Monday, April 21, 2025 ਪੰਜਾਬੀ हिंदी

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IMF, World Bank see India’s potential as engine of global trade: FM Sitharaman

Finance Minister Niramala Sitharaman said on Monday that India has become the fastest-growing economy, driven by the "visionary leadership" of Prime Minister Narendra Modi and the stability provided by a continuing government.

Addressing the Indian diaspora in the US, the Finance Minister said, “When we say that India is the fastest-growing economy and when the IMF and World Bank recognise that India can be the engine driving global trade, what they are recognising is the immense potential that exists in India.”

Highlighting the steps to strengthen the Indian economy, Sitharaman said, "During the Covid-19 pandemic, our fiscal deficit went up. But in 2021, we came up with a clear signal as to how we wanted to manage our fiscal deficit. We set year-on-year targets and committed to bringing the fiscal deficit below 4.5 per cent by 2026. And that's what we have been following each year without fail."

India’s tractor sales to touch all-time high of 9.75 lakh units in FY26

Domestic sales volume of tractors is set to hit an all-time high of 9.75 lakh units in fiscal 2026, increasing 3-5 per cent (year-on-year), a Crisil report said on Monday.

This will be supported by an expected above-normal monsoon, higher minimum support prices (MSPs) for key cash crops and better replacement and construction demand.

With the new TREM V emission norms1 expected from April 1, 2026, pre-buying towards fiscal end may also provide a fillip to volume.

As a result, tractor sales this fiscal are expected to surpass the peak of 9.45 lakh units achieved in fiscal 2023, sustaining the back-to-back volume growth seen during fiscal 2019.

There was a healthy 7 per cent increase in tractor sales in fiscal 2025, said the report.

The Indian Meteorological Department’s forecast of above-normal monsoon should lift rural sentiment and reinforce farmer confidence, which is crucial for driving farm investments such as tractors.

ISRO’s SpaDEX mission successfully achieves 2nd docking of satellites: Minister

 Union Minister Dr Jitendra Singh on Monday said that the ISRO’s SpaDEX mission has successfully achieved second docking of satellites.

In a post on X social media platform, the minister said he is "glad to inform that the second docking of satellites has been accomplished successfully".

“As informed earlier, the PSLV-C60 / SPADEX mission was successfully launched on 30 December 2024. Thereafter the satellites were successfully docked for the first time on 16 January 2025 at 06:20 AM and successfully undocked on 13 March 2025 at 09:20 AM,” he mentioned.

The minister further said that further experiments are planned in the next two weeks.

In January, with the successful docking of the satellites of the SpaDEX mission, India became the fourth nation to ace the space docking technology.

2nd batch of BrahMos missiles sent to Philippines in boost to defence exports

In a significant boost to India’s defence exports, the second batch of batteries of BrahMos supersonic cruise missile system has been dispatched to the Philippines.

The first battery was sent in April 2024 in an IAF aircraft, with support coming from civil aircraft agencies.

The long-haul flight carrying the heavy load was a non-stop six-hour journey before the equipment reached the western parts of the Philippines, according to multiple reports, citing sources.

The deal with the Philippines was announced in January 2022 for the supply of the BrahMos supersonic cruise missile.

Stock market opens higher as hope rises for India-US trade deal

The domestic benchmark indices opened higher on Monday amid positive global cues, as buying was seen in the IT, PSU bank and financial services sectors in the early trade.

At around 9.29 am, Sensex was trading 396.06 points or 0.50 per cent up at 78,949.26 while the Nifty added 98.20 points or 0.41 per cent at 23,949.85.

Nifty Bank was up 862.25 points or 1.59 per cent at 55,152.45. The Nifty Midcap 100 index was trading at 52,891.30 after adding 233.50 points or 0.44 per cent. Nifty Smallcap 100 index was at 16,460.35 after climbing 50.15 points or 0.31 per cent.

According to market watchers, after the positive opening, Nifty is likely to find support at 23,700, followed by 22,600 and 22,500. On the upside, 24,000 may act as the immediate resistance, followed by 24,200 and 24,500.

Centre takes key steps to ensure affordable CNG, PNG gas supply

The government on Friday said it has introduced key policy measures aimed at strengthening the allocation framework for domestic natural gas, in alignment with its vision of promoting cleaner energy access, enhancing urban air quality, and bolstering domestic energy security.

