India Financial News

Ahmadi Governorate in the Gulf Kingdom, a media report said on Wednesday. The massive fire which occurred at a six-storey building in the city of Mangaf on July 12 was caused by an electrical short circuit in the guard's room on the ground floor. The building was home to 196 migrant workers, mostly Indians. «The Public Prosecution has ordered the detention of a Kuwaiti national, three Indian nationals, and four Egyptian nationals for two weeks in connection with the Al-Mangaf building fire case,» English language daily Arab Times reported without identifying their names.

State Bank of India is set to raise long-term bonds of ₹20,000 crore this fiscal via public issue or private placement of bonds, the bank said in an exchange notice. SBI is the country's largest lender and public sector bank (PSB). Last week, SBI concluded the issuance of $100 million foreign bonds that are to be issued through SBIs' London branch on 20 June 2024.

government over the next five years, even as the country remains the world's fastest-growing major economy, according to policy experts polled by Reuters. Asia's third-largest economy grew more than 8% last fiscal year, driven by government capital expenditure that so far has failed to spark sufficient business spending to create enough work, particularly for young people in a country of 1.4 billion. Prime Minister Narendra Modi's Bharatiya Janata Party lost the parliamentary majority it has held for the past decade in national elections that ended in early June over widening inequality, relentless inflation pressure — particularly on food — and a lack of well-paying jobs.

engineering goods export to the US continues to decline, the Indian government has agreed to study the possibility of signing an FTA (free trade agreement) with Mexico as several US companies, including Tesla, have set up manufacturing bases there. Indian industry wants to access the US market by having an FTA with Mexico as the US is the top destination for India’s engineering exports. Pankaj Chadha, senior vice chairman, Engineering Export Promotion Council (EEPC) said, “Most of the USA’s manufacturing has shifted to Mexico, including Tesla’s new plant. And the only way for India to increase our engineering goods export to the USA is to have an FTA with Mexico.” EEPC, a body affiliated with the commerce ministry, represents one fourth of India’s engineering exports, while engineering goods account for 25% of the merchandise exports from India.

₹6.78 per unit, up 23% from ₹5.51 a month earlier. Further, the duration of power price hitting the cap of ₹10 per unit rose to 12 hours a day, up from four hours a month earlier. "During daytime, prices have been around ₹3.5 per unit and market participants have been leveraging RTM (real-time market) segment to optimize their power procurement costs.

Mint. Madrid-based Amadeus is a technology firm that provides software solutions for the global travel and tourism industry. Currently, the company is engaged in more than 250 artificial intelligence-based experiments and expects a more prominent presence of artificial intelligence-based systems across the travel ecosystem over the next 1-2 years. “We expect more of artificial intelligence usage in areas around servicing, customer support, digital virtual assistant, and Indian airlines are also assessing ways which will help them to push the most relevant information to travellers during their journeys," Ganeshan said.

digital competition bill for the second day on Wednesday, where the participants flagged that placing or imposing foreign regulation approaches such as the «ex-ante law» would lead to the destruction of value and access to digital public goods and infrastructure. «We flagged the impact on startups and their funding. The overlap of the proposed regulation (digital competition bill) with existing laws and regulations such as the Information Technology Act of 2000 and the Information Technology Rules of 2021 were highlighted. There is a need for more consultation on the subject and the current draft needs to be revisited,» a think-tank executive who participated in the meeting, said.

incentives by way of discounts, exchange bonuses, assured gifts to the tune of 5-11% — the highest in five years — in a bid to tempt buyers amid mounting inventory as sales slow, following a record FY24. The offers aren't just on older models launched two to three years ago but even on those that went on sale barely a year ago, depending on fuel type, variants and brands. They cut across all body types — hatchbacks and sedans to SUVs. One car maker, Skoda India, has lowered prices. Tata Motors is offering consumer benefits of up to ₹1 lakh on the second-generation Nexon compact SUV launched in September 2023. The Honda Elevate midsize SUV, also introduced around the same time, comes with benefits of ₹55,000 for corporate buyers under the Summer Bonanza Offer. Maruti Suzuki is offering benefits of up to ₹72,000 on the Fronx that went on sale in April 2023 and up to ₹95,000 on the Grand Vitara.

genius will soon graduate from Long Island High School at the youngest age ever. Lynbrook native Suborno Bari has already penned two books and even lectured at an Indian institution. In the fall, he will thereafter be attending New York University. On June 26th, he will receive his diploma from Malverne High School, as per the reports of the New York Post. While talking to ABC 7, Bari said that it is really exciting.

₹76,220 crore port in Maharashtra that will boost cross-border trade and a ₹2,869.65 crore expansion of the airport at Varanasi—Prime Minister Narendra Modi's parliamentary constituency. It also decided to increase the minimum support price for kharif crops and approved funds for a forensic university, Information and Broadcasting minister Ashwini Vaishnaw told reporters after the meeting.Read Also: In 100-day agenda, food processing ministry to incorporate reduction of food wastage in supply chainVaishnaw said the proposed “all-weather greenfield deepdraft major port" at Vadhavan in Maharashtra will be one of the top 10 ports in the world.The project will be carried out by Vadhavan Port Project Ltd (VPPL), a company set up by the Jawaharlal Nehru Port Authority (JNPA) and Maharashtra Maritime Board (MMB) with a shareholding of 74% and 26%, respectively.The project cost includes land acquisition and infrastructure building.

Mint. Around 50-60% of the new centers would be set up in these states, he added. The move aims to expand IPPB's digital payment channels to serve its 90 million customers.Transactions by IPPB customers have increased tenfold to 10 million per day over the past three and a half years, with 80-90% of these transactions serving its rural customer base, and 5-10% catering to semi-urban areas.

