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, Apr 5 (PTI) Industry lobby CII on Sunday outlined a 20-point agenda to mitigate the impact of the West Asia crisis, calling for measures including a temporary exemption from long-term capital gains tax for foreign investors in the primary market, the introduction of a time-bound Conflict-Linked Emergency Credit Line Guarantee Scheme and a three-month moratorium and restructuring window for MSMEs. CII proposed that priority sector lending (PSL) norms may be revisited to enable banks to respond more flexibly to sector-specific stress during external disruptions. It also suggested that the RBI could institute a Special Refinance Window for MSMEs and other affected sectors, among other measures, seeking their consideration by the government. To sustain foreign capital inflows into primary markets during a period of heightened global uncertainty, the Ministry of Finance may consider a temporary exemption from long-term capital gains tax for foreign investors in primary market investments, with the qualifying holding period extended from two to three years. This calibrated incentive would signal stability, encourage patient capital, and help offset any flight-to-safety sentiment triggered by the disruption, CII said. It suggested that the Ministry of Finance may consider introducing a time-bound Conflict-Linked Emergency Credit Line Guarantee Scheme (CL-ECLGS), similar in spirit to the Emergency Credit Line Guarantee Scheme implemented during the pandemic, so that additional collateral-free working capital can be extended to affected enterprises through government-backed guarantees, particularly targeting MSMEs, exporters and gas-dependent sectors. CII also called upon RBI to consider a temporary and clearly defined three-month moratorium and restructuring window for MSMEs, especially exporters and ancillary units linked to export supply chains. This may include calibrated flexibility in asset classification norms, with a defined deferment before Special Mention Account (SMA) and Non-Performing Asset (NPA) recognition is triggered, limited to sectors where disruption is demonstrable. Moreover, the RBI could institute a Special Refinance Window for MSMEs and other affected sectors, complemented by targeted liquidity support through instruments such as Targeted Long Term Repo Operations, thereby enabling banks and non-banking financial companies (NBFCs) to continue extending credit at reasonable cost to productive sectors. Besides, CII said, the Ministry of Finance in conjunction with RBI could provide immediate contractual and operational relief to industry, especially MSMEs, by extending delivery timelines for Central and State PSU contracts by 3-4 months without invoking Liquidated Damages clauses, reduce Performance Bank Guarantee and Security Deposit requirements to minimal levels to ease liquidity constraints. In addition, temporary relief in electricity tariffs may also be offered to help manage rising input costs during the disruption period, it added. The industry lobby said banks may be enabled, for a limited period, to reassess and enhance working capital limits in deserving cases, particularly for export-oriented and gas-dependent units facing temporary stress. A calibrated increase in cash credit limits of up to twenty per cent, coupled with concessional lending terms during the disruption period, would provide meaningful operational relief. It also called for a temporary reduction or waiver of administrative banking charges, including loan processing fees, foreign exchange handling charges and documentation costs, may be considered for MSMEs and affected sectors. Other measures include expansion of the Trade Receivables Discounting System (TReDS) more actively across affected industrial clusters to facilitate invoice discounting, while pending GST refunds, duty drawback claims and RoDTEP dues may be settled on a fast-track basis. Chandrajit Banerjee, Director General, CII, said, "The government and the RBI have responded with speed, clarity and coordination. The early measures have helped stabilise sentiment and demonstrate that India's policy framework is both responsive and resilient in the face of external shocks. At the same time, CII observed that the situation continues to evolve, with underlying supply side pressures in energy, logistics and trade channels persisting beyond the initial phase. Industry feedback indicates that while the first round of policy measures has mitigated the immediate impact, several sectors continue to face operational and financial stress, particularly MSMEs, exporters and energy-intensive industries. "India's experience during previous crises has shown that coordinated fiscal and monetary action can significantly strengthen resilience. The next phase of policy response may therefore need to focus on targeted liquidity support, credit facilitation, trade cost management and foreign exchange stability," Banerjee said. CII further suggested that the Ministry of Finance may consider a time-bound rationalisation of the tax and duty structure on energy inputs to mitigate cascading cost impacts of the disruption. This could include a temporary waiver of the about 2.5 per cent customs duty on LNG imports. PTI RSN MR
