India Financial News
10.04 / 19:33
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Bacardi high on premiumisation of portfolio in India
Bacardi India managing director Vinay Golikeri said, citing Bacardi Cocktail Trends Report 2024. «Premiumisation has endured, and we are into the golden age of spirits as the cocktail culture revolution is flourishing in India,» Golikeri said in an interview. The maker of Bacardi rum, Bombay Sapphire gin, Grey Goose vodka and Dewar's Scotch is accelerating premiumisation across its portfolio in sync with demand trends, he added. Golikeri termed India as a «standout» market for the multinational alcobev maker. He declined to comment on how much the Indian arm contributes to Bacardi's global sales. Bacardi India reported revenue of more than ₹500 crore for the financial year ended March 31, 2023, according to the latest available data from business intelligence platform Tofler.
10.04 / 19:33
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80% reduction in insurgency in North-East: Nadda
JP Nadda, while launching the Sankalp Patra (manifesto) for the Arunachal Pradesh assembly elections in Itanagar on Wednesday, said there has been an 80% reduction in insurgency-related incidents in Northeast India during the 10 years of the Narendra Modi government. The manifesto promises the creation of infrastructure, employment, women's empowerment and accountable governance.
10.04 / 19:33
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Wage ceiling under EPFO may be raised to ₹21k
EPFO) to at least ₹21,000 from ₹15,000 now to widen the social security coverage, a step towards achieving universal social security. The proposal, which has been on the backburner for several years now, is being re-looked at. «We are evaluating all options and a decision in this regard could be taken by the new government,» the official said. The government is of the view that strong balance sheet of India Inc will help cushion the extra financial burden that enterprises will incur due to enhanced wage ceiling, a senior government official told ET.
10.04 / 18:45
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High-stake battle in Coimbatore - 'Manchester of South India'
Coimbatore, where BJP has fielded its Tamil Nadu chief, DMK has taken the seat back from ally CPIM to put its own candidate and AIADMK has its IT wing head in the fray. CPIM's PR Natarajan, backed by DMK, had won the Lok Sabha seat in 2019 with a vote share of 45.66%, with BJP's CP Radhakrishnan coming in second, getting 31.34% of the votes polled. In this election, DMK has fielded Ganapathy P Rajkumar, a former Coimbatore mayor who joined the party in 2020 after leaving AIADMK, going against its decade-long seat-sharing agreement with CPM for the seat, possibly anticipating a tough fight owing to BJP candidate Annamalai's growing popularity. AIADMK candidate is Singai Ramachandran. Annamalai is predicting BJP to win the seat with 60% votes. Coimbatore, comprising the assembly segments of Coimbatore South, Coimbatore North, Kavundampalayam, Singanallur, Sulur and Palladam, is one of the constituencies in the South where BJP is putting a lot of focus, making its rival parties also to be on high alert. The constituency has seen repeated visits by high-profile leaders to back their candidates. Prime Minister Narendra Modi visited Coimbatore again on Wednesday. TN chief minister MK Stalin and Congress leader Rahul Gandhi will hold a joint rally of the INDIA bloc in the city on Friday in support of Rajkumar.
10.04 / 18:45
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Assam sets record as over 40 lakh women pledge support for general election
Assam State Rural Livelihoods Mission and the Assam State Urban Livelihoods Mission, achieved a remarkable feat by enlisting in the India Book of Records. More than 40 lakh women members of Self-Help Groups (SHGs) from Assam came together on a single day to pledge their support for the forthcoming General Election to Lok Sabha in 2024. The initiative was aimed to uphold the democratic traditions of the country and the dignity of free, fair and peaceful elections. It also envisioned at improving electoral participation not just in terms of numbers but also in terms of quality through the effective implementation of Systematic Voters’ Education and Electoral Participation (SVEEP), a flagship program of Election Commission of India. The member of SHGs ‘Sarathi Baideo’ took active role and held help desk at various government outlets in consultation with District Administration and District Election Offices.
10.04 / 18:17
COST
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Changing climate on climate action
Human Rights' (ECtHR) ruling on Tuesday in the case brought by Verein KlimaSeniorinnen Schweiz, a Swiss association of women senior citizens, breaks new ground by linking climate change to infringement of human rights, to the obligation of states to protect fundamental rights. The verdict makes it the state's duty to act to limit climate change.
