India's economic engine is revving up, but navigating the global headwinds requires sharp strategy. The rupee's recent volatility against the dollar underscores the complexities facing Indian businesses, impacting everything from import-export trade to domestic inflation. This week alone, we've seen significant shifts in the IT sector, with major players announcing restructuring and a renewed focus on AI-driven solutions. Meanwhile, the burgeoning startup ecosystem continues to attract substantial funding, despite a cautious global investor sentiment. The government's recent policy announcements on infrastructure development and digitalization are poised to further shape the business landscape, creating both opportunities and challenges for entrepreneurs and established corporations alike. Understanding these market dynamics is crucial for success in today's rapidly evolving Indian economy. Stay informed with Abtak.com for the latest insights and analysis on key sectors including finance, manufacturing, and technology – empowering your business decisions in a dynamic market. Explore the complete business news section now to stay ahead of the curve.
NEW DELHI: The rise in UPI payments has helped reduce use of cash in India, a new paper by a team from IMF has said, while using proxies, such as cash withdrawal from ATMs and currency in circulation as a proportion of GDP."Since its launch in 2016, UPI has grown quickly, while some proxies for cash usage have begun to decline. UPI now processes more than 18 billion transactions per month and dominates other electronic retail payments in India. India now makes faster payments than any other country," it said. The paper has strongly backed interoperable payment systems, such as UPI, arguing that these systems allow seamless payments between users of different payment providers.The ecosystem has now grown to reach over 600 banks and 200 apps. When UPI was launched, initially more than half the users flocked to their banks and accessed it through their bank apps as they trusted these entities. But, the paper said, over time, they moved to apps, possibly due to better quality, benefitting from the freedom to switch apps provided by interoperability.Now, these apps dominates the space and among banks, the share of those choosing their banks is higher in case of private players than the public sector entities.
New Delhi: The Enforcement Directorate (ED) on Friday carried out searches at 15 places in Mumbai and Kochi in connection with the Mithi River desilting scam that caused a wrongful loss of more than Rs 65 crore to the Brihanmumbai Municipal Corporation (BMC), official sources said. The massive crackdown is underway at the premises across Mumbai and Kochi linked to the accused and suspects as part of an ongoing probe into alleged financial irregularities. According to the sources, the searches are being carried out under the provisions of the Prevention of Money Laundering Act (PMLA) at locat ...Read More >
India's Latest Forex Reserves: India's foreign exchange reserves rose sharply by $4.84 billion to $702.78 billion in the week ended June 27, bringing them within striking distance of the all-time-high level of $704.89 billion recorded in end-September 2024, according to the latest data released by the Reserve Bank of India (RBI). This marks a strong rebound from late January levels, when reserves had fallen to a multi-month low of around $624 billion. The gain was led by an increase in foreign currency assets, while gold reserves declined. The value of gold reserves fell $1.23 billion to $84 ...Read More >
New Delhi [India], December 4 (ANI): The Central Bureau of Investigation (CBI) on Wednesday conducted searches at 10 locations in Delhi and surrounding areas in connection with an on-going investigation of a transnational cyber enabled fraud case involving large-scale financial scams. CBI registered the said case under Sections 403 and 420 of the Indian Penal Code and Section 66D of the Information Technology Act, 2000, based on a written complaint received from the Indian Cyber Crime Coordination Centre (I4C), Ministry of Home Affairs, Government of India. The complaint alleged that unknown ...Read More >
New Delhi [India], June 5 (ANI): External Affairs Minister S Jaishankar, in the presence of leaders of Central Asian countries, touched upon various business opportunities and complementarities between these respective economies on Thursday. Jaishankar suggested a few areas where India and Central Asian countries should collaborate to improve their economies. Jaishankar noted that India's trade and economic ties with Central Asia have actually shown a very strong positive trend over the last decade. However, he has also said that the trade figures do not reflect the full potential. Given th ...Read More >
New Delhi: India is set to overtake Japan to become the world's fourth-largest economy, but must not become complacent, as the country remains far behind Japan in GDP per capita terms, WEF's former MD Claude Smadja said. According to IMF data dated April 2025, India's GDP per capita of USD 2,878.4 is approximately 8.5 per cent of Japan's GDP per capita of USD 33,955.7, meaning Japan's per capita income is about 11.8 times higher than India's. "Yes, it (economy size) is a good indicator because it gives a notion of the economic weight of the country on the global balance. "No, it is not a go ...Read More >
