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bail to an accused in a money laundering case and said that the power to arrest must be directly proportional to its checks and balances coupled with unambiguous regulations. Granting bail to Mangelal Sunil Agarwal, Additional Sessions Judge (ASJ) Dheeraj Mor noted that in a «very unpleasant situation», while the previous investigating officer had cited him as a witness, the next IO chose to arrest him based on the same evidence available on record. «The hallmark of investigation is its objectivity. Subjective interpretation of IO must be deprecated as it would make a supposed objective investigation dependent upon his uncontrolled whims and fancies, who has been conferred extreme power of arrest that leads to curtailing liberty of an individual,» the judge said in the order passed on August 31. «In these circumstances, it is apparent that one of the lOs was/is wrong and either acted upon the considerations extraneous to law for the reasons to be ascertained or he was incompetent to comprehend the facts of the case in proper perspective.

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Gala Precision Engineering, a component manufacturer with applications in wind power generation, industrial, and automotive sectors, plans to raise ₹167 crore through an initial public offering (IPO). Of this amount, ₹135 crore will be from fresh issuance to fund brownfield and greenfield capacity expansions, which could potentially double the company's revenue over the next three years. The remaining amount is an offer for sale by the promoter, reducing the promoter's stake from 75% to 55% post-IPO. Gala Precision is focused on non-commodity product offerings where competition is lower and is gradually increasing its exposure to the mobility segment through its fastener products, driving incremental growth. The strong prospects for wind power capacity expansion, with increasing contributions to renewable energy, are expected to drive the company's earnings growth. Given these factors, long-term investors may consider subscribing to the company's IPO.

India's growth is driven by investment in infrastructure, inclusive development, manufacturing, and simplification of laws, said Ashwini Vaishnaw, union minister for electronics and information technology, information and broadcasting, and railways. When it comes to infrastructure, the government is investing not just in physical and digital assets but social resources as well, he said at the Economic Times World Leaders Forum on Saturday. Medical colleges for example have nearly doubled to 706 in the last 10 years, while the number of premier All India Institutes of Medical Sciences (AIIMS) have gone to 22 from seven, he said Vaishnaw. On the manufacturing side of things, a key driver of new jobs, Vaishnaw said the government is focusing on creating new industries through programmes such as production-linked incentive (PLI) schemes. The PLI for mobile phone manufacturing has generated 1.2 million direct and indirect jobs in the past decade, he said. The total production value of mobile phones manufactured in India has risen from $2.3 billion in 2014 to $50 billion in 2024, he said.

small cars are set to make a strong comeback, say experts. A recent surge in two-wheeler sales is an indication of improving sentiment at the entry level of the personal mobility market, according to the experts. An expanding pool of two-wheeler owners looking to upgrade to four-wheelers, and the need for affordable and efficient mobility solutions in metro cities and urban areas also suggest that demand for small cars is set to pick up, and they expect the segment to return to the path of growth by 2026. Maruti Suzuki, the car market leader for which small cars were the bread and butter until a few years ago, is expected to enhance its portfolio of such models beyond the Alto, offering a mix of petrol, CNG and electric options. Some reports say the local unit of Japan’s Suzuki Motor is already testing small electric vehicles.

electronics component ecosystem in India, union minister for electronics & information technology Ashwini Vaishnaw said. Vaishnaw, who is also the minister for railways and information & broadcasting, said more than 99% of all mobile phones used in the country are being made in India. “This year, Apple will be manufacturing its latest model in India,” Vaishnaw said at The Economic Times World Leaders Forum. “The value of electronics manufacturing in India had increased to $105 billion as of 2022-23, up from $29 billion in 2013-14. We are preparing a programme where the component ecosystem can expand in India in the same way as electronics and mobile manufacturing has expanded.”

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scheme to help set up a sustainable electronics component ecosystem in India, union minister for electronics and Information Technology, Railways, and Information Broadcasting Ashwini Vaishnaw said. Speaking at the inaugural session of the World Leader Forum 2024, Vaishnaw said that more than 99% of all mobile phones used in India were being manufactured domestically. “This year Apple will be manufacturing their latest model in India. The value of electronics manufacturing in India had increased to $105 billion as of 2022-23, up from $29 billion in 2013-14. We are preparing a program where the component ecosystem can now come in the way electronics and mobile manufacturing has come in,” he said.

State Bank of India (SBI) has launched a new design for its FASTag which aims to reduce the travel time for commuters. According to a press release dated August 30, 2024, «The bank has introduced a new design for SBI FASTag in the Vehicle Class (VC-04) category. The advanced FASTag design enhances vehicle identification and toll collection efficiency aimed at reducing travel time for millions of commuters in India.»

Indian IPO market has witnessed a notable upswing recently, driven by strong market sentiments and robust macro environment. In the upcoming week, two companies are gearing up to launch their IPOs, one in the mainboard and the other in the SME segment. In the mainboard segment, the public offer of Gala Precision Engineering will open for subscription next week, while Jeyyam Global Foods will unveil its IPO for investors in the SME space.

