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.
Mumbai: Finance Minister Nirmala Sitharaman on Tuesday launched the foreign currency settlement system in GIFT IFSC, which will facilitate seamless transactions on real-time basis, enhance liquidity management, and ensure compliance. Currently foreign currency transactions usually get settled with a lag of 36 to 48 hours. Speaking at the Global Fintech Fest 2025, the finance minister said with the operationalisation of the foreign currency settlement system, GIFT City joins a select list of financial centres that include Hong Kong, Tokyo, Manila, and some other centres which have the infrastructure to settle foreign currency transactions locally. Sitharaman further said fintech has democratised finance in India. India ranks third in fintech companies and does half of world's real-time digital transactions, the minister said and added that the government's policy has been to play a role to nurture the fintech sector through a balanced approach. She emphasised the government's enabling approach towards business, technology and innovation. "We'd like to remain in the fringes and watch. We like to remain in the fringes and help...we have to enable businesses and not interrupt in their progress," Sitharaman added.
Mumbai, Feb 10: The rupee on Monday plunged 45 paise and moved closer to the 88 per US dollar-level, weighed down by the strength of the American currency tariff concerns, but eventually settled at 87.45, up 5 paise, following RBI intervention. The American currency gained in the overseas market after US President Donald Trump's plans to impose 25 per cent tariffs on steel and aluminum imports, along with reciprocal tariffs targeting countries taxing US exports. The move has added jitters over the global trade war with China's reciprocal duties coming into effect, they said. At the interban ...Read More >
Mumbai, Jun 5 (PTI) The rupee snapped its two-day losing streak and closed 8 paise higher at 85.79 against the US dollar on Thursday, supported by positive domestic equities and a rise in Asian currencies. Forex traders said overnight softening of crude oil prices favoured the rupee. However, a strong US dollar index capped sharp gains. Besides, market participants are now keenly awaiting the outcome of the Reserve Bank of India's (RBI's) monetary policy meeting for further cues, they said. At the interbank foreign exchange, the domestic unit witnessed a volatile trading session -- it opene ...Read More >
Mumbai: Even as mis-selling of insurance plans by banks has drawn scrutiny, the sector regulator doesn't want to manage distribution channels and seeks to focus on customer awareness to check the malpractice. "It's not necessary that every mis-selling is mis-selling, it's also about the customers' understanding of the product," said Swaminathan S Iyer, member (life), Insurance Regulatory and Development Authority of India on the sidelines of an event on Wednesday. "Once you drive home that your understanding is different from what the product is...then I think the absolute number on mis-selli ...Read More >
New Delhi, Jun 5 (PTI) Fintech firm BimaPay Finsure on Thursday said it has entered into corporate insurance financing and aims for Rs 20 crore in premiums in 2025-26. Launching the pilot phase with insurance partners, BimaPay said the initiative will allow businesses to pay premiums in easy equated monthly instalments (EMIs) instead of bearing the burden of full upfront costs. Also Read | Who Is Pinaki Misra? From Age to Family Background and Net Worth, Here's All About BJD Leader With Whom Mahua Moitra Reportedly Married. The company aims to finance over Rs 20 crore worth of premiums by t ...Read More >
New Delhi, Jun 6 (PTI) The decision of the Reserve Bank to cut policy rate by 50 basis points will have a positive impact on the automobile sector as it will make loans cheaper, industry body SIAM said on Friday. The RBI on Friday cut repo rate by a higher-than-expected 50 basis points to prop up growth, which has slowed to a four-year low of 6.5 per cent in FY25. Following the rate cut, the key policy rate eased to a three-year low of 5.5 per cent, providing relief to home, auto and corporate loan borrowers. "Such reduction in repo rates would have a positive impact on the auto sector since ...Read More >
New Delhi, Jun 8 (PTI) Infosys has opened a new development centre at Gujarat International Finance Tec-City (GIFT City), Gandhinagar, to develop solutions for global Banking, Financial Services, and Insurance (BFSI) clients. The facility, designed to accommodate over 1,000 employees working in a hybrid model, was inaugurated by Gujarat Chief Minister Bhupendrabhai Patel. "It will function as a key TechFin hub, delivering advanced digital solutions for global BFSI clients. Its services will span critical domains including digital banking, regulatory affairs, trade finance, capital markets, c ...Read More >
