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, April 7 (Reuters) - India is planning sovereign guarantees to support insurers that provide cover for vessels travelling in the Persian Gulf, as the Middle East war increases the risks to shipping, said government and industry sources familiar with the matter. The plan includes a $1.5 billion sovereign guarantee fund to provide insurers with reinsurance support and liquidity should insurance costs remain high, said one government source. A separate $300 million fund with contributions from the country's insurance industry is also being set up to help settle any large increase in insurance claims, the same source said. Maritime war risk insurance premiums have surged as much as 1,000% in some cases, as the Middle East conflict heightens risks to shipping through the region. The spike in premiums has sharply raised costs for shipowners, traders and energy firms moving cargo through the route. Three insurance industry sources said India's insurance regulator recently sought feedback from industry players on the nature of support needed and on how to implement the funding. The guarantee funds could reduce India's dependence on overseas reinsurance and give insurance companies the comfort they need to continue providing cover as trade flows resume through the region, they said. The sources declined to be identified as they were not authorised to speak to the media. India's finance ministry and insurance regulator did not immediately respond to requests for comment. INSURERS HAVE HIKED PREMIUMS Maritime insurance covers ships and cargo against risks such as accidents, piracy and conflict. War-risk cover is typically excluded from standard policies and must be bought separately, with vessels sailing through conflict zones paying sharply higher rates. The Middle East conflict began on February 28 when the U.S. and Israel launched attacks on Iran. Tehran has since closed the Strait of Hormuz and struck sites in other countries in the region. "While war insurance cover is available, varied rates are being charged by insurers, which are significantly elevated and are dynamic in nature," said Gaurav Agarwal, head of marine specialties, Prudent Insurance Brokers. Insurers have also expanded the definition of "risky zones" beyond the Strait of Hormuz to include parts of the Red Sea, Gulf of Aden, and the Arabian Sea approaches, said Rajesh Kumar Singh, executive president of property at Howden India, an insurance broker. Several major reinsurers including India's only state-backed reinsurer GIC Re have either withdrawn cover or sharply raised premiums, leaving the industry with limited reinsurance support, the three industry executives said. GIC Re did not immediately respond to a request for comment. A sovereign-backed Indian pool could help give insurers confidence and reduce costs to ship goods via the Persian Gulf region, one of the sources, a senior insurance executive, said. Even if the Strait of Hormuz reopens, insurers expect war-risk pricing to remain elevated for an extended period, reflecting the heightened security risks and concerns of renewed disruptions, he said. ($1 = 92.9700 Indian rupees) Reporting by Nikunj Ohri in New Delhi and Ashwin Manikandan in Mumbai; Editing by Kate Mayberry Our Standards: The Thomson Reuters Trust Principles., opens new tab * Suggested Topics: * Boards, Policy & Regulation * Regulatory Oversight Nikunj Ohri Thomson Reuters Nikunj Ohri reports on the India's economic policies with a focus on government finances. He has extensively reported on India's privatisation policy, public listing of the country's largest insurer, and its erratic stance on cryptocurrency regulations. Nikunj has previously worked with publications such as Business Standard.
