India Financial News

Accel India, an early-stage backer of Flipkart and Swiggy, has closed its eighth fund, securing $650 million in investor commitments, people briefed on the matter said. At the same time, Accel’s global growth fund based in the US has also closed its latest fund with a $1.35 billion corpus, the people said, citing US Securities and Exchange Commission (SEC) filings. A portion of the funds raised will be allocated to Indian startups in their pre-IPO rounds, the people added. Once formally closed, Accel’s latest fund will boost its total commitments in India to nearly $3 billion. It signals a likely more active strategy by Accel to deploy capital through the India and the US growth funds across various lifecycle stages of startups.

Union Finance Minister Nirmala Sitharaman, who arrived in Jaisalmer on Friday, will chair the 55th meeting of the council on Saturday. A government official familiar with the deliberations said the law panel under the council had recommended that gift vouchers be covered under the definition of prepaid instruments recognized by the Reserve Bank of India (RBI) that are used as a consideration to settle an obligation. They would thus fall under a category that can't be taxed under GST.

Indian exporters of garments, handicrafts, and engineering goods expect 5-10% gains from the rupee’s depreciation, but more import-dependent sectors such as gems and jewellery and electronics see rising oil and commodity prices offsetting any benefits, trade insiders said. Moreover, the sharper depreciation of the Chinese yuan, Japanese yen, and Mexican peso against the US dollar may prompt buyers to pressure Indian exporters to pass on the gains, besides undermining any long-term competitive advantage from the rupee’s fall, they said. The rupee hit an all-time low of 85.09 per dollar on Thursday, crossing the 85 mark for the first time. On Friday, the rupee hit a new low of 85.10/$1. Almost 60% of India’s goods trade is in dollars, and the depreciation will help traditional sectors such as textiles and leather.

«We have held many meetings and looking at what best can be done,» said Dr Anupam Prakash, chairman of the OTC sub-committee. Unlike other countries like the US, UK or China, India does not have a policy framework to support and regulate distribution, marketing and consumption of OTC drugs. This is despite the fact that commonly used medicines for cough and cold as well as contraceptives are sold over the counter. Neither the Drugs & Cosmetics Act, 1940 nor the Drugs & Cosmetics Rules, 1945 (D&C) defines OTC medicines.

The multilateral body's financing will also catalyse more than $600 million in private sector investment to help the city become financially sustainable, it said in a statement. «The $800 million loan requested by the Government of India to develop Amaravati as an economic hub and state capital for Andhra Pradesh, has a final maturity of 29 years, including a grace period of six years,» it said.

TReDS (Trade Receivables Electronic Discounting System) has seen significant growth in 2024, with the bills financed crossing ₹2 lakh crore, pointing to the benefits for small businesses for whom the working capital cycle is shortened by the platform. Reserve Bank of India (RBI) data showed that at the end of October, the platform financed nearly 100,000 bills, with a combined value of ₹2.08 lakh crore. According to the data, more than 100,000 MSME sellers are registered on the four licensed TReDS platforms of Invoicemart, run by Axis Bank, M1xchange, Sidbi-promoted Receivables Exchange of India (RXIL), and C2FO Factoring Solutions, a global working capital provider.

inflation, especially in food items, dominated the discussions of the early December monetary policy review where two members voted for a rate cut, showed the minutes of the deliberations published Friday. The rate-setting panel, chaired by the then central bank governor Shaktikanta Das, kept policy rates unchanged amid demand for a reduction from two external members. Ram Singh and Nagesh Kumar — the two dissenting voices — cited the slowest growth in seven quarters in the three months to September, a 60 basis-point reduction in the FY growth projections, and low core inflation as factors having influenced their vote in favour of a quarter percentage point rate cut, showed the minutes.

At a meeting in the UK Parliament complex this week, stakeholders gathered to reflect on the report's findings and make the case that investing in ending malaria is the economically smart thing to do. It was noted how community health workers in India, comprising mainly women, are reaching remote populations and «significantly driving down malaria cases and deaths».

ethical AI framework, AI risk assessment and management, stress testing tools among others. The deadline to apply for bids is January 9. In the earlier round, the government had floated bids seeking interest from Indian academic institutes, research and development organisations, companies and startups working in the field of machine unlearning, synthetic data generation, AI bias mitigation, privacy-enhancing tools, explainable AI, AI governance testing, AI ethical certification and algorithm auditing tools.

