India Financial News

Delhi recorded 228.1 mm of rainfall on Friday, the highest since 1936 for the month of June, and the weatherman predicted more spells over the weekend in the national capital. The Safdarjung Observatory, the city's primary weather station, recorded 228.1 mm of rainfall in the 24 hours ending at 8.30 am on Friday, more than three times the June rainfall average of 74.1 mm and the highest for the month in at least 16 years. Extreme weather events are happening in the national capital, as weather experts noted that during the entire monsoon season, Delhi receives nearly 650 mm of rainfall. On the first day of heavy rain this season, the capital received one-third of its total monsoon rainfall on Friday.

Lebanon, the Ministry of External Affairs on Friday said the Embassy of India in Beirut is in «constant touch» with the Indian nationals there and added an advisory has been issued for them as a matter of «abundant precaution». MEA official spokesperson Randhir Jaiswal, in response to a query during a weekly media briefing here, said the advisory is not a «not a travel advisory» restricting the Indians to travel to Beirut. Some reports had claimed that India has issued a travel advisory for its nationals. «Our embassy in Beirut has issued an advisory. A lot of Indian nationals stay there, work there… there are professionals. As per the information that I have, about 2,000-3,000 people are there. Our embassy is in constant touch with them. We have not issued any travel advisory. We have just said that they should keep in touch with the embassy, so that if there is any incident, we can take action as soon as possible,» he said.

Reserve Bank of India on Friday upwardly revised the aggregate Ways and Means Advances (WMA) limit of state governments and Union Territories to Rs 60,118 crore effective July 1, 2024. The existing limit is Rs 47,010 crore. The WMA are temporary advances given by the RBI to the central, state governments and UTs to tide over any mismatch in receipts and payments. The limits have been revised based on the recommendations made by the group constituted by the central bank, consisting of select state finance secretaries to take account of the expenditure data of states for recent years.

GAIL (India) Ltd on Friday said it has advanced the target to achieve net zero carbon emission by five years to 2035 as it takes multi-prolonged approach to reaching the goal. The company was previously targeting net zero carbon emissions by 2040. «GAIL Board accorded approval to advance its net zero target for Scope-I and 2 emissions by five years, from the year 2040 to year 2035,» the company said in a statement. Scope 1 covers emissions from sources that an organisation owns or controls directly — for example from burning fuel in factories or even in its fleet of vehicles.

ISRO Chief S. Somanath recently announced that Bhuvan offers users data that is ten times more detailed than what Google provides.

Rohit Sharma and co. will now face Aiden Markram-led South Africa in the finals of the T20 World Cup 2024 on 29 June. They will travel north to Kensington Oval in Barbados.

Budget 2024-25 in the third week of July, India's real estate sector hopes for a series of reforms and incentives that can drive growth and address longstanding challenges. Expectations range from increased rebates on home loan interest rates, GST rate reductions, single-window clearance systems, reduced property prices, and promoting off-centre locations.Speaking to LiveMint, Pradeep Aggarwal, Founder & Chairman of Signature Global (India) Ltd.

ICICI Bank has raised Rs 3,000 crore through a 10-year bond sale on Friday, with the private sector lender garnering long-term funds for infrastructure financing at a time when credit growth is much higher than deposit growth, exerting pressure on banks to mobilise funds. The coupon rate – or interest rate paid to investors – for ICICI Bank’s bonds was set at 7.53%, debt capital market executives said.

plan to raise funds worth Rs 2.64 lakh crore through bond sales in July-September, while the Centre aims to raise Rs 2.60 lakh crore through the sale of Treasury Bills in the second quarter, the Reserve Bank of India said. In an indicative calendar released by the RBI on Friday, the central bank announced 13 sets of auctions in July-September through which states plan to sell bonds and raise funds.

FATF rating obtained by India will enable domestic companies to access overseas investments without going through elaborate background checks and enhanced due diligence process, highly placed sources said. The global crime watchdog, FATF on Friday adopted mutual evaluation report on India and placed the country in «regular follow-up» category. The Financial Action Task Force (FATF) hailed India for achieving high level of technical compliance. It said the country's efforts towards anti-money laundering (AML) and countering of terror financing (CFT) are achieving good results.

Telecom Regulatory Authority of India (Trai) Friday said the amendments to mobile number portability (MNP) regulations to curb SIM swap and replacement frauds will come into effect from July 1. «The Telecom Regulatory Authority of India (TRAI), on 14th March, 2024, issued the Telecommunication Mobile Number Portability (Ninth amendment) Regulations, 2024, which will come into force on 1st July, 2024,» TRAI said. The regulator had notified the amendment in March 2024, after consulting stakeholders. The amendment adds an additional criterion for rejecting generation of the Unique Porting Code (UPC) required to port a SIM card to a different telecom service provider.

