City New Delhi Financial News

NEW DELHI: India's industrial production growth dipped to 3.7% in June, from 5.3% in May. Mint explains why. The growth fell during June primarily due to weaker manufacturing growth.

Pakistan after the Partition, suddenly came to form nearly one-third of the city's population. From Shahjahanabad of Mughal influence, Delhi became a city of Punjabis. Brij Krishnan Chandiwala, a noted Congressman, once wrote to Jawaharlal Nehru about the growing Punjabi population in New Delhi after the Partition, and his concern regarding these outsiders outnumbering the natives of the city, mentions architect and urban designer Prerna Chatterjee in a research paper. “The people of Delhi are living a life of helplessness… They have on their own wiped out their exclusive identity forever… The Delhi residents have become strangers in their own house,” Chandiwala wrote. Nehru wrote back: “Some of the complaints you make are the unfortunate consequences of the Partition…. But Delhi has also become a cosmopolitan city with a large number of foreigners here…” Chandiwalla reacted to this statement, considering the uncertain future these foreign intermixes may call for: “… In this city everyone who resides has come from somewhere else. And over the years they became part of this city. I believe even these people (Punjabi refugees) will one day start identifying their selves as belonging to the city.” Punjabi refugees from Pakistan not only ended up identifying themselves with Delhi but also made Delhi identify with them. The names of many colonies in Delhi such as Kohat Enclave, Mianwali Nagar and Gujranwala Town bear Pakistani imprint, the names of their birthplaces the refugees brought with them. More than Delhi shaping them, they shaped Delhi, because much of the Delhi you notice today is the result of the sweat and spirit of refugee entrepreneurs.

Adhir Ranjan Chowdhury on Saturday said the suspending members will «undermine the spirit of Parliamentary democracy» and termed the practice as a «deliberate design by the ruling party to throttle the voice of the Opposition». The Congress MP who was suspended from Lok Sabha for «deliberate and repeated misconduct» said that he can «approach the Supreme Court» if needed. The matter of Chowdhury's suspension has been referred to the Privileges Committee.

Anthony Albanese has confirmed his participation in the upcoming G20 summit to be held in New Delhi next month Albanese will be among leaders of G-20 nations who are scheduled to attend the G-20 summit under India's presidency in New Delhi this September. The G20 is the world's preeminent forum for global economic cooperation. Leaders will focus on navigating the global economy back to strong, sustainable and resilient growth, according to a statement by the Australian PM's office.

New Delhi: The One District One Product (ODOP) initiative has collaborated with the Deendayal Antyodaya Yojna - National Rural Livelihoods Mission (DAY-NRLM) to unveil the captivating ‘ODOP Wall’ in a bid to showcase India’s diverse and exceptional craft heritage. The inauguration of this joint endeavor on 11 August marked a significant step towards realizing Prime Minister Narendra Modi’s vision of projecting the distinctiveness of Indian craftsmanship globally.

Narendra Modi will lay the foundation stone of a ₹100-crore temple dedicated to social reformer Sant Ravidas in the Sagar district where he will also address a public meeting. Notably, this will be PM Modi's second visit in just over a month to poll-bound Madhya Pradesh.

New Delhi: Prime Minister Narendra Modi on Saturday emphasized that India has a strict policy of zero tolerance against corruption at the G20 Anti-Corruption Ministerial Meet. In a virtual address, the prime minister reaffirmed India’s strong commitment to eradicating corruption and fostering transparent governance. PM Modi underlined that India was leveraging technology and e-governance to create a transparent and accountable ecosystem.

Delhi around the G20 Heads of State and Government Summit that will take place in the city next month. Rooms in top luxury hotels have been booked by delegations and, considering the demand, rates in some hotels for the event dates are already averaging ₹40,000 a night, people familiar with the matter said. Taking place on September 9 and 10, the 18th G20 summit in New Delhi will be the culmination of all the G20 processes and meetings held throughout the year.

Ahead of the BRICS summit on August 22-24 in South Africa, Russia on Friday stated that BRICS is not aimed against anyone even in current circumstances and it even does not confront the current international economic and financial institutions, rather it is designed to supplement them. Echoing India’s thoughts Russia also stated the concept of single BRICS currency needs further study indicating that it is not in favour of rushing into single currency.

