlookSengupta anticipates a 25basispoint rate cut in December provided growth and inflation readings support it according to multiple reportsnbspHe said that a rate cut is likely in December citing stable domestic growth but external challenges such as US tariffs and H1B visa restrictions affecting sentimentnbspHe said that GST reductions will initiate a mass consumption revival starting in the OctoberDecember quarter when the consumption growth will be feltnbspIf you are an FII investor looking at India then you have tariffs and H1B leading to outflows which is the real headwind India is facing he addedSengupta however downplayed concerns around US visa restrictions calling the H1B visa rule impact muted in the near termnbspHe said the state of the domestic economy looks agreeable adding that the GST reforms will feed into growthnbspRegarding room for one more economic lever being enforced by the government other than the GST rate cuts Sengupta said that he doesnt see much room for the government as it has to maintain the fiscal deficit target of 44 per centnbspAnalysts had earlier reported that Indias economy is set to grow faster at 65 per cent in FY2026 GDP up from the previous expectation of 6 per cent due to GST reforms https://dailyworld.in/business/rbi-mpc-meet-expect-next-rate-cut-in-december-says-goldman-sachs-analyst-640933.html Tue, 30 Sep 2025 17:51:00 +0530 https://dailyworld.in/business/indian-equity-indices-end-slightly-lower-ahead-of-rbis-mpc-outcome-640936.html Mumbai Sep 30 The domestic equity indices ended the session slightly lower on Tuesday trading rangebound amid investors showing a cautious approach ahead of the RBI monetary policy outcome Sensex ended the session at 8026762 down 97 points or 012 per cent The 30share index started the session in green at 8054177 breaking a sevenday losing streak against last sessions closing of 8036494 However the index dragged in negative territory following selling in heavyweights like ITC and Tech MahindraNifty settled at 2461110 down 2380 points or 010 per centThe domestic market traded within a narrow range on the monthly expiry day as investors exercised caution ahead of the RBIs policy The market attempted to stabilise after last weeks sustained decline said analystsMarket participants are keenly awaiting the RBIs commentary for insights into future interest rate trajectories although a status quo on rates is widely expected he addedKey developments particularly regarding tariff policies and the upcoming earnings season will be crucial in shaping the markets trajectory beyond the current rangeBharti Airtel ITC Trent Bajaj FinServ Titan Reliance Tech Mahindra Reliance and LampT ended the session lower Adani Ports Tata Motors BEL Bajaj FinServ Hindustan Unilever Sun Pharma Mahindra and Mahindra and Asian Paints closed in greenThe sectoral indices continued to experience a mixed approach for the second consecutive day this week Nifty FMCG fell 235 points or 043 per cent and Nifty IT slipped 37 points or 011 per cent While Nifty Auto jumped 105 points or 040 per cent Nifty Bank escalated 174 points or 032 per cent and Nifty Fin Services settled 15 points higherThe broader market followed suit as well Nifty 100 fell 19 points Nifty Midcap 100 closed flat and Nifty Small Cap 100 jumped 14 points or 008 per centOn the monthly expiry day the Nifty index ended weak facing stiff resistance near its 100day EMA around the 24750 zone The index has been forming a lower highslower lows pattern for the past three sessions highlighting strong bearish control Unless Nifty reclaims and sustains above its 50day EMA the shortterm outlook remains negative said Vatsal Bhuva of LKP Securities IANS https://dailyworld.in/business/indian-equity-indices-end-slightly-lower-ahead-of-rbis-mpc-outcome-640936.html Tue, 30 Sep 2025 18:02:00 +0530 https://dailyworld.in/business/india-inc-credit-ratio-rose-to-256-times-in-h1fy26-report-640943.html New Delhi Sep 30 India Inc credit ratio rose to 256 times in the first half of this fiscal H1FY26 up from 235 times in the second half of the previous financial year The increase underscores strong broadbased resilience across sectorsIn H1FY26 upgrades improved to 15 per cent from 14 per cent seen in H2FY25 while downgrades remained steady at 6 per cent Care Edge Ratings said in its reportThe rating agency upgraded ratings for 282 firms while 110 were downgradedReaffirmations remained largely stable at 80 per cent over the past three years indicating that most ratings continued to hold strong despite a changing external environment the report statedSteady domestic demand and the governments infrastructure push sustained upgrade momentum with nearly 40 per cent of all upgrades linked to infrastructureWhile smallsized auto ancillaries and dealers chemical manufacturers small Finance Banks SFBs and NBFCs exposed to microfinance and unsecured business loans saw the highest downgrades amid pricing pressures and assetquality concernsWhile India Incs performance has improved in H1FY26 the external environment is turning more complex by the day The sharp escalation in US tariffs is reshaping trade flows and supply chains creating challenges for Indian companies and keeping private sector capex in abeyance until there is greater clarity on demand said Sachin Gupta Executive Director and Chief Rating Officer CareEdge RatingsExportheavy sectors may face margin pressures in the near term even as resilient balance sheets and steady domestic demand continue to cushion the impactThe fact that merchandise exports to the US account for just 2 per cent of Indias GDP with smartphones and generic pharmaceuticals currently outside the tariff ambit provides some buffer against immediate largescale disruption the report saidAccording to the report against this complex backdrop Indias infrastructure story continues to shine supported by policy thrust and steady investment momentum The credit ratio of the infrastructure sector jumped to 854 times in H1FY26 with Transport Infrastructure and Power leading the upgrades IANS https://dailyworld.in/business/india-inc-credit-ratio-rose-to-256-times-in-h1fy26-report-640943.html Tue, 30 Sep 2025 18:11:00 +0530 https://dailyworld.in/business/govt-asks-e-commerce-firms-why-prices-went-up-despite-gst-cuts-640945.html New Delhi Sep 30 The government has asked some major ecommerce companies to explain why prices of certain products were raised even after the recent cuts in the goods and services tax GST The new GST regime which came into effect on September 22 simplified the previous multitier structure into two main slabs of 5 per cent and 18 per centThe overhaul aims to reduce the tax burden and bring down prices for consumersAccording to reports one ecommerce platform had advertised higher prices following the GST rate cuts citing a technical glitchThe company later corrected the prices Officials said the government is reviewing the prices of over 50 products with field teams across the country monitoring complianceMeanwhile Consumer Affairs Secretary Nidhi Khare recently said the department received more than 3000 complaints about companies not passing on the GST benefits to buyersWhile speaking at an event Khare mentioned that complaints are coming in every day and the ministry is forwarding them to the Central Board of Indirect Taxes and Customs CBIC for further actionEveryday we are receiving complaints So far we have received close to 3000 consumer complaints We are sending them to the CBIC Central Board of Indirect Taxes and Customs for further action she told reportersThe focus is on misleading advertisements unfair trade practices and cases where the benefits of GST cuts are not being reflected in final prices paid by consumers she addedSanjeev Sanyal member of the Economic Advisory Council to the Prime Minister earlier stated that the government expects industry players to reflect GST cuts in retail prices but does not want to create an inspector raj to enforce itThe government expects the impact of the rate cuts to become more visible during the ongoing festival season when consumer purchases are typically at their peak IANS https://dailyworld.in/business/govt-asks-e-commerce-firms-why-prices-went-up-despite-gst-cuts-640945.html Tue, 30 Sep 2025 18:12:00 +0530 https://dailyworld.in/business/rbi-mpc-meet-expects-next-rate-cut-in-december-says-goldman-sachs-analyst-640946.html New Delhi Sep 30 US investment banking company Goldman Sachs Chief India Economist Santanu Sengupta said on Tuesday that the Reserve Bank of India is expected to maintain current rates and take a dovish approach in the current monetary policy committee with potential cuts in December if conditions permit Investors await the Reserve Bank of Indias monetary policy decision on Wednesday in hopes for a potential lending rate cutSengupta said that the RBIs stance will be impacted by the uncertain trade policy and external headwinds despite a strong domestic growth outlookSengupta anticipates a 25basispoint rate cut in December provided growth and inflation readings support it according to multiple reportsHe said that a rate cut is likely in December citing stable domestic growth but external challenges such as US tariffs and H1B visa restrictions affecting sentimentHe said that GST reductions will initiate a mass consumption revival starting in the OctoberDecember quarter when the consumption growth will be feltIf you are an FII investor looking at India then you have tariffs and H1B leading to outflows which is the real headwind India is facing he addedSengupta however downplayed concerns around US visa restrictions calling the H1B visa rule impact muted in the near termHe said the state of the domestic economy looks agreeable adding that the GST reforms will feed into growthRegarding room for one more economic lever being enforced by the government other than the GST rate cuts Sengupta said that he doesnt see much room for the government as it has to maintain the fiscal deficit target of 44 per centAnalysts had earlier reported that Indias economy is set to grow faster at 65 per cent in FY2026 GDP up from the previous expectation of 6 per cent due to GST reforms IANS https://dailyworld.in/business/rbi-mpc-meet-expects-next-rate-cut-in-december-says-goldman-sachs-analyst-640946.html Tue, 30 Sep 2025 18:13:00 +0530 https://dailyworld.in/business/indias-fiscal-deficit-in-april-august-stands-at-381-per-cent-of-full-year-target-640949.html New Delhi Sep 29 Indias fiscal deficit for the fivemonth period from April to August stood at Rs 598 lakh crore which represents 381 per cent of the governments fullyear target for the financial year 202526 official data released on Tuesday showed This indicates that the fiscal deficit is well under control and on its declining glide path with the economy growing on a stable pathNet tax receipts during the period stood at Rs 81 lakh crore which was a tad lower than Rs 87 lakh crore collected in the same period of the previous financial year Nontax revenue however jumped to Rs 44 lakh crore during AprilAugust from Rs 33 lakh crore in the same period last yearTotal government expenditure increased to Rs 188 lakh crore compared with Rs 165 lakh crore in the same period of the previous year The governments capital expenditure on bigticket infrastructure projects in the highways ports and railways sectors surged to Rs 43 lakh crore during the fivemonth period from Rs 3 lakh crore in the same period last yearThis has played a key role in spurring economic growth in the country amid increasing economic uncertainties triggered by geopolitical developments and the US tariff turmoilThe Central government has pegged its fiscal deficit target at 49 per cent of the gross domestic product GDP in its latest budget for FY25 compared with 56 per cent in the last fiscal year which was lower than the revised estimates of 58 per centA declining fiscal deficit reflects the strengthening of the fundamentals of the economy and paves the way for growth with price stability It leads to a reduction in borrowing by the government thus leaving more funds in the banking sector for lending to corporates and consumers which leads to higher economic growthWith the strong emerging fiscal position in 202526 the government is likely to have some additional headroom to meet unforeseen expenditure on account of defence according to a recent Bank of Baroda reportThe observation assumes importance against the backdrop of the tensions with Pakistan following the Pahalgam terror attack and Operation Sindoor IANS https://dailyworld.in/business/indias-fiscal-deficit-in-april-august-stands-at-381-per-cent-of-full-year-target-640949.html Tue, 30 Sep 2025 18:16:00 +0530 https://dailyworld.in/business/commerce-secretary-unveils-skill-courses-on-tea-sommeliers-tasting-640975.html New Delhi Sep 30 Commerce Secretary Sunil Barthwal on Tuesday launched National Council of Vocational Education and Training NCVETapproved skill courses on Tea Sommeliers and Tea Tasting Announcing the initiative on the occasion of International Tea Day Barthwal said the specialised courses by Tea Board India are aimed at skilling the youth and promoting tea literacy with the programmes proposed to be conducted at the Darjeeling Tea Research and Development Centre Tea Board India KurseongAmong the two courses are Essentials of Tea Sommeliers 60 hours covering fundamentals of tea and tea appreciation professional tea tasting techniques development of innovative tea blends and adoption of artisanal and futureforward tea practicesFundamentals of Tea Tasting 210 hours course covers factorylevel tea tasting operations conducting and managing tea tasting sessions tea blending based on tasting outcomes and implementing futureready tea manufacturing and tasting practicesOn successful completion trained professionals will contribute to sensory evaluation grading and the promotion of tea literacy factors critical to enhancing market competitiveness and consumer satisfaction said Ministry of Commerce and IndustryThe two new courses have been developed with the assistance of the Agriculture Skill Council of India ASCI an awarding body recognised by the NCVET Ministry of Skill Development amp EntrepreneurshipOn successful completion trained professionals will contribute to sensory evaluation grading and the promotion of tea literacyfactors critical to enhancing market competitiveness and consumer satisfactionThe two NCVETapproved skill courses are the firstoftheirkind courses in tea tasting designed in alignment with NEP 2020 and mark a significant step in strengthening Indias tea value chain through a skilled workforce IANS https://dailyworld.in/business/commerce-secretary-unveils-skill-courses-on-tea-sommeliers-tasting-640975.html Tue, 30 Sep 2025 19:21:00 +0530 https://dailyworld.in/business/lg-india-ipo-to-open-on-oct-7-parent-firm-offloads-over-10-crore-shares-640985.html New Delhi Sep 30 LG Electronics India is set to hit the primary market as its initial public offering IPO will open for subscription on October 7 The anchor book will open for a day on October 6 followed by the public subscription window between October 7 and 9 The South Koreabased promoter LG Electronics Inc will divest up to 1018 crore equity shares through an offerforsale OFS route The IPO will not include any fresh issue of sharesSince the issue is entirely an OFS the primary objective of the IPO is to facilitate the share sale by the promoter and to list the companys equity on the domestic exchangesSpecifics of the price band have not yet been decidedShare allotment is scheduled to be finalised by October 10 and the companys stock will make its trading debut on the BSE and NSE on October 14Earlier the leading home appliance maker said on Tuesday it expects to complete the initial public offering IPO of its Indian subsidiary as early as next month to secure funding for future growthIndustry sources estimate the value of LG Electronics India Ltds initial public offering IPO at approximately 18 trillion won 128 billion according to Yonhap news agencyAccording to LG Electronics the sale of a 15 per cent stake in the subsidiary as part of the IPO process had been approved by the boardIn December of last year LG Electronics filed a preliminary listing application to start the IPO process and in March SEBI granted it conditional approvalThe anticipated earnings greatly surpass the 11 trillion won in standalone cash and cash equivalents held by LG Electronics at the end of JuneThe listing of the Indian unit according to analysts like Moodys Investors Service would improve LG Electronics financial standingThe LG Electronics India issue will be the second major public offering next week coming right after Tata Capitals Rs 15512crore IPO which opens on October 6 IANS https://dailyworld.in/business/lg-india-ipo-to-open-on-oct-7-parent-firm-offloads-over-10-crore-shares-640985.html Tue, 30 Sep 2025 20:18:00 +0530 https://dailyworld.in/business/new-india-assurance-receives-rs-2-379-crore-gst-demand-notice-641006.html New Delhi Sep 30 The New India Assurance Company Limited on Tuesday said that it has received a Goods and Services Tax GST demand notice of Rs 2379 crore The order was issued by the Additional Commissioner of Central GST Palghar Commissionerate the company informed in a stock exchange filingThis is in reference to above we would like to inform that the company has received order in original in form DRC07 vide order dated 29092025 under Rules 1001 100 2 100 3 amp 142 5 of the CGSTMHGST ACT 2017 from Additional Commissioner CGST amp Central Excise Palghar Commissionerate the company added in its filingAccording to the notice the demand was raised for not paying GST on premiums received as a follower in coinsurance business and for not paying GST on commission earned from reinsurance premiums paid to reinsurance companiesThe Order states that NIA had failed to discharge the appropriate GST on the amount of premium received by them from the respective Leader in coinsurance business and NIA was also not discharging any GST liability on reinsurance commission earned on the reinsurance premium ceded the firm addedThe insurance company however said that the order will not affect its financial or operational activitiesIt cited a clarification issued by the Central Board of Indirect Taxes and Customs CBIC and the advice of its tax consultants as the basis for having a strong case to defend on meritsThe company added that it will take appropriate action within the prescribed timelines and file its response before the authoritiesOn Tuesday shares of New India Assurance ended 055 per cent higher at Rs 18910 apiece on the National Stock Exchange NSE even as the benchmark Nifty fell 01 per centThe stock has declined 1794 per cent over the past year and is down 663 per cent so far in 2025 IANS https://dailyworld.in/business/new-india-assurance-receives-rs-2-379-crore-gst-demand-notice-641006.html Tue, 30 Sep 2025 21:35:00 +0530 https://dailyworld.in/business/rbi-imposes-monetary-penalty-of-nearly-rs-32-lakh-on-indian-overseas-bank-641012.html New Delhi Sep 30 The Reserve Bank of India RBI on Tuesday said it has imposed a penalty of Rs 318 lakh on Indian Overseas Bank for failing to follow certain rules related to Priority Sector Lending PSL Targets and Classification The central bank said that during its supervision it found instances of noncompliance with PSL directionsThe RBI has imposed a monetary penalty of Rs 3180 lakh on Indian Overseas Bank for noncompliance with certain directions issued by RBI on Priority Sector Lending PSL Targets and Classification the central bank saidThis penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A1c read with Sections 464i and 511 of the Banking Regulation Act 1949 it addedFollowing this a show cause notice was issued to the bank After reviewing the banks reply additional submissions and oral statements during a personal hearing the RBI concluded that the charges were valid and decided to impose the penaltyAfter considering the banks reply to the notice additional submissions made by it and oral submissions made during the personal hearing RBI found that the following charge against the bank was sustained warranting imposition of monetary penalty RBI saidAccording to RBI Indian Overseas Bank had collected loanrelated charges in some PSL accounts even though the sanctioned loan amount in each of those accounts was up to Rs 25000The bank collected loan related charges in certain PSL accounts each having sanctioned loan amount upto Rs 25000 the central bank saidThe regulator clarified that the penalty is only for deficiencies in compliance and does not affect the validity of any transaction or agreement between the bank and its customersThe action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers RBI said IANS https://dailyworld.in/business/rbi-imposes-monetary-penalty-of-nearly-rs-32-lakh-on-indian-overseas-bank-641012.html Tue, 30 Sep 2025 22:41:00 +0530 https://dailyworld.in/business/sebi-pushes-back-retail-algo-trading-framework-sets-phased-rollout-till-april-2026-641018.html New Delhi Sep 30 The Securities and Exchange Board of India SEBI on Tuesday once again extended the timeline for implementing its framework on Safer participation of retail investors in algorithmic trading The regulator said stock brokers will now get more time to comply with the new rules after many brokers and algo vendors requested additional time to make systemrelated changesThe framework which was earlier supposed to come into effect from August 1 2025 was first postponed to October 1 2025SEBI has now introduced a phased roadmap for implementation to ensure a smooth rolloutAs per the new schedule brokers must apply for registration of at least one retail algo strategy through an API by October 31They will have to complete registration of retail algo products and some strategies by November 30 and participate in at least one fullfledged mock trading session by January 3 2026Brokers who fail to meet these milestones will not be allowed to onboard new retail clients for APIbased algo trading from January 5 2026The entire framework along with detailed operational standards will become effective for all brokers from April 1 2026Brokers who are not ready to go live by October 1 will also have to submit information about their existing clients as of September 30 to the exchangesSEBI said the guidelines aim to clearly define the rights and responsibilities of investors brokers algo providers vendors and market infrastructure institutions such as exchanges depositories and clearing corporationsUnder the rules all algorithmic trading strategies will need to be registered with stock exchanges and assigned a unique identificationThis mechanism will help exchanges track algo orders placed through Direct APIs Algo providers will also have to be empanelled with the exchange before registering their products and the process will have to be done through a trading member before an algo ID is issued IANS https://dailyworld.in/business/sebi-pushes-back-retail-algo-trading-framework-sets-phased-rollout-till-april-2026-641018.html Tue, 30 Sep 2025 22:47:00 +0530 https://dailyworld.in/business/ipo-boom-2025-indias-ipo-market-set-to-cross-rs-1-lakh-crore-for-third-time-640775.html New Delhi Sep 29 The Indian Initial Public Offering IPO market is experiencing a blockbuster year in 2025 with companies already raising close to Rs 85000 crore through 74 mainboard offerings as of September The momentum is expected to pick up speed in October with upcoming listings from Tata Capital and WeWork poised to push the total past the Rs 1 lakh crore milestone for just the third time in history Tata Capitals Rs 16000crore IPO will be one of the biggest upcoming share sales The IPO will open for subscriptions from October 6 to 8Additionally between October 3 and 7 WeWork India plans to enter the market with a Rs 3000crore offering When combined the two offerings will surpass the psychological figure of the Rs 1 lakh crore fundraising milestone in 2025Earlier in 2021 and 2024 the IPO market crossed this threshold In 2021 companies raised Rs 119 lakh crore through 63 IPOs while in 2024 the figure jumped to Rs 16 lakh crore from 91 initial offersAs per reports the numbers are expected to surpass all the records this yearLG India is reportedly preparing for a Rs 15000crore issue in the first half of October which could lift the fundraising tally to over Rs 13 lakh croreSeveral more prominent players including ICICI Prudential Groww Pine Labs Canara HSBC Life Credila Financial and Physics Wallah are also in the process of entering the market before yearendMeanwhile the SME IPO segment has also been high this year so far In September alone 53 SME companies have listed their shares raising Rs 2309 crore the bestever monthly performance in terms of both value and volumeWith 207 SME issues raising Rs 9129 crore so far in 2025 the segment has already broken past all previous annual records with three months still to goAccording to analysts the strong appetite for IPOs reflects buoyant investor sentiment robust corporate earnings and deepening retail participation in equities making 2025 one of the most remarkable years yet for Indias primary markets IANS https://dailyworld.in/business/ipo-boom-2025-indias-ipo-market-set-to-cross-rs-1-lakh-crore-for-third-time-640775.html Mon, 29 Sep 2025 17:47:00 +0530 https://dailyworld.in/business/ashwini-vaishnaw-flags-off-7-new-trains-from-bihar-including-three-amrit-bharat-express-640722.html Patna Sep 29 IANS Union Railway Minister Ashwini Vaishnaw on Monday inaugurated seven new train services from Bihar including three Amrit Bharat Express trains aimed at providing affordable longdistance travel options for lower and middleincome passengersnbspVaishnaw flagged off the new services virtually from New Delhi while Bihar Deputy Chief Minister Samrat Choudhary symbolically inaugurated them at Patna JunctionnbspThe newly launched Amrit Bharat Express trains will operate between DarbhangaMadar Ajmer MuzaffarpurCharlapalli Hyderabad and ChhapraAnand Vihar DelhiIn addition four passenger trains were introduced on shorter routes within Bihar These passenger trains will run between JhajhaDanapur PatnaBuxar NawadaPatna and PatnaIslampurnbspnbspHighlighting the significance of the launch Vaishnaw said these trains would provide hasslefree and affordable transportation for Bihari migrants and daily passengersnbspOn the guidance of Prime Minister Narendra Modi and with the partnership of Chief Minister Nitish Kumar we are launching seven new trains that will connect various cities and offer lower fares for the middle and lowerincome groups he saidThe Railway Minister credited Bihar Chief Minister Nitish Kumar for his past contributions to the railway sectornbspnbspWhen Nitish Kumar was the Union Railway Minister he took the department to new heights A slowdown came between 2004 and 2014 but after PM Modi took charge Indian Railways began transforming once again achieving new milestones Vaishnaw notednbspThe introduction of the Amrit Bharat Express a costeffective alternative to the premium Vande Bharat trains is part of the Centres push to modernise railway services while keeping travel affordable for millionsDeputy CM Samrat Choudhary who was present at the Patna event expressed gratitude for the Centres focus on Bihars infrastructure growthnbspI am thankful to PM Narendra Modi CM Nitish Kumar and Union Railway Minister Ashwini Vaishnaw for transforming Bihar in sectors including rail and road infrastructure Choudhary saidnbspHe announced upcoming projects such as a ring road in Bhagalpur and a fourlane road connecting Sultanganj Bhagalpur to Deoghar Jharkhand along with a new railway line to link the two prominent pilgrimage sitesnbspHighlighting the scale of Central assistance Choudhary added During the UPA government Bihar was getting only around Rs 1000 crore annually for the railway sector In the last 11 years of the Narendra Modi government the Centre has provided more than Rs one lakh crore for railway development in Bihar https://dailyworld.in/business/ashwini-vaishnaw-flags-off-7-new-trains-from-bihar-including-three-amrit-bharat-express-640722.html Mon, 29 Sep 2025 15:56:00 +0530 https://dailyworld.in/business/sago-industry-faces-sharp-demand-slump-despite-record-production-in-tn-640731.html Chennai Sep 29 The sago industry in Tamil Nadu which supplies nearly the entire countrys sago rice requirement is grappling with a steep decline in demand from Northern India despite unprecedented production growth Mechanisation and modern processing have enabled a surge in output but sales have failed to keep pace leaving thousands of tonnes of finished goods unsold In the western belt especially Salem and Namakkal districts where most sago units operate production levels have soared in recent years Daily output has increased from an earlier range of 800010000 bags to about 15000 bags each weighing nearly 90 kilograms However demand in major markets such as Delhi Uttar Pradesh Madhya Pradesh Maharashtra and Gujarat has dropped sharply The number of manufacturing units has dwindled dramatically from about 1500 three decades ago to only 350 now and fewer than a third of these operate continuously Yet mechanisation has allowed factories to run throughout the year unlike earlier cottagestyle units that depended on dry weather to process and sundry sago Demand for sago traditionally spikes during July to September when fasting and festivals like Navratri drive consumption in northern states But changing food habits the decline in religious fasting practices and consumer concerns about adulteration have severely hit sales As a result around five lakh bags of sago produced for this festive season remain unsold Price erosion has added to the crisis The wholesale price of a 90kg bag has dropped to about Rs 3200 down from Rs 6000 a few years ago marking the lowest levels in recent memory Exports too have stagnated compounding the losses faced by manufacturers However the parallel starch industry is thrivingStarch extracted from tapioca a byproduct of sago production has seen robust growth due to high demand from sectors like paper pharmaceuticals and food processing Production has more than doubled in the past decade and prices remain stable at about Rs 2400 per bag Industry stakeholders say stronger marketing support is needed to revive sago sales They want the Tamil Nadu government to resume distribution through Public Distribution System PDS outlets include sago in the noon meal scheme and promote its nutritional value to boost demand both within the state and across India Without such interventions they warn one of Tamil Nadus most iconic agroindustries risks further decline IANS https://dailyworld.in/business/sago-industry-faces-sharp-demand-slump-despite-record-production-in-tn-640731.html Mon, 29 Sep 2025 16:29:00 +0530 https://dailyworld.in/business/indian-stock-market-opens-higher-as-rbi-mpc-begins-640739.html Mumbai Sep 29 The Indian equity indices opened higher on Monday with a rise in heavyweight stocks as the key RBI MPC meeting began to decide on the repo rate At 922 am Sensex was up 108 points or 014 per cent at 80534 and Nifty was up 30 points or 012 per cent at 24685Buying was seen in the midcap and smallcap stocks Nifty midcap 100 index was up 302 points or 054 per cent at 56680 and Nifty smallcap 100 index was up 90 points or 051 per cent at 17651Among the sectoral indices Auto IT PSU bank pharma metal realty and energy were major gainers FMCG and private bank were major losersIn the Sensex pack BEL Eternal Titan Tata Steel Trent MampM Tata Motors Infosys Sun Pharma TCS SBI and Power Grid were major gainers HUL Axis Bank LampT Maruti Suzuki Bharti Airtel ITC and HCL Tech were major losersThe threeday Reserve Bank of Indias Monetary Policy Committee MPC meeting began on Monday and was widely expected to hold its key policy rate at 550 per centAccording to analysts the monetary policy expected on October 1 is unlikely to surpriseThe present growthinflation dynamics do not warrant a rate cut Therefore the RBI is likely to hold rates while sending a dovish message to support the growth momentum in the economy they addedAlso the weakness in the broader market is likely to sustain given the valuations which continue to remain elevated Investors can slowly accumulate largecaps in automobiles banking telecom capital goods and cementWeakness in pharmaceuticals is an opportunity to buy into the segment since Indias generic exports will not be impacted by Trumps tariffs on patented and branded medicines they addedMeanwhile foreign institutional investors FIIs extended their selling streak for the fifth consecutive session on September 26 offloading equities worth Rs 5687 crore Domestic institutional investors DIIs on the other hand absorbed the selling pressure purchasing equities worth Rs 5843 crore on the same day IANS https://dailyworld.in/business/indian-stock-market-opens-higher-as-rbi-mpc-begins-640739.html Mon, 29 Sep 2025 16:37:00 +0530 https://dailyworld.in/business/india-in-trade-talks-with-us-eu-new-zealand-oman-peru-chile-piyush-goyal-640740.html New Delhi Sep 29 IANS India is in discussions with the US the EU New Zealand Oman Peru and Chile for free trade agreements FTAs while Qatar and Bahrain have also expressed interest Commerce Minister Piyush Goyal said on MondaynbspThe FTA with the EFTA countries Iceland Liechtenstein Norway and Switzerland which was finalised in March 2024 will come into effect from October 1 Goyal addednbspThe minister informed that the developed nations are keen to sign FTAs with India which has already concluded such agreements with the UAE Australia and the UKnbspIndias foreign exchange reserves have crossed 700 billionHighlighting the recent GST reforms Goyal said that Prime Minister Narendra Modi has gifted the nation a transformative reform during NavaratrinbspSeptember 22 will be written in golden letters in history I believe this is the biggest reform since Independence the impact of which will be felt for decades he remarkednbspThe minister noted that under the leadership of Prime Minister Modi India has transformed from a fragile economy in 2014 to the worlds fourthlargest economy and will become the thirdlargest economy with a 5 trillion size in the next two yearsHe underlined that inflation is at 2 per cent the lowest in a decade while GDP growth stood at 78 per cent in the last quarter He also emphasised that Indias banking sector is robust and interest rates have come downnbspGoyal said that the government is now giving special focus to the development of the northeastern and eastern states working hand in hand with the respective state governments to ensure inclusive growth and developmentnbspHe highlighted the remarkable progress of Uttar Pradesh noting that the state has grown by leaps and bounds under this vision of inclusive growth which has touched every caste class small and big business alikeUttar Pradesh he said is the first state in the country to have established a dedicated Export Promotion Ministry reflecting its proactive approach in strengthening trade and industrynbspThe minister observed that the state has witnessed significant growth across sectors such as khadi cotton and the cottage industrynbspGoyal said that UPs infrastructure development including the dedicated freight corridor expressways airports multimodal logistics hubs inland waterways and container depots has significantly strengthened its trade and industry ecosystem https://dailyworld.in/business/india-in-trade-talks-with-us-eu-new-zealand-oman-peru-chile-piyush-goyal-640740.html Mon, 29 Sep 2025 16:38:00 +0530 https://dailyworld.in/business/electricity-consumers-in-andhra-pradesh-to-get-rs-895-crore-refund-640757.html Amaravati Sep 29 The Andhra Pradesh Electricity Regulatory Commission APERC has ordered a refund of Rs 895 crore to electricity consumers in the state Power distribution companies will credit a refund of approximately 13 paise per unit to consumers in equal monthly instalments It will be automatically adjusted in the bills and there is no action required from the consumersRefunds for consumption months April 2024 to March 2025 will be credited from November 2025 to October 2026 in monthly cycles The discount will apply to the power consumption bill for October the government said on MondayThe state government has claimed that the power sector which has long been debtridden has achieved a remarkable milestone this year by saving as much as Rs 89512 crore during 202425Noting these landmark savings in the Fuel and Power Purchase Cost Adjustment FPPCA the Andhra Pradesh discoms would be refunding this money to all electricity consumers in the state starting in November this yearThe APERC noted that an expenditure of Rs 186364 crore was incurred under FPPCA against the budgeted Rs 275876 crore or expected earlier for 202425 This has resulted in savingsreduction of Rs 89512 croreEarlier the APERC had levied an FPPCA charge of 40 paise per unit on consumers for 202425 Out of this there has now been a return of Rs 895 crore which the distribution utilities will be credited back to consumersThe government called the refund of the bill a historic development This is the first time since electricity sector reforms began in 1999 that power distribution utilities will refund FPPCA amounts to consumers in monthly instalments This marks a milestone in proconsumer governance and financial prudence in the power sector it saidAs per the order of APERC discomwise refund amount is Rs 01328kWh for Andhra Pradesh Southern Power Distribution Company Limited APSPDCL Rs 01343kWh for Andhra Pradesh Central Power Distribution Company Limited and Rs 01312kWh for Andhra Pradesh Eastern Power Distribution Company APEPDCL IANS https://dailyworld.in/business/electricity-consumers-in-andhra-pradesh-to-get-rs-895-crore-refund-640757.html Mon, 29 Sep 2025 17:19:00 +0530 https://dailyworld.in/business/colocation-cloud-services-build-backbone-of-indias-1-trillion-digital-economy-mission-report-640765.html New Delhi Sep 29 The colocation and cloud services segment in India is building the backbone of the nations 1 trillion digital economy mission a report said on Monday Data centres and cloud platforms form the backbone of Indias fastgrowing digital economy which is expected to reach 1460 billion by the Financial Year 2030 FY30Meanwhile colocation and cloud can deliver secure scalable infrastructure powering enterprises hyperscalers and government digital growth Equirus Capital a fullservice investment banking firm said in its reportMeanwhile the foundations of 1 trillion digital economy would be hardware infrastructure focussing on semiconductors and electronics manufacturing and the data centre and hyperscaler layer focussing on physical and cloud infrastructureAdditionally the foundational model layer with a focus on AI model development and the application layer focussing on realworld AI adoption will play crucial rolesAccording to the report India is poised for significant data centre capacity expansion driven by large investments yet demand continues to outpace supplyThe capex will likely grow from Rs 175 billion to Rs 575 billion thereby registering a growth of 23 per cent Compounded Annual Growth Rate CAGR from 2024 to 2030Despite this high supply of data centres the demand seems to outpace supplyIn the past year the supply has risen from 75 megawatt MW to 114 MW almost a 50 per cent addition then the demand has risen from 81 MW to 122 MW an increase of over 50 per cent the report notedAs per the report key factors driving growth in Indias data centre and cloud computing market are the explosion of data consumption enterprise Cloud adoption policy and regulatory support and AI and emerging tech workloadsAdani Nxtra and Sify will likely emerge as leading players in the data centre industryMore than 16GW of capacity to be added to the existing 13GW capacity with Adani Connex Nxtra and Yotta to add c860MW of capacity the report said IANS https://dailyworld.in/business/colocation-cloud-services-build-backbone-of-indias-1-trillion-digital-economy-mission-report-640765.html Mon, 29 Sep 2025 17:28:00 +0530 https://dailyworld.in/business/fpis-offload-rs-16-422-crore-last-week-sentiments-to-reverse-in-near-future-analysts-640649.html Mumbai Sep 28 Foreign portfolio investors FPIs offloaded Rs 16422 crore worth of Indian equities last week driven by concerns over valuations and new policy measures of US government but the sentiment is set to reverse analysts said on Sunday A 100000 fee on new H1B visa applications and high tariffs on branded drugs have raised concerns among FPIs regarding earnings pressure in Indias IT and pharmaceutical sectorsBenchmark indices experienced their steepest weekly decline in seven months due to sustained outflows with Indian equities lagging behind emerging markets by nearly 26 per cent yeartodate in dollar termsPersistent FPI selling global trade tensions and sectorspecific pressures weighed on sentiment analysts saidDr VK Vijayakumar Chief Investment Strategist Geojit Financial Services said that foreign portfolio investors have withdrawn 21 billion from India in the past year marking the largest outflow among emerging markets during this timeframeThis FPI outflow also has largely contributed to the depreciation in INR of 35 per cent against the dollar The elevated valuations in India vis a vis other markets and the tepid earnings growth are the principal reasons behind the FPI pull out he saidIn the first three months of 2025 FPIs were sellers and in the next three months they turned buyers In July August and September so far they have again turned sellersThe depreciation of Indian rupee in contrast to the appreciation of other emerging market currencies intensified the pressure he addedRecord automobile bookings reduced GST rates and cheap credit are fuelling a recovery in the automotive and white goods sectors the analyst saidHe said that this will lead to superior earnings growth which the market and FPIs will begin to discount adding that further rupee depreciation is unlikelyIt is safe to assume we are near the trough of the FPI pullout said Vijayakumar adding that earnings growth in India is expected to pick up from Q3 FY26 gathering momentum in FY27 IANS https://dailyworld.in/business/fpis-offload-rs-16-422-crore-last-week-sentiments-to-reverse-in-near-future-analysts-640649.html Sun, 28 Sep 2025 16:15:00 +0530 https://dailyworld.in/business/uk-pledges-15-billion-pounds-loan-guarantee-for-jaguar-land-rover-post-cyberattack-640655.html New Delhi Sep 28 The UK government has announced a 15billion pound 2 billion loan guarantee for Jaguar Land Rover JLR to stabilise its supply chain following a cyberattack that halted production for nearly a month The assistance comes amid small suppliers of the company informing that they had one week left at most before they ran out of cashTata Motors which owns Jaguar Land Rover operates three factories in the UK producing approximately 1000 vehicles daily and supporting thousands of jobs in Birmingham and LiverpoolSmaller suppliers faced critical financial strain due to the extended shutdown and a recent survey revealed that companies are reducing staff hours or making redundanciesUKs Business minister Peter Kyle said the cyberattack was not only an assault on an iconic British brand but on our worldleading automotive sector adding that the loan guarantee will help support the supply chain and protect skilled jobsThe business ministry announced that financing will be privately raised guaranteed by Britains export credit agency UK Export Finance and is expected to unlock 15 billion pounds of support for Land Rovers supply chainShares of Tata Motors fell around 498 per cent this week but rebounded 145 per cent on Friday following reports that its British subsidiary could incur a potential uninsured loss of approximately 2 billion due to the cyberattack on September 2Reportedly the impact could surpass JLRs total profit from the last fiscal year as JLR had not finalised a cyber insurance policy potentially leaving the automaker uninsured for the attackJaguar Land Rover announced it will extend factory closures until October 1The companys three UK plants in Solihull Halewood and Wolverhampton used to produce approximately 1000 cars daily with reports estimating losses of around 50 million pounds per week due to the plants being shutdown IANS https://dailyworld.in/business/uk-pledges-15-billion-pounds-loan-guarantee-for-jaguar-land-rover-post-cyberattack-640655.html Sun, 28 Sep 2025 16:20:00 +0530 https://dailyworld.in/business/pv-sales-to-grow-14-pc-in-fy26-icra-640665.html New Delhi Sep 28 Indias commercial vehicle and passenger vehicle segments get a cautiously optimistic outlook for FY2026 with moderate growth expected in both segments amidst GST rate reductions a report said on Sunday In August wholesale volumes of commercial vehicles increased by 6 per cent yearonyear YoY while retail volumes rose by 32 per cent a report from ratings agency ICRA saidThe moderate growth was because of purchase deferment among fleet operators in anticipation of GST reductions This also resulted in a modest 13 per cent increase in wholesale volumes for the first five months of FY2026ICRA forecasted a 1 to 4 per cent increase in passenger vehicle volumes for FY2026 driven by new model launches and policy reliefLight commercial vehicle retail sales increased by 82 per cent in August and 08 per cent growth sequentially Despite the growth headwinds in the LCV truck segment persist due to the rising preference for preowned vehicles and competition from electric threewheelers the report saidThe medium and heavy commercial vehicle MampHCV sales saw a robust 92 per cent YoY increase despite recent demand dampening by prolonged monsoonsThe bus segment is projected to grow by 8 to 10 per cent buoyed by replacement demandPassenger vehicle sales declined in August compared to both the previous month and the same period last year as buyers postponed purchases in anticipation of potential GST reductions the report saidPassenger vehicle exports increased by 25 per cent in August and 15 per cent in the first five months of the fiscal yearSUVs maintained their dominance representing 65 t0 66 per cent of overall passenger vehicles volumeICRA said that the overall economic environment a resurgence in construction and mining and continued festive season demand are expected to support sales across automobile segments IANS https://dailyworld.in/business/pv-sales-to-grow-14-pc-in-fy26-icra-640665.html Sun, 28 Sep 2025 16:31:00 +0530 https://dailyworld.in/business/indias-passenger-vehicle-sales-to-grow-14-pc-in-fy26-report-640667.html New Delhi Sep 28 Indias commercial vehicle and passenger vehicle segments get a cautiously optimistic outlook for FY2026 with moderate growth expected in both segments amidst GST rate reductions a report said on Sunday In August wholesale volumes of commercial vehicles increased by 6 per cent yearonyear YoY while retail volumes rose by 32 per cent a report from ratings agency ICRA saidThe moderate growth was because of purchase deferment among fleet operators in anticipation of GST reductions This also resulted in a modest 13 per cent increase in wholesale volumes for the first five months of FY2026ICRA forecasted a 1 to 4 per cent increase in passenger vehicle volumes for FY2026 driven by new model launches and policy reliefLight commercial vehicle retail sales increased by 82 per cent in August and 08 per cent growth sequentially Despite the growth headwinds in the LCV truck segment persist due to the rising preference for preowned vehicles and competition from electric threewheelers the report saidThe medium and heavy commercial vehicle MampHCV sales saw a robust 92 per cent YoY increase despite recent demand dampening by prolonged monsoonsThe bus segment is projected to grow by 8 to 10 per cent buoyed by replacement demandPassenger vehicle sales declined in August compared to both the previous month and the same period last year as buyers postponed purchases in anticipation of potential GST reductions the report saidPassenger vehicle exports increased by 25 per cent in August and 15 per cent in the first five months of the fiscal yearSUVs maintained their dominance representing 65 t0 66 per cent of overall passenger vehicles volumeICRA said that the overall economic environment a resurgence in construction and mining and continued festive season demand are expected to support sales across automobile segments IANS https://dailyworld.in/business/indias-passenger-vehicle-sales-to-grow-14-pc-in-fy26-report-640667.html Sun, 28 Sep 2025 16:32:00 +0530 https://dailyworld.in/business/nil-gst-boost-lic-sees-rs-1-100-crore-inflows-on-first-day-of-life-insurance-relief-640675.html Mumbai Sep 28 Life Insurance Corporation of India LIC attracted strong investor interest on the first day after the government scrapped goods and services tax GST on individual traditional life insurance policies The insurer drew inflows of over Rs 1100 crore in a single day according to reportsThis development is significant as LIC usually receives around Rs 5000 crore of monthly premium income from retail policyholdersThe inflows seen on the very first day after the tax relief highlight the positive sentiment among policyholders and the potential boost for the insurance sectorIndustry experts said that the removal of GST has made traditional life insurance policies more affordable and attractive for individual buyers which is expected to push up sales in the coming monthsEarlier this financial year LIC had reported a steady rise in both profit and premium incomeThe company posted a consolidated net profit of Rs 10957 crore in the AprilJune quarter Q1 of FY26 a 391 per cent increase compared to the same period previous year 9Q1 FY25Its net premium income also grew by 47 per cent to Rs 119618 crore the insurer informed the exchangesLIC continues to maintain its leadership in the life insurance industry with a market share of over 63 per cent in firstyear premium incomeDuring the first quarter of this financial year our overall market share by First Year Premium Income was 6351 per cent and we maintained our leadership in both Individual and Group Business R Doraiswamy CEO and MD LIC said in an exchange filing dated August 7Key elements of our strategy like increase in NonPar share in Individual business increase in VNB margin increase in Banca share are fully on track Doraiswamy addedThe net profit of the company increased 5 per cent YoY on a standalone basis to Rs 1098651 crore IANS https://dailyworld.in/business/nil-gst-boost-lic-sees-rs-1-100-crore-inflows-on-first-day-of-life-insurance-relief-640675.html Sun, 28 Sep 2025 16:39:00 +0530 https://dailyworld.in/business/glenmark-granules-zydus-and-others-recall-medicines-in-us-over-quality-issues-usfda-640677.html New Delhi Sep 28 Several Indian pharmaceutical companies including Glenmark Granules India Sun Pharma Zydus and Unichem are recalling medicines from the US market according to the US Food and Drug Administration USFDA The recalls are related to manufacturing issues impurities and labelling errors according to the regulators latest Enforcement ReportGlenmark Pharmaceuticals is recalling 13824 tubes of Azelaic Acid Gel produced at its Goa plant due to complaints of gritty textureThe companys US arm initiated a Class II nationwide recall on September 17 Such recalls are made when the use of a product may cause temporary or reversible health issues though the risk of serious problems is considered lowGranules India is also recalling over 49000 bottles of a combination drug used for attention deficit hyperactivity disorder ADHDThe recall was initiated by its US arm on August 28 after the product failed impurity and degradation testsThis is a Class III recall which means the product is unlikely to cause harmSun Pharmas US subsidiary has recalled 1870 kits of a renal imaging agent following failed dissolution tests This Class II recall was announced on September 3Similarly Zydus Pharmaceuticals USA Inc part of Ahmedabadbased Zydus is recalling 8784 bottles of antiviral drug Entecavir tablets due to impurity and degradation concernsThe recall also classified as Class II was initiated on September 4 Unichem Pharmaceuticals USA Inc has issued a Class I recall for 230 bottles of medicine because of a label mixupThe company based in East Brunswick began the recall on August 27 A Class I recall is considered the most serious as it could lead to significant health risks if patients take the wrong medicineHowever India has the highest number of USFDAapproved pharmaceutical plants outside the United States IANS https://dailyworld.in/business/glenmark-granules-zydus-and-others-recall-medicines-in-us-over-quality-issues-usfda-640677.html Sun, 28 Sep 2025 16:42:00 +0530 https://dailyworld.in/business/haryana-cm-seeks-investments-by-japanese-companies--640691.html Chandigarh Sep 28 IANS Haryana Chief Minister Nayab Singh Saini on Sunday held a meeting with top functionaries of Japanese companies in Gurugram inviting them to make investments in the statenbspOn the occasion a memorandum of understanding MoU was also signed with Honda Company for construction and demolition waste managementnbspUnder this agreement the state government will provide land and waste for setting up the plant while Honda will manufacture tiles from the wasteThe Chief Minister is likely to visit Japan from October 6 to 8 during which he will visit the Haryana PavilionnbspAs part of this Chief Minister Saini held discussions with senior officers of major Japanese companies operating in the state to boost investment an official statement saidnbspHe also discussed the establishment of a dedicated cluster for Japanese companies in Haryana and invited them to set up this cluster in NarayangarhnbspCM Saini said Narayangarh is strategically located close to Chandigarh Uttar Pradesh Uttarakhand and Punjab at a distance of only 40 to 45 km which will significantly boost tradeDiscussing water supply facilities in Manesar the Chief Minister said the detailed project report DPR has been prepared and work will commence soon after tenderingnbspA budget provision of around Rs 3000 crore has been made to ensure water availability in Manesar through a pipeline from the Munak CanalnbspThis arrangement has been planned keeping in view the expected population growth for 25 to 30 years to ensure there will be no water scarcitynbspChief Minister Saini emphasised the proper treatment of chemical water discharged by industrial units and encouraged the adoption of advanced technologiesIndustries should recycle and reuse their wastewater for which a plan has been prepared through Haryana State Industrial and Infrastructure Development CorporationnbspIn the first phase this system will be implemented in Manesar at a cost of around Rs 78 crore enabling industries to reuse waternbspThe Chief Minister stressed the importance of utilising corporate social responsibility CSR funds for meaningful development worksnbspHe said that CSR funds should be spent through the Deputy Commissioner to ensure their optimum utilisation and maximum benefit to the people https://dailyworld.in/business/haryana-cm-seeks-investments-by-japanese-companies--640691.html Sun, 28 Sep 2025 18:57:00 +0530 https://dailyworld.in/business/trump-asks-microsoft-to-fire-global-affairs-head-lisa-monaco-640540.html New Delhi Sep 27 US President Donald Trump urged Microsoft Corp to dismiss its Head of Global Affairs Lisa Monaco labelling her as corrupt deranged and a menace to US national security On President Trumps social media account Truth Social he claimed that Monacos senior position at Microsoft a company with significant government contracts provides her access to sensitive information that he believes she cannot be trusted to handleTrump wrote that hes already stripped Monaco of security clearances and prohibited her from accessing federal propertiesAfter successfully manipulating Intel CEO LipBu Tan and eventually failing to cancel Jimmy Kimmel President Donald Trump has named his next target for retribution Microsoft head of global affairs Lisa Monaco said a report from VergeMonaco took the job in May at Microsoft and is since leading the companys global government engagements following a long career in public serviceShe served as the 39th deputy attorney general under former US President Joe Biden and AG Merrick Garland which seems her biggest crime in Trumps eyes the report saidIts not clear why Trump took this moment to go after Monaco but he may be just now becoming aware of her role at Microsoft the report addedThe report also hinted that Microsoft has not exactly been in Trumps crosshairs but the company recently reduced the scope of its cooperation with the Israeli military as it performs mass surveillance of Palestinian civiliansUS tech firms like Microsoft are reportedly unhappy about the recent H1B visa guidelinesMicrosoft had earlier this month advised employees with H1B and H4 visas who are currently outside the US to return immediately ahead of the September 21 deadline set by Trump when the 100000 fee on H1B visas comes into effect IANS https://dailyworld.in/business/trump-asks-microsoft-to-fire-global-affairs-head-lisa-monaco-640540.html Sat, 27 Sep 2025 17:03:00 +0530 https://dailyworld.in/business/uae-regulator-bars-hdfc-banks-dubai-branch-from-onboarding-new-clients-640547.html New Delhi Sep 27 HDFC Bank has informed that its branch in Dubai International Financial Centre namely DIFC branch has received a decision notice from the Dubai Financial Services Authority DFSA restricting it from onboarding or soliciting new clients Further DIFC has also been banned from soliciting onboarding or engaging in any financial promotions with any new client the HDFC Bank informed in an exchange filingAccording to the notice the DIFC branch has been prohibited from engaging in financial services for new clients including advising on financial products arranging deals in investments arranging credit and providing custody servicesThe regulator highlighted concerns regarding the branchs practices around financial services provided to customers not fully onboarded and issues linked to its onboarding processThe Bank has already initiated necessary steps to comply with the directives in the abovereferred notice and is committed to work with the DFSA in its ongoing investigation and to promptly remediate and address the DFSA concerns at the earliest the filing saidThe restrictions however do not impact existing customers or clients who were previously offered financial services but had not yet been onboarded The DFSA order will remain effective until it is amended or revoked in writingAs on September 23 2025 the DIFC Branch has 1489 customers onboarded including joint holdersThe regulatory action comes in the backdrop of a twoyearold controversy regarding the alleged misselling of highrisk Credit Suisse additional tier1 AT1 bonds Investors had accused the bank of pushing the products through its UAE operations which included advisory from DIFC officials relationship management by staff at its Dubai representative office and account booking with its Bahrain branchInvestigations were done on whether clients were properly onboarded in DIFC a jurisdiction with separate financial rules and a stricter framework for professional clients Several nonresident Indian investors incurred heavy losses and faced margin calls on leveraged positions when the AT1 bonds were written down in 2023 during Credit Suisses collapse IANS https://dailyworld.in/business/uae-regulator-bars-hdfc-banks-dubai-branch-from-onboarding-new-clients-640547.html Sat, 27 Sep 2025 17:08:00 +0530 https://dailyworld.in/business/mous-worth-over-rs-1-lakh-crore-signed-at-world-food-india-640556.html New Delhi Sep 27 Twentyone companies have signed memoranda of understanding MoU on the second day of World Food India 2025 bringing the total value of agreements at the event to over Rs 1 lakh crore for investments the government said on Saturday Investments worth more than Rs 25000 crore were committed by these 21 companies an official statement saidThe second day of the summit at Bharat Mandapam saw participation from global regulators industry leaders startups and policymakers with dialogues focussing on sustainability technology investment and international partnershipsThe Ministry of Food Processing Industries held 13 sessions focused on the events five pillars addressing key topics such as pet food nutraceuticals speciality foods alcoholic beverages and plantbased foodsThe day involved sessions from partners and focus states including Uttar Pradesh Gujarat Punjab Jharkhand and Bihar along with delegations from New Zealand Vietnam Japan and Russia the statement saidDiscussions were also hosted by the Ministry of Agriculture and Farmers Welfare the Ministry of AYUSH the Agricultural and Processed Food Products Export Development Authority and the World BankAs part of the summit key governmenttogovernment meetings were held with international counterparts of Russia and Portugal to strengthen cooperation in agriculture and food processing the statement saidThe third Global Food Regulators Summit organised by the Food Safety and Standards Authority of India FSSAI was also held on the sidelines focusing on a unique platform for global regulators to discuss harmonisation of food safety standards and strengthen regulatory cooperationSimultaneously the 24th India International Seafood Show hosted by the Seafood Exporters Association of India showcased the countrys growing seafood export potential and global market linkagesIndia possesses a triple strength of diversity demand and scale Prime Minister Narendra Modi said on Thursday at the World Food India 2025 eventPM Modi also underscored that this strong domestic demand gives India a competitive edge and makes it a preferred destination for investors IANS https://dailyworld.in/business/mous-worth-over-rs-1-lakh-crore-signed-at-world-food-india-640556.html Sat, 27 Sep 2025 17:17:00 +0530 https://dailyworld.in/business/india-to-power-global-hydrogen-transition-hardeep-puri-640563.html New Delhi Sep 27 Indias hydrogen era has begun as the nation targets 5 million metric tonnes MMT of green hydrogen production per year by 2030 Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said on Saturday This led to the cost of green hydrogen dropping from 350 per kilogram kg to 3 per kg unlocking 150 billion in savings on importsThe union minister in a post on X informed that public sector units PSUs are planning to achieve a 1 MMT capacity by 2030 and tenders for 42 kilo tonnes per annum KTPA will rise to 170 KTPAPuri emphasised that India is moving forward to capture 10 per cent of the global hydrogen market under Prime Minister Narendra Modis leadership Green hydrogen projects of around 900 KTPA capacity have already been awarded to 19 companies he addedIn a separate X post the minister said India sits at the heart of the global energy equation as the worlds thirdlargest energy consumer thirdlargest crude importer and fourthlargest refinerWith 6518 million metric tonne MMT of recoverable crude oil and 11386 billion cubic meter BCM of recoverable natural gas the nation is poised to unlock hidden energy opportunities Puri saidThe nation is committed to largescale investments fiscal incentives and policy simplification to catalyse upstream activity he addedAccording to the Petroleum Minister the last decade has seen bold reforms transitioning from a new exploration licensing policy NELP to a hydrocarbon exploration and licensing policy HELP from a production sharing regime to a revenue sharing regime launching open acreage licensing policy OALP roundsThe OALP Round X was the single largest bid round with acreage offered 192 lakh sq kmOur efforts have delivered strong results Investments of Rs 14 lakh crore in exploration and production EampP have driven major progress with 578 wells drilled in FY25 ONGCs highest in 35 years and over 5000 exploratory and development wells including robust offshore programmes the minister noted IANS https://dailyworld.in/business/india-to-power-global-hydrogen-transition-hardeep-puri-640563.html Sat, 27 Sep 2025 17:24:00 +0530 https://dailyworld.in/business/decarbonising-indias-cooking-sector-key-to-achieve-net-zero-goal-by-2070-640564.html New Delhi Sep 27 Decarbonising Indias cooking sector is crucial to achieve net zero goal by 2070 said experts here Speaking at an event hosted by Chintan Research Foundation CRF as part of the Modern Energy Cooking Forum MECF 2025 the experts recognised the urgency particularly in the context of Indias NetZero goalIndia has been promoting the use of Liquefied Petroleum Gas LPG Piped Natural Gas PNG Biogas CBG and more recently electric cooking primarily to reduce household air pollutionHowever greenhouse gas emissions from cooking have not received due attention despite being comparable to those of the aviation and shipping sectorsDr Debajit Palit Centre Head Climate Change and Energy Transition CRF underscored the need for decarbonising the cooking sectorThe future lies in enabling a multifuel roadmap that scales renewable energybased electric cooking technologies while integrating complementary solutions such as compressed biogas blending decentralised renewables and electricity tariff reforms Palit saidDuring the session panellists emphasised that policy clarity innovative financing models and technological synergies are crucial to unlocking the potential of electric cooking in IndiaAlok Kumar Director General All India DISCOM Association and Former Power Secretary stressed that electric cooking must be integrated into Indias energy policy with tariffs reflecting grid system costsLinking this to the larger agenda of grid decarbonisation he identified three priorities for accelerating the transition towards a greener grid rapid digitalisation of grid operations through programmes like smart meter rollouts integration of overall system and network costs and integration of gridscale storage solutionsIntegration of electric cooking in Indias energy policy will provide the required vision and direction to the sector Kumar saidFurther Nidhi Sarin Director Energy Transitions Global Energy Alliance for People and Planet pointed out that integrating storage with renewable energy can enhance grid stability and open opportunities for institutional cookingShe also advocated for centralised procurement and pooling of electric cooking appliances thereby lowering costs and ensuring accessibilityCooking solutions must be customised to Indian kitchens and cultural practices Nidhi Sarin Director Energy Transitions Global Energy Alliance for People and PlanetJeevan Kumar Jethani Senior Director Ministry of New and Renewable Energy drew attention to the role of decentralised renewable energy systems in enabling rural households to adopt electric cookingHe pointed to schemes such as PMKUSUM and PM Surya Ghar as natural allies in this transition offering a costeffective and scalable pathway to clean cooking in rural areasDr Umish Srivastava Executive Director RampD Indian Oil Corporation reflected on IOCLs experience in developing Surya Nutan Indias pioneering solar cook stoveHe acknowledged the cost and behavioural barriers to adoption but also underscored that decarbonising cooking represents a lowhanging fruit achievable at a fraction of the cost compared to sectors such as aviation making it an opportunity India cannot afford to overlookDecarbonising Indias Cooking Sector can be done at a fraction of the cost compared to sectors such as aviation and shipping SrivastavaTogether the panellists insights underlined that while challenges persist the convergence of policy reforms technological innovation and decentralised solutions can transform Indias cooking sector into a cornerstone of its clean energy transitionThe panellists also released an Issue Brief titled Decarbonising Indias Cooking Sector authored by researchers from CRF and Finovista IANS https://dailyworld.in/business/decarbonising-indias-cooking-sector-key-to-achieve-net-zero-goal-by-2070-640564.html Sat, 27 Sep 2025 17:25:00 +0530 https://dailyworld.in/business/govts-new-logistics-plan-aids-in-supply-chain-efficiency-achieving-sustainability-goals-640565.html New Delhi Sep 27 The recently approved Integrated State and City Logistics Plan will help achieve Indias sustainability goals through the adoption of low and zeroemission vehicles and the establishment of lowemission freight zones reports have said The government launched the plan in collaboration with the Asian Development Bank ADB in eight cities across eight states which will focus on evaluating existing logistics infrastructure identifying bottlenecks and preparing a roadmap for improvementThe Centre has chosen Ludhiana Shimla Jaipur Indore Patna Visakhapatnam Bhubaneswar and Guwahati to develop integrated state and city logistics plans as part of a programme led by the Department for Promotion of Industry and Internal Trade DPIIT according to reportsThe logistics planners will prioritise freight demands from local retailers and ecommerce players focusing on truck terminals urban roads and efficient lastmile delivery systemsAccording to officials these plans will later be replicated across the country to ensure seamless goods movement and stronger supply chain resilienceThe Asian Development Bank is offering technical support to align statelevel logistics strategies with city freight networks and broader mobility goalsOfficials said that the dual focus on connecting growth hubs to major trunk routes at the state level and upgrading urban freight systems at the city level will enhance supply chain efficiencySustainability measures being considered include the adoption of low and zeroemission vehicles for lastmile delivery and implementation of noisereduction measuresDPIIT highlighted the importance of automation and datadriven decisionmaking in improving operational efficiency cutting costs and ensuring transparency in freight movementThe planning for the project will take 6 to 8 months a DPIIT official had informed adding that if the plans are approved the government may seek other support from the ADB for implementation IANS https://dailyworld.in/business/govts-new-logistics-plan-aids-in-supply-chain-efficiency-achieving-sustainability-goals-640565.html Sat, 27 Sep 2025 17:26:00 +0530 https://dailyworld.in/business/indias-task-is-to-transform-global-south-from-rule-takers-to-rule-shapers-640570.html New Delhi Sep 27 When it comes to Global South Indias task is not to replace one hegemony with another but to build a cooperative framework where Southern producers shippers and regulators gain dignity and competitiveness a report has said adding that by blending reaction with initiative contesting unfair measures while advancing corridors in shipping warehousing finance and capacity the South can transform from ruletakers to ruleshapers When rules are matched by rails digital green and maritime the South is no longer walking