India Financial News

Congress leader Rahul Gandhi on Monday said his heart and doors were always open for the people of the Union Territory. He promised to represent them to the best of his abilities in Parliament. Gandhi addressed an election campaign rally in Shalteng constituency of Srinagar, from where the recently-appointed J&K Congress chief Tariq Karra is contesting as NC-Congress alliance candidate. However, no NC leader was present on the stage in Shalteng as the party's rebel candidate Irfan Shah, who won the 2008 assembly elections here, is now fighting as an independent. Noor Muhammad, a former colleague of Karra in PDP, is also contesting here. In another rally in Surankote constituency of Poonch, Gandhi was accompanied by NC chief Farooq Abdullah.

Narendra Modi on Sunday announced plans to open two new Indian consulates in the US — in Boston and Los Angeles — and a Thiruvalluvar Chair of Tamil studies in the University of Houston, as he addressed a huge gathering of the Indian diaspora in New York where he hailed the American-Indian spirit, or AI. These initiatives, according to the PM, would further strengthen the living bridge between India and its diaspora in the US. He expressed hope that the Indian diaspora, with its strong convening strength, would continue to play a crucial role in fostering closer ties between the two countries. «For the world, AI means artificial intelligence, but for me, AI also means American-Indian spirit. This is the new 'AI' power of the world...I salute the Indian diaspora here,» Modi said.

shipping industry is expected to drive the largest demand for green ammonia and green methanol, both derivatives of green hydrogen, in the coming years, Avaada Group chairperson Vineet Mittal told ET. The implementation of the Carbon Border Adjustment Mechanism in the European Union is expected to bring a surge in the green hydrogen derivatives offtake agreements, Mittal said. Offtake agreements so far among countries looking to trade in the molecules have seen tepid response because of higher cost compared with blue hydrogen and other regulatory hurdles.

pilot plant to test its technology to convert potato waste and peels into ethanol, people in the know said. The Shimla-based institute recently completed lab studies on how potato waste can be repurposed for producing the bio fuel. India is the world's second-largest producer of potatoes after China. Since the quantity of discarded potatoes in the country is high -10-15% of the total production — it is being seen as potential feedstock for ethanol after sugarcane and maize. The National Policy on Biofuels mentions rotten potatoes in the list of feedstocks for ethanol. «Potatoes are also considered a viable alternative due to the significant amount of waste that can be repurposed. Additionally, India has the largest cold storage facilities for potatoes, and the significant amount of potato waste available further supports their use in ethanol production,» said Dharmedra Kumar, scientist, CPRI.

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Sri Lanka President-designate Anura Kumara Dissanayake thanked Prime Minister Narendra Modi on Monday for his congratualtory wishes on winning elections. In a post on X, Dissanayake highlighted strengthening ties between India and Sri Lanka and stressed working towards enhancing cooperation. «Thank you, Prime Minister Modi, for your kind words and support. I share your commitment to strengthening the ties between our nations. Together, we can work towards enhancing cooperation for the benefit of our peoples and the entire region,» Dissanayake said.

EY Global, this month has brought the spotlight on the prevailing intense work pressure in the audit profession as firms grapple with clients imposing tight deadlines, growing complexity of audits, a spike in disclosures, heightened regulatory scrutiny, and an unfavourable risk-reward ratio. Leading auditors say a key reason for increased work pressure is from the client side, who often pushes auditors to crunch deadlines for results announcements. Meeting tight deadlines is viewed as a sign of professionalism and efficiency, and, in some cases, also due to alignment with global standards. For instance, if the full-year results of a company were to be announced in the fourth week of April, the chief financial officer may want them by the third week.

Narendra Modi on Sunday met Palestinian President Mahmoud Abbas for the first time since the current Israel-Gaza conflict and expressed deep concern at the humanitarian crisis unfolding in Gaza and the deteriorating security situation in the region and reaffirmed India's unwavering support to the people of Palestine, including continued humanitarian assistance. The meeting took place in New York on the sidelines of the UN Summit for the Future. «Met President Mahmoud Abbas in New York. Reiterated India's support for the early restoration of peace and stability in the region. Exchanged views of further strengthening long-standing friendship with the people of Palestine,» Modi posted on X.

Indian Navy drone in the Bay of Bengal last week, preliminary reports indicate. The high-value drone was lost last Wednesday in a 'controlled ditching' at sea following a technical glitch. Sources said that the crash took place after the battery of the drone that powers up its electrical systems got depleted during flight. This, they explained, took place after a reported double generator failure, a recurring problem with the MQ9 fleet in service with the US. Officials said the drone most likely disintegrated on crashing into the sea and will be difficult to recover given the depths involved. It is being described as a total loss, though the Navy will not have to bear the costs as the drone has been taken on lease and was being operated by its manufacturer, General Atomics. The manufacturer has also been asked to submit a report on the accident by the Navy.

