https://www.ibef.org/ India Brand Equity Foundation (IBEF) India's renewable energy capacity surged 165% in a decade, reaching 203.1 GW in 2024, ranking fourth globally, with significant advancements in solar and wind power, announced Union Minister Pralhad Joshi. https://www.ibef.org/news/india-s-renewable-energy-capacity-grew-by-165-in-10-years-union-minister-of-consumer-affairs-food-and-public-distribution-new-and-renewable-energy-mr-pralhad-joshi Thu, 08 Aug 2024 09:52:30 +0530 Vice President of India and Chairman of Rajya Sabha Mr. Jagdeep Dhankhar asserted India's unstoppable rise, predicting it will become the third-largest economy in 2 years, emphasizing the importance of promoting handlooms and local products. https://www.ibef.org/news/india-to-become-third-largest-economy-in-2-years-says-vice-president-of-india-and-chairman-of-rajya-sabha-mr-jagdeep-dhankhar Thu, 08 Aug 2024 09:47:52 +0530 Union Minister of Commerce & Industry, Mr. Piyush Goyal, urged BIMSTEC members to reassess trade priorities to finalize the delayed Free Trade Agreement at the inaugural BIMSTEC Business Summit. https://www.ibef.org/news/union-minister-of-commerce-industry-mr-piyush-goyal-calls-for-faster-negotiations-of-bimstec-free-trade-agreement Thu, 08 Aug 2024 09:46:04 +0530 Union Minister of Consumer Affairs, Food and Public Distribution & New and Renewable Energy Mr. Pralhad Joshi announced in the Lok Sabha that India is generating 200 GW of renewable energy, with a pipeline of 430 GW, targeting 500 GW by 2030. https://www.ibef.org/news/india-plans-to-produce-500-gw-power-from-non-fossil-sources-by-2030 Thu, 08 Aug 2024 09:44:24 +0530 India's online fashion and lifestyle market is projected to grow from US$ 16-17 billion to US$ 40-45 billion by 2028, with the broader market reaching US$ 210 billion. https://www.ibef.org/news/india-s-e-lifestyle-market-to-triple-by-2028-reach-us-45-billion-in-value Thu, 08 Aug 2024 09:42:59 +0530 Residential sales in India's top 7 cities are set to grow by 10-12% in 2024-25, reaching 785-800 million sq. ft, driven by strong performance in 2023-24. https://www.ibef.org/news/housing-sales-across-india-s-top-7-cities-expected-to-witness-double-digit-growth-in-fy25 Thu, 08 Aug 2024 09:40:47 +0530 Deposits under PMJDY have reached US$ 27.51 billion (Rs. 2,30,792 crore) across 52.81 crore accounts, promoting financial inclusion since its launch in August 2014. https://www.ibef.org/news/52-81-crore-pm-jan-dhan-accounts-have-deposit-balance-of-over-us-27-51-billion-rs-2-30-lakh-crore Wed, 07 Aug 2024 10:54:01 +0530 DPIIT has recognized 1,40,803 startups as of June 30, 2024, with these startups creating over 15.53 lakh direct jobs since the 2016 Startup India launch. https://www.ibef.org/news/15-53-lakh-direct-jobs-created-by-recognized-startups Wed, 07 Aug 2024 10:52:48 +0530 Union Minister for Agriculture and Farmers’ Welfare and Rural Development Mr. Shivraj Singh Chouhan announced an investment of US$ 2.15 billion (Rs. 18,000 crore) for 100 agricultural export clusters and US$ 810.7 million (Rs. 6,800 crore) to boost pulse production self-sufficiency. https://www.ibef.org/news/centre-to-invest-us-2-15-billion-rs-18-000-crore-to-build-agri-export-clusters-union-minister-for-agriculture-and-farmers-welfare-and-rural-development-mr-shivraj-singh-chouhan Wed, 07 Aug 2024 10:51:14 +0530 India's gold industry, supported by the WGC, has launched the Indian Association for Gold Excellence and Standards (IAGES) to enhance trust through fair and transparent practices. https://www.ibef.org/news/indian-gold-industry-forms-self-regulatory-body-with-wgc-backing Wed, 07 Aug 2024 10:49:49 +0530 India's central bank may start a monetary easing cycle in December, with potential rate cuts of 100 basis points through March 2026, aiming for a 5.50% repo rate. https://www.ibef.org/news/rbi-to-lower-rates-by-100-bps-by-march-2026-as-inflation-eases-bank-of-america Wed, 07 Aug 2024 10:48:21 +0530 India exported non-basmati white rice worth US$ 122.7 million in April-May 2024, with total exports reaching US$ 852.53 million in 2023-24, according to Minister of State of Ministry of Commerce and Industry Mr. Jitin Prasada. https://www.ibef.org/news/india-exports-us-122-7-million-worth-non-basmati-white-rice-during-april-may