New Delhi: Prime Minister Narendra Modi on Monday called on Brics countries to work together in order to secure critical mineral supply chains and ensure that no one nation is able to dominate and weaponize these resources. His call at the 17th Brics Summit in Rio de Janeiro comes amid a Chinese chokehold on global rare earth supplies. Brics is a group of 11 countries that was set up by Brazil, Russia, India, China and South Africa. Modi said it was important to make critical mineral supply chains reliable and ensure that no one country uses these resources for its own selfish gains or as a ...Read More >
New Delhi, July 11 (SocialNews.XYZ) The country's gold reserves grew by $342 million during the week, reaching $84.846 billion, according to the latest weekly data released by Reserve Bank of India (RBI) on Friday. Along with gold, Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) increased by $39 million to $18.868 billion. Additionally, India's reserve position with the IMF also rose by $107 million to $4.735 billion, the data showed. This uptick in reserves comes at a time when both domestic and global bullion markets are witnessing a sharp rally. India's forex re ...Read More >
New Delhi, Aug 1 (PTI) Karnataka Chief Minister Siddaramaiah and Deputy Chief Minister D K Shivakumar on Friday backed Congress leader Rahul Gandhi's endorsement of US President Donald Trump's remark that the Indian economy is "dead", while simultaneously courting foreign investors for the state's upcoming tech summit. The leaders made these comments on the sidelines of a diplomatic outreach event for the Bengaluru Tech Summit scheduled for November 18-20, where they pitched Karnataka as a key investment destination to diplomats and high commissioners. Questioned about the apparent contradic ...Read More >
Mumbai, Jun 27 (PTI) India's forex reserves dropped by USD 1.01 billion to USD 697.93 billion for the week ended June 20, the Reserve Bank of India said on Friday. In the previous reporting week, the reserves had jumped by USD 2.29 billion to USD 698.95 billion. Forex reserves had touched an all-time high of USD 704.885 billion in September 2024. Also Read | Ahmedabad Plane Crash Probe: Parliamentary Committee To Grill Boeing and Air India Executives, DGCA Officials; Sources Say 'Multiple Shortcomings' Matter of Concern. For the week ended June 20, foreign currency assets, a major component ...Read More >
Mumbai, Jun 27 (PTI) India's external debt increased by 10 per cent to USD 736.3 billion at the end of March 2025 compared to USD 668.8 billion in the year-ago period, the Reserve Bank said on Friday. As a percentage of the GDP, the external debt increased to 19.1 per cent at the end of the recently concluded financial year from 18.5 per cent a year ago, it added. In a year which saw some volatilities in the currency markets, the RBI said the "valuation effect" due to the appreciation of the US dollar against the rupee and other currencies amounted to USD 5.3 billion, while if one were to ex ...Read More >
New Delhi: Boasting of digital growth in India's largest public sector bank State Bank of India (SBI), Union finance minister on Tuesday said that digital transformation undertaken by SBI in the last decade has been immensely beneficial to its customers. Congratulating SBI on completing 70 years of service to the nation, she expressed hope that the bank will continue to innovate and empower as India continues its journey towards 'Viksit Bharat' by 2047. "With over 23,000 branches, 78,000 customer service points (CSPs) and 64,000 ATMs, SBI's footprint today is formidable and it is truly the ba ...Read More >
New Delhi, Jul 15 (PTI) The Indian economy is expected to grow at 6.5 per cent in the current financial year, despite geo-political tensions and trade policy uncertainties, Economic Advisory Council to the Prime Minister (EAC-PM) Chairman S Mahendra Dev said on Tuesday. In an interview with PTI, Dev further said that domestic growth will be driven by low inflation, resulting from good monsoon and benign interest rate regime, triggered by three back-to-back rate cuts by the Reserve Bank of India. "There are significant global headwinds like the twin shocks of geo-political tensions and trade ...Read More >
New Delhi, July 17: In a major move that could bring relief to over 7 crore Employees' Provident Fund Organisation (EPFO) members, the Centre is reportedly considering a proposal to allow full or partial withdrawal of EPF savings after 10 years of service. According to a Moneycontrol report, the retirement fund body has floated this idea to address the needs of those who wish to exit the formal workforce earlier than the official retirement age of 58. Currently, EPF members can withdraw their full balance only upon retirement or after remaining unemployed for over two months. However, many in ...Read More >