10.04 / 18:17
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'Looking forward to meeting with PM Modi': Elon Musk confirms India visit
Tesla CEO Elon Musk on Wednesday confirmed his visit to India in a post on X (formerly Twitter). Musk wrote, «Looking forward to meeting with Prime Minister @NarendraModi in India!» The CEO is likely to announce the company's investment plans in the country, reported PTI, citing sources. Musk, who has described as a 'natural progression' to provide Tesla electric vehicles in India, is likely to be accompanied by other company executives during the visit that is expected in the week of April 22, as per PTI source. However, there was no confirmation about this from Musk.
10.04 / 17:55
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'Useless without family's name': Annamalai hits back at Dayanidhi Maran after his 'joker' remark
Dayanidhi Maran had recently dismissed Annamalai as a "joker" and a "lame duck" who was being “overestimating" for his role in the upcoming Lok Sabha elections 2024. In an interview with India Today, Maran dismissed the challenge posed by Annamalai in the Lok Sabha polls by saying "Who's that? Oh, the Joker, you are talking about the Joker. Are you overestimating, he is a lame duck." He was asked about the "fear of Annamalai" in the political arena and if the BJP Tamil Nadu chief was the rising star of the saffron party.
10.04 / 17:47
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Keep the juggernaut rolling
Odisha were a country, its economy would be larger than Tanzania's, Sri Lanka's or Ghana's. The state has nearly bridged the gap with the national per-capita income. In 2003, its per-capita income was 60% of the national average, and today, it's close to 90%. This convergence was possible as Odisha's economy grew faster (7.4%) than the national average (6.2%). Its population growth rate has slowed to 0.6% a year, compared to 0.9% for the nation. Growth momentum has been evident across sectors, including agriculture, manufacturing and services. Additionally, at nearly 10% of its economy and growing at 8% annually, mining has contributed to the state's economic well-being and robust public finances. Thanks to mining royalties, the state has a unique fiscal advantage. It collected non-tax revenue to 3.5% of its GDP a year, compared to 1% for an average Indian state during the last decade.
10.04 / 17:47
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Pune Police bans transgenders from forcefully asking money during festivals, births, and at traffic signals
Pune Police have announced a ban on transgenders from forcefully asking for money at traffic signals and from houses. «It was noticed that transgenders and other such individuals visit houses or establishments of people on occasions such as festivals or births and forcefully demand more money than what people voluntarily offer. This notification prohibits any such uninvited visits to houses,» said Police Commissioner Amitesh Kumar, commenting on the Pune Police's decision to ban transgenders from forcefully asking for money. Kumar stated that the order, issued under section 144 of the CrPC, was a response to numerous complaints received by the police. He added that the notification prohibits any uninvited visits to houses, and any violation of this order shall be dealt with under section 188 (Disobedience to an order duly promulgated by a public servant) of the Indian Penal Code and other relevant sections.
10.04 / 17:47
markets
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Sustainability
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Bulls on parade on Dalal Street
India's market capitalisation reaching ₹400 lakh crore, followed in quick succession by the benchmark Sensex cresting 75,000. It's a double whammy worth a doubly good cheer. The three immediate takeaways from the twin peaks are the speed of the rally, its breadth and the investors driving it.
10.04 / 17:47
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India to remain Sri Lanka's most reliable friend; offers modern defence equipment
India on Wednesday said it is and will remain Colombo's most reliable friend and dependable partner as it underlined that New Delhi was willing to offer modern defence equipment to friendly partner countries like Sri Lanka. Addressing the Second India-Sri Lanka Defence Seminar here, India's High Commissioner to Sri Lanka, Santosh Jha, said that like in other areas, India and Sri Lanka were cooperating closely on security and defence matters. «Because of our geography, our security is interlinked and intertwined. And when we speak of security, we must remember that it has acquired a wider meaning than we have traditionally associated with it,» Jha said and added, after the Covid19 pandemic and impact of Russia-Ukraine conflict, it has come to include energy, health, food and even economic security. The various advanced platforms and equipment developed indigenously in India can also become viable, affordable and modern solutions for the Sri Lankan military, he said.
10.04 / 17:01
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Are India and the Maldives burying the hatchet?
India and the Maldives may be moving to stabilise their bilateral ties after tensions. Since President Mohamed Muizzu took office last year, the removal of Indian troops from the Maldives has complicated diplomatic relations. But bilateral ties may be settling down.
