Category: Economy

  • Tata Aircraft’s Vadodara Plant To Deliver First Aircraft In 2026: Chairman Tata Sons | Mobility News

    Tata Sons Chairman N Chandrasekaran on Monday said that the TATA Aircraft Complex, built in partnership with Airbus, aims to deliver its first C295 aircraft within the next two years. “Exactly after two years from now, we will deliver the first indigenously manufactured C-295 Aircraft,” Tata Sons Chairman said in his address at the inauguration of the TATA Aircraft Complex for manufacturing C295 military transport aircraft in Vadodara in Gujarat.

    Prime Minister Narendra Modi and his Spanish counterpart Pedro Sanchez inaugurated the country’s first private military transport aircraft production plant here today. Chandrasekaran emphasised, “This is a very, very important day for India and Indian defence sector. We will deliver the first aircraft in next two years. This project will propel India into the next generation of advanced manufacturing. It will build a diverse and sophisticated skills ecosystem, as well as a very strong supply of base, more importantly, give a lot of high tech opportunities for our entrepreneurs and youth.”

    The facility marks a significant step forward in India’s defence manufacturing capabilities and exemplifies the “Make in India” initiative, providing a new impetus for the country to emerge as a global hub for aerospace production. Chandrasekaran credited the visionary leadership of Ratan Tata for conceiving the project over a decade ago in 2012.

    He said, “I will fail in my duty if I forget to mention that this project was originally conceived more than a decade ago, in 2012, by the then Tata Sons Chairman, Ratan Tata Ji, who led the whole concept to build a relationship with Airbus and created this partnership with Airbus and laid the foundation stone for this opportunity.”

    He added, “So I would like to remember him for his visionary leadership in this very path-breaking initiative. It is a historic moment not only for the Tata Group but also for India.”

    Chandrasekaran said that the first 200 engineers from Tata Group are already in Spain going through the training that is required. “We have worked with 40 SME companies and we will be adding more companies to build the entire localisation that is required for the product…,” he said.

    Spanish Prime Minister Pedro Sanchez also addressed the gathering, praising the collaboration between Tata and Airbus as an extraordinary example of partnership.

    He said, “Prime Minister Modi, this is your vision to turn India into an industrial powerhouse. This partnership between Airbus and TATA will contribute to the progress of the Indian aerospace industry, and will open new doors for the arrival of other European companies.”

    He added, “This project brings together the best of two worlds. Tata is probably the best exponent of Indian industrial strength. It is a giant among giants. If Indian companies want to grow they can trust Spain companies.” Highlighting the synergy between Indian and Spanish industries, he described Tata as “a giant among giants” and the best representative of Indian industrial strength.

    He said, “Airbus opens a new chapter, patterning with India’s Defence and Space industry, this project strengthens our industrial ties while underlying our country’s deep commitment as a reliable and esoteric partner, and it shows as well the capabilities of the Spanish defence industry, with its world-class expertise and its well earned international reputation.”

    He added, “Today, we’re taking another step forward, a strategic step focused on a key industrial and technological field, the presence of Spanish companies in India and Indian companies in Spain is growing. This growing presence is based on a few pillars, long-term vision, the search for reliable partners, and the commitment to develop Industries at the local level, to create jobs and wealth across all the territory.”

  • Hiring Spree In Festive Season: 20 Per Cent Job Growth In India, Tier 2 And 3 Cities Dominate, Says Report | Economy News

    Job Increase 2024 In India: More than 2.16 lakh job postings were reported in this festive season in the country – a 20 per cent increase compared to 1.8 lakh job postings last year, according to a report on Sunday.

    The festive season saw a significant rise in hiring across key sectors like logistics, e-commerce, retail and hospitality. Additionally, the rapid expansion of the quick commerce industry contributed to this hiring momentum, said apna.co, a leading jobs and professional networking platform.

    Among the sectors, logistics and operations experienced the highest growth, with a 70 per cent increase in job postings. Retail and e-commerce followed with a 30 per cent rise, while the restaurant and hospitality sector grew by 25 per cent.
    This hiring trend is not limited to major metro cities and tier 2 and 3 cities are also experiencing a significant rise in job opportunities.

    While tier-1 cities like Bengaluru, Delhi-NCR, Mumbai, Chennai, Kolkata and Hyderabad have seen a 20 per cent increase in job postings, the demand in tier 2 and tier 3 cities is even more notable.