Wed, 07 Aug 2024 10:46:32 +0530 In the first quarter of FY25, UPI transactions in India surged by over 36% to Rs. 60 trillion (US$ 718.30 billion), reflecting the continued growth of digital payments and the introduction of a cardless cash deposit facility. https://www.ibef.org/news/upi-transactions-jump-36-to-rs-60-trillion-us-718-30-billion-in-the-april-june-quarter-minister-of-state-for-finance Tue, 06 Aug 2024 11:23:25 +0530 Prime Minister Mr. Narendra Modi lauded India's rise to the third-largest global position in electronics exports, crediting the nation's youth and ‘Make in India’ initiatives, fuelled by a surge in Apple iPhone exports. https://www.ibef.org/news/prime-minister-mr-narendra-modi-lauds-india-s-progress-in-electronics-exports Tue, 06 Aug 2024 11:21:46 +0530 Deloitte India forecasts 7-7.2% economic growth this fiscal year, fuelled by strong fundamentals, policy reforms, and a shift towards discretionary spending across rural and urban areas. https://www.ibef.org/news/indian-economy-to-grow-at-7-7-2-in-the-current-fiscal-year-deloitte Tue, 06 Aug 2024 11:19:18 +0530 India plans to add 337,900 MW of power generation capacity by 2032, with significant contributions from thermal, hydropower, nuclear, and renewable energy sources, reflecting its commitment to diversifying and expanding its energy infrastructure. https://www.ibef.org/news/around-337-900-mw-power-capacity-likely-to-be-added-by-2032-minister-of-state-for-power Tue, 06 Aug 2024 11:17:10 +0530 India's SaaS sector is set to reach US$ 50 billion by 2030, driven by AI advancements and cybersecurity growth. https://www.ibef.org/news/indian-saas-sector-likely-to-reach-a-market-size-of-50-billion-by-2030 Tue, 06 Aug 2024 11:15:17 +0530 Automobile retail sales in India grew by 14% in July, led by strong rural demand, new product launches, and robust two-wheeler and passenger vehicle sales. https://www.ibef.org/news/auto-retail-sales-up-by-14-in-july-two-wheelers-shine-amid-positive-monsoon-impact Tue, 06 Aug 2024 11:13:09 +0530 A record 72.8 million ITRs were filed for AY2024-25 by July 31, 2024, with 52.7 million under the new tax regime, per the income tax department. https://www.ibef.org/news/of-record-72-8-million-itrs-filed-over-50-million-opted-for-new-tax-regime-i-t-department Mon, 05 Aug 2024 12:32:06 +0530 The Government announces a 5% IGST rate on aircraft imports and 100% FDI via automatic route for MRO, boosting India's aviation sector competitiveness. https://www.ibef.org/news/government-permits-100-foreign-direct-investment-via-automatic-route-for-aircraft-maintenance-repair-and-overhaul-mro Mon, 05 Aug 2024 12:29:22 +0530 India's seafood exports soared 30.81% in the past four years, driven by government initiatives, reduced import duties, and significant investments in infrastructure and technology. https://www.ibef.org/news/india-s-seafood-exports-increased-by-over-30-in-last-four-years-stand-at-rs-61-043-68-crore-us-7-37-billion-in-2023-24 Mon, 05 Aug 2024 12:27:43 +0530 ICRIER reports that US$ 54.34 billion (Rs. 4.55 trillion) of India's agriculture budget goes to welfare schemes and subsidies like MGNREGS and food and fertilizer subsidies. https://www.ibef.org/news/around-73-of-india-s-agriculture-budget-is-allocated-for-subsidies-and-welfare-schemes-icrier Mon, 05 Aug 2024 12:25:07 +0530 Sebi Chairperson, Ms. Madhabi Puri Buch, announced that Sebi is working towards simplifying the IPO documents and filing templates while speaking at FICCI's Capital Markets Conference. https://www.ibef.org/news/india-ranks-first-in-number-of-ipos-and-issuances-globally-ms-madhabi-puri-buch Mon, 05 Aug 2024 12:23:18 +0530 India's visual effects market is booming, driven by demand in film genres, with DNEG and Red Chillies leading the way. https://www.ibef.org/news/india-leads-global-vfx-industry-with-rich-history-cutting-edge-technology Mon, 05 Aug 2024 12:21:23 +0530 In July, GST collections amounted to over Rs 1.82 trillion (US$ 21.74 billion), driven by strong domestic transactions, with experts optimistic about continued growth during the upcoming festive season. https://www.ibef.org/news/new-milestone-gst-collection-rises-10-3-to-third-highest-at-rs-1-82-lakh-crore-us-21-74-billion