With a focus on ensuring the sustained availability and affordability of natural gas for key public-facing segments — Compressed Natural Gas (CNG) used in transport and Piped Natural Gas (PNG) used in domestic households for cooking — the Ministry of Petroleum and Natural Gas (MoPNG) has introduced several important enhancements to the Domestic Gas Allocation Policy.

From Q1 FY 2025-26, domestic natural gas allocations for CNG (T) and PNG (D) segments will be done on a two-quarter advance basis. Allocation will also now include New Well Gas (NWG) from nomination fields of ONGC and OIL, informed the ministry.

Centre notifies new rules for radar devices to measure speed of vehicles

The Centre on Friday notified new rules for radar equipment for measuring the speed of vehicles in order to strengthen road safety and ensure fairness in traffic enforcement.

The rules, notified by the Department of Consumer Affairs, make it mandatory for all radar-based speed measurement equipment to be verified and stamped by Legal Metrology authorities., according to an official statement.

These rules will come into force from July 1, 2025, providing sufficient time for industries and enforcement agencies to comply with the provisions, the statement said.

This will ensure that such devices are accurate, calibrated and legally compliant, thereby enhancing transparency, public trust and enforcement integrity. Verified radar systems are vital for applications such as traffic speed monitoring, accident prevention, and minimising wear and tear on road infrastructure, the statement explained.

India’s green office inventory to reach 700 million sq ft in 2-3 years

The green office inventory in India is projected to reach 700 million square feet (sq ft) in the next two-three years, a report showed on Friday, adding that the proportion of leasing in green-certified buildings is expected to rise from 75 per cent currently to about 80-85 per cent in the next few years.

India’s real estate sector is undergoing a major transformation, with sustainability emerging as a key cornerstone and growth driver across asset classes.

According to a CREDAI-Colliers’ report, green-certified office buildings have higher occupancy levels at 80-90 per cent, commanding rental premium of up to 25 per cent.

As of 2024, green-certified office stock in India stood at about 503 million sq ft, representing 66 per cent of the total Grade A inventory across the top six cities.

The 40 per cent rise in green office stock since the beginning of the ongoing decade reflects developers’ commitment to evolving market scenario and the resultant occupier preferences.

No satellite-based tolling system from May 1, clarifies Centre

The government on Friday dismissed media reports about the nationwide implementation of satellite-based tolling system from May 1.

In a statement, the Ministry of Road Transport and Highways said some sections of the media have reported that a satellite-based Tolling System will be launched from 1st May 2025 and will replace the existing FASTag-based toll collection system.

“This is to clarify that no such decision has been taken by the Ministry of Road Transport and Highways or National Highways Authority of India (NHAI) regarding the nationwide implementation of satellite-based tolling from 1st May 2025,” said the ministry.

In order to enable seamless, barrier-free movement of vehicles through toll plazas and reduce travel time ‘ANPR-FASTag-based Barrier-Less Tolling System’ will be implemented at selected toll plazas, it informed.

CBIC issues revised instructions for processing GST registration applications

The Central Board of Indirect Taxes (CBIC) has issued revised instructions to the officers for processing GST registration applications, that will reduce compliance burden on taxpayers and facilitate rule-based transparency, it was announced on Friday.

Several grievances have been received by the CBIC), Department of Revenue, regarding difficulties being faced by applicants during the GST registration process, mainly on account of queries raised by officers on the grounds of seeking additional documents.

To resolve these grievances and to smoothen GST registration process, CBIC has issued new instructions.

Indian telescopes shed light on elusive ‘middleweight’ black holes

Astrophysicists from Aryabhatta Research Institute of Observational Sciences (ARIES), an autonomous institute of the Department of Science and Technology (DST), have successfully detected and measured the properties of an intermedia black hole (IMBH).

IMBH which has remained elusive is found in a faint galaxy called NGC 4395 about 4.3 million light-years away from Earth.

Using the 3.6m Devasthal Optical Telescope (DOT) -- India's largest optical telescope --, the team found that gas clouds orbit the black hole at a distance of 125 light-minutes (around 2.25 billion kilometre) with a velocity dispersion of 545 km per second.

“The discovery refines our understanding about how black holes, especially those that weigh between 100 and 100,000 Suns, grow and interact with their surroundings,” the scientists said.

Fitch projects India's GDP growth at 6.4 pc for FY26, retains 6.3 pc for FY27

Fitch Ratings on Thursday projected India's GDP growth at 6.4 per cent for FY26 amid global uncertainties, while retaining the projections for the next financial year (FY27) unchanged at 6.3 per cent.

