India Financial News

Economic Times 40 Under Forty is not just an awards show. It is a celebration of the young (often accompanied by a restless hustle), brilliance, innovation and accomplishment. Every year, an esteemed jury selects 40 bright minds across industries who are triggering change and setting new benchmarks. This year was no different. The 10th edition of ET 40 under Forty was an electrifying evening of the brightest minds and boldest spirits, their pulse on the present, and eye on the future.

Nita Ambani, chairperson of Reliance Foundation and jury chair of the 10th edition of ET 40 under Forty, urged young business leaders to lay the foundation of a better development model for India so that the benefits can be reaped not just by the current generations but also future ones. “A model that can fulfil the aspirations of every Indian and a model that can inspire and show the way to the rest of the world. In this endeavour, I am sure all of you young leaders here will far exceed the expectations of our generations,” Ambani said in her opening address at the ET 40 under Forty awards event in Mumbai on Friday. The marquee event, which completed a decade, identifies India’s future corporate leaders.

LEH: Expanding its probe into the seizure of 108 kilogrammes of gold bars from the Line of Actual Control (LAC) along the India-China border, the Directorate of Revenue Intelligence (DRI) found that gold bars were smuggled from seven countries, including the United States, Canada, Germany, Saudi Arabia and Dubai, and were brought to Tibet, from where they were meant to be smuggled into India. A total of five suspects, including a couple who ran two cafes in upmarket Leh, have been arrested and taken to Ludhiana for interrogation by a joint team of the DRI, customs and Intelligence Bureau, officials told ET. They said the couple, identified as Tender Tashi and Tashi Dolma, recruited Tenzin Samphel, a native of Hanley in eastern Ladakh, who in turn hired two couriers, Tenzin Targy and Tsering Chamba, from Hanley. The interrogation of the suspects revealed the name of the alleged kingpin, who is believed to be based in Delhi and is presently on the run, according to the people.

insolvency resolution process (CIRP) of bankrupt companies to providing financial support to fight arbitration suits or even helping companies find sector expert lawyers for fighting costly disputes, a clutch of litigation funding startups are offering a range of services in the third-party funding market in India. Startups such as LegalPay, LitiCap, LegalFund and FightRight are helping companies fund their costly disputes, focusing on sectors including infrastructure, real estate, logistics, media entertainment and manufacturing.

40 Under Forty. The panel, moderated by Amit Jain, managing director Carlyle India Advisors, and comprising past and current A-listers of the ET 40 Under Forty, laid threadbare the fundamental tenets of leadership and how it is evolving in a volatile and disruptive world while ensuring generational diversity.

Taxation of capital gains has again gained currency in the run-up to the budget. Specifically, the treatment of capital gains arising from equity ownership. Theoretically, there is little to justify differential treatment of capital gains arising from separate asset classes.

tech industry body Nasscom said in a report. Despite the increase in investments, however, there was a nearly 50% decline in funding rounds during the first half of this year compared to the second half of last year, Nasscom said in its latest Generative AI tracker.

Narendra Modi on Sunday announced that India will contribute one million dollars to the UNESCO World Heritage Centre to provide support for heritage conservation in countries, especially of the Global South. Speaking at the inauguration of the 46th session of the World Heritage Committee at Bharat Mandapam in New Delhi today, PM Modi said that India considers the preservation of global heritage as its responsibility, and hence, is providing support for heritage conservation not only in India but also in countries of the Global South. «India considers the preservation of global heritage as its responsibility, and hence, we are providing support for heritage conservation not only in India but also in countries of the Global South. India is assisting in the conservation of many heritages like Angkor Wat in Cambodia, Cham Temples in Vietnam, and Bagan Stupa in Myanmar. In this direction, I am making an announcement. India will contribute one million dollars to the UNESCO World Heritage Centre. This grant will be used for capacity building, technical assistance, and the conservation of world heritage sites,» PM Modi said.

India regarding the allegations of a plot to assassinate a Sikh separatist in the US that involved an Indian government official has been «respectful» and «effective» because it's being held behind closed doors, according to Jake Sullivan, the National Security Advisor to the US president. In November last year, US federal prosecutors charged Indian national Nikhil Gupta with working with an Indian government employee in the foiled plot to kill Gurpatwant Singh Pannun in New York. Gupta, who was arrested in the Czech Republic in June last year, was extradited to the US on June 14. «We have had a constructive dialogue with India on this issue. And we have made it very clear where we stand on it and what we would like to see. And it's been respectful, and it has been effective, in my view, mostly because it is taking place behind closed doors,» Sullivan said at the Aspen Security Forum in Colorado on Friday responding to a question on allegations related to the assassination attempt on Pannun. India has denied the allegations but has constituted an internal investigations team to look into it.

Indian tennis legends Leander Paes and Vijay Amritraj became the first Asian players to be formally inducted in the International Tennis Hall of Fame in a gliterring ceremony. On Saturday, in the ceremony, both players raised the Tricolour high with honour as they were formally inducted into the Hall of Fame. Now 70, Amritraj peaked at 18 and 23 in singles and doubles careers, respectively, winning 13 doubles and 15 singles titles throughout his journey as a tennis player which lasted over two decades.

With the key highlight of the session to be Union Budget by Finance Minister on Tuesday, the Monsoon Session will observe a stormy battle with united opposition, INDIA bloc, set to corner the Centre on issues ranging from the NEET paper leak case and railway safety.

