Page 19 - India

Industry's share in GDP declining, but big business growing: Cong

The Congress on Monday accused the Modi government of focussing on big businesses and alleged that the growth of such business groups is not accelerating economic growth. In a post on X, Congress general secretary (communications) Jairam Ramesh said the industry's share in GDP has been declining, just as concentration in the industry is increasing and this, in turn, is one of the main causes of inflation due to rising prices. "While tall claims continue to be made by the PM and his drumbeaters on industrial growth, three facts are incontrovertible - Industry's share in GDP has been declining, just as concentration in industry has been increasing. This has raised prices for consumers and is one of the main sources of inflation," he claimed in his post. Ramesh said within the 'G25' in Indian business, there is a 'G5' whose increasing share is coming at the expense of the remaining 'G20'. "Big business groups are growing even bigger but that is not acclerating economic growth-- in fac

India-EFTA trade pact likely to be implemented in coming months: Goyal

The free trade agreement between India and the four-nation European bloc EFTA is likely to come into force in the next couple of months, Commerce and Industry Minister Piyush Goyal said on Friday. The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the pact, India has received an investment commitment of USD 100 billion in 15 years from the grouping while allowing several products such as Swiss watches, chocolates, and cut and polished diamonds at lower or zero duties. "I think it should come into effect, I believe in the next couple of months," Goyal said here at an event of SGS India. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. Talking about the government's initiative to promote manufacturing of quality products in the country, Goyal said in the last 10 years, 156 quality control orders (QCOs) covering 672 products have been issued to cut import of sub-standard goods into th

BEML secures $6.23 million export orders from Russia, Uzbekistan

State-owned BEML on Friday said it has secured two export orders worth USD 6.23 million for supply of heavy-duty bulldozers and motor graders to Russia and Uzbekistan. The company has secured two distinct orders, including one from a CIS nation for the supply of 10 units of its heavy-duty bulldozers, specially engineered to perform in extreme cold climates with temperatures plunging as low as -50C. The second, maiden-order from Uzbekistan, includes the supply of one unit of the high-performance motor grader, essential for infrastructure development and road maintenance within mining operations. With Uzbekistan becoming the 73rd nation to be added to BEML's global exports portfolio, this development reinforces the company's expanding international reach and its credibility as a preferred partner for advanced, mission-critical equipment. The latest order strengthens BEML's presence in the resource-rich Russian and CIS mining markets, known for their complex terrain and high demand fo

Jaishankar to visit China for SCO meet, first since 2020 Galwan standoff

External Affairs Minister S Jaishankar is set to visit China around July 13 to attend a conclave of the Shanghai Cooperation Organisation (SCO), people familiar with the matter said on Friday. It would be Jaishankar's first visit to China after the ties between the two countries came under severe strain following the 2020 military standoff along the Line of Actual Control (LAC) in eastern Ladakh. The external affairs minister is likely to travel to Beijing for talks with his Chinese counterpart Wang Yi before going to Tianjin for the conclave of the SCO foreign ministers that will be held on July 14 and 15, the people cited above said. Jaishankar's visit is taking place less than three weeks after Defence Minister Rajnath Singh travelled to the Chinese port city of Qingdao to participate in the SCO defence ministers' conference. China is the current chair of the SCO and it is hosting the meetings of the grouping in that capacity. The military standoff in eastern Ladakh began in Ma

India's fintech funding dips to $889 mn in H1 2025: Tracxn report

Indian fintech sector raised USD 889 million in the first six months of 2025, a drop of 26 per cent from USD 1.2 billion of H2 2024 and a five per cent slide from USD 936 million seen a year ago, according to a report by market intelligence platform Tracxn. As per the report, India ranked third globally, trailing only the United States and the United Kingdom. "While the Indian fintech sector has seen a temporary dip in funding, the steady momentum in early-stage investments and growing acquisition activity indicate that investor interest remains strong, particularly in scalable, innovation-led models," Neha Singh, Co-Founder of Tracxn, said. Bengaluru's dominance and the continued emergence of breakout companies reinforce India's position as a global fintech powerhouse, Singh added. Funding trends across stages in H1 2025 revealed a nuanced landscape for India's fintech sector as early-stage funding fared better than seed-stage and late-stage infusions. Seed-stage startups raised

