India Financial News

Indian Hotels Company (IHCL) is betting big on its new businesses that it expects to grow at 35-50% every year, besides weighing an ambitious expansion plan for its reimagined brand, Ginger, as part of its strategy to accelerate growth. The strategic rationale for new businesses lies in addressing India's varied market, and diversifying IHCL's revenue and non-linear revenue growth businesses, capital light businesses and those yielding high margins, Puneet Chhatwal, managing director and chief executive told ET. IHCL's new businesses consist of a reimagined Ginger, Qmin, ama Stays & Trails and the Tree of Life brand.

Tata started the trend at the turn of the century by buying Tetley, the first leveraged buyout by an Indian conglomerate, for $407 million, emerging as the second largest tea company in the world. In 2007, Tata scooped up Corus in the largest overseas M&A by an Indian company at $12.11 billion, just before the global financial crisis. Much of Corus’ UK operations may have shrunk today but India’s most trusted conglomerate still has deep roots in the island nation, having acquired Jaguar Land Rover, British Salt and Brunner Mond, making Tata the single largest private sector employer in the country. Last year, the group announced a 4 billion pound greenfield giga factory for battery cells in the UK, which at the time was regarded as something of a coup by the first Indian-origin PM of Britain, Rishi Sunak. Not that this could stop his defeat in the July general election.

India needs to raise its game quickly and look beyond production-linked incentive (PLI) schemes to establish itself as a global manufacturing powerhouse and create millions of new jobs, say experts. Time, they say, is ripe for the next wave of big-bang policy measures from the government to ensure that India's efforts to bring back local manufacturing in a big way pays off. Some suggested steps include creating world-class, export-oriented industrial hubs (where India is a laggard), ringing in favourable tax treaties with the country's top trading partners, bolstering logistics infrastructure (including connectivity with ports), encouraging sector-specific skill development, targeting high-volume local production of capital goods and investing in smart manufacturing facilities. These enablers, they say, are critical to boost India's value proposition and getting the biggest global players to invest top dollars in mega manufacturing capacities in critical sectors such as automobiles, renewable energy, telecoms equipment, electronics and batteries — more so in a changing geopolitical scenario when global companies are increasingly looking to cut their dependence on China and eying India as an alternate manufacturing hub.

BJP on Monday rejected the Congress' demand for a Joint Parliamentary Committee (JPC) probe into Hindenburg's allegations and said the Opposition party was conspiring to bring about «economic anarchy and instability» in India. The Congress has been demanding Buch's resignation and that a JPC investigation be ordered to assess the full extent of what it described as the «Modani Mega Scam». Addressing a press conference at the BJP headquarters, senior party leader Ravi Shankar Prasad reiterated the party line that the short-selling firm's charge and the Opposition's criticism of the Sebi chairperson were part of a wider conspiracy. He claimed that billionaire investor George Soros is an investor in Hindenburg and is known for running a propaganda against the Narendra Modi-led government. «While India is being globally seen as a safe, stable and promising market, the Congress party wants to project that the Indian investment scenario is not safe,» he alleged, and claimed that the Opposition party was making use of the «chits» provided by foreign entities to damage the economy.

Olympian Abhinav Bindra-run Abhinav Bindra Foundation, registered in Mohali, for five years. The registration will allow the organisation to receive foreign grants, officials said. Bindra won India's first individual gold medal at the Olympics — in the men's 10-metre air rifle competition — at Beijing in 2008. The non-profit organisation run by Bindra is dedicated to ensuring that global best practices are made available to all sporting activities, according to its website. During the recent Paris Olympics, India secured 71st rank with Neeraj Chopra, Manu Bhaker, Sarabjot Singh, Swapnil Kusale, Aman Sehrawat and the Indian hockey team winning medals.

Pradhan Mantri Awas Yojana (PMAY) Urban 2.0 plan over the next five years is expected to boost the affordable housing segment, allowing those migrating to cities for a livelihood to secure reasonable accommodation. PMAY-U is among the major flagship programmes being implemented by the government to provide all-weather pucca houses to all eligible beneficiaries in the urban areas. Under PMAY-U, more than 11.8 million homes have been sanctioned while nearly 9 million houses have already been constructed and delivered to the beneficiaries. “The nature of the housing scheme has changed in its new avatar. Government is using a wider mix of schemes ranging from interest subsidy to credit guarantee. While the quantum of interest subsidy per beneficiary has been scaled down, the government’s capital support will help a larger base of needy population. The government intends to do both — enhance its capital productivity and accelerate the ‘Housing for All’ timelines,” said Vivek Rathi, National Director Research, Knight Frank India.

