BUSINESS
India's Ascendance on the Global Stage: Gautam Adani
"The macroeconomic stability of India and its ambitious growth plans are sources of great confidence to us," Gautam Adani said, referring to an increased allotment of over Rs 11 lakh crore for infrastructure development by the Union government, up 16 per cent compared with the fiscal. He said that this has gone up more than three times in the last five years alone, proving the commitment of the country toward better infrastructure.
NRIs Demonstrate Growing Confidence in Indian Economy with $1 Billion Deposited in April
This was a good jump from the $150 million that overseas Indians deposited in the same month last year, underlining their increasing faith in India's economic prospects on the back of an unmistakable upward trend. This is reshaping the growth trajectory of India, above the average of 7% witnessed from 2003-2019 to one of 8% plus from 2021-2024.
Massive Auction: Government Offers 67 Coal Mines Across 8 States"
To develop the coal sector for attaining national energy requirements, a series of reform measures have been undertaken by the Ministry. All mines falling within protected areas, wildlife sanctuaries and critical habitats, areas with over 40% forest cover, or heavily urbanized zones have been kept out in this tranche. Further, reserves of some coal mines located in densely populated areas, areas having more green cover, or falling under the zone of critical infrastructure have been modified to make it more attractive for auctioning.
State Bank of India Distributes Rs 6,959 Crore Dividend to Government
In an official statement issued by the Ministry of Finance, "@nsitharaman receives a dividend cheque of Rs 6,959.29 crore for FY 2023-24 from @TheOfficialSBI Chairman Shri Dinesh Kumar Khara."
Historic Strikes: Tata Steel Workers in UK Take Action After 40 Years
Unite the Union highlighted that this strike marks the first significant industrial action by UK steelworkers in over four decades aimed at disrupting Tata Steel UK's operations. The escalation follows earlier measures by Unite members, including working strictly to rule and enforcing an overtime ban.
Hindujas Appeal Swiss Court's Jail Sentences
In a statement representing the family, their solicitors condemned the authorities for having "needlessly drag[ged] the good names" of Prakash and Kamal Hinduja, both aged in their 70s, and their son Ajay and his wife Namrata through the mud over human trafficking allegations from which they have all been completely cleared. These media reports that read between the lines of immediate detention for family members were denied by the explanation of the statement that due to Swiss law, principle of presumption of innocence prevails until the final judgement by the highest judicial authority is delivered.
India Rises to Third-Largest Domestic Airline Market in the World
Based on OAG data, "India has now overtaken the Brazilian and Indonesian domestic markets to take third place, with an airline capacity of 15.6 million seats this April 2024." India seat capacity growth has been fantastic, at 6.9 percent annually in the last decade. "Among the five domestic markets analyzed, India is the fastest growing," the data says. "China follows closely with an annual growth rate of 6.3 percent from 2014 to 2024, while the US and Indonesia show significantly lower growth rates."
Indian Tech Startups Secure $4.1 Billion in First Half of 2024, Maintain Fourth-Highest Global Funding Position
Globally, India is the fourth highest in terms of tech startup funding. The United States tops the list, followed by the United Kingdom and China, as per data from Tracxn, a premier market intelligence platform.
India's Deeptech Startups Total 3,600, Securing 6th Place Globally, Says NASSCOM
According to joint findings by the Nasscom and Zinnov, over 480 of such startups have been set up in just the last year alone, compared to the preceding year of 2022, rising two times higher.
SBI Board Greenlights Rs 20,000 Crore Long-Term Bond Issue
Its shares ended 1 percent higher at Rs 854 on the Bombay Stock Exchange.
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