Samajwadi Party (SP) MP Jaya Bachchan on Friday alleged that the BJP MPs, undergoing treatment in a hospital in the city, are doing «drama» and said they should be given all the awards for their «acting performance». Speaking to reporters during a protest march carried out by opposition parties here, the Rajya Sabha member also claimed that she has never seen in her career as an actor a «better performer» than BJP MPs Pratap Chandra Sarangi, Mukesh Rajput and S Phangnon Konyak. The BJP hit back and said this is the «true culture» of the SP and the opposition INDIA bloc with Bachchan standing with the «aggressor», not with the victim, survivor and the tribal woman MP who has made «grave» allegations against Leader of Opposition in Lok Sabha Rahul Gandhi. The acrimonious face-off between the opposition and the ruling NDA over alleged insult to B R Ambedkar took an unprecedented ugly turn in Parliament premises on Thursday with claims of pushing and shoving involving MPs, leaving two BJP members Sarangi and Rajput hospitalised.

Ajay Devgn’s blockbuster cop drama Singham Again is now available on Amazon Prime Video for rental viewing. Originally priced at Rs 499, the film is currently available at a reduced rate of Rs 199, making it more accessible to viewers. For those waiting to watch it for free, the movie will eventually be available for streaming on the platform at a later date. The film brings together an impressive ensemble cast, adding depth and flair to the high-octane narrative of Rohit Shetty’s film. Ajay Devgn reprises his iconic role as Bajirao Singham, delivering yet another powerful performance. Kareena Kapoor Khan takes on the role of Avni Kamat with poise and grace, while Deepika Padukone debuts in the series as Shakti Shetty, bringing a fresh energy to the storyline. Tiger Shroff, as Satya, contributes to the adrenaline-filled action, while Ranveer Singh’s return as Sangram ‘Simmba’ Bhalerao adds his signature exuberance. Akshay Kumar’s appearance as Veer Sooryavanshi further elevates the star-studded lineup. In this instalment, Bajirao Singham’s relentless quest for justice unfolds against a backdrop of crime and corruption. The narrative delves into themes of moral dilemmas, personal conflicts, and the sacrifices required to uphold integrity. As Singham faces formidable adversaries, he relies on his courage, intellect, and unyielding sense of duty to navigate the challenges and safeguard justice.

This SLB invested in domestic local currency is the first by a warehousing InvIT in India. The funding aims to support the expansion of NDR InvIT’s warehousing operations, enhance infrastructure quality, and promote sustainable practices. It will also facilitate EDGE Certification — an international green building certification system by IFC — of existing in use facilities, reduce greenhouse gas emissions and lower water consumption.

Raj Bhawan Cholo protest earlier this month. Assam Chief Minister Himanta Biswa Sarma accused a few Congress leaders of attempting to create law and order issues, claiming they were trying to escalate tensions in Guwahati. «A couple of Congress leaders are trying to create problems,» Sarma said, adding that the protest was part of an effort to incite violence. Among those detained by the police were Congress State Unit President Bhupen Borah, Executive President Zakir Hussain, former APCC President Ripun Bora, APCC Social Media Chairman Ratul Kalita, and MLA Diganta Burman. They were taken to the 10th Police Battalion in Kahilipara for questioning.

TeamLease Services on Friday announced that it has acquired stakes in outsourcing services TSR Darashaw and HR Tech software solutions provider Crystal HR and Security Solutions Private (Crystal HR) for Rs 42.6 crore. TeamLease Services has acquired 100 stakes in TSR Darashaw for Rs 17.6 crore, while it bought 30 per cent stakes in Crystal HR for Rs 25 crore, a company spokesperson told PTI. «Our acquisition of TSR Darashaw's payroll processing business and Crystal HR provides crucial infrastructure for our vision of becoming India's largest Human Capital Management (HCM) service provider.

