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.
Mangaluru: Two workers died and one fell ill following a gas leak incident in the oil movement section of Mangaluru Refinery and Petrochemicals Limited (MRPL) on Saturday morning. The deceased have been identified as Deep Chandra (33) from Prayagraj and Bijil Prasad (33) from Kerala. According to preliminary information, the two workers had climbed to inspect a fault on the upper platform of Tank FB7029 A (Dry Slop Service, Floating Roof). They were later found unconscious on the platform. Both were provided first aid and rushed to a nearby hospital, where they were declared dead. A third worker, Vinayak Mageri from Gadag, who climbed the tank to rescue the unconscious men, was also affected and admitted to a hospital in Mangaluru. His condition is stable, and he is under medical supervision. MRPL's Chief General Manager - Corporate Communication Dr Rudolph VJ Noronha stated that a high-level committee comprising Group General Managers has been formed to conduct a detailed investigation. Relevant legal authorities have also been informed about the incident.
New Delhi [India], July 20 (ANI): Congress MP Renuka Chowdhury on Sunday expressed concern over the government inaction in bringing to justice the terrorists behind the April 22 Pahalgam attack, which killed 26 civilians, including a Nepali citizen. As the Parliament Monsoon session begins, Chowdhury stated that the INDIA bloc will raise this issue, demanding answers from the government. Speaking to ANI, Chowdhury said, The Parliament session is starting, so we have reached Delhi. We have not been able to see those who killed our countrymen in the terrorist attack in Pahalgam arrested yet. T ...Read More >
Moradabad (UP), Aug 1 (PTI) The Moradabad district administration has cancelled the allotment of a government bungalow granted to former Uttar Pradesh chief minister Mulayam Singh Yadav. The Samajwadi Party (SP) has been asked to vacate the premises within 30 days. The bungalow, located in the posh Civil Lines area near the Police Training College (PTC II), was allotted to the SP patriarch 31 years ago. Spread across nearly 1,000 square meters on Nazul land, the property serves as the local SP office. District Magistrate Anuj Singh said the property is needed for housing officers and other ...Read More >
Mumbai: Nayara Energy may have to offer a $1-2 per barrel discount to India's state-run oil marketing companies (OMCs) to sell petrol and diesel that the Russian-owned refiner cannot export due to European sanctions, people close to the development said. The Rosneft-backed company, which operates a 20-million-tonne refinery in Gujarat, has been in talks with Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation to place its refined fuel with them. These state-run oil OMCs have sought a discount to buy the fuel products, the people said. "Generally, inter-oi ...Read More >
Mumbai: India's energy policy mix is proving to be a major insulating force in the current energy crisis, according to a report titled "India's Coal Shield in the Current Energy Crisis." Amid supply disruptions in oil and gas, India's high dependence on coal-based electricity generation (69-74 per cent), though often criticised, is proving beneficial. In contrast, other Asian countries like Taiwan, Hong Kong, Singapore and Thailand, which rely heavily on oil- and gas-based power generation, are facing greater challenges, the report by Equirus Securities said. India's grid remains largely coa ...Read More >
The temporary easing of U.S. sanctions on Russian crude has rapidly redrawn global oil flows, with India stepping back in as the dominant buyer of previously distressed barrels. Even as overall imports are about to ease seasonally, Russian volumes into Asia are surging -- tightening the market and pushing Urals to a rare $8/bbl premium over Brent. Washington's March 12 decision to allow sales of oil already loaded onto tankers had an immediate impact. Almost all of Russia's floating storage was quickly absorbed, pulling hesitant buyers back in and exposing just how tight the market has become ...Read More >
New Delhi [India], April 3 (ANI): Industry leaders and experts have welcomed the Centre's decision to grant a full customs duty exemption on critical petrochemical products in response to the ongoing conflict in West Asia. The move, aimed at stabilising supply chains and reducing cost pressures on downstream sectors, is seen as a strategic intervention to protect domestic manufacturing. According to experts, the temporary exemption, effective until June 30, 2026, provides essential relief to industries ranging from pharmaceuticals and textiles to automotive components. The disruption in the ...Read More >