For India, the global ratings agency reduced GDP growth estimates for both the 2024-25 fiscal year and the current 2025-26 fiscal year by 10 basis points to 6.2 per cent and 6.4 per cent, respectively, amid fears of a global trade war.

The growth forecast for the 2026-27 fiscal year remains at 6.3 per cent, according to Fitch.

In addition to India's revised growth forecast, Fitch also lowered its global growth projections for 2025 by 0.4 percentage points and cut growth estimates for China and the US by 0.5 percentage points, from its March outlook.

Sensex surges over 1,500 points, Nifty Bank at near all-time high

Indian stock markets ended sharply higher on Thursday, extending their winning run for the fourth straight session as strong buying in banking shares helped the domestic indices clocked a robust performance.

The Sensex, which is celebrating its 150th anniversary on April 17, opened slightly lower at 76,968 and dropped to the day's low of 76,666 in early trade. However, the index soon bounced back strongly and touched an intra-day high of 78,617 -- a jump of 1,951 points from the low.

By the end of the session, the Sensex closed with a strong gain of 1,509 points, or 1.96 per cent, at 78,553.

The Nifty index also witnessed a sharp rebound. After touching an intra-day low of 23,299, the Nifty surged to a high of 23,872. It eventually closed the day 414 points higher at 23,852, up 1.8 per cent.

Among the top performers on the Nifty were Bharti Airtel, ICICI Bank, Bajaj Finance, Sun Pharma and Eternal.

India to grow by 6.5 pc in 2025 amid global slump: UN report

India is expected to remain the fastest growing major economy with a 6.5 per cent growth rate in 2025 while global growth is seen as marking a shift towards a recessionary path with the international trading system facing its most serious challenge since the Second World War, according to the latest UNCTAD report.

India has been listed among the countries that are propelling growth with higher government expenditure and monetary policy stimulus in the report titled 'Trade and Development Foresights 2025 - Under pressure: Uncertainty reshapes global economic prospects'.

The report projected China's growth rate at 4.4 per cent, while the US economy is expected to grow at 1 per cent. The growth for the European Union has also been projected at 1 per cent, although France, Germany and Italy are all expected to record below 1 per cent growth. Similarly, Japan's economic growth rate is expected to come down to a mere 0.5 per cent.

Indian stock market opens in red, IT stocks drag

After three consecutive days of gains, the domestic benchmark indices opened in red on Thursday amid weak global cues, as selling was seen in the IT and auto sectors in the early trade.

At around 9.27 am, Sensex was trading 338.13 points or 0.44 per cent down at 76,706.16 while the Nifty declined 120.75 points or 0.52 per cent at 23,316.45

Nifty Bank was up 62.25 points or 0.12 per cent at 53,180.00. The Nifty Midcap 100 index was trading at 52,300.65 after declining 44.90 points or 0.09 per cent. Nifty Smallcap 100 index was at 16,347.85 after declining 1.40 points or 0.01 per cent.

According to market watchers, after a negative opening, Nifty can find support at 23,300 followed by 23,200 and 23,000. On the higher side, 23,500 can be an immediate resistance, followed by 23,600 and 23,800.

Sensex rises for 3rd day; Nifty near 23,450 as banks lead rally

The Indian stock markets on Wednesday continued their upward journey for the third straight trading session, with strong buying seen in financial stocks, especially private banks and some oil and gas shares.

The Sensex opened 262 points higher at 76,996 but slipped into the red to a low of 76,544 amid weak global cues as US-China trade tensions escalated. It later rebounded, rising 556 points from the day's low to a high of 77,110, and ended the session at 77,044, up 309 points or 0.4 per cent.

With this, the Sensex has gained 3,197 points in the last three trading sessions.

The Nifty also showed similar movement. It touched a low of 23,273 before recovering to a high of 23,452. The index ended the day near its high, at 23,433, gaining 104.60 points or 0.45 per cent. In the last three days, the Nifty has risen by 1,038 points.

RBI to take rate cut down to 5.5 pc in FY26, CPI inflation to average 3.7 pc: HSBC

The RBI has already embarked on a rate cutting cycle, and a report by HSBC Global Research said on Wednesday that it expects a 25bp rate cut in each of the June and August policy meetings, taking the repo rate down to 5.5 per cent this fiscal (FY26).