Bank holidays in India vary from one region to another. They differ from one state to the next and are often influenced by local festivities, religious events, and regional festivals. Many people in India are unsure about bank holidays. Reserve Bank of India states banks are closed on the second and fourth SaturdaysWith a busy work schedule, many individuals push their bank related work to Saturday to visit the branch and finish transactions. However, it is always confusing to know if this Saturd ...Read More >
Mumbai (Maharashtra) [India], July 20 (ANI): India's foreign exchange reserves fell by USD 3.06 billion to USD 696.67 billion for the week ending July 11, marking the second straight week of decline, according to the official data released by the Reserve Bank of India (RBI). In the previous reporting week of July 4, the country's forex reserves witnessed a slip of USD 3.049 billion to USD 699.736 billion. Also Read | Kolkata Fatafat Result Today: Kolkata FF Result for July 20, 2025 Declared, Check Winning Numbers and Result Chart of Satta Matka-Type Lottery Game. In the week ending July 11, ...Read More >
Trump warns BRICS nations against replacing US dollar Dec 2 (Reuters) - A gauge of emerging market stocks rose on Monday, driven by positive manufacturing data from China and expectations of continued policy support from Beijing, while India's rupee hit a record low because of weaker-than-expected economic data. As of 0932 GMT, the MSCI's index for emerging market stocks had risen by 0.7%, on track for its biggest percentage gain in over three weeks. China's blue-chip CSI 300 climbed 0.8%, and the Shanghai Composite index jumped 1.1% after a private survey indicated that Chinese factory act ...Read More >
NEW DELHI, June 6 (Xinhua) -- India's foreign exchange reserves declined by 1.24 billion U.S. dollars to 691.49 billion dollars during the week ended May 30, showed the weekly data released by the country's central bank, the Reserve Bank of India (RBI), on Friday. In the preceding week, the country's forex reserves had increased by nearly 7 billion U.S. dollars. According to RBI Governor Sanjay Malhotra, the forex reserves were robust and sufficient to cover more than 11 months of goods imports and about 96 percent of the country's outstanding external debt. The central bank's weekly bullet ...Read More >
New Delhi, Jun 29 (PTI) The Congress on Sunday attacked the Centre and Rajasthan governments over the reported plan to redraw the boundaries of the Sariska Tiger Reserve for the reactivation of over 50 mining operations, saying the move would be "ecologically devastating". The opposition party also said that with the Rajasthan and Union environment ministers both being from Alwar, this "double engine" cannot be supporting such a move. Congress general secretary in-charge communications Jairam Ramesh shared on X a media report which claimed that a plan to redraw the boundaries of Rajasthan's ...Read More >
New Delhi, July 8 (SocialNews.XYZ) Finance Minister Nirmala Sitharaman on Tuesday received dividend cheques to the tune of Rs 5,304 crore on behalf of the government from three public sector banks for the financial year ended on March 31, 2025. A dividend cheque of Rs 2,335 crore for FY 2024-25 was presented to the Finance Minister, in her North Block office, by Punjab National Bank MD and CEO Ashok Chandra, while Bank of India MD & CEO Rajneesh Karnatak presented a cheque of Rs 1,353 crore. The third dividend cheque of Rs 1,616 crore for FY 2024-25 was presented to Finance Minister Sitharama ...Read More >
New Delhi, July 11 (UNI) A latest note titled 'Growing Retail Digital Payments: The Value of Interoperability' presented by International Monetary Fund (IMF) highlighted India as a global leader in making fastest payments which is due to the adoption of UPIs or Unified Payment Interface by a wide number of masses. This report is authored by Alexandar Copestake, Divya Kirti, and Maria Soledad Martinez Peria. The global economic watchdog also stressed the transition from cash to card-based transactions to UPI or Unified Payments Interface since its launch in 2016. Unified Payments Interface is ...Read More >
New Delhi, Jul 18 (PTI) The Supreme Court has said money cannot be recovered by filing an FIR and seeking help of police as it quashed a cheating case against the producer of Bollywood movie "Tanu Weds Manu". A bench of Justices J B Pardiwala and R Mahadevan expressed displeasure over the approach of the Allahabad High Court in dealing with the petition of producer Shailesh R Singh for quashing of the FIR against him by complainant Kunal Jain. "Money cannot be recovered, more particularly, in a civil dispute between the parties by filing a first information report and seeking the help of the ...Read More >