Key export sectors include electronics, pharmaceuticals, and perishables, with companies like DHL predicting a 20% annual growth rate in the industry. «We're bullish,» said Etihad CEO Antonoaldo Neves, highlighting that cargo potential from India. DHL CEO Pablo Ciano also identified significant growth areas in contract logistics and cross-border trade, emphasising that India's finished goods exports are growing at «20% year over year.» The logistics landscape is evolving, with increased investments in warehousing and fulfillment centers tailored to sectors like life sciences and healthcare.

Indian students are intent on adding that foreign education experience on their CV. As Canada, Britain and Australia set conditions and caps for foreign students, Indians are looking elsewhere. Barring the US, which continues to dominate the destination wishlist, students are now opting to study in countries that were previously not on their list for reasons such as language barrier, strict work-study norms and higher financial requirements. As some of the traditional favourite education destinations limit entry, others, particularly non-English-speaking countries, are improving the 'ease of onboarding international students'.

Modi's three-day visit to the United States, where he engaged with leaders from US-based companies specializing in cutting-edge technologies, including AI, quantum computing, and semiconductors. Both Pichai and Huang praised Modi's vision for a "Digital India" and his focus on AI's potential to transform various sectors, such as healthcare, education, and agriculture.Speaking after the meeting, Pichai highlighted Modi's commitment to harnessing AI for societal benefits in India.

retail sector grew at a modest 2% year-on-year in August 2024, as per the Retailers Association of India’s (RAI) 54th Retail Business Survey. Kumar Rajagopalan, chief executive of the Retailers Association of India (RAI), said, “Retail business for the month of August has not shown robust growth over last year. Many retailers have maintained that they have witnessed negative growth on a like-for-like basis. All expectations are that the festive season could bring positive growth since the situation of the economy overall is positive”. The north and south India reported a 3% year-on-year growth, while the east and west parts of the country posted 1% each.

Supply Chain Council, set up under an agreement of the 14-member IPEF, will be held in December, the commerce ministry said on Monday. The IPEF (Indo-Pacific Economic Framework for Prosperity) bloc was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23, 2022, in Tokyo. Together, they account for 40 per cent of the world's economic output and 28 per cent of trade.

Coldplay concerts scheduled for 2025, popular author Chetan Bhagat and former SharkTank judge Ashneer Grover engaged in debate on social media platform over pricey tickets sold. «On one hand we get figures of Indian salary percentiles and on the other there’s near mania for concert tickets. Who’s paying so much and buying all these tickets? What percentage of your monthly salary are people spending on these tickets?Some YOLO logic here? What?» said Bhagat in a post on X. Replying to the author, Ashneer said «It’s a large country — and lot is disparity on either end — why is filling of 80k stadium surprising anyone? 800k students go overseas every year — spending $50K on an average. Also now that most people who can afford have phones — things will fill up instantly as well.»

Samsung's Sriperumbudur plant in Tamil Nadu is escalating and it poses a serious risk to the manufacturing ecosystem in the region, think tank GTRI said on Monday. It said the Centre and Tamil Nadu governments need to intervene immediately in the matter. «If the strike at Samsung's Sriperumbudur plant is not resolved soon, India risks losing significant ground in its quest to become a global manufacturing powerhouse,» the Global Trade Research Initiative (GTRI) said in a statement. It added that the strike is quickly becoming a major crisis, and it will threaten the state's position as a leading electronics manufacturing hub.

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Israel expects more than 12,000 Indian visitors, mainly in the pilgrim and MICE (meetings, incentives, conferences, and exhibitions) segments, in 2024, according to a senior executive at the Israel Ministry of Tourism. The war-torn West Asian country has recorded 6,800 travellers from India till August this year. «Irrespective of the current scenario we are very positive. We're just waiting for the situation to calm down even more than what it used to be for us to see growth. We have welcomed 6,800 travellers, mostly pilgrims and business, from India and 6,72,400 globally in the January-August 2024 period, which was very organic,» Israel Ministry of Tourism (IMOT) India Director of Marketing Amruta Bangera told PTI. Israel's Tourism Ministry expects to double the 6,800 tourist footfalls to over 12,000 in 2024, from India that it received in the first eight months of this year, she said.

student visa in other countries), warns Sachin Jain, Country Manager of ETS India & South Asia. The TOEFL test, created by ETS is welcomed by over 10,000 institutions in more than 150 countries. It is universally accepted in major destinations like the United States, Canada, Australia, and New Zealand, and is recognized by over 98 per cent of universities in the UK. Thus, maintaining ethical practices not only safeguards your visa status but also enhances your chances of success in the competitive landscape of higher education.

Mobikwik Systems on Monday received a go ahead from market regulator Securities and Exchange Board of India (Sebi) to launch its initial public offering (IPO). The company had refiled its IPO papers with Sebi on January 4, 2024.