Fri, 02 Aug 2024 10:52:33 +0530 The Reserve Bank of India's draft guidelines, mandating a 5% reduction in the stability of digital banking deposits, are credit positive, boosting banks' liquidity resilience, according to the ratings agency Moody's. https://www.ibef.org/news/rbi-s-tighter-liquidity-norms-credit-positive-for-banks-moody-s Fri, 02 Aug 2024 10:49:59 +0530 Provisional data reveals a 1.2% increase in primary aluminium production in FY25 (April-June) to 10.43 lakh tons, with India maintaining its position as a top global producer of aluminium, lime, and iron ore. https://www.ibef.org/news/india-is-the-second-largest-aluminium-producer-in-the-world Fri, 02 Aug 2024 10:46:58 +0530 CRISIL ratings forecast a 15-17% revenue increase for India’s tour and travel operators this fiscal, driven by rising domestic and international travel, improved infrastructure, and higher incomes. https://www.ibef.org/news/domestic-travel-operators-to-see-15-17-revenue-growth-in-fy25-crisil Fri, 02 Aug 2024 10:45:23 +0530 Dabur expects government initiatives to boost rural growth in the latter half of the year, with a strong start to the financial year and recovery driven by rural markets. https://www.ibef.org/news/government-push-will-support-rural-growth-in-the-second-half-of-the-year-and-onwards-dabur Fri, 02 Aug 2024 10:43:52 +0530 India's UPI saw a 45% year-on-year growth in July, reaching 14.44 billion transactions and Rs 20.64 lakh crore (US$ 246.51 billion) in value, revolutionizing retail payments for 424 million unique users. https://www.ibef.org/news/gaining-momentum-upi-transactions-top-rs-20-lakh-crore-us-238-86-billion-for-the-third-straight-month Fri, 02 Aug 2024 10:42:08 +0530 Foreign banks bought over US$ 16 billion in Indian bonds in 7 months, surpassing last year's record, driven by index inclusion and expected interest rate declines. https://www.ibef.org/news/foreign-banks-2024-indian-bond-purchases-hit-record-high-exceeds-us-16-billion Thu, 01 Aug 2024 10:28:42 +0530 India Ratings & Research raised India's GDP growth forecast for FY25 to 7.5%, up from 7.1%, driven by improved consumption demand and government capex. https://www.ibef.org/news/ind-ra-ups-fy25-gdp-growth-forecast-to-7-5-on-expectation-of-high-demand Thu, 01 Aug 2024 10:26:39 +0530 The government is launching 12 new industrial parks and 5-6 mega textile parks, urging the private sector to capitalize and address policy and compliance issues. https://www.ibef.org/news/government-plans-12-new-industrial-parks-and-multiple-mega-textile-parks-minister-of-commerce-and-industry-mr-piyush-goyal Thu, 01 Aug 2024 10:25:09 +0530 The country achieved a record coal production of 997.828 million tonnes in 2023-24, up from 730.874 MT in 2019-20, reflecting significant growth. https://www.ibef.org/news/country-has-witnessed-highest-ever-coal-production-in-the-year-2023-24 Thu, 01 Aug 2024 10:23:44 +0530 Khanij Bidesh India Ltd. (KABIL), a joint venture with National Aluminium, Hindustan Copper, and Mineral Exploration, aims to secure strategic minerals for India and is advancing major projects in Argentina, Australia, and Chile, including exclusive lithium exploration rights in Argentina. https://www.ibef.org/news/kabil-is-exploring-opportunities-for-acquisition-of-overseas-critical-minerals-assets-in-argentina-australia-and-chile Thu, 01 Aug 2024 10:22:07 +0530 Myntra plans to onboard 500 D2C beauty and grooming brands by year-end with its Beauty Edit of Myntra Rising Stars, boosting made-in-India brands with unique offerings. https://www.ibef.org/news/myntra-aims-to-onboard-500-d2c-brands-under-new-program-to-push-make-in-india Thu, 01 Aug 2024 10:19:52 +0530 India's retail sector is booming, with the first half of 2024 retail leasing hitting a 5-year high of 3.1 mn sq. ft. across 8 cities. https://www.ibef.org/news/retail-sector-records-strongest-first-half-leasing-in-5-years-as-luxury-brands-look-to-make-a-mark-in-india Wed, 31 Jul 2024 10:24:14 +0530 Prime Minister Mr. Narendra Modi expressed confidence that India will celebrate its 100th independence anniversary as a developed economy, highlighting significant economic growth over the past