someone elses path It is drawing its own mapThat is the playbook India must now carry to every platform of the Global Southfrom BRICS to IORA from BIMSTEC to the IndiaAfrica Forum Summit The time to lead is now according to the report by India NarrativeAccording to the report for India which has emerged as the most credible voice of the Global South the challenge is clearIf we merely react to these pressures we risk being boxed into lowvalue corners of the supply chain If we lead with initiative however we can turn defensive compliance into strategic competitiveness This is the playbook the South needsand India is positioned to draft it the report further statedA trade corridor is not just a shipping lane or a stretch of road It is a deliberate programme upgraded ports and railways redesigned border posts simplified digital platforms that replace paperwork and harmonised product standardsIf designed around Southern comparative advantages such corridors can unlock value chains that reflect local priorities rather than external diktats the report mentionedFrom a millets corridor connecting Eastern Africa and Western India to a green shipping microcorridor between two midsized Southern ports the outcomes are measurable faster turnaround lower freight costs reduced carbon footprintsIf production is the visible part of trade shipping and warehousing are the invisible backbone They decide whether goods reach markets competitively or languish at bottlenecks according to the reportMoreover infrastructure alone does not move goods people do That is why capacity building must be the accelerator of SouthSouth cooperationThe Global South faces a choice We can remain passive adjusting endlessly to rules written elsewhere Or we can chart our own course designing corridors systems and standards that reflect our realities and ambitions the report highlighted IANS https://dailyworld.in/business/indias-task-is-to-transform-global-south-from-rule-takers-to-rule-shapers-640570.html Sat, 27 Sep 2025 17:30:00 +0530 https://dailyworld.in/business/us-pharma-tariff-vaiko-warns-of-economic-war-seeks-special-parliament-session-640571.html Chennai Sep 27 Marumalarchi Dravida Munnetra Kazhagam MDMK general secretary Vaiko has warned that the United States latest decision to impose a steep 100 per cent import duty on medicines could deal a severe blow to Indias pharmaceutical exports and trigger a wider trade crisis Quoting data from the World Trade Organization WTO Vaiko said pharmaceuticals form Indias single largest industrial export segmentEach year India ships about 127 billion worth of medicines to the US the bulk of which are generic drugsGenerics are copies of patented medicines whose 20year exclusive rights have expired enabling any qualified company to manufacture and sell themWhile India also exports patented and branded drugs their volume is far lower compared to generics Indian firms such as Dr Reddys Lupin and Sun Pharma are among the biggest suppliers to the US market But President Donald Trump has now announced that from October 1 all medicines imported from companies without manufacturing plants in America will face a 100 per cent tariffThe White House indicated that firms setting up production in the US could avoid the levyThis move directly targets Indias pharmaceutical industry Vaiko said noting that last year Indian companies exported medicines worth Rs 31000 crore to the US and in just the first half of this year shipments had already crossed Rs 32000 crore The new duty threatens to sharply reduce competitiveness and cut deep into Indias foreign exchange earningsThe latest tariff comes on top of an earlier 25 per cent duty Washington had imposed after India continued importing crude oil from Russia despite US pressure That had already raised the effective import tax on Indian products entering the US to about 50 per centAdditional tariffs on other goods 50 per cent on kitchen and bathroom fittings 30 per cent on furniture and 25 per cent on heavy trucks have added to the strainCalling it an economic war against India Vaiko urged the Union government to act swiftlyThe Centre must immediately convene a special session of Parliament to discuss the US sanctions and find solutions to protect Indian exporters and jobs he said adding that New Delhi should engage Washington diplomatically while safeguarding national trade interests IANS https://dailyworld.in/business/us-pharma-tariff-vaiko-warns-of-economic-war-seeks-special-parliament-session-640571.html Sat, 27 Sep 2025 17:31:00 +0530 https://dailyworld.in/business/bsnls-intelligent-swadeshi-4g-network-to-connect-26-700-villages-with-high-speed-internet-640579.html New Delhi Sep 27 Bharat Sanchar Nigam Limited BSNL on Saturday launched the Bharat Telecom Stack or intelligent Swadesh 4G Network which will connect over 26700 villages with highspeed internet connectivity for the first time BSNL unveiled the network which is a modern and secure solution designed and developed entirely in India in collaboration with Tata Consultancy Services TCS Centre for Development of Telematics CDOT and Tejas Networks LimitedWith this launch India becomes the fifth country in the world to have built a selfreliant indigenous telecom technology stack supporting 4G and beyondAs a mission mode program TCS spearheaded its execution by establishing data centres installing and commissioning CDOTs EPC Core Application Tejass Base Stations and Radio infrastructure over 100000 sites and leveraging TCS Cognitive Network Operations TCS CNOPSTM platform for 24x7 realtime network management TCS said in a statementOver 22 crore citizens will now have access to 4G data at affordable prices Additionally people in rural areas can now have services like digital learning smarter farming tools and 24x7 telemedicineToday we celebrate a monumental achievement for national pride The nationwide rollout of our indigenous 4G network built on the strength of collaboration with TCS Tejas Networks and CDOT is a resounding declaration of an Atmanirbhar Bharat said A Robert J Ravi CMD BSNLThis initiative draws inspiration from Prime Minister Narendra Modis vision of a digitally connected and selfreliant IndiaWe are proud that we have put India on the map of only a handful of countries to have developed a comprehensive trusted and software upgradable telecom technology stack The successful deployment at BSNL is historic and significant in ushering the benefits of a powerful data and voice network to all corners of the country said N Ganapathy Subramaniam AdvisorTelecom Strategic Initiatives at TCS and Chairman Tejas NetworksIt once again reflects TCSs commitment to building Indias digital infrastructure and continuously supporting the countrys digital aspirations Subramaniam said IANS https://dailyworld.in/business/bsnls-intelligent-swadeshi-4g-network-to-connect-26-700-villages-with-high-speed-internet-640579.html Sat, 27 Sep 2025 17:38:00 +0530 https://dailyworld.in/business/mumbai-ahmedabad-bullet-train-to-be-fully-operational-by-2029-ashwini-vaishnaw-640584.html New Delhi Sep 27 The MumbaiAhmedabad bullet train will be operational by 2029 and the 50km stretch of Indias first highspeed rail corridor between Surat and Bilimora in Gujarat is expected to open by 2027 Union Railways Minister Ashwini Vaishnaw said on Saturday Vaishnaw inspected the underconstruction Surat station including track installation and the first turnout According to him people will be able to cover the distance between Mumbai and Ahmedabad in two hours and seven minutes on the bullet trains against nine hours as shown on the Google MapsOverall progress of the first bullet train project is very good The first 50 km section between Surat and Bilimora will be open by 2027 By 2028 the ThaneAhmedabad section will be commissioned and by 2029 the full MumbaiAhmedabad line will open the minister saidVaishnaw highlighted the use of modern technology to ensure safety including vibration absorption mechanisms along the track and special safety features to handle high winds and earthquakesHeavy construction work at Surat station is complete with finishing and utility work ongoing alongside track linking the minister said The first turnout where tracks converge or diverge has been installed with advanced technologies including roller bearings and composite sleepersThe main line is designed for speeds up to 320 kilometres per hour while the loop line will operate at 80 kilometres per hour The services are designed such that a train will depart every half an hour during the morning and evening peak hours Once the entire network stabilises there will be a train every 10 minutes during peak hours the minister had earlier saidThe project is expected to integrate the economies of major cities along the corridor and spur regional growth similar to Japans growth story after its highspeed railThe 508 kmlong MumbaiAhmedabad highspeed rail corridor is Indias first bullet train project The minister also indicated plans for four additional bullet train corridors in other regions of the country as outlined in the BJP manifesto IANS https://dailyworld.in/business/mumbai-ahmedabad-bullet-train-to-be-fully-operational-by-2029-ashwini-vaishnaw-640584.html Sat, 27 Sep 2025 17:44:00 +0530 https://dailyworld.in/business/government-invites-comments-on-draft-of-indian-statistical-institute-bill-2025-640587.html New Delhi Sep 27 The Ministry of Statistics and Programme Implementation MoSPI on Saturday said it has released the draft Indian Statistical Institute Bill 2025 for public consultation from September 25 The ministry has invited comments and suggestions from all stakeholders and the general public as part of the prelegislative consultation processAs the Indian Statistical Institute ISI approaches its centenary in 2031 the proposed draft Bill is founded upon the guiding principles including excellence effective governance autonomy and accountabilityThe ISI was founded in December 1931 and has since grown into one of Indias most prestigious academic and research institutionsIn recognition of its national contribution Parliament enacted the Indian Statistical Institute Act 1959 declaring ISI an Institution of National Importance INICurrently ISI offers undergraduate and postgraduate degree programmes in statistics mathematics quantitative economics computer science library and information Science cryptology and security quality management science and operations ResearchIt also conducts research programmes diplomas and certificate coursesWith about 1200 students across its centres ISI plays a key role in advancing Indias leadership in statistical sciences and allied fieldsOver the years four Review Committees have examined the functioning of ISIThe most recent chaired by Dr RA Mashelkar in 2020 recommended major reforms to strengthen governance expand academic programmes and make ISI globally competitiveThe Committee recommended that ISI must reimagine reinvent and reposition itself to regain its leadership position and remain relevant in changing times as it reaches its centenary year in 2031To address the issue a new legislation for ISI by upscaling the existing Act to the level of other existing INI legislations is being proposed putting in place a revamped governance structure making the Board of Governance a leaner and more empowered body for policy administrative and financial matters the ministry saidThe draft Bill and the prescribed format for sending comments are available on the ministrys website Suggestions may be sent by October 24 IANS https://dailyworld.in/business/government-invites-comments-on-draft-of-indian-statistical-institute-bill-2025-640587.html Sat, 27 Sep 2025 17:48:00 +0530 https://dailyworld.in/business/100-day-swachh-shehar-jodi-initiative-launched-to-improve-urban-waste-management-640591.html New Delhi Sep 27 Housing and Urban Affairs Minister Manohar Lal launched the Swachh Shehar Jodi SSJ initiative for handholding 200 cities in urban waste management an official statement said on Saturday SSJ pairs 72 topperforming mentor cities with approximately 200 lowranking mentee cities in a structured mentorship frameworkThe SSJ initiative represents one of the largest timebound and structured mentorship frameworks in the urban waste management sector aiming to foster knowledge and experience sharing peer learning and transforming best practices in sanitation and waste management across urban India the statement saidThe SSJ initiative officially pairs the mentor with mentee cities that will get direct exposure to wellperforming cities to replicate their best practicesState urban development ministers mayors commissioners and senior officials gathered at a national event in Sonipat to sign memoranda of understanding for the sanitation and waste management program to be conducted over the next 100 daysDuring this period each mentormentee pair will collaboratively develop action plans with clearly defined milestones focusing on experience sharing and knowledge transfer the release addedSSJ is a dynamic platform for knowledgesharing mentoring and handholding The aim is clear that every mentee city should improve their swachhata outcome by learning from the best cities said S Katikithala Secretary MoHUAThe Ministry of Housing and Urban Affairs will provide strategic direction and policylevel support to ensure effective implementation of the Swachh Shehar Jodi across states This is being supported under the capacity building initiative of the Swachh Bharat Mission the ministry saidNearly 300 MoUs were signed across the nation leading to the creation of a dynamic platform for knowledgesharing mentoring and handholding which will be evaluated in the Swachh Survekshan 2026 survey the release noted IANS https://dailyworld.in/business/100-day-swachh-shehar-jodi-initiative-launched-to-improve-urban-waste-management-640591.html Sat, 27 Sep 2025 17:52:00 +0530 https://dailyworld.in/business/gautam-adani-calls-upon-young-entrepreneurs-to-shape-indias-second-freedom-struggle-640315.html Ahmedabad Sep 25 IANS Gautam Adani Chairman of the Adani Group on Thursday touched upon the role of young entrepreneurs in shaping what he called Indias second freedom struggle a fight not for independence from foreign rule but for independence in technology and social innovation that uplifts every community bridges divides and strengthens the fabric of democracynbspIn his address at the fourth edition of Adani Green Talks hosted here Gautam Adani said we have to join our nations second freedom struggle freedom from inequality freedom from inertia and freedom from indifferenceAnd that freedom to dream boldly my friends is what Green Talks is all about Built on the belief that every fresh idea contains the blueprint for transformation It reminds us that growth is not linear it is unpredictable and often invisible the billionaire industrialist saidnbspThat is until suddenly a green shoot breaks through the surface announcing a new chapter of freedom and hope And within that tender green shoot is embedded the essence of every great dream that has gone on to create history the Adani Group Chairman notedIn just three editions of Green Talks hundreds of dreams have been evaluated and 15 remarkable companies have shared their visions on the stagenbspIn a world where nine out of ten startups fade it has been fascinating to see how many of our dreamers have already beaten the odds said Gautam AdaninbspHe further stated that as an entrepreneur I know firsthand what it means to dream After all it is only the dreamers who dare to leave marks that even history cannot erase But even within the many entrepreneurs I meet those that humble me the most are the social entrepreneurs They begin not in search of fortune but in search of to build a better societyGautam Adani said that the eventual objective is to make Green Talks more than a stagenbspIt should become a living platform of collaboration where Indias innovation meets the worlds imagination A place where social startups spark ideas unite in purpose and work for the betterment of humanity It should be an ecosystem where every participant is bound not by transactions but by a shared mission to grow with goodness to leave behind a brighter more sustainable world the Adani Group Chairman emphasised https://dailyworld.in/business/gautam-adani-calls-upon-young-entrepreneurs-to-shape-indias-second-freedom-struggle-640315.html Thu, 25 Sep 2025 17:39:00 +0530 https://dailyworld.in/business/mcx-gold-opens-slightly-lower-silver-rebounds-031-pc-640342.html New Delhi Sep 25 Gold on the MultiCommodity Exchange of India opened slightly lower on Thursday tracking global prices as investors awaited US economic data for guidance on the Federal Reserve policy MCX gold rate for December expiry declined Rs 122 or 011 per cent at Rs 113525 per 10 grams down from Wednesdays close of Rs 113647The MCX silver opened lower by approximately Rs 1000 per kg but rebounded quickly by 031 per cent to Rs 134415 per kg as of 915 AMThe price of 24carat gold 1 gram was at Rs 11358 at 1010 AM according to data published by the India Bullion and Jewellers Association IBJASpot gold in international markets remained near 3734 an ounce while US gold futures for December traded around 3765 as the dollar index fell approximately 01 per centMeanwhile analysts say that bullion continues to receive support from robust central bank purchases and sustained inflows into ETFs and that the MCX October gold futures may decline to Rs 112000 if global trends weakenThe Fed Chairs cautious remarks on inflation labour market and future rate cuts could act as a cap on bullions gainsThe PBoC is leveraging the Shanghai Gold Exchange to encourage central banks from friendly nations to purchase and store bullion within its borders On data front US housing numbers were reported better than expectations weighing on prices said Manav Modi Analyst Precious Metal Research Motilal Oswal Financial Services LtdTraders are waiting for cues from US economic data to gain further insights into Federal Reserve policy such as US GDP Inflation and durable goods orders data he addedAdditionally geopolitical tensions boosted demand for the safehaven metal as NATO warned Russia it would use all necessary military and nonmilitary measures to defend itself while US President Donald Trump said Ukraine could reclaim all territory held by Russia IANS https://dailyworld.in/business/mcx-gold-opens-slightly-lower-silver-rebounds-031-pc-640342.html Thu, 25 Sep 2025 20:16:00 +0530 https://dailyworld.in/business/tata-motors-shares-dip-3-pc-as-2-billion-loss-from-jlr-cyberattack-may-exceed-fy25-profit-640345.html New Delhi Sep 25 Shares of Tata Motors fell around 299 per cent in early trading on Thursday following reports that Jaguar Land Rover JLR its British subsidiary could incur a potential uninsured loss of approximately 2 billion due to a cyberattack that disrupted production The impact could surpass JLRs total profit from the last fiscal year said a report from The Financial TimesJLR had not finalised a cyber insurance policy brokered by Lockton potentially leaving the automaker uninsured for the attack according to multiple media reportsThe cyberattack which occurred on September 2 has forced the company to repeatedly push back its production scheduleJLR announced it will extend factory closures until October 1 while addressing global IT issues and preparing for a phased restart of operationsWe are working at pace to resolve global IT issues impacting our business We will provide an update as appropriate in due course Tata Motors said in a statement earlier this monthThe companys three UK plants in Solihull Halewood and Wolverhampton used to produce approximately 1000 cars daily with reports estimating losses of around 50 million per week due to the plants being shut downJLR is carrying out a forensic investigation into the cyberattack and has said that operations will restart gradually in a controlled mannerDuring FY25 Jaguar Land Rover contributed 72 per cent to Tata Motors total automotive revenue higher than its contribution in FY24 indicating stronger growth at JLR compared to Tatas domestic vehicle segmentMeanwhile in India Tata Motors recorded approximately 10000 car deliveries and over 25000 enquiries on the first day of Navaratri marking a strong start to the festive season Over the past year Tata Motors shares dipped Rs 30090 a decline of 3123 per cent IANS https://dailyworld.in/business/tata-motors-shares-dip-3-pc-as-2-billion-loss-from-jlr-cyberattack-may-exceed-fy25-profit-640345.html Thu, 25 Sep 2025 20:20:00 +0530 https://dailyworld.in/business/delhi-ncr-emerges-as-largest-third-party-leasing-hub-in-india-report-640358.html New Delhi Sep 25 DelhiNCR has emerged as the largest thirdparty logistics 3PL hub in the country accounting for 25 per cent of total leasing activity by the industrial and logistics IampL sector since 2021 a report said on Thursday It is closely followed by Mumbai with a 24 per cent share and Bengaluru at 16 per centThe top six cities including Chennai Kolkata and Hyderabad represented nearly 70 per cent of the total 3PL leasing activity between 2021 and in the first half this year H1 2025 CBRE said in its report3PL players handle the complete supply chain and logistics operations of their clients allowing them to focus on their core businessThese companies have positioned themselves as the largest demand drivers for the countrys logistics real estate marketAccording to the report they accounted for 4050 per cent of the sectors total leasing activity between 2021 and 2024 In H1 2025 they garnered a share of more than 30 per centDelhiNCRs strategic location robust infrastructure and thriving ecommerce sector have made it an important hub for the industrial amp logistics sector said Anshuman Magazine Chairman and CEO India SouthEast Asia Middle East and Africa CBREHowever TierII and III cities are also emerging as new growth hubs The rising consumption in these cities coupled with lower land costs is likely to encourage more 3PL firms to expand beyond metros and build localised hubs closer to centres of consumption he addedThe report noted a rising preference to remain asset light with over 60 per cent of surveyed Indiabased 3PL firms stating they would opt for a space in multitenanted buildings over the next 24 months rather than building their own facilitiesThis is followed by buildtosuit development 28 per cent and purchasing existing assets 22 per centThere is also a clear shift towards futureready warehousing solutions to support rapid business growth and competitivenessAs per the report around 76 per cent of the surveyed 3PL companies are now adopting warehouse management software in their logistics operationsFurthermore 3PL entities are also increasingly adopting technologies such as Internet of Things IoT sensors conveyor and sortation systems and GoodstoPerson picking systems reflecting a broader shift toward intelligent automated warehousesDuring 2021H1 2025 3PL firms were the primary drivers of bigbox leasing over 100000 sq ft in India in terms of value and volumeThis reflects the growing need for scalable futureready warehousing solutions to meet the surge in demand from ecommerce retail and manufacturingRam Chandnani Managing Director Leasing Services CBRE India said This strategy helps the companies to scale faster and lower their costs 3PL players want to expand rapidly to match the demand arising from the growth of ecommerce and quick commerce along with the infrastructure push from the government IANS https://dailyworld.in/business/delhi-ncr-emerges-as-largest-third-party-leasing-hub-in-india-report-640358.html Thu, 25 Sep 2025 20:32:00 +0530 https://dailyworld.in/business/h-1b-visa-fee-hike-to-cut-indian-it-firms-margins-by-just-10-20-bps-revenue-to-grow-2-4-pc-640359.html New Delhi Sep 25 The US governments decision to impose a 1 million fee on new H1B visas for foreign workers will likely reduce the operating margins of Indian IT services companies by only 10 to 20 basis points next fiscal year with firms likely passing some costs to clients a report said on Thursday Indias leading IT exporters with operating margins of around 22 per cent last fiscal year are expected to pass on 30 to 70 per cent of the incremental costs to customers a report from research firm Crisil Intelligence saidIndias IT services industry is expected to reel in 143145 billion this fiscal year marking a revenue growth of 24 per cent over last fiscal year followed by a year of marginal or flat growth the report saidThe US government clarified that the directive effective September 21 2025 does not apply to current H1B holders or renewals minimising its immediate effectThe reliance of IT companies on H1B visas has been decreasing over the past few years as firms expanded offshore delivery opened nearshore centres and hired locally in the USThe number of Indian employees on H1B visas working for TCS Infosys Wipro and HCL Technologies almost halved from 34507 to 17997 between 2017 and 2025 according to government dataEmployee cost accounted for 5557 per cent of sales of Indias IT companies last fiscal year while visa expenses totalled 002 per cent005 per cent of the total employee cost with H1B visa fees ranging between 2000 and 5000 per personIf the current trend in the job market prevails the new fee structure could crank up visa cost to 10 per cent of total employee cost ICRA projectedTier1 IT companies such as TCS Infosys Wipro and HCL generate 96 per cent of their revenue from international markets with the US alone accounting for 53 per centIndia remained the top recipient of remittances at 1187 billion in fiscal 2024 about 23 per cent of that coming from the US IANS https://dailyworld.in/business/h-1b-visa-fee-hike-to-cut-indian-it-firms-margins-by-just-10-20-bps-revenue-to-grow-2-4-pc-640359.html Thu, 25 Sep 2025 20:33:00 +0530 https://dailyworld.in/business/vande-bharat-train-to-begin-operations-from-bikaner-to-delhi-cantt-inaugural-run-today-640360.html Jaipur Sep 25 Rajasthan is all set to get another Vande Bharat Express on Thursday this time connecting Bikaner to Delhi Cantt The semihighspeed train will make its inaugural run but the journey is reserved exclusively for guestsGeneral passengers will be able to travel on the route starting Sunday for which bookings have already begunPrime Minister Narendra Modi will flag off the train virtually from Banswara while in Bikaner Union Minister and local MP Arjun Ram Meghwal will lead the event alongside senior railway officialsMLAs from Bikaner East and West have also been invitedAccording to Divisional Railway Manager Gaurav Govil the inaugural journey will begin at 130 pm departing from Bikaner The train will halt at six stations Sridungargarh Ratangarh Churu Loharu and Mahendragarh While the stoppage at Churu will be five minutes the other stations will have short halts of only two minutesFrom September 28 onwards the train will operate daily for passengers The schedule has been finalised the train will leave Bikaner at 540 am and reach Delhi Cantt by 1155 am On the return route it will depart Delhi Cantt at 645 pm and arrive in Bikaner at 805 pmThe new service offers 400 chair car seats and 40 executive chair car seats providing faster and more comfortable travel between Rajasthan and the national capitalInterestingly the rake assigned for this route has been changed Initially a saffroncolored Vande Bharat train was dispatched to Bikaner but was later sent to JodhpurIn its place the white rake from Jodhpur will now be permanently deployed on the BikanerDelhi Cantt routeWith this launch Rajasthan will have its fifth operational Vande Bharat Express strengthening rail connectivity within the state and with DelhiRailway officials say the new service will significantly reduce travel time and improve convenience for daily commuters as well as longdistance travellers IANS https://dailyworld.in/business/vande-bharat-train-to-begin-operations-from-bikaner-to-delhi-cantt-inaugural-run-today-640360.html Thu, 25 Sep 2025 20:34:00 +0530 https://dailyworld.in/business/centres-digital-reforms-empowering-gram-panchayats-across-rural-india-640362.html New Delhi Sep 25 The Ministry of Panchayati Raj has launched a series of digital reforms ranging from AIdriven meeting records to geospatial planning and citizenfocused mobile apps to strengthen Gram Panchayats according to an official statement issued on Thursday Initiatives such as SabhaSaar an AIpowered tool for recording and summarising Gram Sabha proceedings SVAMITVA for digital land mapping and property rights eGramSwaraj for integrated online planning accounting and monitoring Meri Panchayat mobile app for citizen access to local data and Gram Manchitra for geospatial planning are transforming the way Panchayats functionThese platforms not only improve transparency and efficiency but also empower citizens to participate more actively in local governance As on August 2025 263 crore property cards have been prepared in 173 lakh villages while as of July 2025 drone surveys have been completed in 323 lakh villages the statement explainedThe success of the digital drive is reflected in the fact that 254 lakh Gram Panchayats have uploaded their Gram Panchayat Development Plan GPDP on the eGramSwaraj portal while 241 lakh Gram Panchayats have completed online transactions for 15th Finance Commission grants the statement pointed outThe Ministry launched SabhaSaar in August 2025 which is an Artificial Intelligence AI tool that creates structured minutes of meetings from the audio or video of Gram Sabha and other Panchayat gatherings Until now preparing minutes was a slow manual and often inconsistent exercise SabhaSaar changes this by producing accurate summaries in real timeIt is linked with Bhashini the National Language Translation Mission which allows it to work in 14 Indian languages This makes it accessible to communities across diverse regions With the help of SabhaSaar Gram Panchayat officials can now focus more on governance and service delivery while the tool handles the documentation work thus ensuring realtime unbiased records and greater transparency the statement saidThe SVAMITVA Survey of Villages and Mapping with Improvised Technology in Village Areas Scheme by the Prime Minister gives rural households legal ownership papers for the homes and land they occupyUsing drones and advanced mapping tools it clearly marks property boundaries With these documents families can obtain bank loans resolve disputes and make better use of their assets while Gram Panchayats gain by improving property tax collection and enabling better resource planningThe scheme is implemented by Ministry of Panchayati Raj with support from the Survey of India with the National Informatics Centre Services Inc NICSI as the technology partner It has an approved cost of Rs 56623 crore from FY 202021 to FY 202425 with an extension up to FY 202526SVAMITVA has ended decades of reliance on revenue officials and patwaris for demarcating land ownership The programme enables villagers to map their own land with modern tools giving them authority and security Its success has drawn attention worldwide and inspired other countries to explore similar approaches the statement saidThe government launched BharatNet in October 2011 to bridge the digital divide The project aims to deliver affordable highspeed internet to every Gram PanchayatImplemented by the Ministry of Communications BharatNet seeks to empower rural communities support inclusive growth and bring villages closer to urban standards of connectivity It is not only an infrastructure project but also the backbone of Indias march towards a digital nation the statement added IANS https://dailyworld.in/business/centres-digital-reforms-empowering-gram-panchayats-across-rural-india-640362.html Thu, 25 Sep 2025 20:36:00 +0530 https://dailyworld.in/business/nothings-cmf-to-become-indian-brand-announces-100-million-jv-with-optiemus-to-create-1-800-jobs-640366.html New Delhi Sep 25 Smartphone maker Nothing has given its affordable subbrand CMF a big push by turning it into an independent subsidiary with India as its global base for operations research and manufacturing the company said on Thursday Alongside this move the company has announced a 100 million joint venture with Indian electronics manufacturer Optiemus Infracom LimitedThe partnership is expected to create more than 1800 jobs in India over the next three years as per the official statementWith this collaboration India will not only serve as the headquarters for CMFs manufacturing but will also play a central role in transforming the country into a global hub for smartphone production and exportsNothing has already invested over 200 million in India highlighting the countrys importance in its growth strategyCMF which was launched in 2023 has quickly made a mark in the budget smartphone and wearables segmentThe phones are priced under 200 a sweet spot in India where more than 42 per cent of all phones sold in the second quarter of 2025 fell in the 100200 price range according to IDC dataCarl Pei CEO of Nothing said the joint venture marks a significant milestone in building CMF into Indias first truly global smartphone brandIndia will play a key role in shaping the future of the global smartphone industry With our endtoend capabilities we are uniquely positioned to build CMF into a global brand and our joint venture with Optiemus is a key step in that journey he saidOptiemus which has deep expertise in electronics manufacturing will bring its engineering and production strengths to the partnershipAshok Gupta Executive Chairman of Optiemus said the collaboration reflects the growing strength of the Indian ecosystemGlobal brands choosing India to build is a testament to the vision of Make in India and Atmanirbhar Bharat This partnership goes beyond hightech manufacturing it will empower us to create exportready products designed in India showcasing the innovation and talent of our people to the world he said IANS https://dailyworld.in/business/nothings-cmf-to-become-indian-brand-announces-100-million-jv-with-optiemus-to-create-1-800-jobs-640366.html Thu, 25 Sep 2025 20:40:00 +0530 https://dailyworld.in/business/indias-residential-housing-sales-value-surges-to-152-lakh-crore-in-q3-2025-640371.html New Delhi Sep 25 Despite global economic uncertainties and geopolitical tensions residential demand in India has remained reasonably resilient in third quarter of the calendar year Q3 2025 with total sales value surged significant 14 per cent from around Rs 133 lakh crore in Q3 2024 to nearly 152 lakh crore in Q3 this year a report said on Thursday The development was supported by rising incomes urbanisation and aspirational homeownership sentimentHowever the sector faces headwinds in affordability costs and uneven demand across markets as it saw a 9 per cent dip in sales volumeAs many as 97080 units of homes sold across the top seven cities in Q3 2025 against 107 lakh units in Q3 2024 Anarock said in its reportAmong the top seven cities Mumbai Metropolitan Region MMR recorded the highest sales of around 30260 units followed by Pune 16620 unitsCumulatively the two western cities accounted for 48 per cent of the total sales in the top 7 cities in Q3 2025 All top cities individually recorded a dip in yearly housing sales except Chennai and Kolkata which witnessed 33 per cent and 4 per cent yearly jumps respectively said Anuj Puri Chairman Anarock GroupThese cities saw a marginal 3 per cent increase in new housing supply with approximately 96690 units launched in Q3 2025 against 93750 units in the corresponding period in 2024 Nevertheless the fact that sales remained higher than launches indicates that the demandsupply equation remains robustAmong the cities MMR topped new supply with 29565 units launched in the quarter followed by Pune with nearly 19375 unitsInterestingly while the other cities saw new supply decline annually Pune Kolkata and Chennai saw it increase by a whopping 56 per cent and 38 per cent respectively the report saidThe Rs 15 crore luxury housing category witnessed the highest new supply of 38 per cent followed by the premium Rs 80 lakhRs 15 crore segment with a 24 per cent share The midsegment Rs 4080 lakh contributed a 23 per cent share of the total new supply in the quarter while the affordable segments share was the lowest at 16 per centMeanwhile total available housing inventory saw only a marginal yearly decline in the top seven cities from around 564415 lakh units by Q3 2024end to nearly 561756 lakh units by Q3 2025endAverage residential prices in these cities collectively saw singledigit growth of 9 per cent in Q3 2025 against Q3 2024 At 24 per cent NCR recorded the highest annual growth followed by Bengaluru with a 10 per cent increaseDespite the monsoons and the perceived inauspicious shraad period housing sales in Q3 rose 1 per cent quarterly Overall the housing market is so far reasonably steady in 2025 with expectations for a festive boost ahead for which developers have several projects lined up the report said IANS https://dailyworld.in/business/indias-residential-housing-sales-value-surges-to-152-lakh-crore-in-q3-2025-640371.html Thu, 25 Sep 2025 20:45:00 +0530 https://dailyworld.in/business/consumer-sector-recovery-on-cards-with-tax-cuts-and-gst-relief-report-640375.html New Delhi Sep 25 The consumer sector in India is showing signs of recovery after more than a year of weakness in urban demand a new report said on Thursday The rebound is expected to be driven by a favourable base income tax cuts and a reduction in Goods and Services Tax GST rates according to HSBC Global Investment ResearchTogether these measures are set to put nearly Rs 225 lakh crore back into the hands of consumers equal to about 28 per cent of overall household spending the report saidHSBC noted that the consumption environment has remained muted since the postCOVID boom but the recent policy changes could provide a muchneeded boostUrban demand which has been sluggish is expected to improve while rural demand is already strong supported by rising real wagesHowever the report cautioned that higher savings or debt repayments could limit the pace of recoveryThe report highlighted that GST rate cuts would benefit food and beverage companies more than those in the home and personal care segmentProducts such as biscuits salty snacks and chocolates are expected to see a direct rise in consumption because of their popularity in small pack sizesIn contrast categories like soaps and oral care may see only a onetime push in demand the report addedMeanwhile earlier this week traders and business owners also welcomed the next generation GST reforms saying the changes will increase purchasing power lower prices of essential items and give a big push to the economyThey also praised Prime Minister Narendra Modi for introducing the measures during the festive seasonA branded clothing store owner SK Sarda on September 22 told IANS that the new GST framework has simplified the system and corrected earlier problems of multiple taxesHe pointed out that the government has already collected nearly Rs 55 lakh crore through GST which is being used for national development and defence purposes IANS https://dailyworld.in/business/consumer-sector-recovery-on-cards-with-tax-cuts-and-gst-relief-report-640375.html Thu, 25 Sep 2025 20:50:00 +0530 https://dailyworld.in/business/india-adds-27-gw-renewable-energy-capacity-in-april-aug-report-640376.html New Delhi Sep 25 Renewable energy RE capacity commissioning momentum in India remains strong with a robust 27 GW of gross capacity added during the first five months AprilAugust of the current financial year according to a report released on Thursday Within this 20GW of renewable capacity was commissioned through August Another 142GW is under various stages of construction as per Central Electricity Authority CEA according to an HSBC reportWith gradual progress on commissioning of interstate transmission lines the commissioning of renewable projects is expected to pick up pace as well Recent mergers and acquisitions and renewable developers potential listings also should make more capital available to accelerate commissioning the report statesInnovative tenders continue to bring down power storage costs which we expect will increase acceptability of renewable power the report observedIt highlights that the solar plus energy storage system ESS costs have now fallen to record lows In a recently discovered solar plus storage tender the tariffs discovered were as low as IRs 27276kWh Based on the terms the developer is expected to provide power for two hours during peak times and storage for another two hours during morning peak apart from supplying the usual solar power during solar hoursWhile the tariffs have raised concern on the profitability the savings on infrastructure low risk on land acquisition and earnings for free power during morning peak will likely allow developers to earn normative returns the report statesIt also expects slower tendering and focus on cleaning the old renewable auctions to ultimately restore investor confidence in the renewable energy sector India conducted more than 90GW of renewable energy auctions in the past two years and a significant part remains unsigned into power purchase agreements PPA This creates uncertainty for developers and investors on the value that needs to be assigned to these award letters LOAs the report points outIndia has already cancelled 114GW of renewable tenders that met with insufficient participation or high tariffs This could pave the way for allow some old suck tenders to be cancelled as well it addedThe report expects the overall demand for power in the country to accelerate next month It states that overall power demand is still tepid although there has been a 3 per cent yearonyear increase in SeptemberIts important to highlight that power demand this month already exceeds September 2023s a month when power demand grew 115 per cent yearonyear Based on weather forecasts likelihood of an intense winter and expected pickup in industrial activity is expected to lead to a meaningful pickup in power demand in late October or early November according to the report IANS https://dailyworld.in/business/india-adds-27-gw-renewable-energy-capacity-in-april-aug-report-640376.html Thu, 25 Sep 2025 20:52:00 +0530 https://dailyworld.in/business/pune-property-registrations-up-13-pc-so-far-in-2025-report-640380.html New Delhi Sep 25 Punes property market recorded a 13 per cent rise in registrations between January and August this year compared to the same period last year making it the citys best performance in the past four years a new report said on Thursday Stamp duty collections during the period also rose 15 per cent yearonyear YoY reflecting sustained demand momentum in the housing market despite a modest dip in August sales according to a report by Knight Frank IndiaThe city recorded 13253 property transactions in August a 3 per cent decrease YoY generating Rs 485 crore in stamp duty revenue the report addedAffordable housing led property transactions in August with properties priced under Rs 25 lakh making up 30 per cent of registrations during the monthWith a total of 3975 units registered costing up to Rs 25 lakh the category saw a rise of 17 per cent YoY over same time last yearDemand for premium housing increased with homes priced above Rs 1 crore rising to 16 per cent of sales from 15 per cent last year the report statedMeanwhile properties priced up to Rs 1 crore still made up most sales though they eased from 85 per cent to 84 per cent over the same periodPunes property market showed a moderation in registrations and revenues compared to last year but overall demand momentum remains intact said Shishir Baijal Chairman amp Managing Director Knight Frank IndiaHe noted that the resilience seen in yeartodate volumes and revenues underscores the depth of demand in Punes housing market even amid evolving market conditionsDemand for larger apartments over 800 square feet rose by 1 per cent to 33 per cent of sales while smaller units under 500 sq ft rose 5 per cent to 27 per centIn August Central Pune accounted for 68 per cent of transactions a slight decrease from the previous year IANS https://dailyworld.in/business/pune-property-registrations-up-13-pc-so-far-in-2025-report-640380.html Thu, 25 Sep 2025 20:56:00 +0530 https://dailyworld.in/business/india-adds-27-gw-renewable-energy-capacity-in-april-aug-640382.html New Delhi Sep 25 Renewable energy RE capacity commissioning momentum in India remains strong with a robust 27 GW of gross capacity added during the first five months AprilAugust of the current financial year according to a report released on Thursday Within this 20GW of renewable capacity was commissioned through August Another 142GW is under various stages of construction as per Central Electricity Authority CEA according to an HSBC reportWith gradual progress on commissioning of interstate transmission lines the commissioning of renewable projects is expected to pick up pace as well Recent mergers and acquisitions and renewable developers potential listings also should make more capital available to accelerate commissioning the report statesInnovative tenders continue to bring down power storage costs which we expect will increase acceptability of renewable power the report observedIt highlights that the solar plus energy storage system ESS costs have now fallen to record lows In a recently discovered solar plus storage tender the tariffs discovered were as low as IRs 27276kWh Based on the terms the developer is expected to provide power for two hours during peak times and storage for another two hours during morning peak apart from supplying the usual solar power during solar hoursWhile the tariffs have raised concern on the profitability the savings on infrastructure low risk on land acquisition and earnings for free power during morning peak will likely allow developers to earn normative returns the report statesIt also expects slower tendering and focus on cleaning the old renewable auctions to ultimately restore investor confidence in the renewable energy sector India conducted more than 90GW of renewable energy auctions in the past two years and a significant part remains unsigned into power purchase agreements PPA This creates uncertainty for developers and investors on the value that needs to be assigned to these award letters LOAs the report points outIndia has already cancelled 114GW of renewable tenders that met with insufficient participation or high tariffs This could pave the way for allow some old suck tenders to be cancelled as well it addedThe report expects the overall demand for power in the country to accelerate next month It states that overall power demand is still tepid although there has been a 3 per cent yearonyear increase in SeptemberIts important to highlight that power demand this month already exceeds September 2023s a month when power demand grew 115 per cent yearonyear Based on weather forecasts likelihood of an intense winter and expected pickup in industrial activity is expected to lead to a meaningful pickup in power demand in late October or early November according to the report IANS https://dailyworld.in/business/india-adds-27-gw-renewable-energy-capacity-in-april-aug-640382.html Thu, 25 Sep 2025 20:58:00 +0530 https://dailyworld.in/business/phonepe-presents-affordable-insurance-against-firecracker-accidents-this-festive-season-640384.html New Delhi Sep 25 PhonePe has relaunched its comprehensive firecracker insurance coverage just in time for the festive season to offer absolute protection against firecrackerinduced accidents This affordable plan is available at just Rs 11 inclusive of GST and provides extensive coverage up to Rs 25000 for a span of 11 days during the festive periodThe initiative aims to provide enhanced assurance and protection to buyers so they can enjoy the festivities knowing they have financial support in the event of an accidentAs the upcoming festive season is the peak time for firecracker usage PhonePe has reintroduced the firecracker insurance plan to ensure families can celebrate with utmost peace of mindAt a nominal fee of Rs 11 buyers can avail a sum insured of up to Rs 25000 and shield their entire family including themselves their spouse and up to 2 children under a single policy The coverage is valid for 11 days beginning October 12For policies purchased after this date the coverage will be effective for 11 days from the date of purchaseThe plan has been designed to be simple transparent and easily accessible simple and transparentUsers can purchase the policy in under a minute directly on the PhonePe app and secure coverage for hospitalisation more than 24 hrs daycare treatment less than 24 hrs and accidental deathHeres how users can avail this coverage on the PhonePe appStep 1 Open the Insurance section on the PhonePe app and select Firecracker InsuranceStep 2 Select the plan details with a sum insured of Rs 25000 and a fixed premium of Rs 11 along with your plan benefitsStep 3 You will be able to view the insurers information and get a detailed breakdown of the plan benefitsStep 4 Lastly fill in the policyholders details tap Proceed to Pay to complete the process IANS https://dailyworld.in/business/phonepe-presents-affordable-insurance-against-firecracker-accidents-this-festive-season-640384.html Thu, 25 Sep 2025 20:59:00 +0530 https://dailyworld.in/business/adani-green-talks-2025-brings-together-young-changemakers-shaping-an-inclusive-future-640386.html Ahmedabad Sep 25 The Adani Group on Thursday hosted the fourth edition of Adani Green Talks bringing together changemakers social entrepreneurs and innovators shaping a sustainable and inclusive future The event which has grown into one of Indias most distinctive platforms for social innovation was inaugurated with a keynote address by Gautam Adani Chairman of the Adani GroupIn his address Gautam Adani reflected on how Green Talks launched just four years ago has already become a crucible for ideas with the potential to alter the course of societyHe recalled the journeys of past participants such as GenRobotics whose robots have liberated thousands from the indignity of manual scavenging Navalt which has redefined the economics of marine transport with solarelectric ferries operating at just four paisa per passenger per kilometre and Marut Drones whose Drone Didis of Kashi have transformed women into confident agrientrepreneurs under the national Namo Drone Didi programEach of these success stories he noted is proof that vision backed by perseverance can bend the mathematics of probabilityThe 2025 edition presented five pioneering entrepreneurs who shared their journeys of grit innovation and social purposeThese are Abhishek Chhazed of Recyclex which is decarbonising construction with greener building materials Akshita Sachdeva and Bonny Dave of Trestle Labs who are expanding Kibo an assistive technology platform that empowers the visually impaired Manoj Sanker of Nemocare Wellness who is developing affordable neonatal and maternal healthcare devices Jenil Gandhi and Manan Vyas of Avinya Leather who are pioneering plantbased crueltyfree vegan leather and Sowmya Balendiran of Sea6 Energy who is advancing oceanbased seaweed farming for biofuels bioplastics and fertilisersTogether they represent the breadth of Indias innovation and its capacity to address urgent global challengesThis year also marked the introduction of the Adani Green Talks Social Impact Awards chosen from hundreds of applications for their transformative solutions and the inaugural Lok Kalyan Award which was presented to Dr Krishna Ella Founder and Executive Chairman of Bharat BiotechGautam Adani conferred the honour recognising Dr Ellas contribution to global public health through indigenous vaccines including Covaxin which safeguarded millions during the Covid19 pandemicIn his acceptance Dr Ella dedicated the award to the countless scientists and innovators of India who pursue science with a social purpose noting that platforms like Green Talks inspire the next generation to dream with courageActor Vikrant Massey whose film 12th Fail has won him the National Award for Best Actor also attended the eventGautam Adani described Masseys story as symbolic of resilience and perseverance breaking through every barrier much like the young entrepreneurs celebrated on the Green Talks stageHe also announced that in partnership with NDTV Green Talks will now expand its search for changemakers into Indias Tier2 and Tier3 cities recognising that brilliance often emerges from the most unexpected corners of the countryGautam Adani expressed the ambition to eventually build Green Talks into a living platform of global collaboration where sparks from a village in Odisha or Ladakh could connect with innovators in Sao Paulo or Nairobi creating a network united not by transactions but by a shared mission to grow with goodness and leave behind a brighter more sustainable worldGreen Talks Gautam Adani emphasised is about possibility the green shoots that break through the hardest soil to announce a new chapter of freedom and hope It is an invitation to dream boldly and to participate in Indias second freedom struggle for a society free of inequality inertia and indifferenceBy nurturing ideas that accelerate progress towards the United Nations Sustainable Development Goals Adani Green Talks continues to strengthen its role as a bridge between young aspirations policy and global communities turning vision into reality and ideas into action IANS https://dailyworld.in/business/adani-green-talks-2025-brings-together-young-changemakers-shaping-an-inclusive-future-640386.html Thu, 25 Sep 2025 21:02:00 +0530 https://dailyworld.in/business/gautam-adani-calls-upon-young-entrepreneurs-to-shape-indias-second-freedom-struggle-640389.html Ahmedabad Sep 25 Gautam Adani Chairman of the Adani Group on Thursday touched upon the role of young entrepreneurs in shaping what he called Indias second freedom struggle a fight not for independence from foreign rule but for independence in technology and social innovation that uplifts every community bridges divides and strengthens the fabric of democracy In his address at the fourth edition of Adani Green Talks hosted here Gautam Adani said we join our nations second freedom struggle freedom from inequality freedom from inertia and freedom from indifferenceAnd that freedom to dream boldly my friends is what Green Talks is all about Built on the belief that every fresh idea contains the blueprint for transformation It reminds us that growth is not linear it is unpredictable and often invisible the billionaire industrialist saidThat is until suddenly a green shoot breaks through the surface announcing a new chapter of freedom and hope And within that tender green shoot is embedded the essence of every great dream that has gone on to create history the Adani Group Chairman notedIn just three editions of Green Talks hundreds of dreams have been evaluated and 15 remarkable companies have shared their visions on the stageIn a world where nine out of ten startups fade it has been fascinating to see how many of our dreamers have already beaten the odds said Gautam AdaniHe further stated that as an entrepreneur I know firsthand what it means to dream After all it is only the dreamers who dare to leave marks that even history cannot erase But even within the many entrepreneurs I meet those that humble me the most are the social entrepreneurs They begin not in search of fortune but in search of to build a better societyGautam Adani said that the eventual objective is to make Green Talks more than a stageIt should become a living platform of collaboration where Indias innovation meets the worlds imagination A place where social startups spark ideas unite in purpose and work for the betterment of humanity It should be an ecosystem where every participant is bound not by transactions but by a shared mission to grow with goodness to leave behind a brighter more sustainable world the Adani Group Chairman emphasised IANS https://dailyworld.in/business/gautam-adani-calls-upon-young-entrepreneurs-to-shape-indias-second-freedom-struggle-640389.html Thu, 25 Sep 2025 21:05:00 +0530 https://dailyworld.in/business/honda-cars-india-surpasses-2-lakh-units-export-milestone-640392.html New Delhi Sep 25 Honda Cars India Ltd HCIL on Thursday said that it has achieved a significant milestone of 200000 cumulative units of export from India Honda began its export operations in India with limited units sent to neighbouring marketsThe first 50000 units were exported primarily to neighbouring South Asian Association for Regional Cooperation SAARC countries South Africa and Southern African Development Community SADC countries till 2021The next 50000 units export followed in 25 years expanding the companys reach to lefthand drive markets in the Middle East Mexico and Turkey for the Honda CityIn recent years HCIL has seen a significant jump in export volume and the next 100000 units export was achieved in 2 years driven by the demand for its midsize SUV Elevate in new markets of Japan South America and Caribbean nations it saidAchieving 200000 export units fills Honda Cars India with immense pride This milestone underscores the global recognition of our Indiamade cars It also reflects the dedication of our skilled teams and robust manufacturing capabilities Honda Cars India Ltd Vice President Marketing amp Sales Kunal Behl saidExports are an integral part of HCILs business and revenue strategy and we remain committed to strengthening this area going forward We are dedicated to the Make in India initiative serving both our domestic market and global customers he addedThe key export models notably the highly popular Honda City and the versatile Honda Elevate have been the primary contributors to this growth accounting for 78 per cent of total export volumeThe remaining 22 per cent comprises a diverse range of models including the Brio Amaze Jazz BRV Mobilio City e HEV Accord and CRVThe car manufacturer informed that it has exported vehicles to 33 countries across various regions over the years Japan accounted for the largest share at 30 per cent followed by South Africa and SADC countries at 26 per cent Mexico at 19 per cent and Turkey at 16 per centThe remaining 9 per cent share comprised countries in the Middle East the SAARC region the Caribbean and South AmericaThis achievement highlights Hondas strong manufacturing capabilities in Indian operations and commitment to delivering highquality products to its customers worldwide Honda Cars India said IANS https://dailyworld.in/business/honda-cars-india-surpasses-2-lakh-units-export-milestone-640392.html Thu, 25 Sep 2025 21:08:00 +0530 https://dailyworld.in/business/govt-seals-rs-62-370-crore-deal-with-hal-to-buy-97-lca-mk1a-fighter-jets-for-iaf-640396.html New Delhi Sep 25 The Ministry of Defence has signed a Rs 62370 crore contract with Hindustan Aeronautics Limited HAL for the procurement of 97 Light Combat Aircraft LCA Mk1A including 68 fighters and 29 twinseaters along with associated equipment for the Indian Air Force according to an official statement issued on Thursday The delivery of these planes would commence during 202728 and be completed over a period of six yearsThe aircraft will have an indigenous content of over 64 per cent with 67 additional items incorporated over and above the previous LCA Mk1A contract signed in January 2021 The integration of advanced indigenously developed systems such as the UTTAM Active Electronically Scanned Array AESA Radar Swayam Raksha Kavach and control surface actuators will further strengthen the Aatmanirbharta initiatives the statement saidThe project is being supported by a robust vendor base of nearly 105 Indian companies directly engaged in the manufacture of detailed components The production is expected to generate close to 11750 direct and indirect jobs per year for the duration of six years giving a major boost to the domestic aerospace ecosystemThe acquisition under the Buy IndiaIDDM category of Defence Acquisition Procedure 2020 is in line with the governments thrust on indigenisation The LCA Mk1A is the most advanced variant of the indigenously designed and manufactured fighter aircraft and will serve as a potent platform to meet the operational requirements of the IAF the statement saidThe start of deliveries for the first two fully armed Mk 1As of the earlier order is considered a key factor for HAL securing its repeat order worth Rs 67000 croreHAL announced earlier this month that it had received the third GE 404 engine from US tech giant General Electric GE Aerospace to power Indias Light Combat Aircraft LCA Mk1AThe Bengaluruheadquartered defence PSU said that while the third GE 404 engine has been received the fourth will be delivered by the US firm by the end of the month Engine supply chain improvement will pave the way for LCA Mk1A deliveries HAL said in a statementWhile at present HAL is operating two production lines in Bengaluru it has started the third in Nashik to augment the production of the fighter jet The current year is likely to see three to four aircraft being rolled out from Nashik the annual production from the new plant will be stepped up to eight planesHAL Chairman and Managing Director DK Sunil earlier said that if GE delivers 12 GE 404 engines as assured by the US aerospace major HAL will be able to produce 12 aircraft by the end of this financial year HAL has placed an order of 99 GE 404 engines from the US engine manufacturer IANS https://dailyworld.in/business/govt-seals-rs-62-370-crore-deal-with-hal-to-buy-97-lca-mk1a-fighter-jets-for-iaf-640396.html Thu, 25 Sep 2025 21:12:00 +0530 https://dailyworld.in/business/investor-funds-diverted-accounts-faked-sebi-imposes-5-year-ban-on-seacoast-shipping-640399.html New Delhi Sep 25 The Securities and Exchange Board of India SEBI has barred Seacoast Shipping Services Limited SSSL and its key officials from raising funds from investors for five years after finding the company guilty of diverting rights issue proceeds fabricating accounts and misleading shareholders with false disclosures The order also imposes penalties and directs disgorgement of unlawful gains bringing the curtain down on one of the most unusual cases of market misconduct in recent yearsIn a detailed order SEBI said SSSL had diverted crores of rupees raised through a rights issue and created fictitious accounts to hide the misuseAt one point the companys promoters even attempted to justify the diversion with a bizarre explanation that the funds were used to pay ransom following the alleged kidnapping of promoter Manish Shahs sonSEBI however found no merit in the claim noting that no police complaint or supporting documents were ever providedInstead contradictory statements from company officials deepened the inconsistenciesIn February 2024 Shah himself admitted under oath that the rights issue money had been used for fictitious purchases not ransomAnother director claimed the money was taken after a kidnapping but conceded the family never reported the matter to authoritiesIndependent directors added further confusion by claiming ignorance of the rights issue altogetherThe rights issue proceeds were not utilised by the company and were instead diverted SEBIs order stated categorically rejecting the kidnapping narrative outrightThe regulators probe revealed deeper fraud SSSL fraudulently allotted 150 crore shares worth Rs 2273 crore to promoter Manish Shah without valid considerationIt also diverted Rs 4342 crore from rights issue proceeds and another Rs 1083 crore from bank creditFinancial statements from FY21 to FY24 were grossly misrepresented with over 85 per cent of reported sales and 98 per cent of assets found to be fictitiousDespite negligible inventory and fixed assets the company declared inflated revenues luring unsuspecting retail investors and driving up trading volumes in its sharesSEBI said such misleading financial results had a significant impact on both shareholder participation and the companys stock priceThe case traces back to a Bombay Stock Exchange BSE report which flagged suspicious relatedparty transactions between April 2020 and December 2023What began as routine scrutiny expanded into a fullfledged investigation that revealed how the midsized shipping firm weaved together inflated numbers fraudulent allotments and even a sensational kidnapping story to cover up its diversion of investor fundsSEBIs order passed by WholeTime Member Kamlesh Chandra Varshney not only imposes a fiveyear fundraising ban on the company and its top executives but also directs disgorgement of gains made through these unlawful practicesThe ruling underscores the regulators increasing vigilance against corporate misconduct especially cases where retail investors are misled by manipulated disclosures IANS https://dailyworld.in/business/investor-funds-diverted-accounts-faked-sebi-imposes-5-year-ban-on-seacoast-shipping-640399.html Thu, 25 Sep 2025 21:14:00 +0530 https://dailyworld.in/business/stock-market-ends-lower-amid-profit-booking-selling-in-it-stocks-640401.html Mumbai Sep 25 The Indian equity indices extended the bearish momentum for the fifth consecutive day on Thursday fueled by FII outflows profit booking and persistent selling in the IT sector stocks Sensex ended the session at 8115968 down 55595 points or 068 per cent The 30share index started the session under pressure at 8157431 against the last sessions closing of 8171563 amid overall selling The index dragged further to hit an intraday low at 8109289Nifty closed at 2489085 down 16605 or 066 per centIndian markets extended their losing streak for a fifth straight session as investors booked profits amid persistent FII outflows and uncertainty over USIndia trade talks which is expected to dent Q2 GDP growth an analyst saidBroadbased selling prevailed in the market with heavy selling across auto IT pharma and healthcare sectors while metals gained on the back of Chinas liquidity support and copper supply concerns the analyst addedOverall sentiment remains cautious ahead of Indias H2 FY26 borrowing and US macroeconomic data expected to be released at the end of the weekTrent PowerGrid Tata Motors TCS Asian Paints NTPC Bajaj Finance Bajaj FinServ Mahindra and Mahindra HCL Tech Eternal Titan Kotak Bank Tech Mahindra and LampT SBI and Ultratech Cement closed in negative territory from the Sensex baskets BEL Axis Bank and Bharti Airtel settled in greenSectoral indices closed in red amid persistent selling Nifty Auto fell 249 points or 092 per cent Nifty FMCG slipped 270 points or 049 per cent Nifty IT closed 445 points or 127 per cent lower Nifty Fin Services dragged 141 points or 053 per cent and Nifty Bank settled 145 points or 026 per centBroader indices followed suit as well Nifty Next 50 dipped 514 points or 075 per cent Nifty 100 slipped 174 points or 068 per cent Nifty Midcap 100 closed 368 points or 064 per cent and Nifty Small Cap 100 fell 102 points or 057 per cent IANS https://dailyworld.in/business/stock-market-ends-lower-amid-profit-booking-selling-in-it-stocks-640401.html Thu, 25 Sep 2025 21:19:00 +0530 https://dailyworld.in/business/dot-fiu-join-hands-to-tackle-cyber-and-financial-frauds-with-stronger-data-sharing-640408.html New Delhi Sep 25 In a big step to curb cybercrimes and financial frauds the Department of Telecommunications DoT and the Financial Intelligence UnitIndia FIUIND on Thursday signed a Memorandum of Understanding MoU to strengthen data sharing and coordination The agreement will allow both agencies to exchange information in realtime helping to identify and act against fraudsters more quicklyThe MoU was signed by Sanjeev Kumar Sharma Deputy Director General AI amp Digital Intelligence Unit DIU DoT and Amit Mohan Govil Director FIUIND in the presence of Telecom Secretary Neeraj Mittal and Revenue Secretary Arvind ShrivastavaSpeaking at the event Mittal stressed the need for government departments to work beyond their boundariesTechnology has helped each department achieve its goals but real progress lies in developing synergies and learning from each other A joint working group can be the next step to detect shell companies and conduct deeper investigations he saidShrivastava added that this collaboration would improve the accuracy and speed of fraud detectionIt is an excellent partnership where both sides will strengthen each others systems With the use of technology I am confident this will deliver high efficiency he saidAs part of the MoU FIU will share mobile numbers linked to suspicious transactions while DoT will provide details of mobile numbers that have been disconnected due to fraudThe information will be exchanged through secure technologydriven platforms like DoTs Digital Intelligence Platform DIP and FIUs Finnex 20 portalThe partnership is expected to help prevent financial crimes by flagging risky mobile numbers before they are used in fraudulent transactionsIt will also allow banks and financial institutions to carry out stronger risk checks while processing digital paymentsIndias digital payment system has grown rapidly in recent years which has also made it a target for cyber fraudstersAccording to DoT initiatives like Sanchar Saathi have already helped block 284 crore fake mobile connectionsUsing the Financial Fraud Risk Indicator FRI system banks have been able to stop 48 lakh suspicious transactions preventing a loss of Rs 140 croreThe new agreement will also pave the way for standard procedures in data sharing and feedback systems ensuring better nationallevel fraud detection Both DoT and FIU will continue to update their strategies to deal with evolving cyber threats IANS https://dailyworld.in/business/dot-fiu-join-hands-to-tackle-cyber-and-financial-frauds-with-stronger-data-sharing-640408.html Thu, 25 Sep 2025 21:26:00 +0530 https://dailyworld.in/business/india-becomes-worlds-3rd-largest-tech-startup-ecosystem-with-77-bn-of-funding-in-2025-report-640409.html New Delhi Sep 25 India climbed to third position globally in terms of funding for tech startups trailing only the United States and the United Kingdom but ahead of Germany and France a report said on Thursday Funding for Indian technology startups declined 23 per cent yearonyear to 77 billion in the first nine months of 2025 a report from market intelligence platform Tracxn saidThis sector received 101 billion worth of funds in the corresponding period in 2024 and 83 billion in 2023India climbing to the third rank globally reflects the resilience and adaptability of our startup ecosystem What we are witnessing is a clear shift toward maturity with rising acquisitions steady IPO activity and continued unicorn creation providing balanced exit pathways for founders and investors said Neha Singh CoFounder of TracxnSectors such as enterprise applications retail and transportation and logistics technologies are driving longterm investor confidence and fuelling Indias digital transformation she addedSeedstage funding witnessed a total of 727 million a 39 per