Also read | RBI, Sebi monitoring high volumes in F&O market In the years since the covid-19 pandemic, India’s growth trajectory is seen to be shifting upwards from the 2003-19 average of 7% to the 2021-24 average of 8% or even more, powered by domestic drivers, the article said. “More recent indicators suggest that private consumption is resuming its role as the main driver of demand and is getting broad-based to include rural consumers," it said, adding that the fast-moving consumer goods (FMCG) sector is gearing up for a strong turnaround on expectations of a pick-up in public welfare spending.

Manipur Governor Anusuiya Uikey said that she had informed the Finance Minister about the economic condition in the state and requested financial assistance. Representatives of INDIA bloc comprising of ten political party leaders called on Governor at Raj Bhavan and requested to take steps to solve the ongoing impasse in the State. The political delegation led by Okram Ibobi Singh, CLP Leader and former CM of Manipur along with M. Nara of CPI submitted a memorandum to the Governor demanding for an early amicable solution to the crisis.

Life Ko Banao Rich. It wasn’t a phoenix, but observers could be forgiven for thinking so, given how the lender had risen from the ashes of its earlier mismanagement. This rebranding followed almost two years of discussions by the board of Yes Bank, now under the aegis of State Bank of India (SBI).

₹2 trillion as MSP – ₹35,000 crore more than what they got in the previous season, Union railways minister Ashwini Vaishnaw said while briefing the media on the cabinet decisions."The hike in MSP of kharif crops is in line with the PM Modi's third term vision of policy continuity to support farmers and boost their income," Vaishnaw added.Read Also: Budget 2024 Expectations: Agri-credit to fertilizer subsidy—here’s what agriculture sector expects this yearThe highest increase came for oilseeds nigerseed and sesamum.

Indian stock market: The Indian stock market benchmark index Nifty 50 ended its five-session winning streak on Wednesday, June 19, due to profit-taking at higher levels.The Nifty 50 reached a new peak of 23,664 during the session but retreated from those levels to close down 42 points, or 0.18%, at 23,516. During the session, the 30-share Sensex reached a new peak of 77,851.63 but closed with a modest increase of 36 points, or 0.05%, settling at 77,337.59, with 20 stocks closing lower.“Nifty started the week with a positive gap and traded in a range throughout the session amid positive bias.

NEW DELHI:The Employees’ State Insurance Corporation (ESIC) added 1.64 million new members in April, payroll data released on Wednesday said.The ministry of labour and employment, which released the data, said that of the new additions, 784,000 were young employees under the age of 25.The month also saw the inclusion of around 18,490 new establishments under the ESIC's social security scheme, expanding coverage to more workers.A gender analysis of the payroll data revealed that women accounted for 338,000 of the net enrolments in April, with 53 transgender employees also registering under ESI.Read Also: India's employment challenge: 20 million jobs need to be created each year"Through the data, it is noticeable that more jobs have been generated for the youth of the nation as out of the total 1.64 million employees added during the month, 784,000 employees amounting to around 47.60% of the total registrations belong to the age group of up to 25 years," the labour ministry said.Also Read: ESIC adds 1.59 mn new employees in November"Also, the gender-wise analysis of the payroll data indicates that the net enrolment of female members was 338,000 in April 2024.

ALSO READ: Will Uddhav Thackeray align with BJP? The Shiv Sena (UTB) chief says ....Addressing the party workers in Mumbai on the occasion of 58th Foundation Day of the Shiv Sena, Uddhav Thackeray said, as quoted by news agency ANI, “Today, I welcomed not only our winning MPs but also those who did not win. I want the government to fall and elections to be held so that we can form INDIA alliance govt...I challenge Modi ji openly to start campaigning for Assembly elections from today itself...I challenge PM Modi to go to Andhra Pradesh and say that whatever Chandrababu Naidu has said in his manifesto he will fulfil it."Uddhav asserted he will never go with those who tried to 'finish off' his party and paid to speculation about a possible reconciliation with the BJP post the Lok Sabha polls.

Uddhav Thackeray, the leader of the Shiv Sena (UBT) faction, has firmly asserted that he will never align with the Bharatiya Janata Party (BJP), the party that attempted to "finish off" his Shiv Sena. His remarks came during the 58th foundation day celebrations of Shiv Sena, putting to rest speculations of a potential alliance with the BJP ahead of the Maharashtra Assembly Elections later this year.The Bharatiya Janata Party (BJP) leaders had taken a dig at the INDIA bloc's Lok Sabha election performance in Maharashtra.

Union Cabinet on Wednesday approved a viability gap funding (VGF) scheme for offshore wind energy projects with a total outlay of Rs 7,453 crore, including Rs 6,853 crore for installation and commissioning of 1 GW of such projects. The 1 GW offshore wind energy projects will be of 500 MW each off the coast of Gujarat and Tamil Nadu. The outlay also includes a grant of Rs 600 crore for upgradation of two ports to meet logistics requirements for offshore wind energy projects.

NHRC has issued a notice to the Centre over a report alleging "anti-labour practices" at one of the warehouses of Amazon India in Haryana's Manesar, according to the proceedings of the case shared on the rights panel's website. The National Human Rights Commission (NHRC) has observed that the contents of the news report, if true, raises a serious issue of human rights of the workers in violation of the labour laws and the guidelines issued by the Union Ministry of Labour and Employment from time to time. The NHRC, in a statement, said that it has taken suo motu cognisance of the media report that at one of the warehouses of a multi-national company in Haryana's Manesar «a 24-year-old worker was asked to pledge that they would not take toilet or water breaks until they finished unloading packages from six trucks, each measuring 24 feet long, after their team's 30-minute tea break had ended». «A female employee at the Manesar warehouse reportedly stated that no restroom facilities are available on the working sites,» it added.