India Financial News

15th Finance Commission grants for FY 2024-25 to the rural local bodies (RLBs) in Karnataka, the Union Panchayati Raj Ministry said in a statement. The funds are meant for all the 5,949 eligible gram panchayats in the state, it added. «The Government of India through the Ministry of Panchayati Raj and Ministry of Jal Shakti recommends the release of XV-FC grants to the Rural Local Bodies which are then released by the Ministry of Finance. The allocated grants are recommended and released in two installments in a financial year,» the statement said. The grants will be utilised by the RLBs for location-specific requirements under the 29 subjects enshrined in the 11th Schedule of the Constitution, except for salaries and other establishment costs, it added.

BJD which was in power in Odisha from 2000 till June 2024, on Friday, said the allegations that state government officials took bribes from the Adani Group for supply of renewable energy to the state from the central pool, are «false and not based on fact.» Adani, India's second-richest man, and seven others, including his nephew Sagar Adani, have been charged by the US Department of Justice with paying bribes to unidentified government officials of several states including Odisha to buy expensive solar power, potentially earning more than USD 2 billion in profit over 20 years. Adani Group, however, denied the charges saying the allegations by US prosecutors are «baseless» and the conglomerate is «compliant with all laws» Former Odisha Energy minister and BJD MLA PK Deb said, «The types of allegations made in the name of Odisha are baseless and not based on facts.»

Subscribe to enjoy similar stories. As CoP-29 reaches its final phase of talks in Baku, Azerbaijan, the focus on climate finance has intensified, underscoring its importance for developing economies like India. India’s transition to a low-carbon economy is more than just a national challenge; it is a global imperative.

Subscribe to enjoy similar stories. This meet-cute goes back more than a decade. Gursi Singh was walking around the lanes of south Delhi’s Hauz Khas village, taking a break from designing the decor for a friend’s café, when he stumbled upon a store with a sign that read “Love Birds".

Vodafone Idea have slumped by around 65% from its 52-week high of Rs 19.15 on BSE. The stock had fallen 3.4% on Thursday after the Supreme Court of India granted telecom companies the right to claim credit for duties paid on parts such as tower components and green shelters. This decision overturns a previous judgment by the Bombay High Court, which had classified these items as non-capital goods, thereby denying the companies cenvat credit for the duties paid.

India's electronic production has more than doubled in the last six years to $115 billion in 2024, led by growth in mobile manufacturing by global firms such as Apple and Samsung. It is now the world's fourth-largest smart phone supplier. But the sector faces criticism for its heavy reliance on imported components from countries such as China.

Zomato CEO Deepinder Goyal sparked an online uproar with a job posting for a Chief of Staff role, requiring candidates to donate Rs 20 lakh to Feeding India and work for a year without salary. The announcement drew widespread backlash, with many criticizing the unconventional requirements. Among the reactions, Shaadi.com founder Anupam Mittal chimed in humorously, sharing a playful LinkedIn post inviting candidates unable to afford the Rs 20 lakh to apply for his own “Chief of What?” role. He teased that the job would involve figuring out the responsibilities as the first assignment.

Infrastructure company PNC Infratech on Friday said it has received approval from NHAI to transfer a 100 per cent stake held by it in its three subsidiaries (SPVs) for Uttar Pradesh road projects to Highways Infrastructure Trust. The company, in a regulatory filing, said the three highway projects are a part of the statutory process pursuant to the Rs 9,005 crore deal between PNC Infratech, PNC Infra Holdings (a subsidiary of PNC Infratech), and Highways Infrastructure Trust (HIT), an InvIT controlled by KKR & Co Inc, for 12 road assets. The three subsidiaries/SPVs, which got approval from the National Highways Authority of India (NHAI), are PNC Bithur Kanpur Highways Private Ltd, PNC Gomti Highways Private Ltd and PNC Aligarh Highways Private Ltd. The deal, signed in January 2024, involves the divestment of twelve road assets owned by PNC Infratech and PNC Infra Holdings for an enterprise value of Rs 9,005 crore.

Income Tax Department is actively urging taxpayers to voluntarily declare any missed reporting of foreign assets or income by December 31, 2024, otherwise the consequences can be very serious like Rs 10 lakh fine or even jail in some cases. The income tax department has also revealed that India receives detailed information about financial accounts held by its residents in several foreign jurisdictions so there is no point in hiding wealth abroad. Experts warn that in specified cases like this the tax department may also use the full extent of the law, and this includes imposing the Black Money Act also.

Sameer Wankhede, former zonal director of the Narcotics Control Bureau (NCB), has urged the Bombay High Court to transfer the probe into an atrocities case against NCP leader Nawab Malik to an independent agency like the CBI. Wankhede, an additional commissioner in the Directorate General of Taxpayer Services and a member of the Mahar Scheduled Caste, alleged in his plea that police inaction in the matter has caused him and his family significant mental distress and humiliation. The Indian Revenue Services (IRS) officer had in August 2022 lodged a complaint with the suburban Goregaon police against Malik under the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act. The complaint alleged that Malik had during interviews and on social media made defamatory remarks against Wankhede and his family members based on his caste.