The oil marketing companies (OMCs) on March 26 fixed rates for petroleum products that are at a discount of up to ₹60 per litre to their imported cost. In a first since fuel price deregulation, Indian state-run oil marketing companies will pay refineries a discounted price for petrol, diesel, aviation turbine fuel (ATF) and kerosene to limit mounting losses from a self-imposed freeze on retail fuel prices, sources said. The oil marketing companies (OMCs) on March 26 fixed rates for petroleum ...Read More >
Kanpur (UP), May 28 (PTI) Prime Minister Narendra Modi will lay the foundation stone and inaugurate multiple development projects worth about Rs 20,900 crore here on Friday to boost the region's infrastructure and connectivity, an official statement issued here said. He will launch Chunniganj Metro Station to Kanpur Central Metro Station section of the Kanpur Metro Rail Project worth more than Rs 2,120 crore. It will include 14 planned stations with five new underground stations integrating key city landmarks and commercial hubs into the metro network. Besides, he will also inaugurate road-w ...Read More >
New Delhi [India], October 16 (ANI): Brazilian Vice President and Minister of Development, Industry, Trade and Services, Geraldo Alckmin, arrived in New Delhi on Wednesday to strengthen bilateral cooperation between India and Brazil. In a post on X, Randhir Jaiswal, the Official Spokesperson of the Ministry of External Affairs, said, "Adding momentum to the India-Brazil Strategic Partnership." The post also mentioned that Geraldo Alckmin has arrived in New Delhi, highlighting the visit as a step to strengthen the India-Brazil Strategic Partnership. Images shared in the post showed Alckmin b ...Read More >
New Delhi: Noting that the social evil of dowry still prevails showing the ineffectiveness of the anti-dowry laws and at the same time the law is being misused by women for ulterior motives, Supreme Court Monday said this contradiction needed to be resolved as it is creating judicial tension.A bench of Justices Sanjay Karol & N K Singh highlighted this issue while convicting a man and his 94-year old mother in dowry death case when a 20-year old girl burnt to death in 2001 for not fulfilling the demand for a colour television, a motorcycle and Rs 15,000 cash. Bringing the curtain down on the c ...Read More >
The shockwaves of a war being fought nearly 3,000km away are now reaching India's kitchens. As the US-Israeli strikes on Iran disrupt energy shipments through the Strait of Hormuz, supplies of liquefied petroleum gas (LPG) are tightening across India, forcing restaurants to cut menus, shorten hours and in some cases shut down altogether. Social media is awash with video clips showing queues outside cooking-gas dealers across Indian cities and towns as worries over fuel supplies spread. Commerci ...Read More >
Biswanath (Assam) [India], April 1 (ANI): Prime Minister Narendra Modi on Wednesday launched a huge attack aimed at the Congress, accusing the party of being "the root cause" of corruption in Independent India. Speaking at a public rally in Biswanath, the Prime Minister accused Congress of playing with Assam's identity, pride, and security, adding that it compromised with Assamese identity for the sake of power. "The entire country knows that Congress is anti-development and has been the root of corruption in independent India. In Assam, Congress committed acts that the people are well aware ...Read More >
Patna, July 19 (SocialNews.XYZ) In a major action against corruption, the State Vigilance Unit (SVU) on Saturday arrested Sub-Inspector Putul Kumari, the SHO of the Women's Police Station in Samastipur, for accepting a bribe of Rs 20,000. Her driver was also arrested in the case. The arrest has created a stir within the police department. According to an official, Putul Kumari was caught red-handed while taking the bribe from Rajiv Ranjan, a resident of Chhatauna village under Mufassil police station limits, in connection with an assault case. Rajiv Ranjan had filed a written complaint with ...Read More >
Mangaluru: MangaloreRefinery and Petrochemicals Ltd (MRPL), the ONGC-owned refining major, posted a consolidated net loss of ₹272 crore in the first quarter of FY26, as softening refining margins and lower revenue from operations weighed on its performance. The company's topline fell sharply to ₹20,988 crore, down nearly 23% from ₹27,289 crore in Q1 FY25. Its Gross Refining Margin (GRM) slipped to US$ 3.88 per barrel, compared to US$ 4.70 per barrel a year ago, amid weaker product cracks and planned maintenance shutdowns. Despite the operational headwinds, MRPL achieved a new milestone by pr ...Read More >