decade. https://www.ibef.org/news/india-will-celebrate-its-100th-anniversary-of-independence-as-a-developed-country-prime-minister-mr-narendra-modi-to-india-inc Wed, 31 Jul 2024 10:22:34 +0530 In Tokyo, External Affairs Minister Mr. S. Jaishankar announced a US$ 42 billion investment target between India and Japan by 2027, highlighting deepening economic ties and infrastructure progress. https://www.ibef.org/news/india-and-japan-have-set-a-us-42-billion-investment-target-by-2027-external-affairs-minister-mr-s-jaishankar Wed, 31 Jul 2024 10:17:54 +0530 India's real estate market surged in the second quarter of 2024, attracting US$ 2.77 billion, bringing the first half of 2024 investments to a record-breaking US$ 3.9 billion, showing strong investor confidence. https://www.ibef.org/news/india-s-real-estate-market-witnessed-a-us-2-77-billion-investment-during-the-second-quarter-of-2024 Wed, 31 Jul 2024 10:11:24 +0530 Samsung Electronics CEO Mr. Jong-Hee Han highlighted India as one of the biggest and fastest-growing markets globally, offering significant opportunities for the company during his visit to the Noida factory. https://www.ibef.org/news/india-is-fastest-growing-market-globally-samsung-ceo-during-india-visit Wed, 31 Jul 2024 10:05:18 +0530 Airtel Chairman Mr. Sunil Mittal highlighted the growth opportunities as India aims for a US$ 35 trillion economy by 2047, emphasizing 5G's role in digital advancement. https://www.ibef.org/news/india-s-2047-goal-of-us-35-trillion-economy-offers-airtel-big-growth-opportunities-mr-sunil-mittal Wed, 31 Jul 2024 09:59:26 +0530 India's power generation capacity grew 80% in 10 years, reaching 4,46,190 MW in June 2024, as reported to Parliament by the Minister of State for New and Renewable Energy (MNRE). https://www.ibef.org/news/india-s-power-generation-capacity-rose-to-4-46-gw-in-10-years-minister-of-state-for-ministry-of-new-and-renewable-energy-mnre-mr-shripad-yesso-naik Tue, 30 Jul 2024 10:30:42 +0530 India’s light vehicle production is projected to grow at 4.6% CAGR by 2033, reflecting strong investment and a growing domestic market. https://www.ibef.org/news/india-may-lead-global-growth-in-light-vehicle-production-s-p-global Tue, 30 Jul 2024 10:28:34 +0530 150 to 200 D2C brands have entered offline channels and quick-commerce platforms in the past 2 years, with over US$ 4 billion invested since 2016. https://www.ibef.org/news/nearly-150-200-direct-to-consumer-brands-entered-offline-retail-channels-over-the-past-2-years Tue, 30 Jul 2024 10:26:44 +0530 Indian professionals now hold 10-13% of leadership roles in GCCs, with around 100 chief investment officers and senior vice presidents earning million-dollar salaries. https://www.ibef.org/news/indians-now-hold-10-13-of-leadership-spots-in-global-capability-centres Tue, 30 Jul 2024 10:25:07 +0530 According to a recent report, hiring in the power and energy sector rose by 9.01% in the first half of FY25, reflecting India's commitment to net-zero emissions by 2070. https://www.ibef.org/news/hiring-in-power-energy-sector-in-country-witnesses-9-growth-in-the-first-half-of-fy25 Tue, 30 Jul 2024 10:23:07 +0530 Demand for premium co-living properties is high, with Housr operating 5,000 beds and adding 1,200 more by September, targeting over 8,000 beds by March 2025. https://www.ibef.org/news/co-living-operator-housr-to-reach-8-000-operational-beds-by-march-2025 Tue, 30 Jul 2024 10:21:51 +0530 Digital payments in India rose 12.6% YoY in March 2024, with RBI's Digital Payments Index reaching 445.5, reflecting significant adoption growth. https://www.ibef.org/news/digital-payments-increase-12-6-at-march-end-2024-shows-rbi-data Mon, 29 Jul 2024 11:01:41 +0530 Prime Minister Mr. Narendra Modi emphasised the role of states in achieving India's 2047 development goal, advocating for collaborative governance to enhance the quality of life across communities. https://www.ibef.org/news/viksit-bharat-2047-ambition-of-every-indian-states-can-play-active-role-to-achieve-this-aim-prime-minister-mr-narendra-modi Mon, 29 Jul 2024 11:00:01 +0530 Fitch Ratings affirms India's commitment to reducing the fiscal deficit for FY25 to 4.9% of GDP, down from 5.1% in the interim