New Delhi [India], June 8 (ANI): External Affairs Minister S. Jaishankar will undertake an official visit to France, the European Union (EU), and Belgium from June 8 to 14, 2025, the Ministry of External Affairs announced in a press release on Sunday. The visit marks a significant step in further strengthening India's strategic partnerships with Europe. The EAM will first travel to Paris and Marseille, France, where he will hold bilateral discussions with the Minister for Europe and Foreign Affairs of France, Jean Noel Barrot. Also Read | Indian Citizen Dies in UAE: Civil Engineer Issac Paul ...Read More >
Jaipur: Police in Didwana have stepped up their probe into a cross-border smuggling case in which they arrested two arms and drug smugglers on June 27 for supplying Austrian Glock and Chinese Norinco pistols. It has emerged that the case has links to a massive Rs 300-crore heroin consignment seized by Punjab's Amritsar police near the India-Pakistan border in Barmer on June 30. Canada-based Joben Kaler was identified as the main overseas handler of the heroin consignment. Didwana-Kuchaman police had arrested Mohammad Ilyas from Khunkhuna and Amarjeet Singh Takhar, alias Prince, from Jalandhar ...Read More >
New Delhi, Dec 3 (PTI) Finance Minister Nirmala Sitharaman will commence customary pre-Budget consultations with various stakeholders beginning Friday. As part of the process, she will meet eminent economists on December 6 to seek their inputs regarding upcoming Budget amid seven-quarter low GDP print of 5.4 per cent recorded in the second quarter of the current financial year. It will be followed by a meeting with farmer associations and agriculture economists and stakeholders in MSME sector scheduled for December 7, sources said. Union Budget 2025-26 is likely to be tabled in Parliament o ...Read More >
Gurugram (Haryana) [India], December 12: Navanc, a pioneering FinTech startup building India's first AI-powered property score and stack for secured lending and insurance practices, has successfully raised USD 1 million in a seed funding round. The round was led by Prarambh Ventures, with participation from Inflection Point Ventures (IPV), Brigade REAP FirstPort Capital, and marquee angel investors Also Read | US: Joe Biden Commutes Roughly 1,500 Sentences and Pardons 39 People in Biggest Single-Day Act of Clemency. The funds will be directed toward expanding operations across India, with a ...Read More >
Policy 2 min read Cryptocurrencies hamper financial stability: RBI RBI Governor Sanjay Malhotra expressed concerns about cryptocurrencies, citing potential risks to financial stability and monetary policy. While the Supreme Court urged the Centre to formulate clear regulations, India is currently developing a discussion paper on cryptocurrencies, with an inter-ministerial group examining global norms. Mumbai, RBI Governor Sanjay Malhotra on Friday said the central bank is concerned about cryptoc ...Read More >
New Delhi, December 4: In a significant move to enhance customer experience and protect citizens, the Lok Sabha on Wednesday passed the Banking Laws (Amendment) Bill, 2024, which allows bank account holders to have up to four nominees in their accounts. The higher number of nominees aims to reduce unclaimed deposits in banks. Finance Minister Nirmala Sitharaman said that depositors will have the option of successive or simultaneous nomination facility, while locker holders will have only successive nominations. Another sweeping change relates to redefining 'substantial interest' for directors ...Read More >
Gandhinagar (Gujarat) [India], June 7 (ANI): Gujarat Chief Minister Bhupendra Patel, while inaugurating the new Development Center of Infosys at GIFT City, reaffirmed the State Government's commitment to advancing the AI industry by implementing artificial intelligence-based systems across the state. He stated that the establishment of an AI Centre of Excellence at GIFT City is aimed at creating a unified platform that brings together solution developers, experts, professionals, and startups under one roof. Also Read | Latur Shocker: Man Kidnaps Woman's Child for Rejecting His Proposal for A ...Read More >
Kargil , Jul 2: Pursuant to putting in place a comprehensive legal framework to ensure fair, inclusive, and transparent recruitment to public services, the Administration of the Union Territory of Ladakh has initiated a large-scale recruitment drive for 359 Gazetted posts through the Union Public Service Commission (UPSC). This marks the first-ever recruitment of Gazetted posts through UPSC since the formation of the Union Territory, officials said. This follows the establishment of a unique and dedicated legal framework specifically designed for Ladakh. The framework ensures maximum local re ...Read More >
