India Extends USD 50 Million Budgetary Support to Maldives for Another Year.
India has extended its budgetary support to the Maldives by an additional USD 50 million for another year. This funding aims to bolster the Maldives' economic recovery and development efforts. The support reflects India’s commitment to strengthening ties with the Maldives and assisting in the nation's progress. It will be utilized for various development projects that focus on enhancing infrastructure and public services. The announcement underscores the importance of bilateral cooperation between the two nations, as India continues to play a crucial role in the Maldives' stability and growth amid regional challenges and global economic uncertainties.
India’s financial assistance strengthens its influence in the Maldives, promoting stability and growth in the region.
The support demonstrates India's commitment to regional partnerships and its role as a reliable ally for smaller nations. यह सहायता भारत की क्षेत्रीय साझेदारियों के प्रति प्रतिबद्धता और छोटे देशों के लिए एक विश्वसनीय सहयोगी के रूप में उसकी भूमिका को दर्शाती है। Recently, India extended budgetary support of USD 50 million to which country for another year? A) Sri Lanka B) Maldives C) Bangladesh D) Nepal Correct Answer: B) Maldives हाल ही में, भारत ने किस देश को एक और वर्ष के लिए 50 मिलियन डॉलर की बजटीय सहायता बढ़ा दी? A) श्रीलंका B) मालदीव C) बांग्लादेश D) नेपाल सही उत्तर: B) मालदीव
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OECD (Organisation for Economic Co-operation and Development) Raises India's GDP Forecast to 6.7% for FY25 and 6.8% for FY26.
The Organisation for Economic Co-operation and Development (OECD) has revised its GDP growth forecast for India, projecting an increase to 6.7% for the fiscal year 2025 and 6.8% for fiscal year 2026. This adjustment reflects the resilience of the Indian economy amidst global uncertainties and challenges. The OECD highlighted factors such as strong domestic demand and ongoing structural reforms as key drivers of growth. Additionally, the organization emphasized the importance of maintaining economic stability and pursuing inclusive policies to sustain this growth trajectory in the coming years. These forecasts position India as one of the fastest-growing major economies.
India's economic reforms are expected to attract more foreign investment, boosting job creation and innovation in various sectors.
The government's focus on infrastructure development will further enhance economic growth and improve living standards for citizens.
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Government Approves Sale of Ferro Scrap Nigam Ltd to Japanese Firm Konoike Transport for Rs 320 Crore.
The Indian government has approved the sale of Ferro Scrap Nigam Ltd (FSNL) to the Japanese firm Konoike Transport for Rs 320 crore. This strategic move aims to enhance the operational efficiency of FSNL, which specializes in scrap processing and recycling. Konoike Transport is expected to bring advanced technology and expertise, helping FSNL expand its capabilities in the scrap metal industry. The sale is part of the government's broader initiative to attract foreign investment and boost the country's recycling sector. Officials believe this partnership will create job opportunities and contribute to sustainable development in the region.
The acquisition by Konoike Transport will modernize FSNL's infrastructure, promoting efficient recycling practices in India.
This deal signals a positive trend in foreign investment, encouraging other international firms to explore opportunities in India.
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According to Standard & Poor's (S&P) Global report, India is on track to become the world's third largest economy by FY31 and the annual growth rate is estimated at 6.7%.
According to the Standard & Poor's (S&P) Global Report, India is projected to become the world's third-largest economy by the fiscal year 2031. The report highlights that the country is on a robust growth trajectory, with an expected annual growth rate of 6.7%. This growth is attributed to various factors, including a youthful population, increasing foreign investments, and structural reforms aimed at enhancing productivity. The report emphasizes that sustained economic growth will be crucial for India to achieve this milestone, positioning it as a key player in the global economy in the coming years.
India's strong growth potential can attract more global businesses, boosting job creation and innovation in various sectors.
Continued investments in infrastructure and technology are essential for India to maintain its economic momentum and competitiveness.
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Karnataka, Gujarat, and Tamil Nadu Recognized as Major Beneficiaries of 1990s Economic Reforms by the Economic Advisory Council to the Prime Minister.
Karnataka, Gujarat, and Tamil Nadu have emerged as the major beneficiaries of the economic reforms initiated in the 1990s, according to a report by the Economic Advisory Council to the Prime Minister (EAC-PM). The reforms, which liberalized the Indian economy, played a pivotal role in driving growth and development in these states. Karnataka's technology sector flourished, Gujarat became a hub for manufacturing, and Tamil Nadu saw significant advancements in industries like textiles and automobiles. The report highlights how these states effectively utilized the opportunities presented by the reforms, contributing to their economic prosperity and setting benchmarks for others.
The economic reforms of the 1990s paved the way for increased foreign investment in India, enhancing growth prospects.
These states have created job opportunities through industrial development, improving living standards and overall economic conditions.
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Airtel Business Partners with Sparkle to Enhance Connectivity with Europe.