budget. https://www.ibef.org/news/fy25-budget-confirms-government-commitment-to-reduce-fiscal-deficit-fitch Mon, 29 Jul 2024 10:57:46 +0530 India's Logistics Performance Index ranking rose to 38 in 2023, with SAP noting significant growth in spend management and supplier collaboration amid government initiatives to boost manufacturing. https://www.ibef.org/news/india-now-20-of-sap-s-global-business-network-says-mr-ashwani-narang Mon, 29 Jul 2024 10:56:28 +0530 India's GCCs are set to expand significantly, with office space absorption expected to reach 26 million square feet by 2027, up from 19.69 million square feet in 2023, according to Knight Frank India. https://www.ibef.org/news/gccs-expected-to-absorb-26-million-sq-ft-office-space-in-india-by-2027 Mon, 29 Jul 2024 10:55:01 +0530 Jawaharlal Nehru Port Authority (JNPA), India's first major PPP-only port, has received approval for a US$ 34 million (Rs. 284.19 crore) project to develop an advanced agricultural processing and storage facility. https://www.ibef.org/news/india-s-first-integrated-agri-export-facility-to-come-up-at-jawaharlal-nehru-port-mumbai Mon, 29 Jul 2024 10:53:00 +0530 Union Minister of Micro, Small, and Medium Enterprises, Mr. Jitan Ram Manjhi, announced over 1.84 crore women-owned MSMEs, with 39% registered on Udyam and UAP platforms as of July 23rd, 2024. https://www.ibef.org/news/over-18-4-million-women-owned-msmes-in-the-country-says-union-minister-of-micro-small-and-medium-enterprises-mr-jitan-ram-manjhi Fri, 26 Jul 2024 09:47:25 +0530 The Union Budget 2024-25 highlights a US$ 23.88 billion (Rs. 2 lakh crore) Prime Minister’s package to enhance employment and skilling for 4.1 crore youth over next five years. https://www.ibef.org/news/prime-minister-s-package-worth-us-23-88-billion-rs-2-lakh-crore-to-boost-employment-and-skilling-for-4-1-crore-youth Fri, 26 Jul 2024 09:45:30 +0530 MPEDA noted that the Union Budget 2024-25 significantly impacts India's marine sector by rationalizing customs duties and enhancing financing to boost aquaculture and seafood exports. https://www.ibef.org/news/budget-proposals-for-marine-sector-to-boost-india-s-aquaculture-mpeda Fri, 26 Jul 2024 09:43:41 +0530 Under PMKSY, MoFPI has approved 41 mega food parks and 399 Cold chain projects, while the PMFME scheme supports 92,549 micro food processing enterprises with US$ 1.19 billion (Rs. 10,000 crore). https://www.ibef.org/news/the-ministry-of-food-processing-industries-mofpi-approved-41-mega-food-parks-399-cold-chain-projects-76-agro-processing-clusters-588-food-processing-units-under-pmksy Fri, 26 Jul 2024 09:42:25 +0530 The new employment-linked incentive schemes are set to significantly boost India's US$ 500 billion electronics sector, creating up to 5 million jobs by 2030 and driving substantial growth and investment. https://www.ibef.org/news/india-s-electronics-manufacturing-sector-to-see-a-surge-in-jobs-with-new-incentive-schemes Fri, 26 Jul 2024 09:40:48 +0530 Regional print media is set for an 8-9% revenue boost this fiscal, with 20-22% profitability growth, driven by strong advertising and subscriber loyalty, says Crisil. https://www.ibef.org/news/regional-print-media-companies-to-experience-8-9-revenue-growth-in-fy25-crisil Fri, 26 Jul 2024 09:38:19 +0530 India's economic activity expanded in July 2024, driven by strong growth in services and a rise in manufacturing. https://www.ibef.org/news/india-s-economic-activity-expands-in-july-services-pmi-rises-to-61-1 Thu, 25 Jul 2024 11:46:20 +0530 Industry experts praise the Union Budget's emphasis on essential minerals and environmental sustainability in India, noting the opportunity for self-sufficiency in resources and advancement towards achieving net-zero objectives. https://www.ibef.org/news/budget-2024-proposals-for-critical-minerals-to-help-achieve-net-zero-goals Thu, 25 Jul 2024 11:43:58 +0530 MeitY's PLI Schemes boost electronics and IT hardware manufacturing, promoting investment and production growth in India's technology sector. https://www.ibef.org/news/cumulative-investment-of-us-1-billion-rs-8-282-crore-by-32-companies-under-the-pli-scheme-for-large-scale-electronics-manufacturing Thu, 25 Jul 2024 11:42:30 +0530 The Electric Mobility Promotion Scheme (EMPS) 2024 aims to