Mumbai, Dec 3 (PTI) Maharashtra's caretaker Chief Minister Eknath Shinde on Tuesday visited a private hospital in Thane for a "check-up," two days before a new CM is sworn in at an open ground ceremony in south Mumbai. Even as it is not known yet who would take oath as chief minister at Azad Maidan on the evening of December 5, preparations are in full swing for the ceremony, to be attended by Prime Minister Narendra Modi, about 2,000 VVIPs and some 40,000 supporters. Shinde, who had been staying at his private residence in Thane for the last few days, visited the hospital in the morning. "I ...Read More >
Bengaluru: Ex-Karnataka Chief Minister and former External Affairs Minister SM Krishna died here early on Tuesday, leaving behind a rich legacy of statesmanship and public service that saw the 92-year-old leader scale all heights of political achievements. Suave, sophisticated and a man with enviable academic credentials, Somanahalli Mallaiah Krishna started off his political innings as an independent MLA from Maddur in 1962, stunning a then Congress veteran in the elections, and went on to become the state's CM and later the country's External Affairs Minister. Tributes poured in for the fo ...Read More >
NewsVoir Gurugram (Haryana) [India], December 12: Navanc, a pioneering FinTech startup building India's first AI-powered property score and stack for secured lending and insurance practices, has successfully raised USD 1 million in a seed funding round. The round was led by Prarambh Ventures, with participation from Inflection Point Ventures (IPV), Brigade REAP FirstPort Capital, and marquee angel investors The funds will be directed toward expanding operations across India, with a focus on strengthening Navanc's presence in urban and semi-urban areas. Additionally, the startup will bolster ...Read More >
New Delhi, January 31: The unveiling of the Economic Survey on Friday sets the stage for Finance Minister Nirmala Sitharaman to present the Union Budget for 2025-26 in Parliament on Saturday (February 1), which is expected to continue the government's policy of giving a big push to economic growth with equity. The government has prioritised improving the quality of life in rural areas to ensure equitable and inclusive development, according to the Economic Survey 2024-25. The survey highlights financial inclusion as a key focus, with rural households and small businesses getting easier access ...Read More >
HYDERABAD: Refuting the allegations of the Opposition BRS that the Congress government failed to stop the Andhra Pradesh government's proposed Godavari-Banakacherla project, Irrigation Minister N Uttam Kumar Reddy on Friday declared that "we are ready for any kind of fight" against AP's project. Speaking to reporters here, Uttam said that the state government has already written letters to Jal Shakti Minister CR Patil and Union Finance Minister Nirmala Sitharaman opposing the project. "After our representation, Union Minister CR Patil in a letter assured us that the G-B project will be exami ...Read More >
Hyderabad: Chief Minister A Revanth Reddy on Thursday warned educational institutions that cases would be booked against them if drugs were found in their premises. The CM announced that the state's Anti-Narcotics Bureau would henceforth be known as Elite Action Group for Drug Law Enforcement (EAGLE) and was tasked with curbing the menace of narcotics in the state. Speaking at an event marking the International Day Against Drug Abuse and Illicit Trafficking 2025 at Shilpakala Vedika here, Reddy placed an onus on educational institutions to ensure their campuses were free of drugs. "It is the ...Read More >
William B. Roberts, a director at Consumer Portfolio Services, Inc. (NASDAQ:CPSS), recently sold a substantial amount of company stock. According to a Form 4 filing with the Securities and Exchange Commission, Roberts offloaded a total of 30,000 shares over several days, with transactions occurring on November 14, 15, and 18. The shares were sold at prices ranging from $10.37 to $10.49, generating proceeds of approximately $313,000. Following these sales, Roberts retains ownership of 770,078 shares of the company. Each sale was executed at a weighted average price, with the shares being sold ...Read More >
India's BFSI sector is rapidly evolving with digital transformation, creating new opportunities for the youth to merge financial knowledge with tech skills. As automation, AI, blockchain, and big data reshape the industry, India’s young workforce must be equipped with specialized skills to stay competitive. Roles in data analysis, AI, and cybersecurity are growing, and companies that invest in technology and upskilling will lead the market. While government programs aim to bridge the skills gap, a collaborative approach with educational institutions and financial organizations is key to ensuri ...Read More >