Furthermore, it also expects easy liquidity conditions to persist and help in the transmission of rate cuts.

The CPI inflation in March came in at 3.3 per cent, lower than the market expectation of 3.5 per cent.

Food prices remained in deflation for the third month, down 0.7 per cent on-month, led by falling vegetable, pulses and egg, fish and meat prices.

The sequential momentum in cereal and milk prices was benign, while that of sugar and fruits was high.

India’s CPI inflation to average 4.3 pc this fiscal: Crisil

A Crisil report on Wednesday projected India's CPI inflation to average 4.3 per cent this fiscal (FY26) -- with food, fuel and core inflation at 4.6 per cent, 2.5 per cent and 4.2 per cent, respectively.

This fiscal, “we expect food inflation to remain under control given the healthy rabi sowing, soft global food prices and the expected above-normal monsoon,” said the report.

The high base of last year will provide a downward (statistical) push to food inflation. The Indian Meteorological Department has forecast an above-normal monsoon for this fiscal, which should benefit the kharif crop.

“We expect non-food inflation to remain in the comfort zone with expectations of benign global commodity prices,” said the Crisil report.

India’s organic food exports register 35 pc jump, to cross $665 million in FY25

India’s export of organic food products registered a robust 35 per cent increase to $665.96 million (around Rs 5,700 crore) during the financial year ended on March 31, 2025 compared to the corresponding figure of $494.80 million in 2023-24, according to the latest data released by the government.

In volume terms, the export of organic food goods, including cereals, tea, spices, medicinal plants, oilseeds and processed foods, went up by 41 per cent to 0.37 million tonnes (MT) in 2024-25 from 0.26 million tonnes in 2023-24.

The government said the upward trend shows rising global demand for Indian organic food products. The US is a major destination for Indian organic exports, while the EU, Canada, and UK are also important markets.

India one of preferred markets with resilient macro conditions: Morgan Stanley

A Morgan Stanley report on Wednesday said that India is one of their preferred equity markets where macro conditions are resilient or sufficiently buffered by stimulus.

According to the global brokerage, in the ‘Brave New World’ dynamic that has been in the driving seat early on in the new US administration, among the larger markets, “we keep our core recommendation of overweight (OW) domestic India, domestic Japan, Singapore and the UAE” among others.

“We update our APxJ/EM Market Allocation framework, as well as our Major 15 APAC/EM market recommendations. In Asia Pacific, our preferred markets remain India and Singapore, while Philippines also moves up to OW given valuation support,” said Morgan Stanley.

“We remain most cautious on Taiwan and New Zealand, while we reduce the underweight on Korea and move to an EW stance on Australia,” it added.

Indian stock market opens flat, Sensex above 76,700

The domestic benchmark indices opened flat on Wednesday amid weak global cues, as selling was seen in the IT and auto sectors in the early trade.

At around 9.29 am, Sensex was trading 23.12 points or 0.03 per cent up at 76,758.01 while the Nifty added 5.90 points or 0.03 per cent at 23,334.45.

Nifty Bank was up 258.05 points or 0.49 per cent at 52,637.55. The Nifty Midcap 100 index was trading at 52,148.35 after adding 173.90 points or 0.33 per cent. Nifty Smallcap 100 index was at 16,284.80 after climbing 105.50 points or 0.65 per cent.

According to market watchers, technically, the Nifty has decisively reclaimed levels above its 20, 50, and 100-day moving averages, a clearly encouraging sign for the bulls.

Market recovers from US tariff shock as investors gain Rs 10.9 lakh crore in a day

The Indian stock markets made a stunning comeback on Tuesday as the single-day rally added a massive Rs 10.9 lakh crore to investors’ wealth -- erasing all the losses that followed the US tariff shock on April 2.

In a powerful rally, the Sensex surged over 1,570 points while the Nifty jumped past 22,300 -- making it one of the sharpest gains in recent months.

The recovery was broad-based and driven by strong investor sentiment, boosted by global cues and domestic optimism.

The biggest trigger for the rally was a fresh update on US trade policy. Washington announced a 90-day delay in tariffs for most countries, except China.

The move eased investor nerves and reignited hopes for India’s position in global supply chains. Financial stocks led the charge, rising over 2 per cent due to their heavy weightage in the indices.

India's retail inflation falls to 3.34 per cent in March, lowest level since August 2019

India's annual inflation rate, based on the Consumer Price Index (CPI), declined to 3.34 per cent in March this year, compared to the same month of the previous year, the lowest level since August 2019, according to figures released by the Ministry of Statistics on Tuesday.