support up to 3,72,000 electric vehicles over four months, from April to July, with a budget of US$ 58.91 million (Rs. 493.55 crore). https://www.ibef.org/news/electric-mobility-promotion-scheme-to-support-up-to-3-72-lakh-evs-government Thu, 25 Jul 2024 11:40:52 +0530 Mahindra Group chairman urges India's private sector to match government efforts in job creation to avoid demographic disaster. https://www.ibef.org/news/private-sector-needs-to-step-up-match-government-s-efforts-mahindra-group-chairman-mr-anand-mahindra Thu, 25 Jul 2024 11:39:20 +0530 Nissan plans to launch five new models in India within the next two and a half years, aiming to triple the sales volumes by FY26. https://www.ibef.org/news/nissan-looks-to-rev-up-india-operations-lines-up-product-launches-over-next-30-months Thu, 25 Jul 2024 11:37:07 +0530 The National Jal Jeevan Mission (JJM) has provided tap water to 15 crore rural households, rapidly expanding coverage from 3 crore since its launch in 2019. https://www.ibef.org/news/jal-jeevan-mission-achieves-historic-milestone-of-15-crore-rural-tap-connections-from-just-3-crore-in-a-short-span-of-5-years Wed, 24 Jul 2024 11:04:51 +0530 India's real growth is 8.2%, and private consumption up by 4.0% in FY24; Government targets a fiscal deficit below 4.5% of GDP by FY26. https://www.ibef.org/news/india-s-real-growth-at-8-2-and-nominal-growth-at-9-6-in-fy24 Wed, 24 Jul 2024 11:03:14 +0530 Union Minister of Finance and Corporate Affairs, Ms. Nirmala Sitharaman, revised the fiscal deficit target to 4.9% of GDP for 2024-25, down from 5.1% in the interim budget. https://www.ibef.org/news/budget-2024-union-minister-of-finance-and-corporate-affairs-ms-nirmala-sitharaman-reduces-fiscal-deficit-for-fy25-to-4-9-of-gdp Wed, 24 Jul 2024 11:01:39 +0530 The Union Budget continues the Government’s focus on simplifying taxes and reducing litigation with a comprehensive review of the Income Tax Act to enhance clarity and compliance. https://www.ibef.org/news/budget-2024-prime-minister-mr-narendra-modi-s-government-simplifies-taxes-fosters-foreign-investments Wed, 24 Jul 2024 11:00:15 +0530 The government is streamlining FDI rules, reducing gold duties, and launching industrial parks to boost economic growth and support startups. https://www.ibef.org/news/panel-of-secretaries-working-on-simplification-of-fdi-rules-commerce-and-industry-minister-mr-piyush-goyal Wed, 24 Jul 2024 10:58:19 +0530 The FY25 Budget increases Customs duty on PCBA to 15% to bolster domestic telecom manufacturing while expanding Digital Public Infrastructure (DPI) and establishing US$ 119.5 million (Rs. 1,000 crore) funds to enhance the space economy. https://www.ibef.org/news/union-budget-announces-a-venture-capital-fund-of-us-119-5-million-rs-1-000-crore-to-expand-the-space-economy-by-5-times-in-the-next-10-years Wed, 24 Jul 2024 10:55:45 +0530 India ranks third in forest area gains, highlighting significant agroforestry and land restoration efforts. https://www.ibef.org/news/india-among-top-three-countries-in-most-significant-forest-area-gains-fao Tue, 23 Jul 2024 11:01:10 +0530 India’s real GDP is projected to grow 6.5-7% in 2024-25, with FY24 GDP being 20% higher than pre-COVID levels, reflecting robust domestic growth drivers, according to the Economic Survey 2023-24. https://www.ibef.org/news/india-s-real-gdp-projected-to-grow-between-6-5-7-in-2024-25 Tue, 23 Jul 2024 10:58:56 +0530 The Economic Survey highlights the MSME sector's crucial role, contributing 35.4% to manufacturing output, with GVA per worker rising to US$ 1,695.15 (Rs. 1,41,769) and GVO per establishment to US$ 5,540.81 (Rs. 4,63,389). https://www.ibef.org/news/share-of-msmes-in-manufacturing-output-stands-at-35-4 Tue, 23 Jul 2024 10:57:14 +0530 The Economic Survey 2023-24 highlights India's innovation-driven growth, with patents surging seventeen-fold from 5,978 in 2014-15 to 1,03,057 in 2023-24. https://www.ibef.org/news/number-of-patents-granted-cross-one-lakh-in-fy-23-24 Tue, 23 Jul 2024 10:55:43 +0530 The Economic Survey 2023-24 reveals a surge in India's electronics sector, with domestic production reaching US$ 98.28 billion (Rs. 8.22 lakh crore) and exports climbing to US$ 22.72 billion (Rs. 1.9 lakh crore) in