IMPHAL, Nov 17: The NPP on Sunday withdrew support from the BJP-led Government in Manipur, even as violence continued to rock the state as offices of the Congress and the saffron party were ransacked in the hill district of Jiribam where an unidentified body was found earlier in the day, officials said. Follow the Daily Excelsior channel on WhatsApp A BJP MLA's ancestral house was vandalised in Imphal Valley while a building owned by Ashab Uddin, the Independent legislator of Jiribam, was ransacked, officials said. The incidents occurred a day after irate mobs set fire to the residences of ...Read More >
However, the NCLT did not pass the approval order on Thursday and deferred the decision, scheduling the next hearing for 6 December. It is expected that the tribunal will pass the liquidation order and may approve the CoC's proposed liquidator at that time. Venkatasubramanian is a Chartered Accountant and is registered as an Insolvency Professional with the Insolvency & Bankruptcy Board of India. He is a partner at Ernst & Young Restructuring, specializing in crisis stabilization, liquidity management, and the restructuring and turnaround of distressed companies. He is an expert in sectors su ...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 >
In a regulatory filing on Thursday, the company stated that the NCLAT, through its order dated December 12, 2024, has "appointed NBCC (India) Limited as Project Management Consultant for the completion of 16 projects of Supertech Ltd." NBCC will oversee the completion of these projects, which include 49,748 housing units spread across Uttar Pradesh, Uttarakhand, Haryana, and Karnataka. The projects include Ecovillage-2, Romano, Capetown, Czar Suites, Eco-Village 3, Sports Village, and Eco-Citi ...Read More >
Jamshedpur, Dec 17 (PTI) Tata Steel has operationalised an all-women shift at its Noamundi iron mine in Jharkhand's West Singhbhum district, an initiative introduced in the country for the first time, a company statement said. Women employees were engaged in all the mining activities of the shift, including heavy earth moving machinery, shovel, loader, drill [...] Jamshedpur, Dec 17 (PTI) Tata Steel has operationalised an all-women shift at its Noamundi iron mine in Jharkhand's West Singhbhum district, an initiative introduced in the country for the first time, a company statement said. Wome ...Read More >
Chandigarh, Dec 18 (PTI) Noise levels exceeded the prescribed limits during singer-actor Diljit Dosanjh's concert here on Saturday, the Chandigarh administration told the Punjab and Haryana High Court on Wednesday. The submission was made by the administration before a division bench of the high court. "Strict action" has been recommended against the violators, the court was further informed. On December 13, the high court had allowed Dosanjh's event scheduled to take place the next evening, with a direction that the organisers comply with the noise pollution regulations. While greenlighti ...Read More >
Vastu Housing has raised $100 million from the global consumer internet group Prosus. The Amsterdam-based investor has acquired an 8.4% stake (7.8% fully diluted) in the home finance company. Vastu Housing Finance is a prominent player in the affordable housing finance sector, focusing on underserved communities. In September, Vastu received a $50 million loan from the United States International Development Finance Corporation (USDFC). Housing finance companies have attracted significant funding in recent months. Recently, Easy Home Finance raised $35 million in a fresh funding round led by ...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 >
India's Chief Economic Advisor (CEA), Anantha Nageswaran, has urged regulators not to hinder innovations in the crypto and gaming sector. Speaking at the 2024 Global Economic Policy Forum on Wednesday, Nageswaran stressed the importance of regulatory transparency. He also advocated to strike a balance between fostering innovation and addressing social costs. "In a country with low per-capita income and financial illiteracy, not every innovation needs to be encouraged without any questioning. You have to have a social cost-benefit analysis of innovations such as Crypto and online gaming." He ...Read More >
As a part of the new agreement between Mazagon Dock and BEML, Mazagon Docks will make facilities available to BEML's research team in exchange for their technical support to design and manufacture strategic equipment, reported PTI. The government-owned BEML Ltd. (formerly known as Bharat Earth Movers Ltd) announced on Wednesday, November 27, that it has signed an agreement with Mazagon Dock Shipbuilders to develop technologies for the marine industry, news agency PTI reported. According to the company statement cited by the agency, the company aims to leverage the opportunity to expand its e ...Read More >
Given the strong subscription response, Ganesh Infraworld's latest GMP stands at Rs 73, indicating an upside potential of 88% above the upper price band.The SME initial public offering (IPO) of Ganesh Infraworld received a strong response from investors with an overall subscription of 103.2 times by 12:19 pm on the final day of the bidding process. The IPO will close on December 3. The company aims to raise Rs 98.6 crore through the SME IPO, which is a fresh equity sale of 1.18 crore shares, and list the shares on the NSE SME platform. The net proceeds from the public offer will be used for ...Read More >
