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.
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 Modern Hanbok-Inspired Look at Vogue World 2025 in LA; Becomes First Korean Star To Attend the Fashion Event (View Pics and Watch Video). According to a release by the Ministry of Petroleum & Natural Gas, the Minister noted that while the global energy market is expected to grow at a slow pace--with several refineries worldwide facing closure--India stands out as a bright spot, projected to contribute nearly 30-33 per cent of global energy demand growth in the coming decades. He pointed out that India's refining capacity currently stands at about 258 million metric tonnes per annum (MMTPA) and is on track to reach around 310 MMTPA by 2030, with long-term plans to scale further to 400-450 MMTPA. Also Read | Cyclone Montha Landfall Update: Severe Cyclonic Storm in Bay of Bengal Starts Landfall Near Kakinada in Andhra Pradesh, Process To Continue for 3-4 Hours, Says IMD. This expansion, he said, will consolidate India's position among the top three refining hubs globally as around 20 per cent of existing global refining capacity--over 100 refineries--faces potential closure by 2035. Highlighting India's achievements in biofuel blending, Puri said that the country had advanced from a 5 per cent target in 2006 to achieving 10 per cent ethanol blending five months ahead of schedule in 2022. Building on this success, the Government preponed the target for 20 per cent blending from 2030 to 2025-26. The Minister underlined that well-designed policies and robust support systems have enabled such accelerated achievements, demonstrating India's capability to set and meet ambitious energy goals. Puri also observed that India's refineries are world-class, globally integrated, and export-ready. India is already the fourth-largest refining nation and among the top seven exporters of petroleum products, exporting to more than 50 countries worth over USD 45 billion in FY 2024-25. The refining sector, he added, contributes nearly one-fifth of the country's revenue, with both public and private entities showing strong financial and operational performance. Domestic petroleum consumption has increased from around 5 million barrels per day in 2021 to about 5.6 million barrels per day currently and is expected to touch 6 million barrels per day soon, supported by India's robust economic growth and rising per capita income. Referring to the growing integration of petrochemicals with refining, Puri said that India's petrochemical utilisation is still only about one-third of the global average, offering significant potential for growth. The petrochemical intensity index has already risen from 7.7 per cent to 13%, reflecting the sector's upward trajectory. He emphasised that new refinery expansions are being planned as integrated petrochemical complexes to enhance efficiency, value addition, and export competitiveness. The Minister also underlined the importance of innovation and indigenisation in the energy ecosystem. He said that India has achieved nearly 80 per cent import substitution across the energy value chain. While acknowledging that certain critical components, such as catalysts and specialised equipment, continue to be imported, he emphasised the need for a balanced approach to Atmanirbharata, focusing on efficiency and global competitiveness rather than complete self-containment. He added that the government has initiated the Production Linked Incentive (PLI) scheme and established a National Centre for Catalyst Research to promote R&D and domestic manufacturing in key energy technologies. Speaking about green energy, Puri noted that India's progress in green hydrogen has been particularly promising. Recent tenders by IOCL and HPCL have reduced the price of green hydrogen from around USD 5.5/kg to nearly USD 4/kg, marking a major step toward commercial viability. He said that green hydrogen, natural gas, and biofuels will be central to India's energy transition, with the Global Biofuels Alliance expected to catalyse international trade and adoption of biofuels, including Sustainable Aviation Fuel (SAF). Puri stressed that India's energy strategy encompasses both fuel and petrochemical growth as part of a calibrated transition toward sustainability. He said that while the share of traditional fuels will gradually reduce, they will continue to play a major role for decades as India moves toward its 2047 goals. Simultaneously, the share of natural gas in the energy mix is being raised from 6 per cent to 15 per