    Cities like Lucknow, Ahmedabad, Surat, Bhubaneswar, Bhopal, Indore, Kanpur, Chandigarh, Patna, Coimbatore, and Jaipur have recorded a 25 per cent increase in job postings.

    According to the report, factors such as increasing urbanisation, the expansion of malls and quick-service restaurants, and improved consumer spending are driving this growth.

    “Our sector-specific, go-to-market campaigns helped us deliver tailored solutions across industries like logistics, e-commerce, and quick commerce, filling key roles such as logistics managers, warehouse associates, delivery partners and customer support managers,” said Nirmit Parikh, Founder and CEO of Apna.co.

    The retail and e-commerce sector is also expanding, adding 18,000 roles, including category growth managers, sales associates and customer support managers to enhance consumer experience.

    In hospitality, 14,000 jobs have opened for positions like restaurant managers, front office staff, and administrative personnel, the report mentioned.

  • Crorepati Taxpayers In India Increased 5 Times To 2.2 Lakh In Last 10 I-T Assessment Years | Personal Finance News

    New Delhi: The number of crorepati taxpayers in India increased five times to 2.2 lakh in the income tax assessment year (AY) 2024, compared to AY 2014, according to a new report. In the last 10 assessment years, while the total number of taxpayers increased by 2.3 times to 8.62 crore in AY24, the growth is quite fascinating in the income group more than Rs 10 lakh, according to a research report from the economic department of State Bank of India (SBI).

    Granular analysis indicates the shifting of the middle class in India from an income range of Rs 1.5–Rs 5 lakh in AY14 to Rs 2.5–Rs 10 lakh in AY24. Total income tax returns filed during AY24 increased to 8.6 crore from 7.3 crore in AY22. Of these, total 6.89 crore or 79 per cent of the returns were filed on or before the due date.

    “For AY25, 7.3 crore ITRs have been filed by the due date and another 2.0 crore returns are expected to be filed in the remaining financial year till March 2025, thereby taking the total number close to/over 9 crore,” the report mentioned. For AY25, the share of IT returns filed after the due date may drop to around 18-19 per cent.

    “This reveals the discipline among tax-payers along with the simplification of IT forms and processes driven by constant efforts of CBDT to build an efficient, digital-heavy filing, verification and return architecture sans hassles,” said the SBI report.

    Overall, there have been 5.1 crore more ITRs filed in AY24 over AY15, with the maximum increase registered in Maharashtra, followed by Uttar Pradesh, Gujarat, Rajasthan and Tamil Nadu. “In terms of per cent growth, smaller states of Manipur, Mizoram and Nagaland have registered more than 20 per cent increase in ITR filed during the last nine years, showed the report.

    The estimates show that female tax filers are around 15 per cent of the individual tax filers. Certain states such as Kerala, Tamil Nadu, Punjab and West Bengal have a higher share of female tax filers.

  • Govt Announces Free LPG Cylinders For Diwali: Check Eligibility & Know How To Apply | Economy News

    New Delhi: The Free Cylinder Scheme has launched just ahead of Diwali with several states preparing to distribute free gas cylinders for the festive season. Recently, the Uttar Pradesh government announced its free gas cylinder scheme. It was followed by Andhra Pradesh which also declared plans to provide free gas cylinders for Diwali.

    Free Gas Cylinders Announced for Diwali

    Under the Pradhan Mantri Ujjwala Yojana, the central government has promised free gas cylinders for Diwali to those with gas connections. The Uttar Pradesh government previously announced free cylinders for beneficiaries on Holi and Diwali. This Diwali, 1,84,039 beneficiaries in the state will receive free cooking gas cylinders.

    How to avail the benefit?

    To avail of this benefit, connection holders will need to pay the full amount for the gas cylinder upfront. Within three to four days, a refund of the amount will be transferred to the consumer’s bank account.

    Who Will Receive the Free Gas Cylinder?

    This scheme benefits only those consumers who are registered under the Pradhan Mantri Ujjwala Yojana with a verified Aadhaar and have completed the e-KYC process. If you haven’t yet completed your e-KYC, visit your gas agency for Aadhaar verification to become eligible for this benefit.

    How to Apply for the Free Cylinder

    Following the announcement from the Uttar Pradesh government, Andhra Pradesh and Uttarakhand have also promised free cylinders for beneficiaries under the Ujjwala Yojana this Diwali. To take advantage of this, you must be registered under the Ujjwala Yojana.