cent dip from the previous year Earlystage funding touched 27 billion marking a 10 per cent decline while latestage funding dropped 27 per cent to 43 billion the report saidThe count of rounds exceeding 100 million decreased to 10 from 16 last year and 15 in 2023 while the median round size doubled to 15 millionEnterprise applications topped sectoral funding with 23 billion followed by retail at 2 billion and transportation and logistics technology at 179 billion it notedIn terms of exits 110 acquisitions took place during 2025 a 15 per cent increase over 96 from the corresponding period in the previous year Enterprise applications continued to lead acquisition activity driven by demand for cloud and AI solutionsIndia added four unicorns in 2025 raising the total to 122 the report noted Bengalurubased startups continued to dominate accounting for 31 per cent of total funding followed by Delhi at 18 per cent IANS https://dailyworld.in/business/india-becomes-worlds-3rd-largest-tech-startup-ecosystem-with-77-bn-of-funding-in-2025-report-640409.html Thu, 25 Sep 2025 21:27:00 +0530 https://dailyworld.in/business/cbdt-extends-last-date-for-filing-audit-reports-for-assessment-year-2024-25-to-oct-31-640412.html New Delhi Sep 25 The Central Board of Direct Taxes CBDT announced on Thursday that it has extended the specified date for filing various audit reports for the previous year 202425 Assessment Year 202526 from September 30 to October 31 for assessees referred to in clause a of Explanation 2 to subsection 1 of section 139 of the Income Tax Act 1961 The Board has received representations from various professional associations including Chartered Accountant bodies highlighting certain difficulties being faced by taxpayers and practitioners in the timely completion of audit reports The reasons cited in these representations include disruptions caused by floods and natural calamities in certain parts of the country which have impeded normal business and professional activity This matter has also come up before the High Courts the press statement saidThe statement also clarified that the Incometax efiling portal has been operating smoothly and without any technical glitches and the Tax Audit Reports are being uploaded successfully The system is stable and fully functional enabling the submission of various statutory forms and reports At the close of September 24 402000 Tax Audit Reports TARs were uploaded with over 60000 TARs uploaded on the day itself Furthermore more than 757 crore ITRS have been filed till September 23However keeping in view the representation of the tax practitioners and their submissions before the courts the specified date for furnishing of the report of audit under any provision of the Income Tax Act 1961 for the Previous Year 2024 25 Assessment Year 202526 in the case of assessees referred to in clause a of Explanation 2 to subsection 1 of section 139 of the Act is extended from September 30 to October 31 the statement addedSection 1391 pertains to the submission of both voluntary and obligatory income tax returns requiring individuals and entities with income surpassing the exemption threshold to file their returns by the specified deadline IANS https://dailyworld.in/business/cbdt-extends-last-date-for-filing-audit-reports-for-assessment-year-2024-25-to-oct-31-640412.html Thu, 25 Sep 2025 21:31:00 +0530 https://dailyworld.in/business/rbi-issues-guidelines-on-authentication-mechanisms-for-digital-payment-transactions-640420.html New Delhi Sep 25 The Reserve Bank of India RBI on Thursday released draft guidelines on the authentication mechanism framework for digital payment transaction authentication that will come into effect from April 1 2026 The Central Bank said the feedback from the public has been examined and suitably incorporated in the final directionsThe directions focus on encouraging introduction of new factors of authentication by leveraging upon technological advancementsThe framework however does not call for discontinuation of SMSbased OTP as an authentication factorThe aim is also to enable issuers to adopt additional riskbased checks beyond the minimum twofactor authentication based on the fraud risk perception of the underlying transaction and facilitate interoperability and open access to technology along with delineating the responsibility of IssuersThe draft guidelines also mandate card issuers to validate AFA in nonrecurring crossborder CNP transactions whenever such a request is raised by the overseas merchant or acquirerThe RBI says that all digital payment transactions in India are required to meet the norm of two factors of authentication While no specific factor was mandated for authentication the digital payments ecosystem has primarily adopted SMSbased One Time Password OTP as the additional factorAll digital payment transactions shall be authenticated by at least two distinct factors of authentication unless exempted Issuers may at their discretion offer a choice of authentication factors to their customers in compliance with these directions according to the RBIIt shall be ensured that for digital payment transactions other than card present transactions at least one of the factors of authentication is dynamically created or proven ie the proof of possession of the factor being sent as part of the transaction is unique to that transaction The factor of authentication shall be such that compromise of one factor does not affect reliability of the other it further addedAlso system providers and system participants will offer authentication or tokenisation service that is accessible to all the applications and token requestors functioning in that operating environment for all use cases and channels or token storage mechanisms IANS https://dailyworld.in/business/rbi-issues-guidelines-on-authentication-mechanisms-for-digital-payment-transactions-640420.html Thu, 25 Sep 2025 21:41:00 +0530 https://dailyworld.in/business/fmcg-giants-acquire-d2c-players-to-broaden-premium-offerings-use-digital-data-report-640423.html New Delhi Sep 25 Established fastmoving consumer goods companies are increasingly acquiring directtoconsumer D2C players to expand into premium categories and leverage digital consumer insights a report said on Thursday In the past five fiscals around twothirds of the acquisitions of FMCG players have been in the D2C space a report from ratings agency Crisil Ratings saidFMCG firms gained access to differentiated products faster innovation cycles and targeted marketing through these deals while D2C brands address challenges related to scale and profitability leading to a winwin situationFMCG firms entered new premium categories and gained access to consumer insights accelerating feedback loops Prior to acquisition less than 15 per cent of the D2C companies in our sample set had managed to cross Rs 250 crore in revenue and only a third reported operating profits said Anuj Sethi Senior Director Crisil RatingsD2C companies which rose to prominence postpandemic logged a revenue growth of approximately 40 per cent compound annual growth rate until 2024 in contrast to 9 per cent growth for established FMCG playersThe premium positioning of D2C companies priced 15 to 45 times higher than established alternatives drove this growthThe acquisitions have now strengthened the business profiles of traditional FMCG players by providing them with entry into niche product categories the report notedAround 60 per cent of acquisitions occurred in personal care while the remainder were in food and beverages the report notedAbout 85 per cent of the acquisitions were undertaken to enter niche and premium segments with around 35 per cent in the health and wellness segment said Aditya Jhaver Director Crisil RatingsAcquisitions have not impacted balance sheets as the average deal value was below 5 per cent of acquirers net worth the report noted IANS https://dailyworld.in/business/fmcg-giants-acquire-d2c-players-to-broaden-premium-offerings-use-digital-data-report-640423.html Thu, 25 Sep 2025 21:44:00 +0530 https://dailyworld.in/business/punjab-kerala-to-boost-livestock-productivity-640432.html Chandigarh Sep 25 In a bid to enhance livestock productivity and farmer prosperity the Punjab and Kerala governments on Thursday joined hands to boost livestock productivity leveraging each states unique strengths in animal husbandry The collaboration involves exchanging highquality genetic material with Kerala is procuring Sahiwal breed bulls from PunjabIn return Punjab would import Holstein Friesian HF and Murrah bull semen from Kerala Punjab has placed an initial order to purchase 30000 doses of HF semen and 60520 doses of Murrah buffalo semen with the Kerala Livestock Development BoardThe decisions to collaborate on livestock development were taken at a highlevel meeting between Punjab Animal Husbandry Minister Gurmeet Khudian and Kerala Minister for Animal Husbandry J Chinchu Rani hereKhudian said both states have agreed to collaborate on advanced reproductive technologies to enhance livestock development This partnership includes joint initiatives on cuttingedge scientific programs such as embryo transfer ET and invitro fertilisation IVF to accelerate breed improvementAdditionally both states will work together on genomic selection and breeding value estimation at the laboratory level to develop superior livestock genetics This collaboration aims to leverage science and technology to improve livestock quality and productivity in both states he addedTo enhance knowledge and capacity building he said the partnership would prioritise human resource development through exchange programmes for veterinarians scientists and trainees This initiative will facilitate capacitybuilding and training programs fostering skill development and expertise sharing between the Punjab Livestock Development Board and the Kerala Livestock Development BoardKerala Minister Rani said they are eager to learn from Punjabs experience while sharing their advancements This collaborative spirit will pave the way for a more resilient and profitable dairy sector in both states ensuring sustainable income growth for our farming communitiesHighlighting the importance of technology transfer Principal Secretary of Punjab Animal Husbandry Department Rahul Bhandari said the exchange of scientists and new technologies is crucialThis partnership will ensure that innovative practices are shared rapidly leading to tangible onground benefits for our farmers This pioneering initiative sets a new benchmark for interstate cooperation in agricultures allied sectors and is expected to significantly enhance the genetic potential of livestock increase milk production and empower farmers across Punjab and Kerala he added IANS https://dailyworld.in/business/punjab-kerala-to-boost-livestock-productivity-640432.html Thu, 25 Sep 2025 21:56:00 +0530 https://dailyworld.in/business/indian-banks-performing-exceptionally-well-fm-sitharaman-640433.html Mumbai Sep 25 Finance Minister Nirmala Sitharaman on Thursday said that Indian banks have performed exceptionally well in both macroeconomic and overall economic terms Speaking at the 91st Foundation Day celebrations of the Bank of Maharashtra in Pune FM Sitharaman highlighted the resilience of Indias banking sector amid global uncertaintiesIn the macroeconomic and also overall economic performance the performance of our Indian banks stand out particularly well the Finance Minister statedIndias economic resilience has continued particularly in the April to June quarter this year where our GDP grew by 78 per cent FM Sitharaman said praising the stability of the countrys financial systemThe Finance Minister also pointed to the success of the Unified Payments Interface UPI noting that its interoperable design has been recognised by the International Monetary Fund IMF as a global modelHowever she stressed that digitalisation alone is not enough Integrity empathy and human judgment remain irreplaceable FM Sitharaman saidThe Finance Minister underlined the critical role banks play in uncertain global conditions not only as custodians of savings but also as engines of growthFM Sitharaman said banks provide vital finance and support to businesses and entrepreneurs enabling them to navigate volatility seize opportunities and drive innovationHighlighting the importance of customer trust the Finance Minister added Every complaint must be seen as an opportunity to improve innovate and reinforce trustGrievance redressal should be accompanied by root cause analysis systemic corrections in products processes and conduct and a commitment to ensure the same complaint does not arise again FM Sitharaman addedThe event was also attended by M Nagaraju Secretary Department of Financial ServicesThe Finance Ministers remarks come at a time when Indias banking sector continues to strengthen its role in supporting the countrys rapid economic growth while embracing technology and maintaining strong governance standards IANS https://dailyworld.in/business/indian-banks-performing-exceptionally-well-fm-sitharaman-640433.html Thu, 25 Sep 2025 21:57:00 +0530 https://dailyworld.in/business/hindenburg-was-a-direct-challenge-to-audacity-of-indian-enterprises-to-go-global-gautam-adani-640241.html Ahmedabad Sep 24 IANS Hindenburg Researchs report was not merely a critique of the Adani Group it was a direct challenge to the audacity of Indian enterprises to dream on a global scale Gautam Adani Chairman of the Adani Group said on WednesdaynbspnbspIn a letter to the shareholders the billionaire industrialist said that January 24 2023 will be remembered as a morning when Indias markets awoke to headlines that reverberated far beyond Dalal StreetnbspFor your Group it marked the beginning of a test that pushed every dimension of our resilience It questioned our governance our purpose and even the very idea that Indian companies could dare lead the world in scale and ambition Gautam Adani emphasisedLast week the Securities and Exchange Board of India SEBI delivered a resounding and unequivocal verdict dismissing the allegations against the Adani Group and its officialsnbspWith SEBIs clear and final word truth has prevailed or like we had always said truth alone will prevail What was meant to weaken us has instead strengthened the very core of our foundations said the Adani Group ChairmannbspHe further stated that this moment is more than a regulatory clearance it is a powerful validation of the transparency governance and purpose with which your company has always operated And the truest evidence of our resilience lies not in words but in performance over this periodWhat was intended to hurt us has instead become a defining inflection point by fortifying our foundations sharpening our ambition and reaffirming our responsibility to build with scale speed and resilience for Indias future Gautam Adani notednbspHowever even as the storm raged I remained acutely aware of the anxiety it created for our investors lenders suppliers and partnersnbspIt was your trust that steadied us your patience that sustained us and your belief that emboldened us For this extraordinary support I am profoundly grateful Gautam Adani highlightedThe Adani Group Chairman said that looking ahead the Group will further strengthen governance standards that inspire confidence across markets and regulators accelerate innovation and sustainability setting benchmarks not just in India but globally and double down on nation building investing in infrastructure that powers Indias longterm growth storynbspLet this moment not merely restore confidence Let it reaffirm what your company stands for resilience in adversity integrity in action and an unyielding commitment to building a brighter future for India and the world said Gautam Adani https://dailyworld.in/business/hindenburg-was-a-direct-challenge-to-audacity-of-indian-enterprises-to-go-global-gautam-adani-640241.html Wed, 24 Sep 2025 15:15:00 +0530 https://dailyworld.in/business/disinvestment-target-of-rs-47-000-crore-to-be-surpassed-more-psu-ipos-ofs-in-pipeline-dipam-secretary-640043.html New Delhi Sep 22 India is set to surpass its Rs 47000 crore disinvestment target for the current fiscal year said Arunish Chawla Secretary of the Department of Investment and Public Asset Management on Monday Chawla said at a media event that public investment via budgetary support is on track with 33 per cent of the annual allocation met by the end of July by frontloading key reformsAs markets stabilise we will bring in more offers for sale minority stake sales and a few IPOs and speed up our journey he saidHalf a dozen OFS and minority stake sales are likely along with 12 strategic sales he said adding that the IDBI Bank strategic divestment will be completed within this financial yearDemocratisation of capital markets has been a big reform he said adding that twothirds of DII flows originated from individual investors even amidst great nervousness for past few months in capital marketsFrom January to August while FIIs withdrew Rs 1 lakh crore in net outflow DIIs poured in Rs 5 lakh crore into Indias equity market he notedChawla described the governments disinvestment strategy as integrated where the public sector has a bona fide role to play as maintaining supply chain security is importantThe secretary said that dividends will play a significant role in the governments integrated disinvestment policy because the public sector which makes up 14 per cent of market capitalisation pays 25 per cent of dividends to small shareholdersThe government targets over Rs 12 lakh crore in dividend receipts this year and is on course to meet the asset monetisation target in FY26 he addedIn spite of global headwinds very soon our capital markets will be third largest in the world he further said IANS https://dailyworld.in/business/disinvestment-target-of-rs-47-000-crore-to-be-surpassed-more-psu-ipos-ofs-in-pipeline-dipam-secretary-640043.html Tue, 23 Sep 2025 00:16:00 +0530 https://dailyworld.in/business/gst-cut-on-renewable-energy-to-save-rs-115-trillion-by-2030-pralhad-joshi-640090.html New Delhi Sep 23 The reduction of Goods and Services Tax GST on the renewable energy value chain from 12 per cent to 5 per cent will save up to Rs 115 trillion by 2030 Union Minister for New and Renewable Energy Pralhad Joshi has said The savings will be essential to reaching the nations goal of 500 gigawatts GW of installed renewable energy RE capacity by 2030 Joshi stated during a media eventIndia has already added 252 GW of this and an additional 248 GW is anticipated to be installed over the next five yearsThis GST cut will result in savings of approximately Rs 1 to 15 trillion This will be the biggest advantage the minister saidThe Ministry of New and Renewable Energy MNRE projects that the tax cut will lower project costs and increase consumer access to clean electricityA utilityscale solar projects capital cost which was previously approximately Rs 354 crore per MW will now be reduced by Rs 2025 lakh per MW This results in cost savings of more than Rs 100 crore for a 500 MW solar park increasing tariff competitivenessA 3 kW rooftop solar system will cost between Rs 9000 and Rs 10500 per household which will encourage adoption under the governments PM Surya Ghar Muft Bijli YojanaThe Centre is also creating a detailed plan to create an ecosystem for solar manufacturing that is selfsufficient encompassing polysilicon wafers and ingotsJoshi suggested using programs like Production Linked Incentive PLI or Viability Gap Funding VGF to promote domestic manufacturingIn addition to modules and cells MNRE is working to add wafers and ingots to the Approved List of Models and Manufacturers ALMMALMM List III for wafers would be implemented starting in June 2028 according to a draft amendment provided that at least three separate manufacturing facilities with a combined 15 GW capacity are in place IANS https://dailyworld.in/business/gst-cut-on-renewable-energy-to-save-rs-115-trillion-by-2030-pralhad-joshi-640090.html Tue, 23 Sep 2025 12:54:00 +0530 https://dailyworld.in/business/gst-reforms-to-boost-operating-profit-of-cement-companies-by-rs-100-150-per-mt-in-fy26-640106.html New Delhi Sep 23 The reduction in Goods and Services Tax GST will boost the operating profit of cement companies by Rs 100150 per metric tonne MT a report said on Tuesday The government move will also reduce overall construction expenses in rural housing by 081 per cent boosting volumes and supporting enhanced capacity additionBacked by the healthy cement demand average cement realisation exfactory price excluding GST is expected to rise by 35 per cent in FY26 even as the input prices are expected to remain rangebound credit rating agency ICRA said in its reportFurther Operating Profit Before Interest Taxes Depreciation and Amortisation OPBIDTA is likely to improve by 1218 per cent to Rs 900950MT in FY2026 it addedCement volumes increased by 85 per cent in 5 months of FY26 due to strong demand from the housing and infrastructure segments despite the early onset of the monsoons in a few regionsCement prices have increased by 74 per cent in the first five months of the current fiscal on a yearonyear YoY basis with major hikes in the northern and eastern regionsThe trajectory of input prices especially for pet coke and freight is linked to global crude which remains exposed to geopolitical dynamicsWith the recent GST rate cut from 28 per cent to 18 per cent expected to be passed on to customers and the average retail price of cement currently ranging between Rs 350360 per bag consumers are projected to benefit by Rs 2628 per bag the report saidAccording to the report in FY25 the OPBIDTAMT had declined by 16 per cent YoY due to weak realisations especially during H1 FY2025 because of extended monsoon and impact on Government capex amid the General ElectionsOverall the credit profile of large cement producers is expected to remain stable driven by a healthy growth in operating income expected improvement in operating margins and comfortable leverage metricsThe industry has witnessed consolidation in recent years and the performance of larger players is expected to outperform compared to that of midsize players in the medium termICRA estimates green power to account for 4345 per cent of the total power mix by March 2026 compared to around 35 per cent as of March 2023 for the cement companies in ICRAs sample set said Anupama Reddy Vice President and CoGroup Head Corporate Ratings ICRAThe major cement players in the country aim to reduce their emissions by 1517 per cent over the next 810 years by increasing the share of blended cement which uses less clinker and consequently less fuel boosting the share of green power consumption through a mix of solar wind and waste heat recovery system WHRS capacities Reddy added IANS https://dailyworld.in/business/gst-reforms-to-boost-operating-profit-of-cement-companies-by-rs-100-150-per-mt-in-fy26-640106.html Tue, 23 Sep 2025 13:53:00 +0530 https://dailyworld.in/business/500-ships-in-10-months-vizhinjam-proves-its-global-importance-kerala-minister-640108.html Thiruvananthapuram Sep 23 The arrival of 500 ships in ten months proves the importance of Vizhinjam Indias first deepwater multipurpose container transshipment port in global cargo shipping Achieving this remarkable feat in just ten months since launching operations is truly noteworthy said Kerala Ports Minister VN Vasavan on Tuesday as Vizhinjam International Seaport scripted a new chapter in Indias maritime historyDeveloped and operated by Adani Ports and Special Economic Zone APSEZ Vizhinjam handled its 500th vessel on Tuesday coinciding with another landmark the berthing of MSC Verona with a draft of 171 metres the deepest draft container vessel ever serviced at an Indian portVasavan noted that with MSC Verona anchoring at 171 metres Vizhinjam has created two records in a single day growing steadily with firm stepsSince commencing commercial operations in December 2024 Vizhinjam has handled 11 million TEUs twentyfoot equivalent units already surpassing its projected annual capacityOf the 500 vessels serviced so far 28 were Ultra Large Container Vessels ULCVs the highest number received at any single Indian portHighlighting the pride the port evokes among Malayalis worldwide Vasavan added No matter which part of the world one travels to the sight of the tagline Vizhinjam Thiruvananthapuram Kerala India brings immense pride to every MalayaliIndustry experts underline that Vizhinjams natural advantages 1820 metres of depth and minimal littoral drift make it uniquely positioned to handle the worlds largest container shipsLocated close to major eastwest shipping lanes the port is rapidly emerging as Indias premier deepwater transshipment hub reducing reliance on foreign ports and strengthening the nations presence in global trade routesWith milestones coming thick and fast Vizhinjam continues to cement its reputation as the Wonder Port of India underscoring Indias evolving maritime prowess and expanding economic horizonsThe port is located close to the famed beach destination Kovalam located about 14 km from the state capital city IANS https://dailyworld.in/business/500-ships-in-10-months-vizhinjam-proves-its-global-importance-kerala-minister-640108.html Tue, 23 Sep 2025 13:54:00 +0530 https://dailyworld.in/business/epfo-records-55-pc-rise-in-net-members-at-2104-lakh-in-july-640109.html New Delhi Sep 23 The Employees Provident Fund Organisation EPFO recorded a net addition of 2104 lakh members in July this year which represents a 555 per cent increase compared to the same month of the previous year signifying increased employment opportunities and heightened awareness of employee benefits according to an official statement issued on Tuesday EPFO enrolled around 979 lakh new subscribers in July this year A noticeable aspect of the data is the dominance of the young 1825 age group most of who are into their first jobs EPFO added 598 lakh new subscribers in the 1825 age group constituting a significant 6106 per cent of the total new subscribers added during the monthFurther the net payroll addition for the age group 1825 for July is approximately 913 lakh reflecting a growth of 409 per cent increase over the corresponding figure for the same month of the previous year This is in consonance with the earlier trend which indicates that most individuals joining the organised workforce are youth primarily firsttime job seekers the statement explainedApproximately 1643 lakh members who had exited earlier rejoined EPFO in July this year This figure displays a significant 1212 per cent yearoveryear growth compared to July 2024 These members switched their jobs and rejoined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus safeguarding longterm financial wellbeing and extending their social security protectionAround 280 lakhs new female subscribers joined EPFO in July Further the net female payroll addition during the month stood at around 442 lakh with a year over year growth of 017 per cent The growth in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce the statement saidStatewise analysis of the data indicates that the top five states constitute around 6085 per cent of net payroll addition adding a total around 1280 lakh net payroll during the month Of all the states Maharashtra leads with the addition of 2047 per cent of net payroll numbers during the monthMaharashtra Karnataka Tamil Nadu Gujarat Haryana Delhi Telangana and Uttar Pradesh individually added more than 5 per cent of the total net payroll during the month as per the official data IANS https://dailyworld.in/business/epfo-records-55-pc-rise-in-net-members-at-2104-lakh-in-july-640109.html Tue, 23 Sep 2025 14:19:00 +0530 https://dailyworld.in/business/we-will-make-our-nation-proud-sridhar-vembu-after-ashwini-vaishnaw-opts-for-zoho-640114.html New Delhi Sep 23 Zohos Chief Scientist and Cofounder Sridhar Vembu has said that the companys engineers will continue to make the nation proud after Union Minister Ashwini Vaishnaw announced that he is shifting to Zohos homegrown platform for documents spreadsheets and presentations Reacting to Vaishnaws post on X Vembu wrote Thank you Sir this is a huge morale boost for our engineers who have worked hard for over two decades to build our product suite We will make you proud and make our nation proud Jai HindEarlier Vaishnaw had said he is moving to Zoho to support the call for Swadeshi I am moving to Zoho our own Swadeshi platform for documents spreadsheets amp presentations I urge all to join PM Narendra Modis call for Swadeshi by adopting indigenous products amp services he postedThe ministers statement comes after Prime Minister Modi in his letter to citizens urged people to buy MadeinIndia products during the festive season as part of the vision of Viksit Bharat 2047PM Modi had stressed that every purchase of local goods helps families artisans and workers while creating job opportunities for youthEvery time you buy a product made by our artisans workers and industries you are helping families earn their living and creating job opportunities for our youth the Prime Minister had said while also encouraging traders to promote local goodsThe Prime Minister also linked the appeal with the recent GST Bachat Utsav introduced under Next Generation GST reforms which is aimed at reducing household expenses simplifying business processes and supporting growth for farmers women traders MSMEs and othersZoho a software major with a strong focus on building indigenous technology solutions has often been highlighted as a successful example of Indias capability in creating globalstandard productsVaishnaws announcement to adopt Zoho reflects the governments larger push for selfreliance and greater use of indigenous platforms IANS https://dailyworld.in/business/we-will-make-our-nation-proud-sridhar-vembu-after-ashwini-vaishnaw-opts-for-zoho-640114.html Tue, 23 Sep 2025 14:24:00 +0530 https://dailyworld.in/business/mp-govts-helicopter-service-plan-to-boost-tourism-connectivity-640121.html Bhopal Sep 23 In a major push to enhance tourism and regional connectivity the Madhya Pradesh government has unveiled a helicopter service plan covering three strategic sectors across the state The initiative designed under a PublicPrivate Partnership PPP model aims to link key cultural religious and commercial destinations through air travel making Madhya Pradesh one of the first states in India to adopt such a comprehensive aviationbased tourism strategy Kailash Vijayvargiya state urban development minister and government spokesperson said here on Tuesday after a cabinet meetingThe first sector includes Indore Ujjain Omkareshwar Mandu Maheshwar Gandhi Sagar Mandsaur Neemuch Hanuman Khandwa Banpur Barwani Rajpur Ratlam Jharsuguda Nalkhara and Bhopal These locations are known for their historical significance and scenic beauty and the helicopter service is expected to make them more accessible to domestic and international touristsThe second sector connects Bhopal with destinations such as Pachmarhi Tamia Chhindwara Sanchi Datia Damoh Gwalior Shivpuri Kucha Ochha Guna Rajgarh Sagarput Vaikunth and Timgarh This route is designed to support heritage tourism and pilgrimage circuits with Bhopal and Indore serving as central hubs said the ministerThe third sector focuses on eastern and central Madhya Pradesh linking Jabalpur Kanha National Park Chitrapur Sarasi Parsali Mehar Satna Panna Khajuraho Patti Rewa Sindori Amarkantak Sini Seedi Manda Pech Dandori and again Bhopal and Indore This route is expected to attract ecotourists and wildlife enthusiasts especially with Kanha and Panna being prominent tiger reserves the ministers saidIndore featured prominently across all three sectors is being positioned as the aviation and commercial hub of Central IndiaWith existing helicopter services already operating in the city the expansion is expected to catalyse both tourism and business travelOfficials believe that improved air connectivity will not only reduce travel time but also stimulate economic activity in remote and underserved regionsThe helicopter tourism plan is part of a broader vision to integrate aviation into the states development strategy By leveraging the PPP model the government aims to ensure affordability operational efficiency and private sector innovationAs the rollout begins stakeholders anticipate a surge in tourist footfall and commercial engagement across Madhya Pradeshs diverse landscape IANS https://dailyworld.in/business/mp-govts-helicopter-service-plan-to-boost-tourism-connectivity-640121.html Tue, 23 Sep 2025 14:56:00 +0530 https://dailyworld.in/business/tractor-sales-to-grow-4-7-pc-in-fy26-2-wheeler-industry-also-set-for-healthy-growth-report-640127.html New Delhi Sep 23 The tractor segment in India is expected to grow by 47 per cent in FY2026 while the twowheeler industry is also likely to record healthy growth a new report said on Tuesday The forecast is supported by abovenormal rainfall strong rural incomes festive demand and the recent GST rate cuts that are expected to improve affordability and boost sales according to the data compiled by rating agency ICRAThe tractor industry has already shown strong performance in FY2026 so far Wholesale volumes grew 282 per cent yearonyear YoY in August 2025 while cumulative growth for the first five months of the fiscal stood at 117 per centRetail sales in August also recorded a sharp 301 per cent rise compared to the same month last year reflecting positive farmer sentiment and healthy rainfallIndia has received 108 per cent of the longperiod average rainfall till September 17 which has boosted agricultural activity and rural demandICRA said that the recent cut in GST rates on tractors to 5 per cent will further lift demand during the upcoming festive seasonThe industry is also preparing for a possible round of prebuying before the TREM V emission norms come into effect from April 1 2026Tractor manufacturers are expected to maintain strong financial profiles supported by steady demand operating leverage and stable raw material costsIn the twowheeler industry wholesale volumes rose by 72 per cent yearonyear YoY in August to 18 million units as companies pushed dispatches ahead of the festive seasonHowever retail sales in August grew by only 22 per cent due to excess rainfall in some regions and customers delaying purchases in anticipation of GST benefits A stronger demand recovery is expected during the festive seasonExports gave further support to the segment with overseas shipments rising by 275 per cent in August compared to the same period last yearElectric twowheeler sales also continued to grow steadily with 104725 units sold in August a 18 per cent increase from the previous monthEV penetration in the twowheeler category remained stable at around 67 per cent the rating agency saidLooking ahead ICRA estimates domestic twowheeler volumes to grow by 69 per cent in FY2026The report said this will be supported by replacement demand urban market recovery healthy rural incomes due to good monsoon rainfall and the recent GST rate cut that will make vehicles more affordable IANS https://dailyworld.in/business/tractor-sales-to-grow-4-7-pc-in-fy26-2-wheeler-industry-also-set-for-healthy-growth-report-640127.html Tue, 23 Sep 2025 15:30:00 +0530 https://dailyworld.in/business/tractor-sales-to-grow-4-7-pc-in-fy26-2-wheeler-industry-also-set-for-healthy-growth-report-640128.html New Delhi Sep 23 The tractor segment in India is expected to grow by 47 per cent in FY2026 while the twowheeler industry is also likely to record healthy growth a new report said on Tuesday The forecast is supported by abovenormal rainfall strong rural incomes festive demand and the recent GST rate cuts that are expected to improve affordability and boost sales according to the data compiled by rating agency ICRAThe tractor industry has already shown strong performance in FY2026 so far Wholesale volumes grew 282 per cent yearonyear YoY in August 2025 while cumulative growth for the first five months of the fiscal stood at 117 per centRetail sales in August also recorded a sharp 301 per cent rise compared to the same month last year reflecting positive farmer sentiment and healthy rainfallIndia has received 108 per cent of the longperiod average rainfall till September 17 which has boosted agricultural activity and rural demandICRA said that the recent cut in GST rates on tractors to 5 per cent will further lift demand during the upcoming festive seasonThe industry is also preparing for a possible round of prebuying before the TREM V emission norms come into effect from April 1 2026Tractor manufacturers are expected to maintain strong financial profiles supported by steady demand operating leverage and stable raw material costsIn the twowheeler industry wholesale volumes rose by 72 per cent yearonyear YoY in August to 18 million units as companies pushed dispatches ahead of the festive seasonHowever retail sales in August grew by only 22 per cent due to excess rainfall in some regions and customers delaying purchases in anticipation of GST benefits A stronger demand recovery is expected during the festive seasonExports gave further support to the segment with overseas shipments rising by 275 per cent in August compared to the same period last yearElectric twowheeler sales also continued to grow steadily with 104725 units sold in August a 18 per cent increase from the previous monthEV penetration in the twowheeler category remained stable at around 67 per cent the rating agency saidLooking ahead ICRA estimates domestic twowheeler volumes to grow by 69 per cent in FY2026The report said this will be supported by replacement demand urban market recovery healthy rural incomes due to good monsoon rainfall and the recent GST rate cut that will make vehicles more affordable IANS https://dailyworld.in/business/tractor-sales-to-grow-4-7-pc-in-fy26-2-wheeler-industry-also-set-for-healthy-growth-report-640128.html Tue, 23 Sep 2025 15:31:00 +0530 https://dailyworld.in/business/icici-bank-to-clear-cheques-on-same-day-from-oct-4-640142.html New Delhi Sep 23 ICICI Bank has announced a major change to its cheque settlement process aimed at reducing delays and improving customer convenience From October 4 cheques submitted across the bank branches will be cleared and credited to accounts within one working day according to the banks official website The action is consistent with the Reserve Bank of Indias RBI new cheque clearing system which aims to expedite settlements The previous batchbased procedure will be replaced by the new framework which will clear cheque within hours of submissionThe Cheque Truncation System CTS which sends an electronic image of the check and its details to the drawee bank is currently used by banks This removes the need for cheques to be physically transferred but when deposited in drop boxes or automated teller machines settlement usually takes two working daysAdditionally ICICI Bank has emphasised the significance of its Positive Pay feature which gives highvalue cheques an additional degree of securityTo avoid fraud customers can electronically preconfirm important details before writing cheques for more than Rs 50000 For cheques totaling more than Rs 5 lakh the positive pay feature is mandatory otherwise the cheques will be returned The RBIs dispute resolution process will only apply to cheques that have been verified under Positive PayThe RBI declared in its August 2025 directive that batch clearing would give way to continuous clearing and settlement Phase 1 will begin on October 4 2025 and Phase 2 will begin on January 3 2026 cheques presentations will be permitted starting on October 4 during a single daily session from 1000 am to 400 pmCustomers are advised to ensure all cheque details are accurate to avoid rejection The amount in words and figures must match the date must be valid and there should be no overwriting in the payees name or amount The drawers signature must also match the banks records IANS https://dailyworld.in/business/icici-bank-to-clear-cheques-on-same-day-from-oct-4-640142.html Tue, 23 Sep 2025 16:11:00 +0530 https://dailyworld.in/business/amit-shah-inaugurates-startup-conclave-in-gujarat-over-170-showcase-innovations-640144.html Gandhinagar Sep 23 IANS Union Home and Cooperation Minister Amit Shah on Tuesday inaugurated the 2day Startup Conclave 2025 at Mahatma Mandir bringing founders investors and policymakers from across India together for a wideranging showcase and policy dialoguenbspAccompanied by Gujarat Chief Minister Bhupendra Patel and Higher Education Minister Rushikesh Patel HM Shah described the countrys youth as moving from jobseekers to jobcreators and urged investors to back earlystage venturesnbspHe said startups have provided employment to roughly 179 million people and noted that 48 per cent of new startups are founded by women statistics he cited to underline the sectors growing social and economic footprintThe Startup Conclave is a platform to convert Indias knowledge and innovation into jobs and businesses HM Shah said calling on investors to help new startups grow and predicting a future where startups will in turn make investors bignbspOrganisers said more than 170 startups are exhibiting over the two days presenting products and services across sectors including technology healthcare agritech fintech and green energy The event features an exhibition of prototypes and demonstrations a roundtable conference that brings founders into direct dialogue with industry experts and seven themed sessions focused on scaling innovation financing models and universityindustry linkagesCM Bhupendra Patel welcomed the conclave as an opportunity to reinforce Gujarats position as an entrepreneurial hub while Higher Education Minister Rushikesh Patel highlighted the role of universities and research institutions in mentoring earlystage companies and translating academic research into commercial venturesnbspParticipants said the conclave offered muchneeded visibility and networking opportunities but flagged persistent challenges Access to earlystage capital and pilot customers remains a bottleneck for many founders one exhibitor saidInvestors in attendance reiterated the need for clearer pathways for pilot procurement and sectorspecific incubation particularly for climate and health tech startups A roundtable discussion held on the sidelines examined practical steps to strengthen the ecosystem including improvements to beneficiary registries blended finance mechanisms for climate tech and incentives to encourage institutional procurement from startupsOrganisers said the conclave aims to generate actionable policy recommendations for both state and central governments and to launch a matchmaking platform to connect startups with investors and procurement opportunitiesAs the twoday programme continues the conclaves impact will be measured by its ability to move beyond rhetoric to secure followthrough concrete investor commitments pilot projects with government partners and policy changes that ease the route from prototype to scale For many founders on the floor the immediate hope is simple convert exposure into funding customers and contracts that sustain young ventures beyond proof of concept https://dailyworld.in/business/amit-shah-inaugurates-startup-conclave-in-gujarat-over-170-showcase-innovations-640144.html Tue, 23 Sep 2025 16:16:00 +0530 https://dailyworld.in/business/stock-market-settles-flat-auto-and-financial-services-stock-gain-640154.html Mumbai Sep 23 The domestic equity indices settled flat on Tuesday amid persistent selling in IT stocks amid buying in the auto and financial services sectors Sensex ended the session at 8210210 down 5787 points or 007 per cent The 30share index started the session flat at 8214737 against last sessions closing of 8215997 The index remained rangebound amid selling in IT and FMCG stocksNifty closed at 2516950 down 3285 points or 013 per centThe markets experienced significant volatility on the Nifty indexs weekly expiry day The Nifty formed a high wave candlestick pattern on the daily chart indicating a consolidation phase marked by trader indecision and a lack of clear directional conviction an analyst saidThe index has strong psychological support at the 25000 level and as long as it holds above this mark a pullback towards the 2530025400 zone remains likely the analyst addedTech Mahindra Trent Ultratech Cement Hindustan Unilever Asian Paint Eternal ITC Bharti Airtel HCL Tech Sun Pharma and HDFC Bank were the top losers While Axis Bank Bajaj Finance Maruti SBI Kotak Bank Tata Steel NTPC Tata Motors Mahindra and Mahindra and PowerGrid settled higherSectoral indices experienced a mixed approach Nifty Bank rose 225 points or 041 per cent Nifty Fin Services ended the session 31 points or 012 per cent higher and Nifty Auto surged 167 points or 062 per cent Meanwhile Nifty FMCG fell 725 points or 129 per cent and Nifty IT slipped 251 points or 071 per centThe broader indices followed the trend as well Nifty Smallcap 100 dipped 97 points or 053 per cent Nifty Midcap 100 fell 202 points or 035 per cent and Nifty 100 ended the session 48 points or 019 per centThe domestic equity market traded rangebound and ended flat indicating the continuation of the consolidation Broader sentiment stayed cautious with small and midcap stocks lagging the benchmarks Sectorwise autos metals and financials gained on signs of robust festive demand postGST cuts while FMCG and realty stocks came under pressure from profit booking according to an market analyst IANS https://dailyworld.in/business/stock-market-settles-flat-auto-and-financial-services-stock-gain-640154.html Tue, 23 Sep 2025 16:56:00 +0530 https://dailyworld.in/business/oecd-raises-indias-growth-by-40-bps-to-67-pc-in-2025-over-domestic-demand-gst-reforms-640155.html New Delhi Sep 23 The Organization for Economic Cooperation and Development OECD on Tuesday raised Indias GDP growth by 40 bps to 67 per cent in 2025 from its earlier projection of 63 per cent in June driven by strong domestic demand and robust GST reforms The OECDs latest World Economic Outlook mentioned that in India higher tariff rates will weigh on the export sector but overall activity is anticipated to be supported by monetary and fiscal policy easing including the reform to the Goods and Services Tax GST with growth projected to be 67 per cent in 2025 and 62 per cent in 2026The food price inflation has declined sharply in India helped by strong domestic supply and export restrictions said OECD in its latest reportGlobal growth proved more resilient than expected in the first half of 2025 especially in many emerging marketsThe OECD raised its growth forecast for the global economy to 32 per cent for this year but kept its 2026 forecast steady at 29 per cent saying it expects global trade uncertainties sparked by US tariffs will likely contract investment and trade in the second half of 2025The frontloading of goods production and trade ahead of the introduction of higher US tariff rates was an important source of support with industrial production growth in the first half of the year exceeding the average pace of 2024 in most G20 economies it addedUS tariffs on imports from almost all countries have increased since May reaching an estimated effective rate of 195 per cent at the end of August the highest since the mid1930sWhile the full impact of tariff increases is still unfolding early signs of effects are visible in consumer behaviour labour markets and prices Labour markets are softening with higher unemployment and fewer job openings in some economies while disinflation has stalled in many economies as food prices rose and services inflation remained persistent according to the OECDLooking ahead downside risks loom large further tariff hikes increased concerns about fiscal risks renewed inflation pressures could weigh on growth Financial market repricing including volatile crypto assets could pose additional financial stability concerns On the upside easing trade restrictions or faster advances in AI could support stronger outcomes IANS https://dailyworld.in/business/oecd-raises-indias-growth-by-40-bps-to-67-pc-in-2025-over-domestic-demand-gst-reforms-640155.html Tue, 23 Sep 2025 16:56:00 +0530 https://dailyworld.in/business/gst-20-reforms-herald-record-sales-across-india-consumers-rejoice-640162.html New Delhi Sep 23 IANS The GST 20 reforms which kicked in on Monday saw a tremendous response from shopkeepers auto dealers and every Indian householdnbspArriving in perfect sync with the first day of Navratri the reformed tax regime gave the common man a direct reason to rejoice with lower prices simplified slabs and immediate relief on daily essentialsnbspPM Narendra Modi called GST 20 a reform dedicated to the people of India and true to his words it felt less like a dry policy change and more like a festive bonanza Car showrooms witnessed serpentine queues online carts overflowed with orders and buzzed with recordbreaking festive salesThe automobile sector stole the spotlight with historic numbers Under the new GST structure smaller sub4 metre cars were moved into the 18 per cent slab while the compensation cess on automobiles was completely removednbspOn Day 1 of GST 20 Maruti recorded 80000 enquiries and delivered 30000 cars its highest singleday performance in 35 years Bookings for small cars surged 50 per cent compared to usual festival season ratesnbspDealer billings for Hyundai also shot up 11000 on that single day representing its best performance in five years Tata Motors also recorded 10000 car deliveries and over 25000 enquiries on the first day of Navaratri marking a strong start to the festive season with a noticeable increase in showroom walkins higher conversions and a growing order bookFor countless families GST 20 transformed longpostponed dreams into reality Automobiles became not just more accessible but a true festive purchasenbspThe excitement extended to the digital marketplace where shoppers rushed to stock up on fashion home essentials and festive musthavesnbspFlipkart and Amazon kicked off their festive sale events on Monday for loyalty programme users with sellers and brands reporting strong early traction boosted by the GST cutnbspFashion brand The Pant Project saw a 1520 per cent jump over last year while Shadow Etail a seller on both marketplaces saw traffic in the home essentials segment surge 151 per cent from last weekFashion brands like Snitch reported a 40 per cent jump in online ordersnbspElectronics turned into another big success story under GST 20 with households taking advantage of reduced prices on highdemand products While prices of split ACs have come down by Rs 30005000 highend TVs have seen a price cut of up to Rs 85000nbspCompanies like Haier reported almost 2 times the sales compared to a typical Monday with many prebookings even before the new rates came into effectnbspBlue Star estimated that GST 20 Day 1 sales were around 20 per cent higher compared to the same day last yearTV sales also surged especially in the 43inch and 55inch segments Companies like Super Plastronics Pvt Ltd selling largely through Flipkart reported a 3035 per cent growth in salesnbspGST 20 delivered instant relief and sparked consumer joy from Day One It reduced household expenses revived demand across industries and ignited the festive season with recordbreaking sales From cars and electronics to groceries and fashion every sector felt the surgenbspThis was more than tax reform It was a festival of savings a boost to demand and the real Diwali gift from PM Modi to the people of India https://dailyworld.in/business/gst-20-reforms-herald-record-sales-across-india-consumers-rejoice-640162.html Tue, 23 Sep 2025 17:49:00 +0530 https://dailyworld.in/business/headcount-of-indias-internet-subscribers-crosses-1-002-million-during-apriljune-640173.html New Delhi Sept 23 India is one of the fastestgrowing digital nations in the world with internet connectivity playing a crucial role in its progress This momentum is reflected in the staggering 100285 1002 bn million internet subscribers reported during AprilJune 2025 highlighting the scale and impact of Indias digital revolution according to an official statement issued on Tuesday In line with the vision of Viksit Bharat 2047 satellite internet is emerging as a key enabler of digital connectivity extending reliable access to remote and underserved regions while strengthening critical applications in defence and disaster responseRural internet penetration stands at approximately 46 subscribers per 100 population highlighting the need for satellite internet to bridge the digital divide the statement saidIndias broadband reach is steadily expanding through highthroughput satellites HTS developed by ISRO which use advanced spotbeam technology to provide faster speeds and higher capacity India has a fleet of 19 operational communication satellites among which GSAT19 GSAT29 GSAT11 and GSATN2 are specifically geared towards boosting Indias broadband servicesThese satellites are designed to enhance internet connectivity in underserved areas support inflight communication defence networks and disaster management Together they form the backbone of satellitebased broadband infrastructure in India complementing groundbased networks like BharatNetIndias satellite communication Satcom ecosystem is undergoing a transformative shift Traditionally dependent on the Geostationary Satellite GSAT of the Indian Space Research Organisation ISRO and other satellite operators series the sector is now witnessing more active private participation and the adoption of nextgeneration Low Earth Orbit LEO and Medium Earth Orbit MEO satellite systems The rollout of space sector reforms has enabled private sector participation in space activities India is moving towards LEO and MEObased satellite internet services to deliver faster and more reliable broadband services nationwide as a key driver of Digital India the statement explainedOver 10 satellite operators including the licensed Starlink have entered India with the private sector allowed up to 100 per cent FDIHowever internet penetration remains limited in certain regions of the country underscoring the need for satellite internet to complement existing networksSatellite internet refers to the internet service provided through satellites placed in Geostationary Orbits GSO or NonGeostationary Orbits NGSOFor realising the Digital India vision of a digitally inclusive nation satellite internet is an emerging technology with the potential to provide connectivity from space to any location This makes it particularly valuable for remote villages hilly terrains border areas and islands where terrestrial internet services are either difficult to reach or economically unviableThrough the power of space technology India is reinforcing its strategic autonomy and leadership in spacebased communications ensuring that the benefits of connectivity reach every citizen From operationalising HTS to enabling private participation in satellite communications the country is steadily bridging its digital divide the statement added IANS https://dailyworld.in/business/headcount-of-indias-internet-subscribers-crosses-1-002-million-during-apriljune-640173.html Tue, 23 Sep 2025 18:22:00 +0530 https://dailyworld.in/business/trai-recommends-allowing-private-fm-radio-to-broadcast-10-minutes-of-news-every-hour-640174.html New Delhi Sep 23 In a major move that could change the face of private FM radio in India the Telecom Regulatory Authority of India TRAI on Tuesday recommended that private FM radio operators be allowed to broadcast news and current affairs programmes for up to 10 minutes in every clock hour The regulator said the news content must follow the programme code prescribed by the central governmentPrivate FM Radio operators should be allowed to broadcast news and current affairs programmes limited to 10 minutes in each clock hour the telecom regulatory body saidIt also proposed that authorised FM operators be permitted to stream their radio programmes online at the same time but without usercontrolled features like download playback or replayThe authorised entity shall follow the programme code for news content as prescribed by the Central Government from time to time it addedThe recommendations were part of TRAIs detailed report on Reserve Prices for auction of FM Radio channels prepared after the Ministry of Information and Broadcasting MIB sought guidance on setting reserve prices for FM auctions in several citiesAfter issuing a consultation paper in August 2024 and holding an open house discussion in October TRAI finalised its recommendationsIt suggested that the reserve price for auction should be set at Rs 083 crore for Bilaspur Rs 120 crore for Rourkela and Rs 097 crore for RudrapurFor category E cities in hill states and border regions the reserve price should be Rs 375 lakh TRAI addedThe regulator also recommended that FM operators in category E cities should have a minimum net worth of Rs 30 lakh while existing net worth rules for other categories of cities should continueFor these smaller cities the annual authorisation fee should be 2 per cent of Adjusted Gross Revenue AGR for the first three years and then 4 per cent thereafter AGR TRAI clarified will be calculated after excluding GST from gross revenueTo support the financial health of FM radio operators TRAI suggested delinking the annual licence fee from the onetime entry fee offering more flexible payment options similar to spectrum auctionsIt also proposed that Prasar Bharati share its land towers and transmission infrastructure with private broadcasters at concessional rentals while fully recovering operational costs IANS https://dailyworld.in/business/trai-recommends-allowing-private-fm-radio-to-broadcast-10-minutes-of-news-every-hour-640174.html Tue, 23 Sep 2025 18:22:00 +0530 https://dailyworld.in/business/nearly-73-pc-rural-households-expect-income-growth-by-next-year-report-640188.html New Delhi Sep 23 Nearly 73 per cent of households in rural areas expect their income to grow by next year according to a report The report is based on a bimonthly survey conducted by the National Bank for Agriculture and Rural Development Nabard in SeptemberWhile this represents a rise from the 702 per cent of respondents expecting their income to rise a year ago it slightly declined from 747 per cent in July this yearIt is possible that Trump tariffrelated risks for the farm and nonfarm exports and the associated impact on rural income and employment might have dampened the sentiments of rural households expressed through this survey revealed the Nabard surveyFurther just 18 per cent of households reported a decrease in income over the last year in September It is the lowest level recorded since the survey began in September 2024 In comparison nearly 24 per cent of rural households reported a fall in income last yearHowever about 45 per cent of rural households reported stagnation in income the highest in all seven surveys conducted over the past yearIn September consumption among rural households also saw an increase more than 76 per cent In comparison in September 2024 more than 80 per cent of respondents had reported higher consumptionWhile the consumptionled buoyancy in the rural economy continues there is some slackening of momentum in recent months partly reflecting the impact of severe floods and landslides in a few states including Himachal Pradesh and Punjab Nabard saidA major part of the survey was completed before the announcement of the GST reduction on September 3 2025 Therefore household responses do not reflect the expected positive impact of the measure on consumption the report said IANS https://dailyworld.in/business/nearly-73-pc-rural-households-expect-income-growth-by-next-year-report-640188.html Tue, 23 Sep 2025 19:28:00 +0530 https://dailyworld.in/business/gst-20-brings-immense-excitement-amongst-car-buyers-dealers-640193.html LucknowMalkangiri Odisha Sep 23 A wave of excitement is sweeping across showrooms after the implementation of the new GST reform with a sharp rise in customer footfall and vehicle sales Shabir who booked a Hyundai Creta told IANS that the revised GST rates helped him save nearly Rs 70000Rs 80000 Ram Singh another buyer said that companies are now passing on the full GST benefits to customers He purchased a Hyundai i10 and saved about Rs 70000 compared to the earlier priceAccording to Asim Assistant General Manager at a Hyundai dealership in Lucknow the reform has received an overwhelmingly positive response The number of firsttime buyers is rising and with the GST benefits fully passed on prices have come down significantly he saidOther cities exhibit a similar level of enthusiasm Customers in Odishas Malkangiri reported that lower GST rates have made cars and twowheelers more reasonably priced than they were previouslyWith effect from September 22 the new GST rates have reduced the tax to 18 per cent for gasoline vehicles up to 1200cc and under four meters in length and diesel vehicles up to 1500cc and under four metersPreviously subject to 50 per cent GST larger vehicles will now only be subject to 40 per cent The tax rate for twowheelers up to 350cc has been lowered from 28 per cent to 18 per centMeanwhile shopkeepers wholesalers and every Indian household responded overwhelmingly to the GST 20 reforms which went into effect on MondayThe reformed tax regime which coincided perfectly with the first day of Navratri provided the general public with immediate relief on daily necessities simplified slabs and reduced pricesPM Narendra Modi called GST 20 a reform dedicated to the people of India and true to his words it felt less like a dry policy change and more like a festive bonanza Car showrooms witnessed serpentine queues online carts overflowed with orders and buzzed with recordbreaking festive sales IANS https://dailyworld.in/business/gst-20-brings-immense-excitement-amongst-car-buyers-dealers-640193.html Tue, 23 Sep 2025 19:36:00 +0530 https://dailyworld.in/business/new-niti-aayog-report-delves-deeper-into-indias-innovation-story-640194.html New Delhi Sep 23 NITI Aayog on Tuesday a landmark report capturing Indias remarkable journey in science technology and innovation providing a detailed assessment of the countrys achievements challenges and opportunities to strengthen its position as a global innovation hub The report provides a holistic view of Indias innovation ecosystem encompassing national and state initiatives industry and grassroots innovations startups universityindustrygovernment collaborations and Indias positioning in global innovation rankings It also identifies systemic challenges and lays out a forwardlooking roadmap that includes scaling successful models fostering deep technology innovation strengthening knowledge creation enhancing global integration and building innovation capacity across states At the launch of the report titled Pathways to Progress Analysis and Insights into Indias Innovation Story Dr Deepak Bagla Mission Director Atal Innovation Mission AIM elaborated on the transformative role of AIM in nurturing entrepreneurial talent fostering innovation at scale and creating a vibrant startup culture across the countryDr VK Saraswat Member NITI Aayog emphasised the strategic importance of science technology and innovation in shaping Indias development trajectory He noted that the report provides critical evidencebased insights that can guide policymaking strengthen institutional linkages and enhance collaboration between academia industry and governmentUnion Minister Dr Jitendra Singh emphasised that innovation in India is pervasive and not confined to frontier technologies alone He highlighted the governments initiatives to advance research promote technology development and facilitate the commercialization of innovations across all sectors He also underscored the importance of inclusive and contextdriven innovation that addresses realworld challenges while strengthening Indias overall capacity to compete globally and drive sustainable equitable growth said NITI AayogEducation Minister Dharmendra Pradhan underscored Indias progress in building a robust innovation ecosystem and stressed the importance of positioning Bharat as a global brand of excellence in knowledge science and technology He called for harnessing Indias youth talent and institutional strengths to drive innovation that is both scalable and inclusive IANS https://dailyworld.in/business/new-niti-aayog-report-delves-deeper-into-indias-innovation-story-640194.html Tue, 23 Sep 2025 19:37:00 +0530 https://dailyworld.in/business/vande-bharat-sleeper-train-to-be-launched-soon-ashwini-vaishnaw-640196.html New Delhi Sep 23 IANS Railway Minister Ashwini Vaishnaw on Tuesday said the Vande Bharat Sleeper trains will be launched soon as the second train is likely to be completed by the middle of next month while the first train is ready for use after having undergone the required tests and trial runsnbspThe two trains have to be launched together to ensure regular services on an overnight journeynbspThe first train has cleared all the tests and trial runs and is currently at Delhis Shakur Basti Coaching Depot officials saidnbspBriefing the media Vaishnaw said that the second train is being manufactured and will possibly be ready by October 15Both the trains will be launched together he saidnbspThe minister emphasised that the second train is important to maintain the continuity of regular servicesnbspThats why we are waiting for a second rake Once we get it we will decide on any route and start operations Vaishnaw addednbspMeanwhile expectations are that the trains will be launched on the New DelhiPatna route against the backdrop of the upcoming Bihar Assembly elections voting for which is scheduled to take place at the end of the yearManufactured by BEML using Integral Coach Factory ICF technology the Vande Bharat Sleeper train will comprise 16 coaches segmented into AC First Class AC 2Tier and AC 3Tier It will be able to carry 1128 passengers and operate at a top speed of 180 kmph making it one of the fastest overnight train services in the countrynbspThe train promises worldclass amenities such as integrated reading lights with USB charging automated announcement and visual information systems security cameras modular pantries and disabledfriendly berths and toiletsVaishnaw and Minister of State for Railways Ravneet Singh Bittu also briefed journalists on the railway projects in PunjabnbspThe minister said the upcoming 18kilometre RajpuraMohali line will connect the area to Chandigarh via the shortest route on the AmbalaAmritsar main linenbspBesides providing direct connectivity between Rajpura and Mohali and reducing travel distance by approximately 66 km the railway line will also ease traffic on the existing RajpuraAmbala route and shorten the AmbalaMorinda linkVaishnaw said the Railway Ministry has also proposed to launch a new Vande Bharat train between New Delhi and Firozpur Cantonment which will cover the Faridkot Bhatinda W Dhuri Patiala Ambala Cantonment Kurukshetra and Panipat stationsnbspAccording to the Railways the train will cover a distance of 486 kilometres between Delhi and Firozpur Cantonment in 6 hours and 40 minutesnbspVaishnaw said I will request the Prime Minister to approve the FirozpurDelhi Vande Bharat train https://dailyworld.in/business/vande-bharat-sleeper-train-to-be-launched-soon-ashwini-vaishnaw-640196.html Tue, 23 Sep 2025 19:48:00 +0530 https://dailyworld.in/business/indian-it-firms-to-tackle-h-1b-visa-fee-hike-with-local-hiring-offshoring-and-nearshoring-report-640202.html New Delhi Sep 23 Indian IT companies are expected to adjust their strategies to deal with the recent sharp hike in H1B visa fees announced by the US administration a new report said on Tuesday On September 19 US President Donald Trump signed an executive order imposing a fee of 100000 for new H1B visa applications a steep jump from the existing cost of around 1500The move is likely to hit Indian IT firms which have traditionally relied on the visa program to send skilled workers to the USThe data compiled by Nuvama however said that the overall impact on Indian IT companies may remain limited as the sector has already reduced its dependence on H1B visas over the past eight yearsThis shift has given companies a head start in cushioning the effects of the latest policy change the report saidAccording to Nuvama firms are expected to tackle the higher costs through measures such as nearshoring offshoring and hiring more local talent in the US While some shortterm financial and operational challenges are unavoidable in the longer run increased offshoring is expected to ease the pressureThe report also noted that most Indian IT services firms may avoid paying the new fee altogether as it makes H1B visas uneconomicalThe median salary for Indian IT workers on H1B visas ranges from 80000 to 120000 and adding another 100000 fee would make the arrangement financially unviableInstead companies are likely to look at other options such as renegotiating contracts with clients to share costs hiring locally in the US or expanding nearshore operations in countries like Canada and Latin America which share the same time zone as the USA stronger focus on offshoring to India or other costefficient regions is also expected as per the reportThe report added that while the industry will face volatility in the near term the situation is likely to stabilise as IT companies adapt to the new environment and discover more efficient ways of doing business IANS https://dailyworld.in/business/indian-it-firms-to-tackle-h-1b-visa-fee-hike-with-local-hiring-offshoring-and-nearshoring-report-640202.html Tue, 23 Sep 2025 20:46:00 +0530 https://dailyworld.in/business/no-tax-rebate-under-section-87a-on-short-term-capital-gains-taxpayers-asked-to-clear-dues-by-dec-cbdt-640214.html New Delhi Sep 23 The Central Board of Direct Taxes CBDT has once again clarified that taxpayers cannot claim tax rebate under Section 87A on income that is taxed at special rates such as shortterm capital gains STCG In financial year 202324 many taxpayers claimed rebate on shortterm capital gains but the Income Tax department denied their requests and raised demands for the pending taxesThe department has now asked such taxpayers to clear their dues by December 31 2025 This applies even to those cases where the rebate was mistakenly given earlierCBDT in its circular dated September 19 said that in several cases returns were processed incorrectly and rebate was allowed on incomes chargeable to special tax ratesThese mistakes are now being corrected and fresh demands are being raised The circular also warned that any delay in payments could attract interest under Section 2202 of the IT ActHowever to reduce hardship for taxpayers the tax department has offered relief It has decided to waive the interest if the pending taxes are paid before December 31 2025Since July 2024 the income tax department has been rejecting rebate claims under Section 87A for taxpayers with income under Rs 7 