India and the US have decided to extend a 2 per cent equalisation levy or digital tax on e-commerce supplies until June 30, the finance ministry said on Friday. In a major reform of the international tax system, India and the US have joined 134 other members of the OECD/G20 Inclusive Framework (including Austria, France, Italy, Spain, and the UK) in reaching an agreement on October 8, 2021, on the statement on a two-pillar solution to address the tax challenges arising from the digitalisation of the economy. On October 21, 2021, the US and Austria, France, Italy, Spain, and the UK reached a political compromise on the transitional approach to the unilateral measures in force while Pillar 1 is implemented. On November 24, 2021, India and the US agreed that the same terms that apply under the October 2021 Joint Statement shall apply between India and the US with respect to India's charge of 2 per cent equalisation levy on e-commerce supply of services and the US' trade action regarding the said Equalisation Levy.

Karnataka government on Friday made a pitch to the Centre for establishing a dedicated Central Business District, modelled on the lines of Gujarat’s GIFT City in the state, besides seeking faster clearance for multiple projects across sectors. The demand was part of a ‘wishlist’ IT & BT minister Priyank Kharge sent to Union finance minister Nirmala Sitharaman and Union IT minister Ashwini Vaishnav ahead of the Union Budget. Karnataka, he wrote, wanted to set up a Central Business District that would act as a global financial and IT hub. “The state has a vibrant economy with IT, BT, aerospace, automotive, textiles, and heavy industries forming the cream of the investment pie. The state is strategically located, and is well-positioned to replicate a similar business [on the lines of GIFT city] hub in its bosom,” he said.

South Africa, also known as the Proteas very rarely qualify for the finals of ICC tournaments and have lost on countless occasions rather than securing victory because as the legend goes, the choke at the last moments of the game. Meanwhile, India is still reeling from the ICC World Cup final loss against Australia, a defeat they still have not been able to digest. Now, both these teams are going to participate in the finals of this coveted ICC T20 World Cup Final and would aim to win it for their respective nations. Watch T20 World Cup Live in USA on 'Willow By Cricbuzz'

Indian students (75 females and 71 males) have been awarded the prestigious Erasmus Mundus scholarships for the 2-year master’s programme in Europe under Erasmus+ for the 2024 academic year, making India one of the top recipients of the scholarship. Worldwide, 2603 students from 137 countries have been awarded scholarships this year for the Erasmus Mundus Joint master’s degree, which offers a study programme jointly delivered by an international consortium of higher education institutions. 2024 also marks the 20th anniversary of the Erasmus Mundus Joint Master’s program, a milestone that underscores the program's positive impact on students, higher education institutions, and countries beyond the EU. India has been the largest beneficiary of the programme, with over 2000 students receiving the Erasmus Mundus Scholarship since its inception in 2004. Overall, more than 6,000 Erasmus+ short and long-term scholarships have been awarded to Indian students since the program opened to international students in 2004, providing access to state-of-the-art education and research facilities, international exposure, and valuable professional networks and thus opened up wider professional opportunities. To mark both these milestones, the Delegation of the European Union to India hosted an event for the grantees, celebrating the growing people-to-people links and mobility between the EU and India. These scholars are set to embark on their international degree programs in Europe starting this September.

criminal laws, which will come into force on that day, official sources said. The new laws — Bharatiya Nyaya Sanhita 2023, Bharatiya Nagarik Suraksha Sanhita 2023 and Bharatiya Sakshya Adhiniyam 2023 — will come into effect from July 1. These laws are set to replace the British-era Indian Penal Code, Code of Criminal Procedure and the Indian Evidence Act respectively. Sources said coinciding with commencement of these three criminal laws, an event will be held on July 1 by the officer-in-charge of each police station in all states and Union Territories highlighting the key features of the new criminal laws. The programme at the police station or a suitable place will involve women, youth, students, senior citizens, retired police officers, eminent personalities and members of self-help groups, anganwadi centres and local peace committee and also educational institutions like schools, colleges etc, they said.

Foreign investors are increasingly interested in the Indian corporate debt market as domestic government securities are set to debut on the JPMorgan Emerging Market local currency debt index on June 28, expected to bring in $20-25bn in passive inflows. Recent data indicates higher purchases in corporate bonds and ETFs, along with a strong demand for dollar bonds. Despite the current investments remaining tepid, investors can anticipate an uptick as more foreign investors engage with Indian debt instruments, which have traditionally been overlooked in favor of government bonds.

Delhi and the National Capital Region experienced continuous rainfall accompanied by thunderstorms and lightning on Friday. The heavy rain led to traffic snarls and roadblocks. An under-construction wall collapsed in the Vasant Vihar area entrapping a few workers underneath, ANI reported.

Ashiana Housing Ltd, a leading real estate developer in India, has announced the successful launch of Phase III of its premium residential project, Ashiana Ekansh, situated in Jaipur’s burgeoning Mansarovar Extension area. The launch garnered remarkable traction, with a significant 92 out of 112 units sold on the first day, translating to impressive sales of Rs 82 crore.

IND vs SA Barbados Weather Live Updates: It’s here! India and South Africa have reached the final of the T20 World Cup 2024, which will take place at Kensington Oval in Bridgetown, Barbados tomorrow. India aim to secure their second T20 World Cup title, while South Africa, making their first appearance in a T20 World Cup final, hope to make history. From weather updates to all the pre-finale buzz, stay with us for all latest updates from Barbados.

Part of a departure terminal canopy at New Delhi’s main airport has collapsed as monsoon rains lashed the Indian capital, killing one person and injuring six others