Airtel Business has announced a strategic partnership with Sparkle, a global telecommunications operator, to enhance connectivity between India and Europe. This collaboration aims to improve the digital infrastructure and provide robust solutions for businesses seeking seamless communication and data transfer across borders. By leveraging Sparkle's extensive network in Europe, Airtel Business intends to offer enhanced services to its customers, enabling them to thrive in the digital economy. This partnership reflects Airtel's commitment to expanding its global reach and providing cutting-edge connectivity solutions that cater to the evolving needs of businesses in an increasingly interconnected world.
The partnership will enable improved data transfer and communication for businesses operating internationally.
Airtel aims to enhance its service offerings through this collaboration, targeting a broader customer base in Europe.
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Moneyview Becomes India's 6th Unicorn Startup with $1.2 Billion Funding.
Moneyview, a leading financial technology startup, has achieved the status of India's 6th unicorn by raising funding at a valuation of $1.2 billion. The recent investment round attracted significant interest from both domestic and international investors, reflecting confidence in the company’s innovative approach to personal finance management. Founded in 2013, Moneyview offers solutions that help users track expenses, manage budgets, and improve financial literacy. This milestone underscores the growing fintech sector in India, which has seen a surge in startups addressing the diverse financial needs of consumers. Moneyview's success paves the way for future growth in the industry.
Moneyview aims to enhance financial literacy among users through innovative tools and resources.
The funding will support expansion into new markets and the development of advanced financial products.
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Tata Steel UK Secures £500 Million Grant Agreement with UK Government for Port Talbot Project.
Tata Steel UK has signed a £500 million grant agreement with the United Kingdom government to support its Port Talbot project. The funding is aimed at transforming the Port Talbot steelworks, one of the largest steel production sites in the UK, into a more sustainable and eco-friendly facility. The project focuses on reducing carbon emissions and transitioning towards greener production methods. This partnership is part of the UK government’s broader effort to decarbonize heavy industries and achieve its net-zero targets. The investment will also help secure thousands of jobs in the steel industry and boost the local economy.
The funding will support advanced technology implementation for sustainable steel production.
The project aims to significantly cut carbon emissions at Port Talbot steelworks.
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Pixxel Secures $476 Million NASA Contract to Support Earth Science Research with Hyperspectral Technology.
Pixxel has been awarded a significant contract by NASA worth $476 million to support Earth Science Research (ESR) using its advanced hyperspectral technology. This contract will enable Pixxel to provide crucial data and insights through its state-of-the-art hyperspectral imaging systems, which can capture detailed information across various wavelengths. This partnership aims to enhance NASA's ability to monitor and analyze Earth's environmental changes and conditions more accurately. The collaboration marks a major milestone for Pixxel, underscoring its role in advancing space-based observational technologies and contributing to critical scientific research and data collection for Earth sciences.
Pixxel's hyperspectral technology will enhance NASA’s monitoring of climate change and environmental conditions globally.
This contract represents a major investment in space-based Earth observation and advanced imaging capabilities.
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National Thermal Power Corporation Limited (NTPC) and Suzlon Energy Limited Partner for India’s Largest Wind Energy Order of 1,166 MW.
National Thermal Power Corporation Limited (NTPC) and Suzlon Energy Limited have announced a landmark partnership to fulfill India’s largest wind energy order. The collaboration involves a massive 1,166 megawatts (MW) wind energy project, reflecting a significant step toward enhancing India's renewable energy capacity. This order is poised to accelerate the country’s transition to cleaner energy sources and supports NTPC’s and Suzlon’s commitment to sustainable development. The project is expected to contribute substantially to reducing carbon emissions and fostering a greener future for India. This move underscores both companies' roles in advancing the nation’s green energy goals.
The project will create numerous job opportunities and stimulate economic growth in the renewable energy sector.
This partnership will help India achieve its ambitious climate goals by increasing the share of wind energy.
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Rane Holdings Gets CCI Approval for Acquiring 51% Stake in Steering Systems.
Rane Holdings has received approval from the Competition Commission of India (CCI) to acquire a 51% stake in Steering Systems. This acquisition is set to strengthen Rane Holdings' position in the automotive sector by enhancing its capabilities in steering technology. The approval follows a thorough review process by the CCI to ensure that the acquisition complies with competition regulations and does not adversely impact market competition. The deal is expected to provide Rane Holdings with increased market share and technological advancements, positioning the company for further growth and innovation in the industry.
The acquisition aims to leverage Steering Systems' advanced technology for better product offerings.
Rane Holdings anticipates enhanced strategic positioning and competitive advantage post-acquisition.
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According to Ind-Ra Report, India's Current Account Deficit May Rise to 1% of GDP in Q2 FY25.
Recently, an Ind-Ra report forecasted that India's current account deficit is likely to increase to 1% of GDP in the second quarter of FY25. This anticipated rise is attributed to widening trade deficits and increased external borrowings. The report suggests that higher import costs and subdued export growth may contribute to the growing deficit. Despite these challenges, the report emphasizes the need for policy adjustments to mitigate potential economic impacts and sustain growth. Stakeholders and policymakers will need to closely monitor these developments to ensure economic stability in the coming quarters.
