Country Financial News

drug regulator has formed an expert panel to evaluate several currently prescription drugs that can be sold over the counter (OTC) after various pharmaceutical companies lobbied the regulator to make their drugs an OTC product, people in the know told ET. The sub-committee, which includes various doctors from the country's top government hospitals, representatives from Indian Council of Medical Research (ICMR), drug controllers from various states, will develop a mechanism for the drugs to be sold OTC, considering globally prevalent regulations and practices. The sub-committee formed last week has been asked to submit the report within three months.

India is in a «great spot» and could realise a growth rate of about 7.6% or more in 2024-25, said Sanjay Nayar, the new president of the Associated Chambers of Commerce and Industry of India (Assocham). However, a lot hinges on the monsoon rains and global inflation, which influences the interest rate regime, he said. The National Statistical Office, in its second advance estimate, pegged the country's 2023-24 growth at 7.6%, which Nayar said was «like hitting the ball out of the park» given the global turmoil. In an interview to ET, Nayar called on the government to maintain its capital expenditure push for some more time to «crowd in» private investment.

seasonal rains in Afghanistan have left over 300 people dead and thousands of houses destroyed, most of them in the northern province of Baghlan, which bore the brunt of the deluges Friday, the United Nations food agency estimated. Among at least 240 people dead are 51 children, according to UNICEF, one of several global aid groups that are sending relief teams, medicines, blankets and other supplies. The World Health Organization said it delivered 7 tons of medicines and emergency kits.

Tata Sons chairman N Chandrasekaran will also assume the role of chairman, Tata Electronics, at a time when the Tata group company has earmarked about $14 billion in investments to spearhead its entry into the semiconductor business. Chandrasekaran will take over from Banmali Agrawala who has held the post for the last few years. Chandrasekaran who is already chairman of many key Tata group companies will take charge after requisite regulatory approvals. Agrawala, a key Tata Sons aide, has taken on an advisory role recently in the group. Chandrasekaran's role as chairman is seen as significant as it signals the importance of the semiconductor business to the conglomerate, say insiders.

labour and employment ministry has boarded the PM Gati Shakti portal to identify and bridge gaps in social security coverage across the country and expand its health infrastructure to industrial clusters as well as special economic zones (SEZs) for the benefit of workers, said the secretary to the ministry Sumita Dawra. She told ET that the idea is to leverage the infrastructure data available on the portal to extend social security coverage to workers engaged in existing and upcoming industrial clusters around these projects while also ensuring availability of Employees' State Insurance Corporation's hospital and dispensary in the closest vicinity to these clusters. To begin with, the ministry has geotagged 1.3 million establishments covered under the Employees' Provident Fund Organisation (EPFO), about 1.5 million under the Employees' State Insurance Corporation (ESIC) and 104 ESIC hospitals for assessing the current social security coverage and planning future expansion.

Prime Minister Narendra Modi said on Sunday that the Congress will not even get seats «equalling Shehzada's (Rahul Gandhi) age». He said that «in a new game, Trinamool goons are threatening women in Sandeshkhali to protect the culprits» and that women were not safe under the Trinamool rule and the whole country was witness to it. Attacking the Congress and Trinamool Congress for 'parivaarvad', votebank politics and appeasement, Modi said, «Congress will not even get seats equalling shehzada's (Rahul Gandhi) age» while Trinamool is fighting in all the seats will not help them to take up the opposition role. «Voting for Congress and Left is a waste of votes,» he said, urging people to vote for BJP as «this election will decide the fate of the country». Modi today addressed in four rallies in Bengal's Barrackpore, Chinsura, Arambagh and Howrah. «The whole country saw what happened in Sandeshkhali. There was torture on women. The court had to intervene. The accused is in CBI custody but the Trinamool is still 'batting' for the culprits,» he said during his fourth rally in Howrah.

