Country Financial News

Safety and Standards Authority of India (FSSAI) is working on making regulations for nutraceuticals and health supplements more stringent after it found many non-compliant products in the market, said officials. Nutraceuticals are products derived from food sources that are believed to provide extra health benefits, besides the basic nutritional value found in foods, and can be available in the form of pills, syrups, capsules, powders, gummies and chewables. «The popularity of these products has increased manifold as consumers have become more health conscious,» said a senior FSSAI official, who did not wish to be identified. «We want to make the standards more stringent for the safety of consumers.»

«Overall robust GDP growth of the country in the third quarter of FY24 has helped the auto sector...The industry expects the growth momentum to continue,» said Vinod Aggarwal, president of Siam. As per data available with the society, 370,786 cars, sedans and utility vehicles were sold in the country last month, an increase of 10.8% over 334,790 units sold in February 2023.

The Asia Pacific (APAC) region, with over 50 diverse countries, is currently experiencing phenomenal economic growth. Home to more than half the world’s population (52% in 2023) and economic giants like Japan and India, the region’s GDP (35.4% of the world’s in 2023) has surpassed that of North America and Europe. This trajectory is projected to continue, with APAC projected to grow at 4.2% in 2024 by the International Monetary Fund, significantly faster than the global pace of 2.9%, with the economies of countries like India and Bangladesh expected to expand at double the world’s rate.

Laptop and personal computer maker HP India will roll out its domestic expansion plans over the next 9-12 months to cater to the demand for the devices in the country which has «no end», HP India managing director Ipsita Dasgupta said, adding that the company was in talks with several Indian and multi-national companies but most of these plans are works in progress as of now. «If you look at our business in India, we are the second biggest employee base in the world after the US. We look exactly like the US in the sense that we have every functional capability that we have globally, sitting in India. Growing some of those is something that excites HP,» Dasgupta said in her first interview after taking over as HP India MD.

India can play a key role in building a resilient global electronics supply chain, said Cristiano Amon, chief executive of US chip giant Qualcomm Inc. In an interview with ET's Romit Guha and Himanshi Lohchab, Amon said the country has an opportunity to create large companies that serve both the domestic and global markets in areas such as semiconductor packaging and manufacturing. Edited excerpts: What are the opportunities for Qualcomm in India? There's an incredible opportunity with the transition to 5G. But it's not only 5G, but also the incredible opportunity that is developing with Gen AI and the opportunity to do Gen AI at the edge, not only at data centres, but across many different industries. What's Qualcomm's investment plan for India? India is our largest R&D site outside San Diego. We have a presence in a number of sites — from Hyderabad, Bengaluru, Chennai and Noida. The majority of our chips are designed in India, both hardware and software. With the world looking for alternatives to make the overall electronic supply chain more resilient, we see that India has an important role to play, an opportunity to create over time, very large Indian companies serving not only the Indian market, but also global, whether it's smartphone industrial modules, whether it's semiconductor packaging, and eventually semiconductor manufacturing.

The European Union’s executive arm says it will recommend that member countries open accession negotiations with Bosnia-Herzegovina

Russia's economy is holding up despite massive Western sanctions and foreign businesses pulling out of the country

Germany’s vice chancellor has launched a program initially worth up to 4 billion euros to help heavy industry shift to more climate-friendly production over a 15-year period

The head of the African Development Bank is calling for an end to loans given in exchange for oil or critical minerals used in smartphones and electric car batteries

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Also Read: Here are ‘key issues’ that the Citizenship Law may solve To allay fears of discrimination against Muslims in India, the MHA released a statement saying 18 crore Indian Muslims have equal rights like their Hindu counterparts and no citizen would be asked to produce any documents to prove his citizenship. "Indian Muslims need not worry as CAA has not made any provision to impact their citizenship and has nothing to do with the present 18 crore Indian Muslims, who have equal rights like their Hindu counterparts.

Election Commission has amended a key rule relating to the allocation of party symbols to make it applicable in the Union Territory of Jammu and Kashmir. A notification issued by the poll panel on Monday said Election Symbols (Reservation and Allotment) Order, 1968 stands amended and will come into force with «immediate effect». Till the time Jammu and Kashmir was a state, it had its own version of the Representation of the People Act, 1951 and the law applicable elsewhere in country was not applicable there. Later, provisions of Article 370 of the Constitution were abrogated and Jammu and Kashmir was divided into two Union territories in 2019.