cent, green hydrogen is being scaled up, and renewables are expanding rapidly--all underlining India's commitment to meeting its climate goals without compromising energy security. Recalling India's historic refining legacy, from the first refinery at Digboi in 1901 to today's global-scale facilities, the Minister said that post-2014 reforms and ecosystem strengthening have unlocked a new era of growth and innovation. He highlighted ongoing projects such as the Barmer Refinery and Andhra Refinery as key examples of the sector's forward momentum. With over 100 biogas plants operational and 70 more in the pipeline, he said that India is building an ecosystem that connects technology, investment, and sustainability. Puri concluded that as India advances toward becoming a USD 10 trillion economy, its energy sector will not only meet domestic requirements but also serve global markets. The Minister expressed confidence that by 2035, India will move from being the world's fourth-largest to possibly the second-largest refining power. He emphasised that India's young demography, rising energy demand, and proactive policy environment will ensure that the country not only participates in but actively shapes the global energy future. (ANI)
New Delhi [India], December 2: The IVCA GreenReturns Summit 2024 commenced today in New Delhi, convening over 400 visionaries, investors, policymakers, and entrepreneurs to chart a transformative path for India's green economy. The Summit is dedicated to aligning India's climate goals with its trillion-dollar economic aspirations for a 'Viksit Bharat,' spotlighting high-impact investment opportunities, addressing funding gaps, and driving actionable solutions for net-zero and climate adaptation. Also Read | Mamata Banerjee Says West Bengal Yet To Get INR 14,000 Crore From Centre for Supply of ...Read More >
Ahmedabad (Gujarat) [India], December 2 (ANI): Ambuja Cements has taken a step toward achieving its Net Zero goals. The company has partnered with Finland-based technology leader Coolbrook to implement its proprietary RotoDynamic Heater (RDH) technology. According to the exchange filing, this cutting-edge, zero-carbon heating solution, powered by renewable electricity, will drastically reduce the company's dependence on fossil fuels and lower its carbon emissions, aligning with its sustainability vision. Ambuja Cements will significantly reduce its fossil fuel dependence by harnessing renewa ...Read More >
India's manufacturing sector growth fell to a joint 11-month low, restricted by competitive conditions and inflationary pressures India's manufacturing sector growth fell to a joint 11-month low of 56.5 in November, restricted by competitive conditions and inflationary pressures amid a softer increase in factory orders, a monthly survey said on Monday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) fell from 57.5 in October to 56.5 in November, signalling a softer improvement in the health of the sector. However, the pace of growth remained above its long-r ...Read More >
MUMBAI/NEW DELHI -- The Reserve Bank of India (RBI) on Friday slashed its economic growth forecast for the current financial year ending in March to 6.6% from the 7.2% projected in October after seeing "much lower than anticipated" gross domestic product expansion of 5.4% in July-September. "This decline in [the July-September quarter] growth was led mainly by a substantial deceleration in industrial growth from 7.4% in Q1 to 2.1% in Q2 due to subdued performance of manufacturing companies, contraction in mining activity and lower electricity demand," RBI Gov. Shaktikanta Das said in a televi ...Read More >
The Reserve Bank of India raised the interest rate caps on Foreign Currency Non-Resident Bank (FCNR-B) deposits to attract more capital inflows, amid pressures on the rupee. Starting December 6, banks can offer higher rates -- up to 400 basis points for 1-3 year deposits and 500 basis points for 3-5 year deposits -- until March 31, 2025. This move comes as the rupee faces volatility.The Reserve Bank of India on Friday announced a raise in the interest rate caps on the Indian diaspora's foreign cu ...Read More >
NEW DELHI, Dec 11 (Reuters) - London copper prices climbed to a nearly one-month high on Wednesday, as markets drew support from top consumer China's recent announcement that it will ease monetary policy and adopt a proactive fiscal policy to propel growth next year. Three-month copper on the London Metal Exchange (LME) was up 0.8% at $9,290 per metric ton, as of 0353 GMT. The contract briefly touched $9,314 per metric ton, its highest level since Nov. 12. The most-traded January copper contract on the Shanghai Futures Exchange (SHFE) rose 0.4% to 75,690 yuan ($10,443.31) a ton. China will ...Read More >