West Bengal Chief Minister Mamata Banerjee said on Sunday Prime Minister Narendra Modi stayed in Raj Bhawan last night and he should have asked Bengal Governor CV Ananda Bose to resign from his post but he didn't utter a single word, amid allegations against Bose over molestation. «The Prime Minister comes to Bengal and stays in Raj Bhavan. The PM should have asked him (Governor) to resign from his post but he didn't utter a single word,» Banerjee said on Sunday during a public rally in North 24 Parganas Amdanga. «There is a Constitutional crisis. No women is ready to enter Raj Bhawan after some shameful deeds recently came to light,» Banerjee said while speaking at an election rally on Sunday. «PM should have asked him to resign from his post but he didn't utter a single word.»

approval from the Mumbai Metropolitan Region Development Authority (MMRDA) for transfer of its headquarters, an iconic 10-storey property in Mumbai's business district Bandra-Kurla Complex (BKC), to global institutional investor Brookfield Asset Management. The authority has recently provided an approval for the sub-lease of the property, The IL&FS Financial Center (TIFC), based on an application made by IL&FS. However, the sale of the property as approved by the National Company Law Tribunal (NCLT) is for a complete transfer. “The approval provided by us for the transaction as of now is as per the application made by IL&FS and the revised approval will be granted soon after reviewing the same under the land disposing policy,” a senior MMRDA official told ET.

Sujeet Kalkal and Jaideep Ahlawat resisted their respective rivals well at the World Qualifiers on Sunday but could not add more quotas to India's kitty for the Paris Olympic Games, where the country will have only one male wrestler in Aman presenting his challenge. In his crucial 65kg bronze medal contest, Sujeet matched USA's Zain Allen Retherford in terms of skills but conceded a takedown on counter attack to lose 2-2 on criteria. It was Sujeet who got on board first with a tremendous counter-attack move. He was about to concede points on takedown but surprised the American with his quick counter and led the bout for considerable period. Looking for another take-down, he went after Retherford but it was now turn of the American to pull off a counter move as he got the take-down near the end of circle.

KKR vs MI IPL 2024: Kolkata Knight Riders (KKR) became the first team to qualify for IPL 2024 playoffs after they secured an 18-run victory against Mumbai Indians in a rain-disrupted match. KKR batter Ramandeep Singh played an explosive innings of 17 runs off eight balls to bring his team closer to victory but was found guilty of breaching the IPL Code of Conduct and subsequently fined 20% of his match fee.

Mumbai: Senior Congress leader Shashi Tharoor on Sunday said the country need not have to wait till September 2025 as Prime Minister Narendra Modi will not remain at the helm after June 4, when results of Lok Sabha polls will be declared. Tharoor's comments come a day after AAP leader Arvind Kejriwal claimed Modi is asking for votes for Home Minister Amit Shah, who will be his successor after Modi «retires» on turning 75 in September 2025. «A new government will come to power at the Centre in June. There is no need to wait till September 2025,» Tharoor said while responding to a query on Kejriwal's remarks. Addressing a press conference in Mumbai, the Thiruvananthapuram MP alleged Modi has lowered the standard of public discourse and the language being used by him is not good for the country.

Union home ministry has directed all central paramilitary and allied forces to replicate a 'beehives on border fence' beekeeping model initiated by a BSF unit in West Bengal to boost employment opportunities for the locals and create a goodwill with them for strengthening security. Official sources told PTI that the decision was made during a meeting on «scientific beekeeping and honey mission» that was chaired by Union Home Secretary Ajay Bhalla at his office at North Block here in April. The model devised and implemented by the 32nd battalion of the Border Security Force (BSF) deployed to guard the India-Bangladesh international border in West Bengal's Nadia district was «lauded» during the meeting and a direction was issued to all the central armed police forces (CAPFs) to adopt it in their respective areas of responsibility, a senior CAPF officer said. The other border guarding forces, such as the Sashastra Seema Bal (Nepal and Bhutan borders) and the Indo Tibetan Border Police (China LAC), CAPFs like the Central Reserve Police Force (CRPF) and Central Industrial Security Force (CISF) and other forces like Assam Rifles, the National Security Guard (NSG) and the National Disaster Response Force (NDRF) do not have fences to guard but the model can be utilised by them as per their nature of duties, the officer said.

Union minister Raosaheb Danve, BJP leader Pankaja Munde and actor-turned-politician Amol Kolhe are among the prominent candidates. More than 2.28 crore voters are eligible to exercise their franchise to seal the fate of 298 candidates in the fourth phase of elections in the state. The 11 constituencies — Nandurbar, Jalgaon, Raver, Jalna, Aurangabad, Maval, Pune, Shirur, Ahmednagar, Shirdi and Beed — are spread across the central Marathwada as well as northern and western regions of the state. Voting will take place from 7 am to 6 pm at 23,284 polling centres, according to data provided by the office of the state's chief electoral officer.

