India Financial News

Aswath Damodaran, Professor, Stern School of Business, NYU, says AI is set to be a key frontier for emerging companies. If this sector grows significantly, it raises the question of whether the top five companies will remain US-based. It would be encouraging to see at least one Indian company among these leaders. Damodaran thinks Europe may struggle to produce a major player. Indian firms have a unique opportunity now, especially since China has restricted its major tech players like Tencent, JD, and Alibaba, limiting their potential to invest in AI. This creates a chance for India to capitalize on the situation, but it will require significant effort. If a prominent Indian tech company appears among the top ten global firms by market capitalization in the next decade, it would be an exciting development.

Indonesia with their consultations at the World Trade Organization (WTO) remaining inconclusive on Jakarta's proposal to extend safeguard duties on import of ceramic tile products. Indonesia plans to extend the duties by two years till November 2026, a move that may further hurt India's exports of the product to the island nation. The safeguard duties were first imposed in 2018 and India's exports of ceramic products to Indonesia have declined 65% between FY20 and FY24. «The result of the consultations was inconclusive. India reserves its right to request compensation as per the WTO Agreement on Safeguards,» said an official. Safeguard duties are custom tariffs that can be imposed temporarily by a WTO member to protect a specific domestic industry from an increase in imports of any product which is causing or threatening to cause harm to the industry.

youth affairs and sports (MYAS) has released the draft National Sports Policy (NSP) 2024 for public consultation, aiming to foster sustainable growth in India's sports ecosystem and drive national development. NSP 2024 aspires to position India as a global sports powerhouse through collaboration between the government, sports federations, private sector and the public sector. The NSP aims to build upon the foundations laid by previous initiatives such as the NSP 2001, the Khelo India Scheme and the Target Olympic Podium Scheme (TOPS). The policy focuses on building a robust ecosystem that nurtures talent from grassroots to elite levels, expands access to sports infrastructure and promotes sports as a viable career.

cancer drugs, a bid to prevent counterfeits and validate the authenticity of medicines after incidents of refilling of expensive anti-cancer drugs with counterfeit drugs came to light. The proposal was discussed in a recent meeting of the Drugs Technical Advisory Board (DTAB), India's highest advisory body on drugs, which deliberated on the matter and agreed to it, said people familiar with the matter. The implementation of the proposal will, however, require an amendment to Schedule H2 of Drugs Rules, 1945, and therefore will be sent to the health ministry soon, they said. The board was informed that criminals in collusion with hospital pharmacies were found refilling empty vials of expensive anti-cancer medicines with counterfeit drugs. These fake drugs were then mixed with genuine stocks and sold to unsuspecting cancer patients, putting their life at risk.

green GST (goods and services tax)' on cars-where the tax rate goes up or down based on the vehicle's emission levels-will be the ideal path towards achieving carbon neutrality, said Vikram Pawah, president of BMW Group India. The gradient will incline consumers towards buying greener cars, he told ET. «Ideally there should be a green GST...the greener the car, the lower is the GST,» Pawah said on the sidelines of the launch of the BMW M4 CS high-performance sedan in Mumbai.

car sunroofs is pushing the world’s leading makers of the feature to join local partners in ramping up investments to tap this burgeoning market. Netherlands-based Inalfa Roof Systems along with its partner Gabriel India is looking to double capacity for manufacturing sunroofs in the next one year. The duo, which opened their first plant in Chennai in the first quarter of 2024, can currently produce up to 200,000 sunroofs annually. Germany’s Webasto—a global leader in openable sunroofs—has started work to nearly double production capacity in the Indian market to 950,000 units per year by 2027, from the current 500,000 units. Auto parts maker Uno Minda inked a technical licence agreement this August with Japan’s Aisin Corp., among the world’s top 10 Tier I component suppliers, to locally manufacture and sell vehicle sunroofs. “The Indian automotive market is witnessing a remarkable shift, with sunroofs rapidly becoming a sought-after feature,” said NK Minda, chairman and managing director, Uno Minda. “Sunroofs have seen multifold growth in recent years. This trend is only set to accelerate as sunroofs, once limited to larger SUVs and MUVs, are now increasingly finding their way into hatchbacks.”

Acting Labor Secretary Julie Su breaks down the September jobs reports, jobs revisions, the losses in the manufacturing sector and collective bargaining as port workers reach a tentative deal.