Chennai Rain: A low-pressure area over the Southeast Bay of Bengal has developed into a deep depression, according to latest report from the India Meteorological Department (IMD). This weather system is moving west-northwest and is expected to approach the Sri Lanka-Tamil Nadu coast within the next 24 hours. The IMD has indicated that the low-pressure system is currently crossing Sri Lanka, particularly near Rameswaram and Thoothukudi in the Gulf of Mannar. Consequently, Tamil Nadu experienced heavy rainfall overnight on December 11. As the system continues its journey into the Arabian Sea, i ...Read More >
Hong Kong, December 3, (ANI): Mainland Chinese shoppers are once again flocking to stores in Hong Kong, but this time, their focus is on purchasing sanitary towels and other feminine care products, rather than infant formula, cooking oil, or Yakult drinks. This shift in shopping habits is driven by concerns over reports of contaminated and discoloured cotton fillings in similar products sold in mainland China. These safety issues have led many consumers to seek alternatives in Hong Kong, where the quality is perceived to be more reliable, Radio Free Asia reported. A shopper from Guangzhou, i ...Read More >
Hong Kong: Mainland Chinese shoppers are once again flocking to stores in Hong Kong, but this time, their focus is on purchasing sanitary towels and other feminine care products, rather than infant formula, cooking oil, or Yakult drinks. This shift in shopping habits is driven by concerns over reports of contaminated and discoloured cotton fillings in similar products sold in mainland China. These safety issues have led many consumers to seek alternatives in Hong Kong, where the quality is perceived to be more reliable, Radio Free Asia reported. A shopper from Guangzhou, interviewed by Radio ...Read More >
At the interbank foreign exchange, the rupee opened at 84.49 against the greenback, registering a fall of 2 paise over its previous close The rupee fell 2 paise to trade at 84.49 against the U.S. dollar in early trade on Friday (November 29, 2024) dragged down by significant foreign fund outflows and month-end dollar demand from importers. Forex traders said the rupee remains in a weakening mode due to dollar demand from importers and foreign banks. At the interbank foreign exchange, the rupee opened at 84.49 against the greenback, registering a fall of 2 paise over its previous close. On ...Read More >
As per Moneycontrol's calculations, a 7 per cent growth in the remaining two quarters will put India's GDP at 6.5 per cent. The Indian economy would find it challenging to achieve over 7 per cent growth for the fourth consecutive year, economists said. They pointed out that the second-quarter (Q2) Gross Domestic Product (GDP) data, which was announced on November 29, has made the task even more daunting for the government. "A sharper than expected growth slowdown in Q2 has tilted risks to our outlook of 6.8 per cent for the current fiscal downwards," said DK Joshi, chief economist, Crisil. ...Read More >
FRANKFURT (Reuters) - Import tariffs expected to be implemented by the administration of U.S. President-elect Donald Trump could lower economic growth and inflation in the 20 nations sharing the euro, European Central Bank board member Piero Cipollone said on Tuesday. Most economists agree that the possible tariffs would impact growth, though views diverge on the effect on consumer prices. Some argue the U.S. trade barriers will push up the value of the dollar, making imports of key commodities more expensive, while likely retaliation from Europe will also raise costs. Cipollone, speaking i ...Read More >
Delhi residents breathed easier Thursday as air quality improved to 'moderate' after a month of severe pollution. The AQI dropped to 161, though some areas still experienced 'poor' air quality. Cooler temperatures and mist accompanied the improved air, with the minimum temperature reaching 9 degrees Celsius. The Supreme Court maintained GRAP-IV restrictions, demanding compensation for construction workers from NCR states.Residents in Delhi took a sigh of relief on Thursday as the air quality inde ...Read More >