FY23. https://www.ibef.org/news/india-s-share-of-electronics-exports-rose-in-fy24-driven-by-apple-says-economic-survey Tue, 23 Jul 2024 10:53:50 +0530 The Economic Survey 2023-24 highlights the services sector's vital role in India's economy, contributing 55% in FY24, driven by reforms and improved infrastructure. https://www.ibef.org/news/services-sector-continues-to-contribute-significantly-to-india-s-growth-accounts-for-about-55-of-total-size-of-the-economy-in-fy24 Tue, 23 Jul 2024 10:51:58 +0530 India's travel industry sees a 25% rise in monsoon bookings, driven by discounts and 20-40% lower tariffs. https://www.ibef.org/news/india-s-monsoon-travel-surge-bookings-up-25-with-discounts-driving-demand Mon, 22 Jul 2024 10:57:38 +0530 India aims for US$ 500 billion in domestic electronics manufacturing by 2030, with policy measures expected to create about 6 million jobs, says NITI Aayog. https://www.ibef.org/news/india-must-aim-for-us-500-billion-in-electronics-manufacturing-by-2030-niti-aayog Mon, 22 Jul 2024 10:55:49 +0530 Union Minister for Youth Affairs & Sports and Labour & Employment, Dr. Mansukh Mandaviya, launched the second phase of the KIRTI programme at Jawaharlal Nehru Stadium, focusing on identifying and nurturing athletes to boost India’s sports prowess. https://www.ibef.org/news/union-minister-for-youth-affairs-sports-and-labour-employment-dr-mansukh-mandaviya-stresses-talent-development-to-make-india-a-sports-superpower Mon, 22 Jul 2024 10:54:14 +0530 Overseas Indians deposited nearly US$ 3 billion in NRI schemes during April-May FY25, marking over a fourfold increase from the previous year, says RBI. https://www.ibef.org/news/nri-deposits-see-us-3-billion-inflows-in-april-may-fy25-shows-rbi-data Mon, 22 Jul 2024 10:52:26 +0530 Indian startups are increasingly investing in AI, IoT, and blockchain, focusing on sustainable growth, as per the SAP India report. https://www.ibef.org/news/77-indian-startups-investing-in-ai-advanced-technology-sap-report Mon, 22 Jul 2024 10:49:55 +0530 Infosys plans to hire up to 20,000 freshers in FY25, expanding on-campus and off-campus recruitment after six quarters of headcount decline. https://www.ibef.org/news/infosys-to-hit-campuses-total-hiring-target-at-15-000-20-000-for-fy25 Mon, 22 Jul 2024 10:47:52 +0530 Southeastern Coalfields Limited (SECL) in Chhattisgarh celebrates a milestone with Gevra and Kusmunda mines ranking 2nd and 4th on WorldAtlas.com’s largest coal mines list. https://www.ibef.org/news/atmanirbhar-bharat-two-of-the-world-s-five-largest-coal-mines-now-in-india Fri, 19 Jul 2024 10:55:03 +0530 External Affairs Minister Mr. S. Jaishankar inaugurated India’s first overseas Jan Aushadi Kendra in Mauritius, highlighting close bilateral collaboration. https://www.ibef.org/news/india-s-first-overseas-jan-aushadi-kendra-inaugurated-in-mauritius Fri, 19 Jul 2024 10:53:41 +0530 NPCI director Mr. Ajay Kumar Choudhary forecasts substantial growth for India's fintech industry, projecting US$ 110 billion in 2024 to US$ 420 billion by 2029, with a 31% annual growth rate. https://www.ibef.org/news/india-s-fintech-industry-is-projected-to-reach-us-420-bn-by-2029-at-a-cagr-of-31 Fri, 19 Jul 2024 10:52:32 +0530 The FICCI Economic Outlook Survey for July 2024 forecasts India's GDP to grow 7.0% in FY25, underscoring its position as one of the world's fastest-growing economies. https://www.ibef.org/news/ficci-projects-7-gdp-growth-for-india-in-2024-25-expects-the-repo-rate-to-moderate-by-the-end-of-the-fiscal-year Fri, 19 Jul 2024 10:51:09 +0530 AI and ML course enrolments surge by 50%, driving high salaries for skilled professionals in India amid a 12% increase in job openings in these fields. https://www.ibef.org/news/online-enrolment-in-ai-courses-sees-a-50-growth-on-a-yoy-basis-report Fri, 19 Jul 2024 10:49:46 +0530 Housing prices in India's top 30 Tier II markets have risen dramatically by up to 94% in the last 4 years due to surging demand, reports PropEquity. https://www.ibef.org/news/housing-prices-in-top-30-tier-ii-markets-rise-by-up-to-94-on-high-demand-propequity Fri, 19 Jul 2024 10:47:29 +0530 Nomura predicts growth in housing loans fuelled by demographics, income rise, housing scarcity, and government