Food inflation, during March, slowed to 2.69 per cent, which is the lowest level since November 2021.

The significant decline in headline inflation and food inflation during the month of March 2025 is mainly attributed to decline in inflation of vegetables, eggs, pulses, meat & fish cereals and milk, according to the official statement.

The key items with the lowest year-on-year inflation in March are ginger (-38.11 per cent), tomato (-34.96 per cent), cauliflower (-25.99 per cent), jeera (-25.86 per cent) and garlic (-25.22 per cent).

RBI set for deeper easing cycle, Sensex at 82,000 by Dec: Morgan Stanley

Lower inflation and slower growth should allow the RBI to respond with a deeper easing cycle, with a cumulative easing of 100bps and two more cuts in 2025, a Morgan Stanley report said on Tuesday, pegging India's GDP growth at 6.1 per cent for FY26 amid global uncertainties.

The report also projected Sensex at 82,000 by December 2025, 9 per cent above the current level.

"India's 'low beta' is helping it to significantly outperform amid the global selloff, even while the index could reach multi-month lows. Key India-specific catalysts include continuing dovish actions from the RBI, stimulus through GST rate cuts, a trade deal with the US, and incoming growth data," said the report.

Morgan Stanley sees lower food inflation and lower oil prices, keeping food and non-food inflation at benign levels.

India’s WPI inflation declines to 2.05 pc in March

India’s annual rate of inflation based on the Wholesale Price Index (WPI) slowed to 2.05 per cent in March, down from 2.38 per cent in February, according to data released by the Ministry of Commerce and Industry on Tuesday.

The positive rate of inflation in March is primarily due to an increase in the prices of manufactured products, the figures showed.

The month-over-month change in WPI for March was in the negative zone at (-) 0.19 per cent as compared to the previous month of February, reflecting the declining trend in inflation. There was a decline in the prices of food as well as fuel and power groups compared to the previous month, which resulted in the overall month-on-month inflation rate turning negative.

M&A, PE deals in consumer sector surge to 3-year high at $4 bn in Jan-March

The value mergers and acquisitions (M&As) as well as private equity (PE) deals in India’s domestic consumer and retail markets rose to a three-year high of close to $4 billion in the January-March quarter this year, according to consultancy firm Grant Thornton Bharat’s quarterly deal tracker report.

On the top of the deal list was Singapore-based PE player Temasek’s $1-billion investment in Haldiram Snack Foods for a 10 per cent stake in the Indian snack company and Wilmar International’s $1.4-billion investment that increased its shareholding from 44 per cent to nearly 75 per cent in Adani Wilmar (now called AWL Agri Business after Adani Group’s exit). The mega deals reflect growing investor confidence in India’s food processing sector, the report states.

India’s rooftop solar energy capacity to reach 25-30 GW by FY27

India’s rooftop solar energy capacity is projected to surge from 17 GW to an estimated 25–30 GW between FY25 and FY27, a report showed on Tuesday.

The expansion is driven by India’s broader energy transition goals, with solar power emerging as a central pillar in the country’s clean energy roadmap.

With a total renewable capacity of 220 GW as of FY25 and a national target of 300 GW solar capacity by 2030, rooftop solar, particularly in the commercial and industrial (C&I) segment, is expected to play a pivotal role in this growth, according to the report by CareEdge Ratings.

As of FY25, India’s rooftop solar capacity stood at 17.02 GW, and increasing awareness among businesses about reducing operating costs and meeting sustainability targets is fuelling adoption.

Sensex, Nifty surge over 2 pc as positive global cues boost investors' sentiment

India’s frontline equity indices on Tuesday surged in a massive bull rally in the early trade, as positive global cues improved investors' sentiment.

After the opening bell, the Nifty 50 was trading 467 points or 2.05 per cent higher at 23,295.55, and the Sensex was trading 1,569.89 points or 2.09 per cent higher at 76,727.15.

All the sectoral indices traded in the green, with Nifty Auto jumping nearly three per cent to lead the pack. The Nifty Bank index soared two percent, while the IT, pharma, and metal indices also recorded strong gains.

Tata Motors, M&M and Bharat Forge shares soared up to eight per cent in the early session.