Chennai,Tamil Nadu - A deep depression forming over the Southeast Bay of Bengal is set to bring heavy rainfall to Tamil Nadu,with Chennai expected to see showers until Thursday night. the system,which intensified from a low-pressure area,is predicted to move west-northwest,crossing Sri Lanka near Rameswaram and Thoothukudi before entering the Gulf of Mannar. The India Meteorological Department (IMD) issued an update stating that the depression is likely to move further into the Arabian Sea, passing thru the Delta and southern Tamil Nadu regions. This will result in continued rainfall acr ...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 >
Heavy rains across Tamil Nadu have led to school closures in several districts, including Chennai, on Thursday. The India Meteorological Department (IMD) has issued a yellow alert, predicting moderate rains and light thunderstorms in parts of the state. Rainfall figures show significant precipitation in multiple areas. Meanwhile, Northern India braces for a cold wave beginning December 9, with the IMD forecasting plunging temperatures in Rajasthan, Punjab, Haryana, and Uttar Pradesh.Schools acros ...Read More >
New Delhi, Dec 12 (PTI) Terming the 5.4 per cent GDP growth in the second quarter as a "temporary phenomena", FICCI President Harsha Vardhan Agarwal on Thursday said the industry body expects India to achieve 6.5-7 per cent economic growth in the current financial year, while projecting a pick up in private investment. In an interview to PTI, Agarwal, who is also the Vice Chairman & Managing Director of Emami Ltd, said the RBI needs to manoeuvre a "tight-rope balancing act" between inflation and economic growth, as he opined that the central bank has been doing a prudent job. Notably, the FI ...Read More >
Chennai ( Tamil Nadu) [India], November 27 (ANI): As a deep depression in the southwest Bay of Bengal is likely to intensify into a cyclone and move towards Tamil Nadu, the Indian Coast Guard has started coordinating with the state agencies to ensure seafarers' safety. The ICG said that its ships, aircraft and radar stations issued advisories for fishing boats to return to the harbour. "Deep Depression in the #BayofBengal likely to intensify into a cyclone and move towards #Tamilnadu, as per #IMD. @IndiaCoastGuard Region HQs (East) is coordinating with state agencies to ensure seafarers' saf ...Read More >
Mumbai (Maharashtra) [India], November 28: Pioneering furniture fittings solutions brand Hettich India is proud to announce that it has been officially certified as a Great Place to Work, a recognition that celebrates the company's unwavering commitment to creating an ecosystem where everybody thrives. Also Read | Diljit Dosanjh Concert in Kolkata 2024: Planning to Attend Dil-Luminati Tour, Don't Miss These 5 Must-Try Local Foods. This honor is especially meaningful, with an overwhelming 95% participation from employees helping Hettich India. It reflects a shared commitment to creating a fam ...Read More >
New Delhi [India], December 3 (ANI): Oilfields (Regulation and Development) Amendment Bill, 2024 to expand the definition of mineral oils and include petroleum and natural gas passed in the Rajya Sabha on Tuesday. The bill was introduced by Union petroleum and natural gas minister Hardeep Singh Puri for consideration and passing. The Bill will regulate the exploration and extraction of natural gas and petroleum. The amended bill expands the definition of mineral oils to include petroleum and natural gas in it. Also Read | Pune: Doctors Perform Rare Laser Surgery on Woman Pregnant With Monoam ...Read More >
Markets opened on a cautiously optimistic note on Wednesday, with the Sensex and Nifty showing marginal gains, while investors closely monitored global economic indicators and upcoming domestic policy decisions. The Sensex opened higher at 81,036.22 from its previous close of 80,845.75 and is currently trading at 81,168.92 as of 9.45 am, up by 323.17 points or 0.40 per cent. Similarly, the Nifty opened at 24,488.75 compared to its previous close of 24,457.15 and is now at 24,558.20, rising by 101 ...Read More >
(Bloomberg) -- Indian bonds are poised to gain while the rupee is set to weaken as analysts bet on a softer monetary policy after the government named career bureaucrat Sanjay Malhotra as the new Reserve Bank of India governor. Most Read from Bloomberg Malhotra, a surprise pick, will take charge from Shaktikanta Das under whom the RBI kept borrowing costs unchanged for almost two years. While Malhotra's views on monetary policy are largely unknown, he recently urged revenue officials to prioritize economic growth, and the markets may read his appointment as dovish. The central bank is expec ...Read More >