Increased global oil prices may exacerbate the current account deficit by raising import costs.
External economic conditions could impact India's trade balance and deficit levels.
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India's UPI Processes Transactions Worth Nearly ₹81 Lakh Crore from April to July, Surpassing World's Leading Digital Payment Platforms.
India's Unified Payments Interface (UPI) has achieved a significant milestone, processing transactions worth nearly ₹81 lakh crore from April to July 2024. This massive figure positions UPI ahead of several leading global digital payment platforms. The growth of UPI highlights India's leadership in the digital payments space, offering swift, secure, and seamless transactions. With increasing adoption across various sectors, UPI has become a preferred mode of payment for millions of users, enabling real-time fund transfers and boosting the economy. This achievement reflects India's digital transformation and the growing reliance on cashless payments.
UPI transactions continue to grow exponentially, contributing to financial inclusion across urban and rural India.
India's UPI system sets new benchmarks globally, driving innovation in the digital payments ecosystem.
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World Bank Revises India's FY25 GDP Growth Estimate to 7% from 6.6%.
The World Bank has upgraded its estimate for India's GDP growth for the fiscal year 2024-25. Initially projected at 6.6%, the new forecast is now set at 7%. This revision reflects stronger-than-expected economic performance and improved conditions in key sectors. The World Bank’s optimistic outlook highlights India's resilience and robust economic recovery amid global uncertainties. The updated forecast is expected to bolster investor confidence and support continued economic momentum in the country.
The revised growth estimate reflects improved economic conditions and a stronger recovery trajectory for India.
The World Bank's update is expected to enhance investor confidence and attract further investment into the Indian economy.
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According to National Statistical Office (NSO) India Reports Real GDP Growth Slows to 15-Month Low of 6.7% in Q1 FY25.
The National Statistical Office (NSO) of India has reported that the country's real GDP growth slowed to a 15-month low of 6.7% in the first quarter of FY25. This marks a significant deceleration from previous quarters, reflecting challenges in the economic landscape. Analysts attribute the slowdown to a combination of factors, including global economic uncertainties and domestic structural issues. The decline raises concerns about the sustainability of India's economic recovery and may influence policy adjustments in the coming months. The data highlights the need for targeted measures to boost economic activity and address underlying vulnerabilities.
Consumer spending and investment growth have weakened, contributing to the slower GDP growth in the recent quarter.
The slowdown may prompt the Reserve Bank of India to reconsider its monetary policy stance.
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Moody's Upgrades India's GDP Growth Forecast to 7.2% for CY2024.
Moody’s has revised its forecast for India’s GDP growth, predicting a 7.2% increase for the calendar year 2024. This adjustment reflects improved economic conditions and a positive outlook for India’s growth trajectory. The rating agency cited robust domestic consumption, government reforms, and strong investment inflows as key factors contributing to this optimistic projection. Moody’s had previously estimated a lower growth rate, but the latest forecast highlights a more favorable economic environment. This upward revision underscores confidence in India’s economic resilience and growth potential in the coming year.
Moody’s highlights strong government policies as a driving force behind the increased GDP growth forecast for India.
The revision reflects an expected boost in consumer spending and investment, signaling economic recovery and stability.
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ReNew and Microsoft Sign 437.6 MW Clean Power Purchase Agreement.
Renew Power and Microsoft have signed a significant clean energy agreement, committing to the purchase of 437.6 megawatts (MW) of renewable energy. This partnership underscores both companies' dedication to sustainability and reducing their carbon footprint. The deal, part of Microsoft's broader strategy to achieve its carbon neutrality goals, will support the development of renewable energy projects in India. By investing in clean power, both Renew Power and Microsoft aim to drive positive environmental impact and contribute to a greener future. This agreement marks a major milestone in their ongoing efforts to support global climate goals.
The agreement supports the expansion of India's renewable energy infrastructure, enhancing energy security and sustainability.
The deal aligns with Microsoft’s commitment to sourcing 100% renewable energy for its global operations.
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According to RBI study, Gujarat has surpassed Uttar Pradesh as the top investment destination in FY24.
According to the latest RBI study, Gujarat has overtaken Uttar Pradesh as the top investment destination in the fiscal year 2024. The study highlights Gujarat's growing appeal among investors due to its favorable business environment, robust infrastructure, and effective governance. The state's strategic initiatives and policies have significantly enhanced its attractiveness for both domestic and international investments. Uttar Pradesh, which previously held the top position, continues to be a key player but has been edged out by Gujarat's rapid development and investor-friendly reforms. This shift reflects a broader trend of evolving investment dynamics across India.
Gujarat's industrial growth and improved ease of doing business contribute significantly to its new investment-leading position.
The shift reflects Gujarat's strategic policy reforms and infrastructure enhancements, making it a preferred choice for investors.
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Goldman Sachs Reduces India's GDP Growth Forecasts for 2024 and 2025.