Sales of induction cooktops and electric kettles have surged in the wake of cooking gas supply concerns due to the war in West Asia, according to industry players. The government on Friday held discussions on measures to encourage companies to ramp up production of induction heaters and compatible utensils amid rising demand for these products due to concerns over LPG availability following the West Asia crisis, an official said. The crisis has disrupted the movement of ships carrying oil and g ...Read More >
BENGALURU, - Oil prices extended gains on Tuesday as U.S. President Donald Trump heightened his rhetoric against Iran, threatening stronger action if the country fails to reopen the Strait of Hormuz, a key global oil transit chokepoint. Brent crude futures rose 57 cents, or 0.5%, to $110.34 a barrel by 1202 GMT, while U.S. West Texas Intermediate crude futures were up $1.26, or 1.1%, at $113.67. Trump, has threatened to rain "hell" on Tehran if it fails to comply with his deadline of 8 p.m. EDT Tuesday to reopen the strait. "They could be taken out," Trump warned, pledging further action i ...Read More >
Mangaluru (Karnataka), Jul 19 (PTI) MRPL, a subsidiary of ONGC and a Schedule "A" Mini Ratna Category-I company, on Saturday reported a consolidated net loss of Rs 272 crore for the first quarter of FY 2025-26, compared to a profit of Rs 66 crore during the same period last year. According to a statement from Mangalore Refinery and Petrochemicals Ltd, the company's Board of Directors approved the Q1 financial results at its 270th meeting held on July 18. The results reflect a decline in revenue from operations, which stood at Rs 20,988 crore in Q1 FY26, down from Rs 27,289 crore in Q1 FY25. ...Read More >
MEA spokesperson Randhir Jaiswal suggested that the ongoing trade hurdles with US will not impact New Delhi's security partnership with Washington. The ministry of external affairs on Friday said that India-US ties have withstood many challenges over the years and expressed confidence that the bilateral relationship remains on a positive trajectory, just two days after Donald Trump announced 25% tariffs on Indian goods. In a weekly media briefing, MEA spokesperson Randhir Jaiswal suggested that ...Read More >
Chennai (Tamil Nadu) [India], August 4 (ANI): Actor and Makkal Needhi Maiam founder Kamal Haasan made strong remarks on the necessity of education while addressing a gathering at the Agaram Foundation event in Chennai. Education is the only weapon that can break the chains of dictatorship and Sanatan, the Rajya Sabha MP said on Sunday. Kamal Haasan added, Dont take anything else in your hands, only education. We cannot win without it, because the majority can make you lose. Majority Fools (Moodargal) will make u lose; knowledge alone will seem defeated. That why we must hold on to it (Educat ...Read More >
Hyderabad (Telangana) [India], October 28 (ANI): India's petroleum and energy sector is undergoing a transformative expansion, poised to play a defining role in shaping the global energy future, said Hardeep Singh Puri, Minister of Petroleum and Natural Gas, on Tuesday. Addressing the inaugural session of the Energy Technology Meet in Hyderabad today, he stated that India's energy journey reflects remarkable progress, driven by visionary policy frameworks, rapid innovation, and sustained investment across refining, biofuels, and green energy. Also Read | BTS V Flaunts Korean Heritage in Mode ...Read More >
New Delhi [India], February 24 (ANI): India and Gulf Cooperation Council (GCC) on Tuesday signed the joint statement on Free Trade Agreement (FTA) formally launching negotiations for a comprehensive and mutually beneficial agreement. The joint statement was signed by India's Union Minister of Commerce and Industry, Piyush Goyal, and Secretary General of the Gulf Cooperation Council, Jasem Mohamed Al Budaiwi. Taking it to social media platform X, Goyal said, "Delighted to welcome H.E. Jasem Mohammad Al Budaiwi, Secretary General of the Gulf Cooperation Council, @GCCSG. We signed the Joint Sta ...Read More >
New Delhi, Apr 2 (PTI) The government has directed oil refineries to divert a portion of the feedstock normally used for producing cooking gas (LPG) to industries affected by the ongoing petrochemical shortage, which spans sectors from packaging to condom manufacturing. The Ministry of Petroleum and Natural Gas, on April 1, directed refineries to allocate a portion of propylene to the petrochemical industry, which has been severely affected, as most feedstock has been diverted for cooking gas (LPG) production. At an inter-ministerial briefing on the fallout of developments in West Asia, Suja ...Read More >