YSRCP) will bring the issue of post-poll violence in Andhra Pradesh to Delhi this week. The Opposition party, which was recently routed in Assembly and Lok Sabha elections in Andhra Pradesh, has accused the ruling Telugu Desam Party (TDP) of targeting YSRCP cadres and elected representatives – a charge that TDP has refuted. Former chief minister and YSRCP chief Y S Jagan Mohan Reddy will be in the capital on Tuesday and has sought time with President Draupadi Murmu, Prime Minister Narendra Modi and home minister Amit Shah. On Wednesday, Reddy will hold a protest against the violence with his party MPs, MLAs and corporators. YSRCP has invited all political parties, including Congress and BJP, to come out in support. The party will also hold an exhibition of photographs and videos of people affected by violence at India International Centre (IIC). Speaking to ET, YSRCP’s Rajya Sabha MP V Vijaysai Reddy said, “There is a complete breakdown of law and order in the state. It is a fit case for imposition of President’s rule. There have been 1,050 assaults, 31 murders and 300 attempted murders including the brutal murder of YSRCP youth worker in the state over the last 45 days of TDP-Jana Sena government’s rule.” The protest follows a brutal incident where a YSRCP youth wing worker was brutally hacked to death in Vinukonda.

Bangladesh via land ports came to a standstill on Sunday as there was no movement of cargo trucks to and fro due to the ongoing student protests in the neighbouring country, officials said. The Bangladeshi side of the Petrapole landport remained non-functional, they said. Nearly one-third of land-based trade between India and Bangladesh takes place through Petrapole. «Trade from other land ports to Bangladesh, including Petrapole, Gojadanga, Fulbari, and Mahadipur, has also stalled as Bangladeshi Customs announced a two-day holiday from Sunday, following the government's declaration of a holiday except for essential services due to unrest,» West Bengal Exporters' Coordination Committee Secretary Ujjal Saha said. The cargo trucks that crossed over to Bangladesh on Saturday from Mahadipur port in Malda have not returned, but they are safe, he said.

Graphite is the first mineral Coal India Limited (CIL) will diversify its operations beyond coal, following an order from the Ministry of Mines granting the company a composite license for prospecting and mining. This license pertains to the Khattali Chhoti Graphite Block in Alirajpur, Madhya Pradesh. «This is the first mineral other than coal for us,» Debasish Nanda, Director of Business Development at Coal India, told PTI. CIL is required to pay a mining premium of 150.05 per cent of the value of minerals dispatched to the state government.

Heavy rains pounded Mumbai and its suburbs on Sunday, disrupting flight operations and inundating roads in many parts of the city, officials said. Flight operations at Chhatrapati Shivaji Maharaj International Airport were suspended twice for a brief period due to inclement weather and low visibility, a source said. At least 15 flights were diverted to the nearby airports, mainly Ahmedabad, till 4 pm. As intermittent heavy spells of rain hit the city, runway operations were suspended at 12.12 pm for eight minutes and from 1 pm to 1.15 pm, the source said.

inaugural ceremony of the 46th session of the World Heritage Committee got underway at the Bharat Mandapam here on Sunday evening in the presence of Prime Minister Narendra Modi and Director General of UNESCO Audrey Azoulay. India is hosting the key event of the UNESCO for the first time from July 21 to July 31. Modi will shortly inaugurate the session.

Budget 2024: Finance Minister Nirmala Sitharaman who will present Union Budget for record-seventh time is scheduled to table the Economic Survey on July 22, Monday. «The Economic Survey of India will be laid on the table of the Houses of Parliament on Monday, the 22nd of July, 2024. The Budget for the Union Territory of Jammu and Kashmir for 2024 will also be presented on the 23rd of July, 2024. Tentatively 6 items of legislative business and 3 items of financial business have been identified for being taken up during this session,» said Kiren Rijiju, Ministry of Parliamentary Affairs. The upcoming Budget will be Prime Minister Narendra Modi-led government's first major policy announcement after securing a third term in May. The Budget is set to host an array of measures to combat unemplyement and other persisting issues in the country.

GTRI) has suggested suspension of quality control orders (QCO) on polyester and viscose staple fibre for a few years to allow domestic manufacturers to become competitive, expansion of products covered and criteria relaxation in the textile production linked incentive (PLI) scheme, overhaul of Directorate of Foreign Trade (DGFT) and Customs procedures, and addressing monopolistic practices of domestic suppliers, to boost India’s garment exports. Highlighting complex procedures, import restrictions and domestic vested interests are hindering the export growth of the Indian garment sector, it said that sourcing quality raw fabric, particularly synthetic fabric being the root causes of exporters’ problem. The report assumes significant in the wake of India losing to other countries even as garment and textile imports rise steadily.

Things seem to be falling comfortably into place for Indian Prime Minister Narendra Modi. Yes, he lost seats in India’s recent general election—but he was, nevertheless, re-elected for a third term. Yes, he is dependent upon allied parties for the first time in his political career.

That cybersecurity and its failures can impact large parts of the world was evident on Friday, when Microsoft’s Azure outage—reported to be on account of CrowdStrike, Azure’s first line of cyber defence—left large numbers of computer users staring at blue screens that did not budge, preventing work. It brought airlines, media houses and banks (among others) to their knees in diverse markets, including India. So crucial is cybersecurity now in the tech world that Google’s parent Alphabet wants to acquire Wiz, a cybersecurity startup, as New York Times reported, even if that exposes it to antitrust scrutiny from regulators worldwide.