Goldman Sachs has revised its growth forecasts for India's GDP for the years 2024 and 2025. The financial giant now predicts a slower economic expansion due to a combination of factors, including global economic uncertainties and domestic challenges. The updated forecast reflects concerns over weakening consumer demand and investment activity, which could impact India's economic trajectory. This adjustment comes as part of Goldman Sachs' broader analysis of emerging markets and their growth potential amid changing global conditions. The revised figures are expected to influence market expectations and economic planning for the coming years.
Goldman Sachs' revision highlights growing concerns over India's economic resilience amid global and domestic headwinds.
The downgrade could influence investor sentiment and policy decisions regarding India's economic growth strategies.
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ICRA Projects India's GDP Growth to Moderate to Six-Quarter Low of 6% in Q1 FY25.
ICRA has projected that India's GDP growth will slow down to 6% in the first quarter of FY25, marking the lowest rate in six quarters. This anticipated moderation reflects a cooling economy amid ongoing global uncertainties and domestic challenges. Analysts suggest that the slowdown may be influenced by factors such as decreased consumer spending, fluctuating investment levels, and potential disruptions in key sectors. The forecast highlights the need for strategic policy measures to sustain economic momentum and address underlying issues impacting growth.
ICRA highlights that industrial production and consumer demand are crucial factors affecting GDP growth forecasts.
Expectations of government stimulus measures may play a role in countering the predicted economic slowdown.
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Ather Energy Becomes a Unicorn After Securing $71 Million in Funding from NIIF.
Ather Energy, an electric vehicle manufacturer, has achieved unicorn status following a significant funding round. The company secured $71 million from the National Investment and Infrastructure Fund (NIIF), elevating its valuation to over $1 billion. This milestone marks a major achievement for Ather Energy, which has been expanding its presence in the electric scooter market. The investment from NIIF will support the company's growth plans, including scaling up production and enhancing its technology. This funding round underscores the growing investor confidence in the electric mobility sector.
Ather Energy plans to use the funds to expand its charging infrastructure across major cities in India.
The new valuation places Ather Energy among India's most valuable startups in the electric vehicle sector.
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India Approves Additional 251 MW Power Exports from Nepal.
India has approved an additional 251 megawatts (MW) of power exports from Nepal, boosting the cross-border energy trade between the two nations. This decision is expected to enhance the energy security of northern Indian states while supporting Nepal’s economy by providing a stable revenue stream. The increased power supply will be managed through existing transmission lines, optimizing the utilization of the regional energy grid. This move aligns with the broader strategy to strengthen energy cooperation in South Asia and underscores India’s commitment to regional partnership and sustainable development.
The increased power exports will reduce energy shortages in Indian states and support Nepal’s hydropower industry growth.
This agreement reflects ongoing regional collaboration, aiming to integrate South Asian energy markets for enhanced stability.
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According to the Periodic Labour Force Survey Quarterly Bulletin: Urban Unemployment Rate Declines to 6.6% in Q1 FY25.
According to the Periodic Labour Force Survey (PLFS) Quarterly Bulletin, the urban unemployment rate has decreased to 6.6% in the first quarter of FY25. This marks a notable improvement from previous periods. The PLFS report highlights that urban areas have witnessed a gradual reduction in joblessness, reflecting positive trends in the labor market. Analysts attribute this decline to various factors including economic recovery and increased employment opportunities in urban sectors. The data suggests a strengthening economy and improved employment conditions in the urban workforce, indicating a promising outlook for the remainder of the fiscal year.
The 6.6% urban unemployment rate highlights ongoing challenges in achieving full labor market recovery.
Job growth in urban areas has been steady, contributing to the lower unemployment figures.
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ONGC(Oil and Natural Gas Corporation) and Oil India to Set New Natural Gas Prices 20% Above Current Rates.
On Monday, the Ministry of Petroleum and Natural Gas approved a new pricing policy for gas from new wells or well interventions in ONGC and Oil India Ltd.’s nominated fields. Gas from these sources will be priced at a 20% premium over the current administered price mechanism (APM), set at 10% of the Indian crude basket price. The new price will be 12% of the crude basket price. This initiative aims to enhance the viability of new gas projects and boost domestic production by making such developments more economically attractive.
Gas from these new sources will be priced at a 20% premium over the current administered price mechanism (APM) or domestic gas price.
The initiative aims to improve the economic feasibility of new gas development projects and incentivize increased domestic gas production.
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SBI Projects 7% GDP Growth for FY25.
State Bank of India (SBI) has projected a 7% GDP growth for the fiscal year 2025. The bank's economic research team anticipates a robust recovery in economic activity, driven by strong domestic consumption and increased investment. According to SBI, key sectors such as manufacturing, services, and infrastructure are expected to contribute significantly to this growth. The forecast reflects confidence in India's economic resilience and potential, despite global uncertainties. SBI's projection aligns with the optimistic outlook of various economic analysts who predict sustained economic momentum in the coming years.