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New SBI chairman Setty has his task cut out The banking sector is facing the worst deposit crunch in 20 years as the pace or raising funds from customers has lagged credit growth. On year, credit growth was up 13.5% as of 9 August while deposits have risen 10.9%, as per Reserve Bank of India (RBI) data. The credit-to-deposit ratio—or the percentage of deposits given out as loans—has been generally hovering around 80% since September.

Fintech startups are reshaping how large banks conduct business, prompting traditional financial institutions to adapt their offerings to the evolving fintech landscape, according to C S Setty, the newly appointed chairman of the State Bank of India (SBI). “The good thing about fintechs is that they are reshaping the way we do business. An extreme customer convenience-focused approach is something which made the conventional players reimagine the customer journey. Yono itself is an example. I keep saying that we are the largest fintech company and we align our business looking at the fintech environment,” Setty said on Friday at the Global Fintech Fest held in Mumbai. Setty added that SBI is actively seeking deeper integrations with fintech companies.

Indian Banks' Association is likely to ask the central bank to reduce the amount of additional funds lenders will need to set aside against some retail deposits and also seek a delayed and gradual implementation of the proposal, seven sources told Reuters. The Reserve Bank of India in July proposed an additional 5% 'runoff' requirement on retail deposits enabled with internet and mobile banking facilities to bolster the liquidity resilience of banks. The RBI had sought feedback on the proposal until Aug. 31, after which it would finalise them for implementation from April 2025.

Defence Minister Rajnath Singh on Friday stated that the Indian economy has now improved to 'Fabulous Five' from the 'Fragile Five' before 2014. The minister also added that the Indian economy is one of the fastest-growing large economies now. Speaking at the 'Manorama News Conclave 2024' in Thiruvananthapuram, the minister said, «India's economy has undergone unprecedented changes. Before 2014, India's economy was among the 'Fragile Five'. Today it is being recognised all over the world as one of the 'Fabulous Five'. The Indian economy has become one of the fastest-growing large economies today». The minister also added that the government has taken various steps to improve the ease of doing business in the country, he added that because of the efforts by the government now the process to get environment clearance has reduced to less than 75 days from 600 days earlier.

B Navyashree lying dead next to her with her throat slit. The incident occurred at Navyashree's house in Vishweshwaraiah Layout, Kengeri. Police suspect Navyashree's husband, A Kiran, a cab driver, of committing the murder after a night of conflict, and he has been detained. Navyashree, originally from Bhadravati in Shivamogga district, had invited her childhood friend Aishwarya over to share details of her troubled marriage with Kiran. According to the police, the couple had been facing issues for the past year, with Kiran feeling increasingly insecure due to Navyashree's social status as a choreographer. The police described the tension in the marriage, noting that Kiran wanted Navyashree to change her profession and often suspected her fidelity. «Differences cropped up between the couple over the last one year,» an officer explained, adding that Kiran frequently checked Navyashree's mobile phone, which annoyed her.

Vistara merged with Air India, Tata SIA Airlines, the operator of Vistara Airlines, announced on Friday, that flight bookings for travel dates up to November 11, 2024, will be available until September 3, 2024. After November 11, 2024, all Vistara aircraft will become part of Air India's operations. Following this date, Air India will exclusively manage the remaining Vistara flight bookings. In May 2024, Air India clarified that Vistara's loyalty program will merge with Air India's Flying Returns and lounge access will remain unchanged. However, if you're a Vistara customer who paid for lounge access when booking your ticket, you might be wondering what will happen to your airport lounge booking after November 12, 2024. Here are important FAQs about flight bookings, lounge access, refunds and cancellations and more as per the Vistara-Air India merger website.

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At a time when the Telecom Regulatory Authority of India (Trai) is introducing new measures to address the issue of spam calls and messages, a survey by LocalCircles has found that 76% people get three or more such messages daily. The survey received responses from 41,000 people located in 357 districts of India. According to the data, 8 in 10 surveyed who are registered on DND (do not disturb) list say they still get unwanted SMS.

quick commerce space continues to see new entrants as more and more companies try to snag a piece of the pie. Ecommerce majors Amazon and Flipkart, and mobility major Ola are among those that are planning to enter the segment even as existing players like Zomato-owned Blinkit, Zepto and Swiggy’s Instamart continue to strengthen their play. Take a look at some of the recent developments in the quick commerce segment in India: Amazon India set to launch quick commerce: Amazon is all geared up to enter the buzzing quick commerce segment in India. The ecommerce major will likely launch its offering in the first quarter of the next year and has entrusted Nishant Sardana, who was heading the PC, audio, camera and large appliances business at Amazon India with the the responsibility of developing its quick commerce strategy, people in the know said.