lakh when it included shortterm capital gainsFor FY 202324 these gains were taxed at 15 per cent but from FY 202425 the rate has been increased to 20 per centThe rebate limit for FY 202324 was Rs 5 lakh under the old regime and Rs 7 lakh under the new regimeWhile this provision helped reduce tax liability to zero the rebate was not meant to cover income taxed at special rates like STCGThe issue had reached the Bombay High Court which in December 2024 asked the IT department to allow taxpayers to revise their returnsA 15day window in January 2025 was created for such revisions but later many taxpayers still received notices to pay their pending duesFinally the Union Budget 2025 cleared all confusion by stating that specialrate incomes including STCG under Section 111A will not be eligible for rebate under Section 87A from FY 202526 onwards IANS https://dailyworld.in/business/no-tax-rebate-under-section-87a-on-short-term-capital-gains-taxpayers-asked-to-clear-dues-by-dec-cbdt-640214.html Tue, 23 Sep 2025 22:04:00 +0530 https://dailyworld.in/business/nepals-ev-imports-slump-as-trade-routes-with-china-remain-shut-640227.html Kathmandu Sep 23 Nepals import of electric fourwheelers has slumped in the past two months largely due to the disruption of two key trade routes with China caused by massive landslides and floods According to the Department of Customs Nepal imported just 486 electric fourwheelers in the first two months of the current fiscal year 202526 which began midJuly This marks a sharp decline from the 1602 units imported during the same period in the last fiscalChina Nepals largest supplier of EVs recorded a drastic fall in exports with only 240 vehicles shipped in the twomonth period down from 1125 units last year India the secondlargest supplier also saw a decline exporting 207 vehicles compared to 475 units a year agoThe drop follows the closure of two major border crossings The RasuwagadhiKerung checkpoint has been shut since early July after floods destroyed the NepalChina Friendship Bridge a dry port and other infrastructure on the Nepal side Meanwhile the TatopaniNyalam crossing has been blocked for the past month by landslides though partial clearance was reported on MondayThe main reason behind the reduced import of electric vehicles from China is the blockade on these two trade routes Samir Shrestha Chief Marketing Officer at Cimex Inc Pvt Ltd the authorised distributor of BYD cars in Nepal told IANS We have started using the newlyopened Mustang route since midSeptember to bring in vehiclesThe Department of Customs recently announced that this border point has remained fully operational starting September 15 Nepals Central Bank has also stated in a recent notice that importers from Nepal could use this route to get goods from China through a letter of credit This arrangement means that the third trade route between Nepal and China has now been formally opened for international trade said Kishor Bartuala Information Officer at the customs department Earlier this route was being used for cross border trade of goods among the people of the bordering region only he revealedThe customs department said over 200 electric four wheelers were brought to Nepal from China after the opening of the border point for international trade last weekShrestha stressed that demand for Chinese EVs remains strong but acknowledged that some customers have cancelled bookings following concerns over vehicle damage during recent GenZ protests which left over 70 people dead and caused widespread destructionFor years Indiamade Internal Combustion Engine ICE vehicles dominated Nepals auto market But consumer preference has shifted sharply toward EVs giving Chinese brands a commanding presence Last fiscal Nepal imported 13578 electric fourwheelers with 752 per cent coming from China and the rest from India Germany the US and other countries IANS https://dailyworld.in/business/nepals-ev-imports-slump-as-trade-routes-with-china-remain-shut-640227.html Tue, 23 Sep 2025 23:25:00 +0530 https://dailyworld.in/business/govt-bonds-worth-rs-32-000-crore-coming-up-for-sale-on-september-26-640004.html New Delhi Sep 22 The Finance Ministry on Monday announced the sale of government bonds worth 32000 crore in two lots through auctions to be conducted by the Reserve Bank of India RBI in Mumbai on Friday September 26 The first lot comprises 668 per cent Government Security 2040 for a notified amount of 16000 crore while the second lot consists of 690 per cent Government Security 2065 also for a notified amount of 16000 croreBoth the lots will be sold through a price based auction using multiple price method the official statement saidThe Government of India will have the option to retain additional subscription up to 2000 crore against each security mentioned above The auctions will be conducted by the Reserve Bank of India Mumbai Office Fort Mumbai on FridayUp to 5 per cent of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for NonCompetitive Bidding Facility in the Auction of Government SecuritiesBoth competitive and noncompetitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution EKuber system on September 26 2025The noncompetitive bids should be submitted between 1030 AM and 1100 AM and the competitive bids should be submitted between 1030 AM and 1130 AMThe result of the auctions will be announced on September 26 and payment by successful bidders will be on September 29 MondayThe Securities will be eligible for When Issued trading in accordance with the guidelines on When Issued transactions in Central Government Securities issued by the Reserve Bank of India vide circular No RBI20181925 dated July 24 2018 as amended from time to timeA government bond represents debt issued by a government and sold to investors to support spending Government bonds are considered lowrisk investments since the government backs them Because of their relatively low risk government bonds typically pay low interest rates IANS https://dailyworld.in/business/govt-bonds-worth-rs-32-000-crore-coming-up-for-sale-on-september-26-640004.html Mon, 22 Sep 2025 21:09:00 +0530 https://dailyworld.in/business/centre-secures-125-million-adb-loan-to-upgrade-urban-services-in-assam-640015.html New Delhi Sep 22 The Government of India and the Asian Development Bank ADB signed a 125 million loan agreement on Monday to enhance urban livability and bolster climate resilience in six district headquarters and Guwahati in Assam The project will benefit 360000 residents of Assam by delivering continuous metered water supply and upgrading stormwater management systems It also seeks to strengthen urban governance through institutional reforms and capacity buildingKey infrastructure investments in the Assam Urban Sector Development Project include the construction ofsix water treatment plants with a combined capacity of 72 million litres per day and 800 km distribution pipelines in the district headquarters of Barpeta Bongaigaon Dhubri Goalpara Golaghat and Nalbari The project will also deploy a realtime monitoring system aiming to maintain nonrevenue water below 20 per centIn Guwahati the project will enhance stormwater management in the Bahini Basin with flood diversion channels upgraded drainage systems and a naturebased retention pond to reduce flood discharge and improve groundwater rechargeThe project also includes the establishment of the Assam State Institute for Urban Development in collaboration with the Indian Institute of Technology Guwahati Additionally it will roll out a GISbased property tax database digital water billing systems and a volumetric water tariff structure across project towns to improve financial sustainability and service deliveryA strong emphasis on supporting women and girls and social inclusion is embedded in the project Activities include training women selfhelp groups in water operations establishing internships for collegeage women and conducting school outreach programmes to promote awareness of water sanitation and hygieneThe signatories to the loan agreement for the Assam Urban Sector Development Project were Juhi Mukherjee Joint Secretary Ministry of Finance on behalf of the Government of India and Mio Oka Country Director India Resident Mission for ADB IANS https://dailyworld.in/business/centre-secures-125-million-adb-loan-to-upgrade-urban-services-in-assam-640015.html Mon, 22 Sep 2025 22:13:00 +0530 https://dailyworld.in/business/i-urge-all-to-join-pm-modis-call-for-swadeshi-by-adopting-indigenous-products-amp-services-vaishnaw-640025.html New Delhi Sep 22 Union Minister Ashwini Vaishnaw on Monday announced that he is moving to Zoho a homegrown platform for documents spreadsheets and presentations Sharing the update on social media platform X he urged people to join Prime Minister Narendra Modis call for Swadeshi by adopting indigenous products and servicesI am moving to Zoho our own Swadeshi platform for documents spreadsheets amp presentations he wrote on XI urge all to join PM Narendra Modis call for Swadeshi by adopting indigenous products amp services Vaishnaw addedThe appeal comes just after Prime Minister Modi in a letter to the people of India urged citizens to support MadeinIndia products during the festive seasonPM Modi linked the move to the vision of Viksit Bharat 2047 and said buying swadeshi goods not only strengthens the economy but also helps local artisans workers and industriesEvery time you buy a product made by our artisans workers and industries you are helping families earn their living and creating job opportunities for our youth the Prime Minister had said while also encouraging traders to promote local goodsIn his message PM Modi highlighted that this years festive season has an added reason to celebrate with the launch of GST Bachat Utsav made possible by the Next Generation GST reformsThese reforms he said would reduce household expenses ease business operations and accelerate growth across all sections of society including farmers women youth traders and MSMEsThe Prime Minister also recalled the rollout of GST in 2017 as a turning point that freed citizens and businesses from the complexities of multiple taxes bringing relief under the idea of One Nation One TaxVaishnaws announcement to shift to Zoho reflects the governments broader push to adopt indigenous platforms and promote selfrelianceIt is also seen as a message to citizens to increasingly prefer swadeshi services and products in their daily lives in line with the Prime Ministers call for selfreliance and inclusive growth IANS https://dailyworld.in/business/i-urge-all-to-join-pm-modis-call-for-swadeshi-by-adopting-indigenous-products-amp-services-vaishnaw-640025.html Mon, 22 Sep 2025 22:19:00 +0530 https://dailyworld.in/business/nse-to-hold-diwali-muhurat-trading-session-on-october-21-640027.html New Delhi Sep 22 The National Stock Exchange NSE on Monday announced that it will conduct a special onehour Muhurat Trading session on October 21 on the occasion of Diwali to mark the beginning of the new Samvat year According to the exchange circular the trading window will open at 145 pm and close at 245 pm while a 15minute preopen session will be held from 130 pm to 145 pmTrade modifications will be allowed until 255 pm and all trades executed during the session will carry settlement obligations similar to regular trading hoursStock markets remain closed on Diwali Lakhsmi Puja but the symbolic Muhurat session is conducted annually to mark the start of the Vikram Samvat year in the Hindu calendarThis year the session coincides with the beginning of Samvat 2082The session will take place in the afternoon instead of the evening as is customary A similar session is anticipated to be held by the Bombay Stock Exchange BSE though the exact time has not yet been disclosedMuhurat trading is considered auspicious by traders and investors who believe that participating in the market during this period brings financial growth and prosperityWhile the session lasts for just an hour markets are typically volatile and sentiment often plays a larger role than profitability in trading decisionsTraders use this window to engage in both symbolic and meaningful trades with the belief that the practice will usher in wealth and good fortune in the new financial yearOver the years the Muhurat session has become a significant cultural and financial tradition blending market activity with festive celebrations and reflecting the enduring role of sentiment and optimism in Indian stock markets IANS https://dailyworld.in/business/nse-to-hold-diwali-muhurat-trading-session-on-october-21-640027.html Mon, 22 Sep 2025 22:20:00 +0530 https://dailyworld.in/business/despite-short-term-challenges-gst-20-will-yield-benefits-to-consumers-and-industry-640033.html New Delhi Sep 22 There has been a general reaction of relief and welcome with the new Goods and Services Tax GST slabs coming into effect beginning from Monday Essential goods healthcare insurance consumer durables and agricultural inputs now enjoy lower rates while luxury and sin goods are taxed at 40 per centThe reform aims to reduce the cost of living for households support manufacturing agriculture and servicesThis festive season lets celebrate the GST Bachat Utsav Lower GST rates mean more savings for every household and greater ease for businesses Prime Minister Narendra Modi posted on his X handle on Monday eveningCentral Board of Excise and Customs CBEC former Chairman Sumit Dutt Majumder said that GST 20 has some changes with a lesser number of slabs As a Member Central Excise and then Chairman of the CBEC he was associated with the preparations for the earlier GST regime He had also presented his views to the then Select Committee of the Rajya Sabha on the GST Constitution Amendment BillEven by the earlier GST regime in interstate transactions the destination state gets the money While the tax collection is done by the Centre there are rules laid out for transferring the money to states Majumder the author of two books on GST addedGST Networks GSTN first Chairman Navin Kumar also stressed the rules that are followed in transferring prescribed amounts to statesIn the previous regime too some states had apprehended losses Thus the Centre introduced compensation When the collection started growing these compensations were withdrawn he addedThough the earlier fiveyear compensation window ended in 2022 the Centre may introduce ad hoc transfers or cess adjustments to blunt state revenue shocksIt may also absorb part of the potential GST revenue loss initially to maintain national fiscal stability leveraging higher taxes on luxury and sin goods and broader compliance measuresTax collection on goods with lower GST rates is expected to fall initially because rates are now lower on many items According to the government the potential revenue shortfall without any buoyancy in volumes will be Rs 48000 crore a yearTherell be an initial effect but Im sure that with the restructured GST regime there will be an increase in revenue Kumar saidLower GST on essentials is expected to boost consumption particularly through increased sales of durables automotives and housing materialsAlso shortterm challenges are possible due to transition issues IT system challenges and workingcapital pressures especially among SMEsI think there should have been a transition period reflected MajumderIn branded products the prices are fixed So it will take time to adjust to the rates introduced today he pointed outHowever Kumar pointed out that there are mechanisms that can address such aspectsIf stock bearing earlier retail prices remains unsold after the revised GST rate came into effect rules prescribe that a revised MRP be put on it Thus both old and new prices are visible on the productTransitional issues such as preexisting inventory credits are addressed via postimplementation filing eg GSTR3B or monthly selfdeclaration return to be filed by October 20 to avoid input tax credit ITC mismatches discrepancy between the tax credit claimed by the recipient and the details furnished by the supplier but no general delay is provided IANS https://dailyworld.in/business/despite-short-term-challenges-gst-20-will-yield-benefits-to-consumers-and-industry-640033.html Mon, 22 Sep 2025 23:20:00 +0530 https://dailyworld.in/business/gst-reforms-will-boost-purchasing-power-and-benefit-all-sectors-traders-640041.html New Delhi Sep 22 Traders and business owners on Monday welcomed the next generation GST reforms saying the changes will increase purchasing power lower prices of essential items and give a big push to the economy They also praised Prime Minister Narendra Modi for introducing the measures during the festive seasonSK Sarda a branded clothing store owner said that the new GST framework has simplified the system and corrected earlier problems of multiple taxesHe pointed out that the government has already collected nearly Rs 55 lakh crore through GST which is being used for national development and defence purposesThe new reforms will put more money in peoples hands About Rs 25 lakh crore will flow into the market and this amount will multiply three times as it rotates through the economy This will create a turnover of nearly Rs 7 lakh crore giving a major boost to employment and income across different sectors he addedRamesh Periwal who runs a diagnostics business in Sikkim and is also president of the local Chemists Association said the reforms will be especially beneficial for the health sectorMedicines have become much cheaper Some drugs are now under zero tax while others that were earlier taxed at 12 or 18 per cent have been brought down to 5 per cent he saidHospitals will also save on essential reagents and chemicals that are now taxed lower and the benefit will go directly to patients he addedPeriwal highlighted that the reforms will also give a strong push to tourism in Sikkim as hotel stays below Rs 7500 will now attract lower GSTTourism is the backbone of Sikkims economy and these changes will bring more visitors and boost the industry he saidSmall business owner Vinay Chandra said the decision to bring milk and other dailyuse food items under the zero per cent GST category is a major reliefEarlier many essentials had 5 per cent GST but now shifting them to zero will directly benefit poor families It will also reduce kitchen expenses and support household budgets he saidUnion Finance Minister Nirmala Sitharaman also visited Laxmi Nagar in the national capital after the implementation of the new GST reforms where she interacted with shopkeepers and customersSpeaking to the media during her visit the Finance Minister said The response to the GST reforms has been very positive Although it is a market holiday today many shops are open I observed that shopkeepers are passing on the benefits of GST reductions to their customersShe added that the Narendra Modi governments decision has brought relief to both the public and traders and people are happy with the reforms IANS https://dailyworld.in/business/gst-reforms-will-boost-purchasing-power-and-benefit-all-sectors-traders-640041.html Mon, 22 Sep 2025 23:27:00 +0530 https://dailyworld.in/business/stock-market-opens-marginally-lower-nifty-it-down-268-pc-639854.html Mumbai Sep 22 The Indian benchmark indices opened marginally lower on Friday despite positive global cues with IT stocks leading losses owing to some concerns over the new US H1B visa rules As of 926 am the Sensex was down 189 points or 023 per cent at 82772 and the Nifty was down 40 points or 016 per cent at 25286 Sensex and Nifty had opened with dips of 040 per cent and 033 per cent respectively but later cut down on the lossesIT giants such as Tata Consultancy Services TCS Infosys Wipro HCL Technologies Tech Mahindra and Coforge slipped in the morning tradeThe US government has clarified that visa holders returning to the country are exempt from the new 100000 fee which provided marginal relief to Indian IT companiesWhite House said the visa fee would be a onetime payment applicable only to new applications from the next lottery cycle MarchApril 2026 and not on renewalsThe broad cap indices Nifty Midcap 100 dipped 005 per cent and the Nifty Smallcap 100 lost 012 per centThe losers were Tech Mahindra TCS Tata Motors Apollo Hospitals and Dr Reddys LabsAmong sectoral indices Nifty IT the top loser lost 268 per cent Nifty Pharma down 045 per cent and Nifty Healthcare down 033 per cent also weighed down on the indices All other sectoral indices were trading with marginal gainsThe Nifty index has held firmly above the 25300 mark closing at 25327 in the previous session It continues to trade above its key moving averagesthe 20day 50day and 200day EMAsreaffirming the broader bullish undertoneAnalysts predicted that sentiment will remain positive as long as the index remains above these averages Immediate resistance is placed at 25500 followed by the 25600 and 25850 zones The support lies at 25150 and 25000 zonesThey said that the market is likely to exhibit mixed behaviour with the IT sector being affected by the H1B visa issue and domestic consumption themes responding positively to the potential increase in consumption from lower GST rates kicking in from todayAccording to them the present low interest rate regime will aid the consumption boost and will also facilitate an increase in credit demand boosting the profitability of financialsAsiaPacific markets mostly rose on Monday tracking Wall Streets gains from Friday and boosted by Chinas key lending rate decision that kept key rates unchangedIn the US markets Nasdaq has added 072 per cent the SampP 500 edged up 049 per cent and the Dow inched up 037 per cent in the last trading sessionMost of the Asian markets were trading in the green during the morning session While Chinas Shanghai index edged up 007 per cent and Shenzhen advanced 017 per cent Japans Nikkei added 145 per cent while Hong Kongs Hang Seng Index lost 082 per cent South Koreas Kospi added 106 per centOn Friday foreign institutional investors FIIs purchased equities worth Rs 390 crore while domestic institutional investors DIIs were net buyers of equities worth Rs 2105 crore IANS https://dailyworld.in/business/stock-market-opens-marginally-lower-nifty-it-down-268-pc-639854.html Mon, 22 Sep 2025 10:05:00 +0530 https://dailyworld.in/business/domestic-investors-buy-record-rs-53-lakh-crore-worth-equities-in-2025-to-date-beat-2024-total-639863.html New Delhi Sep 22 Even with a quarter remaining in 2025 domestic institutional investors have net bought a record Rs 53 lakh crore of equities surpassing the fullyear total of Rs 522 lakh crore in 2024 according to the stock exchange data Mutual funds were the largest driver of this buying spree purchasing Rs 365 lakh crore aided by monthly SIP inflows of more than Rs 25000 crore while their cash holdings remained elevated at Rs 198 lakh crore in AugustInsurance companies and pension funds added more than Rs 1 lakh crore with the remainder coming from portfolio managers alternative funds banks and other institutionsBut analysts suggest that early signs of slowdown in momentum are emerging as market returns stagnate and global headwinds weigh on sentimentDespite robust inflows from DIIs Indian equities have lagged global peers with the Sensex having gained just 2 per cent and the Nifty 4 per cent in 2025 in dollar terms compared with doubledigit advances in major Asian and Western marketsMarket onlookers doubt the sustainability of mutual fund inflows even as equity fund inflows were Rs 33430 crore in August and Rs 42702 crore in JulyThey took cues from rising redemptions from smallcap and thematic funds as investors booked profits and diverted money into real estate Further GST rationalisation and festive spending such as home renovation could put pressure on household savings limiting fresh allocations to equities as Indias consumption cycle enters a highgrowth phaseMeanwhile foreign institutional investors FIIs remained net sellers dumping Rs 180443 crore so far in 2025 after selling Rs 121 lakh crore last yearHowever FIIs have been consistently buying through the primary market even while selling through the exchanges and they have bought Rs 1559 crore worth of equities in SeptemberAs lacklustre earnings stretched valuations and uncertainty over US tariffs act as headwinds analysts feel that there is a high likelihood of above 15 per cent growth in corporate earnings in FY27 leading to a turnaround in FPI sentiments IANS https://dailyworld.in/business/domestic-investors-buy-record-rs-53-lakh-crore-worth-equities-in-2025-to-date-beat-2024-total-639863.html Mon, 22 Sep 2025 10:52:00 +0530 https://dailyworld.in/business/tn-milk-cooperative-aavin-yet-to-pass-on-gst-benefit-as-rivals-slash-prices-639867.html Chennai Sep 22 Consumers in Tamil Nadu may have to wait longer for cheaper ghee butter paneer and other dairy products as staterun Aavin has not revised its rates even after the Goods and Services Tax GST on such items was cut from 12 per cent to 5 per cent While Amul Karnatakas Nandini Keralas Milma and several private brands have reduced prices with effect from Monday Aavin outlets continued to sell at existing tagsAmul and Nandini along with Milma and other private dairies have lowered prices of ghee paneer butter ice cream chocolates and other products by Rs 25 to Rs 40 A litre of ghee for instance now retails at Rs 610 compared with Rs 650 earlier Amul has extended the cuts across more than 700 products while Nandini has applied them to about 15 items Milma has also reduced the prices of 100 items from MondayBy contrast outlets in Ambattur Anna Nagar Adyar Korattur and Thiruvanmiyur of Tamil Nadu milk cooperative Aavin said no directive had reached them to slash pricesOfficials from the Tamil Nadu Cooperative Milk Producers Federation TNCMPF which markets Aavin said that because its prices are calculated inclusive of GST a formal state order is required before any reduction can be implementedAs of late Sunday night no such instruction had been issued The absence of relief has disappointed Aavins customers ahead of the festival seasonWhen private brands reduce ghee and butter prices by Rs 20 Rs 30 per kg it is unfair for Aavin to sell at higher rates said a resident of Ambattur Instead of a cut the GST adjustment has effectively raised Aavins base price to keep the maximum retail price unchanged meaning consumers are paying slightly moreFranchise owners also admitted this situation had put them at a disadvantage compared to private competitorsAavin procures around 35 lakh litres of milk every day of which 89 lakh litres are converted into valueadded products Its annual product sales total about Rs 600 crore with festive periods contributing heavily during last years Deepavali season alone sales touched Rs 126 croreWith GST reductions already in place nationwide the state governments decision in the coming days will determine whether Aavin aligns its prices with other major cooperatives IANS https://dailyworld.in/business/tn-milk-cooperative-aavin-yet-to-pass-on-gst-benefit-as-rivals-slash-prices-639867.html Mon, 22 Sep 2025 11:32:00 +0530 https://dailyworld.in/business/kerala-fm-balagopal-warns-of-revenue-loss-as-new-gst-rates-come-into-effect-639868.html Thiruvananthapuram Sep 22 Kerala Finance Minister KN Balagopal on Monday said that states including Kerala had fully participated in the GST Councils recent decision to restructure tax slabs but warned that the reforms could lead to significant revenue loss for states The new GST regime effective from Monday introduces just two tax slabs 5 per cent and 18 per centAccording to the Union government nearly 99 per cent of goods will now fall under the 5 per cent bracketMilk products ghee butter paneer and ice cream are among the items that have seen price reductions with the Kerala Cooperative Milk Marketing Federation Milma announcing revised prices from Monday A litre of Milma ghee will cost Rs 45 less while 400 grams of butter will see a price cut of Rs 15 Paneer and ice cream will also be cheaperHowever Minister Balagopal cautioned that the benefits of tax cuts do not always reach consumers as many companies fail to pass them onEven Union Ministers admitted this concern After a few months prices may return to previous levels There has been no proper study to assess the longterm impact of these reforms he saidHe further noted that Kerala could lose anywhere between Rs 50000 crore and Rs two lakh crore annuallyIf states lose this much revenue in a year it will directly affect welfare pensions salaries and development projects States do not have alternate revenue sources and about 41 per cent of their total income comes from GST Without this the financial crisis will deepen Balagopal said adding that only if people continue to receive salaries can they benefit from lower pricesMeanwhile Keralas Finance Department clarified that although GST on lotteries has been increased from 28 per cent to 40 per cent ticket prices will remain unchanged Instead adjustments will be made in prize distribution and agent commissions with commission rates set to undergo a sharp reductionThe government has also announced that strict monitoring will continue to ensure that consumers actually benefit from reduced GST rates in the market IANS https://dailyworld.in/business/kerala-fm-balagopal-warns-of-revenue-loss-as-new-gst-rates-come-into-effect-639868.html Mon, 22 Sep 2025 11:47:00 +0530 https://dailyworld.in/business/indias-real-estate-investment-landscape-remains-resilient-in-h1-2025-attracting-3-billion-639892.html New Delhi Sep 22 India continues to stand out as a promising country within the Asia Pacifics APAC real estate investment landscape attracting significant capital inflows of 30 billion in the first half of 2025 H1 2025 a report said on Monday Foreign investments stood at 16 billion accounting for around 52 per cent of the investment in the sector during H1While the investment declined YearonYear YoY overall investor interest remained intact The foreign capital continued to dominate overall investments meanwhile domestic capital deployment gained significant traction surging 53 per cent YoY Colliers said in a reportAround 48 per cent of the real estate investments during H1 2025 came from domestic investorsIndia continues to stand out as a promising country within the Asia Pacifics real estate investment landscape Foreign investments remained strong at 16 billion and accounted for around 52 per cent of the institutional investments in India during H1 2025 said Badal Yagnik Chief Executive Officer Colliers IndiaInterestingly APAC investors accounted for over onethird of the foreign inflows into the country in the first half of the year reiterating Indias strategic importance in crossborder capital flows he addedWith strong demand for highquality spaces overhauling and simplification of GST regulations and anticipation of elevated consumption levels in the upcoming festive season institutional investors are confident about their India exposureReal estate investments in 2025 are likely to end on a high note with core assets like residential and office continuing to demonstrate high traction Yagnik saidResidential and office assets together drove over half of the investment inflows in H1 2025 with residential assets leading at 08 billionWithin the office segment institutional investors are increasingly acquiring developmental assets by partnering with local developersInvestments in earlystage activities like land acquisition and construction have also picked up a significant pace in recent timesAdditionally mixeduse and retail assets too saw a notable surge together accounting for more than 30 per cent of the real estate investments in India during H1 2025 up from 7 per cent share during the corresponding period in 2024 the report saidIndias prominence in the Asia Pacific region continues to grow driven by strong demand traction across real estate asset classes Investor confidence is reflected in its recent rise to fourth place in terms of crossborder capital deployment in land and development sites up from seventh position in the previous quarter said Vimal Nadar National Director amp Head of Research Colliers India IANS https://dailyworld.in/business/indias-real-estate-investment-landscape-remains-resilient-in-h1-2025-attracting-3-billion-639892.html Mon, 22 Sep 2025 13:15:00 +0530 https://dailyworld.in/business/lower-gst-rates-to-boost-hospitality-transport-and-cultural-sectors-639895.html New Delhi Sep 22 The revamped GST rates implemented from Monday will make the countrys tourism sector more affordable enhance public transport use and support artisans and cultural industries the government said Early this month the GST Council reduced the GST on hotels less than Rs 7500day from 12 per cent to 5 per cent without ITC GST on buses with a seating capacity of over 10 persons was brought down to 18 per cent from 28 per cent Similarly the GST on art and cultural goods was also reduced from 12 per cent to 5 per centThe reductions will strengthen the domestic tourism ecosystem promote cultural heritage and encourage investment in related sectors an official statement saidUnder the leadership of PM Modi these reforms align with the vision of sustainable and inclusive growth fostering job creation and investment in hospitality transport and traditional crafts while also accelerating the postpandemic recovery of Indias tourism sector it addedThe lower GST rates on hotels are expected to make hotel stays more affordable for middleclass and budget travellers It also aligns with Indias hospitality tax structure with international tourism destinations becoming more attractive for foreign touristsThe move is also expected to boost weekend travel pilgrimage circuits heritage tourism and ecotourism as well as encourage investment in new midsegment hotels homestays and guesthouses creating jobs and improving infrastructureThe revamped GST on buses cuts the upfront cost of buses and minibuses making them more accessible for fleet operators schools corporates tour providers and state transport undertakingsIt will help bring down ticket fares especially in semiurban and rural routes and encourage a shift from private vehicles to sharedpublic transport reducing congestion and pollutionIt will also support fleet expansion and modernisation improving comfort and safety standards in public transportFurther the GST reduction on art and cultural goods which applies to statues statuettes original engravings prints lithographs ornamental articles stone art ware and stone inlay work will provide direct support to artisans craftsmen and sculptorsThe move will also help preserve living traditions of temple art folk expression miniature painting printmaking and stone craftsmanship and promote Indian culture and craftsmanship globally integrating heritage economy with modern markets the government saidThese GST reductions reflect a strategic effort by the government to boost Indias tourism and cultural sectors by enhancing affordability supporting traditional artisans and encouraging sustainable transport the official statement saidBy fostering greater accessibility and preserving cultural heritage these measures are poised to generate significant economic growth create jobs and promote Indias image globally as a vibrant and inclusive destination it added IANS https://dailyworld.in/business/lower-gst-rates-to-boost-hospitality-transport-and-cultural-sectors-639895.html Mon, 22 Sep 2025 13:42:00 +0530 https://dailyworld.in/business/ultra-gas-amp-energy-ltd-emerges-as-largest-lng-autofuel-retailer-in-india-639897.html Mumbai Sep 22 Ultra Gas amp Energy Ltd UGEL an Essar venture has emerged as Indias largest private operator and highest dispensing LNG refuelling outlets RO with six stations operational across major freight corridors These ROs are strategically located in Bhilwara Rajasthan Anand Gujarat ChakanPune Maharashtra Jalna Maharashtra Toranagallu Karnataka and Vallam Tamil Nadu enabling efficient access to cleaner fuel across key industrial and logistics hubsAs a newage cleantech company UGEL is pioneering the development of Indias largest LNG fuelling network driving the transition toward sustainable and lowemission transportationUGEL is positioning itself at the forefront of Indias green mobility revolution by building a comprehensive LNG delivery ecosystem and offering costeffective lowcarbon fuel through its expanding network of retail outletsEach UGEL RO is also futureready with integrated infrastructure to support electric vehicle EV charging reinforcing the companys longterm vision of multifuel lowemission mobility solutionsBy enabling commercial fleets to shift away from highemission fuels to cleaner alternatives like LNG amp Electric UGEL is delivering both environmental and economic value to its customersUGEL aims to scale its network to 100 LNG retail outlets across India supported by a planned investment of Rs 900 crore Expansion is already in progress in key states including Gujarat Tamil Nadu Maharashtra Rajasthan Haryana Punjab Karnataka Odisha Chhattisgarh and Jharkhand laying the groundwork for a robust nationwide infrastructure that supports Indias clean energy and transport goalsMaqsood Shaikh Managing Director amp CEO Ultra Gas amp Energy Ltd said Our retail outlets are built to do more than just dispense fuel they are catalysts for a cleaner smarter logistics future Backed by robust infrastructure and intelligent energy solutions we are proud to lead Indias transition toward greener fuels and sustainable mobility At UGEL our vision is firmly rooted in innovation efficiency and environmental responsibilityStrategically placed to serve highdensity logistics zones these stations are accelerating the shift from diesel to LNG a cleaner and more efficient fuel for longhaul truckingEach UGEL station has a scalable capacity of 50 tonnes capable of refuelling up to 600 LNG trucks per month Each station can reduce up to 66000 tonnes of carbon dioxide emissions annually collectively reducing one million tonnes of COTo ensure uninterrupted operations UGEL has partnered with IOCL GAIL HPCL and other leading LNG suppliers with access to all major LNG terminals of India ensuring consistent fuel supply and enabling smooth scalability IANS https://dailyworld.in/business/ultra-gas-amp-energy-ltd-emerges-as-largest-lng-autofuel-retailer-in-india-639897.html Mon, 22 Sep 2025 13:43:00 +0530 https://dailyworld.in/business/us-h-1b-visa-fee-unlikely-to-dent-it-companies-margins-significantly-report-639903.html New Delhi Sep 22 The US governments order which restricts entry for H1B visa petitioners unless they pay a onetime fee of 100000 is unlikely to significantly impact large and midcap IT services firms in India a report said on Monday The restrictions can be addressed through increased local hiring subcontracting or offshoring a report from fund management firm Equirus saidThe restriction unless extended will remain effective for 12 months from September 21 2025 unless renewed and applies solely to new visa applicantsEquirus estimated that the fee would lower the operating profit margins of largecap IT companies by only 7 to 14 basis points if it only applies to new H1Bs and by 26 to 49 basis points if it includes new and existing visa holders outside the USMidcap firms would experience impacts ranging from 21 to 39 basis points for new applicants and 60 to 109 basis points if applied to new and existing visa holders outside the USAnalysts said that the Indian IT vendors have reduced their onsite H1B workforce over the past six to eight years Such visas form around 2535 per cent for most of the large caps and 3060 per cent for most of the others in our view the report saidRestrictionrelated payment of 01 million is in many cases higher than the salary of the H1B visa holders paid by many Indian IT vendorsHence we believe common sense will prevail in replacing those affected applicants by doing incremental hiring of locals or green card holders or subcontractors and doing offshoring the report saidHowever the fund management firm maintained that sales growth may decelerate slightly in the latter half of fiscal 2026 as the required pivoting needs proper planning or client approvalsApproximately 71 per cent of H1B visa holders are from India primarily working for technology companies including Infosys Wipro Cognisant and Tata Consultancy Services IANS https://dailyworld.in/business/us-h-1b-visa-fee-unlikely-to-dent-it-companies-margins-significantly-report-639903.html Mon, 22 Sep 2025 14:10:00 +0530 https://dailyworld.in/business/cpec-landed-pakistan-in-95-billion-debt-trap-639909.html New Delhi Sep 22 The ChinaPakistan Economic Corridor CPEC which Islamabad had envisaged as an economic gamechanger is actually turning out to be a costly venture as it has failed to achieve its targets and instead landed Pakistan in a 95 billion debt trap The initiative promised to give muchneeded economic impetus to Pakistan but quickly entered uncharted waters and became mired in countless controversiesThus CPEC has very few outcomes to showcase This delay has cost Pakistan dearly The overdue energy and infrastructure projects cost overruns and accusations of opaque contracts have cost the initiative its viability according to an article in The Diplomat news magazineAccording to economist Ali Hasanain an Associate Professor at Lahore University of Management Sciences CPECs original sin was that a large number of its projects relied on foreign currencies which ultimately clashed with Pakistans domesticoriented exchange rate and industrial policies narrowing the fiscal space for IslamabadCurrently Pakistan owes more than 75 billion for setting up power plants and additional nearly 2 billion to Chinese energy producers in circular debt or unpaid bills the article statesDue to the delay in CPEC 20 Pakistan has been unable to establish the industrial base needed to transform into an exportdriven economy and pay off its debts Consequently Pakistan had to seek more loans to pay past loans resulting in a prolonged debt crisisThe article points out that one of the main challenges to CPEC has been the political infighting in Pakistan In 2015 when Pakistan Muslim League Nawaz PMLN was in power it considered itself the chief architect of the initiative However the Opposition Pakistan TehreekeInsaf PTI accused the PMLN of corruption and inflating the cost of projectsIn 2018 the tables turned and the PTI came into the government It attempted to reduce Pakistans financial risk by asking the Chinese side to review all the contracts as the new government feared they were badly negotiated either overly expensive or on terms excessively favouring China However Beijing was prepared to review only those projects that had not been startedIn 2019 the PTI government engaged the International Monetary Fund IMF for a financial bailout to solve the Balance of Payment BOP crisis For this bailout Pakistan had to share details of CPEC with the IMF Pakistan also had to agree with IMF conditions like fiscal consolidation that in practice required slowing down the CPEC which ultimately angered the Chinese the article statesEthnic and provincial tension also had a fair share in slowing down CPEC These ethnic tensions also translated into security challenges with the Balochistan Liberation Army BLA in Balochistan and the TehreekeTaliban Pakistan TTP in Khyber Pakhtunkhwa mounting armed attacks against these projectsFrom 2021 until late 2024 for instance there were 14 attacks on the CPEC killing 20 Chinese citizens and injuring 34Most of these attacks were claimed by the BLA Similarly in Khyber Pakhtunkhwa the TTP is also targeting Chinese interests Since the US withdrawal from Afghanistan the TTP has rapidly increased the number of attacks in Pakistan the article points out IANS https://dailyworld.in/business/cpec-landed-pakistan-in-95-billion-debt-trap-639909.html Mon, 22 Sep 2025 14:37:00 +0530 https://dailyworld.in/business/indias-logistics-sector-to-triple-to-rs-120-trillion-by-2035-report-639916.html New Delhi Sep 22 Indias logistics sector is set to grow nearly threefold to around Rs 120 trillion over the next decade a new report said on Monday The growth will be driven by a wave of infrastructure investments government reforms and the formalization of the industry according to a report by Omniscience CapitalThe report highlights that Indias GDP is expected to rise from 42 trillion in 2025 to 10 trillion by 2035 with industry and agriculture contributing 4 trillion to this growthSince logistics costs account for about 30 per cent of Indias agriindustry GDP the logistics market is projected to touch 12 trillion or roughly Rs 120 trillion by 2035Ashwini Shami President and Chief Portfolio Manager at Omniscience Capital said the sector is on the verge of a multidecade boom supported by record public spending and reformsGovernment initiatives such as the National Infrastructure Pipeline PM Gati Shakti and the National Logistics Policy directly address the sectors inefficiencies he saidMeanwhile digitalisation and the Goods and Services Tax GST are accelerating the formalisation of the largely fragmented logistics industry he addedAccording to the report the governments infrastructure spending has already increased from 21 per cent of GDP in 2021 to 31 per cent in 2025 and is expected to touch 5 per cent by 2030Massive investments in roads railways and dedicated freight corridors along with projects like the IndiaMiddle EastEurope Economic Corridor IMEEC are expected to cut costs reduce transit time and strengthen Indias role in global tradeThe sectors growth will also be supported by rising manufacturing output under Make in India and ProductionLinked Incentive schemesAt the same time digitisation through platforms like the Unified Logistics Interface Platform eway bills and RFIDenabled tracking has improved efficiencyPolicies such as GST 20 and the National Logistics Policy are expected to formalise up to 60 per cent of the industry by 2035 compared to the current unorganised base of around 80 per cent IANS https://dailyworld.in/business/indias-logistics-sector-to-triple-to-rs-120-trillion-by-2035-report-639916.html Mon, 22 Sep 2025 15:07:00 +0530 https://dailyworld.in/business/centre-to-distribute-25-million-free-lpg-connections-under-ujjwala-yojana-this-navratri-639923.html New Delhi Sep 22 IANS The Centre will provide 25 million free LPG connections under the Pradhan Mantri Ujjwala Yojana PMUY during the festival of Navratri Union Minister for Petroleum and Natural Gas Hardeep Singh Puri announced on MondaynbspWith this addition the total number of Ujjwala beneficiaries will rise to 106 million families across the countrynbspThe Minister said that the government will spend Rs 2050 on each connection which will cover a free LPG cylinder gas stove regulator and other related equipmentnbspCalling it a Navratri gift for women Puri said the expansion of Ujjwala reflects Prime Minister Narendra Modis commitment to honouring womens powerWith the auspicious beginning of Navratri the gift of 25 million new free PM Ujjwala connections is yet another proof that PM Narendra Modi honours women just like Goddess Durga This decision further strengthens our resolve for the respect and empowerment of mothers and sisters he wrote in a post on XnbspThe Minister also praised the scheme as a symbol of empowerment and a source of transformationnbspHe said that Ujjwala has not only made kitchens smokefree but has also improved the health and lives of millions of women and their familiesIt is not just a scheme it has become a torch of a massive revolution whose flame has reached every corner of the nation even remote areas he addednbspPuri also referred to the Union Cabinets recent decision to provide a subsidy of Rs 300 on refills for over 1033 crore Ujjwala familiesnbspWith this subsidy cylinders are available at Rs 553 which he said is lower than the price in many LPGproducing countriesExpressing gratitude towards Prime Minister Modi he said the scheme has brought visible change in the lives of womennbspNo more stinging eyes no smoke in the breath and no blisters on the hands Instead there is the smile of happiness good health and the flavour of love he wrotenbspLaunched in May 2016 the Pradhan Mantri Ujjwala Yojana provides depositfree LPG connections to women from poor households Under Ujjwala 20 the first refill and stove are also given free of cost to beneficiaries https://dailyworld.in/business/centre-to-distribute-25-million-free-lpg-connections-under-ujjwala-yojana-this-navratri-639923.html Mon, 22 Sep 2025 15:20:00 +0530 https://dailyworld.in/business/small-cap-mid-cap-funds-lead-inflows-due-to-structural-tailwinds-regulatory-reforms-reports-639929.html New Delhi Sep 22 Retail investors are increasingly investing in Indias small and midcap mutual funds motivated by higher returns structural tailwinds and regulatory reforms a report said on Monday While midcap schemes recorded net inflows of Rs 5331 crore in August a 745 per cent increase YoY and smallcap funds saw inflows of Rs 4993 crore marking a 556 per cent rise YoY largecap funds only saw a net inflow of Rs 2835 crore marking a 75 per cent increase the report from ICRA Analytics saidThe net inflow of midcap and smallcap fund categories went up 5501 per cent and 2201 per cent respectively since the beginning of this financial yearNet AUM of midcap funds increased by 109 per cent on YoY basis at Rs 427 lakh crore while that of smallcap funds increased by 956 per cent YoY at Rs 351 lakh crore in August 2025 Net AUM of largecap funds increased by 586 per cent YoY at Rs 390 lakh croreLargecap companies are already mature and wellestablished Their growth is often incremental and tied to macroeconomic cycles In contrast small and midcap firms have greater room to expand innovate and capture market share leading to higher earnings growth said Ashwini Kumar Senior Vice President and Head Market Data ICRA AnalyticsFurther large caps often trade at higher valuations due to their perceived stability which may limit their upside potential However small and midcaps are frequently undervalued offering better pricetoearnings ratios and return on assets he addedKumar said that recent government initiatives supporting MSMEs improved corporate disclosures and stress testing have created a favorable environment for small and midcap companies to thriveAs of August 31 2025 oneyear returns 38 per cent for largecap funds 39 per cent for midcap funds and 64 per cent for smallcap fundsThreeyear returns were 135 per cent 196 per cent and 193 per cent for largecap midcap and smallcap funds respectively IANS https://dailyworld.in/business/small-cap-mid-cap-funds-lead-inflows-due-to-structural-tailwinds-regulatory-reforms-reports-639929.html Mon, 22 Sep 2025 15:42:00 +0530 https://dailyworld.in/business/gst-exemption-implemented-varanasi-locals-celebrate-savings-festival-639930.html Varanasi Sep 22 The new GST slab exemption announced by Prime Minister Narendra Modi has officially come into effect from Monday bringing visible relief to the citizens of his parliamentary constituency Varanasi Locals are celebrating the move as a Savings Festival marking a shift toward affordability and economic optimism From temple priests to restaurant owners and grocery shopkeepers the sentiment is unanimous this tax relief is a welcome gift especially as it coincides with the beginning of NavratriThis decision will definitely boost business and offer direct benefits to consumers said Sheetala Prasad Upadhyay a local restaurant owner Cheese butter pulses rice everything has become more affordableVinod Kannaujiya who runs a general store echoed the sentiment Reducing the GST is a great initiative Its a relief for common people and deserves to be celebrated as a Savings FestivalFor Tulsi a temple priest the timing of the announcement is spiritually significantOn the first day of Navratri this is great news GST has been reduced on natural items used in puja rituals This strengthens Sanatan Dharma I thank PM Modi for this he told IANSCitizens like Sunil Upadhyay view the change as a festive giftFrom day one of Navratri GST cuts will make daily essentials more affordable This is a huge benefit for the common manMeanwhile Indias revamped Goods and Services Tax system dubbed nextgeneration GST or GST Bachat Utsav was implemented reducing taxes on around 370 products including daily essentials and lifesaving medicinesUnion Finance Minister Nirmala Sitharaman announced that the overhaul aims to inject approximately Rs 2 lakh crore into the economy by increasing the disposable income of consumersOver 50 items including UHT milk khakhras prepackaged paneer and breads like chapatis and parathas will now fall under a zerotax bracket due to the new structureThirtythree essential drugs and therapies for conditions including cancer and rare diseases are now exempt from GST while the tax rate on numerous other medicines have been reduced from 12 per cent to zero Medical devices such as diagnostic kits and glucometers now incur a GST of just 5 per centThe levy on stationery items for schools and offices including erasers pencils notebooks and maps has been removed Prices for several consumer staples have dropped including butter biscuits condensed milk namkeen jams ketchup juices dry fruits ghee ice cream and sausagesDry fruits and nuts including almonds cashews pistachios and dates will now be taxed at 5 per cent instead of 12 per centCement for housing is now set at 18 per cent down from 28 per cent Services such as haircuts salon treatments yoga classes gyms and health clubs will also see reduced ratesAdditionally the zeroGST category now includes toiletries like soaps shampoos hair oil face creams and shaving creamGST on kitchen appliances and electronics including air conditioners televisions washing machines and dishwashers has been reduced to 18 per cent from 28 per centThe government has merged cess into the GST base and imposed a 40 per cent levy on sin and luxury goods to offset revenue lossesCigarettes bidis pan masala gutka and other tobacco products are subject to the highest tax rate along with aerated beverages such as CocaCola Pepsi and Fanta IANS https://dailyworld.in/business/gst-exemption-implemented-varanasi-locals-celebrate-savings-festival-639930.html Mon, 22 Sep 2025 15:43:00 +0530 https://dailyworld.in/business/worldwide-spending-on-ai-is-expected-to-be-nearly-15-trillion-in-2025-report-639935.html New Delhi Sep 22 Worldwide spending on artificial intelligence AI is expected to be nearly 15 trillion in 2025 up nearly 50 per cent up from 987904 in 2024 a report said on Monday Further the overall global AI spending is likely to top 2 trillion in 2026 led by AI integration into products such as smartphones and PCs as well as infrastructure according to a business and technology insights company Gartner Inc reportMirroring last years spending graph generative AI integration in smartphones would lead the spending at 298189 this year as well followed by AI services 282556 AIoptimised servers 267534 AI processing semiconductor 209192 AI application software 172029 and AI infrastructure Software 126177The forecast assumes continued investment in AI infrastructure expansion as major hyperscalers continue to increase investments in data centres with AIoptimised hardware and GPUs to scale their services said JohnDavid Lovelock Distinguished VP Analyst at GartnerThe AI investment landscape is also expanding beyond traditional US tech giants including Chinese companies and new AI cloud providers Furthermore venture capital investment in AI providers is providing additional tailwinds for AI spending he addedAccording to the report the AI spending would reach 202 trillion in 2026 following a similar growth trajectoryIn 2026 spending on Generative AI integration in smartphones is likely to be at 393297 Meanwhile the spending on AI Services would reach 324669 and for AIoptimised servers it would go around 329528Similarly AI processing semiconductor 267934 AI application software 269703 and AI infrastructure software 229885 will also put weight in spending on AIThe other segments attracting AI spending would be AI PCs by ARM and x86 AIoptimised IaaS and GenAI ModelsGartner providers equip tech leaders and their teams with rolebased best practices industry insights and strategic views into emerging trends and market changes to achieve their missioncritical priorities and build the successful organisations of tomorrow IANS https://dailyworld.in/business/worldwide-spending-on-ai-is-expected-to-be-nearly-15-trillion-in-2025-report-639935.html Mon, 22 Sep 2025 16:16:00 +0530 https://dailyworld.in/business/govt-warns-firms-against-not-passing-gst-cuts-to-consumers-639940.html New Delhi Sep 22 Consumer Affairs Secretary Nidhi Khare on Monday warned companies that they will face strict action if they fail to pass on the benefits of reduced Goods and Services Tax GST rates to consumers In an interview with NDTV Profit Khare said that any company not reflecting the revised GST rates in their prices will be treated as indulging in unfair practiceShe added that the government is fully equipped to monitor complianceIf we feel reduced GST hasnt been passed on it will be treated as an unfair practice We will take class action against those who dont pass on GST benefits she said assuring that consumer complaints will also be addressed promptlyThe warning comes as the new GST structure came into effect on Monday reducing taxes on around 370 items including essential goods and lifesaving medicinesFinance Minister Nirmala Sitharaman had earlier said that the new system aims to inject nearly Rs 2 lakh crore into the economy by boosting the spending power of householdsEveryday food products such as UHT milk paneer chapatis parathas butter biscuits namkeen ketchup and juices have become cheaper under the revised structureToiletries like soaps shampoos and hair oil along with stationery items such as notebooks and pencils now attract no GSTEssential drugs for cancer and rare diseases have been exempted while the GST rate on diagnostic kits and glucometers has been reduced to just 5 per centCement for housing has also seen a major cut dropping from 28 per cent to 18 per cent Even services such as salons gyms and yoga classes now come under lower GST bracketsHowever items such as tobacco pan masala and aerated beverages remain in the highest tax category at 40 per cent while large SUVs and MPVs have also been brought into the same bracket to offset revenue lossesWith prices of essentials medicines and household goods falling officials say that the move is expected to improve consumption and boost the economy in the coming months IANS https://dailyworld.in/business/govt-warns-firms-against-not-passing-gst-cuts-to-consumers-639940.html Mon, 22 Sep 2025 16:52:00 +0530 https://dailyworld.in/business/piyush-goyal-in-washington-for-india-us-trade-talks-639941.html Washington Sep 22 Union Minister for Commerce and Industry Piyush Goyal was in Washington on Monday to move ahead with the trade talks with a view to achieving an early conclusion of a mutually beneficial IndiaUS Bilateral Trade Agreement Goyals trip to the US capital follows the visit of the US team of officials to Delhi on September 16 The Commerce Ministry said that during the visit of the team of officials from the office of the United States Trade Representative to India positive discussions were held on various aspects of the trade deal and it was decided to intensify efforts in this regardOn September 16 a US delegation led by Assistant US Trade Representative for South and Central Asia Brendan Lynch met Indian trade officials headed by Chief Negotiator Rajesh Agrawal in New Delhi amid the thaw in relations following President Donald Trumps conciliatory postureLynchs visit came against the backdrop of heightened expectations of a trade deal following positive messages by President Trump and Prime Minister Narendra Modi after days of a bitter stalemateTrump said on a Truth Social post on September 9 that talks were continuing and I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great CountriesCalling PM Modi a great friend he said he would be talking to himPM Modi responded to Trumps post saying I am confident that our trade negotiations will pave the way for unlocking the limitless potential of the IndiaUS partnership He added that he was looking forward to talking with TrumpHowever it is not clear as yet to what extent the US announcement of a 100000 fee on H1B visas which will adversely impact Indian IT engineers working in the US will influence the trade talks The 25 per cent penal tariff imposed on India over Russian oil imports is another issue that has been posing problemsUS Ambassador to Indianominee Sergio Gor told a Senate panel considering his nomination last week that Indias Commerce Minister was expected in Washington and would meet US Trade Representative Jamieson Greer IANS https://dailyworld.in/business/piyush-goyal-in-washington-for-india-us-trade-talks-639941.html Mon, 22 Sep 2025 16:52:00 +0530 https://dailyworld.in/business/gautam-adani-asks-group-staff-to-accelerate-pace-of-growth-as-sebi-lifts-hindenburg-cloud-639956.html New Delhi Sep 22 IANS Adani Group Chairman Gautam Adani has urged the Group staff to accelerate the pace of innovation and drive bold advances in energy logistics and other infrastructure that push the very edges of possibility as the cloud of the Hindenburg case over the conglomerate has been lifted with the SEBI verdict rejecting the allegations of the US shortsellernbspWe must build not for todays applause but for a legacy that endures for decades Headlines fade but what we create must leave its mark on history Gautam Adani said in a letter to the Groups staffnbspToday a cloud that had hung over us for more than two years has been lifted SEBIs comprehensive investigation has concluded by rejecting all allegations contained in the Hindenburg report from January 2023 the letter statesAdani Group repeatedly denied the allegations made by USbased Hindenburg Research which ironically itself came under a cloud due to its controversial shortselling practices and had to shut down its operations amid widespread criticism in the American pressnbspThe SEBI ruling states that the matter has been considered holistically and the allegations made against the Adani Group are not establishednbspGautam Adani called the allegations part of a targeted multidimensional assault and lauded his employees for maintaining operational momentum despite global scrutiny This attack was never just a market event he remarkedHe praised the groups workforce for continuing to execute major infrastructure projects during the scrutiny Ports power plants airports and renewable energy projects continued to expand as the group faced reputational and legal pressurenbspWhile the world debated about us our ports expanded transmission lines stretched farther power plants ran reliably renewable projects continued to green the world airports advanced cement furnaces fired away and logistics teams delivered flawlessly he said You proved that execution under pressure is the truest test of character and that the Adani character is simply unbreakableGautam Adani further stated in his letter that the Adani Group had emerged stronger and laid out future priorities including a focus on transparency innovation longterm value creation and transformationnbspIntegrity and transparency must remain the foundation of everything we do inseparable uncompromising and safeguarded relentlessly he saidnbspOther priorities will include accelerating innovation in energy logistics and infrastructure building a legacy that endures for decades beyond headlines and embracing transformation to shape the future rather than be shaped by it he stressedAsking employees to embrace transformation he said the future will march forward with or without us Either we shape the future into what we dream or be shaped by the future into what we fearnbspGautam Adani also struck an emotional chord in thanking the Groups staff for supporting him through the ordealnbspI know the quiet anxieties your families felt the doubts even you may have felt at times and yet day after day you showed upyou fought for my beliefs he remarkednbspHe pointed to the groups operational resilience noting that while the world debated about us our ports expanded transmission lines stretched farther power plants ran reliably renewable projects continued to green the world airports advanced cement furnaces fired away and logistics teams delivered flawlesslyGautam Adani also referred to the controversy as an agnipariksha saying every crisis deepens foundations and strengthens resolve He warned employees that more tests would follow but urged them to draw confidence from the groups performance under pressurenbspThe crisis rattled global investors prompted questions from the Supreme Court and led to the SEBI initiating multiple investigations While Hindenburg subsequently ceased operations in January 2025 under what Adani called mysterious circumstances the shadow of its allegations lingered until the regulators latest findingsDespite facing credit downgrades and investor scepticism in early 2023 the group has since regained market value bolstered by strategic equity investments from global firms including GQG Partners and the Abu Dhabibased International Holding Company What also helped was the paring of debt and resumption of expansion in the core infrastructure businessnbspAs of Monday shares of Adani Enterprises Ltd have surged more than 80 per cent to outperform the Nifty 50 IndexLet history remember the past three years as the spark that built a greater Adani an Adani that stood taller in dignity with every challenge it quietly overcame And let our resolve echo echo through every barrier we dared to break echo through every tomorrow we dared to build echo through every dream we dared to chase And may the name Adani forever stand for courage conviction and a promise we all kept to our motherland Bharat Gautam Adani saidnbspHe urged employees to let the groups story stand for courage conviction and a promise we all kept to our motherland Bharat and signed off with Satyameva Jayate Jai Hind https://dailyworld.in/business/gautam-adani-asks-group-staff-to-accelerate-pace-of-growth-as-sebi-lifts-hindenburg-cloud-639956.html Mon, 22 Sep 2025 17:10:00 +0530 https://dailyworld.in/business/stock-market-ends-lower-after-volatile-session-amid-it-selloff-h-1b-visa-concerns-639959.html Mumbai Sep 22 The Indian benchmark indices ended in negative territory on Monday after a volatile session The IT stocks dragged the market in the early trade after the US administration announced 100000 fee for new H1B visas However the market rebounded quickly buoyed by GST reforms that came into effect from MondaySensex ended the session at 8215997 down 46626 points or 056 per cent The 30share index started the session in red at 8215107 against last sessions closing of 8262623 amid a sharp decline in IT stocks However the GST reforms that came into effect from Monday restricted the index from dragging furtherNifty closed at 2520235 down 12470 points or 049 per centThe day began on a weak footing as negative global cues and concerns over the 100000 H1B visa fee for new applicants dampened sentiment Benchmark indices opened with a gapdown start mirroring the cautious mood in global markets Despite the weak opening the market quickly filled the gap and attempted a recovery Ashika Institutional Equities said in its noteHowever selling pressure resurfaced dragging the Nifty to its intraday low as profitbooking dominated the latter half of the session the note addedTech Mahindra TCS Tata Motors Trent HCL Tech Sun Pharma SBI LampT ITC BEL Maruti Suzuki and Kotak Bank were the top losers from the Sensex basket While Eternal Bajaj Finance Adani Ports Ultratech Cement Hindustan Unilever and Axis Bank settled higherThe majority of Sectoral indices ended the session in negative territory amid selling pressure Nifty Bank fell 17410 points Nifty Auto slipped 65 points or 024 per cent Nifty FMCG settled 266 points or 047 per cent lower and Nifty IT closed 1078 points or 295 per cent lowerThe broader market followed suit as well Nifty Small Cap 100 dipped 215 points or 117 per cent Nifty Midcap 100 fell 394 points or 067 per cent and Nifty 100 ended the session 91 points or 035 per cent lower IANS https://dailyworld.in/business/stock-market-ends-lower-after-volatile-session-amid-it-selloff-h-1b-visa-concerns-639959.html Mon, 22 Sep 2025 17:36:00 +0530 https://dailyworld.in/business/atal-community-innovation-centres-grassroot-visionaries-shaping-self-reliant-india-niti-aayog-639962.html New Delhi Sep 22 The Atal Innovation Missions AIM Community Innovator Fellows CIFs are grassroot visionaries that are shaping up a selfreliant India said Niti Aayog on Monday The AIM marked the graduation of its fifth cohort It has so far supported a total of 100 CIFsThe Atal Community Innovation Centres are not merely incubators of ideas they are transformative ecosystems that empower local innovators to turn their vision into reality driving sustainable development and societal progress said Dr Deepak Bagla Mission Director AIM Niti AayogBagla celebrated the CIF programme for its remarkable impact noting its role in empowering innovators who serve as role models for their communities and society at largeThe Community Innovator Fellows are the torchbearers of change exemplifying resilience creativity and an indomitable spirit Their innovations are not just solutions they are a testament to the power of grassroots ingenuity in shaping a selfreliant and prosperous India he saidThe Community Innovator Fellows programme a cornerstone of AIMs Atal Community Innovation Centres ACICs is dedicated to empowering innovators in unserved and underserved regions of the nation This initiative underscores AIMs resolute commitment to nurturing entrepreneurial spirit and driving societal progress through localized innovation by building a selfreliant nationDr Bagla highlighted the pivotal role of ACICs in catalysing innovation at the grassroots level particularly in Tier 2 and Tier 3 citiesHe emphasised that these centres serve as beacons of hope fostering solutions that address pressing challenges in critical sectors such as healthcare education agriculture and financial servicesThe Atal Innovation Mission a flagship initiative by NITI Aayog remains steadfast in its mission to foster a vibrant ecosystem of innovation and entrepreneurship across IndiaThe graduation of the fifth cohort of CIF stands as a testament to AIMs vision of empowering every citizen to contribute to a sustainable and inclusive future IANS https://dailyworld.in/business/atal-community-innovation-centres-grassroot-visionaries-shaping-self-reliant-india-niti-aayog-639962.html Mon, 22 Sep 2025 17:38:00 +0530 https://dailyworld.in/business/gst-reform-to-boost-gdp-by-rs-20-lakh-crore-ashwini-vaishnaw-639967.html New Delhi Sep 18 IANS Union Electronics and IT Minister Ashwini Vaishnaw on Monday said that the simplification of the