SBI’s GDP growth forecast indicates confidence in India’s economic recovery despite global economic challenges.
Key drivers for the projected growth include robust domestic demand and increased investment in critical sectors.
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Government Eases Long-Term Capital Gains Rules for Property Owners.
The government has announced a significant relaxation in the rules governing long-term capital gains (LTCG) for property owners. Under the new regulations, property owners will benefit from reduced tax liabilities on profits earned from the sale of assets held for over two years. This move aims to stimulate the real estate market and encourage investment by making it financially more attractive for individuals to hold and trade property. The revised rules are expected to simplify the tax process and provide relief to those affected by the previous, more stringent regulations.
The new rules will increase property market liquidity by encouraging more transactions and investment in real estate.
Simplified tax calculations under the new regulations will reduce administrative burden for property owners and investors.
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The Chief Minister of Gujarat inaugurated India’s first MSME Center of Excellence by the Indian American Chamber of Commerce (IACC).
The Chief Minister of Gujarat recently inaugurated the first MSME (Micro, Small, and Medium Enterprises) Center of Excellence in India, established by the Indian American Chamber of Commerce (IACC). This center aims to support and enhance the capabilities of MSMEs across the country by providing advanced resources, training, and technology. The initiative reflects a commitment to boosting the sector's growth and innovation, fostering a more dynamic and competitive business environment. The center will serve as a hub for excellence, helping MSMEs scale their operations and achieve global standards.
The center will offer mentorship programs to guide MSMEs through business challenges and growth opportunities.
It aims to facilitate collaboration between MSMEs and global industry leaders for innovation and knowledge exchange.
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CIL and GAIL Sign Joint Venture to Establish Coal-to-SNG Plant in West Bengal.
Coal India Limited (CIL) and GAIL (India) Limited have entered into a joint venture agreement to set up a coal-to-SNG (Synthetic Natural Gas) plant in West Bengal. This initiative aims to leverage coal resources to produce clean energy and reduce reliance on imported natural gas. The proposed plant will enhance energy security and support the region's economic development. Both companies will collaborate on the project's development, implementation, and operation, marking a significant step in India's efforts to diversify its energy sources and promote sustainable energy solutions.
The joint venture will invest significantly in technology for efficient coal-to-SNG conversion and reduce emissions.
The project aligns with India’s strategy to enhance domestic energy production and cut greenhouse gas emissions.
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BHEL Revives First-Ever Methanol Firing Demonstration Order in Gas Turbine at Kayamkulam CCPP.
Bharat Heavy Electricals Limited (BHEL) has revived its pioneering order for a methanol firing demonstration in a gas turbine at the Kayamkulam Combined Cycle Power Plant (CCPP). This project marks the first time methanol will be used as a fuel in a gas turbine, showcasing BHEL's commitment to innovative and sustainable energy solutions. The demonstration aims to highlight the feasibility of methanol as an alternative fuel for gas turbines, potentially reducing carbon emissions and contributing to greener power generation. This initiative reflects BHEL's ongoing efforts to advance technology and support environmentally friendly energy practices.
The methanol demonstration aims to test fuel efficiency and performance in gas turbines under real operating conditions.
BHEL's initiative supports India's goal of reducing greenhouse gas emissions and advancing cleaner energy technologies.
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Carlyle Group likely sells stake in PNB Housing Finance via block deal.
Carlyle Group is reportedly planning to sell its stake in PNB Housing Finance through a block deal. This move comes as part of Carlyle's strategy to streamline its portfolio and generate returns for its investors. The block deal will involve the sale of a substantial number of shares in the housing finance company, and it is expected to attract significant interest from institutional investors. The transaction is likely to impact the market and potentially influence the stock price of PNB Housing Finance. The exact details and timing of the deal have not yet been disclosed.
Carlyle’s exit aims to optimize its investment portfolio and focus on other opportunities.
Institutional investors may drive significant demand in the upcoming block deal.
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Amazon Pay, Adyen, and Billdesk Secure PA-CB License from RBI.
Amazon Pay, Adyen, and Billdesk have recently secured the Payment Aggregator and Payment Gateway (PA-CB) license from the Reserve Bank of India (RBI). This license authorizes these companies to offer payment gateway services and facilitate digital transactions within India. The PA-CB license is a significant milestone for these firms as it enhances their credibility and allows them to expand their payment solutions in the Indian market. The RBI's stringent requirements for this license ensure a higher standard of security and compliance, which will benefit both merchants and consumers by providing a more secure and efficient payment infrastructure.
The PA-CB license strengthens regulatory oversight and promotes transparency in digital payment systems in India.
The new license facilitates smoother integration of digital payment solutions for businesses, enhancing overall market efficiency.
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PwC India and Microsoft India have signed an agreement to strengthen cyber security.