Only established institution to decide next Dalai Lama, no one else: Rijiju

In a snub to China, Minority Affairs Minister Kiren Rijiju on Thursday asserted that the decision on the Incarnation of the Dalai Lama would be taken by the established institution and the leader of Tibetan Buddhist himself and no one else. This is the first reaction by a senior government functionary on the comments of the Dalai Lama on his successor. On Wednesday, Tibetan spiritual leader Dalai Lama said that the institution of the Dalai Lama will continue and only the Gaden Phodrang Trust will have the authority to recognise his future reincarnation. Talking to reporters here, Rijiju said the Dalai Lama is the "most important and defining institution" for the Buddhists. "And all those who follow the Dalai Lama feel that the Incarnation is to be decided by the established convention and as per the wish of the Dalai Lama himself. Nobody else has the right to decide it except him and the conventions in place," Rijiju said. The minister's remarks came after China rejected the Nobel

India's FY26 GDP growth likely to be 6.4-6.7% amid strong demand: CII

The Indian economy is expected to grow by 6.4-6.7 per cent during the current financial year driven by strong domestic demand, even as geopolitical uncertainty poses downside risks, CII President Rajiv Memani said on Thursday. Addressing his first press conference after taking over as the CII president, Memani observed that factors including a good monsoon forecast, and enhanced liquidity emanating from the Reserve Bank's CRR cut, and interest rate reduction will support the country's economic growth. Last month, the central bank announced slashing Cash Reserve Ratio (CRR) by 100 basis points, which will unlock Rs 2.5 lakh crore liquidity to the banking system for lending to productive sectors of the economy. Benchmark interest rate was cut by 50 basis points to 5.5 per cent. "We expect (economic growth in) a range of 6.4 to 6.7 per cent," Memani said in response to a question on CII's gross domestic growth (GDP) forecast for India during 2025-26. Observing that there are some obvi

India may soon have social security agreement with UK under free trade pact

India may soon have a social security pact with the UK as an in-built component of the free trade agreement (FTA) which has been finalised between the two countries, a source said on Wednesday. The source said that from now onwards, the social security agreement (SSA) will be an in-built component of all free trade agreements to be negotiated in future. "UK is believed to have agreed on the social security component under the FTA negotiations, which would be ratified in the near future," the source said. The SSA, a reciprocal arrangement between two or more countries, ensures that an employee while on a foreign assignment does not have to contribute to the social security coverage fund in that country but get the full benefit of employment period for pension calculation, while the employers are saved from making double social security contributions on behalf of their workers. The Indian employees posted abroad or on foreign assignment are required to obtain a certificate of coverag

India's tyre exports rise 9% to ₹25,051 cr in FY25 despite global headwinds

Tyre exports from India grew 9 per cent year-on-year to Rs 25,051 crore in FY25 despite headwinds, including trade policy uncertainties and global supply chain disruptions, the Automotive Tyre Manufacturers Association said on Wednesday. With nearly 40 per cent of the industry's natural rubber (NR) requirement met through imports due to limited domestic availability, the Automotive Tyre Manufacturers Association (ATMA) said there is an urgent need to accelerate domestic production through focused interventions to meet rising demand. India's tyre exports in 2024-25 increased by 9 per cent year-on-year, reaching Rs 25,051 crore compared to Rs 23,073 crore in the previous fiscal, ATMA said, citing data released by the Ministry of Commerce. With an estimated annual turnover of Rs 1 lakh crore and exports exceeding Rs 25,000 crore, the Indian tyre industry stands out as one of the few manufacturing sectors in the country with a high export-to-turnover ratio, it added. "The tyre industry

Massive job boost: Govt clears ₹1 trillion employment scheme — Who can benefit? | Employment news

The Union Cabinet, on July 1, approved a massive ₹1 trillion Employment Linked Incentive (ELI) scheme that aims to create 3.5 crore new jobs across India.

Heavy rainfall expected across India over next 6-7 days, says IMD

The India Meteorological Department (IMD) on Tuesday said very heavy rainfall is expected in Himachal Pradesh, Uttarakhand, Uttar Pradesh, Punjab, Haryana and Rajasthan over some of the next six to seven days. It said the monsoon will remain active in many parts of northwest, central and east India during this period. Heavy rain is also likely in Madhya Pradesh, Vidarbha, Chhattisgarh, Bihar, West Bengal, Sikkim and Jharkhand. Some days may see heavy showers in Madhya Pradesh, Jharkhand and Odisha. The IMD said heavy to very heavy rain may occur at some places in Konkan and Goa, Madhya Maharashtra and Gujarat. Saurashtra and Kutch may also receive heavy rain in the next seven days. Northeast India is likely to get heavy to very heavy rain at isolated places during this period. Coastal Andhra Pradesh, Telangana, Kerala and Karnataka may receive heavy rain on some days of the week, it said. The weather department on Monday predicted above-normal rainfall in the country in July and

