India Financial News

V O Chidambaram Pillai, called VOC, started the first indigenous Indian shipping company, Swadeshi Steam Navigation Company (SSNCo), in 1906, against British India Steam Navigation Company, plying ships between Tuticorin-Colombo. He was later arrested by the British government in 1908 and sentenced to two terms of life-imprisonment and was locked in Coimbatore prison where he was sentenced to hard labour. Also Read: No, India did not get complete independence in 1947. Here's why

Aatmanirbharta' (self-reliance) in defence and gradually emerging as a global manufacturing hub of military equipment due to measures taken by the government in the last few years, Prime Minister Narendra Modi said on Thursday. In his Independence Day speech from the ramparts of the Red Fort, Modi said there was a time when the majority of the defence budget was used to procure military hardware from abroad, but his government focused on indigenous defence production. «We are becoming self-reliant in the defence sector. Today, we have our own identity in defence manufacturing. India is emerging as a defence manufacturing hub,» he said. The prime minister complimented the defence ministry and the armed forces for taking a series of decisions, including the notification of a number of positive indigenisation lists under which over thousands of items are being procured from the Indian industry in line with designated timelines. According to the defence ministry, a total of 5,600 items have been identified for domestic manufacturing.

MUMBAI : As the nation celebrates Independence Day, a surge in travel enthusiasm has gripped well-to-do Indians. The extended holiday weekend has sparked a travel frenzy, with bookings for both domestic and international destinations witnessing a significant rise.

Binance has registered with India’s virtual digital asset (VDA) monitoring agency FIU-IND after paying a penalty of Rs 18.82 crore, lifting a seven-month ban on its website and mobile application in India. Binance registration with the Financial Intelligence Unit (FIU-IND) marks its 19th global regulatory milestone, the company said in a statement on Thursday. “Recognising the vitality and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services for Indian users,” said Richard Teng, chief executive of Binance. “It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India’s continued VDA evolution.”

Kerala Chief Minister Pinarayi Vijayan on Thursday said that while everyone in the country was sad regarding the Wayanad landslides that claimed over 200 lives, it was time to live and move forward for the survival of the state. Vijayan, speaking after hoisting the national flag at the Central Stadium on the occasion of the 78th Independence Day of the country, also said that even as India excelled in various sectors since its independence in 1947, the scientific awareness in the country was being damaged and superstitions, harmful customs, and outdated rituals were making a comeback. Referring to the landslides in Wayanad, the CM said that Kerala and the country were celebrating the independence day in a time of grief following the disaster. «But, we cannot remain sad. We need to live and move forward for the survival of the state. So, the independence day, this year, should give impetus to the joint activities that ensure the state's survival,» he said.

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Rajasthan Chief Minister Bhajanlal Sharma on Thursday said the person at the last rung of the society is the «first person» for the state government. After hoisting the national flag at a state-level event at the Sawai Man Singh stadium here on the occasion of India's 78th Independence Day, he said the Rajasthan government has adopted a proactive approach for the inclusive development of the state. «Our government has given top priority to progress and has taken important decisions for development,» Sharma said. The chief minister said the state government has been working for the development of rural areas, tourism, sports facilities, women empowerment and water conservation.

Independence Day, highlighted that India is moving towards self-reliance by improving domestic manufacturing and has even started exporting to other countries. PM Modi emphasized that India has become self-reliant in mobile phone manufacturing and is now exporting to other countries. «There was a time when we imported mobile phones, but today we have built a mobile phone manufacturing ecosystem, and now we have started exporting mobile phones to the world,» said PM Modi. Regarding the defence sector, PM Modi stated that India is becoming self-reliant in defence manufacturing.

Sunita Kejriwal, wife of Delhi Chief Minister Arvind Kejriwal, the ruling Aam Admi Party launched a veiled attack on the Centre after the tricolour was not hoisted at the CM's residence. In a post on X in Hindi, Sunita Kejriwal said, «Today the tricolour was not hoisted at the CM's residence. It is very sad. This dictatorship can keep an elected Chief Minister in jail, but how can it stop the patriotism in the heart...» The attack came after Delhi LG VK Saxena hoisted the national flag at his official residence on Independence Day.

With their high liquidity and transparency, they allow investors to tap into precious metals' enduring value, mitigating market fluctuations risks and ensuring a balanced investment strategy. Over time, and with the advent of Exchange Traded Funds (ETFs), investing in precious metals like gold and silver has become more accessible, lower cost, and efficient for individual investors. In fact, Indian investors have already put in over Rs 40,000 crore in gold and silver ETFs.