NEW DELHI: Amid worsening weather conditions and continuous rainfall in parts of Uttar Pradesh, all government and private schools from Classes 1 to 12 in Lucknow will remain closed on Monday, according to district magistrate Visakh G Iyer.Several parts of Varanasi were inundated on Monday following relentless downpours and a steady rise in the water level of the River Ganga. The river has been rising continuously since Saturday, triggering concerns of urban flooding.In response, authorities have suspended all boat operations on the Ganga as a precautionary measure. Several residents were seen ...Read More >
Hyderabad: Asserting that trade is not governed by any established set of rules, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Tuesday said there is adequate crude oil supply in the international market and if one supply stream is disrupted there are alternative sources available. Speaking at an interactive session here, Puri said India ranks fourth globally in refining capacity, exporting refined products worth over USD 45 billion during last fiscal to 50-plus countries, and is aiming to reach the third position. According to the minister, currently, India is importing ...Read More >
Biswanath (Assam) [India], April 1 (ANI): Prime Minister Narendra Modi on Wednesday launched a huge attack aimed at the Congress, accusing the party of being "the root cause" of corruption in Independent India. Speaking at a public rally in Biswanath, the Prime Minister accused Congress of playing with Assam's identity, pride, and security, adding that it compromised with Assamese identity for the sake of power. Also Read | Oracle Layoffs: Employee Laid Off After 25 Years of Service Writes Emotional LinkedIn Post for Impacted Colleagues, Says 'Stay Strong!'. "The entire country knows that C ...Read More >
New Delhi: India's LPG imports in March fell more than 40% compared with the previous two months, opening up a significant supply gap despite increased imports from the US and Iran, show ship-tracking data. In a twist, the US and Iran -- the two countries whose conflict has disrupted LPG flows to India -- helped partly plug the shortfall. The US emerged as India's largest supplier of the fuel in March, while Iran resumed shipments after a gap of nearly seven years. Also Read: India attends UK-led talks as 37 countries sign pledge to secure Strait of Hormuz India's total LPG imports dropped ...Read More >
The oil marketing companies (OMCs) on March 26 fixed rates for petroleum products that are at a discount of up to ₹60 per litre to their imported cost. In a first since fuel price deregulation, Indian state-run oil marketing companies will pay refineries a discounted price for petrol, diesel, aviation turbine fuel (ATF) and kerosene to limit mounting losses from a self-imposed freeze on retail fuel prices, sources said. The oil marketing companies (OMCs) on March 26 fixed rates for petroleum products that are at a discount of up to ₹60 per litre to their imported cost, two people with direct ...Read More >
NEW DELHI: The Enforcement Directorate (ED) on Thursday announced the provisional attachment of assets worth approximately ₹131.45 crore in Spain, including a luxury yacht and immovable properties, under the Prevention of Money Laundering Act (PMLA). These assets belong to Pavel Prozorov, a Spanish national and the alleged mastermind behind the unauthorised forex trading platform OctaFX. The attached assets comprise a commercial Italian-model luxury yacht cruising in the Western Mediterranean, a minijet boat, a luxury car, and two residential properties in Spain. The ED's probe was launched ...Read More >
Lucknow, Jul 17 (PTI) Uttar Pradesh's capital city has secured the third position in the category of urban spaces with population exceeding 10 lakh, while Prayagraj was adjudged the Cleanest Ganga City in the ninth edition of the Swachh Survekshan. Lucknow also became the first city in the state to achieve a 7-star Garbage Free City rating in the 2024-25 survey. Gorakhpur achieved double success, ranking third in the Safai Mitra Surakshit Sheher category and fourth among cities with a population between 3 to 10 lakh. Agra has been recognised as the Emerging Clean City of Uttar Pradesh, securi ...Read More >
New Delhi [India], August 1 (ANI): The Ministry of External Affairs (MEA) on Friday responded to the US announcement of sanctions on Indian companies involved in trading with Iran. MEA spokesperson Randhir Jaiswal during weekly media briefing stated that India has taken note of the sanctions and is currently reviewing the situation. Jaiswal stated, 'We have taken note of the sanctions, we are looking into it.' The US has imposed sanctions on 20 entities involved in Iranian petroleum, petroleum products, or petrochemical trade, and is identifying 10 vessels as blocked property, including sev ...Read More >