India's hospitality sector sees 25 deals, over 42,000 new hotel keys in 2024

India's hospitality sector demonstrated remarkable resilience and growth in 2024, maintaining investment levels on par with the previous year with 42,071 new hotel keys, a report showed on Monday.

The year 2024 saw approximately 25 deals, primarily involving operational properties in both business and leisure destinations, according to JLL's latest analysis.

High-net-worth individuals, family offices, and private hotel owners led the charge, contributing 51 per cent of the transaction volume.

Listed hotel companies followed closely at 34 per cent, while owner-operators and real estate developers made smaller but significant contributions at 8 per cent and 7 per cent, respectively.

Indian Railways clocks better performance, higher earnings in 2024-25

Indian Railways has registered an improved operating ratio at 98.32 per cent and an increase in earnings to Rs 2.65 lakh crore for the financial year that ended March 31, according to official figures.

For the financial year 2024-25, passenger revenue recorded a 6.4 per cent increase while freight income went up by 1.7 per cent.

Indian Railways (IR) has improved its operating ratio, which reflects the efficiency level in performance, to 98.32 per cent. This means that the railways spent Rs 98.32 to earn every Rs 100 during 2024-25. During 2023-24, the operating ratio was 98.43 per cent as the railways spent Rs 98.43 for every Rs 100 earned,

Cost-cutting measures in railways include manpower management and electrification of tracks, which has led to huge savings as running trains with diesel locomotives is more expensive, a senior official said.

Crisil projects 6.5 pc GDP growth for India in fiscal 2026 amid US tariffs

While US tariff hikes remain a key risk to growth forecast, global credit rating agency Crisil on Monday projected 6.5 per cent GDP growth for India in fiscal 2026, with risks tilted to the downside.

Crisil expects the RBI’s monetary easing to create some offset to the external headwinds.

“Interest rate cuts, income tax relief and easing inflation are expected to provide tailwinds to consumption this fiscal, while the expected normal monsoon will support agricultural incomes,” the report mentioned.

Moreover, the anticipated decline in global crude oil prices, resulting from a potential global slowdown, is expected to provide additional support to domestic growth, it added.

Indian stock market set for data-driven outcomes this week

The current week is poised to be a crucial one for global markets, including the Indian benchmark indices, as inflation, industrial activity and employment data line up across the world’s largest economies, a report said on Monday.

Investors can expect increased volatility and sharper focus on central bank cues.

The Indian stock market is closed on April 14 on account of Ambedkar Jayanti.

The week of April 12 to April 19, 2025, brings a host of significant economic data releases from major global economies, which are expected to guide market sentiment and influence monetary policy expectations.

Indian FMCG firms to end FY25 with single-digit revenue, base favourable in FY26

FMCG firms in India, on aggregate, should end FY25 with low single-digit revenue as consumer staples stocks have benefited from the flight-to-safe trade recently, a new report has said, adding that the base will remain favourable in FY26.

A BNP Paribas India report expects FMCG revenue growth to inch up slightly from 4 per cent in Q3 FY25 to 5 per cent in Q4 FY25.

“As trade concerns ease, we see a risk of reversal of recent outperformance. However, we do see some near-term positives, such as the drop in crude price and our economic heat map indicates positive trends for rural growth,” the report mentioned.

Commentaries from Marico, Dabur and GCPL indicate that demand has been resilient while urban slowdown, led by weakness in general trade, persisted in Q4 FY25.

India’s raw silk production rises steadily, exports surge in last 6 years

India’s raw silk production has experienced steady growth, rising from 31,906 metric tonnes (MT) in 2017-18 to 38,913 MT in 2023-24, as exports figures also jumped significantly in the period.

This growth is supported by the expansion of mulberry plantations from 223,926 hectare in 2017-18 to 263,352 hectare in 2023-24, which boosted mulberry silk production from 22,066 MT in 2017-18 to 29,892 MT in 2023-24, according to latest government data.

Total raw silk production increased from 31,906 MT in 2017-18 to 38,913 MT in 2023-24. Exports of silk and silk goods rose from Rs 1,649.48 crore in 2017-18 to Rs 2,027.56 crore in 2023-24.

As per Directorate General of Commercial Intelligence and Statistics (DGCIS) reports, the country exported 3348 MT of silk waste in 2023-24.

Indian startup ecosystem raises over $180 mn this week

The domestic startup ecosystem continued the funding momentum this week, with raising more than $180 million by 24 new-age companies.

