Country Financial News

«Modi thinks far ahead. So what has happened so far is just the trailer. I have to get busy in creating a new and wonderful picture of the new Jammu and Kashmir. The time is not far when Assembly Elections will be held in Jammu and Kashmir. Jammu and Kashmir will get the status of statehood. You will be able to share your dreams with your MLA and your ministers...» said PM Modi while addressing a public rally in Udhampur. The PM added that the people of Kashmir will be able to share their dreams with MLAs, ministers. Addressing a public rally in the northern most state of India, PM Modi said, «For the sake of power, they had built a wall of 370 in Jammu and Kashmir...Due to your blessings, Modi demolished the wall of Article 370. I have also buried the debris of that wall in the ground. I challenge any political party in India, especially Congress, to announce that they will bring back Article 370. This country won't even look at them.»

Action dates for all family-sponsored Green Card applications from India have shown progress. Noteworthy changes include the Final Action Date for the F2A visa, a Family Based Green Card tailored for spouses and unmarried children of US permanent residents/Green card holders. This date has moved from September 2020 to June 2021, indicating a slight advancement. The F2B visa, reserved for unmarried sons and daughters (21 years of age or older) of permanent residents are allotted 23% of the overall second preference limitation. The Final Action Dates for these applicants have moved up from November, 2015 to April, 2016.

With a population of IT capital exceeding 1.5 crore, water shortages have intensified in recent decades due to uncontrolled growth. Despite sporadic government initiatives, the city’s growth has outpaced its infrastructure development, leading to a failure to adequately address the looming crisis. Furthermore, the destruction of lakes has exacerbated the challenges faced by the tech capital of the country. A prominent resident welfare association (RWA) of south Bengaluru said successive govts since independence were aware that Bengaluru would eventually face a water crisis. “None took up the responsibility to prepare the city for such a catastrophe,” the RWA lamented.

Kwatra is here this week for a series of meetings with senior officials from the US Government and interaction with industry leaders to advance bilateral cooperation in areas like defence and technology. Kwatra held separate meetings with Richard Verma, Deputy Secretary of State for Management and Resources and Kurt Campbell, Deputy Secretary of State at the Foggy Bottom headquarters of the State Department. «Productive catch up with Indian Foreign Secretary Kwatra on advancing ongoing US-India cooperation and the need for our countries' close partnership for regional security and prosperity,» Verma said in a post of X. Earlier in the day, Kwatra was hosted by the US India Business Council over a breakfast meeting with its Board Chair and NASDAQ Executive Vice Chairman Ed Knight.

Stock Market News: Domestic equity benchmark indices, the Sensex and the Nifty 50, began Friday's session lower, mirroring Asian peers as strong US inflation data dampened expectations of an early Federal Reserve rate cut. Given that Tata Consultancy Services is scheduled to release its financial results later today, spotlight will shift to the domestic earnings season.

ANI reported. In its latest assessment, Moody's noted that India's stable outlook reflects the likelihood of gradual improvement in the country's fiscal metrics, supported by its robust growth prospects, compared to its peers, as per the report.

Tesla gets ready to import German-made EVs to India Stellantis, which was formed after the merger of Italian-American conglomerate Fiat Chrysler Automobiles and French PSA Group, currently sells its Jeep and Citroen brands in India. "It is also important for us as a player in the Indian automotive space to be competitive. We want to leverage India as a 'best cost country', which is what we call 'India for the world," Stellantis India CEO & MD Aditya Jairaj said.

‘Looking forward to meeting with PM Modi’: Elon Musk confirms visit to India Tesla share price has jumped nearly 6 per cent this week so far on NASDAQ ahead of CEO Elon Musk's meeting with Prime Minister Narendra Modi. Musk has confirmed that he will be visiting India and meeting PM Modi amid buzz that EV (electric vehicles) maker Tesla is finally scouting for land to set up a factory in the country. Tesla share price closed 1.65 per cent higher at $174.60 in the previous session.

Israel after Hamas launched horrific terror attacks on October 7, 2023, saying the strategic relations between the two nations are widely known. “It's natural and very much appreciated that the Government of India made a statement in support of its strategic partner, Israel. The ties between India and Israel are very strong and will continue," he said as quoted by newswire ANI. He believes that the international community should stand in solidarity with Israel against October 7 attacks and should not leave the country to fend for itself until all contentious issues are resolved and Israeli hostages are released.

Mint in the week gone by. In a historic milestone, the Indian stock market’s valuation crossed ₹400 trillion, with the last ₹100 trillion coming in a mere nine months. The policy decision made by the oil cartel Opec+ earlier this month has resulted in a surge in international crude prices to their highest level in five months.

Even as humanity frets about all the jobs AI will impact, one profession clearly under threat is that of predicting the future. What job does a futurist have if everything changes every now and then as an AI company unveils a product that makes our jaws drop. Every January, I would predict the top 10 things that would happen in tech that year; and then go back with some trepidation at year-end to score how I fared in my fortune-telling abilities.

Long-winded and often-unedifying judicial processes are said to be among the reasons foreign investors resist dispute resolution in India. New Delhi’s demand that Indian options be exhausted before overseas arbitration is sought gets in the way of bilateral investment treaties too.

India, Daniel Carmon, on Thursday, came out in praise of the Indian government over its support for his country after the horrific terror attacks by Hamas on October 7, last year, saying New Delhi sent out a larder message by putting its weight behind its 'strategic partner'. «The wonderful ties and the strategic relations between India and Israel are well known. And it was only natural and very much appreciated that the government of India made a statement, a very quick one, of support to its strategic partner, Israel. These relations are very strong and will continue,» he said. «The international community should stand in solidarity with us in light of this tragedy (the October 7 attacks) and should not leave us to fend for itself even for a single second until all contentious issues are resolved, and until they (Israeli hostages) are unconditionally and immediately released. India knows a thing or two about terrorism and how to confront it,» he added.