Itanagar, Dec 5 (PTI) The Arunachal Pradesh government has inked a memorandum of agreement (MoA) with the Indian Army for the maintenance and upkeep of the Major Ralengnao Bob Khathing Museum of Valour in Tawang district. The memorandum was signed by Tawang Deputy Commissioner Kangki Darang and Brigadier VS Rajput of the 190 Mountain Brigade on Wednesday in the presence of Chief Minister Pema Khandu. With this agreement, the museum will be effectively managed solely by the Indian Army, an official statement said here on Thursday. On the occasion, Khandu paid tributes to Sardar Vallabhbhai P ...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 >
New Delhi, Dec 17 (PTI) Sports minister Mansukh Mandaviya flagged off the 'Fit India Cycling Drive' at the Major Dhyan Chand National Stadium here on Tuesday. Close to 500 cycling enthusiasts joined the three kilometres ride from the stadium to Raisina Hills and back, the initiative aimed at promoting cycling as a sustainable and healthy mode of transportation. Also Read | ZIM vs AFG 2024: Rahmanullah Gurbaz Ruled Out of Zimbabwe ODI Series With Quadriceps and Hip Flexor Injuries. The event was flagged off by Mandaviya in the presence of Raksha Khadse, the minister of state (Sports), MP Tej ...Read More >
New Delhi, Jan 17 (PTI) IT service provider Tech Mahindra on Friday announced the opening of an advanced Manufacturing Experience Centre at its Chennai campus. The centre was inaugurated by Mahindra Group chairman Anand Mahindra and Tech Mahindra CEO Mohit Joshi, according to a company statement. The centre will help manufacturers to quickly prototype and scale AI-based innovations to tackle industry issues like high operational expenses, inefficiencies in processes, supply chain disruptions, and complex operational challenges. Additionally, it will function as a hub where customers can vis ...Read More >
Thiruvananthapuram, Dec 10 (PTI) 'I'm Still Here' (Portugal), a 2024 political biographical drama film directed by Walter Salles will be the opening film of the 29th International Film Festival of Kerala (IFFK) beginning here on December 13. The movie, a Brazil-France co-production, deals with the story of a mother and activist searching for her missing husband, a dissident politician during the military dictatorship in Brazil. The festival will be officially inaugurated by Kerala Chief Minister Pinarayi Vijayan at a function to be held at the Nisagandhi auditorium on December 13 evening, St ...Read More >
Shimla, Jan 14 (PTI) Himachal Pradesh Police has filed an FIR against two men from Haryana for allegedly raping a married woman in a hotel in Kasauli, officials said on Tuesday. The accused, Mohanlal Badoli and Jai Bhagwan alias Rocky, also made videos of the act and threatened to kill the victim if she disclosed the incident to anyone, they said. The FIR was registered in Kasauli in Solan district on December 13, 2024. A copy of the FIR was doing the rounds on social media on Tuesday. According to the FIR, the woman was staying in a hotel in Kasauli with her boss and friend when she and he ...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 >
New Delhi, Dec 12 (PTI) It will be a two-way fight between incumbent Arun Jaitley and former India cricketer Kirti Azad for the president's post in the three-day DDCA elections beginning here on Friday. The results will be declared on December 16. The Jaitley-led panel holds significant clout among the 3748 members likely to vote in the elections. Also Read | India Women's Cricket Team Fined For Slow Over-Rate in Second ODI Against Australia. Azad, a member of the 1983 World Cup-winning India team and sitting Trinamool Congress MP from Bardhaman-Durgapur constituency, is confident of change ...Read More >
Mumbai, Dec 6 (VOICE) The RBI on Friday increased the interest rate ceilings on Foreign Currency Non-Resident Bank deposits or FCNR (B) deposits which will enable NRIs to earn more on their savings.The move is aimed at attracting more foreign capital at a time when the Indian rupee has come under pressure as foreign investors have been pulling money out of the Indian stock markets resulting in hot money outflows. FCNR(B) deposits are accounts where Non-Resident Indians (NRIs) can hold their earnings in foreign currencies like USD or GBP, protecting them from exchange rate fluctuations. "In o ...Read More >
The agitators demanded strict punishment for those who insulted the statue. Violent protests took place for the second day in central Maharashtra's Parbhani city on Wednesday over alleged vandalising of a replica of the Indian Constitution, police said. Amid the bandh called by some organisations, a mob indulged in arson and police fired teargas shells in response, a senior official told PTI. How did the protest begin? An unidentified person on Tuesday damaged a replica of the Constitution he ...Read More >