Goods and Services Tax GST framework will make doing business in India easier and boost overall demand adding nearly Rs 20 lakh crore to the countrys GDPnbspSpeaking to the media Vaishnaw stated that the reform is being welcomed nationwide because it enables people to save a greater portion of their income and makes the majority of everyday necessities more affordablenbspTargeting the opposition the minister said that while there was only talk and no action under the UPA administration the NDA government has provided tangible relief through the GSTHe gave several examples of lower tax rates including the following cement which previously had a 30 per cent tax is now subject to an 18 per cent tax sanitary pads which were previously subject to a 13 percent tax are now completely exempt footwear which was previously subject to an 18 percent tax is now only 5 per cent refrigerators are now only 18 percent taxed and detergents are no longer taxednbspTaxes on almost 370 items including everyday necessities and lifesaving medications have been reduced overall Previously subject to 5 12 or 18 per cent GST several items are now taxfreenbspUnion Finance Minister Nirmala Sitharaman has said that the reform will inject an additional Rs 2 lakh crore into the economy by enhancing consumers disposable incomeUnder the new structure GST slabs have been reduced from four 5 12 18 and 28 per cent to two 5 per cent and 18 per cent A special 40 per cent rate will apply to luxury and sin goodsnbspUnion Minister Ramdas Athawale also lauded the reforms and said they would take Indias economy to greater heightsnbspSpeaking to IANS he said I believe that Prime Minister Narendra Modi has taken several good decisions in his 11 years but this decision to reduce GST will take the countrys economy to new heights This decision to reduce GST will be very beneficial for the common mannbspHe also stressed the Prime Ministers appeal to encourage local businesses https://dailyworld.in/business/gst-reform-to-boost-gdp-by-rs-20-lakh-crore-ashwini-vaishnaw-639967.html Mon, 22 Sep 2025 18:18:00 +0530 https://dailyworld.in/business/air-india-express-passenger-tries-to-open-cockpit-door-looking-for-lavatory-639974.html New Delhi Sep 22 An Air India Express passenger on a flight from Bengaluru to Varanasi tried to open the cockpit door allegedly searching for the lavatory the airline said Monday The man one among nine on board was detained by crew members and handed over to the Central Industrial Security Force upon landingAn Air India Express spokesperson said We are aware of media reports regarding an incident on one of our flights to Varanasi where a passenger approached the cockpit entry area while looking for the lavatoryThe airline company said that robust safety and security protocols are in place and were not compromised and that the incident has been reported to the relevant authoritiesThe matter is currently under investigation the spokesperson saidIn a separate announcement Monday Air India Express said it has started new daily direct flights between Bengaluru and Bangkok effective from Thursday From Bengaluru the flight will take off every day at 11 am IST which will reach its destination at 445 pm ISTThe new service aims to provide travellers with convenient nonstop connectivity to Thailand especially during the upcoming festive and holiday seasonsEarlier this month an Indorebound Air India Express flight from Delhi suffered a midair engine fault prompting the pilots to make a PANPAN call to Air Traffic Control before landing safely with all passengers unharmedThe internationally recognised PANPAN signal is used in aviation to indicate an urgent but nonlifethreatening situation requiring immediate support from air traffic control or ground servicesOfficials on September 5 said the flight IX 1028 was carrying 161 passengers when the crew noticed a suspected oil filter issue during descent into IndoreAir India and its lowcost arm Air India Express reported a combined pretax loss of Rs 95684 crore during FY 25 Of this Air India Express which had remained profitable for years slipped into a loss of Rs 56782 crore IANS https://dailyworld.in/business/air-india-express-passenger-tries-to-open-cockpit-door-looking-for-lavatory-639974.html Mon, 22 Sep 2025 18:25:00 +0530 https://dailyworld.in/business/adani-group-shares-extend-rally-add-rs-17-lakh-crore-in-market-value-in-two-sessions-639999.html New Delhi Sep 22 Shares of Adani Group companies continued their upward momentum on Monday rising sharply for the second straight session after the Securities and Exchange Board of India SEBI gave the conglomerate a clean chit in the Hindenburg shortselling case The Adani Groups total market capitalisation has increased by Rs 17 lakh crore in just two days after the prolonged rally surpassing the Rs 15 lakh crore markAfter hitting the 20 per cent upper circuit during the session Adani Power led the rally and closed at Rs 170 In just two trading days the stock has gained almost 35 per cent after undergoing a 15 splitAdani Total Gas saw a nearly 20 per cent increase to close at Rs 781 bringing its twoday gain to roughly 27 per cent Additionally Adani Green Energy saw a nearly 12 per cent increase on Monday giving investors a 17 per cent return over two sessionsAdani Enterprises gained 398 per cent to close at Rs 2624 marking a nearly 10 per cent increase over the same period while Adani Energy Solutions rose 652 per cent to Rs 934 up more than 11 per cent in two daysAdani Ports increased 120 per cent to Rs 1445 bringing its twoday gain to about 3 per cent A significant cement subsidiary of the group Ambuja Cement also increased by 130 per cent to Rs 590 or roughly 25 per cent in two sessionsMeanwhile the Indian benchmark indices ended in negative territory after a volatile sessionThe IT stocks dragged the market in the early trade after the US administration announced 100000 fee for new H1B visas However the market rebounded quickly buoyed by GST reforms that came into effect from MondayThe Sensex ended the session at 8215997 down 46626 points or 056 per cent while Nifty closed at 2520235 down 12470 points or 049 per cent IANS https://dailyworld.in/business/adani-group-shares-extend-rally-add-rs-17-lakh-crore-in-market-value-in-two-sessions-639999.html Mon, 22 Sep 2025 20:15:00 +0530 https://dailyworld.in/business/fii-selling-moderates-amid-indias-market-rally-sentiments-to-improve-639747.html New Delhi Sep 21 Foreign institutional investors slowed their selling amid Indian markets strong rally but remained net sellers in September offloading Rs 9503 crore this month The Nifty index displayed strong bullish momentum over the past week advancing 213 points closing at 25327 and forming a bullish candle marking the third consecutive week of gainsIt is important to note that FIIs have been consistently buying through the primary market even while selling through the exchanges and they have bought Rs 1559 worth of equities in September said Dr VK Vijayakumar Chief Investment Strategist at Geojit InvestmentsSo far in 2025 FIIs have sold Rs 180443 crore worth of equities a massive surge compared to the Rs 121210 crore offloading of Indian equities in 2024 the analyst saidThe huge surge in selling has not significantly impacted the market since DIIs have eclipsed the FII selling through sustained buyingPrimary market buying by FIIs totalled Rs 41865 crore in 2025 Vijayakumar attributed this peculiar behaviour of selling secondary market shares while buying primary ones to overvaluation in Indias stock marketThe selloff driven by lacklustre earnings stretched valuations and uncertainty over US tariffs has resulted in rangebound indicesFII selling in India and buying in other markets like Hong Kong Taiwan South Korea etc has been profitable for FIIs so far this year he said adding that this scenario may change going forwardMeanwhile on the weekly chart the index has formed a cup and handle pattern and a decisive breakout of this formation supported by increasing volumes would signal the potential for further sustained upside analysts saidFurther the index continues to trade above its key moving averages the 20day 50day and 200day EMAs further confirming the broader bullish undertoneAnalysts feel that there is a high likelihood of above 15 per cent growth in corporate earnings in FY27 leading to a turnaround in FPI sentiments IANS https://dailyworld.in/business/fii-selling-moderates-amid-indias-market-rally-sentiments-to-improve-639747.html Sun, 21 Sep 2025 13:30:00 +0530 https://dailyworld.in/business/pli-scheme-attracts-rs-176-lakh-crore-investments-creates-over-12-lakh-jobs-report-639754.html New Delhi Sep 21 Indias Production Linked Incentive PLI scheme has attracted Rs 176 lakh crore in committed investments since 2020 and created over 12 lakh jobs a report said The scheme has approved 806 applications across 14 strategic sectors primarily with the goal of boosting manufacturing in line with the Atmanirbhar Bharat initiative a report from India Narrative saidThe scheme offers rewards to companies for increased sales beyond a set baseline Initially sectors such as mobile electronics active pharmaceutical ingredients and medical devices were included and later automobiles textiles food processing solar modules semiconductors and others were addedUnder the PLI scheme electronics and mobile manufacturing rose 146 per cent from Rs 213 lakh crore in FY 202021 to Rs 525 lakh crore in FY 202425The auto and autocomponent PLI has drawn over Rs 67000 crore in investmentsBy March 2025 PLI participants in all sectors reported combined sales surpassing Rs 165 lakh crore the report saidAlthough MSMEs benefit indirectly their direct inclusion in PLI schemes remains limited it said adding that addressing these gaps will be critical for the scheme to reach its full transformative potentialSeveral projects have lagged in terms of execution amidst the competition from countries like Vietnam or China which requires constant innovation in policy design and logistics infrastructure it notedWhile electronics and pharma are surging due to a boost from the PLI scheme some sectors such as textiles and white goods need more time to scaleThe report said that enhanced monitoring complementary reforms in logistics and infrastructure and increased budget allocations for FY 202526 will strengthen PLIs reach and elevate manufacturings share of GDP to 25 per centFurther the scheme is expected to anchor India in global supply chains for electronics EVs and pharmaceuticals IANS https://dailyworld.in/business/pli-scheme-attracts-rs-176-lakh-crore-investments-creates-over-12-lakh-jobs-report-639754.html Sun, 21 Sep 2025 14:09:00 +0530 https://dailyworld.in/business/gst-rate-cuts-375-items-to-get-cheaper-from-tomorrow-639755.html New Delhi Sep 21 From automobiles and electronics to food items and medicines as many as 375 goods and services will become cheaper from Monday September 22 as the new GST framework comes into effect The major rate rationalisation approved by the GST Council earlier this year reduces the tax structure from four slabs to just two 5 per cent and 18 per centA special 40 per cent rate will apply on a select list of luxury and sin goodsFinance Minister Nirmala Sitharaman had described the reform as a Diwali gift for consumers saying the move will not only lower costs for the middle class but also make business operations smoother under GSTThis reform is not just about rationalising rates It is also about ease of living and structural reforms We have reduced slabs to just two and addressed issues related to compensation cess FM Sitharaman had saidEveryday food items such as milkbased beverages biscuits butter cereals dry fruits fruit juices ghee ice cream jam ketchup namkeen paneer pastry sausages and tender coconut water will now attract lower GSTDailyuse goods like shampoos soaps hair oil shaving cream talcum powder and face creams will also see price reductionsElectronics such as ACs washing machines TVs and dishwashers will become cheaper while GST on several medicines and medical devices has been cut to 5 per centThe government has directed pharma companies to revise their MRPs and pass on the benefits to consumersIn the services sector GST has been reduced for salons barbers gyms fitness centres and yoga servicesFor homebuyers the tax on cement has been slashed from 28 per cent to 18 per cent which is expected to make housing more affordableBig brands have already started passing on the benefits Hindustan Unilever has announced cuts across products such as Dove shampoo Lifebuoy soaps Horlicks and Kissan JamDairy giant Amul has reduced prices on over 700 products including butter ghee paneer cheese ice creams and bakery itemsThe Indian Railways has also cut prices of Rail Neer bottled water with a 1litre bottle now priced at Rs 14 instead of Rs 15The automobile sector will be one of the biggest beneficiaries with small hatchbacks now taxed at 18 per cent instead of 28 per cent and without any compensation cessCompanies like Maruti Suzuki India Tata Motors and Hyundai India have announced major price cuts on popular hatchbacks ranging from Rs 70000 to over Rs 13 lakh effective from September 22 IANS https://dailyworld.in/business/gst-rate-cuts-375-items-to-get-cheaper-from-tomorrow-639755.html Sun, 21 Sep 2025 14:09:00 +0530 https://dailyworld.in/business/ciis-model-state-gcc-policy-aims-to-create-millions-of-high-quality-jobs-across-india-director-general-639768.html New Delhi Sep 21 The Confederation of Indian Industry CII on Sunday released its Model State Policy on Global Capability Centres GCCs offering a comprehensive roadmap for states to attract support and scale the next generation of global enterprise hubs The policy aims to create millions of highquality jobs expand innovation ecosystems beyond metropolitan areas and strengthen Indias position as a global destination for knowledge and digital servicesCII Director General Chandrajit Banerjee said the rapid growth of GCCs over the past two decades has been a key driver of Indias economic journeyTo sustain leadership and deepen our integration into global value chains states must adopt clear competitive and innovationoriented policies This model policy provides a ready framework to guide states accelerate GCC growth beyond the metros and generate highquality employment he saidCurrently nearly 95 per cent of Indias 1800plus GCCs are concentrated in six Tier1 citiesThe CII policy seeks to change this by enabling Tier2 and Tier3 cities to become attractive destinations for global enterprisesIt provides actionable measures across infrastructure development fiscal incentives regulatory frameworks digital infrastructure talent development and sustainability allowing states to create seamless resilient and globally competitive GCC ecosystemsThe policy proposes the establishment of statelevel Facilitation Cells as single points of contact for investors along with targeted fiscal and regulatory incentives such as tax holidays customs duty exemptions for imported RampD equipment and viability gap funding for integrated infrastructure projectsIt also encourages investment in digital infrastructure including AIML computing support and edge data centres to ensure emerging hubs operate at global standardsIn addition the policy recommends collaboration between GCCs startups and research institutions to drive innovation in technologies like quantum computing ESGaligned solutions and enterprise softwareGreen infrastructure smart mobility affordable housing and civic amenities are highlighted as key factors to make statelevel hubs attractive for professionals and their familiesData security and IP facilitation frameworks tailored to local conditions are also emphasised to support dataintensive GCCsBanerjee said the model policy is designed to make GCC growth geographically inclusiveStates that act early and decisively will benefit from highquality employment stronger innovation ecosystems and deeper integration into global value chains Banerjee statedCII is ready to partner with states to operationalise these recommendations through task forces investment promotion campaigns and skill development initiatives he addedThe CII estimates that a wellexecuted GCC strategy across India could contribute nearly 200 billion in direct economic value by 2030 IANS https://dailyworld.in/business/ciis-model-state-gcc-policy-aims-to-create-millions-of-high-quality-jobs-across-india-director-general-639768.html Sun, 21 Sep 2025 16:22:00 +0530 https://dailyworld.in/business/pm-modis-gst-reform-historic-diwali-gift-to-nation-cm-yogi--639772.html Lucknow Sep 21 IANS Uttar Pradesh Chief Minister Yogi Adityanath on Sunday hailed the nextgeneration reforms in the Goods and Services GST Tax and thanked Prime Minister Narendra Modi for giving a historic Diwali gift to the nation including UP He lauded the move to forgo tax bracket on basic essentials like educational materials milk curd ghee cheese and other food products while imposing higher taxes on drugs and wasteful spendingnbspnbspSpeaking at the launch of the NaMo Yuva Run for drugfree India from his residence CM Yogi said the GST reforms will ease inflation for the poor make education more affordable and strengthen citizens purchasing power thereby boosting markets creating jobs and opening new avenues of progressHe stressed that the reform ensures welfare for traders relief for the poor and benefits for all consumers and urged that every resident of Uttar Pradesh be made aware of its significancenbspNoting that the BJP was observing Seva Pakhwada nationwide from September 17 to October 2 he said that the Bharatiya Janata Yuva Morcha workers are adding a transformative dimension to Seva Pakhwada through blood donation drives cleanliness campaigns and health camps linking the initiative with the vision of Viksit IndianbspSpeaking about the Azadi Ka Amrit Mahotsav CM Yogi recalled the Prime Ministers call to pledge towards building a Developed India by adopting five vows removing the vestiges of slavery respecting heritage honouring soldiers and uniformed forces promoting social equality and fulfilling civic duties with honestyThese vows will guide the nation towards development Inspired by this vision Uttar Pradesh has launched the Viksit India Viksit Uttar Pradesh campaign receiving overwhelming support from youth farmers workers entrepreneurs and intellectuals he remarkednbspHighlighting selfreliance as the foundation of progress the Chief Minister said that a selfreliant society emerges from a healthy society and events like the NaMo Marathon provide new direction and energy to youth Since 2014 Prime Minister Modi has accelerated several initiatives for health and youth empowermentnbspFurther addressing the youth he said that the youth power represents boundless energy when directed positively it can transform the nation When diverted towards drugs it leads only to ruinnbspHe noted that the NaMo Marathon serves as a strong call for the youth to stay away from addiction https://dailyworld.in/business/pm-modis-gst-reform-historic-diwali-gift-to-nation-cm-yogi--639772.html Sun, 21 Sep 2025 16:49:00 +0530 https://dailyworld.in/business/clarity-on-h-1b-visa-rules-to-ease-pressure-on-it-stocks-analysts-639774.html New Delhi Sep 21 US government clarification that visa holders returning to the country are exempt from the new 100000 fee will act as relief to Indian IT companies as markets open tomorrow analysts said on Sunday The government clarification also said that H1B petitions filed before the September 21 fee deadline will not incur the new 100000 feeAnalysts forecasted that IT stocks will see a decline of 3 to 5 per cent but the slip will not be significant as companies now can explore alternatives such as relocating employees to Canada or MexicoThey said that stocks that drop 15 to 25 per cent in the coming weeks present a longterm buying opportunity adding that a 35 per cent decline should be overlooked IT stocks may see some underperformance until trade negotiations produce a viable solutionFurther data from industry associations showed Indian IT firms are consistently decreasing their dependence on H1B visas Around 20 per cent of their staff work onsite in the US with a large portion of them hired locally and only 2030 per cent of those on H1B visas according to multiple reportsAdditionally H1B visa applications fell from 42671 in 2017 to 20870 in 2024The Nifty IT index has slipped around 16 per cent yeartodate whereas the Nifty 50 has increased by around 71 per cent HCL Technologies TCS and Infosys were major losers with declines over 28 per centUS Commerce Secretary Howard Lutnick defended the new visa rules as a corrective measure claiming that previous employmentbased visa policies allowed workers earning belowaverage salaries many of whom relied on government assistance to take jobs from American graduatesPresident Trump expects the revised feebased visa program to generate over 100 billion for the US Treasury designated for national debt reduction and tax cuts Critics however argued that the new fee hinders talent mobility and stifles innovationApproximately 71 per cent of H1B visa holders are from India primarily working for technology companies including Infosys Wipro Cognisant and Tata Consultancy Services IANS https://dailyworld.in/business/clarity-on-h-1b-visa-rules-to-ease-pressure-on-it-stocks-analysts-639774.html Sun, 21 Sep 2025 16:50:00 +0530 https://dailyworld.in/business/clean-plant-programme-to-strengthen-indias-horticulture-empower-farmers-639791.html New Delhi Sep 21 Nine Clean Plant Centres will be established across the country as part of the recently approved Rs 176567 crore Clean Plant Programme CPP the government said on Sunday The programme aims to boost Indias horticulture sector by providing virusfree planting material an official statement said A 98 million loan from the Asian Development Bank supports the initiative focused on key fruit crops including grapes oranges and pomegranatesOf the nine clean plant centres three will be set up in Maharashtra at a cost of Rs 300 crore Pune for grapes Nagpur for oranges and Solapur for pomegranates Large nurseries will receive up to Rs 3 crore each while medium units will get Rs 15 crore worth of assistance under the scheme collectively producing 8 crore diseasefree seedlings annuallyThe government said that the programme will increase yields enhance fruit quality and protect smallscale farmers from biotic and abiotic threatsThe Indian Council of Agricultural Research oversees technical progress and facilitates capacity building the statement said As of now 578 grapevine samples from seven states have been tested while 535 apple samples from Jammu and Kashmir Himachal Pradesh Uttarakhand and Punjab are under testing with hazard analysis in progressThe official CPP website has been launched as a central hub for resources updates and insights to revolutionise horticulture in India the statement saidFurther a nationallevel laboratory is to be set up in Pune for research on original plant species under CPP From January to March teams from ICAR NHB and ADB studied nursery ecosystems design operations and cost structures Then the team conducted lab assessments strengthened diagnostic and computational capabilitiesFurther they visited public and private labs for developing a bioinformatics pipeline for HTS data analysis under CPP This will help scientists more quickly and efficiently check for viruses in many types of crops and better test nursery plants to keep them safe and healthyIf acquired plant material tests negative it undergoes retesting before being used to propagate mother plants the release noted IANS https://dailyworld.in/business/clean-plant-programme-to-strengthen-indias-horticulture-empower-farmers-639791.html Sun, 21 Sep 2025 17:48:00 +0530 https://dailyworld.in/business/what-you-need-to-know-about-gst-20-as-tax-cuts-kick-in-on-monday-639799.html New Delhi Sept 21 Ahead of the beginning of GST rejig from Monday the Finance Ministry issued another detailed explanation of the cut in tax rates on goods and services announced as part of the reforms which aim to simplify rates remove anomalies and make the system easier for both businesses and consumers 1 Which life insurance policies are covered under the GST exemptionThe exemption applies to all individual life insurance policies including term plans endowment policies and ULIPs Reinsurance of these individual policies is also exempt2 Which health insurance policies are covered under the GST exemptionIndividual health insurance policies including family floater and senior citizen plans are exempt from GST Reinsurance of such individual policies is also exempt under this decision3 Will passenger transportation services be taxed at 18 per centNo Passenger transport by road will continue at 5 without ITC though operators may opt for 18 per cent with ITC In the case of air travel economy class is taxed at 5 per cent while other classes remain at 18 per cent4 What is the applicable GST rate on multimodal transport of goodsIf the multimodal transport does not include any air leg it is taxed at 5 per cent with limited ITC restricted to 5 per cent of the value If any portion involves air transport the applicable rate is 18 per cent with full ITC5 Who is liable to pay GST on local delivery services provided through an ECOIf local delivery services are provided through an ecommerce operator ECO by an unregistered person the ecommerce operator is responsible for paying GST If the service provider is registered then that provider is liable to pay the tax6 What is the GST rate applicable on local delivery servicesLocal delivery services are taxed at 18 per cent7 Is it necessary to recall and relabel the MRP on medicines already in the supply chain before September 22 2025 How will the relabelling be carried outNo recall of stock is required Manufacturers only need to issue revised price lists and share them with dealers retailers and regulators Stock already in the market can continue to be sold provided billing reflects the new prices8 Why havent all medicines been fully exempted from GSTExempting medicines would prevent manufacturers from claiming ITC on raw materials and inputs raising their production costs These costs would eventually be passed on to consumers Keeping medicines at a concessional 5 per cent rate except those specified at nil rate ensures affordability while allowing ITC to flow through the supply chain9 Why hasnt GST been removed on raw cottonCotton is taxed under reverse charge so farmers do not pay GST directly This system keeps the input tax credit chain intact for the textile industry which helps keep costs stable and benefits consumers10 What is the tax treatment for leasing or renting services without an operatorMajority of leasing or renting without operator is taxed at the same rate as the goods themselves For example if a car is taxed at 18 per cent then renting or leasing that car without a driver is also taxed at 18 per cent The same rule applies to other goods the tax on renting matches the tax on buying11 Will the revised GST rates also apply to imported goodsYes IGST on imports will be levied at the revised GST rates from 22nd September except where a specific exemption has been provided12 UHT Ultra High Temperature milk has been exempted Does this exemption also apply to plantbased milkNo The exemption is only for dairy UHT milk Plantbased milk drinks like almond milk earlier attracted 18 per cent GST and soya milk drinks 12 per cent Now all plantbased milk drinks including soya milk will be taxed at 513 Why has GST on face powders and shampoos been reduced and will this not also benefit MNCs and luxury brandsFace powders and shampoos are common household items used across all sections of society While premium or luxury brands will also see the benefit the main purpose of the rate cut is to simplify the GST system Having separate rates based on brand or price would make the tax structure complicated and difficult to administer IANS https://dailyworld.in/business/what-you-need-to-know-about-gst-20-as-tax-cuts-kick-in-on-monday-639799.html Sun, 21 Sep 2025 18:53:00 +0530 https://dailyworld.in/business/hm-amit-shah-to-inaugurate-startup-conclave-2025-in-gandhinagar-on-sep-23-639830.html Gandhinagar Sep 21 Union Home Minister Amit Shah will inaugurate the Startup Conclave 2025 at Mahatma Mandir in Gandhinagar on Tuesday The twoday event organised by the Gujarat governments Education department will see the participation of Chief Minister Bhupendra Patel and the State Higher and Technical Education Minister Rushikesh Patel at the opening ceremonyBringing together the countrys most dynamic voices in innovation entrepreneurship and investment the conclave will feature more than 1000 startups 5000 innovators 100 industry mentors 50 plus venture funds and leading policymakers on a single platformSpread across September 23 to 24 the event aims to set a new benchmark for Indias startup ecosystem by bridging the gap between earlystage ventures and top investorsA highlight of the conclave will be investor pitching sessions where more than 50 shortlisted startups will present their ideas across multiple parallel tracks before Indias leading venture capitalistsThese sessions are expected to unlock funding opportunities worth Rs 250 crore building on the success of the Startup Conclave 2023Ahead of the event investors interest has already resulted in letters of intent and financial commitments of Rs 150 crore for promising startupsThe conclave will also showcase 170 startups from 20 states including those selected by Startup India Ministry of Electronics and Information Technology MeitY and innovations for defence excellence iDEXExhibitions will span critical sectors such as defence aerospace healthcare clean energy agritech deep tech and social impact innovations underlining Indias entrepreneurial drive towards Atmanirbhar BharatThe thematic pavilions will highlight Gujarats strengths in electric vehicles semiconductors augmented realityvirtual reality fintech green hydrogen drones and space technologiesThe opening session will feature the release of a Startup Conclave Coffee Table Book NEP2020 Dashboard and Indian Knowledge System CompendiumThe state government will also facilitate the signing of 50 MoUs between startups investors and financial institutions alongside the distribution of funding cheques and Letters of Intent to selected venturesIn addition to exhibitions and B2B networking opportunities the conclave will host plenary sessions and roundtable conferences on key themes such as emerging opportunities in sunrise sectors the journey of Indias unicorns the role of womenled startups and the impact of digital transformationA special Unicorn Roundtable chaired by Minister Rushikesh Patel will bring together unicorn founders policymakers and investors to shape the future of Indias innovation economyThe Startup exhibition a central attraction of the conclave will offer startups direct access to policymakers industry leaders investors and mentorsExperts from platforms such as iDEX Startup India MeitY Startup Hub Indian National Space Promotion and Authorisation Centre INSPACe Gujarat Venture Finance Limited and Gujarat International Finance TecCity GIFT City will participate offering B2B mentorship gotomarket strategies and investor linkages IANS https://dailyworld.in/business/hm-amit-shah-to-inaugurate-startup-conclave-2025-in-gandhinagar-on-sep-23-639830.html Sun, 21 Sep 2025 22:22:00 +0530 https://dailyworld.in/business/india-inc-hails-pm-modis-clarion-call-to-boost-swadeshi-drive-powered-by-gst-20-639831.html New Delhi Sep 21 Apex business chamber CII hailed Prime Minister Narendra Modis clarion call on Sunday to boost domestic manufacturing and demand for Indianmade products giving a fresh momentum to the Swadeshi campaign powered by the cut in taxes under GST 20 The Prime Ministers address marks a landmark for Indias growth path with the reduction of taxes on essential and dailyuse products under GST 20 reforms poised to enhance disposable incomes for households and stimulate domestic demand the Confederation of Indian Industry CII said in a statementThese reforms which will kick in from Monday will significantly boost domestic manufacturing and demand for Indianmade products giving fresh momentum to the Swadeshi movement it saidBy focusing on manufacturing and supporting Swadeshi Indian industry is poised to become more selfreliant and globally competitive accelerating Indias journey towards Aatmanirbhar and Viksit Bharat the statement addedOn behalf of CII I congratulate the Prime Minister and the government for unveiling the GST 20reforms under the GST Bachat Utsav CII President Rajiv Memani saidPM Modi in his address to the nation on Sunday gave a clarion call for industry and consumers to push for creating a Swadeshi economy He remarked that just as the mantra of Swadeshi empowered Indias freedom struggle it will similarly energise the nations journey toward prosperity He highlighted that many foreign items have unknowingly become part of daily life and citizens often do not even realise whether the comb in their pocket is foreign or indigenousThe PM emphasised the need to liberate ourselves from such dependence and urged people to buy products that are Made in India infused with the hard work and sweat of the countrys youthHe called for every household to become a symbol of Swadeshi and every shop to be adorned with indigenous goods The PM encouraged citizens to proudly declare their commitment to SwadeshiI buy Swadeshi I sell Swadeshi and stated that this mindset must become intrinsic to every IndianHe asserted that such a transformation will accelerate Indias development He appealed to all state governments to actively support the Aatmanirbhar Bharat and Swadeshi campaigns by boosting manufacturing in their regions with full energy and enthusiasm and by creating a conducive environment for investment The Prime Minister affirmed that when the Centre and states move forward together the dream of a selfreliant India will be fulfilled every state will develop and India will become a developed nation IANS https://dailyworld.in/business/india-inc-hails-pm-modis-clarion-call-to-boost-swadeshi-drive-powered-by-gst-20-639831.html Sun, 21 Sep 2025 22:22:00 +0530 https://dailyworld.in/business/jampk-l-g-joins-cleanliness-drive-in-srinagars-dal-lake-as-part-of-sewa-parv-639736.html Srinagar Sept 21 More than onethird of the famous Dal Lake in Jammu and Kashmirs Srinagar city has been rejuvenated and the area of the Lake has grown to 203 sq km during the last five years LG Manoj Sinha said on Sunday The LG on Sunday joined the cleanliness campaign in the Dal Lake during which weeds and unwanted aquatic grasses were removedThe LG posted on X As part of Sewa Parv joined Dal Lake Cleanliness Drive During the last five years work for the preservation of DalNigeen Lake and in the catchment area has been undertaken in a mission mode Dal Lake is cleaner and attracting large numbers of domestic and international visitorsMore than onethird of Lake has been rejuvenated and vast areas were cleared of Lilies and an open expanse of Dal Lake has been increased for the first time to more than 203 sq km I called upon citizens to preserve lakes rivers and other water bodies through community involvement his post readKnown as the natural lungs of Srinagar city which is home to over 126 million people the Dal Lake is its main tourist attraction and a water body that sustains aquatic life and the livelihood of thousands of peopleIt is an urban lake the second largest lake in Jammu and Kashmir and the most visited place in Srinagar by tourists and locals It is integral to tourism and recreation in the Kashmir Valley and is variously known as the Lake of Flowers Jewel in the crown of Kashmir or Srinagars JewelThe lake is also an important source for commercial operations in fishing and water plant harvesting The shoreline of the lake about 155 kms long is encompassed by a boulevard lined with Mughal gardens parks houseboats and hotelsScenic views of the lake can be witnessed from the shoreline Mughal gardens such as Shalimar Bagh and Nishat Bagh built during the reign of Mughal Emperor Jahangir and from houseboats cruising along the lake in the colourful ShikarasDuring the winter season the temperature can sometimes reach as low as minus 11 degrees Celsius freezing the lake The lake covers an area of 18 square kilometres and is part of a natural wetland which covers 211 square kilometres including its floating gardensThe floating gardens known as Raad in Kashmiri blossom with lotus flowers during July and August The wetland is divided by causeways into four basins Gagribal Lokut Dal Bod Dal and Nigeen although Nigeen is also considered as an independent lakeLokut Dal and Bod Dal each have an island in the centre known as Rupa Lank or Char Chinari and Sona Lank respectivelyAt present the Dal and the Mughal gardens on its periphery are undergoing intensive restoration measures to fully address the serious eutrophication problems experienced by the lakeThe union government is making massive investments of approximately Rs 11 billion to restore the lake to its original splendour IANS https://dailyworld.in/business/jampk-l-g-joins-cleanliness-drive-in-srinagars-dal-lake-as-part-of-sewa-parv-639736.html Sun, 21 Sep 2025 12:04:00 +0530 https://dailyworld.in/business/poco-festive-madness-battery-kings-under-rs-30-000-unleashed-this-big-billion-days-639737.html New Delhi Sep 21 This festive season power meets performance as POCO brings you a lineup of smartphones that redefine battery innovation and endurance Designed to keep up with your nonstop lifestyle these devices combine cuttingedge performance longlasting power and unbeatable festive discounts Whether its gaming marathons allday streaming or nonstop social scrolling these flagshipgrade smartphones ensure you never run out of charge or speed making them the ultimate picks under Rs 30000 this Flipkart Big Billion DaysPOCO M7 5GThe POCO M7 5G stands out with its massive 5160mAh battery supported by 33W inbox charging ensuring reliable power that easily lasts up to 15 days on moderate useAlongside its impressive endurance it packs up to 12GB RAM including 6GB Turbo RAM the powerful Snapdragon 4 Gen 2 chipset a 50MP Sony camera and a large 688 HD display making it the segments fastest 5G smartphone built for both performance and longevityThe POCO M7 5G originally launched at Rs 10499 will now be available at an exciting 17 per cent discount for just Rs 8499POCO M7 Plus 5GThe POCO M7 Plus 5G is a powerhouse packing the largestinsegment 7000mAh battery with 18W reverse charging that keeps you going for days without worry It features a massive 69 FHD display with up to 144Hz refresh rate for a smooth immersive experience and is now available in a new 4GB RAM variant due to strong consumer demandThe M7 Plus also delivers reliable performance and versatile cameras making it a wellrounded choice for power usersOriginally priced at Rs 12999 the smartphone will be up for grabs at an irresistible 15 per cent discount bringing the price down to just Rs 10999POCO X7 Pro 5GAt the heart of the POCO X7 Pro is its massive 6550mAh Silicon Carbon battery designed to deliver allday endurance while keeping the phone slim and lightweight In realworld usage it easily provides up to 9 hours of screen time and with 90W fast charging it powers back to 100 per cent in just 45 minutesComplementing this powerhouse battery is the MediaTek Dimensity 8400 Ultra chipset which helps the X7 Pro clock an impressive 17M Antutu score making it the segments most powerful smartphone for heavyduty usersOriginally priced at Rs 27999 the smartphone is now available at just Rs 19999 a massive 29 per cent discountPOCO F7 5GBuilt for performance seekers the POCO F7 5G combines flagshiplevel power with Indias largest 7550mAh siliconcarbon battery and the cuttingedge Snapdragon 8s Gen 4 processor Its massive cell is almost impossible to drain in a day even heavy testing barely dents the chargeAnd when its time to top up 90W fast charging takes it from 0 to 100 per cent in just about 85 minutes With an AnTuTu score crossing 21 million the F7 5G delivers unmatched endurance and seamless performance making it the ultimate choice for users who demand moreLaunched at Rs 31999 the POCO F7 5G is now available for just Rs 28999 a 9 per cent discountWith unmatched endurance performance cuttingedge innovation and festivefirst pricing POCO is ensuring Indias young techsavvy generation has more reasons to celebrate this Big Billion DaysPOCO is fueling excitement among Indias young techsavvy consumers and ensuring that the 2025 Big Billion Days Sale is one to rememberFlipKart Link httpswwwflipkartcompocobbdintrigue2025atstorePOCO C71 Airtel Edition Launched at Rs 6499 now available at Rs 5599 with a 14 per cent discountPOCO C71 Priced at Rs 6499 now at Rs 6299 after a 3 per cent discountPOCO C75 Originally Rs 8499 now available for Rs 7399 at a 13 per cent discountPOCO M7 5G Airtel Edition Launched at Rs 10499 now just Rs 7799 with a massive 26 per cent discountPOCO M7 5G Priced at Rs 10499 now at Rs 8499 with a 19 per cent discountPOCO M7 Plus 5G From Rs 12999 now available at Rs 10999 after a 15 per cent discountPOCO M7 Pro 5G Launched at Rs 14999 now priced at Rs 11499 with a 23 per cent discountPOCO X7 5G Originally Rs 21999 now down to Rs 14499 with a massive 34 per cent discountPOCO X7 Pro 5G From Rs 27999 now just Rs 19999 with a 29 per cent discountPOCO F7 5G Launched at Rs 31999 now available for Rs 28999 at a 9 per cent discount IANS https://dailyworld.in/business/poco-festive-madness-battery-kings-under-rs-30-000-unleashed-this-big-billion-days-639737.html Sun, 21 Sep 2025 12:19:00 +0530 https://dailyworld.in/business/us-tech-firms-urge-h-1b-visa-workers-to-return-before-sunday-deadline-639570.html New Delhi Sep 20 US tech films like Microsoft have advised employees with H1B and H4 visas who are currently outside the United States to return immediately ahead of the September 21 deadline set by President Donald Trump when the 100000 fee on H1B visa comes into effect The US administration has imposed a 100000 annual fee on each visa The new rule will take effect on September 21 and remain in force for 12 months the US President saidAccording to reports companies like Microsoft and JPMorgan have instructed H1B workers currently in the US to continue their employment in the country for the foreseeable future and avoid international travel until further guidanceMicrosoft has also reportedly recommended H4 visa holders to remain in the US We strongly recommend H1B and H4 visa holders return to the US tomorrow before the deadline according to the companyThere was no official statement yet from either Microsoft or JPMorganPresident Trump expects the revised feebased visa programme to generate over 100 billion for the US Treasury designated for national debt reduction and tax cuts Critics however argued that the new fee hinders talent mobility and stifles innovationApproximately 71 per cent of H1B visa holders are from India primarily working for technology companies including Infosys Wipro Cognisant and Tata Consultancy ServicesShares of major IT services firms including USlisted Indian companies dropped by 2 per cent to 5 per cent following the announcementWith visas typically valid for three years and renewable up to six the new 100000 annual fee could make it expensive for companies to retain Indian professionals especially given the decadeslong wait for Green CardsThe H1B programme allows US companies to hire skilled foreign workers in fields like technology and engineering IANS https://dailyworld.in/business/us-tech-firms-urge-h-1b-visa-workers-to-return-before-sunday-deadline-639570.html Sat, 20 Sep 2025 11:32:00 +0530 https://dailyworld.in/business/mauritius-it-minister-lauds-indias-c-dot-lab-urges-deeper-bilateral-collaboration-639577.html New Delhi Sep 20 Mauritiuss Minister for Information Technology Communication and Innovation Dr Avinash Ramtohul who visited the Centre for Development of Telematics CDOT here has urged the need for deeper collaboration between the two countries in emergency alerting and telecom innovation the Ministry of Communications said The minister commended the centres disastermanagement and cybersecurity initiatives Ramtohul assessed CDOTs Early Warning System and Cell Broadcast solution and commented on its implementation nationwide to notify citizens including fishing communities of impending natural hazardsCDOTs cybersecurity stack includes a realtime Security Operations Centre Quantum Key Distribution PostQuantum Cryptography and SAMVADa a secure chat and calling application the Ministry saidCDOT CEO Dr Rajkumar Upadhyay introduced the Mauritius delegation to diverse telecom product portfoliossolutions in the areas of key applications such as Disaster management solution using ITU CAP protocol and Cell Broadcast solutionThe CEO also demonstrated new telecom innovations including 4G and 5G core and RAN networks switching and routing platformsThe solution is highly beneficial and would help in saving the lives of citizens including the fishermen community This engagement has set the stage for deeper forwardlooking collaboration in emergency alerting and telecom innovation Ramtohul saidHe also appreciated the RampD efforts of CDOTs research community and stressed the need for a larger collaboration for the development of futuristic and cuttingedge telecom solutions for mutual benefitsCDOT the RampD arm of the Department of Telecommunications has led Indias rural connectivity efforts and is currently exploring 6G use cases the Ministry notedOver the past four decades CDoT has been at the forefront of Indias telecom revolution bringing connectivity to rural areas powering the ambitious BharatNet NOFN project and delivering cuttingedge solutions in cyber security disaster management 4G5G next generation networks AI Network Management Systems IoTM2M applications among others IANS https://dailyworld.in/business/mauritius-it-minister-lauds-indias-c-dot-lab-urges-deeper-bilateral-collaboration-639577.html Sat, 20 Sep 2025 12:00:00 +0530 https://dailyworld.in/business/india-aims-to-double-seafood-exports-to-15-billion-by-2030-639603.html New Delhi Sep 20 India has emerged as a global leader in seafood exports currently supplying to 132 countries and the nation has set an aim to double its exports to 15 billion by 2030 a report said on Saturday India has shipped 1698170 tonnes of seafood worth Rs 6240845 crore 745 billion during 202425 as against exports of 1781602 tonnes in 202324 worth Rs 6052389 crore 738 billion reflecting the sectors strong resilience despite global trade fluctuationsThe fisheries sector also supports the livelihood of more than 30 million fishers and fish farmers highlighting its crucial role in the nations economy Seafood Exporters Association of India SEAI said in a report ahead of SEAIs India International Seafood Show 2025The 24th edition of the India International Seafood Show Asias premier seafood trade fair will be held from September 25 to 28 at Bharat Mandapam hereThis years edition will be part of World Food India 2025 the Government of Indias flagship global food innovation event that celebrates Indias culinary heritage and fosters partnerships across the food value chainIISS showcases the tremendous growth of Indias seafood export sector As we mark our golden jubilee this event will help us strengthen our global position and expand into new markets said SEAI President Pawan KumarSEAI SecretaryGeneral KN Raghavan added Our motto Sustainably Harvested Humanely Sourced reflects our deep commitment to ethical sourcing and responsible aquaculture practicesIISS2025 will be a platform to address challenges such as skill development sustainability and innovation he said furtherIISS2025 will feature over 260 stalls technical sessions and roundtables bringing together participants from more than 15 countries Including major markets such as the United States the European Union Vietnam the UAE Germany Belgium Japan China and others SEAI stated in the report IANS https://dailyworld.in/business/india-aims-to-double-seafood-exports-to-15-billion-by-2030-639603.html Sat, 20 Sep 2025 13:50:00 +0530 https://dailyworld.in/business/centre-enables-gst-grievance-redressal-on-national-consumer-helpline-639604.html New Delhi Sep 20 The Department of Consumer Affairs on Saturday launched a dedicated GST grievance category on the National Consumer Helpline to address queries and complaints related to the GST 20 reforms The National Consumer Helpline can be accessed at the tollfree number 1915 or online in 16 Indian languages and in English functioning as a single prelitigation point of access for consumers across the country to register grievances at the prelitigation stageConsumers can also register GSTrelated complaints through the Integrated Grievance Redressal Mechanism INGRAM portal covering key sectors such as automobiles banking consumer durables ecommerce and fastmoving consumer goods The GST reforms will take effect from September 22To address the expected consumer queries and complaints on National Consumer Helpline following the implementation of revised GST charges rates and exemptions a dedicated category has been enabled on the INGRAM portal the Ministry of Consumer Affairs Food amp Public Distribution saidOn September 11 officials from the Central Board of Indirect Taxes and Customs conducted an inaugural training session to equip National Consumer Helpline counsellors to handle GSTrelated queries and grievances effectivelyConsumer complaint data and insights will be shared with affected companies the CBIC and other authorities to enable prompt action under relevant laws enhance GST compliance and support a participatory governance model the Ministry saidThe omnichannel platform supports multiple registrations via WhatsApp SMS email a dedicated app web portal and the Umang app the ministry saidThe technological transformation of the National Consumer Helpline has significantly boosted its callhandling capacity the government informed Call volumes grew from 12553 in December 2015 to 155138 in December 2024Similarly the average number of complaints registered per month has surged from 37062 in 2017 to 170585 in 2025Around 65 per cent of grievances are now filed digitally Each complaint is assigned a unique docket number for transparent tracking and resolution the ministry noted IANS https://dailyworld.in/business/centre-enables-gst-grievance-redressal-on-national-consumer-helpline-639604.html Sat, 20 Sep 2025 13:52:00 +0530 https://dailyworld.in/business/second-nuclear-plant-coming-up-in-banswara-to-boost-rajasthans-energy-capacity-639605.html Jaipur Sep 20 After a gap of nearly 52 years Rajasthan is gearing up for its second nuclear power plant in Banswara following the success of the Rawatbhata Nuclear Power Plant in Chittorgarh Once operational and with further capacity expansion at Rawatbhata the states total nuclear power generation is expected to reach 6680 MW marking a major milestone in Rajasthans journey towards becoming a nuclear energy hubRajasthans energy sector continues to chart an impressive growth trajectoryAlready holding the distinction of being ranked number one in the country for renewable energy the state is now poised to make significant strides in the nuclear energy sector as wellAfter a gap of nearly 52 years Rajasthan is set to establish its second nuclear power plant in Banswara following the successful operation of the Rawatbhata Nuclear Power Plant in ChittorgarhOnce the Banswara project is operational and planned expansions at Rawatbhata are complete the states total nuclear power generation capacity will rise to an estimated 6680 MW positioning Rajasthan as a major hub for nuclear energy in India This expansion aligns with the states longterm vision of enhancing its role in Indias clean energy mission said officialsTo support the growing nuclear sector uranium exploration activities have gained momentumUranium reserves have been discovered in Khandela Sikar district where the Atomic Minerals Directorate is actively workingFurther exploration is also underway in regions of Udaipur Dausa and other parts of Sikar which is expected to reduce the states future dependency on external sources of nuclear fuelIn terms of projectspecific developments the Rawatbhata Nuclear Power Plant established in 1963 in collaboration with Canada currently has seven operational units with a total capacity of 1780 MWThe eighth unit 700 MW is nearing commissioning while plans for the ninth and tenth units 700 MW each are in progress taking the total planned capacity to 3880 MWNationally India operates 24 nuclear reactors with a combined capacity of 8080 MW With the addition of Rajasthans new units this figure will rise to 10180 MW making Rawatbhata the largest nuclear facility in the country surpassing even Kudankulam in Tamil Nadu which currently has a capacity of 2000 MWThe upcoming Banswara Nuclear Power Project will add another 2800 MW with an estimated investment of Rs 50000 crore This project is a joint venture between NTPC and NPCIL and will significantly boost Rajasthans nuclear infrastructureExperts emphasise that the development of nuclear energy in Rajasthan particularly through the Rawatbhata and Banswara projects will play a crucial role in enhancing Indias energy security while contributing significantly to the nations green energy goals over the next decade IANS https://dailyworld.in/business/second-nuclear-plant-coming-up-in-banswara-to-boost-rajasthans-energy-capacity-639605.html Sat, 20 Sep 2025 13:53:00 +0530 https://dailyworld.in/business/h-1b-visa-fee-hike-govt-assessing-the-situation-with-nasscom-639611.html New Delhi Sep 20 The government and the IT industrys apex body Nasscom are assessing the fallout of the US administrations decision to impose a 100000 annual fee on H1B visas from September 21 According to government sources New Delhi is in touch with the Indian Embassy in Washington DC and is also holding consultations with the leading tech industry body Nasscom hereThe new H1B costs are expected to affect the US companies the most as these rely heavily on Indians for specialised and highskilled tech rolesAccording to experts this may also trigger a new wave of global capability centres GCCs in India to meet the shortage of talent in the US after the new visa fee ruleIndians hold the highest number of H1B visas followed by ChinaMeanwhile GCCs are preparing for a talent expansion in India with 48 per cent of GCCs planning to increase their workforce beyond 2024 levelsFinance Minister Nirmala Sitharaman said this week that India today hosts nearly half of the worlds Global Capability Centres GCC which are now at the forefront of innovation RampD and leadership creationGCCs will consolidate Indias leadership in innovation and job creation and with the right policies infrastructure and skilling this sector can define our journey to Viksit Bharat 2047 she said while addressing the Special Ministerial Plenary and Report Back at the CII GCC Business SummitThe USbased companies have traditionally accounted for nearly 70 per cent of total GCC absorption since 2021 In recent years GCCs from the UK EMEA and APAC regions have also expanded their footprint steadily strengthening their presence in IndiaIndia has approximately 1700 GCCs with a projection to reach over 2100 by 20292030According to CP Gurnani Cofounder and Chief Executive Officer AIonOS over the past several years the Indian IT firms have significantly reduced their reliance on the H1B visa with filings dropping by over 50 per centThis shift is a result of our ongoing strategy to hire more locally invest in automation and enhance our global delivery models While visa fees may change the impact on our business will be minimal as weve already adapted to this evolving landscape he mentioned IANS https://dailyworld.in/business/h-1b-visa-fee-hike-govt-assessing-the-situation-with-nasscom-639611.html Sat, 20 Sep 2025 14:13:00 +0530 https://dailyworld.in/business/apple-to-clock-record-sales-in-india-during-festive-season-with-28-pc-growth-analysts-639624.html New Delhi Sep 20 US tech giant Apple is set to achieve its highest festivesales count in India with analysts forecasting a 28 per cent yearonyear sales increase in 2025 owing to the early success of the iPhone 17 series Counterpoint research forecasted record growth in sales owing to an aggressive n1 strategy during the festive season and the 17 series performed better than the 16 seriesAnalysts said that the first week of sales for the iPhone 17 series is 19 per cent higher than the iPhone 16 seriesApple is effectively capitalising on the premiumisation trend in India said Research Director at Counterpoint Research Tarun PathakPro and Pro Max models are experiencing the highest demands with stockouts reported across various channels and the Cosmic Orange variant being particularly popular Pathak saidUpgrading the base variant to 256GB along with cashback offers and up to 24month EMIs enhances its value significantly he saidThe new iPhone 17 Air despite a higher price is gaining stronger traction than last years Plus model Pathak addedFurther the initial demand is outpacing supply and securing inventory especially for the 17 Pro models is a challenge for retailersPrabhu Ram VP Industry Research Group IRG CMR said that Apple is on track to cross 45 million shipments this festive quarter with the new iPhone Air poised to generate fresh tractionHe also said that prebookings for the iPhone 17 line are surpassing last years figures positioning Apple for continued momentum through DiwaliApple launched iPhone 17 on September 9 featuring the new Centre Stage front camera a 48MP Fusion Main camera with an optical quality 2x Telephoto and a new 48MP Fusion UltraWide camera that captures expansive scenes and macro photography in more detailThe 63inch Super Retina XDR display with ProMotion is bigger and brighter the company claimed With the new Ceramic Shield 2 the front cover is reported to be tougher with 3x better scratch resistance than the previous generation and reduced glare The phone is powered by the latestgeneration A19 chip for higher performance and longevity IANS https://dailyworld.in/business/apple-to-clock-record-sales-in-india-during-festive-season-with-28-pc-growth-analysts-639624.html Sat, 20 Sep 2025 15:47:00 +0530 https://dailyworld.in/business/epfo-makes-pf-transfer-easier-annexure-k-now-available-online-639634.html New Delhi Sep 20 The Employees Provident Fund Organisation EPFO has introduced a significant change that will make it easier for professionals to transfer their provident fund balance when switching jobs Members can now download Annexure K a crucial document needed for PF transfers straight from the EPFO Member Portal according to a circular released earlier this week by the Union Labour MinistryUntil now employees could only access Annexure K upon request and it was only shared between PF offices which frequently caused delays and inconvenience By giving members immediate online access to the document the reform seeks to improve convenience and transparencyBecause it includes detailed information about an employees provident fund account including member information the PF balance with interest full service history job details and joining and exit dates Annexure K is essential for the PF transfer processWhen an employee changes jobs this transfer certificate guarantees that their pension service and PF accumulations are correctly transferred to a new accountAccording to the Labour Ministry the new rule will guarantee a smoother transfer process enable employees to check the status of their transfer applications online and confirm the accuracy of their PF balance and service period in the new accountBy logging into the EPFO member portal going to the online services section selecting Track Claim Status and then selecting the option to download Annexure K in PDF format employees can obtain the documentSteps to download Annexure K Log in to the EPFO member portal using your details go to Online Services select Track Claim Status and click on Download Annexure KEarlier Union Minister for Labour and Employment Dr Mansukh Mandaviya also introduced a new facility called Passbook Lite which will enable members to easily check their passbook and related summarised view of their contributions withdrawals and balance in a simple and convenient format through the member portal itself without having to go to the passbook portalAs part of the changes made to guarantee that members receive effective transparent and userfriendly services the EPFO has added a new feature called Passbook Lite to its member portalBy offering all essential services including passbook access with a single login this initiative is anticipated to enhance the user experience However members can still use the current Passbook Portal to view all of the passbook details including a graphical display IANS https://dailyworld.in/business/epfo-makes-pf-transfer-easier-annexure-k-now-available-online-639634.html Sat, 20 Sep 2025 17:14:00 +0530 https://dailyworld.in/business/repression-in-china-both-a-political-imperative-and-a-profitable-business-report-639645.html New Delhi Sep 20 Leaked documents from two Chinese firms infrastructure builder Geedge Networks and AI company GoLaxy have revealed how repression in China is both a political imperative and a profitable business illustrating that the country is not only perfecting digital authoritarianism at home but also packaging it for export according to a report in The Diplomat The leaked internal files from Geedge Networks laid bare how Geedge sold itself as a cybersecurity company while actually building censorship and surveillance infrastructure the report mentionedGoLaxy was exposed when researchers at Vanderbilt University uncovered nearly 400 pages of internal planning documents It is a Beijingbased company that has emerged as a major player in deploying AI tools that monitor influence and manipulate narratives onlineTogether these leaks have provided an unprecedented window into the mechanics of Chinas censorship and propaganda apparatus the report addedIt further stated that the products they sell differ though they complement each other within the larger control systemGeedge is an infrastructure builder Its flagship product the Tiangou Secure Gateway is essentially a turnkey firewall in a box It performs deep packet inspection blocks VPNs and other circumvention tools fingerprints devices analyzes metadata and even offers prototype reputationbased access controls according to the reportGoLaxy systems ingest opensource social media data map relationships among political actors and influencers and use artificial intelligence to generate content for orchestrated campaignsDashboards allow operators to monitor discourse around sensitive topics Taiwan Hong Kong Xinjiang US politics and plan interventions by seeding narratives or amplifying favoured voices Where Geedge builds the pipes for information control GoLaxy provides the tools to flood those pipes with content aligned to government priorities the Diplomat report explainedGeedge has even reached abroad marketing its Great Firewall in a box to regimes that want Chinesestyle control Reports show deployments in Kazakhstan Pakistan Ethiopia and MyanmarUnlike Geedge GoLaxy does not yet appear to export its tools widely to foreign regimes instead it focuses on strengthening the CCPs domestic propaganda system and building the capacity for global influence campaigns said the reportThe report further stated that these client patterns reveal how both firms embody the partystates dual strategy to perfect control at home and to promote its model abroadBoth companies also maintain close ties to the Chinese Academy of Sciences CAS Chinas premier research institution This makes clear that China has turned repression into an export industry the report stressed IANS https://dailyworld.in/business/repression-in-china-both-a-political-imperative-and-a-profitable-business-report-639645.html Sat, 20 Sep 2025 17:50:00 +0530 https://dailyworld.in/business/all-efforts-to-promote-make-in-india-start-yielding-robust-results-piyush-goyal-639667.html New Delhi Sep 20 All the efforts that were taken to promote the Make In India programme have started yielding stronger results Commerce and Industry Minister Piyush Goyal said on Saturday The minister while addressing an event on Celebrating 10 Years of Make in India said that we are all in the mission mode to make it easier to do business in India to promote manufacturing in India and to support trade and industry business and commerce including international tradeGoyal stated that by doing so we can see faster growth in the country indicating the recent GDP growth rate in the first quarter of this fiscal yearAnybody in the room would imagine we would grow 78 per cent in this first quarter It beat all economists expectations and well continue to beat them right up to 2047 the minister highlightedThe commerce minister underlined that its a race to make India a 3032 trillion economy when we celebrate 100 years of independenceHitting out at previous governments Goyal said that in the past once the roads were clogged then the infrastructure was built once the ports were overburdened then new ports were built and once airports ran out of capacity then we started planning a new airportNow Jewar international airport in UP is coming up next month whereas we still have capacity in the New Delhi airport We are anticipating growth the minister told the gatheringBy the end of this month the new airport in Mumbai will start opening up a plethora of opportunities for the state of Maharashtra and for that whole region he addedThe minister highlighted the outcome of his recent twoday visit to the UAEWe just came back many of us in this room were in the UAE for the last two days 1819 September where more than 75 industry leaders across the sectors textiles marine fisheries pharmaceuticals leather goods all of them converged Goyal saidHe said it was a fruitful event and the excitement in the Gulf region for India particularly in the UAE was palpableI really can see a lot of potential in that initiative in that region We have crossed a 100 billion bilateral trade between the UAE and India after the FTA Goyal notedIn the HighLevel Task Force on Investments we have reset our target that in the next three to four years where we will do 100 billion of nonoil nonprecious metal trade with the UAE he informedThe minister said that the Bharat Mart is coming up by early 2027 which will give MSMEs an opportunity to showcase their products have a warehousing facility and have quick logistics from there to be able to supply across the globe IANS https://dailyworld.in/business/all-efforts-to-promote-make-in-india-start-yielding-robust-results-piyush-goyal-639667.html Sat, 20 Sep 2025 18:56:00 +0530 https://dailyworld.in/business/all-efforts-to-promote-make-in-india-started-yielding-results-piyush-goyal-639668.html New Delhi Sep 20 All the efforts that were taken to promote the Make In India programme have started yielding results Commerce and Industry Minister Piyush Goyal said on Saturday The minister while addressing an event on Celebrating 10 Years of Make in India said that we are all in mission mode to make it easier to do business in India to promote manufacturing in India to support trade and industry business and commerce including international tradeGoyal stated that by doing so we can see faster growth in the country indicating the recent GDP growth rate in the first quarter of this fiscal yearAnybody in the room would imagine we would grow 78 per cent in this first quarter It beat all economists expectations and well continue to beat them right up to 2047 the minister highlightedThe commerce minister underlined that its a race to make India a 3032 trillion economy when we celebrate 100 years of IndependenceHitting out at previous governments Goyal said in the past once the roads were clogged then the infrastructure was built once the ports were overburdened then new ports were built and once airports ran out of capacity then we started planning a new airportNow Jewar is coming up next month whereas we still have capacity in the New Delhi airport We are anticipating growth the minister statedBy the end of this month the new airport in Mumbai will start opening up a plethora of opportunities for the state of Maharashtra and for that whole region he addedThe minister highlighted the outcome of his recent twoday visit to the UAEWe just came back many of us in this room were in the UAE for the last two days September 1819 where more than 75 industry leaders across the sectors textiles marine fisheries pharmaceuticals leather goods all of them converged Goyal saidHe said that it was a fruitful event and the excitement in the Gulf region for India particularly in the UAE was palpableI really can see a lot of potential in that initiative in that region We have crossed a 100 billion bilateral trade between the UAE and India after the FTA Goyal notedAnd in this visit to the HighLevel Task Force on Investments we have reset our target that in the next three to four years we will do 100 billion of nonoil nonprecious metal trade with the UAE he saidThe minister informed that the Bharat Mart is coming up by early 2027 which will give MSMEs an opportunity to showcase their products have a warehousing facility and have quick logistics from there to be able to supply across the globe IANS https://dailyworld.in/business/all-efforts-to-promote-make-in-india-started-yielding-results-piyush-goyal-639668.html Sat, 20 Sep 2025 18:57:00 +0530 https://dailyworld.in/business/centre-unveils-comprehensive-logistics-cost-assessment-to-boost-global-competitiveness-639691.html New Delhi Sep 20 For the first time India will have a comprehensive and scientifically derived estimate of logistics costs using a hybrid methodology that combines secondary data with nationwide surveys the government said on Saturday The initiative follows the mandate of the National Logistics Policy 2022 to establish a uniform framework for measuring logistics costs and benchmarking them against global practicesOn the occasion of marking a decade of Make in India Commerce Minister Piyush Goyal launched a report on Assessment of Logistics Cost in India at an event hereHe highlighted that the government has undertaken multiple initiatives to make logistics more competitive and reduce the cost of doing business in IndiaThe minister noted that studies and reports prepared by the Industry and Commerce Departments are helping identify key issues in logistics costsEfforts such as mapping each Harmonised System of Nomenclature HSN code to the respective line ministry streamline coordination and strengthen Indias position in free trade agreement FTA negotiationsHe further emphasised that the creation of a logistics data bank the implementation