Joe Biden and Philippines President Ferdinand Marcos Jr. unveiled a wide range of agreements to enhance security and economic ties during meetings held at the White House this week. Here are some of the most notable:

Canada has recently decreased the number of Indian staff members in its diplomatic missions across India due to a shortage of Canadian personnel necessary for the effective management of in-country operations. This move comes in response to India's expulsion of 41 Canadian diplomats last year, which aimed to achieve parity in diplomatic presence. Consequently, Canada had ceased in-person operations at its consulates in Mumbai, Chandigarh, and Bengaluru. While the exact number of retrenched employees remains undisclosed, it is understood to be less than 100. Confirming the staff reductions, a media relations official at the high commission expressed regret over the necessity of this decision, citing the departure of Canadian staff last year. «We wish to extend our sincere gratitude to our local staff in India for their resilience, dedication, and service. Canada remains committed to providing essential services to Canadians in India, including consular support and facilitating trade and business development, to uphold the longstanding ties between our two nations,» stated the official, noting that Canada's visa application centers in India continue to operate normally.

Biden said Thursday that U.S. defense commitment to Pacific allies was «ironclad» as he gathered Philippine President Ferdinand Marcos Jr. and Japanese Prime Minister Fumio Kishida at the White House in the midst of growing concern about provocative Chinese military action in the Indo-Pacific. The U.S. and the Philippines have had a mutual treaty in place for more than 70 years. Biden's forceful reinforcement of the American commitment comes in the midst of persistent skirmishes between the Philippine and Chinese coast guards in the disputed South China Sea. «The United States defense commitments to Japan and to the Philippines are ironclad. They're ironclad,» Biden said as he began three-way talks at the White House with Kishida and Marcos. «As I said before, any attack on Philippine aircraft, vessels or armed forces in the South China Sea would invoke our mutual defense treaty.»

India is a cricket-crazy country and perhaps it's no surprise that bookings are coming in thick and fast for the upcoming T20 World Cup 2024 to be held in the US and West Indies this June. But it's not just cricket. Indian sports fans are travelling the world to watch their favourite sporting events across categories like never before, buoyed by rising disposable incomes, travel companies said. Rajeev Kale, president and country head for holidays, MICE and Visa at Thomas Cook (India), said that besides the demand for the T20 World Cup from both leisure and corporate customers, the company is seeing high interest for Wimbledon in London, as well as Formula One races in Abu Dhabi, Singapore and Bahrain throughout the year. The company's data indicates an uptick of 25-30% in bookings for key global sporting events this year, he said. «Besides corporate incentives, head honchos from India Inc and HNI-UHNI leisure travellers, our data reveals strong demand emerging from younger audiences as well who are keen to tick off their bucket lists,» Kale said.

Tata Steel, Jindal Steel and Power Limited (JSPL), ArcelorMittal Nippon Steel (AM/NS), Steel Authority of India Limited (SAIL), and Jindal Stainless Limited (JSL) have bagged steel supply contracts worth ₹1,586.39 crore from the Railways. According to officials aware of the development, bids for procuring Mild/Corten Steel Sheets/Plates/Coils were called in July 2023 but award only be finalised earlier this month. Another tender was called for buying stainless steel sheets and plates in February 2024 which was also awarded at the same time. Public sector undertaking Steel Authority of India Limited (SAIL) has bagged the lion's share in both tenders. SAIL will be supplying 1.05 lakh metric tonnes (MT) of steel worth ₹671.27 crore and another 16,356 MT of stainless steel worth ₹217.90 crore.

According to data sourced from Prime Database, there are 28 non-India expat CEOs among the 2,521 CEOs cumulatively appointed by 2,048 listed companies at end of FY24. The number of expat CEOs has hovered around the same levels over the past decade with several being individuals of Indian origin. In a country that is a CEO factory for the world, an expat CEO remains an exotic species. India Inc has largely been homogeneous in its C-suite appointments with a clear preference for home-bred desi CEOs. This is due to a variety of reasons such as cost, culture fit, understanding of the market complexities & regulatory systems.

Rahul Gandhi on Thursday hit out at the BJP-led government at the Centre, saying that unemployment is the biggest issue in the country, followed by inflation. Speaking at a rally at Anupgarh in the Bikaner in Rajasthan, Gandhi said farmers are asking for a minimum support price for their crops, youngsters are seeking employment and women want relief from inflation, but the government has not been listening. «Ask anyone — unemployment is the biggest issue. Inflation comes second. Ninety per cent people will say inflation, but if you follow the media, it will seem that the most important issue is (Anant) Ambani's wedding. Modi's face will be seen in the media 24 hours a day,» Gandhi said.

Hindustan’s editor in chief Shashi Shekhar, Modi warned that his government’s action against corruption will continue, and will, in fact, intensify in his third term as prime minister. Listing out abrogation of Article 370 to end Jammu and Kashmir’s autonomy, digital payments ecosystem, toilets and housing for the poor, consecration of the Ram temple, and a rapid economic growth as key achievements, Modi said that he is going into the upcoming general election with his vision of Viksit Bharat, or Developed India, by 2047, when the country celebrates 100 years of Independence. He said that his government took several initiatives in the field of education, health, employment, infrastructure, and tourism in the hill state of Uttarakhand, which goes to the polls on 19 April.