Mirwaiz Umar Farooq on Friday urged the BJP-led central government to be realistic and restart the dialogue process for the resolution of Kashmir issue and follow the path set by former prime ministers Atal Bihari Vajpayee and Manmohan Singh. The authorities allowed Mirwaiz to address Friday congregation at historic Jama Masjid after a month-long house arrest for which he has approached J&K High Court as well. The court on Friday directed senior additional advocate general to file response as to whether the petitioner has been put under undeclared house arrest. The case will now be heard in November. «BJP govt should take a realistic approach and accept that we have to resolve this (Kashmir) issue. A precedent in this regard is available with us, like when we spoke with Atalji, Advaniji and Manmohan Singhji, to look for options and a way forward. We need to revisit the same policy if the government wants to resolve this issue,» said Mirwaiz during the Friday congregation. Mirwaiz said that Hurriyat as an organisation may be in disarray after 2019 as several people were arrested and summoned, but it still represents sentiments and emotions of the people of J&K. He said that as long as a part of J&K is in India, a part in Pakistan and some parts in China, especially after 2019, the future of the region is uncertain.

Zakir Naik to Pakistan is disappointing and condemnable but not surprising, the Ministry of External Affairs has said. Naik is wanted by Indian authorities for alleged money laundering and inciting extremism through hate speeches. He left India in 2016. The radical preacher is currently on a high-profile visit to Pakistan, where he has met Prime Minister Shehbaz Sharif and is delivering lectures as part of a month-long programme. «It is not surprising for us that the fugitive from Indian law has received a high-level welcome in Pakistan. It is something which is disappointing, that we say (is) condemnable. But at the same time, it's not surprising,» MEA spokesperson Randheer Jaiswal said.

innovation is not limited to cutting-edge tech. Diversity and tolerance for all things new is a crucial asset to fuel innovation and economic growth, not just for individual enterprises but also for societies and economies. In the 1980s, the infamous death spiral of America's chip industry was reversed by Jack Simplot, a potato farmer with no college education but with a terrific acumen for business. Silicon Valley's real 'magic' is not in the grand convergence of brilliant engineers, but in its adventurous culture, tolerance and openness to new ideas. Today, as businesses grapple with complex challenges to stay relevant, DEI (diversity, equity, inclusion) has progressed from being a jargon to an essential principle that organisations strive to embrace. India needs to understand how to extend the value of its diversity beyond representation and harness it as an engine for inclusive and innovative economic growth. So, why is diversity a key focal point?

Gabbarment aa jayega. Well, Gabbarment of India is already making rounds around households that watch streaming films and shows, reportedly planning to bring in 'guidelines' (sic) that will 'beep out profanity and blur explicit scenes'. One presumes this mai-baap plan is to ensure that the child-like people of Ramgarh that is India are not exposed to gaali or steamy content. If true, this colonial mindset that would have been thoroughly approved by Victorian Britons of a certain hypocritical class. The belief (read: phobia) that adult Indians are indistinguishable from children who need to be protected from profanities and smut is as old as the ****ing hills.

Sri Lanka has assured that it will not allow its territory to be used in a manner inimical to India's security interest, even as India said that it will be a steady partner in the economic recovery and development of the island nation. In the first visit by a foreign dignitary after the National People's Power, led by Anura Kumara Dissanayake, came to power, external affairs minister S Jaishankar met the top Sri Lankan leadership and invited the President on behalf of Prime Minister Narendra Modi to visit India. An official statement after the visit stated that the meetings highlighted that the interests of India and Sri Lanka were closely intertwined and collaboration was in mutual interest and contributed to the stability and security of the region. «The importance of a continuous dialogue that would promote trust, transparency and mutual sensitivity was recognised. The President reiterated that Sri Lankan territory would never be allowed to be used in a manner inimical to India's security interests,» it read.

Air Chief Marshal Amar Preet Singh said on Friday, adding that in terms of production capacity, India is «way behind». The officer, who took charge earlier this month, said the Air Force needs new multi-role fighter jets «as of yesterday» but a decision on the process to acquire them has been pending. In frank comments on how the Air Force fares in comparison to China, the Air chief said that when it comes to the human element, the people behind the machine, India is way ahead but lags on technology and production.

India has moved to withhold Zakir Naik's 'X' account, restricting access to the controversial Islamic preacher's social media in the country. This action followed hours after Pakistan warmly welcomed Naik, who is wanted by Indian authorities for charges related to money laundering and promoting extremism through hate speeches. Naik's presence in Pakistan has triggered fresh diplomatic responses from India, with sharp criticism directed at Islamabad for hosting him.