PwC India and Microsoft India have signed an agreement aimed at enhancing cybersecurity. This strategic partnership will leverage Microsoft’s advanced security technologies and PwC's extensive cybersecurity expertise to help organizations better protect themselves against cyber threats. The collaboration will focus on providing comprehensive security solutions and services, including threat detection, incident response, and risk management. Both companies aim to strengthen the overall cybersecurity posture of businesses in India by integrating cutting-edge technologies and best practices. This initiativscores their commitment to addressing the growing challenges in the cybersecurity landscape.e under
The partnership aims to integrate advanced AI and machine learning for proactive threat identification.
Joint efforts will focus on enhancing incident response capabilities for quicker and more effective resolutions.
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IND-Ra has raised FY25 GDP growth forecast to 7.5%.
India Ratings and Research (Ind-Ra) has revised its GDP growth forecast for FY25 to 7.5%. This adjustment comes amid expectations of strong demand in the economy. Ind-Ra’s updated projection reflects optimism about sustained economic activity and recovery, driven by factors such as robust consumption and investment. The agency's forecast indicates confidence in India’s economic resilience and potential for growth despite global uncertainties. The revision aligns with broader economic indicators suggesting a positive trajectory for the country's economic performance in the coming fiscal year.
Ind-Ra cites strong domestic consumption and investment as key drivers for the revised growth forecasts.
The upgrade reflects confidence in India’s economic stability amid global economic challenges.
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CCI Approves Merger of MCFL with PPL & Acquisition of MCFL Shares by ZMPPL.
The Competition Commission of India (CCI) has approved the merger of Madras Cements Limited (MCFL) with Priya Cement Limited (PPL). This strategic move aims to consolidate market presence and enhance operational efficiency. Additionally, the CCI has sanctioned the acquisition of shares in MCFL by ZMPPL. This acquisition is expected to bring substantial investment and support the growth trajectory of MCFL. The decisions mark a significant step in the sector, aligning with broader industry trends of consolidation and investment to boost competitiveness and sustainability.
The merger is expected to create a stronger market player with expanded resources and capabilities.
The acquisition by ZMPPL is likely to enhance MCFL's financial stability and growth prospects.
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Rapido becomes unicorn with $120 million fresh funding from WestBridge.
Rapido, the prominent bike taxi platform, has achieved unicorn status after securing $120 million in fresh funding from WestBridge Capital. This significant investment will accelerate Rapido's expansion and strengthen its market position in the rapidly growing mobility sector. The funding will be used to enhance technology, expand service areas, and drive user growth. As a unicorn, Rapido joins an elite group of startups valued at over $1 billion, marking a major milestone in its growth journey. This development highlights the increasing investor confidence in the company's potential and the future of bike taxi services.
Rapido plans to diversify services beyond bike taxis, including scooter rentals and logistics solutions.
The company aims to enhance user experience with advanced safety features and app improvements.
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India likely to grow at 7.5% in FY25.
India is projected to achieve a growth rate of 7.5% in the fiscal year 2025. This optimistic forecast is based on robust economic recovery and favorable domestic conditions. Analysts suggest that the country's economic performance will be supported by strong consumer demand, ongoing infrastructure development, and a stable political environment. The growth is expected to contribute significantly to India’s rising status as a major global economic player. Government policies and strategic investments are anticipated to play a crucial role in sustaining this positive momentum throughout the year.
Government's focus on infrastructure projects and digital transformation will drive economic growth and job creation.
Increased foreign investment and export growth are expected to boost India’s economic performance in FY25.
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UltraTech Acquires 32.72% Stake in India Cements for ₹3,954 Crore.
UltraTech Cement has signed an agreement to acquire an additional 32.72% stake in India Cements for ₹3,954 crore. This move will significantly increase UltraTech’s ownership in India Cements, strengthening its position in the Indian cement market. The acquisition aligns with UltraTech’s strategy to expand its market presence and consolidate its foothold in key regions. This strategic investment underscores UltraTech's commitment to growing its business and enhancing its competitive edge. The deal is expected to provide long-term benefits by leveraging synergies between the two companies and capitalizing on the expanding demand in the construction sector.
The acquisition enhances UltraTech’s control over the cement market and expands its operational footprint across India.
This strategic move aims to boost UltraTech’s market share and strengthen its competitive positioning in the sector.
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Aditya Birla Group enters jewellery market with ₹5,000 Crore brand Indriya.
The Aditya Birla Group has ventured into the jewellery market with its new brand, Indriya, backed by an investment of ₹5,000 crore. This move marks the conglomerate's diversification into the luxury goods sector, aiming to capture a significant share of the Indian jewellery market. Indriya will offer a wide range of high-quality jewellery, combining traditional craftsmanship with contemporary designs. The launch reflects Aditya Birla Group's strategic focus on expanding its consumer-centric portfolio and strengthening its presence in the retail industry.
Indriya aims to leverage Aditya Birla Group's strong retail network for widespread distribution and market penetration.
The brand plans to incorporate sustainable practices in its jewellery production, aligning with global environmental standards.
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EQT Private Cap Asia exits RBL Bank and sells entire stake for Rs 1,091 cr.