    You can apply by visiting your nearest Common Service Center or an LPG distributor. This scheme, primarily designed for women, requires meeting specific eligibility criteria to be enrolled. Beneficiaries under the Ujjwala Yojana already receive cylinders at a lower price than regular consumers, with a subsidy of around Rs 300 per cylinder credited directly to their bank accounts.

  • About 20.74 Lakh New Workers Enrolled Under ESI Scheme In August This Year | Economy News

    New Delhi: The Union Ministry of Labour and Employment said on Saturday that about 20.74 lakh new workers have been added under ESI Scheme in August, 2024. According to the figures released by the ministry, about 9.89 lakh young employees upto the age group of 25 years constitute new registrations.

    The genderwise analysis of the payrole data indicates that the net enrolment of the female members was 4.14 lakh female employees enrolled in ESI scheme, as per the data. Data shows that about 28,917 new establishments have been brought under the social security ambit of the ESI Scheme in the month of August 2024 thus ensuring social security to more workers.

    The Year on Year analysis shows a growth of 6.80 per cent in net registrations compared to August’2023. Further, the Year on Year analysis shows a growth of 6.80 per cent in net registrations compared to August last year.

    Besides, a total of 60 transgender employees have also got registered under ESI Scheme in the month of August, 2024 which attests the commitment of ESIC to deliver its benefits to every section of the society.

    The payroll data is provisional since the data generation is a continuous exercise, said the ministry. Employees’ State Insurance Scheme of India is a multi-dimensional social security scheme tailored to provide socio-economic protection to the ’employees’ in the organised sector against the events of sickness, maternity, disablement and death due to employment injury and to provide medical care to the insured employees and their families.

  • 21 Indian Startups Raise Nearly $187 Million This Week | Economy News

    New delhi: The Indian startup ecosystem raised around $187 million in funding this week, that included four growth-stage and 13 early-stage deals.At least 21 domestic startups cumulatively raised $187 million across 10 deals between October 21-26. Last week, 39 early and growth-stage startups had raised around $450 million in funding. This week, Singapore’s sovereign wealth fund Temasek made an additional investment of $60 million in edtech platform Upgrad.

    Healthtech platform Healthify announced the closure of $45 million round, led by existing investor Khosla Ventures, and LeapFrog Investments with new participation from Claypond Capital (family office of Indian healthcare billionaire Ranjan Pai). This takes Healthify’s total primary equity raise to approximately $125 million so far.

    Dairy technology startup Stellapps Technologies raised $26 million in series C funding in a mix of equity and debt. The round saw participation from existing investors Blume Ventures, Omnivore, Bill and Melinda Gates Foundation, IDH Farmfit Fund, 500 Startups, and Blue Ashva Capital.

    D2C bags and luggage brand Zouk raised $10 million in Series B round was led by Aavishkaar Capital, and also saw participation from existing investors such as Stellaris Venture Partners, Titan (NS:TITN) Capital, Sharrp Ventures and the JJ Family.

    Generative AI startup Neysa secured $30 million in Series A funding, co-led by existing investors NTTVC, Z47 (fka Matrix Partners India) and Nexus Venture Partners. This investment builds on Neysa’s successful $20 million seed round earlier this year.

    Meanwhile, workplace technology provider Oliod secured $6 million led by Yaletown Partners, Exposition Ventures, George Kaiser Family Foundation, and Carya Ventures. Mumbai-based startups led with nine deals, followed by Bengaluru, Delhi-NCR, Pune and Chennai. The average funding in the last eight weeks stands at around $315.51 million.

  • Festivals, Agriculture, Elections Set To Boost India’s Oil Demand: S&P Global Commodity Insights | Economy News

    New Delhi: Demand for oil products in India through the October-December quarter is expected to get a boost from festivals, agricultural activities, recovering from a few months of subdued consumption because of excessive rains, according to S&P Global Commodity Insights.

    According to the commodities information services provider, India’s oil demand decreased in September on a yearly basis, due to above normal rainfall, which affected road movement, construction, and mining activities.

    “Looking ahead to Q4, we estimate India’s oil demand to grow by 3.5-4 per cent year over year. We forecast an annual demand increase of 50,000-55,000 b/d for both gasoline and diesel in Q4, although the northeast monsoon rains may slightly impede demand,” said Himi Srivastava, South Asia oil analyst at S&P Global Commodity Insights.