But India has made a strong comeback in Sri Lanka, wresting significant advantage from China. And going by the grammar and tone of S Jaishankar's just-concluded visit to Maldives, Muizzu, too, seems to be course-correcting. So, there's more than what meets the eye — a fresh dynamic that reflects changing geopolitical and economic realities. Take the Maldives. In May, IMF warned the country against a ballooning Chinese debt folio. A month later, Fitch downgraded its rating on grounds of 'increased risks associated with the country's worsening external financing and liquidity metrics'. It assessed that weakening foreign-reserve buffers and rising external government debt 'increase the challenges for the new government to meet its substantial upcoming external debt-servicing obligations and keep the currency peg to the US dollar'.

Bharti Global's acquisition of a strategic stake in BT (formerly British Telecom) is an unprecedented diversification for the Indian telecom industry. Sunil Mittal has pursued subscribers in Africa after building up an enviable base in his home market and has placed big bets on European satellite communications. The latest investment gives him exposure, at least as an investor, to better-yielding markets.

Classic 350 remains unchanged. It is built on a twin downtube spine frame and powered by a 349 cc J-Series single-cylinder, air-cooled engine that produces 20.2 bhp at 6,100 rpm and 27 Nm of torque at 4,000 rpm, paired with a 5-speed transmission.

Paris 2024 Olympics witnessed a historic showdown between two of the world’s leading javelin throwers, Arshad Nadeem from Pakistan and Neeraj Chopra from India. The intense rivalry between these athletes, both hailing from South Asia, has been closely followed in recent years, and their latest encounter did not disappoint. Arshad Nadeem made history by winning Pakistan's first-ever individual Olympic gold with a record-breaking throw of 92.97 meters. Neeraj Chopra, the defending Olympic champion from Tokyo 2020, put up a strong fight with a season-best throw of 89.45 meters, earning him the silver medal. Nadeem’s final throw in the competition was also an impressive 91 meters, further solidifying his victory. Neeraj Chopra's Rise to Stardom

Indian Army troops on Monday displayed unwavering courage and dedication along the Line of Control in the remote regions of Sunderband Naushera in Rajouri district of Jammu and Kashmir. The visit highlighted the formidable challenges faced by soldiers stationed at the border, who steadfastly defend the nation with determination and selflessness, PRO and Spokesperson Ministry of Defence, Jammu stated.

interim government head Muhammad Yunus after police officers agreed to call off their strike and return to work. Bangladesh descended into chaos last week after Prime Minister Sheikh Hasina resigned and fled to India in a military aircraft while the Army stepped in to fill the power vacuum. As the news of Hasina's departure spread, hundreds of people broke into her residence, vandalising and looting the interiors, providing dramatic expression to the anti-government protests that have killed more than 500 people in a fortnight. On Monday, General Zaman said that soldiers will return to barracks once police resume normal operations. He made the comments while responding to questions from journalists at an event here.

Strategic Minerals, Union Mines Minister G Kishan Reddy announced Monday. This decision was taken during 6th Governing Body meeting of the National Mineral Exploration Trust (NMET). This not-for-profit trust operationalised by the union Mines Ministry is funded by levies on proceeds from sale of domestically produced minerals in the county. Its purpose is to encourage carrying out of regional and detailed exploration for augmentation of the country’s mineral resources. An official statement said a 25% exploration incentive for agencies engaged in discovering Critical and Strategic Minerals will “significantly enhance exploration efforts in these vital areas, contributing to India's self-reliance in mineral resources.”

Union Home Ministry has asked to expedite the whole border fencing construction work by conducting survey and alignment of stretches along the Indo Myanmar border in Manipur and Arunachal Pradesh. Four Northeastern states including Nagaland, Mizoram, Arunachal Pradesh and Manipur share a border with Myanmar. The Mizoram Assembly on February 28 this year adopted a unanimous resolution opposing the Centre's decision to fence the India-Myanmar border and eliminate the Free Movement Regime (FMR). The Nagaland government and almost all organisations in the state are also against the border fencing and abolishing of the FMR.