ICMR has signed a memorandum of understanding with the NTPC Vidyut Vyapar Nigam (NVVN) to promote sustainable energy in healthcare research, in line with Prime Minister Narendra Modi's vision of 'Aatmanirbhar Bharat', an official statement said on Friday. The partnership aims to equip Indian Council of Medical Research (ICMR) institutes across the country with solar power, supporting India's push towards renewable energy and sustainability, the statement issued by the Union health ministry said. Under the agreement, the NVVN will supply, install, test, commission and maintain rooftop solar panels at 15 ICMR institutes with a combined capacity of 4,559 KW. The project also includes a power purchase agreement (PPA) for grid-connected solar projects, offering a fixed solar tariff for the next 25 years to ensure long-term cost efficiency and sustainability for the ICMR's operations, the statement said.

India has consistently advocated for a peaceful resolution to disputes and has sought to promote cooperation among nations in the Indo-Pacific, with a strong emphasis on the centrality of ASEAN, Defence Minister Rajnath Singh said on Friday. His remarks come amid China's increasing military muscle-flexing in the region. In his address at the Indo-Pacific Regional Dialogue (IPRD) 2024 here, he also expressed concern over «certain attempts to monopolise and weaponise critical resources for strategic reasons», terming these tendencies as not conducive for the global good. Singh emphasised that India's engagement with its partners is guided by the understanding that true progress can only be achieved through collective action and synergy, and due to these efforts, it is now considered as a «credible and preferred security partner and first responder» in the region.

India-Sri Lanka ties" with Sri Lankan President Anura Kumara Dissanayake and assured continued support to the island nation's economic rebuilding. During his day-long visit, less than a fortnight after President Dissanayake was sworn in, Jaishankar also met Prime Minister Harini Amarasuriya, his counterpart Vijitha Herath, Sajith Premadasa, Sri Lanka's leader of the opposition from the Samagi Jana Balawegaya party and former Sri Lankan president Ranil Wickremesinghe. Jaishankar is the first foreign dignitary to visit Sri Lanka since the National People's Power (NPP) government led by Dissanayake came to power on September 23. Sri Lanka is India's key maritime neighbour in the Indian Ocean Region (IOR) and occupies a special place in its initiatives such as 'SAGAR' (Security and Growth for All in the Region) and the 'Neighbourhood First Policy.'

One 97 Communications, the parent company of fintech firm Paytm, has appointed Deependra Singh Rathore as its chief technology officer (CTO) for payments. Rathore, who was with Paytm Payments Bank Ltd (PPBL) since 2016 was a senior vice president in charge of technology at Paytm. Following this transition, Manmeet Singh Dhody, who was the CTO of payments has been transitioned into the role of AI Fellow.

October 5. In this single-phase election, the state’s 90 legislative assembly seats will be contested by 1,031 candidates. These elections follow the 2024 Lok Sabha polls, where the BJP retained five of the ten seats, while Congress secured the other five. The political landscape in Haryana is heated, with a fierce competition between the ruling Bharatiya Janata Party (BJP) and the opposition Congress. The BJP, currently facing significant anti-incumbency sentiment, is working to hold onto power, while Congress aims to reclaim control of the state after years of being in the opposition. The elections come at a crucial time, months after the collapse of the BJP-Jannayak Janta Party (JJP) coalition government, which had been formed after the 2019 Assembly elections. With political tensions high, Haryana’s voters are expected to play a key role in determining the state’s future.

Malaysian Prime Minister Anwar Ibrahim is visiting Bangladesh to meet with interim leader Muhammad Yunus, who took over in August after the former prime minister fled during a mass uprising

Vikram Limaye and eight others on Friday settled with markets regulator Sebi a case pertaining to alleged bypass of trading access point (TAP) system by certain brokers after paying Rs 643 crore. Apart from NSE and Limaye, those who settled the case are — Umesh Jain G. M. Shenoy, Narayan Neelakantan, V. R. Narasimhan, Kamala K, Nilesh Tinaikar, R Nandakumar and Mayur Sindhwad. TAP was a software application deployed by NSE in 2008 on the servers of trading members for managing connections and messages (orders/trades) of such members. Trading members, registered with NSE, connected to TAP to establish communication with the NSE trading system.