Uttar Pradesh Chief Minister Yogi Adityanath on Tuesday said Prime Minister Narendra Modi must be re-elected in the upcoming Lok Sabha polls to achieve the goal of a developed India. Addressing a function at the Indira Gandhi Pratishthan here, Adityanath said India cannot develop without Uttar Pradesh making progress and asked the state's municipal bodies to become self-reliant. «For a developed India, there should be a developed UP and for this, every municipal body should achieve the goal of self-reliance and ease of living,» Adityanath said. To achieve the goal of a developed India, the Narendra Modi government is needed once again in 2024, he added.

Suzlon and Renaissance Solar and Electric Material Company, leading companies in the wind power and solar panel segment, respectively, have expressed interest to set up their units in Vijayapura district, the native of Industries & Infrastructure Minister MB Patil. Suzlon has planned to invest Rs 30,000 crore while Renaissance Solar has proposed Rs. 6,000 crore, Patil told media after meeting the chief executives of the two companies. Suzlon Group CEO JP Chalasani and Renaissance Solar CEO Milind Kulkarni participated in the separate meetings with the minister.

India negotiate lower prices for Russian oil as it deepens sanctions on tankers carrying the petroleum above Western price caps, President Joe Biden's energy envoy said on Tuesday. Washington imposed sanctions late last month on Russia's leading tanker group Sovcomflot on the two-year anniversary of Moscow's full scale invasion of Ukraine. It also designated 14 crude oil tankers as property in which Sovcomflot had an interest. That led to concerns in India of a potential dent in Russian oil sales to India, the biggest buyer of Russian seaborne crude, and that the fresh sanctions could complicate efforts by Indian state refiners to secure annual supply deals, Reuters reported late last month.

Joe Biden tried his best to present himself as an energetic and enthusiastic person in his State of the Union address to the joint session of the US Congress, special counsel Robert Hur has made several damning revelations in his report. He has written in his report that the commander-in-chief confused key dates during his October interview, he even forgot the year of death of his son Beau and when Donald Trump was elected president of the country, reports the 'New York Post'.

UAPA for five years. The Ministry, in the notice, issued on Tuesday evening said that the Front is indulging in unlawful activities, which are prejudiced to the integrity, sovereignty and security of the country.

₹8,500 crore. Further, the roadmap to add over 9 GW of renewable energy capacity also comes at a time when Coal India and its subsidiaries have forayed into thermal power generation amid growing demand for power.

$6 billion in intercity cab services underscoring the country's robust demand and vast opportunities. Within this dynamic domain, the intercity cab segment emerges as a crucial player, facilitating connectivity and convenience across India's sprawling urban and rural landscapes. It's in this highly competitive and fragmented market in which Savaari Car Rentals has carved out a niche.

Japan International Cooperation Agency (JICA) for $125 million to fund mostly farmers and women entrepreneurs in rural and semi urban India. This is the second such fund raise by the company in the past four months. At least 40% of the funds will be allocated to women borrowers while the rest will be disbursed to farmers, MSMEs, and two-wheeler loans. Last November, L&T Finance sourced $125 million from Asia Development Bank for a similar lending programme. “Despite steady rural economic growth, accessing financial services remains a challenge for rural communities, Ms. Apurva Rathod, Company Secretary & Chief Sustainability Officer of the company. ``A large percentage of marginal farmers lack formal access to credit, with women being disproportionately affected.”

China said on Tuesday that it supports the Maldives in safeguarding its sovereignty, as the first batch of Indian military personnel operating a helicopter left the island nation and was replaced by a civilian crew. Indian military personnel stationed in the Maldives manning the operations of a helicopter left the country after handing over the operations of the chopper to an Indian civilian crew, the Maldivian media reported on Monday. Asked for his comments on the first batch of the Indian military personnel's withdrawal from the Maldives, Chinese Foreign Ministry spokesperson Wang Wenbin said he was not aware of the specifics. «China supports the Maldives in safeguarding its territorial sovereignty and carrying out friendly cooperation with all sides on the basis of independence,» he said.