of integrated state and city logistics plans under the SMILE programme in collaboration with the ADB and infrastructure projects spearheaded by NICDC and other agencies aim to assess available facilities improve transport and connectivity and reduce inefficienciesThese measures along with reforms such as GST implementation and rationalisation are central to ongoing efforts to reduce logistics costs enhance ease of doing business and boost competitivenessUntil now logistics costs in India were often misrepresented with commonly cited figures of 1314 per cent of GDP derived from external studies or partial datasetsThis led to inconsistent estimates causing confusion among policymakers and global stakeholders As per the current assessment prepared by NCAER for DPIIT logistics costs in India are estimated at about 797 per cent of total GDPThe report provides a comprehensive framework by capturing logistics costs across different transport modes product categories and firm sizesIt also presents estimates of freight cost per tonnekilometre and highlights the role of multimodality in enhancing efficiency By providing evidencebased guidance the study strengthens Indias efforts to improve competitiveness and supports the broader vision of positioning the country as a global logistics hub IANS https://dailyworld.in/business/centre-unveils-comprehensive-logistics-cost-assessment-to-boost-global-competitiveness-639691.html Sat, 20 Sep 2025 21:46:00 +0530 https://dailyworld.in/business/new-gst-will-simplify-business-and-boost-consumption-itcs-sanjiv-puri-639489.html Kolkata Sep 19 ITC Limited Chairman and Managing Director Sanjiv Puri on Friday welcomed the new Goods and Services Tax GST reform calling it a positive step that will simplify business processes and boost consumption Speaking to IANS on the sidelines of the 124th Annual General Meeting of the Merchants Chamber of Commerce and Industry MCCI here Puri said The new GST is a very good step It will simplify the entire business process make ease of doing business better and benefit small enterprises as wellWith lower rates consumption will go up and this will in turn create more employment opportunities he addedThe meeting was also attended by Bengal Chief Ministers Principal Chief Advisor Dr Amit Mitra along with other dignitariesAt the MCCI event Puri also spoke about the need for Indian businesses to reimagine their models with greater focus on innovation sustainability and resilienceEnterprises have a social role to play We need business models that put people and the planet at the centre he said highlighting trends such as digitisation circularity and supply chain resilienceThe latest GST reforms which will come into effect from September 22 have been designed to reduce rates on several items and make the overall structure simplerAccording to a Crisil report these reforms are unlikely to put major pressure on government financesWhile the government expects a shortterm revenue loss of about Rs 48000 crore annually analysts say the impact will not be significant given last years total GST collections of Rs 106 lakh croreExperts believe that the reduction in rates combined with steady growth in demand for services and new items brought under GST will help maintain revenue stabilityAt the same time lower tax rates on mass consumption items are expected to improve purchasing power giving a broader push to the economy IANS https://dailyworld.in/business/new-gst-will-simplify-business-and-boost-consumption-itcs-sanjiv-puri-639489.html Fri, 19 Sep 2025 20:11:00 +0530 https://dailyworld.in/business/odisha-govt-approves-25-industrial-projects-valued-at-rs-4-739-crore-in-13-sectors-639491.html Bhubaneswar Sep 19 The Odisha government on Friday approved 25 industrial projects worth Rs 4739 crore investment in 13 key sectors in different districts of the state As per an official statement released the approval was given during the 140th meeting of the State Level Single Window Clearance Authority SLSWCAThe SLSWCA meeting was chaired by Odisha Chief Secretary Manoj AhujaThese industrial projects are poised to create 25200 employment opportunities across several districts including Khordha Jajpur Cuttack Sambalpur Jharsuguda Ganjam Mayurbhanj Angul and GajapatiThe latest approvals cover a total of 13 key sectors including textiles steel chemicals IT infrastructure logistics renewable energy tourism metal downstream circular economy cold storage capital goods The projects embody the states commitment to fostering sustainable industrialisation and economic growth across diverse regions the official statement saidThe SLSWCA has cleared the greatest number of investment proposals in the textile apparel and technical textile sectors in the meetingA private company has proposed to invest Rs 70029 crore in Khordha to set up an integrated textile facility generating 1010 jobsMeanwhile another private firm will set up a knitted fabric and garment unit in Khordha with Rs 20936 crore investment generating 1080 jobsAmong the other major investment proposals cleared on Friday a private firm will expand its operations with a rolling mill pellet plant DRI billet plant and captive power plant in Jharsuguda with an investment of Rs 990 crore creating 2000 jobsAnother private company has proposed to invest Rs 32070 crore to establish a treatment storage and disposal facility in Ganjam district generating 145 jobsSimilarly a private company will invest Rs 20544 crore in Jajpur to establish a carbon electrode paste manufacturing plant generating 600 jobsDriven by dynamic governance strategic foresight and a robust policy framework that champions ease of doing business Odisha is fast emerging as the preferred investment destination in India the state government saidThe state government also claimed that Odisha is on a steady path toward building a prosperous futureready economy in line with the vision of Samrudha Odisha 2036 IANS https://dailyworld.in/business/odisha-govt-approves-25-industrial-projects-valued-at-rs-4-739-crore-in-13-sectors-639491.html Fri, 19 Sep 2025 20:12:00 +0530 https://dailyworld.in/business/india-eu-partnership-to-bolster-global-stability-639492.html New Delhi Sep 19 The new EUIndia Strategic Agenda unveiled in September aims to strengthen mutual prosperity security and global stability as the world navigates shifting geopolitical realities With the current realignment of global power a rising India is seen by Europe as a vital partner for diversifying supply chains mitigating security threats and fostering an open rulesbased international order In turn the EU as Indias largest trading partner provides access to advanced technologies investments and stable markets according to an article in India NarrativeExpansion of security ties is a top priority The agenda outlines cooperation in crisis management maritime security particularly in the Indian Ocean cyber defence intelligence sharing and counterterrorismThe new agenda was jointly announced by the European Commission President Ursula von der Leyen and EU High Representative Kaja Kallas following intensive dialogue between the Commission and the Indian government Ratification by all 27 EU member states is required with formal adoption scheduled at the EUIndia Summit in early 2026The FTA negotiations are targeted to conclude by the end of 2025 though complex issues remain Ongoing work includes setting up new dialogues on space cooperation mobility and cyber issuesThe agenda strengthens Indias global standing as a key interlocutor for Europe balancing Indias relations with Russia and China For the EU it signifies deeper Asian engagement beyond traditional partners the article statesThe launch of negotiations for a Security of Information Agreement will facilitate classified information exchange There will also be enhanced engagement in the IndoPacific with joint responses to hybrid threats and a focus on countering malign activitiesBesides India is invited to participate in EU defence initiatives including the Permanent Structured Cooperation PESCO mechanism and a new EUIndia Security and Defence Partnership modelled on those with Japan and South KoreaOn the economic front tariff removal regulatory harmonisation and investment facilitation are set to expand bilateral commerce innovation and industrial collaboration especially in hightech and green sectorsA centrepiece is finalising a comprehensive Free Trade Agreement FTAaiming to become the worlds largest such deal The FTA negotiations which have intensified in 2025 seek to lower tariffs improve market access for services and products harmonise standards and secure sustainable development commitmentsAddressing nontariff barriers and regulatory cooperation are core objectives while the EU also encourages investment in strategic sectors infrastructure and innovation with joint business forums and startup initiatives the article added IANS https://dailyworld.in/business/india-eu-partnership-to-bolster-global-stability-639492.html Fri, 19 Sep 2025 21:02:00 +0530 https://dailyworld.in/business/adani-groups-market-cap-soars-rs-69-000-crore-in-single-day-639493.html New Delhi Sep 19 Adani Group companies added more than Rs 69000 crore to their market capitalisation in a single trading session on Friday as investors rushed to buy shares following the SEBIs clean chit in the Hindenburg case The market regulators order which dismissed allegations of stock manipulation and relatedparty misuse boosted investor confidence and triggered a sharp rally across Adani stocksAdani Power led the surge with a jump of 1240 per cent on the Bombay Stock Exchange BSE hitting its 52week highAdani Total Gas rose 735 per cent while Adani Green Energy and Adani Enterprises climbed 533 per cent and 504 per cent respectivelyAdani Energy Solutions also advanced 470 per cent on the BSEThe rally came just a day after the SEBI wrapped up its probe concluding that there was no evidence to support the accusations made by US shortseller Hindenburg Research in January 2023The latest gains have brought huge relief to investors and are being seen as a turning point for the Adani GroupThe total market valuation of the conglomerates listed companies now stands at Rs 1396 lakh crore as per the exchange dataBrokerages also signalled fresh confidence in the group Global firm Morgan Stanley initiated coverage on Adani Power for the first time in over a decade a move that analysts say reflects renewed interest from institutional investors who had largely stayed away after the Hindenburg reportOther group companies also posted gains with Sanghi Industries rising 141 per cent ACC up 121 per cent Adani Ports adding 109 per cent and Ambuja Cements edging higher by 028 per centAdani group stocks surged after SEBI cleared the group in the Hindenburg probe triggering renewed investor confidence and strong buying interest across the conglomerate Bajaj Broking Research said in a noteThe surge was particularly strong in energyrelated stocks but spread across the groups portfolio underscoring the markets optimism after months of uncertainty IANS https://dailyworld.in/business/adani-groups-market-cap-soars-rs-69-000-crore-in-single-day-639493.html Fri, 19 Sep 2025 21:02:00 +0530 https://dailyworld.in/business/sebi-simplifies-process-of-transferring-securities-from-nominees-to-legal-heirs-639500.html New Delhi Sep 19 In a move aimed at reducing confusion and easing compliance capital markets regulator SEBI on Friday simplified the process of transferring securities from nominees to legal heirs In a circular issued the regulator said that from January 1 2026 all reporting entities including depositories listed companies RTAs and depository participants will be required to use a new code TLH Transmission to Legal Heirs while reporting such transfers to the Central Board of Direct Taxes CBDTCurrently when securities are passed on from a nominee to a legal heir the transaction is sometimes treated as a taxable transfer and assessed under capital gains provisionsAlthough Section 47iii of the Income Tax Act exempts such transmissions the error often forces investors to seek refunds later causing unnecessary inconvenienceTo address this issue SEBI had set up a working group that consulted with CBDT and recommended the adoption of a standard reporting codeIt has been decided that a standard reason code viz TLH shall be used by the reporting entities while reporting the transmission of securities from nominee to legal heir to the CBDT so as to enable proper application of the provisions of the Income Tax Act 1961 SEBI said in its circularThe regulator has in recent months taken several steps to streamline processes related to nomination and transmission of securitiesEarlier SEBI had simplified the appointment of nominees to ensure smooth transfer of securities after the death of an investorNominees act as trustees and are required to pass on the securities to the rightful legal heir as per the succession planThe new measure according to SEBI will help avoid unnecessary tax complications provide clarity to investors and bring uniformity in reporting by market participants IANS https://dailyworld.in/business/sebi-simplifies-process-of-transferring-securities-from-nominees-to-legal-heirs-639500.html Fri, 19 Sep 2025 22:00:00 +0530 https://dailyworld.in/business/customer-inquiries-surge-15-20-pc-post-maruti-suzuki-announcing-rate-cut-report-639502.html New Delhi Aug 19 Customer enquiries for cars have increased significantly by 1520 per cent across segments after Maruti Suzuki India MSIL announced passing on the full benefits of GST 20 a report said on Friday Dealers have been witnessing a surge in enquiries in both online and walkin and especially for entrylevel cars like K10 Celerio Spresso and Wagon R in Tier1 cities HSBC Global Investment said in its reportAccording to the report the share of firsttime buyers has increased by 57 per cent in total bookings so farThe premium hatchback segment Swift Baleno and others is also seeing a decent uptickThe report highlighted that the passenger vehicle PV segment is now expected to grow by double digits YoY during the upcoming festive season compared to single digits before the GST cut announcementMSIL announced steep price cuts on its entrylevel portfolio more than the impact of the GST cutMSIL took a price cut of 1121 per cent on its entrylevel portfolio 911 per cent on premium hatchbacks and up to 8 per cent on Brezza more than the impact of the GST cut 358 per cent the report notedMaruti Suzuki announced a reduction in car prices across its portfolio on Thursday allowing customers to fully benefit from the recent drop in the GST rates on carsEntrylevel models will see the biggest reductions with the Alto K10 and SPresso seeing price reductions of up to Rs 107 lakh and Rs 129 lakh respectivelySignificant savings of between Rs 71300 and Rs 129 lakh will also be available for other hatchbacks including the Celerio WagonR and IgnisThe cost of small SUVs will also decreaseThe GST Council approved the 5 and 18 per cent tax structure scrapping the earlier four slab 512181nd 28 per centBy primarily setting GST rates at 18 per cent for small cars and 40 per cent for larger or luxury vehicles this reform streamlines the tax structure and does away with the previous compensation cess EVs are still under a favourable 5 per cent GST rate IANS https://dailyworld.in/business/customer-inquiries-surge-15-20-pc-post-maruti-suzuki-announcing-rate-cut-report-639502.html Fri, 19 Sep 2025 22:01:00 +0530 https://dailyworld.in/business/piyush-goyal-expects-uae-to-step-up-investments-in-india-639521.html New Delhi Sep 19 Commerce and Industry Minister Piyush Goyal said on Friday that investments from the cashrich United Arab Emirates UAE into India are likely to shoot up both as FDI in business ventures and FII in the capital markets My sense is we can look at a larger investment flow from the UAE Given where the Indian economy is today we will look at much larger pools of capital coming into India both as FDI and FII the Minister who is on a twoday trip to the UAE on Thursday and Friday during which he cochaired the 13th IndiaUAE High Level Task Force on Investments along with Abu Dhabi Investment Authority ADIA Managing Director Sheikh Hamed bin Zayed Al Nahyan and reviewed progress on the IndiaUAE Comprehensive Economic Partnership Agreement CEPA the Double Taxation Treaty and UAEIndia Central Bank mattersHe pointed out that the UAE has emerged as a hub of activities for Africa the Middle East and Central EuropeIndia would like to leverage on the hub of investment that the UAE has been successful in creating the minister remarkedGoyal highlighted the complementarity between the UAEs large capital base and Indias skilled talent pool which could lead to a beneficial partnership between the two countriesThere are many thirdcountry requirements where large pools of capital can be deployed It can become a winwin for the third country for the UAE as a provider of large capital and India as a provider of skill and talent We are trying to encourage the private sectors of both countries to work in that direction he saidBusinesses on both sides have used the FTA between India and the UAE to their advantage allowing us to reset our ambitions to a higher level and look at a nonoil and nonprecious metal bilateral trade of 100 billion in the next 3 to 4 years he addedOn Friday Goyal held a series of meetings focused on strengthening bilateral trade deepening investment ties and exploring new avenues of cooperation to further enhance relations a Commerce Ministry statement saidHe engaged with CEOs of prominent Indian and UAE companies during the UAEIndia Business Council UIBC Roundtable which he cochaired alongside the UAEs Minister of Foreign Trade Dr Thani bin Ahmed Al ZeyoudiBoth leaders expressed deep satisfaction over the evergrowing economic partnership between India and the UAE and highlighted the significant role played by the business community in furthering the relationship between the two countriesThere were discussions around the exchange of views on enhancing bilateral trade and investment flows strengthening business partnerships and identifying new areas of economic collaborationProgress on key cornerstone projects like Bharat Mart and India UAE Friendship Hospital was also discussed and the role they would play in enhancing bilateral trade and investments as well as their impact on the wider Indian diaspora in the UAE was also outlinedBoth ministers also noted the increasing role of business leaders in philanthropic initiatives and further commented on the constructive role of these initiatives for the wider community They invited businesses to not just explore opportunities in India and in the UAE but also widen their scope and ambition to other regions such as Africa Europe and Central AsiaAn interaction session between Goyal and prominent UAE business leaders was coordinated by Apparel Group Chairman Nilesh Ved with discussions focused on expanding the investment outreach and highlighting Indias potential to support UAE companies regional and global ambitions The minister outlined the recent progress made by the Indian economy in terms of macroeconomic growth infrastructure development and social inclusion and further emphasised Indias growth path towards Viksit Bharat He invited UAE businesses to leverage the upcoming growth opportunities in India the statement saidDuring these engagements UAE investors shared constructive perspectives on further enhancing the investment environment including issues related to market access regulatory processes and dispute resolution it addedMatters such as arbitration frameworks and predictability of enforcement were also discussed in a forwardlooking manner The minister reiterated Indias commitment to providing a transparent and facilitative business environment and highlighted the governments sustained focus on reforms to strengthen investor confidence and the countrys recent economic performanceGoyal also held focused discussions with First Abu Dhabi Bank CEO Hana Al Rostamani IFFCO Groups Irfan Allana and Sharaf Groups Sharafuddin Sharaf These discussions focused on growth pathways for the companies to enhance their India presence and deepen financial and economic partnerships between businesses of both countries the statement saidHe also interacted with representatives of the India Peoples Forum reflecting the continued engagement with the Indian diaspora and its integral role in strengthening the cultural and economic bonds between India and the UAE He highlighted the significant contributions made by the Indian diaspora in the UAE and its role in driving economic partnership between both countries IANS https://dailyworld.in/business/piyush-goyal-expects-uae-to-step-up-investments-in-india-639521.html Fri, 19 Sep 2025 23:07:00 +0530 https://dailyworld.in/business/india-tops-in-fdi-stocks-in-nepal-639522.html Kathmandu Sep 9 Even though China maintains that it has topped Foreign Direct Investment FDI commitments to Nepal in recent years it is actually India which continues to rule the roost when it comes to the actual stock of FDI prevailing in the country According to a study released recently by the Nepal Rastra Bank NRB the Central Bank the FDI stock from India topped the chart FDI stock is the total accumulated value of Foreign Direct Investments over timeAccording to the Survey Report on Foreign Direct Investment in Nepal 202324 total FDI stock in Nepal stood at Rs 333 billion in fiscal year 202324 with paidup capital accounting for 507 per cent reserves 367 per cent and loans 126 per centOf the total FDI stock India ranked in the top position 323 per cent followed by China 102 per cent Singapore 83 per cent Ireland 69 per cent and South Korea 61 per centIndia has topped the chart at a time when Chinese investors have been making huge FDI commitments consistently leading the chart over the last decade according to the Department of Industry where industries including those with FDI are registered Till midJune of fiscal year 202425 Chinese investment commitments to Nepal topped the chart with 4477 per cent followed by India with 1955 per cent the department saidIndia continuing to have dominant FDI stocks in Nepal suggests that huge FDI pledges from China have not been realised to the maximum levels Prakash Kumar Shrestha former Executive Director of NRB told IANS On the other hand Indian FDI stocks in Nepal have remained since the early 1990s and recently Nepal received huge Indian investment to develop the 900 MW Arun 3 Hydropower Project in eastern Nepal he addedIndias SJVN Limited a stateowned company has been developing one of the largest hydropower projects in Nepal which is now nearing completionThe same Indian company has also been awarded two other hydropower projects the 669MW Lower Arun Hydropower Project and the 490MW Arun4 Hydropower Project The latter will be developed in partnership with the Nepal Electricity AuthorityRajesh Kumar Agrawal former President of the Confederation of Nepalese Industries CNI a representative body of medium and large scale industries said Indias FDI stock continues to remain high because of the significant FDI Nepal received in the 1990s when companies including Unilever Nepal Dabur Nepal and Arati Strips Pvt Ltd among others established in Nepal with investment from IndiaEven though Chinese investment commitments have surpassed Indias in recent years it will take time for the realisation of Chinese investment commitments in Nepal he told IANSNot all FDI commitments are realised according to experts It depends on several factors investment climate market availability investor mentality the situation of alternative markets among others said Shrestha IANS https://dailyworld.in/business/india-tops-in-fdi-stocks-in-nepal-639522.html Fri, 19 Sep 2025 23:08:00 +0530 https://dailyworld.in/business/food-inflation-for-farm-and-rural-labourers-stays-in-negative-zone-during-august-639527.html New Delhi Sep 19 The yearonyear inflation rates based on the allIndia consumer price index for agricultural labourers CPIAL and rural labourers CPIRL for August this year were estimated at 107 per cent and 126 per cent respectively figures released by the Ministry of Labour amp Employment on Thursday showed The food inflation for agricultural and rural labourers stayed in the negative zone at 055 per cent and 028 per cent respectively as prices of food items fell during the month due to increased productionThe inflation rate for agricultural and rural labourers was marginally higher than the 077 per cent and 101 per cent in July The inflation rate declined for 9 consecutive months till July coming as a welcome relief for these vulnerable segments that are hit hardest by spiralling prices It also leaves more money in their hands to buy a wider range of goods leading to a better lifestyleThe Labour Bureau under the Ministry of Labour amp Employment has revised the base year of the Consumer Price Index Numbers for Agricultural Labourers and Rural Labourers to 2019100 since June this year These indices are based on data collected from a set of 787 sample villages across 34 States and UTsThe newly constructed CPI AL amp RL series Base 2019100 replaces the earlier 198687100 seriesThe revised series has significantly enhanced the scope and coverage and incorporated many methodological changes in order to make the indices more robustCalculation of prices of PDS items has been done using the admissibility concept instead of availability as in the old series the revised series covers 34 states and UTs as against 20 states in the old series prices are collected from 787 sample villages as against 600 villages in the old series and cover 150200 items as against 65106 items in the old series IANS https://dailyworld.in/business/food-inflation-for-farm-and-rural-labourers-stays-in-negative-zone-during-august-639527.html Fri, 19 Sep 2025 23:13:00 +0530 https://dailyworld.in/business/sensex-nifty-open-marginally-lower-amid-mixed-global-cues-639362.html Mumbai Sep 19 The Indian benchmark indices opened marginally lower on Friday with IT stocks leading the losses in early trade As of 926 am Sensex was down 241 points or 029 per cent at 82772 and Nifty was down 63 points or 025 per cent at 25360The US Federal Reserve resumed interest rates cut cycle by reducing rates by 25 basis points but the outlook on further easing in the months ahead failed to meet the investors dovish expectations while markets awaited more cues into US policy path according to analystsNifty Midcap 100 inched up by 016 per cent and the Nifty Small cap 100 lost 004 per centHero MotoCorp Shriram Finance Maruti Suzuki NTPC Tech Mahindra were among major gainers on Nifty while losers were ICICI Bank Bajaj Finance Tata Consumer and Titan CompanyAmong sectoral indices Nifty IT the top loser lost 040 per cent Nifty FMCG and Nifty Private bank also weighed down on the indices Except Nifty Realty and PSU Bank all other sectoral indices were trading in the red or with marginal gainsThe Nifty50 held firmly above the 25400 mark in the previous session signalling investor confidence with upside momentum intactAnalysts said that while buying interest is visible at lower levels the 2550025600 zone remains a stiff hurdle on the upside On the downside support is placed at 2530025100 for any minor pullbackMarket is on an uptrend and is well positioned to set new records soon Fundamentals technicals and sentiments are favourable for a steady uptrend Earnings are likely to improve from Q3 onwards Technically short covering is happening and can accelerate said Dr VK Vijayakumar Chief Investment Strategist Geojit Investments LimitedFrom the market sentiment perspective a USIndia trade deal without the penal tariff and a lower reciprocal tariff is likely he addedMajor US indices made gains overnight as the Nasdaq added 094 per cent the SampP 500 edged up 048 per cent and the Dow inched up 027 per centMost of the Asian markets were trading in the green during the morning session While Chinas Shanghai index dipped 012 per cent and Shenzhen advanced 023 per cent Japans Nikkei edged up 077 per cent while Hong Kongs Hang Seng Index moved up 012 per cent South Koreas Kospi lost 046 per centOn Thursday foreign institutional investors FIIs purchased equities worth Rs 366 crore while domestic institutional investors DIIs were net buyers of equities worth Rs 3326 crore IANS https://dailyworld.in/business/sensex-nifty-open-marginally-lower-amid-mixed-global-cues-639362.html Fri, 19 Sep 2025 10:15:00 +0530 https://dailyworld.in/business/adani-power-a-turnaround-in-indias-corporate-history-says-morgan-stanley-with-29-pc-stock-upside-639366.html Mumbai Sep 19 Shares of Adani Power Ltd APL surged in the morning trade on Friday after global brokerage Morgan Stanley initiated Overweight on the company with a target price of Rs 818 projecting an upside of 29 per cent from its previous closing price The brokerage said in a note that Adani Power is a good illustration of turnaround in Indias corporate history with resolution on most regulatory issues and multiple valueaccretive acquisitionsAPL will deliver strong earnings growth driven by timely completion of projects and more PPA wins medium term Initiate at OW Overweight and Top Pick said the brokerageNew coal power purchase agreements PPAs should improve investor confidence in earnings power Morgan Stanley addedIt also forecast that the companys capacity and earnings before interest taxes depreciation and amortisation EBITDA will rise 25 times and 3 times by the financial year 2033 respectivelyWe believe coal holds the key to Indias energy security with nuclear being a driver in the next decade India is looking to add 80GW of coal by F32 there is currently a large power purchase agreement PPA pipeline of 20GW according to the noteThe stock was trading about 78 per cent up in the morning trade Shares of Adani Power ended the previous session 05 per cent upAdani Ports is Indias largest independent power producer and secondlargest power producer after NTPC with 8 per cent share in both coal and generationWe forecast its market share to reach 15 per cent by F32e with a 419GW portfolio 25x vs F25 APL has seen favourable resolution of most regulatory issues and has a strong balance sheet F25 net debtEBITDA 15x We expect 6065 per cent of its US27 billion capex for a 237GW addition to be met through internal accruals said the brokerageIncrementally timely project completions land acquired boiler turbinegenerator orders placed construction execution by Adani Group and lower external debt combined with PPAs getting signed would drive earningsWe see upside to our estimates if APLs merchant portfolio declines from 20 per cent currently and profitability in recently acquired 29GW power plants improves the brokerage note said IANS https://dailyworld.in/business/adani-power-a-turnaround-in-indias-corporate-history-says-morgan-stanley-with-29-pc-stock-upside-639366.html Fri, 19 Sep 2025 10:45:00 +0530 https://dailyworld.in/business/cm-yogi-to-review-preparations-for-up-international-trade-show-in-greater-noida-today-639391.html Greater Noida Sep 19 Chief Minister Yogi Adityanath will review preparations for the UP International Trade Show in Greater Noida on Friday The administration and organising committee have completed all preparations for the international trade show which begins on September 25 at the India Expo Mart in Greater NoidaChief Minister Yogi Adityanath will personally visit Greater Noida to review these preparations and hold a review meeting with officialsCM Yogis visit is scheduled for this afternoon where he will inspect the exhibition site and thoroughly review security and arrangements This International Trade Show is considered very special for Uttar Pradesh as approximately 2500 exhibitors are participating These exhibitors representing various industries businesses and enterprises will showcase their products and servicesSignificantly Russia has been selected as the country partner which is expected to further strengthen trade relations between India and RussiaThe administration has made strict security arrangements Police personnel have been deployed in Greater Noida and the surrounding areasAccording to reports more than 1000 police personnel have been called in from other districts to strengthen security Additionally several PAC companies have been deployed The Expo Mart complex and surrounding areas are under strict surveillanceThe administration has issued instructions to maintain special vigilance A review meeting this afternoon will review security traffic parking exhibition arrangements guest reception and preparations for foreign delegatesOrganisers said this years trade show will be a great opportunity to showcase Uttar Pradeshs industrial and business potential to the world Entrepreneurs from handicrafts textiles agriculture IT startups and many other sectors will participateIt is hoped that this event will not only strengthen the states image but also create new investment and business opportunitiesThis is one of several recent visits by the Chief Minister to the Noida and Greater Noida region He also visited in August to inaugurate a manufacturing unit with Defence Minister Rajnath SinghThe UP International Trade Show 2025 is the flagship B2B and B2C event of the Uttar Pradesh government highlighting the states industrial progress entrepreneurial spirit and global business potentialThis mega trade show the third edition of its International Trade Show UPITS from September 2529 serves as a platform for industries startups exporters and business leaders to showcase their innovations build partnerships and explore new market opportunities on both national and international levels IANS https://dailyworld.in/business/cm-yogi-to-review-preparations-for-up-international-trade-show-in-greater-noida-today-639391.html Fri, 19 Sep 2025 12:14:00 +0530 https://dailyworld.in/business/india-is-largest-flexible-office-market-in-asia-pacific-report-639399.html New Delhi Sep 19 India is the largest flexible workspace market in the AsiaPacific region APAC with 797 million square feet MSF of stock across top 8 cities as of the Q2 2025 a report said on Friday It is expected to reach 85 MSF by yearend and surpass 100 MSF by 2026 Cushman and Wakefield said in its report on FridayThis growth has been matched by surging demandAccording to the report flex demand has risen nearly sixfold since 2020 fuelled by occupiers prioritising shorter commitments managed solutions and speedtomarket strategiesIn 2024 alone flexible space accounted for 15 per cent of total new office leasing confirming its mainstream adoptionOperator expansion has also accelerated sharplyOver the past three years 20222024 flexible workspace providers leased 335 MSF equivalent to more than 5 lakh seatsAnnual operator takeup has tripled in just five years from 43 MSF in 2020 to 154 MSF in 2024 firmly establishing flexible workspace as a core workplace solution rather than an alternate option the report statedFlexibility and agility are driving Indias flex space story and this trend is set to accelerate as firms actively seek businessready offices to rapidly scale or adjust headcount as neededThe bulk of this demand is coming from international enterprises which accounted for 72 per cent of flex seat absorption in 2024 while startups took up 28 per cent the report notedThe significant influx of Global Capability Centres and other new companies entering India is accelerating this shift further solidifying flexible workspaces as the preferred model for companies seeking speed resilience and growth in a dynamic marketThe managed officeenterprise model now dominates accounting for 7080 per cent of demand postCOVID well ahead of traditional coworkingAccording to the report the bulk of this stock remains concentrated in the top 8 cities with Bengaluru leading the charge holding 30 per cent of the national flex inventory followed by DelhiNCR Pune and HyderabadBengaluru also leads the demand accounting for an average of onethird of annual enterprise transactions in the countryBeyond these leading Metros occupiers are increasingly expanding to TierII cities such as Chandigarh Jaipur Kochi Trivandrum Coimbatore Visakhapatnam and Bhubaneswar to tap into new talent pools and capitalise on lower operating costsIndia stands out for the strength and maturity of its flexible workspace marketScoring a perfect 100 on Cushman and Wakefields maturity index India has outpaced its global peers with wellestablished office markets including the United Kingdom at 98 per cent France at 97 per cent the United States at 81 per cent and both Japan and Singapore at 77 per cent respectively the report highlighted IANS https://dailyworld.in/business/india-is-largest-flexible-office-market-in-asia-pacific-report-639399.html Fri, 19 Sep 2025 12:55:00 +0530 https://dailyworld.in/business/iphone-17-pre-bookings-in-india-surpass-iphone-16-levels-report-639401.html New Delhi Sep 19 Prebookings for Apples iPhone 17 series in India have surpassed those of the iPhone 16 during the launch period with the new series projected to account for 1520 per cent of sales as per industry sources The prebooking numbers for iPhone 17 indicate a potentially strong Diwali quarter for Apple according to analysts despite supply constraints of iPhone 17 Pro modelsThe data indicated that total iPhone shipments in India are expected to surpass 5 million units in the JulySeptember period in 2025 Apple shipped approximately 4 million iPhones in Q3 2024 with new models accounting for 10 per cent of salesAnalysts said that demand for the iPhone 17 Pro and Pro Max is particularly high creating the possibility of supply shortages in the early weeks of launch Basemodel preorders for the upgraded 256 GB storage have surged with Cosmic Orange being the most soughtafter colourThe base variant has been upgraded to 256GB making it a better value proposition compared to last years launch they saidiPhone 17 series will be available for purchase in India starting today Apples latest lineup starts at Rs 82900 for the iPhone 17 256GB The new iPhone Air a slimmer model begins at Rs 119900 while the iPhone 17 Pro 256GB is priced at Rs 134900 At the top end the iPhone 17 Pro Max 256GB comes in at Rs 149900Retailers indicate that base models will be widely available while Pro and Pro Max allocations are significantly limited comprising only about 10 per cent of typical deliveries This scarcity is leading to blackmarket premiums of 1020 per centAnalysts noted that the iPhone 16 was Indias highestselling model in H1 2025 driving 9650 per cent growth in the premium smartphone segmentApple has recently opened two new stores in Bengaluru and Pune as part of its retail expansion in India anticipating it to be the next key market In Apples largest overseas market China sales grew by only 44 per cent in the June quarter following two years of declinesIndia is also becoming central to Apples manufacturing plans with one in every five iPhones now being produced in the country IANS https://dailyworld.in/business/iphone-17-pre-bookings-in-india-surpass-iphone-16-levels-report-639401.html Fri, 19 Sep 2025 12:56:00 +0530 https://dailyworld.in/business/technology-has-become-indias-greatest-equaliser-pm-modi-639405.html New Delhi Sep 19 Prime Minister Narendra Modi on Friday highlighted that technology has become Indias greatest equaliser empowering everyone from street vendors to corporate executives Through initiatives such as India Stack UPI JAM trinity and CoWIN innovation and inclusion have transformed lives improved governance and strengthened Indias role on the global stage PM Modi statedThe Prime Minister was responding on X to an article by Minister of Electronics amp IT Ashwini Vaishnaw which points out that while earlier getting a government document was a whole saga involving multiple trips long queues and random fees now its literally in your mobile phone due to the revolution in technology that has taken place during PM Modis regimePrime Minister Narendra Modi turned technology into Indias greatest equalizer A street vendor in Mumbai uses the same UPI payment system as a corporate executive Technology in his vision knows no hierarchyThis transformation reflects his core philosophy of antyodaya reaching the last person in the queue Every digital initiative aims to democratise technology for all What began as experiments in Gujarat became the foundation for Indias digital revolution Viashnaw statedThe article states that as Chief Minister PM Modi transformed Gujarat through the use of technology and innovation The Jyotigram scheme launched in 2003 used feeder separation technology Rural industries revived with 24x7 power while groundwater depletion slowed through scheduled farm electricityHe also decided to install solar panels on the Narmada canal in 2012 This project generated 16 million units annually enough for 16000 households It also slowed the rate of evaporation which ultimately increased the availability of waterThis dualbenefit approach showcases PM Modis vision for technology Through a single intervention it solved multiple problems Generating clean energy while conserving water It demonstrated efficiency and impact far beyond standalone solutionsGlobal adoption by the US and Spain adds credibility to the innovations effectivenessThe article also points out that the eDhara system digitised land records in the state SWAGAT allowed citizens to meet the Chief Minister through video conferencing and online tenders eliminated corruptionVaishnaw states that in 2014 PM Modi brought the experience and learning of Gujarat to Delhi But the scale was differentUnder his leadership India Stack the worlds most inclusive digital public infrastructure began to take shape The JAM trinity formed its foundationJan Dhan accounts brought more than 53 crore people into the banking system This brought the hitherto financially excluded into the formal economy for the first timeStreet vendors daily wage workers and rural families who lived entirely on cash now have bank accounts This enabled them to save securely receive government benefits directly and access creditAadhaar gave the citizens a digital identity with 142 crore registrations done so far Accessing government services became easier instead of requiring multiple document verificationsDirect Benefit Transfer eliminated middlemen and reduced leakages The savings from the usage of DBT have been over Rs 43 lakh crore so far The savings are used for building more schools hospitals and infrastructure projects IANS https://dailyworld.in/business/technology-has-become-indias-greatest-equaliser-pm-modi-639405.html Fri, 19 Sep 2025 14:00:00 +0530 https://dailyworld.in/business/indias-smartphone-market-grows-2-pc-in-1h25-report-639408.html New Delhi Sep 19 Indias smartphone market grew by 2 per cent yearonyear YoY in the first half of 2025 with 60 million units shipped a new report said on Friday Apple emerged as the fastestgrowing brand with a strong 35 per cent jump in shipments according to data compiled by International Data Corporation IDCThe report said that premium smartphones priced above Rs 50000 played a big role in driving growth while the midrange segment of Rs 1000020000 remained the largest in terms of overall volumesRegionally the northern states led the market with 33 per cent share while the southern region grew the fastest the report saidSmaller Tier4 cities including Mysore and Shimla also recorded strong doubledigit growth showing rising demand beyond metros and big townsMeanwhile another report by CyberMedia Research CMR said Indias premium smartphone market is set to grow by 18 per cent in sales and 24 per cent in value during the upcoming festive seasonWithin this superpremium devices in the Rs 50000100000 category are expected to grow 15 per cent while the uberpremium segment priced above Rs 100000 could see a massive 167 per cent surgeAccording to Prabhu Ram VPIndustry Research Group at CMR aspirational buyers especially Gen Z and millennials are driving the premium segment as they seek powerful devices that match their digital lifestylesWith increasing accessibility and affordability initiatives more consumers are now looking to buy the latest premium devices he saidSamsung Apple and OPPO led the premium smartphone market in July with 28 per cent 23 per cent and 11 per cent share respectivelyApple backed by its latest iPhone 17 series and steady demand for older iPhones is well placed for a strong festive season the report addedConsumers are also giving more importance to chipsets that power smartphones Features such as seamless multitasking highend gaming advanced cameras and AIdriven experiences are becoming top priorities for buyersAnalysts said that while overall smartphone market growth remains modest strong demand in the premium segment and intensifying competition among brands will give Indian buyers more options this festive season IANS https://dailyworld.in/business/indias-smartphone-market-grows-2-pc-in-1h25-report-639408.html Fri, 19 Sep 2025 14:01:00 +0530 https://dailyworld.in/business/softbanks-vision-fund-to-lay-off-20-pc-of-its-workforce-to-focus-on-ai-639412.html New Delhi Sep 19 Japanese investment giant SoftBank Group Corps Vision Fund is laying off approximately 20 per cent of its workforce as founder Masayoshi Son shifts the 100 billion funds focus towards artificial intelligence Over 50 of Vision Funds 282 employees are expected to be laid off due to job cuts according to multiple reports The company spokesperson said that the decision aligns with the organisations longterm strategy to focus on significant investments in AI and breakthrough technologiesMasayoshi Sons AI plans include an investment of around 30 billion in OpenAI and a 65 billion deal to acquire chip designer Ampere Computing which faces regulatory scrutiny SoftBank has so far invested roughly 10 billion in OpenAIIt has partnered with OpenAI and Oracle on a proposed 500 billion Stargate initiative to establish US AI data centres and is considering a 1 trillion AI industrial park with TSMCThe Vision Fund launched in 2017 had a workforce of 474 at its peak in March 2020 SoftBank has reduced its assets and cut its workforce by 40 per cent to secure funding for sizable AI investments as it felt unnecessary to have an army of investment advisers to oversee fresh or existing dealsLast month Softbank signed a securities purchase agreement under which SoftBank will make a 2 billion investment in Intel Both companies said that they have deepened their commitment to investing in advanced technology and semiconductor innovation in the United StatesMasayoshi said that the strategic investment reflected the companys belief that advanced semiconductor manufacturing and supply will further expand in the United States with Intel playing a critical roleUnder the terms of the agreement SoftBank will pay 23 per share of Intel common stock SoftBanks investment in Intel builds upon its longterm vision of enabling the AI revolution by accelerating access to advanced technologies that support digital transformation cloud computing and nextgeneration infrastructure IANS https://dailyworld.in/business/softbanks-vision-fund-to-lay-off-20-pc-of-its-workforce-to-focus-on-ai-639412.html Fri, 19 Sep 2025 14:25:00 +0530 https://dailyworld.in/business/kaynes-technologys-shares-fall-after-ceo-rajesh-sharma-resigns-639414.html New Delhi Sep 19 Shares of Kaynes Technology slipped in Fridays trade after the company announced that its Chief Executive Officer CEO Rajesh Sharma has resigned The stock fell sharply by nearly 5 per cent in late morning deals on the National Stock Exchange NSE to hit an intraday low of Rs 6882However it later recovered some losses and was last seen trading at Rs 707450 still down over 2 per centIn a regulatory filing the company said Sharma has decided to step down to pursue opportunities outside the organisationHis resignation will take effect from the close of business hours on October 31 2025Sharma who joined Kaynes nearly four years ago called his journey with the company very fulfilling both professionally and personallyMy journey with Kaynes Technology since my joining the company nearly 4 years ago has been very fulfilling both professionally and personally he saidIn his resignation letter he highlighted key milestones during his tenure including the successful IPO and public listing expansion of manufacturing capacities acquisitions in India and abroad substantial revenue growth and crossing a market capitalisation of over Rs 50000 croreThis journey covered several major milestones for the Company from a successful IPO and consequential public listing to expanding manufacturing capacities Sharma wroteAt this juncture I believe it is time for me to embark on a new professional journey to take up another exciting and challenging assignment Sharma addedKaynes Technology is an integrated electronics manufacturer that offers Internet of Things IoTenabled solutions across industries such as automotive aerospace and defence medical nuclear and ITThe company provides endtoend services including product design process engineering electronics manufacturing and lifecycle supportDespite Fridays fall Kaynes shares have delivered strong returns to investors The stock has surged nearly 54 per cent in the past six months gained about 125 per cent in the last 30 days and risen 30 per cent over the past year IANS https://dailyworld.in/business/kaynes-technologys-shares-fall-after-ceo-rajesh-sharma-resigns-639414.html Fri, 19 Sep 2025 14:28:00 +0530 https://dailyworld.in/business/gst-reforms-suzuki-motorcycle-slashes-two-wheeler-prices-by-up-to-rs-18-000-639422.html New Delhi Sep 19 Passing on the full benefit of Goods and Services Tax GST reforms Suzuki Motorcycle India on Friday announced to cut prices on its twowheeler range by up to Rs 18000 from September 22 According to the twowheeler subsidiary of Suzuki Motor Corporation the Gixxer SF 250 model would see the highest price cut of Rs 18024 in the exshowroom price followed by VStrom SX Rs 17982 Gixxer 250 Rs 16525 and Gixxer RS 11520Among the scooter range the Burgman Street Ex will become Rs 9798 cheaper the Burgman Street price will go down by Rs 8373 the Avenis will have a price reduction of Rs 7823 and the Access price has been reduced by Rs 8523The twowheeler manufacturer said that the GST 20 reforms will make Suzuki twowheelers and spare parts more affordable and accessible across the countryRecently the union government announced GST 20 which reduced indirect tax rates from 28 per cent to 18 per cent on all twowheelers up to 350cc and on all auto componentsThe reforms have been introduced to rationalise taxation and provide direct benefits to consumersIn line with this initiative SMIPL has undertaken a comprehensive revision of its price structure across all variants of its scooters and motorcyclesAlongside twowheelers the reduced GST on spare parts and accessories will directly translate into lower maintenance costs collectively enhancing the overall ownership value for Suzuki customers the company saidOur customers are always at the core of everything we do We welcome the Government of Indias GST 20 reforms which are a progressive step towards making mobility more affordable for the masses In keeping with our customerfirst approach we pass on the complete benefit of these reforms on both our twowheelers and spare parts reducing the purchase as well as maintenance costs said Deepak Mutreja VicePresident Sales and Marketing Suzuki Motorcycle India Pvt LtdComing just ahead of the festive season this move is expected to further uplift customer sentiment make our product range even more attractive and give a strong push to demand in the twowheeler marketThe new prices will come into effect from September 22 IANS https://dailyworld.in/business/gst-reforms-suzuki-motorcycle-slashes-two-wheeler-prices-by-up-to-rs-18-000-639422.html Fri, 19 Sep 2025 14:54:00 +0530 https://dailyworld.in/business/indias-flexi-workforce-projected-to-grow-126-pc-annually-reach-916-mn-by-fy27-report-639428.html New Delhi Sep 19 Indias flexi workforce is expected to grow to 916 million by FY27 at a compound annual growth rate CAGR of 126 per cent a new report said on Friday The data compiled by the Indian Staffing Federation ISF highlights that the flexi staffing industry will play a major role in shaping formal employment in the coming years supported by economic recovery and rising demand across sectorsThe ISF report titled Indian Flexi Staffing Industry 2025 Employment Growth Sectoral amp State Analysis projects the flexi staffing industrys revenue to reach nearly Rs 258000 crore about 24 billion by FY27 growing at a rate of 173 per centBy FY26 the market is expected to touch Rs 220000 crore This growth reflects how companies are increasingly relying on contract and temporary staff to remain agile reduce compliance burdens and access skilled talent quicklyCurrently India ranks third globally in flexi workforce size The countrys tripartite workforce reached 72 million in FY25 representing 13 per cent of the total workforceMaharashtra Karnataka Uttar Pradesh Tamil Nadu and Telangana together account for nearly 55 per cent of this workforce while Tier2 and Tier3 cities such as Coimbatore Mysuru Indore Bhopal and Surat are emerging as key hubs for hiringSectorwise logistics banking and financial services BFSI and manufacturing together employ about 38 per cent of the countrys formal contract staffThe ecommerce sector meanwhile has recorded the fastest growth in flexi hiring over the past five years with an average annual growth of nearly 20 per centFintech has also emerged as a strong contributor Overall 80 per cent of the workforce comes from 12 key sectors including IT infrastructure retail education and healthcareISF President Lohit Bhatia said the rise of flexi staffing is a sign of deepening formal employment across the countryHe noted that Tier2 and Tier3 cities are offering temporary workers the benefits of recognised employment fair pay annual incentives and health coverageThis reflects the growing availability of skilled labour outside metros and the shift towards a more equitable job market he saidAccording to the report the trend is also being shaped by Indias younger workforceAbout 71 per cent of those seeking flexi jobs are under 30 years of age while womens participation stood at 26 per cent in the last fiscal IANS https://dailyworld.in/business/indias-flexi-workforce-projected-to-grow-126-pc-annually-reach-916-mn-by-fy27-report-639428.html Fri, 19 Sep 2025 15:21:00 +0530 https://dailyworld.in/business/mumbai-tops-indias-data-centre-capacity-surpassing-4-gw-milestone-report-639430.html New Delhi Sep 19 Mumbai has emerged as Indias data centre capital accounting for 40 per cent of the nations total capacity and 44 per cent of live IT capacity a report said on Friday In the first half of 2025 Mumbais capacity jumped 143 per cent to exceed the 4 GW milestone comprising 591 MW operational 185 MW under construction and 32 GW in the pipeline according to a report from real estate services firm Knight FrankThis growth builds on Indias data centre market surpassing 10GW in H2 2024 supported by 14GW live and 400MW under construction the report addedWith 976 MW of takeup over six months the citys vacancy rate at data centres is at 54 per cent less than half Indias overall vacancy of 123 per cent Twothirds of underconstruction space is already preleased to companiesThree live Mumbai sites can support hyperscale deployments above 25 MW and just one offers more than 10 MW available Hence the fragmented market of smaller 1 MW2 MW facilities has encouraged global players and joint ventures to plan highcapacity campuses such as NTTs 500 MW NAV2 project and BlackstonePanchshil Realtys 500 MW AI facilityHyderabad Indias secondlargest datacentre market at 21 GW is positioning itself for hyperscale growth with over 500 MW in new capacity via two major projects the report notedWith over 3GW of capacity in the pipeline and strong policy support for green data centre parks Mumbai is attracting sustained global investment said Shishir Baijal Chairman and Managing Director Knight Frank IndiaIts robust subsea cable connectivity scalable power infrastructure proximity to enterprise hubs and progressive state policies make it South Asias gateway for cloud AI and enterprise workloads he addedMumbai has firmly established itself as the epicentre of Indias digital infrastructure growth While other metros like Chennai Hyderabad and Bengaluru are gaining traction none match Mumbais scale speed and ability to serve as South Asias gateway for cloud AI and enterprise workloads IANS https://dailyworld.in/business/mumbai-tops-indias-data-centre-capacity-surpassing-4-gw-milestone-report-639430.html Fri, 19 Sep 2025 15:22:00 +0530 https://dailyworld.in/business/blue-economy-is-central-to-indias-growth-pm-modi-639438.html New Delhi Sep 19 Prime Minister Narendra Modi on Friday highlighted that the Blue Economy is central to Indias growth combining prosperity sustainability and national strength Initiatives like Sagarmala Deep Ocean Mission and Harit Sagar Guidelines to harness ocean resources are empowering communities driving innovation and strengthening Indias leadership in global ocean governance PM Modi statedThe Prime Minister was responding on X to a post by Union Minister of State Dr Jitendra Singh who wrote the articleThe article states that with a revised coastline stretching now over 11098 kms and a vast Exclusive Economic Zone spanning 24 square million kms India is exceptionally wellplaced to build a 100 billion growth engine through a sustainable use of ocean resources creating jobs supporting coastal communities protecting marine ecosystems and strengthening our global maritime presenceWe are now in Blue Economy 20 focusing just not on traditional sectors but also the emerging Highpotential areas that will define our future growth For example the Deep Ocean Mission is helping our scientists explore the deep sea using the Matsya submersible Aiming to find strategic resources and create new technologies for the future The Sagarmala Programme is modernising our ports to make our trade more efficient and our business more competitive For our coastal communities the Pradhan Mantri Matsya Sampada Yojana PMMSY is a flagship scheme to bring a blue revolution to our fisheries sector Singh saidBut our vision goes far beyond this It empowers people and protects our planet It includes creation of new opportunities for the empowerment of women by encouraging them to lead in sustainable fields like seaweed farming and ecofriendly tourism providing them new income streams and a greater voice in their communities he addedThe PMMSY scheme completed five years of its launch on September 10 2020 as a landmark initiative that has ushered in the Blue Revolution in Indias fisheries sector with the country becoming the second largest fish producer in the worldThe scheme has enabled India to achieve record fish production of 195 lakh tonnes in 202425 a sharp rise from 14164 lakh tonnes in 201920 contributing nearly 8 per cent of global fish productionIndias fisheries exports have shown robust growth increasing from Rs 4666285 crore in 201920 to Rs 6052489 crore in 202324 strengthening the countrys position in the global seafood marketPMMSY has also succeeded in creating 58 lakh employment opportunities as of December 2024 surpassing the target of 55 lakh It has also led to the empowerment of 99018 women through an outlay of Rs 406196 crore sanctioned from 202021 to 202425 the statement saidThe scheme has been working towards making the fisheries sector ecologically healthy economically viable and socially inclusive by addressing critical gaps in production and productivity quality technology infusion and postharvest infrastructurePMMSY promotes womens participation in fisheries by providing up to 60 per cent of total project cost as financial assistance up to Rs 15 crore per project under beneficiaryoriented activities and the entrepreneur model IANS https://dailyworld.in/business/blue-economy-is-central-to-indias-growth-pm-modi-639438.html Fri, 19 Sep 2025 15:52:00 +0530 https://dailyworld.in/business/gst-reforms-will-not-pose-major-fiscal-burden-on-government-report-639446.html New Delhi Sep 19 The recent Goods and Services Tax GST rationalisation will not have a significant fiscal burden on the government a Crisil report has said The government has estimated a net loss of an annualised Rs 48000 crore in revenue in the short term on account of GST reformsTotal GST collections in the previous fiscal were Rs 106 lakh crore hence the loss does not seem significant according to a Crisil Ratings reportCiting the method of recalibration of the tax rates the report emphasised that the move to reduce rates will unlikely to pose a major pressure on the government revenueAs of fiscal 2024 the majority 7075 per cent of GST revenue came from the 18 per cent slab Only 56 per cent was from the 12 per cent slab and 1315 per cent from the 28 per cent slab the report notedReducing the tax rates of items from 12 per cent may not render a significant revenue lossMeanwhile tax rates are unchanged on several fastgrowing services such as mobile tariff chargesNew services such as ecommerce delivery were also brought under GST and are taxed at 18 per cent and some increase in disposable incomes due to benefits on other mass consumption items could further drive up their demand and tax collections the report highlightedDifferentiated taxes between lower and highervalue items within a category can also help mitigate the fiscal impact the report highlightedFor instance the rate was hiked for highervalue items of clothing and twowheelers even as taxes on lowervalue items were loweredPremium demand from upperincome segments could remain intact supporting revenue the report statedAdditionally GST simplification from four to two slabs can bring more goods and services under the formal net which could gradually support tax buoyancy over the medium termWhile their impact on consumption depends on the speed and the extent to which the GST cuts are passed to consumer prices tax cuts on essentials can increase purchasing power creating a broader boost for consumption gradually the report notedAlongside there are other macro tailwinds for consumption this fiscal such as low inflation easing borrowing costs the governments incometax relief announced at the start of this year and healthy agricultureThe new GST rates will come into force on September 22 and play out over the second half of this fiscal IANS https://dailyworld.in/business/gst-reforms-will-not-pose-major-fiscal-burden-on-government-report-639446.html Fri, 19 Sep 2025 16:24:00 +0530 https://dailyworld.in/business/india-to-attract-50-70-billion-fresh-inflows-over-next-year-jefferies-639447.html New Delhi Sep 19 India is expected to see fresh inflows of 5070 billion into equities over the next 12 months driven by steady participation from mutual funds and systematic investment plans SIPs according to global brokerage Jefferies on Friday The firm said that despite foreign investor positioning being at multiyear lows India remains the strongest structural growth story in global marketsIn its latest Greed amp Fear report Jefferies described 2025 as a year of healthy consolidation for Indian equitiesThe brokerage expects that consistent domestic flows from mutual funds and systematic investment plans SIPs will absorb most of the expected foreign inflows helping the market sustain momentumThe report also highlighted that India could witness a fresh rally in 2026 as economic growth picks up paceIt pointed to recent government measures including industrywide cuts in Goods and Services Tax GST which are expected to boost consumption and liquidityIn addition the US Federal Reserves recent rate cut has increased the chances of the Reserve Bank of India easing rates again before the end of this yearThere is still a chance that the 1015 per cent return target proves to be too modest the report said citing the combined impact of GST cuts possible RBI rate easing and stronger corporate earningsThe brokerage further noted that Indias small and midcap universe despite higher valuations continues to show stronger earnings growth potential compared to largecap companies This it said justifies continued positioning in the segmentIndias small to midcap universe despite higher valuations continues to show higher earnings growth potential which justifies the positioning the note saidAccording to Jefferies Indias ability to combine strong domestic demand with improving corporate profitability and supportive policy actions makes it stand out as the most attractive growth story in global equities IANS https://dailyworld.in/business/india-to-attract-50-70-billion-fresh-inflows-over-next-year-jefferies-639447.html Fri, 19 Sep 2025 16:25:00 +0530 https://dailyworld.in/business/stock-market-snaps-three-day-rally-it-stocks-fall-adani-groups-shares-rise-639458.html Mumbai Sep 19 Indian equity indices snapped the threeday winning streak to end the session on a negative note on Friday Profit booking in IT and banking heavyweights dragged the market However a rally in Adani group stocks post the SEBIs clean chit on US shortseller Hindenburgs allegations restricted a sharp decline in the marketSensex ended the session at 8262623 down 38773 points or 047 per cent The index started the trade a bit lower at 8294604 against last sessions closing of 8301396 The index extended the downward trend further amid selling in IT and banking heavyweights It touched an intraday low at 8248592Nifty settled at 2532705 down 9655 or 038 per centAdani Total Gas Limiteds stock rose 755 per cent to close at Rs 65280 Adani Power shares surged 1342 per cent Adani Enterprises rose 525 per cent to Rs 2528 and Adani Ports and Special Economic Zone Limiteds stock rose 115 per cent to Rs 1429HCL Tech ICICI Bank Trent Titan Mahindra and Mahindra HDFC Bank Kotak Bank PowerGrid Ultratech Cement Hindustan Unilever Tata Motors and ITC were the top losers from the Sensex basket Adani Ports SBI NTPC Bharti Airtel Asian Paints Axis Bank and Maruti Suzuki settled in greenThe majority of sectoral indices ended the session lower amid subdued interest from investors Nifty Fin Services fell 171 points or 064 per cent Nifty Bank slipped 26860 points or 048 per cent Nifty Auto dragged 109 points or 040 per cent Nifty FMCG dipped 249 points or 044 per cent and Nifty IT ended the session 172 points or 047 per centThe broader market remained relatively firm amid some uptick in smallcap stocks Nifty Small Cap 100 rose 2760 or 015 per cent Nifty Midcap 100 jumped 21 points while Nifty 100 fell 56 points or 021 per centIndian rupee ended marginally higher at 8810 per dollar on Friday compared to the last days closing of 8813 IANS https://dailyworld.in/business/stock-market-snaps-three-day-rally-it-stocks-fall-adani-groups-shares-rise-639458.html Fri, 19 Sep 2025 17:06:00 +0530 https://dailyworld.in/business/net-direct-tax-revenue-jumps-92-pc-to-cross-rs-1082-lakh-crore-639463.html New Delhi Sep 19 Indias net direct tax collection recorded 918 per cent growth to cross Rs 1082 lakh crore till September 17 during the current financial year 202526 compared to the same period of the previous financial year as there was a sharp decline of 2387 per cent in refunds data released by the Central Board of Direct Taxes on Friday showed Of the total amount noncorporate tax revenue grew by 1367 per cent to Rs 583 lakh crore The tax is paid by a specific set of entities that are not registered as companies under the Companies ActNet corporate tax collections grew by 493 per cent to Rs 472 lakh crore while securities transactions tax STT increased marginally by 057 per cent to Rs 2630572 crore according to the official figuresGross direct tax collections increased by 339 per cent to Rs 1243 lakh crore while refunds dipped by 2387 per cent to Rs 160 lakh crore Corporate refunds the majority of total refunds grew by 1313 per cent to Rs 123 lakh crore while refunds issued to noncorporate taxpayers decreased by 6339 per cent to Rs 3730672 croreOf the total gross direct tax collected corporate tax was Rs 595 lakh crore noncorporate tax stood at Rs 620 lakh crore while STT was Rs 2630572 crore and other taxes stood at Rs 29713 croreMeanwhile Indias GST collections rose by 65 per cent to Rs 186 lakh in August according to government data released earlier this monthGST collections have been rising steadily to remain above the Rs 18 lakh crore mark for the eighth month in a row reflecting the growing economic activity in the countryThe gross domestic revenue grew 96 per cent to Rs 137 lakh crore while tax from imports dipped 12 per cent to Rs 49354 crore in August GST refunds were down 20 per cent yearonyear to Rs 19359 croreNet GST revenue stood at Rs 167 lakh crore in August 2025 recording a robust 107 per cent yearonyear growthBuoyant tax collections in recent months have helped to strengthen the countrys fiscal position and the macroeconomic fundamentals which help to ensure stable growthIndias fiscal deficit in AprilJuly was Rs 468 lakh crore or 299 per cent of the estimate for the financial year ending March 31 with next tax receipts for this period working out to Rs 66 lakh crore which shows that the country is in a strong fiscal position IANS https://dailyworld.in/business/net-direct-tax-revenue-jumps-92-pc-to-cross-rs-1082-lakh-crore-639463.html Fri, 19 Sep 2025 17:47:00 +0530 https://dailyworld.in/business/india-examining-implications-of-us-decision-to-impose-sanctions-on-chabahar-port-project-639471.html New Delhi Sep 19 India is examining the implications of the Trump administrations decision to revoke the US sanctions waiver linked to the Chabahar port project in Iran in which India is a partner We have seen the US press statement regarding the revocation of the sanctions waiver for Chabahar Port We are presently examining its implications for India MEA spokesperson Randhir Jaiswal told journalists at a media briefing on FridayThe United States has declared its intention to withdraw the sanctions exemption for activities at Irans Chabahar Port which was initially granted in 2018 According to a statement from the US Department of State this action will subject parties involved in port operations to potential penalties under the Iran Freedom and CounterProliferation Act IFCA The move is part of the Trump administrations move to crack down on Iran amidst the rising hostilities in the Middle EastThe US decision to revoke sanctions exemptions for the Chabahar Port which India is developing as a strategic connectivity project has come as a setback for New Delhi The development of the Chabahar port in Iran was aimed at building a route that would bypass Pakistan to reach out to Afghanistan and Central Asia for trade and humanitarian aid The port also serves as a crucial counter to Chinas influence being exercised in the region through the development of the Gwadar port in the Balochistan province