Isuzu Motors has reached a production milestone by rolling out one lakh vehicles from its manufacturing facility near Chennai, the company said on Friday. A maroon Isuzu D-MAX V-Cross was rolled off the assembly line, marking the occasion at the facility located in Sri City, Tada, about 100 km east of Chennai. Isuzu Motors India began operations in 2016 and, in 2020, launched its phase-II operations with the inauguration of a state-of-the-art press shop facility and an engine assembly plant. «At Isuzu Motors India, we take immense pride in our journey here in India. Over the years, the company has achieved significant milestones in both production and exports. One key highlight is that about 22 per cent of our production line workforce comprises talented women,» company president and managing director Rajesh Mittal said.

Mufasa: The Lion King', directed by Oscar-winning Moonlight filmmaker Barry Jenkins, is a prequel to 2019's «live action» remake of The Lion King. The movie takes the viewers back to a time when Mufasa and Taka — as Scar was once known — were but young cubs roaming the plains together. The tale is told in flashback to Kiara (Blue Ivy Carter, making her acting debut), the young offspring of Simba (Donald Glover) and Nala (Beyoncé), who've left their daughter — and the rest of the movie — in the babysitting paws of Timon (Billy Eichner), Pumbaa (Seth Rogen) and the wise mandrill Rafiki (John Kani). Amid high anticipation, Mufasa: The Lion King opened to mixed reviews from the critics. However, the advance booking report for the opening day looked impressive. According to a tweet by trade analyst Sumit Kadel, Mufasa: The Lion King is expected to open to a whopping nett collection of somewhere between Rs 10-12 cr in India amid the Pushpa 2 craze, reports Filmibeat. ALSO READ: Amid Prince Harry-Meghan Markle divorce buzz, Duchess of Sussex's shocking allegation against King Charles, Queen Camilla

Shriram Finance, India's second-largest Non-Banking Financial Company (NBFC) on Friday announced that it has consolidated all its green financing initiatives under Shriram Green Finance with Rs 5000 crore Asset Under Management (AUM) target for the nw vertifical over the next four years. The green finance vertical will be built through financing electric vehicles (EV), including two-wheelers, battery charging stations and renewable energy products, the NBFC's top executives said at a media conference, adding that, “building on its existing expertise in financing electric vehicles, Shriram green finance will provide sharper focus and clarity to its sustainability efforts.” The vertical aims to raise global and domestic funds which are focussed on green investments for onward lending with an initial focus on Karnataka, Kerala, National Capital Region (NCR) and Maharashtra. “The company is actively engaging with OEMs manufacturing EVs to establish long-term partnerships, ensuring seamless and accessible vehicle financing solutions,” the company said.

Owning real estate in India can be a complicated affair for non-resident Indians (NRIs) due to several financial and logistical hurdles. One of the significant challenges is the tax implications for rental income. Tenants paying rent to an NRI landlord are required to deduct 30% tax at source (TDS) along with an additional 4% cess.

violence against Hindus and other minorities have been reported in Bangladesh this year till December 8, and India's expectation is Dhaka will take necessary measures to ensure their safety, the government said on Friday. Minister of State for External Affairs Kirti Vardhan Singh gave the information in a written response to a query in Rajya Sabha, citing data from minority and human rights organisations. In Pakistan, the number of cases of violence against Hindus and other minorities in Pakistan this year stood at «112 till October 2024,» the MoS said. The corresponding figures for 2022 were 47 in Bangladesh and 241 in Pakistan, while in 2023 the figures were 302 in Bangladesh and 103 in Pakistan, according to the data he shared.

non-tariff barriers being faced by its domestic industry in the European Union (EU) and emphasised the need to address long pending issues as a confidence building measure under the bilateral free trade agreement (FTA) talks, the government said Friday. The issue were discussed during a meeting between commerce and industry minister Piyush Goyal and European Commissioner for Trade and Economic Security Maros Sefcovic last night virtually. “Goyal underlined that non-tariff barriers were impeding trade and emphasized the need to address long pending issues as a confidence building measure. Both sides agreed to explore a balanced, equitable, ambitious and mutually beneficial FTA,” the commerce and industry ministry said in a statement.