NEW DELHI, Dec 13 (Reuters) - India should do more to tax its super-rich given its high levels of inequality, French economist and author Thomas Piketty said on Friday. The writer of the best-selling book "Capital in the 21st Century" called on India to follow through on a July pledge by finance ministers from the Group of 20 major economies to cooperate on effectively taxing the world's largest fortunes. "India should be active in taxing the rich," Piketty said at an event organised by Delhi-b ...Read More >
New Delhi: The GST Council will soon decide on having fewer and lower rates as the review work is almost complete, Finance Minister Nirmala Sitharaman said on Tuesday. Currently, Goods and Services Tax (GST) is a four-tier tax structure with slabs at 5, 12, 18 and 28 per cent. Luxury and demerit goods are taxed at the highest bracket of 28 per cent, while packed food and essential items are in the lowest 5 per cent slab. The Council, chaired by Sitharaman and comprising her state counterparts, has set up a group of ministers (GoM) to suggest changes in GST rates as well as reduce slabs. "To ...Read More >
MUMBAI: In a move that jolted markets and defied expectations, the Reserve Bank of India cut its benchmark policy rate by 50 basis points and announced a Rs 2.5 lakh crore liquidity infusion via a 100 basis point reduction in the cash reserve ratio (CRR). The CRR cut reduces the portion of deposits banks must park with the central bank, effectively freeing up funds to support credit growth.Governor Sanjay Malhotra framed the dual action as a response to shifting macroeconomic conditions, stating that the evolving growth-inflation dynamics warranted "not just continued policy easing, but also f ...Read More >
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. The remittance-based cryptocurrency Ripple (XRP) has fallen 4% in the past 24 hours, resulting in the liquidation of $18 million worth of XRP futures. Of this, long positions are $11 million and short positions are $7 million. The entire cryptocurrency market has been volatile recently, and XRP is one of the assets affected. This article details how to make $10,000 a day or more through remote mining. In the past, cryptocurrency mining required expensive equipment, expertise, ...Read More >
Lucknow: Days after the chairman of 16th Finance Commission Arvind Panagariya said that Uttar Pradesh, like many other states, had demanded increase in state's share from existing 41% to 50%, state finance minister Suresh Khanna said that such a demand has been raised by other states too and it is justified as UP has being doing better on several parameters.The UP govt's thrust before the 16th Finance Commission was on UP's share in central taxes which should be 20.47% against 17.93% it got in 15th Finance Commission, the finance minister told TOI.Sources said that even if UP does not get the ...Read More >
New Delhi: The second match of the five-match Test series between India and England will be played at Edgbaston in Birmingham. It will start on July 2. In this Test, Shubman Gill has a chance to create history. Actually, the Indian team has not been able to win on this ground so far. Team India played the first match on this ground in 1967. Be it Virat Kohli or Dhoni or Dravid or Sourav Ganguly, no Indian captain has won here in 58 years. However, Gill will have a chance to get his name registered in the history books. If he manages to end the drought of 58 years, he will become the first Indi ...Read More >
Gandhinagar (Gujarat) [India], June 27 (ANI): Infosys founder NR Narayana Murthy visited the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar on Friday and lauded the rapid progress being made, expressing appreciation for the world-class infrastructure and the growing number of international companies establishing operations there. During his visit, he held a detailed meeting with GIFT City Chairman Hasmukh Adhia, GIFT City Managing Director and Group CEO Tapan Ray, and K Rajaraman, Chairman of the International Financial Services Centres Authority (IFSCA). Also Read | PM Na ...Read More >
New Delhi: The hunt for a successor to BJP president J.P. Nadda has taken a new turn with RSS and BJP now weighing the "historic" prospect of appointing a woman to the top party post. While a section of leaders pushed for a woman candidate, many others were firmly rooted to tradition, insisting that the post of party chief stay in "male hands". Amidst this deadlock and tug-of-war between BJP and RSS leaders over the next presidential candidate, the names of some women candidates have begun to surface. The top contenders are mainly from the southern parts of the country -- D. Purandeswari (An ...Read More >