of PakistanStarting September 29 entities operating the Chabahar Port and engaging in other related activities will face sanctions under the US IFCAIn 2018 America agreed to provide a sanctions waiver that allowed India to develop Chabahar given the key role it could play in the economic development of Afghanistan However there has been a change in the geopolitical situation after the fall of the USsupported Afghan government in 2021 and the Taliban coming to powerEarlier in May India and Iran formalised a decadelong contract concerning Chabahar Port operations Under this arrangement India committed to providing 250 million in credit facilities to support infrastructure development at the strategic port located on the Gulf of OmanIndia and Iran were planning to link the Chabahar port to the broader Iranian railway network through a 700 km rail line to the city of Zahedan The projects were expected to be completed by mid2026 IANS https://dailyworld.in/business/india-examining-implications-of-us-decision-to-impose-sanctions-on-chabahar-port-project-639471.html Fri, 19 Sep 2025 18:29:00 +0530 https://dailyworld.in/business/dsci-siemens-launch-ot-cyber-security-lab-to-strengthen-indias-critical-infrastructure-639472.html New Delhi Sep 19 Industry body Data Security Council of India DSCI and Siemens Limited inaugurated an Operational Technology OT Cyber Security Lab at the Nasscom campus in Noida on Friday The initiative aims to strengthen cybersecurity of national infrastructure and as serve as an innovation platform for startups providing access to technology equipmentIt will provide expertise necessary to develop and test their cybersecurity solutions in realworld OT scenarios in a safe and controlled environment an official statement saidThe lab is envisioned as hub for training awareness and skill development by providing handson exposure to professionals across critical sectors on OT cybersecurity practicesThis testbed is equipped to allow the latest tests including defenseindepth for OT environments the release saidIt also offers handson training and promotes collaboration among government academia and private sector stakeholdersKK Singh Joint Secretary Ministry of Electronics and IT inaugurated the facilityand said that securing OT environments is vital for national security He urged startups and researchers to utilise the lab to enhance defences for critical infrastructureVinayak Godse CEO DSCI announced that the lab will serve as an extension of the National Centre of Excellence a joint initiative between MeitY and DSCIThe lab will facilitate collaboration between government agencies academia industry and startups involved in critical infrastructure he addedSuprakash Chaudhuri Head of Digital Industries Siemens Limited stressed that rapid digitalisation led to the convergence of IT and OT exposing the systems to new vulnerabilitiesThe lab will help empower industries in India to build resilient and Cybersecure operations he addedIndias digital forensics market is projected to skyrocket at a compound annual growth rate CAGR of nearly 40 per cent to reach Rs 11829 crore 139 billion by FY 202930 more than triple the global average of 11 per cent IANS https://dailyworld.in/business/dsci-siemens-launch-ot-cyber-security-lab-to-strengthen-indias-critical-infrastructure-639472.html Fri, 19 Sep 2025 18:30:00 +0530 https://dailyworld.in/business/google-picks-20-indian-startups-for-ai-accelerator-programme-639478.html New Delhi Sep 19 US tech giant Google on Friday announced the latest cohort of its free threemonth AI accelerator programme a group of 20 startups selected from over 1600 applicants in the country The programme titled Google for Startups Accelerator AI First in India began this week and aims to scale AIdriven solutions across healthcare finance climate education and more The programme is designed for AI First startups between Seed to Series A based in India that are building core AI products applications or foundational models a release from the company saidThe support for founders includes Google Cloud infrastructure and access to cuttingedge Gemini models with technical mentorship and gotomarket strategiesAt Google we see startups as our cocreators in building the future of AI with scalable impactful and responsible AI solutions that will set new standards for the industry said Darren Mowry VP Global Startups Google CloudThe strategic focus of this cohort is aligned with the IndiaAI Mission said Abhishek Singh Additional Secretary MeitY and CEO IndiaAI MissionAmong the cohort are startups which offer a fullstack agentic platform where AI creates AI a healthtech startup offering a webcambased autism screening toolThe program pairs founders with Google engineers and industry mentors to tackle scaling challenges refine product roadmaps and ensure ethical AI deploymentThe new cohorts strategic focus directly aligns with the IndiaAI Missions startup pillar with 45 per cent of the program dedicated towards leveraging Agentic AI Multimodal AI solutions account for 30 per cent of the programme curriculum with the remaining 25 per cent dedicated to foundational models and Responsible AIIndias generative AI ecosystem has grown 37fold over the past year making it the worlds secondlargest GenAI startup hub the company said in the release IANS https://dailyworld.in/business/google-picks-20-indian-startups-for-ai-accelerator-programme-639478.html Fri, 19 Sep 2025 19:11:00 +0530 https://dailyworld.in/business/adani-shares-rally-as-investors-gain-rs-46-000-crore-in-a-single-day-639480.html Mumbai Sep 19 The shares of Adani Group companies staged a strong rally on Friday after market regulator the Securities and Exchange Board of India SEBI gave the conglomerate a clean chit in the Hindenburg case adding over Rs 46000 crore to investors wealth in a single day With this the groups combined market capitalisation jumped to Rs 138 lakh crore marking a major turnaround in sentiment nearly 33 months after the controversy first eruptedThe rally was led by Adani Power which surged 1342 per cent to close at Rs 71610 followed by Adani Total Gas which gained 755 per cent to end at Rs 65280Adani Enterprises Ltd advanced 525 per cent to Rs 2528 while Adani Green Energy climbed 548 per cent to Rs 103250Adani Ports and Special Economic Zone also followed suit and closed higher by 115 per cent at Rs 1429The surge came after SEBI dismissed Hindenburg Researchs allegations ruling that the transactions involving Milestone Tradelinks Rehvar Infrastructure and Adicorp Enterprises did not amount to violations of market regulationsThe regulator clarified that these deals did not fall under relatedparty transactions and complied with listing and disclosure normsReacting to the verdict Adani Group Chairman Gautam Adani said on social media platform X that SEBIs detailed probe had reaffirmed what the company had always maintained that Hindenburgs claims were baselessAfter an exhaustive investigation SEBI has reaffirmed what we have always maintained that the Hindenburg claims were baseless Gautam Adani wroteWe deeply feel the pain of the investors who lost money because of this fraudulent and motivated report Those who spread false narratives owe the nation an apology the billionaire industrialist addedHe emphasised that transparency and integrity had been the Groups core values and called for accountability from those who spread misinformationTransparency and integrity have always defined the Adani Group Gautam Adani statedOur commitment to Indias institutions to Indias people and to nation building remains unwavering Adani Group Chairman addedA Supreme Courtappointed expert panel had also earlier found no prima facie evidence of wrongdoing IANS https://dailyworld.in/business/adani-shares-rally-as-investors-gain-rs-46-000-crore-in-a-single-day-639480.html Fri, 19 Sep 2025 19:14:00 +0530 https://dailyworld.in/business/indias-forex-reserves-rise-by-469-bn-to-7029-bn-near-all-time-high-639482.html New Delhi Sep 19 Indias foreign exchange reserves rose by 469 billion to touch 7029 billion for the week ended September 12 according to data released by the Reserve Bank of India RBI on Friday With this increase the reserves are now less than only 2 billion away from their alltime high of 7049 billion recorded in late September 2024The latest RBI data showed that foreign currency assets which form the biggest part of the reserves climbed by 25 billion to 58704 billionThese assets include major global currencies such as the euro pound and yen and their dollar value also reflects changes in exchange ratesGold reserves gave a strong push this week rising by 21 billion to reach 9242 billionThe special drawing rights SDRs increased slightly by 32 million to 1873 billion while Indias reserve position with the International Monetary Fund IMF moved up by 9 million to 476 billionForex reserves act as a financial safety net for the country helping the RBI intervene in the currency market when needed to control volatility in the rupeeThe central bank maintains that such interventions are not meant to fix the exchange rate at a certain level but to ensure stability in times of global uncertaintyReserves have been rising steadily in recent weeks They had already crossed the 698 billion mark in the week ended September 5 following a 403 billion jump after increasing by 351 billion in the previous weekIn the previous week also the Central Banks data showed that foreign currency assets FCAs the largest part of the reserves went up by 540 million to 58447 billionAnalysts say the strong buffer close to record highs will help India cushion external shocks support the rupee and provide confidence to global investors especially amid uncertain global economic conditions IANS https://dailyworld.in/business/indias-forex-reserves-rise-by-469-bn-to-7029-bn-near-all-time-high-639482.html Fri, 19 Sep 2025 19:16:00 +0530 https://dailyworld.in/business/hindustan-copper-ltd-oil-india-join-hands-to-explore-critical-and-strategic-minerals-639484.html New Delhi Sep 19 In a significant development Oil India Limited and Hindustan Copper Limited HCL on Friday signed a memorandum of understanding MoU to cooperate and collaborate for exploration and development of critical and strategic minerals including Copper and associated minerals The move is aimed at strengthening Indias selfreliance in critical and strategic mineral sourcingHindustan Copper Limited a Miniratna PSU under the Ministry of Mines is engaged in mining production processing and marketing of copper and related products The company is currently focused on mining and beneficiation of copper ore and the sale of copper concentrateOil India a Maharatna PSU under the Ministry of Petroleum and Natural Gas is a premier integrated oil and gas company with proven expertise in exploration development production and transportation of crude oil and natural gas Recognizing the growing importance of critical minerals OIL has diversified into this sector to complement its core energy portfolioThe MoU was signed and exchanged in the presence of Sanjiv Kumar Singh Chairman and Managing Director of HCL and Dr Ranjit Rath Chairman and Managing Director of Oil India and senior officials of both the companiesThe collaboration between HCL and OIL represents a crucial milestone in Indias pursuit of mineral security Aligned with the objectives of the government of Indias National Critical Mineral Mission this partnership will play a pivotal role in securing strategic mineral resources essential for the nations energy security industrial growth and technological advancement said Ministry of Mines in a statementEarlier this month the Union Cabinet approved a Rs 1500 crore incentive scheme under the National Critical Mineral Mission NCMM to boost Indias recycling capacity for critical minerals from secondary sources such as ewaste lithiumion battery scrap and endoflife vehicle partsBy fostering both new and existing recyclers the initiative aims to build 270 kilo tonnes annual recycling capacity produce 40 kilo tonnes of critical minerals attract around Rs 8000 crore in investments and generate nearly 70000 jobs a strategic step to strengthen supply chain resilience and reduce import dependency according to the governmentCritical minerals are fast becoming the oil of the 21st century scarce strategic and fiercely contested They are the building blocks of a modern economy IANS https://dailyworld.in/business/hindustan-copper-ltd-oil-india-join-hands-to-explore-critical-and-strategic-minerals-639484.html Fri, 19 Sep 2025 19:21:00 +0530 https://dailyworld.in/business/third-round-of-india-new-zealand-fta-concludes-successfully-centre-639486.html New Delhi Sep 19 The government on Friday said that the third round of negotiations for the IndiaNew Zealand Free Trade Agreement FTA has concluded successfully in Queenstown The discussions reaffirmed the shared commitment of both nations to strengthen economic ties and work towards the early conclusion of a balanced and mutually beneficial agreement according to a statement by the Ministry of Commerce and IndustryThe third round held from September 1519 witnessed constructive discussions across all areas of the agreement Several chapters were concluded and significant progress was achieved in other key domainsGuided by the vision of Prime Minister Narendra Modi and his New Zealand counterpart Christopher Luxon the negotiations reflected a common resolve to deepen bilateral trade investment and economic cooperationThe FTA was formally launched on March 16 during the meeting between Union Commerce Minister Piyush Goyal and New Zealands Minister for Trade and Investment Todd McClayIndias bilateral merchandise trade with New Zealand stood at 13 billion in FY202425 registering a growth of nearly 49 per cent over the previous yearThe proposed FTA is expected to further boost trade flows promote investment linkages strengthen supply chain resilience and create a predictable framework for businesses in both countriesBoth sides agreed to maintain momentum through intersessional engagementsThe next round of inperson negotiations is scheduled to be held in New Delhi on October 1314According to Goyal Indias exports have recorded a 6 per cent growth in the first five months of the current financial year and exuded confidence that the year would end on a positive noteAs far as exports are concerned I have consistently said that Indias exports are growing every year and this year too I expect exports to grow Currently we are seeing a growth of about six per cent compared to the corresponding five months of last year I am very confident that we will end the year on a positive note the minister saidAt the same time trade talks are ongoing with the United States the European Union New Zealand Chile Peru Oman and several other countries he added IANS https://dailyworld.in/business/third-round-of-india-new-zealand-fta-concludes-successfully-centre-639486.html Fri, 19 Sep 2025 20:08:00 +0530 https://dailyworld.in/business/telangana-cm-invites-british-companies-to-participate-in-musi-project-639234.html Hyderabad Sep 18 Telangana Chief Minister A Revanth Reddy has invited British companies to participate in the Musi Riverfront Development Project He also invited British investments in Global Capability Centres GCCs the pharmaceutical knowledge and academic sectorsBritish High Commissioner Lindy Cameron on Thursday met Chief Minister Revanth Reddy at his residence in Jubilee Hills hereDuring the meeting the British High Commissioner conveyed that the UK Government has agreed to extend the prestigious Chevening Scholarship to meritorious students from Telangana on a cofunding basis She also expressed readiness to enhance cooperation in the fields of education and technologyLindy Cameron expressed willingness to support the training of government teachers and professors in TelanganaThe Chief Minister requested facilitation for UK universities to operate from Hyderabad to benefit Telangana students pursuing higher education in the United Kingdom He also presented the draft of the new Education Policy of Telangana highlighting key reforms and opportunities for collaborationAccording to the Chief Ministers Office CMO the British High Commissioner responded positively to all the proposals and assured cooperation in strengthening bilateral relations between Telangana and the United KingdomRevival of the Musi River which flows through Hyderabad is an ambitious project and the brainchild of CM Revanth ReddyDuring his visit to London early last year the Chief Minister detailed discussions with experts who helped revive the River ThamesHe had discussions with officials and experts from the principal governing body of the River Thames the Port of London AuthorityThe Chief Minister believes that the Musi Riverfront Development Project will transform the face of Hyderabad and foster developmentAccording to him there is no other state capital in the country blessed with a river flowing through the middle of the town The 300kmlong Musi has a long and special historyIn October last year he announced that a consortium of five companies had been selected to prepare a project report for the Musi project The consortium will prepare plans for the revival of Musi project cost estimations and mobilisation of funds from different agencies IANS https://dailyworld.in/business/telangana-cm-invites-british-companies-to-participate-in-musi-project-639234.html Thu, 18 Sep 2025 16:10:00 +0530 https://dailyworld.in/business/maruti-suzuki-reduces-car-prices-up-to-rs-129-lakh-post-gst-reforms-639241.html New Delhi Sep 18 Passing on the full benefit from the recent decrease in the GST rates on cars to customers Maruti Suzuki announced a significant reduction in car prices across its portfolio on Thursday The largest reduction will be seen in entrylevel models with the Alto K10 and SPresso going down by up to Rs 107 lakh and Rs 129 lakh respectivelyOther hatchbacks such as the Celerio WagonR and Ignis will also see significant savings of between Rs 71300 and Rs 129 lakhAdditionally prices of small SUVs will also go downThe automaker reduced the prices of wellknown models like the Brezza and Fronx by more than Rs 1 lakh improving its standing in the fiercely competitive SUV marketThe timing of Maruti Suzukis price cuts is critical for the Indian auto industry which has witnessed a fourmonth decline in passenger vehicle sales as automakers controlled dealer dispatches before the announcement of the updated goods and services tax GST ratesAccording to several reports steep discounts due to GST reforms will boost demand especially in the compact and entrylevel segments that serve firsttime purchasers and city commutersEarlier the GST Council approved the 5 and 18 per cent tax structure scrapping the earlier four slab 512181nd 28 per cent This reform eliminates the previous compensation cess and streamlines the tax structure by primarily setting GST rates at 18 per cent for small cars and 40 per cent for larger or luxury vehicles EVs continue to be taxed at a favourable 5 per cent GST rateSmall massmarket cars including petrol vehicles with engines up to 1200cc and diesel vehicles up to 1500cc both under 4 meters in length receive the most significant tax cutMajor Automobile companies including Mahindra and Mahindra Tata Motors Hyundai Toyota Kia Renault and other automakers have already announced price cuts across the models passing on full benefits to the end consumers IANS https://dailyworld.in/business/maruti-suzuki-reduces-car-prices-up-to-rs-129-lakh-post-gst-reforms-639241.html Thu, 18 Sep 2025 16:42:00 +0530 https://dailyworld.in/business/climate-change-may-up-health-risks-exceed-15-trn-productivity-loss-by-2050-report-639244.html Geneva Sep 18 The rise in global temperatures is likely to cause severe health risks and result in the loss of more than 15 trillion in productivity according to a new report from the World Economic Forum on Thursday The loss will be borne mainly by sectors such as food and agriculture the built environment health and healthcareThe report published ahead of the World Economic Forums Sustainable Development Impact Meetings 2025 arrived as preparations intensify for COP30 in Belém BrazilThe findings highlight that adapting to extreme heat infectious diseases and other health risks accelerating due to climate change is now a strategic business imperativeWe are entering an era in which protecting worker health is proving essential to business continuity and longterm resilience said Eric White Head of Climate Resilience World Economic ForumEvery year we delay embedding resilience into business decisions the risks to human health and productivity climb and the costs of adaptation rise White addedSharing sectorspecific vulnerabilities the report showed that in food and agriculture climate health impacts could lead to 740 billion in lost output triggering serious consequences for global food securityIn the built environment sector climate health impacts are projected to result in productivity losses of 570 billionFurther the health and healthcare sector stands to lose 200 billion in productivity due to workforce climate health illness while rising climatedriven disease rates among the wider population could compound demand pressuresThe insurance industry meanwhile is projected to experience a sharp rise in climate health claimsThe report developed in collaboration with Boston Consulting Group BCG urged companies to act now to protect workforce health build operational resilience and safeguard productivity before the costs of climate adaptation become unmanageableIt showed that investing early in climate health adaptation can benefit beyond risk mitigation unlocking new opportunities for innovation and growth while meeting emerging market needsThis includes developing climateresilient crops that protect food systems heatstable medications that expand medicine availability cooling technologies that keep construction workers safe and new insurance models protecting communities against climate health shocks the report said IANS https://dailyworld.in/business/climate-change-may-up-health-risks-exceed-15-trn-productivity-loss-by-2050-report-639244.html Thu, 18 Sep 2025 16:44:00 +0530 https://dailyworld.in/business/govt-focusing-on-raising-share-of-natural-gas-in-indias-energy-mix-639246.html New Delhi Sep 18 The government plans to accelerate the use of piped natural gas PNG complementing renewables through gasbased power and scaling opportunities in CBG hydrogen and LNG mobility Addressing the ASSOCHAM India Gas Infrastructure Conference Petroleum and Natural Gas Regulatory Board PNGRB Secretary Anjan Kumar Mishra said With industry collaboration and policy support we can raise the share of natural gas in Indias energy mix well beyond 15 per cent and make clean affordable energy a reality for every householdLauding the sectors achievements in promoting the ease of doing business including efforts to transition households from LPG to PNG he noted the progress made in laying the groundwork in rural areas and stressed the importance of scaling access and boosting power generation through natural gas A collective commitment is required to build a resilient futureready gas infrastructure aligned with Indias vision for sustainable growth and carbon neutrality he addedMishra said that over the past few years the government has laid the foundation authorising more than 300 geographical areas advancing rural access and fostering ease of doing businessASSOCHAM Task Force on Hydrocarbons CoChairman amp Pipeline Infrastructure Limited MD Akhil Mehrotra emphasised the need for a faster rollout of city gas networks supported by a robust gas to power strategy He called for greater integration of renewables expanded energy storage solutions and a strong mobility ecosystem to drive adoptionIndraprastha Gas Ltds Director Commercial Mohit Bhatia emphasised that the nations vision to achieve a 15 per cent share of natural gas in the energy mix by 2030 is not merely an aspirational figure but a collective mission anchored in actionHighlighting the transformative role of the City Gas Distribution CGD sector he underlined how every new pipeline CNG station and household connection brings the country closer to cleaner air healthier communities and globally competitive industriesBhatia reflected on the growing strength of the global LNG landscape where India has already emerged as the fourthlargest importer and outlined how expanded regasification capacity innovative solutions like SSLNG hubs and transparent gas exchanges will shape the future Stressing natural gas as the bridge fuel for decarbonization he spoke of its pivotal role in reducing industrial emissions modernising logistics and balancing renewable power IANS https://dailyworld.in/business/govt-focusing-on-raising-share-of-natural-gas-in-indias-energy-mix-639246.html Thu, 18 Sep 2025 16:45:00 +0530 https://dailyworld.in/business/blue-energy-motors-raises-50-mn-funding-to-accelerate-green-trucking-in-india-639247.html Mumbai Sep 18 Blue Energy Motors BEM Indias leading manufacturer of LNG and Electric heavyduty trucks has secured fresh funding bringing its total capital raised to 50 million The companys vision for green mobility is backed by Essar and FPT Iveco Group serving as both a strategic investor and technology partnerIn the latest funding round Blue Energy Motors raised an additional 30 million from Nikhil Kamath and Omnitex IndustriesBEM currently has a manufacturing capacity of 10000 trucks per year The fresh funding will be instrumental in fully unlocking this capacity accelerating production expanding the development of liquefied natural gas LNG and electric vehicle EV heavyduty trucks and scaling the companys green mobility footprint across IndiaThe company is at the forefront of decarbonising Indias transportation sector which contributes nearly 15 per cent of the countrys total carbon emissions As Indias largest manufacturer of LNG trucks the company has sold around 1000 vehicles that are running successfully with leading Fortune 500 companies These trucks have collectively travelled more than 60 million km reducing carbon emissions by over 15000 tonnes CO2 to dateCommenting on the fund raise Anirudh Bhuwalka Founder amp Managing Director of Blue Energy Motors said The fresh fund raise empowers Blue Energy Motors to accelerate Indias shift to clean sustainable freight transportation By harnessing both LNG and electric truck technologies we are set to lead Indias transformation toward sustainable zeroemission freight Our commitment to delivering scalable commercially viable solutions positions us at the forefront of the green mobility revolution and sets the stage for longterm value creation for our investorsNikhil Kamath Investor and Entrepreneur said The future of logistics in India will be built on clean scalable technology The real opportunity lies in solutions that dont just chase disruption but deliver it quietly efficiently and at scale Blue Energy has done that wellAnshuman Ruia Director Essar added As investors in Blue Energy Motors Essar remains deeply committed to accelerating Indias transition to green mobility Our continued investment underscores our confidence in Blue Energy Motors and the companys innovative approach to decarbonizing heavyduty transportation This aligns perfectly with Essars broader vision of championing sustainable business solutions across sectorsAs India moves toward a cleaner and more energyefficient future Blue Energy Motors is wellpositioned to lead the transition in the freight transportation sector IANS https://dailyworld.in/business/blue-energy-motors-raises-50-mn-funding-to-accelerate-green-trucking-in-india-639247.html Thu, 18 Sep 2025 16:46:00 +0530 https://dailyworld.in/business/stock-market-rises-for-3rd-consecutive-day-on-us-fed-rate-cut-buying-in-it-sector-639255.html Mumbai Sep 18 The Indian equity indices extended the gaining momentum for the third consecutive session on Thursday amid buying in IT stocks after the US Fed announced a rate cutSensex closed at 8301396 up 32025 points or 039 per cent The 30share index opened with a decent gapup at 8310892 against the last sessions closing of 8269371 after the US Fed announced a rate cut However the index remained rangebound throughout the session amid a mixed approach across sectors except IT Nifty ended the session at 2542360 up 9335 points or 037 per centGlobal equities traded in the green after the US Federal Reserve cut rates by 25 bps to 4425 per cent and signalled two more reductions this year to cushion rising job market risks Mirroring the upbeat global sentiment Indian markets opened with a positive gapup and maintained a sideways trajectory through the first half of the session Ashika Institutional Equities said in a note Eternal Sun Pharma Infosys HDFC Bank PowerGrid HCL Tech ITC Hindustan Unilever Tata Steel Axis Bank and Bajaj FinServ settled high amid the Sensex stocks Bajaj Finance Tata Motors Trent Ultratech Cement and Asian Paints ended the session in negative territoryThe majority of sectoral indices remained in green amid value buying Nifty Fin Services jumped 135 points or 051 per cent Nifty Bank rose 234 points or 042 per cent Nifty Auto moved up 34 points or 013 per cent Nifty FMCG jumped up 201 points or 036 per cent and Nifty IT surged 303 points or 083 per cent Broader indices continued their bullish run amid buying in midcap and smallcap stocks Nifty Small Cap 100 jumped 53 points or 029 per cent Nifty Midcap 100 increased 224 points or 038 per cent and Nifty 100 ended the session 91 points or 035 per cent highRupee closed weaker by 026 at 8809 despite the dollar index staying soft postFed policy where a rate cut was announced but forward guidance remained mixed as the roadmap for further cuts was unclear and datadependent on jobs said Jateen Trivedi of LKP SecuritiesnbspThe rupee failed to gain as FII sentiment remained cautious while ongoing IndiaUS trade talks will be the next key trigger Support for the rupee lies near 8775 while resistance is seen at 8825 he added IANS https://dailyworld.in/business/stock-market-rises-for-3rd-consecutive-day-on-us-fed-rate-cut-buying-in-it-sector-639255.html Thu, 18 Sep 2025 17:19:00 +0530 https://dailyworld.in/business/global-confidence-in-india-is-rising-amid-next-gen-reforms-ashwini-vaishnaw-639258.html New Delhi Sep 18 IANS Global confidence in India is rising and nextgeneration reforms such as the recent GST restructuring and the rapid expansion of Indias digital infrastructure are enabling stronger domestic and international partnerships essential for achieving the vision of a developed India by 2047 Union Electronics and IT Minister Ashwini Vaishnaw said on ThursdaynbspAddressing the Public Affairs Forum of India PAFI event here the minister underscored Indias growing role and aspirations in the evolving multipolar world ordernbspIndias growth story is not just consistent it is accelerating with greater confidence We are moving from a 95 per cent to a 98 per cent confidence interval on growth with inflation under control and a nominal growth trajectory of 913 per cent Vaishnaw told the gatheringIndias achievements in semiconductors from producing Made in India chips to designing worldclass 2 nanometre technology demonstrate global confidence in our capabilities he mentionednbspSimultaneously reforms in income tax and GST coupled with strong capex and talent development are driving a virtuous cycle of consumption investment and employmentnbspThese foundations ensure that Indias growth story is both resilient and transformative the minister notednbspVaishnaw further highlighted Indias continued rise as a trusted global partner attributing this momentum to sweeping policy reforms in deregulation digitisation and investment facilitationHe mentioned that two more semiconductor plants will soon start operating further solidifying Indias position in the global chip manufacturing ecosystem including the production of machines and materials for chipsnbspThis comprehensive approach he stated is a complete product endtoend validation of Indias capabilities attracting global confidencenbspHe also highlighted the ambitious Telecom 100 labs initiative and the expansion of the semiconductor talent development program mentioning the 28 studentdesigned chips presented to Prime Minister Narendra Modi recentlyAddressing the critical role of infrastructure Vaishnaw who is also the Railways Minister further detailed the three major areas of capital expenditure in railwaysnbspHe highlighted a significant improvement in safety wherein accidents reduced from 170 to 31 per year backed by an annual investment of Rs 34000 crorenbspThe minister showcased the new generation of railway rolling stock including AMRIT Bharat trains for lowincome families costing just Rs 400 and the progress on the bullet train project with 300 km of viaduct completed and operations on track for 2027He also spoke about Indias prospects and innovation in emerging sectors such as artificial intelligence AI clean energy and digital public infrastructure The session concluded with the unveiling of PAFIs first book titled The Policy Pivot Inside Indias Strategic Shift an anthology featuring 25 essays by public policy and public affairs experts https://dailyworld.in/business/global-confidence-in-india-is-rising-amid-next-gen-reforms-ashwini-vaishnaw-639258.html Thu, 18 Sep 2025 17:41:00 +0530 https://dailyworld.in/business/moil-dispatches-its-1st-shipment-of-54-600-tonnes-manganese-ore-to-indonesia-639260.html New Delhi Sep 18 Indias largest manganese ore producer MOIL on Thursday said it has marked a significant milestone in exports from India with the dispatch of its first shipment of 54600 tonnes of manganese ore fines from Visakhapatnam to Indonesia as a state trading enterprise STE The government has appointed MOIL as a STE for export of Manganese Mn ore below 46 per cent Mn grade from IndiaAccording to Steel Ministry MOIL had put in place a mechanism in FY20242025 for export of Mn ore as per the Trade Policy through which any exports of Mn ore from India are required to be routed through MOILThe first consignment of the offered 54600 tonnes Mn ore from Vizag was shipped on August 22 2025 to Indonesia by MOIL Material is exported to foreign buyers by MOIL with a backtoback arrangement with the domestic suppliers said the ministry in a statementExport of lowgrade manganese ore Mn 25 per cent from the country assumes major significance as India has surplus Mn ore of lowgrade fines in excess of domestic demand and hence export of lowgrade ore enhances Indias global footprint and boosts foreign earningAjit Kumar Saxena CMD congratulated the MOIL team for its firstever export consignment of manganese ore as a State Trading Enterprise and emphasised on efficient operations and wellinformed strategies to facilitate international tradeMOIL recorded its highestever August production of 145 lakh tonnes during the month registering an impressive 17 per cent growth over the same month last yearOn the sales front the company also delivered strongly with 113 lakh tonnes of sales in August reflecting a remarkable 256 per cent growth yearonyear compared to the same month of the previous yearFurther during AprilAugust 2025 MOIL recorded its bestever performance with 792 lakh tonnes of production which represents a 93 per cent yearonyear increaseThe governmentowned company which supplies manganese ore as an input for making steel also achieved its bestever exploratory core drilling of 50621 metres during AprilAugust of the current financial year which represents an 86 per cent increase over the same period of the previous year IANS https://dailyworld.in/business/moil-dispatches-its-1st-shipment-of-54-600-tonnes-manganese-ore-to-indonesia-639260.html Thu, 18 Sep 2025 17:55:00 +0530 https://dailyworld.in/business/millionaire-indian-households-jump-90-pc-to-87-lakh-mumbai-leads-report-639265.html New Delhi Sep 18 Indias millionaire households with net worth over Rs 85 crore surged 90 per cent in number to 871 lakh in 2025 up from 458 lakh in 2021 a report said on Thursday Mumbai is the countrys millionaire capital with 142 lakh wealthy households followed by Delhi with 68200 and Bengaluru with 31600 said a report jointly authored by MercedesBenz and Hurun India Maharashtra leads states with 178 lakh millionaire families backed by a 55 per cent jump in Gross State Domestic Product GSDPThe MBHX a composite measure of MercedesBenz sales new billionaire entrants Sensex performance and GDP has surged nearly 200 per cent signalling resilient wealth creation despite global uncertainties the report notedThe survey revealed that millionaire Indians prefer digital payments with 35 per cent using UPI apps and view stocks real estate and gold as their main investment optionsA recent survey showed that Indias highnetworth HNW families can help the country become a 5 trillion economy by utilising their capital for social impact using impact investing and blended financing techniquesMany HNW families continue to operate in silos and exhibit low retention in impact investing the report from wealth advisory firm Waterfield Advisors and NPO organisation Impact Investors Council IIC saidOf the 316 HNW families who entered impact investing in 2021 just 64 remain active in 2024 the report said Recent surveys showed that the top 1 per cent of Indias wealthiest citizens have parked 60 per cent of their money in real estate and goldThis segment holds 116 trillion in total wealth and 70 per cent of Indias financial assets the report said Indias total household wealth is estimated at 196 trillion out of which 116 trillion or 59 per cent is held by this wealthy segment of the populationThe countrys economy continued its strong momentum in the first quarter of 202526 Q1 FY26 with GDP growing 78 per cent compared to 65 per cent in the same period last year IANS https://dailyworld.in/business/millionaire-indian-households-jump-90-pc-to-87-lakh-mumbai-leads-report-639265.html Thu, 18 Sep 2025 17:57:00 +0530 https://dailyworld.in/business/smartphone-exports-see-55-pc-jump-over-330-million-devices-a-year-being-manufactured-in-india-639268.html New Delhi Sep 18 Smartphone exports surpassed Rs 1 lakh crore in just the first five months of FY 202526 a 55 per cent jump over the same period last year and over 330 million mobile phones a year are being manufactured in India and on average there are about a billion mobile phones in use an official statement said on Thursday In Q2 2025 India overtook China to become the top smartphone exporter to the United States The overall picture is also bright for instance Indias mobile phone manufacturing sector has generated over 12 lakh jobs over the past decade uplifting families and strengthening Indias socioeconomic fabric according to the official statementIndias smartphone market is evolving rapidly with consumer preferences increasingly leaning toward 5G adoption and premium features According to market research 5G smartphone shipments surged to 82 per cent of total shipments last year reflecting a remarkable 49 per cent YoY growth Midrange devices priced between Rs 10000Rs 13000 continue to see strong demand expanding the base for highperformance yet affordable smartphonesAt the same time the premium segment above Rs 25000 witnessed robust growth posting a 26 per cent YoY increase as consumers embrace highperformance devices as lifestyle statements This dynamic demonstrates Indias market adaptability with growth spanning across premium midrange and value segments catering to a diverse and increasingly techsavvy consumer baseAccording to Union Minister Ashwini Vaishnaw Indias journey in electronics manufacturing has evolved through distinct phases beginning with finished goods progressing to subassemblies and now entering the critical phase of deep component manufacturing The sector is steadily advancing into this third phase which marks a significant leap in value addition selfreliance and ecosystem depth Total production of electronics has increased from Rs 19 lakh crore in 201415 to Rs 113 lakh crore in 202425Mobiles have been the crowning accomplishment of the electronics manufacturing sector boom Production of mobile phones has soared from Rs 18000 crore in 201415 to Rs 545 lakh crore in 202425 a 28fold riseIndia is the secondlargest mobile phone manufacturer globally with over 300 manufacturing facilities Tamil Nadu has over 47 manufacturing units of electronics supported under various schemes of the Ministry of Electronics and Information Technology MeitY as per the official statement IANS https://dailyworld.in/business/smartphone-exports-see-55-pc-jump-over-330-million-devices-a-year-being-manufactured-in-india-639268.html Thu, 18 Sep 2025 18:00:00 +0530 https://dailyworld.in/business/epfo-rolls-out-passbook-lite-for-easy-access-to-all-pf-details-via-single-login-639270.html New Delhi Sep 18 Union Minister for Labour and Employment Dr Mansukh Mandaviya announced on Thursday that EPFO has introduced a new facility called Passbook Lite which will enable members to easily check their passbook and related summarised view of their contributions withdrawals and balance in a simple and convenient format through the member portal itself without having to go to the passbook portal The new Passbook Lite facility has been introduced within the EPFOs member portal as part of the reforms that have been undertaken to ensure provision of efficient transparent and userfriendly services to membersThis initiative is expected to improve user experience by providing all key services including passbook access through one login However for a comprehensive view of passbook details including graphical display members can continue to access the existing Passbook Portal as wellThis approach ensures greater ease of access for members while simultaneously enhancing the operational efficiency by reducing the load on the existing Passbook Portal and simplifying the architecture through integration of existing APIs within the member portal The focus of this reform is on providing all key services through a single login for greater ease of access The initiative is expected to reduce grievances improve transparency and enhance member satisfactionAt present when employees change jobs their PF accounts are transferred to the new employers PF office through Form 13 online After transfer a Transfer Certificate Annexure K is generated by the previous PF office and sent to the new PF office Until now Annexure K was only shared between PF offices and was made available to members only on their requestA reform has been introduced that now enables members to directly download Annexure K in PDF format from the Member Portal itself This will enable members to track status of transfer applications online ensuring full transparency and allowing members to easily verify their PF transfers It will enable them to confirm that the PF balance and service period are correctly updated in the new account promoting ease of living transparency and trust in EPFO processes according to the governmentThe is facility will also allow members to maintain a permanent digital record for future reference which is especially important for calculating EPS benefitsAt present any EPFO services such as PF transfers settlements advances and refunds require approvals from higherlevel officers RPFCOfficerinCharge This multilayered approval process often led to delays and longer processing times for members claimsThe scope of this reform will include PF transfers and settlements advances and past accumulations refunds chequeECSNEFT returns and interest adjustmentsThis will hold several benefits for users including faster claim settlements and reduced processing time simplified approval layers for smoother service delivery improved accountability at field office level and enhanced transparency and member satisfaction through quicker seamless services IANS https://dailyworld.in/business/epfo-rolls-out-passbook-lite-for-easy-access-to-all-pf-details-via-single-login-639270.html Thu, 18 Sep 2025 18:02:00 +0530 https://dailyworld.in/business/gst-reforms-to-reduce-counterfeit-goods-trade-ficci-cascade-chairman-639274.html New Delhi Sep 18 The GST reforms will lead to a reduction in the trade of counterfeit goods in the country FICCI CASCADE Chairman Anil Rajput said on Thursday Speaking to IANS at an event in the national capital Rajput said FICCI CASCADE organises its annual flagship conference MASCRADE every year which is a movement against smuggling and counterfeiting activitiesHe further said that smuggling and counterfeit goods trade harm the economy and we need to sensitise everyone involved be it policymakers industry or consumersWhen asked about GST 20 Rajput said that it is a transformative reformOne of the reasons for the trade of counterfeit goods is high taxes Therefore the government has reduced the taxes with the GST reform This will help us reduce the trade of counterfeit goods in several sectors Rajput notedThe GST 20 reforms will reduce household tax burdens support MSMEs and combat illicit tradeAccording to a report by FICCI CASCADE and Thought Arbitrage Research Institute TARI the number of items taxed at 5 per cent rose from 54 categories under GST 10 to 149 reducing the effective GST incidence for rural families from 603 per cent to 427 per cent and for urban households from 638 per cent to 438 per centFor businesses especially MSMEs GST 20 introduces rationalised rates that address distortions caused by the inverted duty structure Sectors critical for rural employment and manufacturingsuch as tractors farm machinery fertilizers textiles handicrafts auto components and construction inputsare now subject to lower more rational rates the report saidThis change unlocks blocked input tax credits freeing up working capital and enhancing competitiveness Digitalfirst compliance measures including riskbased assessments automated realtime refunds and quicker dispute resolution through the newly established GST Appellate Tribunal GSTAT will aid formalisation of the economyThe report said that moderating the standard slab to 18 per cent and shifting essentials to the 5 per cent bracket reduces price gaps that encourage smuggling and counterfeiting thereby aiding in the formalisation of the economyShortterm revenue losses are anticipated but the doubling of indirect tax collections and growth in taxpayers under GST 10 indicate potential longterm fiscal benefits it notedNoting that the 40 per cent slab for demerit goods particularly tobacco risks perpetuating illicit markets FICCI CASCADE urged that a balanced approach to demerit taxation is essential to disincentivise smuggling IANS https://dailyworld.in/business/gst-reforms-to-reduce-counterfeit-goods-trade-ficci-cascade-chairman-639274.html Thu, 18 Sep 2025 18:38:00 +0530 https://dailyworld.in/business/sebi-clears-adani-group-and-its-entities-of-all-allegations-in-hindenburg-case-639294.html Mumbai Sep 18 Capital markets regulator SEBI on Thursday cleared the Adani Group and its associated entities of all allegations in the Hindenburg case The SEBI order states that the matter has been considered holistically and the allegations made against the Adani Group are not establishedConsidering the above the question of devolvement of any liability on Noticees Adani Group and associated companies does not arise and hence the question of determination of quantum of penalty also does not require any deliberation the order further statesThe proceedings were disposed of without directionsThe alleged transactions were deemed genuine business dealings and not fraudulent or violative of RPT disclosure norms given the legal framework applicable during the investigation period RPT disclosures under the SEBI refer to the mandatory transparency requirements for related party transactions entered into by listed companies to prevent conflicts of interest and ensure fair dealingsThe order also states that there was no violation of Listing Obligations and Disclosure Requirements LODR The SEBIs LODR norms mandate companies to disclose detailed information about these transactions to their audit committees and shareholders including valuation reports for material transactions and have a defined process for obtaining independent approvalsThe SEBI rejected the contention that the Adani Group had engaged in a scheme to conceal related party transactions pointing out that the widened definition covering indirect transactions was only introduced prospectively via the 2021 amendment to the LODR rules Applying it retrospectively the regulator said would be legally impermissibleThe SEBI probe also found that alleged loans and fund movements were fully repaid and did not qualify as undisclosed related party transactions or fraudulent market practicesIn January 2023 Hindenburg Research published a report accusing the Adani Group of accounting irregularities stock manipulation and hiding relatedparty transactions through layers of shell companiesThe report triggered a sharp selloff in Adani stocks erasing over 100 billion in the Groups market value following which the Supreme Court directed the SEBI to investigate the matterInterestingly USbased Hindenburg Research later came under a cloud due to its controversial shortselling practices and shut down its operations amid widespread criticism in the Western press IANS https://dailyworld.in/business/sebi-clears-adani-group-and-its-entities-of-all-allegations-in-hindenburg-case-639294.html Thu, 18 Sep 2025 21:11:00 +0530 https://dailyworld.in/business/kerala-eu-blue-economy-conclave-opens-with-delegates-hailing-states-coastal-heritage-639299.html Thiruvananthapuram Sep 18 The twoday KeralaEU Blue Economy Conclave titled Blue Tides Two Shores One Vision opened here with ambassadors and delegates from European Union EU nations lauding Keralas vibrant coastal traditions and sustainable fishing practices Organised by the state Department of Fisheries in partnership with the Central government and the European Union the conclave seeks to strengthen collaborations for sustainable oceanbased growthAhead of the formal sessions EU envoys and diplomats embarked on a field trip to experience Keralas marine and cultural landscapeLed by the Ambassador of the European Union to India Herve Delphin the delegation began its visit at Hawa Beach in Kovalam where they interacted with local fishermenMany delegates expressed admiration for the communitys resilience and even joined in hauling nets to witness the strenuous efforts behind the earlymorning catchThe team later visited the Adani Vizhinjam International Seaport where AVPPL CEO Pradeep Jayaraman and Managing Director Divya S Iyer presented an overview of the ports operationsDelegates toured the facility noting its strategic location and modern infrastructureThe group also stopped at the Kerala Arts and Crafts Village in Vellar where they commended the craftsmanship showcased through traditional curios and handicraftsThe EU contingent comprised senior diplomats including Robert Maxian Slovakia Juan Antonio March Pujol Spain Antonio Enrico Bartoli Italy Reuben Gauci Malta Rasmus Abildgaard Kristensen Denmark Dr Piotr Switalski Poland Yankov Bulgaria Kimmo Lahdevirta Finland Sena Latif Romania Simon H Preker Germany and Irma Sincovek SloveniaThe formal inauguration of the conclave will be held on Friday at Leela Kovalam when Chief Minister Pinarayi Vijayan will deliver the keynote addressMinister for Fisheries Culture and Youth Affairs Saji Cherian will preside with Union Minister for Fisheries Animal Husbandry Dairying and Panchayati Raj Rajiv Ranjan Singh and Minister of State George Kurian attending as guests of honourThe conclave brings together policymakers investors academics trade union representatives and fisherfolk to explore Keralas potential as Indias leading blue economy hub with a focus on sustainable practices and EUIndia cooperation IANS https://dailyworld.in/business/kerala-eu-blue-economy-conclave-opens-with-delegates-hailing-states-coastal-heritage-639299.html Thu, 18 Sep 2025 22:06:00 +0530 https://dailyworld.in/business/resounding-victory-adani-group-gets-clean-chit-from-sebi-in-landmark-order-639302.html Mumbai Sep 18 In a resounding victory for the Adani Group the Securities and Exchange Board of India SEBI has closed its investigation into the allegations made by US shortseller Hindenburg Research In a final order that exposes the falsity of the claims widely amplified by the shortseller Indias market regulator concluded that the Adani Group did not violate any rules by routing funds through two private firms effectively dismissing claims of hidden relatedparty transactions and fraudThe probe which was prompted by a Supreme Court directive following the Hindenburg report in January 2023 centred on transactions between publicly listed Adani companies Adani Ports amp Special Economic Zone Adani Power and Adani Enterprises and two private unlisted entities Milestone Tradelinks and Rehvar InfrastructureHindenburg had alleged that these private firms were used as a facade to conceal transactions that should have been disclosed to shareholders as related party transactions RPTsHowever the SEBIs exhaustive inquiry detailed in its final order found no substance to these allegations The regulators key finding rested on the effect of the LODR Regulations as they existed during the investigation period 20182023The SEBI said that the law at the time defined related party transactions only for direct dealings between a company and its related parties Milestone and Rehvar while having business ties were not legally defined as related parties to the Adani companies under the regulations in forceThe order further emphasised that the 2021 amendment to the LODR Regulations which was introduced specifically to include such indirect transactions was given a prospective not retrospective effect The SEBI ruled that applying this new stricter definition to transactions that occurred years earlier would be legally impermissibleThis conclusion is a major relief for the Adani Group which had its market value plummet severely in the wake of the Hindenburg report The SEBI also meticulously examined the financial aspect of the transactionsIt was noted that all loans which amounted to several thousand crores were repaid in full along with interest well before the SEBIs investigation commencedThere was no evidence of fund diversion siphoning of money or loss to shareholders the order stated effectively dismantling the fraud allegations under SEBIs PFUTP RegulationsWith the allegations not established the SEBI has cleared all parties involved including group Chairman Gautam Adani and his brother Rajesh Adani of any liability IANS https://dailyworld.in/business/resounding-victory-adani-group-gets-clean-chit-from-sebi-in-landmark-order-639302.html Thu, 18 Sep 2025 22:11:00 +0530 https://dailyworld.in/business/online-gaming-acts-rules-to-come-into-effect-from-oct-1-minister-639312.html New Delhi Sep 18 Union Minister Ashwini Vaishnaw on Thursday said that the rules under the Promotion and Regulation of Online Games Act 2025 will take effect on October 1 After the bill was passed by the Parliament the government resumed talks with stakeholders such as banks gaming companies and other organisations the minister said Vaishnaw said that the government had been in talks with industry stakeholders for almost three years He emphasised that the government is willing to give additional time if the industry requests it and mentioned that a final round of consultations will take place before implementation startsFor almost everything we do our government believes in a highly consultative process he statedThe act which was notified on August 22 outlaws online realmoney games in India whether they are categorised as skill or chance gamesIt is now illegal to offer or take part in such games and there is no bailA major change from previous regulations which were primarily influenced by state laws and court rulings that distinguished skillbased games from gambling the legislation was introduced in the Lok Sabha on August 20 and passed in two daysEarlier on Thursday the Minister at a preevent of the AI Impact Summit 2026 announced that the government will establish over 500 data labs nationwide as part of the India AI Mission to increase artificial intelligence AI talent and infrastructureHe said the initiative is part of the larger IndiaAI mission and eight new companies including Tech Mahindra Fractal Analytics and IIT Bombay consortium Bharatgen have been selected to build large language models LLMsUnder the IndiaAI mission the government has allocated Rs 9886 crore to an IIT Bombayled consortium to build a 1 trillion parameter LLM In LLMs that extract linguistic relations and patterns from training data internal variables are called parametersThe IndiaAI Mission is the Centres initiative to develop autonomous AI capabilities through sectorspecific AI applications sovereign LLMs GPUs and capacity projects 10300 crore was approved earlier this year IANS https://dailyworld.in/business/online-gaming-acts-rules-to-come-into-effect-from-oct-1-minister-639312.html Thu, 18 Sep 2025 23:12:00 +0530 https://dailyworld.in/business/sensex-nifty-make-strong-gains-amid-positive-cues-after-us-fed-rate-cut-639147.html Mumbai Sep 18 The Indian benchmark indices opened higher on Thursday on the back of positive global cues as the US Federal Reserve eased rates by 25 bps As of 924 am the Sensex was up 347 points or 042 per cent at 83041 and the Nifty was up 89 points or 035 per cent at 25419The Federal Reserve resumed interest rates cut cycle by reducing rates by 25 basis points to a target range of 40425 per cent citing shifting risk dynamics in the economy Fed officials projected two additional rate cuts this year forecasting rates to reach 350375 per cent by the end of 2025The rate cuts were anticipated as concerns intensified over weak labour market data and high inflationThe broad cap indices Nifty Midcap 100 inched up by 008 per cent and the Nifty Small cap 100 jumped 068 per centTech Mahindra 110 per cent ICICI Bank TCS Bajaj Finserv Trent were among major gainers on the Nifty while losers were Hindalco Bajaj Finance Apollo Hospitals SBI and SBI Life InsuranceAmong sectoral indices Nifty IT the top gainer jumped 15 per cent Nifty Realty up 066 per cent and Nifty Pharma up 037 per cent were the other notable gainers Except metal all other sectoral indices were trading in the greenThe Nifty 50 held firmly above the 25300 mark in the previous session reinforcing psychological strength and signaling investor comfort at higher levelsAnalysts said that the index now shows potential upside momentum with resistance expected around the 2540025500 zone The support remains intact at 2500024900 zonesSince the labour market is cooling and the GDP growth projection for 2025 is only 16 per cent perhaps two more cuts are possible this year said VK Vijayakumar Chief Investment Strategist Geojit Investments LimitedThe ongoing rally in the Indian market is driven by expectations of earnings revival and a positive outcome from the IndiaUS trade negotiations he addedAsiaPacific markets were largely in the green zone after US President Donald Trump said that the USChina trade negotiations are progressing well Major US indices declined modestly overnight as the Nasdaq dipped 033 per cent the SampP 500 lost 010 per cent and the Dow inched up 057 per centMost of the Asian markets made strong gains during the morning session While Chinas Shanghai index advanced 041 per cent and Shenzhen jumped 109 per cent Japans Nikkei edged up 109 per cent while Hong Kongs Hang Seng Index dipped 008 per cent South Koreas Kospi added 1 per centOn Wednesday foreign institutional investors FIIs net sold equities worth Rs 1124 crore while domestic institutional investors DIIs were net buyers of equities worth Rs 2293 crore IANS https://dailyworld.in/business/sensex-nifty-make-strong-gains-amid-positive-cues-after-us-fed-rate-cut-639147.html Thu, 18 Sep 2025 10:06:00 +0530 https://dailyworld.in/business/combined-value-of-listed-firms-on-bse-hits-11-month-high-at-rs-465-lakh-crore-639156.html Mumbai Sep 18 The combined value of all Bombay Stock Exchangelisted companies has crossed Rs 465 lakh crore marking its highest level in 11 months This surge was fuelled by a widespread rally and renewed optimism regarding the resumption of IndiaUS trade talks and the US Fed rate cut The figure is currently just 27 per cent shy of the alltime peak recorded on September 27 2024 with nearly Rs 20 lakh crore added since the beginning of SeptemberPotential easing by the Reserve Bank of India RBI in October also boosted investor sentiments as domestic inflation showed signs of softeningBenchmark indices Sensex and Nifty rose around 35 per cent this month closing the gap to record highs seen on September 26 2024Stateowned firms played a huge role in the recent rally driving the BSE PSU Index up by 75 per cent even as the BSE 500 gained 5 per cent BSE Auto rose by 9 per cent BSE Bankex up 68 per cent BSE Metal added 81 per cent and Oil amp Gas went up 45 per centMidcap and smallcap stocks also showed strong performance with the BSE MidCap index rising 47 per cent and SmallCap edging up by 6 per centAnalysts said that the Indian stock market is unlikely to be impacted by the US Fed decision They said that the ongoing rally in the market is driven by expectations of earnings revival of Indian corporatesAccording to market watchers there is a high likelihood of above 15 per cent growth in corporate earnings in FY27 due to GST reforms leading to a turnaround in FPI sentimentsHowever others maintain that valuations remain high but earnings momentum is set to improve driven by banks NBFCs and the consumption sectorsMeanwhile the Nifty 50 held firmly above the 25300 mark in the previous session reinforcing psychological strength and signalling investor comfort at higher levelsAnalysts said that the index now shows potential upside momentum with resistance expected around the 2540025500 zone The support remains intact at 2500024900 zones IANS https://dailyworld.in/business/combined-value-of-listed-firms-on-bse-hits-11-month-high-at-rs-465-lakh-crore-639156.html Thu, 18 Sep 2025 11:08:00 +0530 https://dailyworld.in/business/centre-to-help-itis-become-ai-driven-training-centres-fm-sitharaman-639180.html New Delhi Sep 18 The Union government plans to transform Industrial Training Institutes ITIs across the country into Artificial Intelligence AIdriven training centres Finance Minister Nirmala Sitharaman said on Thursday Addressing the Indian Foundation for Quality Managements IFQM second annual symposium in the national capital Sitharaman said that the government has been focussed on skilling and upskilling for the last two to three years and has made provisions for it in the annual budgetsShe noted that as the ITIs were not adding to the rapidly changing production environment the central government launched a hubandspoke model to upgrade themSo if these ITIs were to adopt the hub and spoke model within the state we will be able to provide them the entire money required for upgrading these places for AIdriven training centres the FM saidThe government has identified some institutes of excellence such as the IITs or the Indian Institute of Science for setting up institutions of excellence for AIrelated RampD and also training she addedFM Sitharaman explained that the budget aimed to ensure that AIdriven skills are given to youngsters at the ground level even if they are school dropouts or pass outs or had finished some kind of a qualification and have some degree but today want to acquire the AIrelated skillsAll such people will be entertained in the ITIbased formulation that will come up These hubs will provide handson AI training to students she said adding that many states are keen to develop the modelPointing out the need to urgently upskill Indias youth to make them ready for quick and direct employment after completing their education the finance minister sought the private sectors participation in itHow to bridge the human resource insufficiencies not adequately trained not the kind of degree I want The rounding off of the personalities is missing The degree is there but the individual is not groomed adequately enough to be a part of the large multinationals or Indian companies that you are talking about That element has to be done by all of us I would want private sector participation together with the government in readying youth to be fit for quick and direct employment Sitharaman said IANS https://dailyworld.in/business/centre-to-help-itis-become-ai-driven-training-centres-fm-sitharaman-639180.html Thu, 18 Sep 2025 12:07:00 +0530 https://dailyworld.in/business/lupin-receives-us-fda-approval-for-its-generic-cancer-drug-639192.html New Delhi Sep 18 Indian pharma major Lupin announced that the US Food and Drug Administration has approved its abbreviated new drug application for Lenalidomide capsules in strengths of 25 mg to 25 mg for cancer patients Lenalidomide has been approved for treatment of adult patients with multiple myeloma a deadly blood cancer when used with dexamethasone as maintenance therapy after autologous haematopoietic stem cell transplantation the company said in an exchange filingIt is also indicated for transfusiondependent anaemia in low or intermediate1risk myelodysplastic syndromes linked to a deletion 5q abnormalityLenalidomide capsules are a generic version of Revlimid capsules developed by American multinational BristolMyers Squibb CompanyThe product will be manufactured at Lupins Pithampur facility in Madhya Pradesh the statement addedLupin announced that its generic product will provide a costeffective alternative to RevlimidLenalidomide capsules 25 mg 5 mg 10 mg 15 mg 20 mg and 25 mg RLD Revlimid had estimated annual sales of 7511 million in the US the company saidLupin headquartered in Mumbai operates as a global pharmaceutical company in more than 100 markets and focuses on branded and generic formulations complex generics biotechnology products and active pharmaceutical ingredientsThe company has 15 manufacturing sites and seven research centres globally with over 24000 employeesLupin had recently also received the US administrations approval for Minzoya a generic contraceptive tabletThe drug remains a generic equivalent of Balcoltra developed by USbased Avion Pharmaceuticals LLC Minzoya will also be manufactured at Lupins Pithampur facilityMeanwhile Lupins shares on Thursday dipped marginally to Rs 203050 down Rs 070 or 003 per cent from the previous days closeOver the past five trading days the stock has been down Rs 530 or 026 per cent Over the past month the pharma giants shares have gained Rs 6230 or 317 per cent IANS https://dailyworld.in/business/lupin-receives-us-fda-approval-for-its-generic-cancer-drug-639192.html Thu, 18 Sep 2025 13:24:00 +0530 https://dailyworld.in/business/india-a-miracle-success-story-were-capable-of-overcoming-all-challenges-cea-nageswaran-639193.html New Delhi Sep 18 Indias Chief Economic Adviser V Anantha Nageswaran on Thursday hailed the countrys growth story saying nowhere in the world a nation of this sheer size and diversity is attempting an economic and social transformation at a massive scale and we are capable of overcoming all kinds of challenges Speaking to IANS Nageswaran said that India has always been an exciting storyNowhere in the world a country of this size and diversity is attempting an economic and social transformation within a democratic framework and having succeeded so far in coming from the poor income status to low middle income status the CEA stressedHe further stated that we need to learn not just from our failures but also from our successesWhat did we get right We got many things right So I think its a good thing especially in this time of uncertainty to focus on some of the success stories the miracles that we talk about and that would be an inspiration and reminder to us that we are capable of overcoming our challenges Nageswaran told IANS on the sidelines of an event organised by the Bharat Chamber of CommerceThe CEA also congratulated the Chamber which has been around for 125 years saying I would like to wish the Bharat Chamber of Commerce many more years and decades of distinguished service to its members and the nationEstablished in 1900 Bharat Chamber of Commerce is one of the oldest largest and leading Chambers of Commerce in the Eastern regionOn a question regarding the resumption of IndiaUS trade talks and the call between Prime Minister Narendra Modi and US President Donald Trump on PM Modis 75th birthday Nageswaran said he hoped the trade stalemate would be resolved soonI think the conversations are going on and as I said earlier I have nothing more to add I hope that this will be resolved soon he addedNageswaran has earlier said that in spite of tariff disputes and geopolitical uncertainty affecting global trade the Indian economy is better placed for good news rather than shocksIndias economy remains on a firm footing he affirmed Nageswaran credited this resilience to a decade of reforms that included digital and physical infrastructure upgrades with the gradual formalisation of small and medium enterprises IANS https://dailyworld.in/business/india-a-miracle-success-story-were-capable-of-overcoming-all-challenges-cea-nageswaran-639193.html Thu, 18 Sep 2025 13:25:00 +0530 https://dailyworld.in/business/all-you-need-to-know-about-notifications-issued-under-gst-20-reforms-639200.html New Delhi Sep 18 The Finance Ministry on Thursday issued a list of six Frequently Asked Questions on GST 20 relating to the new notifications that have been issued to bring the tax rate cuts on goods and services into effect from September 22 The FAQs are as followsQ1 In which notification will I find the CGST rates changes for goods Is a new Notification being issuedYou will find the changes in CGST rates on goods in Notification No 92025 Central Tax Rate dated 1792025 This Notification No 92025 Central Tax Rate dated 1792025 has been issued in supersession of earlier Notification No12017 Central Tax Rate dated 28th June 2017The same is available on httpstaxinformationcbicgovinview pdf1010436ENGNotificationsQ2 In which notification will I find the list of exempted goods from CGST Is a new Notification being issuedYou will find the list of goods exempted from CGST in Notification no 102025Central Tax Rate dated 1792025 This Notification no 102025Central Tax Rate dated 1792025 has been issued in supersession of earlier Notification No22017 Central Tax Rate dated 28th June 2017The same is available on httpstaxinformationcbicgovinview pdf1010437ENGNotificationsQ3 In which notification will I find the GST rate for handicrafts Is a new Notification being issuedYou will find the GST rates for handicrafts in Notification no 132025Central Tax Rate dated 1792025 This Notification no 132025Central Tax Rate dated 1792025 has been issued to amend Notification No212018 Central Tax Rate dated 26th July 2018The same is available on