Aryan Meena, who lived in the Dausa district of Rajasthan state, was trapped in the narrow well for three days after falling into it while playing on Monday afternoon. The boy, wearing pants and a t-shirt, had to endure plummeting winter temperatures inside the well as well as hunger and thirst. Children and even adult people dying from falling into open borewells is not uncommon in rural India where they are dug to pump water for irrigation and drinking and left abandoned after they run dry. ...Read More >
New Delhi, Jan 2 (PTI) The initial public offer of Indo Farm Equipment garnered a whopping 227.57 times subscription on the closing day of bidding on Thursday. The Rs 260-crore initial share sale received bids for 1,92,75,49,293 shares against 84,70,000 shares on offer, according to NSE data. The portion for non-institutional investors fetched a mammoth 501.65 times subscription. The quota for Qualified Institutional Buyers (QIBs) received 242.40 times subscription while the category for Retail Individual Investors (RIIs) got subscribed 101.64 times. The IPO of Indo Farm Equipment got subsc ...Read More >
New Delhi, Jan 21 (PTI) Congress leader Rahul Gandhi on Tuesday hit out at the Modi government over its economic policies and asserted that real development is when everyone progresses, there is a fair environment for business, a fair tax system and the income of workers increases. In a post in Hindi on X, Gandhi said, "The truth of Modi Ji's developed India: Your hard work, whose profit? The wheel of the country's economy is turning with your sweat and blood, but are you getting your fair share in it? Just think." The share of the manufacturing sector in the economy has gone down to the lowe ...Read More >
New Delhi, Dec 4 (PTI) Aviation watchdog DGCA will soon come out with streamlined regulations for wet-leasing of planes by Indian airlines that will also entail enhanced oversight of the aircraft, amid airlines looking to operate more planes to meet rising travel demand. With persisting supply chain woes, there is a delay in aircraft deliveries and to meet the near-term needs, carriers are opting for planes on dry and wet leases. Also Read | ISRO PROBA-3 Mission Launch Delayed: Indian Space Agency Reschedules Launch of PSLV-C59 After Detecting 'Anomaly'. A senior official in the know told P ...Read More >
New Delhi, Dec 12 (PTI) Gross non-performing assets (NPAs) of public sector banks (PSBs) have declined to a decade low of 3.12 per cent at the end of September 2024 from a peak of 14.98 per cent in March 2018 on the back of measures like the 4Rs -- recognition, recapitalisation, resolution, and reform -- taken by the government, the finance ministry said on Thursday. Since 2015, the government implemented a comprehensive 4Rs strategy of recognising NPAs transparently, resolution and recovery, recapitalising PSBs, and reforms in the financial system to address the challenges faced by PSBs, it ...Read More >
Chandigarh, Dec 18 (PTI) Noise levels exceeded the prescribed limits during singer-actor Diljit Dosanjh's concert here on Saturday, the Chandigarh administration told the Punjab and Haryana High Court on Wednesday. The submission was made by the administration before a division bench of the high court. Also Read | 'Vapas Ja Rahi Hu Dubai': 'Karan Arjun' Actress Mamta Kulkarni Promises She'll Be Back to India for Shahi Snan at Kumbh Mela 2025 (Watch Video). "Strict action" has been recommended against the violators, the court was further informed. On December 13, the high court had allowed ...Read More >
Aave, the leading decentralized finance (DeFi) lending and borrowing protocol, has integrated new oracles from Chaos Labs to automate its risk management system. This is the first time in the protocol's history that DAO has approved the use of a second Oracle network beyond Chainlink. Aave is the biggest lending protocol with $18.44 billion in total value locked (TVL), according to DefiLIama. Generally, Oracles feed external data and information to smart contracts, including the prices of assets. According to the source, the oracles, known as Edge Risk Oracles, will enable real-time changes ...Read More >
Adani Ports, Adani Enterprises, Shriram Finance, UltraTech Cement, and Cipla were the top gainers on the Nifty. Benchmark indices Nifty and Sensex extended morning gains driven by strength in public sector banks ahead of the RBI MPC meet outcome on Friday. Heavyweight stocks like HDFC Bank and Reliance Industries also contributed to the rally on December 3. Broader markets also showed strength with mid- and small-cap indices rising 0.7 percent each. At noon, the Sensex was up 538.04 points or 0.67 percent at 80,786.12, and the Nifty was up 153.45 points or 0.63 percent at 24,429.50. About 2, ...Read More >
Bengaluru, Dec 3 (PTI) The Karnataka High Court on Tuesday quashed a criminal case registered against former state BJP president Nalin Kumar Kateel for allegedly extorting money and pressuring business entities to buy electoral bonds. Justice M Nagaprasanna passed the order while allowing the petition filed by Kateel. Also Read | CII Partnership Summit 2024: S Jaishankar Calls for Stronger Global Partnerships as India Faces Growing Challenges. The FIR was registered by the Bengaluru police based on a complaint lodged by Adarsh R Iyer, a city-based activist. The FIR was also registered agai ...Read More >