X, India spar over lawyer's 'Tom, Dick, and Harry' remark on govt officials

The remarks were made during a hearing on the U.S. firm's challenge to a government-run website it says is a "censorship portal" that allows officials to issue content removal orders

How India's hottest region survives extreme summer heat each year

It's 40 degrees Celsius (104 Fahrenheit), and it's only 10 a.m. Welcome to Sri Ganganagar

Makaibari brand owner Luxmi Group buys majority stake in UK's Brew Tea Co

Kolkata-based Luxmi Group, which owns the iconic Makaibari Darjeeling brand, on Tuesday announced that it has acquired a majority stake in UK-based Brew Tea Co, a fast-growing firm which focuses on whole-leaf teas and is known for ethical sourcing and its innovative direct-to-consumer model. Founded in Manchester by Phil and Aideen Kirby, Brew Tea Co has grown into one of the UK's leading specialty tea brands. Its subscription service, delivering 500 g of loose leaf or proper tea bags on a regular basis, now reaches nearly 10,000 homes across the UK, a statement by Luxmi Group said. Co-founders Phil and Aideen Kirby will retain a 20 per cent stake and will continue to lead Brew Tea Co as part of the partnership. "Their vision, hands-on leadership, and deep focus on quality remain central to Brew Tea's growing success," the statement said. "We're excited that with Luxmi, we can now take that same customer promise even further, with even better access to exceptional teas," the ...

Explained: How will India’s jute, textile products ban impact Bangladesh? | Textile sector | Trade

India has shut all land routes for importing jute and several other goods from Bangladesh, allowing access only via the Nhava Sheva port in Maharashtra. The move comes amid rising trade tensions

India to see above-average July rains after wetter than normal June: IMD

The monsoon is the lifeblood of India's nearly $4 trillion economy, delivering almost 70% of the rainfall needed to water farms and replenishing aquifers and reservoirs

Trump wants America to make iPhones. Here's how India is doing it

India is carving out a new space for Foxconn and other high-end manufacturers, just as President Trump demands American companies do at home

Govt will protect textile sector in US trade deal: Goyal tells export body

Commerce and Industry Minister Piyush Goyal has assured industry bodies that the government will protect the interests of the textiles and apparel sector in the proposed trade agreement with the US, AEPC said on Friday. Apparel Export Promotion Council (AEPC) Chairman Sudhir Sekhri said he, along with TEXPROCIL (Cotton Textiles Export Promotion Council) Chairman Vijay Agarwal, met the minister to apprise him of key concerns related to the proposed agreement. "The minister gave a patient hearing to the concerns raised and assured the delegation that the government is committed to protecting labour-intensive sectors during the ongoing negotiations under the India-US Bilateral Trade Agreement," the council said in a statement. The minister also reiterated that all necessary steps would be taken to ensure that India's interests, especially those of vulnerable sectors like textiles and apparel, are safeguarded. It further said that if the US will go ahead with the additional 26 per cent

Post offices across India to start accepting digital payments from August

Post offices across India will start accepting digital payments at counters from August after completing the rollout of a new application in their IT system, official sources said. Post offices have not been able to accept digital payments as they don't have their accounts synced with UPI (unique payment interface) system. "The Department of Posts is implementing its IT infrastructure which will have new applications that are enabled to perform transactions with Dynamic QR Code. Rollout will be completed at all post offices by August 2025," an official source told PTI. Pilot rollout of the new system under IT 2.0 has been started in the Karnataka circle. QR-based booking of mail products was successfully carried out at the Mysore head office (HO), Bagalkot HO and its subordinate offices. Initially, the Department of Post had introduced static QR code at the point of sale counters at the post offices to enable digital transactions. However, due to recurring technical difficulties

Indian coal imports from Russia highest in two years in May: Report

India, one of the key buyers of Russian thermal coal, increased its imports from Russia in May to the highest level in two years, business daily Kommersant reported on Friday. The Russian thermal coal deliveries to India rose by 52 per cent in May 2025 compared to April, reaching a two-year high of 1.3 million metric tons, reported Kommersant quoting a business review by the Russian Centre for Price Indices (CCI). Records reveal since June 2023, monthly exports from Russia have not exceeded 1 million tons. Analysts interviewed by the Daily attribute this trend to the flexible pricing strategies adopted by Russian coal exporters, as well as the quality of the fuel itself. While a significant increase in Russia's market share in India is unlikely due to rising domestic production and the high cost of logistics. However, maintaining current shipment levels is entirely feasible, it said, voicing the opinion of experts. India's total thermal coal imports in May increased seasonally by