httpstaxinformationcbicgovinview pdf1010440ENGNotificationsQ4 Which notification prescribes the amended rates of compensation cessNotification no 12017Compensation Cess Rate dated 2862017 has been amended vide Notification no 22025Compensation Cess Rate dated 1792025 to notify the changes in compensation cess ratesThe same is available on httpstaxinformationcbicgovinview pdf1010449ENGNotificationsQ5 Which is the notification relating to change in GST rate on goods imported for petroleum operationsPlease refer to notification no 112025 Central Tax Rate dated 1792025 in this regardThe same is available on httpstaxinformationcbicgovinview pdf1010438ENGNotificationsQ6 Has a new notification been issued for bricks under Special Composition SchemeThere is no change in GST rate under the special composition scheme for bricks other than sand lime bricks Notification no 142025 Central Tax Rate dated 1792025 has been issued in this regardThe same is available on httpstaxinformationcbicgovinview pdf1010441ENGNotifications IANS https://dailyworld.in/business/all-you-need-to-know-about-notifications-issued-under-gst-20-reforms-639200.html Thu, 18 Sep 2025 14:13:00 +0530 https://dailyworld.in/business/maternity-breaks-workplace-bias-drive-gender-pay-gap-in-india-report-639202.html New Delhi Sep 18 Nearly half of jobseekers 45 per cent believe that Indias gender pay gap exceeds 20 per cent with maternityrelated career breaks and workplace bias cited as the top drivers a survey report said on Thursday According to a Naukri survey across 80 industries 51 per cent of professionals identified maternity breaks as the primary cause of pay disparity between gendersAround 27 per cent pointed to workplace bias the way women are perceived at workThe views of respondents were strongest in IT 56 per cent pharma 55 per cent and automobiles 53 per cent sectorsProfessionals with 510 years of experience 54 per cent and those with 1015 years 53 per cent reported the most pronounced impact of career breaks the report saidHalf of all surveyed professionals flagged IT as the industry with the widest gender pay gapSectors like aviation 57 per cent education 52 per cent far outpaced real estate 21 per cent FMCG 18 per cent and banking 12 per cent in terms of pay gap perceptions Traditional industries such as Oil amp Gas and Retail offered a more positive outlookThe perception of the gender pay gap was particularly strong among younger professionals freshers and midlevel professionals identifying IT as the biggest offender the report saidTechnology hubs Hyderabad 59 per cent and Bengaluru 58 per cent topped concerns about IT pay inequitiesThe survey found that senior professionals view the gender pay gap more starkly Nearly half of respondents with 1015 years 46 per cent and 15 years 47 per cent of experience said the gap remains above 20 per centProfessionals overwhelmingly responded that performanceled promotions could bridge the pay gap Biasfree and transparent hiring 27 per cent and transparent pay practices 21 per cent were also widely endorsed particularly in city clusters like Noida and Gurgaon where calls for pay transparency were the strongest IANS https://dailyworld.in/business/maternity-breaks-workplace-bias-drive-gender-pay-gap-in-india-report-639202.html Thu, 18 Sep 2025 14:14:00 +0530 https://dailyworld.in/business/public-sector-insurers-post-15-pc-premium-growth-at-rs-6-496-crore-in-aug-report-639203.html New Delhi Sep 18 Indias public sector general insurers maintained their faster growth rate for the eleventh consecutive month in August registering a 15 per cent yearonyear growth in premium at Rs 6496 crore a report said on Thursday The public sector insurers premium amount stood at Rs 56495 crore in the same month a year earlier Aug 2024The growth is largely driven by renewals in the fire engineering health and motor thirdparty segments CareEdge ratings said in its reportHowever the switch to the 1n rule due to GST reforms has affected overall headline growthThe nonlife insurance sector continued to experience a slowdown in premium growth till the month with total collections reaching Rs 249530 crore a modest 16 per cent rise YoY compared to a 42 per cent increase in August 2024At the same time private nonlife insurers including SAHI or standalone health insurers retained their dominant 70 per cent market share in August 2024 and August 2025 up from 68 per cent in August 2023On an annual basis private insurers continued to hold the majority share at 648 per cent as of August 2025 although this is slightly lower than the 664 per cent share reported a year agoMeanwhile the share of public sector insurers increased to 352 per cent from 336 per cent in August 2024The report highlighted that health insurance remains the largest segment within the nonlife insurance industry It has recorded a 143 per cent growth in premium from Rs 8038 crore in August 2024 to Rs 91837 crore in August this yearThe group health segment grew the fastest in yeartodate YTD FY26 driven by policy renewals and premium hikes amid rising medical inflationHowever growth moderated to 100 per cent down from 167 per cent in the same period last year Retail health insurance growth moderated to 85 per cent in YTD FY26 down from the 183 per cent pace seen in YTD FY25 IANS https://dailyworld.in/business/public-sector-insurers-post-15-pc-premium-growth-at-rs-6-496-crore-in-aug-report-639203.html Thu, 18 Sep 2025 14:15:00 +0530 https://dailyworld.in/business/india-us-tariff-stalemate-likely-to-be-resolved-in-8-10-weeks-chief-economic-advisor-639213.html Kolkata Sep 18 In a ray of optimism for Indian exporters Chief Economic Advisor CEA V Anantha Nageswaran on Thursday said a solution to the IndiaUS tariff issues is likely to be arrived in the next 810 weeks Addressing a session organised by the Bharat Chamber of Commerce here Nageswaran said that conversations are already going on between the two governments to end the deadlockMy hunch is that in the next eight to 10 weeks we will likely see a solution to the penal tariff imposed by the US on Indian goods he told the gatheringNageswaran indicated that the IndiaUS talks are underway to also reduce the reciprocal tariffs from 25 per cent to about 15 per centThe additional 25 per cent tariff on Indian imports came into effect from August 27 owing to New Delhi purchasing Russian oil taking the total tariffs on the Indian goods entering the US to 50 per centOn a question regarding the call between Prime Minister Narendra Modi and US President Donald Trump on PM Modis 75th birthday Nageswaran said he hoped the trade stalemate would be resolved soonI think the conversations are going on and as I said earlier I hope that this will be resolved soon he told IANS on the sidelines of the eventMeanwhile India and the US have decided to intensify efforts to achieve an early conclusion of a mutually beneficial trade agreement BTAA team of officials from the office of the United States Trade Representative led by Chief Negotiator IndiaUS Bilateral Trade Agreement negotiations Brendan Lynch arrived in India this weekThey held discussions on IndiaUS trade ties including the IndiaUS Bilateral Trade Agreement with a team of Indian officials led by Special Secretary Commerce Rajesh AgrawalAccording to a statement issued by the Commerce and Industry Ministry Acknowledging the enduring importance of bilateral trade between India and the US the discussions were positive and forward looking covering various aspects of the trade deal It was decided to intensify efforts to achieve an early conclusion of a mutually beneficial Trade AgreementAccording to Commerce Ministry sources trade discussions are going on at several levels There is a positive frame of mind on both sides while approaching trade issuesLynchs visit came as expectations of a trade deal were boosted by positive messages from Trump and PM Modi IANS https://dailyworld.in/business/india-us-tariff-stalemate-likely-to-be-resolved-in-8-10-weeks-chief-economic-advisor-639213.html Thu, 18 Sep 2025 14:41:00 +0530 https://dailyworld.in/business/indias-contribution-to-global-gdp-growth-to-reach-9-pc-by-2035-govt-official-639218.html Mumbai Sep 18 Indias dominance in the global economy is rapidly increasing and the countrys share in global GDP growth will increase to 9 per cent by 2035 up from 65 per cent in 2024 M Nagaraju Secretary Department of Financial Services Ministry of Finance said on Thursday Addressing the gathering at the annual infrastructure conclave 2025 organised by the National Bank for Financial Infrastructure and Development NABFID here M Nagaraju said that even in an environment of global uncertainty the countrys economy is progressing rapidly and remains the fastestgrowing economy in the worldHe further said that the countrys economy has been growing at an average annual growth rate of 8 per cent for the past four years and the most recent quarterly GDP growth was 78 per cent the highest in the last five quartersAccording to the Secretary Indias external sector is also performing well and the current account deficit in the last quarter was only 05 per cent of the GDPThe countrys net services exports are also growing rapidly and due to all these strong factors the country can become a developed nation by 2047 the 100th anniversary of IndependenceThis macroeconomic success story sets a solid foundation for our infrastructure ambitions It tells the world that Indias growth is not only resilient but also driven by reforms and prudent policies making us a key engine of global growth and a potential leader in shaping the postpandemic global economic order he notedComplementing the economys strength Indian banking and the financial sector have emerged as pillars of resilienceIn fiscal year 202425 public sector banks have outpaced private sector banks in credit growth This has never happened before in more than a decadeAdditionally NonPerforming Assets NPAs have fallen below one per cent and the capital adequacy ratio is also above regulatory standards indicating that Indias banking sector is in strong shapeOverall these trends point to a strong adequately capitalised financial system that is wellpositioned to meet the aspirations of a developed India IANS https://dailyworld.in/business/indias-contribution-to-global-gdp-growth-to-reach-9-pc-by-2035-govt-official-639218.html Thu, 18 Sep 2025 15:09:00 +0530 https://dailyworld.in/business/data-of-nearly-3-million-lotte-card-customers-leaked-639220.html Seoul Sep 18 Lotte Card Co the countrys fifthlargest card issuer said on Thursday that personal data of some 3 million customers has been leaked in a hacking incident last month but there has yet to be any report of improper use Lotte Card said the leaked data estimated at 200 gigabytes included identification numbers internal identification numbers and connecting informationThe leaked data also included card verification codes card numbers and card validity period of some 280000 customers critical information that may expose their owners to credit card fraud according to the company reports Yonhap news agencyLotte Card CEO Cho Jwajin issued a public apology and announced response measures including full compensation for any reported damage caused by improper use of stolen dataLeaked data was created in the online settlement process via online servers between July 22 and August 27 Cho saidThe CEO stressed that leaked data cannot be improperly used for offline settlements Additional identification processes are necessary for online settlements so improper card uses are difficult with only breached dataEarlier this month Lotte Card with some 96 million members disclosed a cyber breach Since then the financial watchdog and the card company have been struggling to gauge the damage caused by the hackingLotte Cards data breach is the latest in a series of massive cyber breach cases in the financial sector Earlier Seoul Guarantee Insurance had suffered a similar hacking incidentLotte Cards cybersecurity lapse also came as Financial Supervisory Service Gov Lee Chanjin has been calling on financial firms to beef up their cybersecurity and better safeguard customersMeanwhile the science ministry here has launched an official probe into a purported attempt to sell personal data allegedly leaked from South Koreas top mobile carrier SK Telecom Co The move came after a global hacking group Scattered Lapsus posted on its Telegram channel that it would sell SK Telecoms client data for US10000 adding that 42 South Koreans had already made contactThe government also recently launched a probe against No 2 mobile carrier KT Corp which reported a total of 278 cases of unauthorized mobile payments worth 170 million won 122000 raising concerns over a possible leak of customer data IANS https://dailyworld.in/business/data-of-nearly-3-million-lotte-card-customers-leaked-639220.html Thu, 18 Sep 2025 15:10:00 +0530 https://dailyworld.in/business/gst-20-gives-booster-shot-to-textiles-logistics-sectors-639222.html New Delhi Sep 18 The rationalisation of Goods and Services Tax under GST 20 marks a significant reform aimed at removing structural anomalies reducing costs and boosting demand in the textile and logistics industries both of which are vital for domestic growth employment and export competitiveness according to an official statement on Thursday By aligning tax rates across the value chain the GST reform ensures affordability for consumers sustains jobs in labourintensive sectors and enhances Indias ability to compete globally In the textile sector the rationalisation strengthens the entire value chain from fibre to garment by reducing distortions improving garment affordability reviving retail demand and supporting export competitiveness the statement explainedThe reduction in GST will lead to making apparel more affordable for middle and lowincome households which will stimulating domestic demand with significant impact in small towns and rural regionsGST on readymade garments up to Rs 2500 per piece is now 5 per cent making apparel more affordable and boosting domestic demandGST on manmade fibres and yarns cut from 12 per cent and 18 per cent to 5 per cent removes inverted duty structure and strengthens Small and Medium Enterprises while the reduction in GST on carpets and other textile floor coverings from 12 per cent to 5 per cent will enhance global competitiveness according to the statementSimilarly cut in GST on commercial goods vehicles from 28 per cent to 18 per cent will bring down logistics costs and support exportsThe GST reforms also extend to the transport sector which plays a crucial role in reducing logistics costs and supporting industrial growth Trucks and delivery vans which carry nearly 6570 per cent of Indias goods traffic benefit significantly from tax rationalisation Cheaper freight movement reduced cost per tonnekm benefits the transport of textile FMCG and ecommerce deliveriesThe cascading effect of lower logistics cost helps reduce overall price pressures and bring down inflation Besides lower logistics costs make Indian textiles more competitive abroadThe GST rationalisation across textiles and logistics sectors is a decisive step towards strengthening Indias manufacturing base improving affordability and boosting exports By reducing structural anomalies and easing cost pressures these reforms directly benefit consumers small businesses and exporters alike They reinforce the vision of a globally competitive India powered by resilient supply chains and a thriving textile sector the statement added IANS https://dailyworld.in/business/gst-20-gives-booster-shot-to-textiles-logistics-sectors-639222.html Thu, 18 Sep 2025 15:12:00 +0530 https://dailyworld.in/business/indian-pharma-companies-revenue-to-grow-7-9-pc-in-fy26-amidst-us-market-risks-report-639225.html New Delhi Sep 18 The Indian pharmaceutical sector is expected to achieve 79 per cent revenue growth in FY 2026 driven by strong domestic and European demand despite a significant slowdown in its US market a report said on Thursday Ratings agency ICRA in a report said that global headwinds and regulatory uncertainties cast a shadow over its largest export market in the US but 810 per cent growth is expected in the domestic market with 1012 per cent growth in EuropeThe operating profit margins of the companies are expected to remain resilient at 2425 per cent in FY26 broadly in line with 246 per cent in FY25 aided by favourable raw material prices improved operating leverage and a rising share of specialty productsUS revenues are anticipated to moderate with YoY growth slowing 35 per cent from nearly 10 per cent in FY 2025 the report saidICRAs sample set companies recorded 103 per cent YoY growth in Q1 FY26 driven by market share gains in chronic therapies new product introductions and regular price hikes despite subdued volume growth for branded generics partly due to rising genericisation said Kinjal Shah Senior Vice President amp CoGroup Head ICRAICRA maintained a stable outlook on the sector due to its steady revenue growth and earnings trajectory underpinned by healthy balance sheets strong liquidity and robust operating profit margins OPMThe ratings agency said that domestic drug sales are boosted by sales force expansion improved productivity of medical representatives deeper rural distribution new product launches and recent GST exemptions on lifesaving drugsResearch and development RampD spending is projected to remain steady at 67 per cent of revenues with companies increasingly focusing on complex molecules and specialty products over generics IANS https://dailyworld.in/business/indian-pharma-companies-revenue-to-grow-7-9-pc-in-fy26-amidst-us-market-risks-report-639225.html Thu, 18 Sep 2025 15:38:00 +0530 https://dailyworld.in/business/kerala-pushes-for-milk-self-sufficiency-farmers-gain-rs-25479-cr-in-support-639226.html Thiruvananthapuram Sep 18 Kerala has stepped up its drive towards selfsufficiency in milk production with heavy investments and farmer incentives even as the Kerala Cooperative Milk Marketing Federation KCMMF popularly called MILMA prepares to revise procurement prices Replying in the Assembly Animal Husbandry and Dairy Development Minister J Chinchu Rani on Thursday detailed the states spending and output trends underscoring milk as a key focus of the farm economyIn 202425 alone Rs 1624 crore was spent on milk shed development projectsOver the last three financial years Rs 121 crore 202122 Rs 140 crore 202223 and Rs 132 crore 202324 were mobilised through local selfgovernment institutions totalling Rs 393 crore with almost 95 per cent of panchayats participatingDirect financial benefits to farmers were substantial MILMA and its unions disbursed Rs 15799 crore as additional milk price along with Rs 968 crore on welfare measures besides subsidies on cattle feed to lower production costsIn all Rs 25479 crore was channeled to farmers in 202425 a factor credited with the steady rise in milk production from April 2025 onwardsKeralas procurement price for milk stands at Rs 4317 per litre the highest in South India In comparison Tamil Nadu pays Rs 3472 and Karnataka Rs 3520 per litreWhile the higher rate benefits local producers the state faces stiff market pressure due to inflows of cheaper milk from neighbouring states which threatens to undercut MILMAs market shareTo counter this the government has directed that calf procurement schemes be implemented mandatorily in 50 focus blocks identified as leading milkproducing zones with the aim of scaling up production and reducing dependence on outside supplyThe Minister reminded the House that under a 2011 Kerala High Court ruling the authority to revise milk prices lies solely with MILMAA fivemember committee has recommended a farmerfriendly hike which the federation is expected to implement shortly to protect Keralas producers from external competitionAlongside price measures schemes such as Ksheera Grama in selected panchayats calf rearing parks healthcare packages for cows and special projects for plantation and fisher families are being used to sustain production growthOfficials stressed that these combined steps are already delivering results reinforcing Keralas progress towards milk selfsufficiency IANS https://dailyworld.in/business/kerala-pushes-for-milk-self-sufficiency-farmers-gain-rs-25479-cr-in-support-639226.html Thu, 18 Sep 2025 15:39:00 +0530 https://dailyworld.in/business/i-t-department-conducts-survey-at-marico-offices-stock-falls-638976.html Mumbai Sep 17 The Income Tax Department on Wednesday conducted a survey at the offices and facilities of consumer goods company Marico Limited The action led by the departments Mumbai investigation unit involved more than 200 officers and was carried out at different locations across the countryMarico which owns popular brands such as Parachute Saffola and Livon has not issued any official statement so far on the developmentAccording to reports the survey is part of a larger nationwide exerciseOn the stock market Maricos shares were trading slightly lower at Rs 71425 apiece on the Bombay Stock Exchange BSE down 132 per cent or Rs 955 around 115 pmIn the last one week the companys shares fell by Rs 1935 or 263 per cent In the last two weeks the shares dropped by Rs 1920 or 261 per centIn the last one month the stock has given a return of Rs 415 or 058 per cent which is almost flatIn the last three months the companys shares have risen by Rs 2805 or 408 per cent as per the official dataThe company reported a turnover of 13 billion in the financial year 202425 FY25 from its products sold in India as well as select markets in Asia and AfricaA survey under Section 133A of the Income Tax Act is different from a search operationWhile its scope is more limited the Income Tax officers still have significant powers to detect possible tax evasionThey can inspect account books and documents mark them for identification and make copies or extractsOfficers can also impound books or documents but cannot keep them for more than 10 working days without approval from senior authoritiesIf it is revealed that relevant books or documents are kept outside the business premises officials are allowed to visit and inspect those locations as wellHowever further details about the findings of the survey are still awaited IANS https://dailyworld.in/business/i-t-department-conducts-survey-at-marico-offices-stock-falls-638976.html Wed, 17 Sep 2025 14:23:00 +0530 https://dailyworld.in/business/govt-bond-yields-may-dip-10-bps-by-november-amid-stable-inflation-oil-prices-638980.html New Delhi Sep 17 Benchmark Indian bond yields are expected to ease slightly over the next three months driven by favourable inflation data and stable oil prices a report said on Wednesday The 10year government bond yield which stood at 659 per cent on August 31 is expected to inch down to the 642 per cent652 per cent range by the end of September and to 638 per cent648 per cent by November end said the report from research firm Crisil IntelligenceState development loan yields are expected to ease from 723 per cent to the 715 per cent725 per cent range by November while 10year corporate bond yields may fall from 719 per cent to the 708 per cent718 per cent rangeCrisil reported that benign oil prices are offsetting the effects of geopolitical risks and a slowdown in global growth Key factors influencing yields are the upcoming US Federal Open Market Committee decision domestic market liquidity averaging Rs 284 lakh crore in August ongoing USIndia trade negotiations and volatile foreign capital inflowsBetween July 1 and September 8 Foreign Institutional Investors sold Indian equities totalling Rs 102 lakh crore with Rs 7800 crore sold in the first six sessions of SeptemberThere is a low likelihood of the Monetary Policy Committee MPC of the Reserve Bank of India RBI cutting the repo rate in its October meeting as the Central Bank has announced a pause and indicated any further intervention would be datadependent the report saidActual fiscal impact will be smaller than expected due to recent Goods and Services Tax GST rationalisation it addedIndias Q1 GDP growth reached 78 per cent and the governments decision to simplify the GST structure is set to release about Rs 50000 crore into the economy boosting domestic consumptionSBI Capital Markets had recently said that fiscal stress in the US and the UK is adding complexity to global trade tensions with rising debt burdens pushing bond yield curves steeper IANS https://dailyworld.in/business/govt-bond-yields-may-dip-10-bps-by-november-amid-stable-inflation-oil-prices-638980.html Wed, 17 Sep 2025 14:58:00 +0530 https://dailyworld.in/business/pm-modi-should-continue-to-serve-when-independent-india-turns-100-mukesh-ambani-638988.html New Delhi Sep 17 Prime Minister Narendra Modi should continue to serve when independent India turns 100 said industrialist Mukesh Ambani while extending wishes on PMs 75th birthday on Wednesday Mukesh Ambani the Chairman and Managing Director of Reliance Industries and Reliance Retail lauded PM Modi for working tirelessly to transform India into a global superpowerIt is not a coincidence that Modi Jis Amrit Mahotsav is coming in Bharats Amrit Kaal It is my deepest wish that Modi Ji should continue to serve India when independent India turns 100 he addedAmbani said that PM Modis efforts are working to turn India into a global superpowerI have never seen a leader who worked so tirelessly for a better future for India and Indians Ambani saidHe first transformed Gujarat into an economic powerhouse Now he is transforming the whole of India into a global superpower I join all my 145 crore fellow Indians in wishing our Prime Minister a happy birthday and praying for his continuous good health Jai Shri Krishna Jai Hind he addedEarlier Kotak Mahindra Bank director Uday Kotak lauded PM Modis habit of learning from global best practices and adapting them for India to lead the country towards a developed nationCalling every interaction with the Prime Minister an experience filled with learning and inspiration Kotak said what impressed him most about PM Modi was the way he blends vision with execution and curiosity with humilityBharti Enterprises Founder and Chairman Sunil Bharti Mittal hailed the forwardthinking technologyfirst approach of the Prime Minister which has laid a strong foundation to use technology for inclusive progressAccording to Kumar Mangalam Birla Chairman of the Aditya Birla Group PM Modi always wants to know how the economy is doing and what should be done to get the private sector to invest moreHe is also a very keen listener so if he asks you a question he will very patiently listen to what you have to say absorb it Birla saidPM Modis 75th birthday is being celebrated with nationwide events and the launch of health welfare and development programmes It has become a national moment of celebration marked by a wave of greetings and tributes from political leaders across the country IANS https://dailyworld.in/business/pm-modi-should-continue-to-serve-when-independent-india-turns-100-mukesh-ambani-638988.html Wed, 17 Sep 2025 15:04:00 +0530 https://dailyworld.in/business/gujarats-girda-emerges-as-a-trusted-national-lab-generates-rs-1034-cr-revenue-in-three-years-638990.html Ahmedabad Sep 17 The Gujarat Industrial Research and Development Agency GIRDA based in Vadodara has generated over Rs 1034 crore in revenue in the past three years 20222025 through quality testing of various industrial products Backed by more than Rs 721 crore in state government grants GIRDA has established itself as a nationally recognised and trusted laboratory particularly for industries dealing in chemicals plastics and polymersAs per official information functioning as a Centre of Excellence in RampD the institution is empanelled with major state public enterprises such as the Water Resources Department Gujarat Water Supply and Sewerage Board WASMO and Sardar Sarovar Narmada Nigam Ltd conducting crucial quality checks on PVC and HDPE pipelines for public water supply projectsIn addition to state departments GIRDA also serves central PSUs and agencies including GAIL IOCL BPCL ONGC PWD GMB GWIL Police Housing GGRC urban authorities and municipal corporations as well as irrigation departments in Madhya Pradesh Chhattisgarh and Odisha offering both lab testing and field inspection servicesRecognised by the Department of Science and Technology GoI as a Scientific amp Industrial Research Organisation SIROs and accredited by the National Accreditation Board for Testing and Calibration Laboratories NABL under the Quality Council of India GIRDA is further recognised as a research centre under the Applied Chemistry Department of The Maharaja Sayajirao University VadodaraWorking closely with Gujarat State Fertiliser and Chemicals University GSFC the agency undertakes multiple MoUs to enhance research and training Its services extend to industries in rubber plastics paints inks coatings paper highways metals inorganic chemicals cement construction materials and petroleum products offering guidance on quality checks and process improvementsAs a 100 per cent grantinaid institution of the state government GIRDA plays a crucial role in supporting small and medium enterprises SMEs in the chemical and petroleum sectors with RampD training quality control technology upgrades and product development positioning Gujarat as a hub for credible and worldclass industrial testing IANS https://dailyworld.in/business/gujarats-girda-emerges-as-a-trusted-national-lab-generates-rs-1034-cr-revenue-in-three-years-638990.html Wed, 17 Sep 2025 15:06:00 +0530 https://dailyworld.in/business/mobikwik-fraud-triggers-demand-for-deeper-probe-into-fintech-platforms-638998.html New Delhi Sep 17 A major fraud of around Rs 40 crore has raised serious concerns about the safety of fintech platforms after Gurugram Police arrested six people for exploiting a technical glitch in the MobiKwik app The incident has triggered calls for a deeper investigation into why such glitches are frequently occurring putting millions of users at riskAccording to police the glitch in the MobiKwik app allowed transactions to be recorded as successful even when users had insufficient balances in their bank accounts or wallets or when incorrect passwords were enteredThe accused allegedly misused this flaw to transfer money to their bank accounts causing heavy losses of around Rs 40 croreIndustry experts said the MobiKwik case is not an isolated one In August Policybazaar Insurance Brokers Private Limited also lodged a complaint with Gurugram Police after fraudsters impersonated its employees forged documents and misused the companys ID cards and email IDs to cheat customersIn that case at least 11 customers were duped into paying amounts ranging from Rs 8510 to Rs 35000 with the total fraud amounting to Rs 208 lakhExperts warn that repeated cases of such technical flaws and fraudulent activities in fintech platforms could undermine consumer trustThey have urged regulatory bodies and government agencies like the ED and CBI to carry out a thorough probe into why these vulnerabilities continue to surface and whether there are deeper systemic risks involvedIn Mobikwik case police officials said that about 2500 bank accounts were linked to the fraud all of which have now been frozenNearly Rs 8 crore has already been recovered The six accused identified as Rehan Mohammad Sakil Wakar Yunus Wasim Akram Mohammad Amir and Mohammad Ansar were arrested from Gurgaon and sent to judicial custody after being produced in courtThe fraud came to light after MobiKwik filed a complaint with Gurugram Police on September 13 The company had detected suspicious transactions during an internal audit a day earlierInvestigations revealed that some merchants registered on the platform along with unknown individuals misused the flaw to get funds credited despite failed transactionsThis resulted in wrongful gains for the accused and losses for the company The police have registered a case under Sections 3184 cheating of a valuable security and 314 dishonest misappropriation of property of the Bharatiya Nyaya Sanhita BNS Officers said the probe is still on and more people involved may be identified as the investigation progressesIn an exchange filing the company said that they are undertaking all possible and necessary efforts to recover the amount However since the police investigation and recovery efforts have just started its not yet possible to ascertain the impactThe company is taking aggressive collection efforts while pursuing legal course of action to recover the full amount over a period of time it added IANS https://dailyworld.in/business/mobikwik-fraud-triggers-demand-for-deeper-probe-into-fintech-platforms-638998.html Wed, 17 Sep 2025 15:47:00 +0530 https://dailyworld.in/business/indias-gdp-to-grow-65-pc-in-fy26-up-from-previous-estimates-despite-tariff-concerns-report-638999.html New Delhi Sep 17 Indias economy is set to grow faster at 65 per cent in FY2026 up from the previous expectation of 6 per cent due to GST reforms that will cushion the blow from steep US import tariffs a report said on Wednesday Credit rating agency ICRA also said in the report that proactive strategies from industries trade rerouting and geographic diversification could help India weather the tariff shockThe ratings agency however maintained that the high tariff burden is likely to weigh on sectoral profitability and demand across several industriesIndia ships more than 140 product categories to the US making the market critical for sectors ranging from auto components to seafood the report saidWhile the high US tariffs are expected to pressure margins and demand in FY2026 industry responses and policy support are helping limit immediate damage the report notedExporters are diversifying markets adding value to products and routing trade through tariffexempt geographies such as Mexico Europe and DubaiThe United States has imposed a cumulative 50 per cent tariff on Indian imports far exceeding rates applied to exporters from China Vietnam Bangladesh and JapanWhile some industries appear capable of mitigating the impact others face pronounced challenges that may weigh on earnings through FY2026 it saidSeveral auto exporters are mitigating the impact by diversifying markets enhancing value addition and leveraging subsidiaries in tariffexempt geographies such as Mexico and Europe the report saidMost companies report minimal immediate impact supported by cost passthrough strategies and customer stickiness the report addedIn the metals sector no significant volume disruption was observed despite tariffs Companies have managed a full passthrough of duties to US buyers aided by limited domestic US manufacturing capabilities in specialised products it noted IANS https://dailyworld.in/business/indias-gdp-to-grow-65-pc-in-fy26-up-from-previous-estimates-despite-tariff-concerns-report-638999.html Wed, 17 Sep 2025 15:49:00 +0530 https://dailyworld.in/business/eu-leaders-need-to-relook-at-gsp-trade-status-for-pakistan-639000.html New Delhi Sep 17 The GSP or Generalised System of Preferences of the European Union was designed as a means of linking trade preferences to specific commitments in the areas of human rights labour rights environmental protection and good governance However Pakistan while reaping rich economic gains from the system has exploited to persecute minority communities and suppress human rights The GSP regime a European Union tool created to promote human rights through trade has been hijacked in Pakistan to cover up and tolerate abuses Instead of strengthening religious freedom and democracy it accompanies surveillance silencing and persecution of minorities The irony is that a policy designed to serve human dignity is in practice acting as a silent accomplice to oppression according to an article by Staikou Dimitra in Eurasia ReviewThe article calls for EU leaders to take a fresh look at the GSP status of Pakistan as the country has violated all the principles embodied in the system EU leaders can either choose to take a stand for the principles they swore to protect or risk being accomplices to a tragedy unfolding in Pakistan the article observesDespite the trade privileges hat Pakistan enjoys from its access to the European market the government continues to allow attacks on religious communities such as the Ahmadiyya and Christians and restrict freedom of expression through digital surveillance Rather than translating into institutional progress economic cooperation often serves as a safety net for the regime the article statesEnforced disappearances sometimes by state backed militias and in some cases by the state agencies themselves have left scars on vulnerable communities in Pakistan This practice which began during Pervez Musharrafs military dictatorship continues with the involvement of the military and intelligence servicesMore than 5000 people have disappeared according to humanitarian organisations In addition approximately 80 civilians were convicted by military courts for participating in riots in 2023 which is considered incompatible with Pakistans international obligations The trial of civilians by Military Courts was condemned by the EU at multiple times in the last one year a cause big enough for the EU to seriously reconsider the GSP status for Pakistan the article points outPakistans violation of basic human rights which GSP is designed to promote is not limited to enforced disappearances and military trials It extends to the technical domain as wellAccording to a report by Amnesty International Pakistan has developed one of the most advanced surveillance systems in the world using technology from China and the West The findings of its report are based on a 2024 case in the Islamabad High Court filed by Bushra Bibi wife of former Prime Minister Imran Khan after her private phone calls were leaked onlineIn court Pakistans defence ministries and intelligence agencies denied that they conduct or have the capacity to conduct telephone tapping However during questioning the telecommunications regulatory authority acknowledged that it had already ordered telephone companies to install LIMS for use by designated services This system allows intelligence services to monitor at least 4 million mobile phones simultaneously and block 2 million internet sessions the article observesIt highlights that the conflictridden province of Balochistan in particular faces frequent internet outages and restrictions on freedom of speech In a recent report Paank the human rights department of the Balochistan National Movement BNM in a recent report strongly called on the European Union to review Pakistans GSP status stressing that it is unacceptable for Pakistan to enjoy economic advantages while committing severe oppressionThe report strongly condemned the AntiTerrorism Balochistan Amendment Bill 2025 which grants unchecked powers to the military police and intelligence agencies to arrest anyone on mere suspicion for up to three months with the possibility of extension The report noted that several Baloch leaders such as Mahrang Baloch Gulzadi Baloch Beebow Baloch Sibghat Ullah Baloch and Beeberg Baloch remain in prison even after appearing in courtAmnesty said it also examined licensing agreements commercial data leaked technical files and Chinese records linking the firewall supplier to stateowned companies in Beijing It added that the firewall is provided by Chinese company Geedge NetworksThe implementation of advanced monitoring systems LIMS WMS 20 with Chinese and Western equipment creates a climate of fear prevents freedom of expression and reinforces the repression of opponents GSP does not exercise control over these practices thus acting as an economic and political safety net for the regimeAmnesty said the firewall uses equipment from the American company Niagara Networks software from Thales DIS a subsidiary of the French company Thales and servers from a Chinese stateowned IT company An earlier version was based on Canadian SandvinePakistans secret services can monitor at least 4 million mobile phones simultaneously through the Lawful Interception Management System LIMS while a firewall known as WMS 20 which controls internet traffic can block 2 million active connections simultaneously according to Amnesty Pakistan currently blocks approximately 650000 web links and restricts platforms such as YouTube Facebook and X according to Amnesty IANS https://dailyworld.in/business/eu-leaders-need-to-relook-at-gsp-trade-status-for-pakistan-639000.html Wed, 17 Sep 2025 15:49:00 +0530 https://dailyworld.in/business/indias-domestic-consumption-gst-reforms-cushion-us-tariff-impact-report-639002.html New Delhi Sep 17 The potential impact of US tariffs has been cushioned by Indias strong domestic fundamentals robust domestic consumption and GST 20 reforms a report said on Wednesday GST reforms and frontloading of rate cuts by RBI will be supportive of Indias equity market growth and would help cushion it from external shocks the report from Bank of Baroda saidSensex grew by 665 billion in market capitalisation during 2025 despite the US tariff on Indian imports Markets have accounted for tariff uncertainty and are now focussing on underlying economic fundamentals the analysts saidThe report noted that India was among the four countries alongside Hong Kong Brazil and China that gave positive returns from January to April period after US President Trump started announcing tariffsFrom January to April US indices Dow Jones and SampP 500 recorded losses wiping out 61 trillion in market valueGlobal stock markets rebounded sharply in mid2025 it noted A 90day tariff pause announced in April along with US trade agreements with the UK Japan Indonesia and Vietnam and a truce with China led to a rebound in the market from April to SeptemberApart from the US most of the member countries of trade agreements along with Hong Kong China and Thailand posted doubledigit growthThe Dows market capitalisation increased by 2 trillion yeartodate while the SampP 500 gained 49 trillion Chinas Shanghai Composite rose by 16 trillion while Japans Nikkei gained 7564 billionGlobal head of equity strategy at Jefferies Christopher Wood on Tuesday said that domestic mutual fund inflows have shielded Indian equities from a decline of 2030 per cent this year amidst persistent selling by foreign portfolio investors FPIAugust marked the 25th consecutive month of net inflows from domestic investors with 376 billion invested in equities in the first five months of FY26 IANS https://dailyworld.in/business/indias-domestic-consumption-gst-reforms-cushion-us-tariff-impact-report-639002.html Wed, 17 Sep 2025 15:51:00 +0530 https://dailyworld.in/business/sbi-completes-divestment-of-1318-pc-stake-in-yes-bank-retains-108-pc-holding-639009.html Mumbai Sep 17 State Bank of India SBI the countrys largest lender on Wednesday announced that it has completed the sale of around 1318 per cent stake in Yes Bank Limited YBL to Sumitomo Mitsui Banking Corporation SMBC SMBC part of the Sumitomo Mitsui Financial Group SMFG is one of Japans biggest financial institutions and a leading foreign bank operating in IndiaSMFG is the secondlargest banking group in Japan with assets worth nearly 2 trillionSBI had become the largest shareholder in Yes Bank in March 2020 when the Central Government announced the Yes Bank Limited Reconstruction SchemeThe bank later picked up additional shares through the lenders followon public offer in July 2020After the latest stake sale SBI continues to remain a shareholder in Yes Bank with an approximate 108 per cent residual holdingThe divestment along with stake sales by other shareholder banks marks the largest crossborder investment in the Indian banking sectorThe deal received all necessary approvals including those from the Reserve Bank of India and the Competition Commission of IndiaSBI Chairman Challa Sreenivasulu Setty said the restructuring plan for Yes Bank in 2020 was a unique example of a publicprivate sector partnership supported by the Government of India and the RBIHe said the collaborative effort helped protect the interests of millions of Yes Bank customersYes Bank restructuring plan by RBI in 2020 was an innovative first of its kind public sector private sector partnership that was fully supported and facilitated by Government he addedWe are incredibly proud of the journey we have shared with Yes Bank in supporting their transformation since we came onboard as the major shareholder in 2020 he statedSetty also welcomed SMBC as a strategic partner describing the deal as the largest crossborder transaction in Indian bankingHe added that SMBCs global expertise will complement Yes Banks ongoing transformation and future growthSBI Capital Markets Limited acted as the financial advisor for the transaction while SampR Associates served as the legal advisor IANS https://dailyworld.in/business/sbi-completes-divestment-of-1318-pc-stake-in-yes-bank-retains-108-pc-holding-639009.html Wed, 17 Sep 2025 16:35:00 +0530 https://dailyworld.in/business/centre-launches-angikaar-2025-to-fast-track-housing-for-urban-poor-under-pms-scheme-639012.html New Delhi Sep 17 The government has launched Angikaar 2025 a twomonth nationwide campaign to fasttrack application verification and house completion under PMAYUrban 20 which was rolled out exactly a year ago on September 17 The accelerated Angikaar 2025 campaign will cover 5000 Urban Local Bodies ULBs through doortodoor awareness drives housing camps and public events according to an official statement issued on WednesdayAn additional 147 lakh pucca houses have been approved under PMAYUrban 20 taking the total number of sanctioned homes to 856 lakhThe flagship event of Angikaar 2025 PM Awas Mela Shehri will take place from September 17 to 27 serving as a dynamic platform to highlight the benefits of PMAYU and PMAYU 20 while fostering convergence and community participation at the grassroots level The event will run in two phases the first from September 17 to 27 and the second on any day between October 15 and 31 the statement saidSignificant housing has been sanctioned for marginalised communities including 32551 for SC 5025 for ST and 58375 for OBC familiesWhether its guiding families through their application process speeding up the construction of longawaited homes or connecting them with solar power and loan support Angikaar is about reaching the unreached and including the excluded the statement saidWhen Pradhan Mantri Awas Yojana Urban was launched in 2015 it carried with it a bold promise Housing for All Over the years it has transformed lives by enabling millions of lowincome families in cities to move into safe permanent and affordable homes Building on this foundation PMAYUrban 20 was launched in September 2024 Its mission is simple yet powerful leave no family behind Every urban household regardless of background must have not just a roof but a secure home with access to basic servicesAt its core Angikaar 2025 is a missiondriven campaign designed to ensure full saturation of the Pradhan Mantri Awas Yojana Urban PMAYU 20 scheme across Indias urban landscape the statement added IANS https://dailyworld.in/business/centre-launches-angikaar-2025-to-fast-track-housing-for-urban-poor-under-pms-scheme-639012.html Wed, 17 Sep 2025 16:38:00 +0530 https://dailyworld.in/business/india-to-remain-worlds-fastest-growing-major-economy-despite-global-uncertainty-639014.html New Delhi Sep 17 Amid global market volatility Indias growth is resilient and the country remains the worlds fastestgrowing major economy with its GDP forecast to continue growing 65 per cent this fiscal FY26 SampP Global said on Wednesday The positive outlook is being framed by the interplay of the nations domestic buffers and external challengesIndias growth performance with that of advanced economies shows that while past external shocks have caused shortterm challenges for India they have not derailed the countrys longterm growth trajectory SampP Global said in its reportMoreover the country has managed to enhance its growth advantage over developed countries by pursuing economic reforms infrastructure development and process improvementsAccording to the report the nation is likely to encourage more participation in global trade which offers increasing gains in economic growth capital attraction and to generation of employment opportunitiesIts strategy has become increasingly integrated and the economy needs reforming especially in terms of centre state and bureaucratic alignmentAt the same time the private credit industry is also poised for strong growth driven by a significant financing gap left by traditional lenders and strengthened by domestic insolvency frameworksAdditionally the aim to localise the nuclear value chain and use its vast thorium reserves to enhance domestic capacity building and technology transfer will pave the path for growth aheadThe report also highlighted Indias potential to increase its share of the global shipbuilding market over the next decadeWhile the countrys ambitions are well defined India needs a clear strategy to become a topfive shipbuilding nation by 2047 a challenging journey from less than 1 per cent global market share today the report notedIndias digital landscape is undergoing an unprecedented transformation which is driving significant investments in digital infrastructure such as data centres and supporting the expanding digital economyThe nation is expected to become the secondlargest market for data centers electricity demand in the AsiaPacific region over the next two years surpassing Japan and Australia the report stated IANS https://dailyworld.in/business/india-to-remain-worlds-fastest-growing-major-economy-despite-global-uncertainty-639014.html Wed, 17 Sep 2025 16:40:00 +0530 https://dailyworld.in/business/aman-gupta-thanks-pm-modi-for-redefining-leadership-639016.html New Delhi Sep 17 boAt cofounder Aman Gupta on Wednesday shared a post on social media platform X praising Prime Minister Narendra Modis dedication and work ethic Posting on the Prime Ministers 75th birthday Gupta said PM Modi had redefined what leadership looks like by working tirelessly for the nationRecounting his experience of spending a day with PM Modi in France during Bastille Day celebrations Gupta said he was amazed at the Prime Ministers energy and scheduleFrom attending the parade early in the morning to backtoback business meetings with Indian and French delegates followed by a dinner at the Louvre and midnight fireworks at the Eiffel Tower PM Modi showed no signs of slowing down Gupta recalledGupta admitted that he himself was exhausted by the end of the day but when he woke up late the next morning the Prime Minister was already in the UAE meeting government officialsFor years we grew up believing that politicians dont work hard That belief doesnt stand anymore When national leaders work with the same intensity and more of a startup founder the least we can do is raise the bar for ourselves Gupta wroteWishing the Prime Minister on his birthday Gupta said Happy Birthday narendramodi Thank you for redefining what leadership looks likeBorn on September 17 1950 in Vadnagar Gujarat Narendra Modis journey has been one of grit and determinationFrom his modest beginnings as the son of a tea seller to traveling across India for spiritual insights in his youth to his rise in politics through the Rashtriya Swayamsevak Sangh RSS and the BJP Modi has remained deeply influenced by Swami Vivekanandas philosophyHe became Gujarats Chief Minister in 2001 and served until 2014 before taking office as Indias Prime Minister on May 26 2014 Modi is currently serving his third consecutive term IANS https://dailyworld.in/business/aman-gupta-thanks-pm-modi-for-redefining-leadership-639016.html Wed, 17 Sep 2025 16:41:00 +0530 https://dailyworld.in/business/swadeshi-spirit-soars-as-pm-modi-unveils-indias-largest-textile-park-in-mp-639025.html Dhar Sep 17 IANS On the momentous occasion of his 75th birthday Prime Minister Narendra Modi on Wednesday unveiled a transformative industrial venture in Bhainsola Dhar district Madhya Pradesh by laying the foundation stone of the PM MITRA Mega Integrated Textile Region and Apparel ParknbspThis landmark initiative is set to redefine the contours of Indias textile industry and invigorate the Swadeshi movement with renewed vigournbspA textile park much like any industrial enclave is designed to offer shared infrastructure that eases the burden on individual investorsThe PM MITRA Park in Dhar will feature 81 plugandplay factory units a 20 MLD common effluent treatment plant and a 10 MVA solar power facilitynbspInvestors will benefit from competitively priced water and electricity while warehousing zones container truck parking and modern road networks will streamline logisticsnbspA dedicated 30acre zone has been earmarked for foreign investors and land allotment is being offered at highly subsidised rates Such comprehensive facilities are often beyond the reach of standalone manufacturers as the cost of building them independently can render operations economically unviableAddressing a sea of enthusiastic supporters Prime Minister Modi proclaimed Today a major industrial initiative is taking place in Madhya Pradesh The PM Mitra Park will inject new energy into Indias textile industry This park will give a new identity to the states textile and clothing industry provide employment opportunities for thousands of youth and help farmers secure fair prices for their producenbspThe Dhar PM MITRA Park is the first of seven such parks sanctioned nationwide envisioned to elevate India into a global textile powerhousenbspSpread across 2158 acres in Bhainsola village the park is meticulously designed to encompass the entire textile value chain from spinning and weaving to dyeing processing and garment manufacturing Its investorcentric infrastructure and progressive policy framework are crafted to attract both domestic and international textile enterprisesChief Minister Yadav who was also present on the occasion lauded the initiative as a historic boon for the statenbspThe Prime Minister has gifted Madhya Pradesh with the PM Mitra Park which will open new doors of prosperity for the cottonproducing farmers of MalwaNimar he said Through this park Madhya Pradesh will become a global hub for textiles PM Modi said https://dailyworld.in/business/swadeshi-spirit-soars-as-pm-modi-unveils-indias-largest-textile-park-in-mp-639025.html Wed, 17 Sep 2025 17:10:00 +0530 https://dailyworld.in/business/stock-market-continues-positive-momentum-ahead-of-fed-rate-cut-bank-stocks-jump-639028.html Mumbai Sep 17 Continuing the previous sessions gaining momentum the Indian equities ended the session on a positive note on Wednesday amid buying in heavyweights like SBI BEL and Maruti Suzuki The market remained steady as investors remained cautiously optimistic following prolonged discussions between India and the United States on tariffrelated issuesSensex ended the session at 8269371 up 313 points or 038 per cent The 30share index opened with a decent gapup at 8250640 against the last sessions closing of 8238069 The index extended the early gain a bit to hit an intraday high at 8274195 following buying in heavyweightsNifty closed at 2533025 up 9115 points or 036 per centMarkets edged higher in a subdued session on Wednesday reflecting a positive yet cautious undertone After a firm start the Nifty index traded in a narrow range throughout the day before settling at the 2533025 level said Ajit Mishra of Religare BrokingSectoral performance was mixed with IT banking and auto emerging as the top gainers while metals FMCG and pharma witnessed profittakingDespite the rangebound move underlying sentiment remains supported by optimism around policy reforms and robust domestic flows However persistent FII selling and caution ahead of the US Fed policy outcome capped the momentum he addedSBI BEL Kotak Bank Maruti Trent Tech Mahindra TCS Mahindra and Mahindra Tata Motors Infosys Asian Paints Sun Pharma and LampT were the top gainers from the Sensex basket While Bajaj FinServ Titan ITC Tata Steel and Hindustan Unilever settled lowerThe majority of sectoral indices escalated amid a mixed approach Nifty Fin Services jumped 68 points or 026 per cent Nifty Bank moved 345 points or 063 per cent Nifty Auto surged 148 points or 055 per cent and Nifty IT ended the session 235 points or 065 per cent higher Nifty FMCG fellBroader indices remained buoyed due to value buying in smallcap stocks Nifty Small Cap 100 moved 124 points or 068 per cent Nifty 100 jumped 8690 points or 034 per cent and Nifty Midcap 100 closed 49 points higher IANS https://dailyworld.in/business/stock-market-continues-positive-momentum-ahead-of-fed-rate-cut-bank-stocks-jump-639028.html Wed, 17 Sep 2025 17:35:00 +0530 https://dailyworld.in/business/indias-it-services-firms-to-grow-6-7-pc-in-fy27-in-ai-era-report-639032.html New Delhi Sep 17 The Indian IT services firms are expected to witness 56 per cent revenue growth next fiscal FY27 which could mean 810 per cent growth in the volume of work a report said on Wednesday Indias IT firms are poised to benefit from a strong US macroeconomic backdrop as their top American clients reported one of their strongest quarters in many years the report from HSBC Global Investment Research saidAnalysts at the research firm expected this momentum to lift corporate confidence and spur higher technology spending through 2025 offsetting some of the deflationary effects of artificial intelligence adoptionAs AI agents are evolving into multiagent systems prompting potential redesigns of enterprise software architectures and infrastructure the shift could create new opportunities for Indian IT firms the report saidFurther the report cited industry estimates that suggested that AI could reduce the value of IT services by 810 per cent over the next three to four years as contracts renew translating into an annual impact of up to 34 per cent in 202527However Indian IT companies said they have so far compensated for this through higher project volumes from customers and hence total revenues continue to growIn 2026 we believe there will be a push and pull between this deflationary impact and macrotailwind HSBC saidThe firm dismissed concerns over Agentic AI or advanced multiagent systems that can potentially kill the software industry and impact IT services in the long term While hyperscalers are capturing a growing share of enterprise tech budgets HSBC argued that a complete shift away from services is unlikelyIndias largest IT services firm Tata Consultancy Services TCS in August announced a wage revision for around 80 per cent of its workforce largely covering mid to juniorlevel employees The move came even as the company is preparing to lay off about 12000 staff or 2 per cent of its workforce in 2025 IANS https://dailyworld.in/business/indias-it-services-firms-to-grow-6-7-pc-in-fy27-in-ai-era-report-639032.html Wed, 17 Sep 2025 17:39:00 +0530 https://dailyworld.in/business/hyundai-india-inks-wage-agreement-with-employees-union-639055.html Chennai Sep 17 Hyundai Motor India on Wednesday informed that it has signed a wage settlement agreement with the United Union of Hyundai Employees UUHE for the period of 20242027 As per the agreement the revised allinclusive compensation package sets a new benchmark in the automotive industry The package includes an industrybest salary increase of Rs 31000 per month structured over three years in the ratio of 55 25 and 20 per centYoungmyung Park Function Head People Strategy Hyundai Motor India Limited HMIL stated At Hyundai our people are the cornerstone of our success This agreement built on mutual trust respect and constructive dialogue reflects our shared commitment to fostering a progressive workplace culture that prioritises employee welfare and supports longterm organisational growthThe longterm wage settlement will be effective from April 1 2024 through March 31 2027In addition to the salary increase agreed between the company and the union HMIL continues to lead the industry in employee welfare including bestinclass health coverage and advanced wellness programs the company said in a statementThe announcement in India came amid wagerelated unrest at Hyundais South Korean home baseEarlier this month in the US as part of President Donald Trumps crackdown on illegal migrants officials raided a Hyundaioperated EV battery plant in GeorgiaFollowing this they arrested approximately 475 people primarily South Korean nationalsThe UUHE which was founded in 2011 is the official representative organisation for HMIL employeesUUHEs continued dedication to promoting employee rights welfare and positive interactions with the firms management is demonstrated by the 1981 employees it represents as of August 31 2025 90 per cent of whom are technicians or workersMeanwhile Hyundai India shares ended the session in the green surging 182 per cent or Rs 4730 to settle at 265040 In the last five sessions the scrip rose nearly 6 per cent and in a month it jumped over 9 per cent IANS https://dailyworld.in/business/hyundai-india-inks-wage-agreement-with-employees-union-639055.html Wed, 17 Sep 2025 18:41:00 +0530 https://dailyworld.in/business/commerce-minister-goyal-to-leave-for-2-day-visit-to-uae-on-thursday-639092.html New Delhi Sep 17 Commerce and Industry Minister Piyush Goyal will visit the United Arab Emirates UAE from September 1819 to cochair the 13th IndiaUAE High Level Task Force on Investments along with Abu Dhabi Investment Authority ADIA Managing Director Sheikh Hamed bin Zayed Al Nahyan The meeting will review progress on the IndiaUAE Comprehensive Economic Partnership Agreement CEPA the Double Taxation Treaty and UAEIndia Central Bank matters Both sides will also explore opportunities for investment in key sectors including maritime and space that hold strong potential for growthDuring the visit Goyal will cochair the UAEIndia Business Council UIBC roundtable with the UAEs Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi and interact with CEOs of leading Indian and UAE companies He will also hold bilateral meetings focused on strengthening trade investment and cooperation across priority sectorsThe Union Minister is expected to meet the UAEs National Security Advisor and International Holding Company IHC Chairman Sheikh Tahnoun bin Zayed Al Nahyan Abu Dhabi Department of Economic Development Chairman Ahmed Jasim Al Zaabi and IHC Managing Director Syed Basar Shueb along with other key private sector stakeholdersThe 12th IndiaUAE High Level Task Force on Investments held in Mumbai in October 2024 saw the ratification of the IndiaUAE Bilateral Investment Treaty signed during Prime Minister Narendra Modis visit to the UAE in February 2024 Established in 2013 the task force has served as a vital platform for promoting trade and investment ties identifying new opportunities and resolving investor issuesThe UAE remains one of Indias most important strategic partners Their Comprehensive Strategic Partnership is underpinned by deep political engagement robust economic integration and collaboration across energy defence technology and food security The CEPA which came into force in May 2022 has nearly doubled bilateral merchandise trade from 433 billion in FY 202021 to 837 billion in FY 202324 while catalysing a structural shift towards nonoil sectors IANS https://dailyworld.in/business/commerce-minister-goyal-to-leave-for-2-day-visit-to-uae-on-thursday-639092.html Wed, 17 Sep 2025 21:01:00 +0530 https://dailyworld.in/business/eu-announces-new-strategy-to-reinforce-prosperity-and-security-with-india-639099.html Brussels Sep 17 The European Commission and the High Representative on Wednesday adopted a Joint Communication outlining a New Strategic EUIndia Agenda aimed to deepen broaden and better coordinate bilateral cooperation enhance prosperity and security for two sides in order to tackle major global challenges European Commission President Ursula von der Leyen announced the initiative in the 20242029 Political Guidelines She stated that EU with its new strategy is taking its relationship with India to the next level by advancing trade investment and talent mobility while deepening industrial cooperation in the defence sector at the same timeNow is the time to focus on reliable partners and double down on partnerships rooted in shared interests and guided by common values With our new EUIndia strategy we are taking our relationship to the next level Advancing trade investment and talent mobility Strengthening our joint economic security Advancing the clean transition and driving innovation together Leyen statedDeepening our industrial cooperation in defence Europe is already Indias biggest trading partner and we are committed to finalising our Free Trade Agreement by the end of the year Europe is open for business And we are ready to invest in our shared future with India she addedThe Joint Communication outlines the EUs strategic vision for enhancing cooperation with India and identifies five areas of shared interest and complementary strengths building on existing ties while addressing areas that present potential for increased engagement Amid shifting geopolitical realities closer EUIndia relations are increasingly vital for strengthening economic growth and security and diversifying supply chains in response to todays uncertain global order an EU statement detailedThe Joint Communication takes forward the proposed EUIndia Security and Defence Partnership This will enhance strategic consultations and joint initiatives including on crisis management maritime security cyber defence and counterterrorism and foster defence industrial cooperation focusing on boosting production and technological capabilities securing supply chains and driving innovation it mentionedLaunching negotiations for a Security of Information Agreement to facilitate classified information exchange will support closer security and defence cooperation Closer cooperation on the IndoPacific addressing hybrid threats space security and intensifying engagement on Russias war against Ukraine shadow fleets and sanctions are other areas of focus the statement addedThe Joint Communication also stresses on strengthening regional connectivity initiatives like the IndiaMiddle EastEurope Economic Corridor IMEC and advances Global Gateway and EUIndia trilateral cooperation with and in third countries It prioritises increasing interaction and bolstering coordination between India and the EU at all levels including skills mobility with the pilot European Legal Gateway Office to facilitate labour mobility It calls for developing a comprehensive mobility cooperation framework covering study work and researchThe Joint Communication identifies significant untapped potential in trade and investment outlining strategies to strengthen commercial ties particularly finalising the ongoing negotiations on a Free Trade Agreement FTA It proposes reinforcing supply chains while promoting critical emerging technologies and engagement on digital issues with particular attention to strengthening economic security within the Trade and Technology Council TTC the EU statedThis new strategy also proposes deepening tech cooperation including a potential EUIndia Startup partnership and invites India to associate with Horizon Europe programme It suggests ambitious initiatives for decarbonisation and the clean transition such as intensifying cooperation on renewables developing green hydrogen capabilities and expanding green finance Moreover it highlights opportunities to jointly strengthen food security and health climate and disaster resilience it addedHigh Representative for EUs Foreign Affairs and Security Policy Kaja Kallas called India as one of the important players in the world and a natural partner for the European UnionShe stated India is one of the most important players in the world today and a natural partner for the European Union There are many areas where our interests strengths and political will align Boosting our collaboration which we are proposing today will benefit the security and prosperity of citizens and businesses on both sides There are areas where we disagree Ultimately our partnership is about defending a rulesbased international order Our negotiations will address these challenges IANS https://dailyworld.in/business/eu-announces-new-strategy-to-reinforce-prosperity-and-security-with-india-639099.html Wed, 17 Sep 2025 22:17:00 +0530 https://dailyworld.in/business/govt-notifies-national-policy-on-geothermal-energy-to-achieve-net-zero-goal-639108.html New Delhi Sep 17 The government has notified the National Policy on Geothermal Energy 2025 reinforcing its commitment towards achieving the ambitious 2070 Net Zero Goal and strengthening the countrys energy security through diversified renewable energy sources India with its untapped geothermal resources is poised to leverage this clean and reliable energy source for power generation and directuse applications such as district heating agriculture aquaculture and space cooling and heating via Ground Source Heat Pumps GSHPs The newly unveiled policy provides a comprehensive framework to promote exploration development and utilisation of geothermal energy in India according to a statement issued by the Ministry of New and Renewable Energy MNREThe new policy encourages research interministerial collaboration and adoption of global best practices for geothermal energy development Regulatory and stewardship responsibilities for geothermal energy will rest with the ministryIt targets integration of geothermal energy with Indias Net Zero 2070 and renewable energy objectives with a focus on electricity generation space heatingcooling agriculture greenhouses cold storage tourism and desalinationThe policy aims to promote RampD of advanced systems such as hybrid geothermalsolar plants retrofitting abandoned oil wells and EnhancedAdvanced Geothermal Systems EGSAGS It lays emphasis on local innovation joint ventures and repurposing existing oil and gas infrastructureThe policy also provides for collaboration with international geothermal bodies and pioneering nations as well as collaboration with state governments oil and gas companies and research institutions for building a robust publicprivate ecosystem for the longterm development of the geothermal sectorBesides it promotes knowledge sharing and human resource development in the sectorAs a first step towards the exploration of geothermal energy the ministry has sanctioned five projects in the sector These include both pilot initiatives and resource assessment projects aimed at exploring the viability and potential of geothermal energy in IndiaThe Ministry of New and Renewable Energy further stated that it will continue to monitor the progress while providing a conducive environment for developers industries and research institutions to actively participate in Indias clean energy transition IANS https://dailyworld.in/business/govt-notifies-national-policy-on-geothermal-energy-to-achieve-net-zero-goal-639108.html Wed, 17 Sep 2025 23:42:00 +0530