EQT Private Capital Asia, formerly known as Baring Private Equity Asia, on Thursday exited RBL Bank by selling its entire 7.89 per cent stake in the private sector lender for Rs 1,091 crore through an open market transaction.EQT Private Capital Asia through its vehicle Maple II BV sold shares of RBL Bank through a bulk deal on the BSE.As per the data available on the BSE, Maple II B V sold 4,78,40,700 shares, amounting to a 7.89 per cent stake in RBL Bank.The shares were offloaded at an average price of Rs 228.08 apiece, taking the transaction value to Rs 1,091.15 crore.
The transaction represents a strategic shift for EQT Private Capital Asia in its investment portfolio.
The average sale price of Rs 228.08 per share reflects current market valuation.
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CCI approves equity stake allotment in Aakash to Ranjan Pai’s Manipal Group.
The Competition Commission of India (CCI) has approved the allotment of an equity stake in Aakash Educational Services to Ranjan Pai's Manipal Group. This strategic move aims to strengthen the collaboration between Aakash, a leading test preparation and educational services provider, and Manipal Group, a renowned entity in the education sector. The partnership is expected to enhance educational offerings and expand their reach to more students across India. By combining their resources and expertise, both organizations aim to deliver high-quality education and create a more robust educational ecosystem.
Manipal Group aims to leverage Aakash's established network to expand its footprint in the test preparation market.
This partnership is set to bring innovative educational solutions and technologies to students across various regions.
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Tata and Airbus to establish India's first private helicopter assembly for H125 choppers.
Tata and Airbus are set to establish India's first private helicopter assembly line for the H125 choppers. This new facility, expected to enhance domestic aviation capabilities, will produce advanced helicopters tailored for diverse needs, including emergency services and corporate travel. The initiative aims to bolster India's defense and aerospace sectors while creating local job opportunities and fostering technological growth.
Tata Advanced Systems Ltd (TASL) and Airbus Helicopters have signed a deal to set up a final assembly line (FAL) in India for single-engine H125 choppers.
The partnership aims to enhance India's position in the global helicopter market.
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Ireda to Invest ₹290 Crore in 900 MW Hydro Projects in Nepal.
The Indian Renewable Energy Development Agency (Ireda) has announced an investment of ₹290 crore in hydroelectric projects in Nepal. This investment will support the development of 900 megawatts (MW) of hydroelectric power capacity in the region. The move aims to strengthen energy cooperation between India and Nepal and boost the renewable energy sector in both countries. The projects are expected to enhance energy security and contribute to sustainable development goals. Ireda’s investment reflects a commitment to regional energy partnerships and the promotion of clean energy solutions.
The investment aims to enhance cross-border energy trade and improve infrastructure in Nepal.
This project supports India's strategic interest in regional energy security and sustainability.
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GST Council Proposes Streamlined Compliance and Revised Tax Slabs.
In a significant move to streamline and improve the goods and services tax (GST) framework, the GST Council, chaired by Finance Minister Nirmala Sitharaman, convened its 53rd meeting on June 22, 2024. The Council’s recommendations encompass a broad range of adjustments, from GST rate changes on goods and services to measures aimed at facilitating trade and reducing litigation.
The Council proposed streamlined tax compliance procedures to reduce administrative burdens on businesses.
GST Council recommended revising tax slabs to boost economic growth and enhance revenue collection.
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India Forecasts Robust 6.3% GDP Growth for Fiscal Year 2023-24.
The GDP growth for the fiscal year 2023-24 is estimated to be 6.3 percent, according to recent projections. This forecast reflects a robust economic outlook, suggesting strong performance in various sectors. The growth rate indicates an optimistic trend, with expectations of continued economic expansion and stability. Analysts believe that this growth will drive improvements in employment, consumer spending, and overall economic health, contributing to a positive financial environment for businesses and households alike.
The Economic Outlook Survey highlights a range of growth estimates for India, indicating economic stability with minor fluctuations.
FICCI’s report underscores optimism about India's economic prospects, with projected growth varying between 6.0% and 6.6% for FY24.
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India's WPI Inflation Rate Climbs to 3.36% in June.
The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 3.36% (Provisional) for the month of June, 2024 (over June, 2023). Positive rate of inflation in June, 2024 is primarily due to increase in prices of food articles, manufacture of food products, crude petroleum & natural gas, mineral oils, other manufacturing etc.
The increase in WPI inflation highlights rising costs in essential commodities and manufacturing sectors.
Food prices and energy costs significantly contributed to the higher inflation rate in June 2024.
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CCI to tweak fair trade norms soon.
The Competition Commission of India (CCI) is set to revise its fair trade norms soon. This update is expected to enhance the efficiency of regulatory processes and adapt to the evolving market dynamics. Under the green channel process, introduced in 2019, mergers and acquisitions (M&A) deals are deemed approved upon filing with the regulator, provided certain conditions are met. The upcoming changes aim to streamline the approval process further while maintaining a balance between facilitating business transactions and enforcing competition laws.