The Andhra Pradesh government inked a Memorandum of Understanding (MoU) with Google. The tech giant will launch its operations from Visakhapatnam in the State. Making the announcement at the district collectors' conference on Wednesday, Chief Minister N. Chandrababu Naidu said HRD Minister Nara Lokesh's efforts have paved the way for this. The MoU was a significant development and would be a game changer. Visakhapatnam is poised for transformative growth, Mr. Naidu said. The chief minister, in ...Read More >
News 2 min read Indian IT industry to see 30-35 pc high demand for niche tech roles in 2025 The Indian IT industry is projected to see 30-35 per cent increased demand for highly-specialised tech roles in 2025, along with increased spending on upskilling in the coming years, according to a new report. New Delhi, The Indian IT industry is projected to see 30-35 per cent increased demand for highly-specialised tech roles in 2025, along with increased spending on upskilling in the coming years, acco ...Read More >
Diljit Dosanjh is set to perform in Chandigarh on December 14 as part of his "Dil-Luminati" India Tour. Diljit Dosanjh will perform in Chandigarh on December 14 (File photo) The Chandigarh Commission for Protection of Child Rights has advised singer Diljit Dosanjh to refrain from singing some of his hit songs, including 'Patiala Peg', at his upcoming concert in the city as they "promote" alcohol, drugs and violence and "affect" children. The 40-year-old is set to perform in Chandigarh on Decemb ...Read More >
The Indian government has announced a 375km rail network expansion, aimed at enhancing economic growth and connectivity in North Maharashtra, Madhya Pradesh, and Uttar Pradesh. With a total cost of approximately Rs79.27bn ($1.05bn), these projects are aimed to be completed within four years. Union Minister of Railways, Ashwini Vaishnaw, detailed the Cabinet Committee on Economic Affairs' approval of three railway infrastructure projects. The projects include the Jalgaon-Manmad fourth line (160 km), Bhusawal-Khandwa third and fourth lines (131km), and the Prayagraj (Iradatganj)-Manikpur thir ...Read More >
Mumbai (Maharashtra) [India], December 10 (ANI): The stock market ended Tuesday's trading session on a subdued note, with the benchmark indices showing little movement. The Sensex edged up by 1.59 points, closing at 81,510.05, while the Nifty declined by 8.95 points to end at 24,610.05. Also Read | Parliament Winter Session 2024: Congress, INDIA Bloc Allies Move No-Trust Motion Against Rajya Sabha Chairman Jagdeep Dhankhar; Alleges 'Proceedings in Upper House Conducted in Partisan Manner'. In the Nifty pack, 23 stocks advanced, while 27 ended in the red. Among the top gainers were Shriram F ...Read More >
New Delhi [India], December 12 (ANI): The gross NPA ratio of public sector banks declined to 3.12 per cent in September 2024 from 4.97 per cent in March 2015 and a peak of 14.58 per cent in March 2018, the government stated on Thursday, reaffirming the robustness of the banking system. The government emphasised its proactive support for the banking ecosystem, addressing both business needs and employee welfare to ensure stability, transparency, and growth. Also Read | Places of Worship Act Validity: Supreme Court Restrains Courts in Country Not to Entertain, Pass Orders on Suits Related to R ...Read More >
Chennai (Tamil Nadu): In the latest update relating to cyclone Fengal, colleges and schools in Tamil Nadu shall remain closed, said reports on Wednesday. The education institutions shall be closed in as many as six districts, said reports. According to further reports, nine districts of the state have been put on high alert as the IMD (India Meteorological Department) has predicted heavy rainfall due to possible cyclonic storm in the Bay Of Bengal due to cyclone Fengal. Reports said that schools in Tamil Nadu are closed in the following districts namely: Chennai, Kanchipuram, Chengalpet, Ari ...Read More >
Stock market today: The Indian stock market clocked healthy gains for the third consecutive session on Tuesday, December 3, led by gains in shares of select heavyweights, including Reliance Industries, HDFC Bank and Larsen and Toubro. Benchmark index Nifty 50 jumped 0.70 per cent to the level of 24,445.80, breaking above its 50 and 100-day exponential moving averages (DEMA). According to Trendlyne, an equity research platform, Nifty 50 is above its 100-day EMA of 24,306 and 50-day EMA of 24,364. However, the index is yet to breach its 50-day and 100-day simple moving averages (SMAs) of 24,643 ...Read More >