Inflows into corporate bond funds have risen to multi-year highs in recent months with the risk-reward dynamics of AAA-rated corporate bonds improving significantly vis-a-vis government securities (g-secs), especially in the near term. The inflows into corporate bond funds jumped sharply in September 2024 to a multi-year high of Rs 5,039 crore. Investors poured in another Rs 4,644 crore in October. Including around Rs 2,200 crore estimated inflows in November, the three month tally rises to Rs 1 ...Read More >
NEW DELHI (Reuters) - India's retail inflation eased in November as soaring vegetable prices moderated, boosting expectations of an interest rate cut by the central bank at its next policy review amid concerns around slowing growth. Retail inflation eased in November to 5.48%, lower than 6.21% in the previous month and below a 5.53% forecast by economists in a Reuters poll. Food inflation slowed down to 9.04% from 10.87% a month earlier. Food accounts for nearly half of the consumption basket. Vegetable prices rose 29.33% in November from a year earlier after rising 42.18% in October. Indi ...Read More >
New Delhi [India], January 8 (ANI): The upcoming union budget 2025-26 should focus on giving personal tax relief to common taxpayers by raising the basic exemption limit in the new tax regime from Rs 3 lakhs to Rs5 lakhs and reducing tax rates, suggests global consulting and professional services firm Ernst & Young India (EY India). EY India also asks for deferring tax deduction at source (TDS) on PF interest rate (above 2.5 lakhs) until the withdrawal stage to reduce compliance burden. In the previous budget TDS rate rationalization was undertaken to a certain extent. To further simplify th ...Read More >
Bhubaneswar, Jan 31 (PTI) The Odisha Vigilance Department on Friday arrested an official of the Integrated Tribal Development Agency (ITDA) of Mayurbhanj district after detecting disproportionate assets in his possession. The arrested official was a project administrator at the ITDA in the district's Bonai area. Also Read | 'Touched Private Parts Pricked With Pen': Tuition Teacher in Nagaur, Rajasthan Sexually Abused Class 2 Girl for 6 Months, Arrested. A case has been registered at the Rourkela vigilance police station against the official and his wife under various sections of Prevention ...Read More >
Bengaluru, Feb 4 (SocialNews.XYZ) In a major Regional Transport Office operation, 30 luxury cars, including Ferrari and Porsche, were seized for alleged tax evasion in Bengaluru. The seizure of luxury cars is done for non-payment of taxes by the owners, an RTO official said on Monday. The seized vehicles were registered in different states but illegally driven in Karnataka. This operation is expected to recover around Rs 3 crore in taxes. Luxury cars, including Maserati, Ferrari, Porsche, Range Rover, and BMW have been seized, the sources said. These top-end cars were registered in states ...Read More >
Mumbai, May 19 (SocialNews.XYZ) Real estate marketplace Square Yards' total expenses rose by over 32.21 per cent to Rs 1,613 crore in FY25, from Rs 1,220 crore in FY24, according to its financials. The increase was mainly driven by higher employee costs, commission payouts, and finance costs, according to the company's provisional financial statement. Employee benefit expenses remained the largest cost head, accounting for nearly 38 per cent of the total spend. These costs increased by 15 per cent, rising from Rs 535 crore in FY24 to Rs 618 crore in FY25. The company also spent significant ...Read More >
MUMBAI (Reuters) -Billionaire Mukesh Ambani-led Reliance Group and U.S.-based BlackRock have received approval from India's markets regulator to start operations for their mutual fund business, the Indian company said on Tuesday. Jio Financial Services, a part of the Reliance Group, had in July 2023 announced the formation of a 50:50 joint venture with the world's largest asset manager to launch asset management services in India. The JV, Jio BlackRock Asset Management, plans to launch a range of investment products in the coming months based on a "digital first" approach for retail and inst ...Read More >
Mumbai, June 2 (SocialNews.XYZ) Shares of Piccadily Agro Industries Limited, the Haryana-based distillery best known for its award-winning 'Indri' single malt whisky, have nosedived more than 40 per cent so far this year. On Monday, the company's share price further dropped by 1.67 per cent, or Rs 9.70, during the intra-day trade, adding to the downward momentum. While the shares had shown some short-term recovery -- rising 1.82 per cent over the past five trading days and gaining 7.31 per cent over the last month -- the longer-term picture remains bleak. In the past six months, the stock h ...Read More >
xternal Affairs Minister (EAM), S. Jaishankar, on Monday, met with the Foreign Minister of Ukraine and discussed the conflict with Russia at the sidelines of the MED Mediterranean Dialogues Conference in Rome, Italy. Apart from Ukraine, EAM Jaishankar met with his counterparts from France, Lebanon, and Croatia as well. On his meeting with the Ukrainian Foreign Minister Andrii Sybiha, the EAM reiterated India's support for "dialogue and diplomacy" to end the long-running conflict. "Good to meet FM of Ukraine @andrii_sybihain Rome today. Useful exchange on advancing our bilateral cooperation. ...Read More >