₹1 crore was announced following a meeting between External Affairs Minister S Jaishankar and UK Security Minister Tom Tugendhat in Delhi. The 95,000 pound investment is intended to enhance the government's understanding of the threat posed by "pro-Khalistan extremism", complementing the joint work already underway between the UK and India through the joint-extremism task force. New Delhi has batted for the UK government to ensure security of its diplomatic premises and its personnel.

NEW DELHI : The central government has collected ₹5.84 trillion in net direct tax revenues as of 10 August, marking a significant 17% improvement over a year-ago, according to an official statement. This accounts for about one third of the ₹18.2 trillion direct tax collection target of the government for FY24.

NEW DELHI : After decades of integration, the global economy is seeing increasing fragmentation, making it one of the biggest challenges for multilateralism and addressing shared economic objectives, finance minister Nirmala Sitharaman said. Speaking at a G20 event in Mumbai, Sitharaman said that India’s presidency has so far ensured that geopolitical differences don’t supersede the core mandate of international cooperation.

NEW DELHI : State-level data protection boards will not figure in the rules of the digital personal data protection (DPDP) bill as the difference in jurisdictions will pose a challenge to execution of the law, said Ashwini Vaishnaw, Union minister for railways, telecom and IT. In an interview, the minister added that the government will state and itemize instances that comprise fair and reasonable terms for apps to take consent from users under the law. Edited excerpts: The Constitution has clearly said where the laws will be made and who will make the laws.

NEW DELHI : The government on Friday decided to release onions from the 300,000-tonne buffer created this year as part of the price stabilization fund (PSF) to cool onion prices amid the broader trend of rising vegetable costs. After two years of relative stability, onion prices surged in recent weeks despite record arrivals at mandis (marketplaces for farm commodities).

MUMBAI/ NEW DELHI : Companies will no longer be able to collect vast amounts of employee data since it has the potential to become a “toxic asset" after the enactment of the personal data bill, said consultants and law firms advising corporates. Companies will have to take the consent of employees after explaining in granular detail why their data or that of a prospective candidate needs to be collected and how long it will be stored in the system.

NEW DELHI : UltraTech Cement Ltd will work towards achieving a production capacity of 200 million tonnes (mt), chairman Kumar Mangalam Birla said on Friday, up from its existing commissioned capacity of nearly 138 mt. “This scorching pace of expansion is unprecedented in the sector. Completion of all the capacity expansion projects currently underway will take your company’s cement production capacity to 160-plus mtpa (million tonnes per annum).

NEW DELHI : Ad industry veteran Bobby Pawar, chairman and chief creative officer of Havas India, will step down at the end of his five-year stint in September, the company said. Pawar, who has had a career over 30 years, will also leave the advertising industry. The company said that Anupama (Anu) Ramaswamy, who joined as chief creative officer last year, will head Havas Worldwide.

India on Friday reiterated its call for adherence to international law and peaceful resolution of disputes in the South China Sea amid fresh tensions between the Philippines and China following a recent confrontation in the hotly-contested region. The Philippines has accused the Chinese Coast Guard of firing water cannons at its vessels and blocking their movement in the South China Sea.

special guests, including beneficiaries of the PM-KISAN scheme, from across the country to attend the Independence Day flag hoisting ceremony by the Prime Minister at Red Fort on August 15. As India completes 75 years of Independence this year, sarpanches of 'Vibrant Villages', teachers, nurses, farmers, fishermen, labourers involved in building the Central Vista project and khadi sector workers have been invited, among others.

New Delhi: India’s factory output growth slowed down to 3.7% in June from a 5.2% rise seen in May, and a 4.5% increase in April, due to weaker manufacturing growth, official data released on Friday showed. Index of Industrial Production (IIP), or the factory output growth, stood at 12.6% in June 2022, mainly due to a lower base effect. “The growth rates over corresponding period of previous year are to be interpreted considering the unusual circumstances on account of covid-19 pandemic since March 2020," said an official statement.

New Delhi: Parliament on Friday approved legislative changes required to implement the Goods and Services Tax (GST) Council's decision to ensure that 28% tax is paid on the full value of deposits made by players to online gaming platforms, horse racing clubs and to casinos from 1 October. The Lok Sabha and the Rajya Sabha approved the Central Goods and Services Tax (Amendment) Bill, 2023, and the Integrated Goods and Services Tax (Amendment) Amendment Bill, 2023, which will be brought into effect from October.