    The monsoon season, typically running from June to September, was 8 per cent above the long-term average in 2024, according to state-run weather office India Meteorological Department. The southwest monsoon withdrew in mid-October, while the northeast monsoon began five days before date.

    “This (heavy monsoon) particularly dampened diesel demand, which fell nearly 2 per cent compared to the previous year. However, gasoline demand remained resilient, growing by 3 per cent year over year, although it was down from the previous month,” Srivastava said. Elections in states like Maharashtra and Jharkhand are also expected to boost transportation fuel demand, it said.

    Additionally, the marriage season from November to January typically results in increased automobile sales and goods movement, further pushing up fuel demand, added Srivastava. India meets about 85 per cent of its crude oil demand through imports.

    Lately, there has been a considerable volatility in global crude oil prices, primarily due to the ongoing geopolitical conflicts. Hardeep Singh Puri, Minister for Petroleum and Natural Gas earlier this week said that there is no shortage of oil in the world and prices will come down soon, answering the question of the recent upswing in crude oil prices.

    Speaking to the media, the Union Minister cited global factors such as the war in the Middle East and voluntary cuts in oil production which are influencing the oil prices in the global market. 

  • Nothing Stops Private Sector From Coming And Doing Business In India: Nirmala Sitharaman | Economy News

    Washington, DC: Union Finance Minister Nirmala Sitharaman emphasized that nothing prevents the private sector from conducting business in India, highlighting that numerous non-Indian private insurance companies are already operating in the country.

    During a fireside chat with CSIS President and CEO John J. Hamre on ‘India’s Economic Aspirations’—addressing governance reforms in multilateral development banks, global disruptions shaping policy choices, climate policy, financial services, and the Indian economy—Sitharaman recalled that the Indian government explicitly outlined in its 2021 budget four areas where the government will maintain a presence. However, it did not designate any sector where the private sector is restricted.

    Watch Live: Smt @nsitharaman in conversation with Dr. John J Hamre, CEO & President – Center for Strategic & International Studies (@CSIS) in Washington DC, USA.@PIB_India @FinMinIndia @IndianEmbassyUS https://t.co/kvGvP7c93o
    — Nirmala Sitharaman Office (@nsitharamanoffc) October 25, 2024

    When asked about prospects for private sector engagement, particularly in banking and insurance, Sitharaman responded, “Nothing stops them from coming and doing business. There are actually many private banks already in India, as well as private insurance companies, some of which are foreign-owned.”

    She added, “Private banks, including Standard Chartered—one of the largest—operate over 100 branches in India. So, there’s nothing to hinder them, and it’s not ambiguous. This is supported by policy, clearly outlined in the 2021 budget under Prime Minister Modi, where it was stated that the government would only be present in four sectors. The private sector is welcome in all others.”

    Sitharaman highlighted that India has indeed opened up all sectors, even sensitive ones like defense and space. “I am proud to say that India has long been entrepreneurial, with small, medium, and large enterprises, even during British colonial rule. But under socialism, restrictive policies like the ‘license-quota raj’ hindered business growth,” she noted. “Even during British rule, large Indian corporations managed to survive and thrive.”

    Reflecting on socialist policies, she remarked, “India has always been entrepreneurial, with diverse businesses. However, socialism imposed excessive control, limiting production and business growth. Prime Minister Modi’s government, on the other hand, removed red tape and rolled out the red carpet for businesses, replacing bureaucratic barriers with a business-friendly environment.”

    Sitharaman also stated that corruption has not been an issue in government since the Modi-led administration took office in 2014. “The previous ‘permit raj’ stifled business expansion, as profit-making corporations were viewed unfavorably. It wasn’t until Prime Minister Modi’s tenure that India started inviting both domestic and international businesses with a welcoming, pro-business stance,” she said. “The 2021 budget marked a turning point, allowing the term ‘privatization’ to be used without hesitation and emphasizing the role of private sector investment.”

    Criticizing prior governments’ policies, she commented that socialism, while intended to help the poor, often hindered business growth, benefiting only a few rent-seekers. “The 2021 budget boldly opened sectors for privatization, affirming the government’s role only in strategic areas, such as providing telecom services in border regions where private companies may not go.”

    In September, the Ministry of Finance introduced new Foreign Exchange (Compounding Proceedings) Rules 2024 to simplify regulations on foreign investments. This initiative, aimed at facilitating ease of doing business, will replace the Foreign Exchange (Compounding Proceedings) Rules 2000. According to the ministry, the changes simplify the application processing for foreign exchange-related matters, furthering India’s commitment to a business-friendly regulatory environment.