CoinEx Charity's Starlink Program, under its "Bridge to Hope" initiative, has launched its first Starlink unit in the Philippines, aiming to bring high-speed satellite internet to remote areas. The first deployment in EB Magalona, Negros Occidental, enhances access to education, economic opportunities, and essential services. Mayor Marvin Malacon highlighted plans for educational seminars on blockchain and cryptocurrency. CoinEx Charity, established in 2022, focuses on global charitable efforts, while CoinEx, a leading crypto exchange, offers user-friendly trading services to over 10 million u ...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 >
Former Delhi Chief Minister Arvind Kejriwal announced several pre-election promises targeting auto drivers. These include a ₹10 lakh insurance policy, ₹1 lakh for daughters' marriages, a biannual ₹2,500 uniform allowance, free coaching for their children, and the relaunch of the 'PoochO' ride-booking app. Kejriwal and the AAP are campaigning to secure a third term in the upcoming February elections.Ahead of crucial Delhi assembly polls, Arvind Kejriwal promised several measures for auto dri ...Read More >
New Delhi, Dec 31 (IANS) The year 2024 has been historic for Indian startups as the government abolished the angel tax (a tax levied on investing in startups), which improved Indian startups' funding and enabled them to raise more than $12 billion. Along with this, food delivery company Zomato managed to make its place in the Sensex, the index of top companies in the country. Indian startup companies crossed the magical figure of getting $150 billion in funding in 2024. Between 2014 and 2024, new-age tech companies raised more than $151 billion in funding. Startups raised the highest funding ...Read More >
New Delhi, May 26 (PTI) Niti Aayog on Monday pitched for tailored financial tools, technology integration and a centralised digital portal to transform medium enterprises into future growth engines of India's economy. In a report titled 'Designing a Policy for Medium Enterprises', the Aayog highlighted the critical yet under-leveraged role played by medium enterprises and outlined targeted interventions to unlock their full potential. To address challenges faced by medium enterprises, it recommended the introduction of a working capital financing scheme linked to enterprise turnover, a Rs 5 ...Read More >
Mumbai: A resident of Amboli, Andheri, was duped of Rs 1.59 crore on the pretext of "lapsing HDFC policy" by a person posing as an official of the finance department (Integrated Grievance Management System). About The Case The complainant, Sudip Kumar Ghosh, 57, received a message on WhatsApp from someone named Rajiv Sharma, the purported finance department official, who said that the former's policy was lapsing soon. Sharma claimed that if the premium and penalty were not paid, Ghosh would lose Rs 3 crore in policy benefits. Acting on his instructions, Ghosh transferred Rs 1.59 crore under ...Read More >
NEW DELHI: Lieutenant governor VK Saxena has given his approval to the reconstitution of Delhi Building and Other Construction Workers Welfare Board, paving the way for govt to prepare a scheme to provide compensation to the construction workers who lost work due to the implementation of GRAP IV provisions. The board was not in place for the last couple of years. While giving his nod to its reconstitution, LG directed that immediate steps should be taken to implement Supreme Court directions to provide subsistence allowance to workers affected due to restrictions on construction activities be ...Read More >
Bitcoin World - Let me start by saying that I made over $30,000 in passive income last month. I know, that sounds crazy, right? But I promise you it is 100% real. I used to think that making money while you sleep was something only the super wealthy or tech savvy could do. But it turns out it is totally possible, and I'm here to tell you how I did it," said Dennis. Dennis has been installing photovoltaic panels for three years, and five years ago he asked his wife a question: "Do we really have to work ourselves to death?" She simply responded: "That's life." "To be honest, it was frustratin ...Read More >
Chennai, Dec 10 (PTI) Standalone health insurance company Star Health Insurance has targeted doubling its business in Tamil Nadu over the next four years, a top official said. As part of its growth strategy, the company plans to add 12,000 new agents across Tamil Nadu and expand its footprint with 25 new offices in both rural and urban areas in FY2025. Also Read | 7th Pay Commission Latest News: Narendra Modi Government Likely To Hike DA for Employees by 3% in January 2025, Check Details. Star ...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 >
Sunmei Hotels Group has announced the launch of Sunmei Group International (SGI) and three new overseas brands—SHANKEE, PENRO, and LANOU—marking its expansion into the UAE market. The company plans to introduce SHANKEE Hotels, a smart economy brand, to cities like Dubai, Abu Dhabi, and Riyadh. SGI focuses on smart marketing, modular renovations, and intelligent operations, leveraging big data and AI to enhance service and guest experiences. Chairman Ma Yingyao aims to open 100 hotels globally within the next decade, doubling revenue and establishing a strong international presence for Chinese ...Read More >