10.04 / 16:53
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Vote YSRCP for jobs, continuation of welfare measure: Andhra Pradesh CM Y S Jagan Mohan Reddy
YSRCP chief and Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy on Wednesday called on people to vote for his party for jobs and welfare measures to continue. The YSRCP chief gave this call at Piduguralla village in Palnadu district during a public meeting as part of his 'Memanta Siddham' (we are all ready) electioneering bus tour. «Vote for 'fan' (YSRCP symbol) for jobs and welfare measures to continue, not a rusty cycle (TDP symbol),» said Reddy. According to Reddy, the YSRCP government provided 2.31 lakh jobs and alleged that the erstwhile TDP government had only provided 32,000 jobs and added that the state topped the ease of doing business rankings in India thrice.
10.04 / 16:53
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Over 50 pc posts in pollution control bodies vacant, says CPCB report
state pollution control boards and committees are lying vacant, according to central government data. The data is part of a report submitted to the National Green Tribunal on Tuesday. India's Central Pollution Control Board (CPCB) report revealed that 6,075 (50.56 per cent) of the 12,016 sanctioned posts in 28 state pollution control boards and eight pollution control committees are vacant. The Bihar State Pollution Control Board has the maximum vacancy with 209 (84 per cent) of the 249 posts unoccupied. In Jharkhand, 198 (73 per cent) of the 271 posts are vacant.
10.04 / 16:53
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Hopeful India, China will be able to restore peace at borders through bilateral engagement: PM Modi
India and China are important for the entire region and the world, Prime Minister Narendra Modi has expressed hope that through positive and constructive bilateral engagement at the diplomatic and military levels, the two countries will be able to restore and sustain peace and tranquillity at their borders. In an interview with Newsweek magazine of the US, Modi said for India, the relationship with China is important and significant. «It is my belief that we need to urgently address the prolonged situation on our borders so that the abnormality in our bilateral interactions can be put behind us. Stable and peaceful relations between India and China are important for not just our two countries but the entire region and world,» he said. «I hope and believe that through positive and constructive bilateral engagement at the diplomatic and military levels, we will be able to restore and sustain peace and tranquillity in our borders,» Modi said.
10.04 / 16:53
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Newsweek magazine, in interview with PM Modi, says India's rise 'unstoppable'
India and China are important for the entire region and the world, Prime Minister Narendra Modi has expressed hope that through positive and constructive bilateral engagement at the diplomatic and military levels, the two countries will be able to restore and sustain peace and tranquillity at their borders. The prime minister made these remarks in an interview with Newsweek magazine, which described India's rise as «unstoppable». The New York-based magazine said India's «rapid upward economic trajectory and increasing diplomatic, scientific and military weight make it an emerging superpower of ever-growing importance to the United States and the world». During the wide-ranging interview carried by the magazine under the headline «Narendra Modi and the Unstoppable Rise of India», the prime minister talked about a host of issues including the upcoming Lok Sabha polls, ties with Pakistan, Quad, Ram temple and democracy, among others.
10.04 / 16:17
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Goldman Sachs to skim off profits from tech shares over prevalent risks; Here's what it prefers instead
US economy is on track for a soft landing, but there are plenty of risks that could change the trajectory. “We like taking profits on technology and moving toward other sectors," the official told Bloomberg in an interview. In the tech industry, “the risk-reward profile is skewed to the downside," she added.
10.04 / 16:17
UPS
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Digital
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Mobile
Sustainability
MG Motor India, Adani TotalEnergies E-Mobility sign MoU to strengthen EV ecosystem
Adani Total Gas Limited (ATGL), and MG Motor India have signed a Memorandum of Understanding (MoU) to strengthen the EV charging infrastructure in India. The joint collaboration to develop the charging solutions for electric vehicle (EV) and value-added services to MG's EV customers nationwide and will underpin India's rapidly evolving EV ecosystem by helping build a robust and efficient charging infrastructure.
10.04 / 16:17
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Mutual Funds: Net AUM declines marginally to ₹53 lakh crore in March, shows AMFI data
₹53,40,194 crore at the end of March 2024, as against ₹54.54 lakh crore as on February 29 this year, data released by the Association of Mutual Funds in India (AMFI) reveals. The number of new SIPs registered in March 2024 stood at 42,87,117. The SIP AUM was the highest ever at ₹10.71 lakh crore for March 2024 compared to ₹10.52 lakh crore for February 2024.
10.04 / 16:17
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QS World University Rankings: IIM Ahmedabad among top 25 for business studies; JNU gets India's top varsity tag
ALSO READ: QS Asia Rankings 2024: India beats China with highest number of universities QS CEO Jessica Turner has said providing high-quality tertiary education in the face of exploding demand is the biggest challenge faced by India. "This was recognised by 2020's NEP (National Education Policy), which set the ambitious target of a 50 per cent gross enrolment ratio by 2035.
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