The fintech sector remained the most funded sector. This week saw six growth-stage and 13 early-stage deals.

Among the biggest growth-stage deals, digital payment technology company Juspay secured $60 million in its Series D round led by Kedaara Capital, with participation from existing investors Softbank and Accel.

Another digital payment company Easebuzz raised $30 million in a funding round led by Bessemer Venture Partners.

Homegrown wearables brand Noise secured $20 million in funding from US-based audio equipment giant Bose Corporation, marking its second investment round and reaffirming investor confidence despite a sluggish market.

SEBI warns of securities market frauds via YouTube, Facebook, X and more

Alarmed at frauds related to securities market on various social media platforms, capital markets regulator SEBI has issued an advisory for investors to exercise caution and due diligence to verify the genuineness of social media handles of SEBI-registered entities while accessing them.

SEBI noticed an increase in frauds related to securities market on various social media platforms such as YouTube, Facebook, Instagram, X, WhatsApp, Telegram, Google Play Store and Apple Store, etc.

“With increasing adoption of digital communication platforms, it is observed that scamsters are enticing victims by giving trading calls in the name of providing education. They also provide misleading or deceptive testimonials, promise or guarantee of assured or risk-free return etc. through various social media platforms,” according to a SEBI statement.

Centre approves record 6 hydro pumped storage projects worth 7.5 GW in FY25

The Central Electricity Authority (CEA) approved a record number of detailed project reports (DPRs) of six hydro pumped storage projects (PSPs) of about 7.5 GW during FY2024-25, the Ministry of Power said on Saturday, marking a key milestone in India's ongoing commitment to developing advanced and long-term energy storage solutions.

These six projects are Upper Indravati (600 MW) in Odisha; Sharavathy (2,000 MW) in Karnataka; Bhivpuri (1,000 MW) in Maharashtra; Bhavali (1,500 MW) in Maharashtra; MP-30 (1,920 MW) in Madhya Pradesh and Chitravathi (500 MW) in Andhra Pradesh.

The participation of private sector in this segment is quite encouraging and with the help of self-identified PSP, the PSP potential in the country has crossed 200 GW and it is further increasing almost every month.

UPI services suffer nationwide outage, NPCI cites ‘technical issues’

Digital payments via Unified Payments Interface (UPI) service suffered a nationwide outage on Saturday which affected millions of users.

Digital services on several online payment platforms were disrupted, hindering local shopping, bill payments and business transactions.

According to the outage tracking platform Down Detector, there were 2,358 complaints by 1 pm. Most reported problems were for payments (81 per cent) and fund transfers (17 per cent).

The National Payments Corporation of India (NPCI), which operates the UPI services, said the disruptions were due to technical issues.

Indian stock markets wraps up week on strong note as tariff fears ease

The Indian stock markets wrapped up the week on a strong note, gaining nearly 2 per cent, as the US decision to defer tariffs for all countries except China eased recession concerns, boosting sentiment and lifting fears of a global slowdown, experts said on Saturday.

As a result, the Nifty index opened with a strong gap-up and tested resistance near the 20-day exponential moving average (DEMA) around 22,900. It then moved in a narrow range before settling at 22,828.55.

Sector-wise, metals, energy, and pharma led the gains, while broader indices also saw a solid rebound, rising between 1.82 per cent and 2.86 per cent.

“The recovery, supported by a continued decline in the volatility index, is a positive sign, though such sharp moves remain challenging to trade. On the index front, a decisive close above 22,900 could pave the way for a retest of the key moving average zone near 23,400,” said Ajit Mishra–SVP, Research, Religare Broking Ltd.

FM Sitharaman rolls out red carpet for Austrian companies to invest in India

Finance Minister Nirmala Sitharaman on Friday invited Austrian companies to invest in India and highlighted the huge potential for strengthening bilateral economic ties between the two countries in renewable energy, electric vehicles, innovations and startups.

Addressing a press conference, Sitharaman said the highly successful visit of Prime Minister Narendra Modi to Austria in July 2024 was a milestone in the India-Austria partnership, especially in elevating our economic and commercial linkages to a higher trajectory.

“Prime Minister Modi had emphasised the political will of the Government of India to expand our partnership with Austria. My visit to Vienna is a reaffirmation of the PM's vision to work towards realising the fullest possible potential of our bilateral relationship with Austria,” Sitharaman added.

She highlighted the opportunities for investment and cooperation between startups in India and Austria, particularly in the field of fintech.

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