Krishnamurthy V Subramanian, Executive Director of the International Monetary Fund (IMF) said on Monday. In an interactive session during the launch of his book 'India @100' at Indian School of Business (ISB) here, Subramanian said becoming a USD 55 trillion economy by 2074 may appear audacious, but it is achievable. He also said India's private credit to GDP ratio was 58 per cent in 2020, six decades behind the advanced economies which are now at 200 per cent, though there is phenomenal work being done in terms of financial inclusion through schemes like 'Pradhan Mantri Jan-Dhan Yojana'. «So in other words...while this of course appears to be audacious, it is the power of compounding that makes it happen. As long as we are able to register 8% growth, we can actually become a $55 trillion economy,» the former chief economic advisor said when asked why he thinks India has the potential to be a USD 55 trillion economy by 2047.

Farmers have increased the area under paddy cultivation by 4.28 per cent to 33.18 million hectares, while cotton acreage declined in the ongoing 2024-25 kharif (summer-sown) crop season, according to government data released on Monday. The agriculture ministry reported that paddy sowing rose to 33.18 million hectares as of August 12, up from 31.82 million hectares in the same period last year. The increase in the paddy acreage comes amid forecasts of widespread rainfall across several regions by the India Meteorological Department (IMD). As per the ministry's data, pulses acreage marginally increased to 11.74 million hectares in the ongoing kharif season from 11.01 million hectares in the year-ago period.

Bengaluru recently took to social media to highlight the plight of international travelers from India when their tickets are arbitrarily canceled by airlines. According to the woman, she had recently booked a Delhi-San Francisco flight, but Air India canceled it without notice and offered passengers the option to fly on a different date. When passengers objected, they were offered seats on an alternate flight with a 10-hour layover. The woman claimed that Air India refused to provide the passengers with tickets for a flight departing directly from Bengaluru.

Indian Railway and National Capital Region Transport Corporation (NCRTC) have collaborated to promote the 'One India — One Ticket' initiative, enhancing the travel experience for passengers on main line railway and Namo Bharat trains, a statement said on Monday. This collaboration aims to provide a seamless travel solution, making it easier for passengers to book and travel using both the Indian Railways and the RRTS services, it said. After booking an IRCTC train e-ticket, users can now opt to book a Namo Bharat train tickets for up to eight travellers per booking as an add-on service. The RRTS booking option will be displayed on the PNR confirmation page and will also be accessible from the user's train ticket booking history, the statement said. A unique QR code will be generated for each RRTS ticket and conveniently printed on the electronic reservation slip (ERS), it said.

Sex ratio in India is expected to improve to 952 women per 1000 men by 2036 from 943 in 2011, according to a report 'Women and Men in India 2023' released by the Ministry of Statistics and Programme Implementation on Monday. The report highlights that India's population in 2036 is expected to be more feminine compared to the 2011 population, as reflected in the sex ratio which is projected to increase from 943 in 2011 to 952 by 2036, highlighting a positive trend in gender equality. By 2036, the population of India is expected to reach 152.2 crore, with a slightly improved female percentage of 48.8 per cent compared to 48.5 per cent in 2011, the report stated. The proportion of individuals under 15 years is projected to decrease from 2011 to 2036, likely due to declining fertility, it stated.

Himanta Biswa Sarma said that police prevented four Bangladeshi nationals from entering India illegally through Karimganj district. Sarma stated on X, “This morning at 1:30 AM, Bangladeshi citizens identified as Motiur Seikh, Mushiar Mullah, Tania Mullah, and Rita Mullah attempted to enter India through the Karimganj sector of the India-Bangladesh border. However, police effectively intervened at the zero point and promptly repelled them, preventing their unauthorized entry.” He told media persons these people were Rohingyas and it is not related to the ongoing crisis in Bangladesh.

Jindal Stainless on Monday said it will manufacture customised stainless steel and speciality low-alloy steel sheets for defence projects of BrahMos Aerospace. The company will also supply steel plates from its Hisar plant in Haryana, it said in a statement. Jindal Stainless has been accredited by BrahMos Aerospace Pvt Ltd as a qualified vendor for the manufacturing and supply of steel sheets and plates, it added. JSL MD Abhyuday Jindal said, «We envision an India that is completely Atmanirbhar in its defence requirement. In line with this vision, we are enhancing our capabilities to meet and exceed the stringent conditions for such critical applications. Contributing to the strengthening of our country's defence standing is a matter of passion and pride for us».