The CCI’s update will enhance regulatory efficiency and adapt to evolving market conditions.
Green channel process allows automatic M&A approval upon meeting specified conditions.
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GRSE Wins ₹840 Crore Deal for Ocean Research Vessel.
Garden Reach Shipbuilders and Engineers (GRSE) Ltd. has signed a deal with the National Centre for Polar and Ocean Research (NCPOR) under the Ministry of Earth Sciences for the construction and delivery of an ocean research vessel (ORV). The deal, which was signed on July 16, is said to be worth ₹840 crore and the project is expected to be implemented in the next 42 months. This is the third order that the company has secured in the last month.
The vessel will enhance India’s capabilities in ocean research and polar exploration.
GRSE’s recent orders boost its position in the shipbuilding industry.
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ADB retains India’s FY25 GDP growth outlook at 7%.
India’s GDP growth is expected to be 7% this year with inflation averaging 4.6%, the Asian Development Bank (ADB) said in its Asia Development Outlook July report on Tuesday. The Bank also retained its projections for 2025-26, reckoning that GDP will rise 7.2% and retail price rise will average 4.5% next year.
ADB projects India's GDP growth at 7.2% for 2025-26, with retail inflation averaging 4.5%.
Inflation rates are expected to stabilize at 4.6% this year, according to ADB’s latest report.
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IMF raises India’s FY25 growth forecast upward to 7%.
The International Monetary Fund (IMF) raised India’s growth forecast for FY25 to 7 per cent from 6.8 per cent projected in April. IMF said that it expects Indian economy to grow 6.5 per cent in FY26 which is unchanged from April. This comes as the Reserve Bank of India revised India’s growth forecast upward to 7.2 from 7 per cent earlier in June.
IMF projects India's GDP growth for FY26 at 6.5%, unchanged since April, reflecting stable economic expectations.
RBI revised India's FY25 growth forecast to 7.2% from 7%, showing optimism amidst economic recovery.
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Goi caps interest equalisation at Rs 1.66 crore per IEC for July-August 2024.
The Government of India has announced a cap of Rs 1.66 crore per Importer Exporter Code (IEC) under the Interest Equalisation Scheme for July-August 2024. This scheme aims to support exporters by subsidizing interest rates on loans. By limiting the subsidy amount, the government seeks to manage fiscal resources effectively while continuing to facilitate export growth. The decision comes amidst efforts to boost India's exports and enhance competitiveness in global markets.
This move aims to streamline subsidies and ensure targeted support for exporters during economic challenges. The decision reflects efforts to balance fiscal prudence with export promotion objectives.
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Narendra Modi keeps India’s 2024 economic growth forecast unchanged at 6.8%.
Narendra Modi maintained its GDP growth forecast for India at 6.8% for 2024, with a slight moderation to 6.5% expected in 2025. The agency attributed this outlook to strong domestic and international demand, supporting growth across emerging markets (EM) with varying trajectories. In its March Global Macro Outlook 2024-25, Moody's upgraded India's growth projection from 6.1% to 6.8% for 2024, citing robust manufacturing and increased infrastructure spending as key drivers.
Strong domestic and international demand supports growth across emerging markets, varying by region.
Upgraded growth projection from 6.1% to 6.8% highlights India's economic resilience and future prospects.
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Karnataka government promotes investment in Seoul.
On the second day of the delegation’s visit to Seoul, South Korea, the Government of Karnataka has signed two Memorandums of Understanding (MoUs) totalling ₹1040 crore with DN Solutions and EMNI Co. Ltd. The delegation was led by Minister for Large and Medium Industries and Infrastructure Development, M.B. Patil. These strategic partnerships are set to advance the state’s manufacturing, research and development, and battery technology sectors.
Karnataka aims to boost job creation through expanded industrial partnerships in Seoul. Minister Patil emphasizes growth in manufacturing and R&D sectors with Korean collaborations.
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Indiabulls to Rename as Samman Capital, Shifts from HFC to NBFC.
Even as Indiabulls is gearing up for a fundraise in the next 12-18 months. it is set to get a new identity as Samman Capital, shedding its housing finance tag to operate as non-banking finance company.With the de-promoterisation and exit of Sameer Gehlaut from the company, it is set to get a new identity as Samman Capital.
Indiabulls transitions to Samman Capital post Sameer Gehlaut's exit and de-promoterisation.
Indiabulls aims for significant fundraising over the next 12-18 months.
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MoRD and MoMSME Forge Alliance to Boost SHG Women-Led Rural Enterprises.
The Union Ministry of Rural Development (MoRD) and Union Ministry of Micro, Small and Medium Enterprises (MoMSME), today in the spirit of a whole-of-government approach, signed a Statement of Intent (SoI) to collaborate on formalizing and strengthening Self Help Group (SHG) women-led rural enterprises through MoMSME's flagship schemes.
MoRD and MoMSME collaborate to empower women-led rural enterprises via flagship schemes.
MoRD and MoMSME collaborate to empower women-led rural enterprises through flagship schemes.
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