Patna, Aug 1 (PTI) Healthcare services were affected at AIIMS-Patna on Friday as resident doctors went on an "indefinite strike" in protest against the alleged high-handedness of Sheohar MLA Chetan Anand. According to a press statement issued by the Resident Doctors' Association (RDA), AIIMS-Patna, on Friday, "The RDA expresses deep disappointment and anguish over the lack of action by the administration following the violent and traumatic incident that occurred on Wednesday, when MLA Chetan Anand, his wife and their armed guards breached hospital security, physically assaulted staff, and thr ...Read More >
Mumbai, Jun 27 (PTI) India's forex reserves dropped by USD 1.01 billion to USD 697.93 billion for the week ended June 20, the Reserve Bank of India said on Friday. In the previous reporting week, the reserves had jumped by USD 2.29 billion to USD 698.95 billion. Forex reserves had touched an all-time high of USD 704.885 billion in September 2024. For the week ended June 20, foreign currency assets, a major component of the reserves, dropped by USD 357 million to USD 589.06 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect ...Read More >
The long-term debt (with original maturity of above one year) at end-March 2025 was placed at $601.9 billion, an increase of $60.6 billion over its level at end-March 2024. India's external debt rose to $736.3 billion, or 19.1 per cent of gross domestic product (GDP), at the end of March 2025 from $668.8 billion, or 18.5 per cent of GDP, a year ago. In a statement, the Reserve Bank of India (RBI) said the valuation effect due to the appreciation of the US dollar vis-à-vis the Indian rupee and other currencies amounted to $5.3 billion. Excluding the valuation effect, external debt would have ...Read More >
New Delhi: In the last few years, China has emerged as the biggest profiteer of war. When neighbouring countries fight, China becomes their dealer. From the Russia-Ukraine war to the India-Pakistan conflict, and civil wars from Yemen to Africa, Chinese weapons are visible on every front. A recent report by the Stockholm International Peace Research Institute (SIPRI) has revealed that China has sent military equipment to more than 44 countries in the last few years. China has supplied various weapons ranging from fighter jets to 44 countries, of which the maximum weapons have been sold to Paki ...Read More >
Jammu- Jammu and Kashmir Chief Minister Omar Abdullah on Thursday reviewed the ongoing restoration work of the historic Mubarak Mandi complex, which was the power centre of the Dogra kings in Jammu, and stressed on enhancing its heritage appeal. The Mubarak Mandi Complex is one of Jammu's most significant architectural heritage sites and is envisioned as a comprehensive cultural centre, housing museums, conference venues and heritage hospitality services. Accompanied by Advisor Nasir Aslam Wani and MLA Yudhvir Sethi during the visit, the chief minister was briefed in detail on the multi-phas ...Read More >
Jammu, Jul 11 (PTI) The Indian Army has launched Operation Shiva as part of a multi-tier security setup to secure the ongoing Amarnath Yatra deploying 8,500 troops and a counter-unmanned aerial system (C-UAS) grid on the twin routes to the cave shrine, an official on Friday said. The 38-day pilgrimage to the 3,880-metre-high shrine commenced on July 3 from the valley via twin tracks -- the traditional 48-kilometre-long Nunwan-Pahalgam route in Anantnag district and the 14-kilometre shorter but steeper Baltal route in Ganderbal district. The yatra will conclude on August 9. Also Read | Bihar ...Read More >
New Delhi [India], July 12 : Noting that Indian strikes during Operation Sindoor were a message about its capability ... New Delhi [India], July 12 : Noting that Indian strikes during Operation Sindoor were a message about its capability not just to Pakistan, but to the world, a leading international security expert has said that New Delhi demonstrated not just capability but showed the will to strike with precision and restraint. In a video interview with ANI, warfare scholar and expert John Spencer, who is Chair of Urban Warfare Studies at the New York-based Modern War Institute, also said ...Read More >
CHENNAI: India emerged as a key architect of the BRICS agenda -- driving local-currency trade, global governance reform, green investments, and digital regulation. These developments offer strong tailwinds for sectors spanning finance, infrastructure, technology, agriculture, and clean energy. With India set to assume BRICS Chairmanship in 2026, its businesses are well-positioned to capitalise on newfound opportunities. Following are some of the highlights from the Summit as far as such opportunities are concerned: National Currencies BRICS leaders, including India, endorsed increasing trad ...Read More >
MUMBAI (Reuters) -India's foreign exchange reserves stood at $691.5 billion as of May 30, the governor of the country's central bank said on Friday, down $1.2 billion from the previous week and coming off near-eight month highs. The country's FX reserves are now about $13.4 billion below their all-time high hit in September 2024. "These (reserves) are sufficient to fund more than 11 months of goods imports and about 96% of external debt outstanding," Reserve Bank of India Governor Sanjay Malhotra said in a statement while announcing the monetary policy decision. Changes in foreign currency ...Read More >