  • More Trouble For Adani: SEBI’s Notice Intensifies Hindenburg Allegations, Shares Plunge | Economy News

    In more trouble for embattled businessman Gautam Adani, Adani Energy Solutions received a show-cause notice from capital market regulator Securities and Exchange board of India (SEBI) this week. The market watchdog has alleged wrongful categorisation of certain investors as public shareholders under its minimum shareholding norms.

    SEBI’s show-cause notice to Adani Energy Solutions is aligned with some of the barrage of serious allegations leveled by US-based research firm Hindenburg against the conglomerate, which has repeatedly denied the charges. 
    Adani Energy Solutions, a power transmission company, has confirmed the receipt of the show-cause notice.

    The company is part of a conglomerate often considered excessively diversified by many analysts Additionally, SEBI’s notice comes at a time when SEBI Chairperson Madhabi Puri Buch herself has denied a series of serious charges against her by Hindenburg this year. 

    Adani Energy Solutions has also confirmed that SEBI’s notice is related to the regulator’s minimum public shareholding norms. 

    Investors bear the brunt of bad news, yet again…

    Adani Energy Solutions (ADANIENSOL) shares continued to fall for the fifth day in a row on Friday in more trouble for investors after the October 22 disclosure mentioning SEBI’s show-case notice. 

    On Friday, Adani Energy Solutions shares ended 5.7 per cent lower at Rs 920.2 apiece on BSE, logging a weekly fall of 11.9 per cent. The sustained fall in the Adani group stock, which rendered investors poorer by Rs 14,974 crore in just 5 days, comes despite Adani Energy Solutions reporting a 172 per cent increase in net profit to Rs 773 crore for the July-September period. 

    The market capitalisation (mcap)—or market value—of Adani Energy Solutions declined by Rs 14,974 crore to Rs 1,10,536 crore, as of October 25, according to provisional exchange data. 

    This story has been taken from Zeebiz

  • Traffic Likely To Be Affected In South Delhi For 3 Days Due To Religious Congregation | Mobility News

    Delhi Traffic Advisory: Traffic will likely be affected in south Delhi for three days from Friday due to a religious congregation, a police advisory said. According to the advisory, the Radha Swami Satsang Beas congregation will be held from 4 am to 6 pm at Radha Swami Satsang Complex, Bhati Mines, Chhattarpur, Mehrauli from Friday to Sunday.

    A large number of devotees from all across India and abroad including VIPs and high dignitaries will be visiting the area to attend the satsang, it said Around three to four lakh people are expected to attend the event. Around 80,000 devotees generally stay overnight at the satsang complex, while the remaining commutes in the morning from different parts of Delhi and NCR from 5 am and leave by 6 pm for which elaborate traffic arrangements have been made, the advisory said.

    Entry to the satsang complex is from Bhati Mines Road for all devotees and all types of vehicles. All invitees and devotees intending to go to satsang complex are advised to reach before 6 am to avoid congestion enroute. The organisers have made a separate entry for different categories of vehicles and visitors, it stated.

    Devotees coming from Faridabad and Gurugram are advised to reach the complex, Bhati Mines via Dera Border to avoid any inconvenience.

    Adequate parking arrangements have been made inside the complex by the organiser for all categories of vehicles. Sufficient informatory signage have been displayed for the awareness of devotees by the organiser. No parking of any vehicle shall not be allowed at SSN Marg, the advisory said.

    Restrictions on plying of heavy transport vehicle on Bhati Mines road between Chattarpur Road (SSN Marg) – Gurgaon Road T- Point and satsang complex will remain effective from Friday to Sunday between 4 am to 6.30 pm to avoid any traffic blockage, it said, adding that the general public is hereby advised to avoid Chattarpur Road (SSN Marg) during 4 am to 6.30 pm.

    All emergency vehicles, including vehicles of Delhi Police, ambulances, fire brigade and other emergency service vehicles, are allowed to have free access on the roads where restrictions and/or diversions have been put in place when proceeding on emergency duties to save precious lives of people. Emergency vehicles entering from Faridabad via Dera More and Mandi Border are advised to take Mehrauli-Gurgram Road to avoid any inconvenience, it said.

    People are advised to use public transport to avoid congestion on roads, it added.