77 years in various fields. This period has seen India transform dramatically, marking substantial progress in agriculture, space, sports, academia, industry, and cinema. The nation's remarkable journey is attributed to visionary pioneers, resilient individuals, and innovative minds who continue to shape its future. Statistics offer milestones that reflect India's advancement. However, numbers alone cannot fully capture the triumph of the human spirit that has driven this progress. The country has seen pioneering men and women daring to dream, institutions being nurtured against daunting odds, and innovators remaking India with hope and energy.

market volatility has been spurred by a confluence of factors. Weaker-than-anticipated US economic data has ignited concerns about a potential recession, with market estimates now placing its likelihood at 30-35%, a significant increase from the less than 10% projection in June 2024. Adding to the turbulence, the surprise rate hike by the Bank of Japan and the subsequent reversal of yen carry trades have exacerbated market uncertainty. The Indian Rupee has borne the brunt of this volatility, hitting near all-time lows and breaching its previous October 2022 record of INR 83.5. While the Rupee has depreciated in the short term, it has exhibited relative stability compared to other emerging and developed market currencies over the past six months. INRperformance V/s Emerging Market Currencies (YTD INR depreciation~1% v/s other EM currencies ~4-10% depreciation)

Chinese EVs and Indian container shortage have in common? In one word, everything. With the US imposing a 100% anti-dumping duty on Chinese electric vehicles from August 1 and several countries in Europe planning to follow suit in September and October, the Chinese EV industry has been on production overdrive to ship as many vehicles as possible before the duty deadline. This pile up of inventory has clogged an already stretched logistics network. Siddharth Jairaj, CEO, TVS SCS global forwarding solutions said, “Because of the anti-dumping duties, China has been shipping out huge numbers of electric vehicles since April and May to beat the duty deadlines. So global nodal ports like Singapore and Colombo and clogged.” As containers are being diverted to cater to “Chinese inventory, the port congestion is spreading and has now hit India too,” he added.

Hindu minority community in Bangladesh, RSS chief Mohan Bhagwat on Thursday said Hindus living there were being subjected to violence for no reason, and added that our country has the responsibility to ensure they do not face any injustice and atrocities. He was speaking after hoisting the national flag at the Rashtriya Swayamsevak Sangh (RSS) headquarters in Mahal area here on the occasion of Independence Day. «The coming generation has the duty to protect the 'swa' of the 'swatantrata' (freedom) because there are always people in the world who want to dominate other countries and we have to be alert and careful, and protect ourselves from them,» he said.

According to SBI's website, the one-year MCLR has increased from 8.85% to 8.95% starting from August 15, 2024. Home loan interest rates August 2024: Banks offering cheapest home loan interest rates for amounts above Rs 75 lakh

Prime Minister Narendra Modi today delivered his longest Independence Day speech to date, lasting a remarkable 98 minutes, from the historic Red Fort. This extended address, surpassing his previous record of 96 minutes in 2016, reinforces Modi’s reputation for delivering lengthy and impactful speeches on this significant national occasion. Modi's average Independence Day speech duration is 82 minutes, making his addresses notably longer than those of any other Indian Prime Minister. His shortest speech, delivered in 2017, lasted around 56 minutes. During the 78th Independence Day celebrations, Modi not only set a new record for the longest speech but also achieved the milestone of delivering the third-longest speech ever from the Red Fort, according to Press Trust of India. His inaugural Independence Day speech in 2014 was 65 minutes long, followed by an 88-minute address in 2015. In 2018, Modi spoke for 83 minutes, and his 2019 speech extended to nearly 92 minutes. The following year, in 2020, his address lasted 90 minutes, while in 2021 it was 88 minutes. Last year’s speech also reached 90 minutes.

India's renewable energy storage capacity is expected to surge 6 GW by fiscal 2028 from less than 1 GW operational as of March 2024, driven by a robust pipeline of projects under implementation, said Crisil Ratings. Such an increase is crucial to sustainably absorb the rising share of renewable energy in the country's overall power generation mix. Despite slow progress on project implementation, the government's push to develop renewable energy power and tariffs for round-the-clock renewable energy, discovered in the last two fiscals, being comparable with other sources of round-the-clock power — improves confidence around adoption, said the rating agency.

The Indian stock market is counted as one of the world’s best-performing markets. The NSE today is the second fastest-growing stock exchange in the world besides being the world’s third largest Stock Exchange in terms of equities. BSE is the 11th largest stock exchange in the world besides being cited as the world's best performing shares market. The stature of the bourses has elevated the position of the Indian stock market on the world map.

BCCI secretary Jay Shah on Wednesday visited TOI’s Mumbai office for an interaction. Apart from announcing former South Africa pacer Morne Morkel as team India’s new bowling coach, he also said that the board was not in favour of hosting pink ball tests because “they end in a couple of days.” «You buy a ticket for a five-day match, but the game ends in 2-3 days… There is no refund. I am slightly emotional about this,» Shah said on day-night Test matches.

Poorna Swaraj, as was the goal of the Indian National Congress, on August 15, 1947. Jawaharlal Nehru's famous uttering in his Independence Day speech, «At the stroke of the midnight hour, when the world sleeps, India will awake to life and freedom», was only partially accurate in describing the occasion. Also Read: Videshi to Swadeshi: Brands that propelled journey towards Atmanirbharta Instead of Poorna Swaraj, India got the dominion status which did not mean an independent country as most of us believe India to have become in 1947. Though India became a self-governing entity, it was still under British control in several ways. Interestingly, the Congress had been against the dominion status yet accepted it, ostensibly because it was to lead to complete independence later but also because the dominion status could have helped the first government, which was not directly elected, take hold of society and economy with the help of prevailing British laws which gave it more power of people.