Moosa Zameer has said that significant strides have been made in expediting India-assisted projects in the Maldives, as he underscored the government's commitment to prioritising the resumption and completion of these projects. Zameer, who visited India from May 8 to 10 on his very first bilateral official visit, said he and his Indian counterpart S Jaishankar engaged in bilateral discussions on May 9 to address pivotal matters aimed at expediting the projects initiated with India's financial assistance. He said the discussions with Jaishankar focused on the operational dynamics of the committees entrusted with executing these projects, psmnews.mv reported. Speaking at a press conference held in the President's Office, Zameer said India has given the Maldives the green signal to extend the repayment deadline for USD 150 million of a USD 200 million debt. The loan was secured by the previous government upon assuming office in 2019.

India informed the United Nations Forum on Forests (UNFF) that it has made significant advancements in forest conservation and management, leading to a consistent increase in forest cover over the past 15 years. The country participated in the 19th Session of the UNFF held at the UN headquarters in New York from May 6 to 10. Globally, India ranks third in the net gain in average annual forest area between 2010 and 2020. During the session, India said it gives high priority to biodiversity and wildlife conservation, having expanded the network of protected areas to over a thousand wildlife sanctuaries, national parks, tiger reserves, biosphere reserves, and other wildlife habitats.

When Iran shot off rockets at Israel, analysts across the world waited with bated breath in anticipation of an oil-price spike. Some expected crude oil to cross $100 per barrel within days and hurt a global economy already reeling from supply chain bottlenecks. The ‘First Oil Shock’ of 1973 was recalled, when an Arab oil embargo disrupted Western economies.

authorities declaring a state of emergency. Described the devastating floods as a “major humanitarian emergency", aid agencies have warned of widening havoc, news agency Reuters reported. Afghan authorities have reported several people missing after heavy rains on Friday that sent roaring rivers of water and mud crashing through villages and across agricultural land in several provinces, causing damage to healthcare facilities and vital infrastructure besides thousands of homes and livestock wiped out.

Congress leader Priyanka Gandhi Vadra on Sunday attacked Prime Minister Narendra Modi, accusing him of giving the country's «entire wealth» to "four or five rich people". Addressing a rally in support of her brother and Congress' Rae Bareli Lok Sabha seat candidate Rahul Gandhi, Priyanka Gandhi said, «Narendra Modi is the MP from Varanasi for the last 10 years but he has not visited any village there or asked a farmer how he is living.» She also said, «Privatisation is not bad in itself but if the prime minister gives the entire wealth of the nation to four or five rich people, then that is not right.» Today coal, electricity, ports and airports of the country are all with the friends of the prime minister, the Congress leader alleged.

Congress leader Rahul Gandhi on Sunday targeted Prime Minister Narendra Modi, saying while the BJP has been «counting the notes» it got from «tempo wale billionaires», his party will conduct a caste census to ensure equality. The former Congress president was reacting to Modi's remarks on the Congress receiving cash loaded in tempos from Adani and Ambani. In a post on X, Gandhi said, «They have been 'counting notes' they got from 'tempo wale billionaires' for the last 10 years. We will X-ray the country through 'caste census' and ensure equitable share for every section». He also shared a party advertisement which takes on the government over the caste census issue.

Narendra Modi has not yet «mustered the courage» to accept the invitation for a debate with Rahul Gandhi, Congress general secretary Jairam Ramesh said on Sunday, a day after Gandhi accepted the invite. Justice (Retd) Madan B Lokur, Justice (Retd) Ajit P Shah and N Ram had written to former Congress chief Gandhi and the prime minister last week inviting them to a platform for a debate on the key Lok Sabha election issues. «Day 1 of Rahul Gandhi's letter accepting an invitation to debate the prime minister. The 56-inch chest has not yet mustered the courage to accept the invite,» Ramesh said in a post on X. He also called as «farce» the interviews being given by the prime minister.

ISRO Chairman S Somanath has said the Indian space industry is offering a tremendous opportunity to the private sector in the country as a new area of growth and development. He said the union government envisages the space sector in the country to become a 9 to10 billion dollar industry in the next 5-10 years from the current levels of 2 billion dollars. Somanath was speaking after unveiling the carbon reduction initiative of SFO Technologies, the flagship company of the NeST Group, in a function on Saturday, a company release said. He also said that 400 private sector companies have benefited from the technology developed by ISRO for its various missions. Companies like SFO Technologies are well positioned to take further advantage of the new policy initiatives in the space sector by the government of India.