However, the current economic climate has made finding such jobs difficult, leading students, particularly from Telangana and Andhra Pradesh, to seek work within the Indian community. Babysitting is seen as a safe and viable option, with students earning between $13 and $18 per hour. Some employers also provide meals, accommodation, or both.

Andhra Pradesh BJP president D Purandeswari on Friday said the allegations emanating from the US against the Adani Group raises serious questions and claimed that all those linked to these allegations are associated with the Congress party. Business tycoon and Adani Group chairman Gautam Adani has been charged by US prosecutors over his role in an alleged years-long scheme to pay USD 250 million bribe to Indian officials in exchange for favourable terms for solar power contracts, an allegation refuted by the Indian conglomerate. «Recent allegations from the U.S. SEC (Securities and Exchange Commission) against the Adani Group have raised serious questions… this situation poses a significant question for Rahul Gandhi, since all individuals linked to these corruption allegations are associated with the Congress party and none are from the BJP,» said Purandeswari in a post on X.

Maharashtra Assembly election, held on November 20, is shaping up to be a highly competitive contest, with the state’s two major alliances—the BJP-led Mahayuti coalition and the Congress-led Maha Vikas Aghadi (MVA)—dominantly vying for power. However, smaller parties could play a crucial role in influencing the results, potentially altering the political landscape and emerging as key players in the formation of the next government in Maharashtra. Notably, the Maharashtra Navnirman Sena (MNS), led by Raj Thackeray, the Vanchit Bahujan Aaghadi (VBA), headed by Prakash Ambedkar, and Asaduddin Owaisi’s All India Majlis-e-Ittehadul Muslimeen (AIMIM) could become significant forces in the state.

IIT Kharagpur has partnered with z21 Ventures, an early-stage, operator-led venture capital firm founded by IIT Kharagpur alumni to launch a startup accelerator program tailored for final-year students. The total investment by z21 ventures in this partnership, which aims to foster innovation and entrepreneurship, will be Rs 2.5 crore, Rs 25 lakh initial investment per team, the institute said in a statement on Friday. Designed to harness the talent at KGP and transform ideas into market-ready ventures, the accelerator will offer participants access to mentorship, funding, and resources, empowering student entrepreneurs to create impactful products.

Supreme Court on Friday sought the response of the Gyanvapi Masjid Committee on an application filed by some Hindu worshippers seeking an Archaeological Survey of India (ASI) survey of the sealed area of the mosque, where a "Shivlinga" was claimed to have been found in Varanasi. A bench of Justices Surya Kant and Ujjal Bhuyan issued notice to the Committee of Management Anjuman Intezamia Masjid, which manages the mosque in the Gyanvapi complex and others on the application filed by some worshippers. The bench posted for hearing the matter on December 17. The bench said it will also hear same-day other petitions relating to the case, including an application to consolidate all suits and transfer them from the Varanasi district court to the Allahabad High Court.

Air India is setting up an aircraft maintenance training institute in Bengaluru that will offer an integrated 2+2 years aircraft maintenance engineering (AME) programme certified by aviation regulator Directorate General of Civil Aviation (DGCA). The purpose-built basic maintenance training organisation (BMTO), spread over 86,000 square feet at Bengaluru Airport City, is expected to be operational by mid-2026, Air India said in a release. The country’s leading global airline group has signed an agreement with Bengaluru Airport City Ltd (BACL), a subsidiary of Bangalore International Airport Ltd (BIAL), to develop a build-to-suit facility for the AME programme that will feature modern classrooms, well-equipped laboratories for practical training and a team of qualified trainers.

Elon Musk on Friday claimed that X, formerly the microblogging site Twitter, had become the number one news app on the App Store in India. Elon Musk shared the news via a post on X, saying, «X is now number 1 for news in India» https://x.com/elonmusk/status/1859814646280294886

Subscribe to enjoy similar stories. Mumbai: Softening prices of active pharmaceutical ingredients (API) are likely to stabilise in the months ahead and bring relief to Indian manufacturers, but they will still have to improve their operational efficiency to compete against Chinese rivals, industry executives and analysts said. API prices have been falling for the past 12-15 months, driven mainly by sharp price cuts by Chinese companies, which is impacting the bottom line of Indian API companies.

Subscribe to enjoy similar stories. Investors in the Hindustan Aeronautics Ltd (HAL) stock are jittery. Shares of the public sector aerospace and defence company have declined nearly 30% from their 52-week high of ₹5,674 apiece seen on 9 July and are currently trading at ₹4,075.

Reasons to buyReasons to avoidThe Xiaomi 43 Inch 4K Ultra HD Android Smart TV offers a high-quality viewing experience with its 4K display and vivid colors. With built-in Google Assistant and Chromecast, you can easily access your favorite content and control smart home devices.