New Delhi [India], December 4 (ANI): The Enforcement Directorate (ED) seized cryptocurrency worth Rs 1.36 crore (USDT) from private wallets, along with unexplained cash amounting to Rs 47 lakh, during an investigation into a major money laundering case. The case pertains to cyber fraud involving illegal proceeds of approximately Rs 640 crore, generated through betting, gambling, part-time job scams, and phishing operations. The ED also recovered various incriminating documents linked to the fraud during its crackdown. Also Read | Banking Laws (Amendment) Bill, 2024 Set To Boost Consumer Expe ...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 >
Mumbai, February 7: Jeet Adani, the younger son of industrial magnate Gautam Adani, is marrying Diva Shah today, February 7, in a private and traditional ceremony. The couple, who has been engaged for a while, drew attention to their wedding when Gautam Adani confirmed the Jeet Adani-Diva Shah wedding date during his visit to Maha Kumbh 2025. Though rumours circulated about a performance by global music star Taylor Swift at Jeet Adani-Diva Shah wedding, Gautam Adani dismissed the speculation, emphasising that the wedding would be modest and traditional. "We live like ordinary people, and the ...Read More >
Anuj Kumar, Director & CEO of CAMS, highlights that despite recent market corrections, the company expects FY25 to be one of its strongest years. CAMS continues to dominate by winning 70-80% of new bids, focusing on execution and margin expansion, and anticipates significant revenue and profit growth driven by mutual funds and associated business lines.Anuj Kumar, Director & CEO, CAMS, says there has been some market correction and some flattening of the mood in the last two months. But as things come back, we should be holding our projections and FY25 should be one of the strongest years in t ...Read More >
The new circle rates in Gurugram have come into effect from December 1 Gurugram: People eyeing a home in Gurugram will now have to pay more as the district administration has hiked the circle rates by 10% to 30%, driven mainly by demand. Luxury residential areas like Golf Course Road are likely to see a 30% hike in circle rates. According to reports, the new circle rates have come into effect from December 1 and will be applicable at least till March 31 next year. The price hike, however, has irked the residents, who alleged that the administration should also "improve basic amenities". Gu ...Read More >
Uber has launched India's first Shikara ride on Srinagar's Dal Lake, offering a unique and scenic experience. This new service allows passengers to enjoy the tranquil beauty of the lake while riding in a traditional Shikara boat. Booking is easy through the Uber app, with rides available daily from 10 AM to 6 PM. This initiative aims to boost tourism in the region while providing locals with a new way to experience the lake. With Uber's entry into the Shikara market, visitors can now enjoy a blend of modern convenience and traditional charm on Dal Lake. ...Read More >
New Delhi, Dec 12 (PTI) Gold prices climbed Rs 500 to Rs 80,900 per 10 grams in the national capital on Thursday due to persistent buying by retailers and jewellers, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity finished at Rs 80,400 per 10 grams in the previous trading session. The yellow metal has jumped nearly Rs 2,000 in the past three sessions. Silver also rallied Rs 700 to Rs 97,000 per kg on Thursday. The white metal settled at Rs 96,300 per kg in the previous session. The price of gold of 99.5 per cent purity also surged Rs 500 to Rs 80,5 ...Read More >
For investors, this means that any profits made from selling cryptocurrencies will now be subject to capital gains tax.Source : Ewan Kennedy/Unsplash The Income Tax Appellate Tribunal (ITAT) in Jodhpur has provided much-needed clarity on the taxation of cryptocurrencies in India. The ruling recognises cryptocurrencies as capital assets, setting a framework for how profits from their sale are taxed, especially for transactions made before the Government introduced specific guidelines for Virtual ...Read More >
New Delhi, Jan 22 (PTI) Water purifier company Kent RO Systems Ltd has filed preliminary papers with markets regulator Sebi seeking approval to float an initial public offering (IPO). The issue is completely an offer of sale (OFS) of 1 crore equity shares by promoters, according to the draft red herring prospectus (DRHP) filed on Tuesday. Also Read | Ladki Bahin Yojana January 2025 Instalment Date: When Will Women Beneficiaries Receive INR 1,500 in Maharashtra?. Promoters Sunita Gupta, Mahesh Gupta, and Varun Gupta are offloading shares in the OFS. Overall, promoters hold 99.77 per cent sta ...Read More >
Still, the ongoing U.N. climate talks have thrown a spotlight on their efforts to tackle global warming. While the COP29 summit in Baku, Azerbaijan, is tasked with agreeing a goal to mobilize hundreds of billions of dollars for climate, leaders of the Group of 20 major economies half a world away in Rio are holding the purse strings. G20 countries account for 85% of the world's economy and are the largest contributors to multilateral development banks helping to steer climate finance. "The spotlight is naturally on the G20. They account for 80 percent of global emissions," U.N. Secretary Ge ...Read More >