support, ensuring increased accessibility and market advancement. https://www.ibef.org/news/home-loan-market-to-more-than-double-in-next-five-years-nomura Thu, 18 Jul 2024 11:01:37 +0530 Union Minister of Commerce and Industry, Mr. Piyush Goyal, emphasised global collaboration for resilient supply chains at the G7 Trade Ministers' Meeting. https://www.ibef.org/news/union-minister-of-commerce-and-industry-mr-piyush-goyal-discusses-free-trade-agreements-with-uk-and-eu-ministers-at-g7-meeting Thu, 18 Jul 2024 11:00:17 +0530 Indian telecom firms are set to achieve a decade-high ARPU of US$ 2.69 (Rs. 225) in the next fiscal year, boosted by tariff hikes and increased data usage amid 5G expansion, per Crisil Ratings. https://www.ibef.org/news/telecom-arpus-to-touch-decade-high-mark-in-fy26-says-crisil-research Thu, 18 Jul 2024 10:59:01 +0530 The 'Deloitte Swiss Watch Industry Insights 2024' report highlights India's appeal for Swiss watchmakers, offering a profitable market with growth potential through favourable trade conditions. https://www.ibef.org/news/india-emerges-as-a-key-destination-for-swiss-watchmakers-deloitte-report Thu, 18 Jul 2024 10:57:39 +0530 GenZ and millennials are transforming India's retail credit with digital lending set to reach 5% of all loans by FY28, growing at 40% annually. https://www.ibef.org/news/digital-lending-in-india-witnesses-big-transformation-thanks-to-two-specific-borrower-groups Thu, 18 Jul 2024 10:55:58 +0530 Taiwanese firms are increasingly relocating supply chains to India amid global trade tensions, with Taiwan's FDI in India surging to over US$ 665 million from 2018 to 2023. https://www.ibef.org/news/taiwan-firms-shift-supply-chains-to-india-from-china-trade-body-chief Thu, 18 Jul 2024 10:54:14 +0530 India’s merchandise exports grew 2.55% year-on-year in June 2024, driven by engineering goods, electronic goods, drugs and pharmaceuticals, coffee, and organic and inorganic chemicals. https://www.ibef.org/news/india-s-total-exports-estimated-to-grow-at-5-40-in-june-2024-cumulative-overall-exports-during-april-june-2024-estimated-to-grow-at-8-60 Tue, 16 Jul 2024 12:00:31 +0530 India’s outward FDI surged to US$ 2.14 billion in June 2024, up from US$ 1.14 billion in the previous year, with equity and debt investments rising significantly. https://www.ibef.org/news/india-s-outward-fdi-rises-to-us-2-14-billion-in-june-shows-rbi-data Tue, 16 Jul 2024 11:58:36 +0530 External Affairs Minister Mr. S. Jaishankar outlined India’s priorities in cooperation with Pacific Island nations, focusing on healthcare, infrastructure, renewable energy, and capacity building. https://www.ibef.org/news/india-commits-to-enhancing-cooperation-with-pacific-partners-external-affairs-minister-mr-s-jaishankar Tue, 16 Jul 2024 11:56:25 +0530 NITI Aayog proposes strict revisions to India’s wind energy guidelines, recommending a 60% local content rule to boost cybersecurity and reduce reliance on Chinese imports. https://www.ibef.org/news/niti-aayog-proposes-a-minimum-60-local-sourcing-requirement-by-value-for-wind-energy-plants Tue, 16 Jul 2024 11:52:14 +0530 In June 2024, India’s Wholesale Price Index (WPI) registered a provisional annual inflation rate of 3.36%, driven by increased prices in food articles, food product manufacturing, crude petroleum, natural gas, mineral oils, and other manufacturing sectors. https://www.ibef.org/news/index-numbers-of-wholesale-price-in-india-for-the-month-of-june-2024-base-year-2011-12 Tue, 16 Jul 2024 11:49:20 +0530 Luxury housing sales in India surged 40% year-on-year in the second quarter of 2024, driven by affluent buyers’ investment appeal for high-end properties. https://www.ibef.org/news/luxury-housing-sales-increase-by-40-yoy Tue, 16 Jul 2024 11:43:53 +0530 India's digital retail payment sector is set to double to US$ 7 trillion by 2030, driven by UPI transactions and a shift towards cashless transactions. https://www.ibef.org/news/india-s-retail-digital-payment-may-double-to-us-7-trillion-by-2030-report Mon, 15 Jul 2024 11:13:11 +0530 Prime Minister Mr. Narendra Modi highlighted the creation of eight crore new jobs in India over the last three to four years during the launch of infrastructure projects worth Rs. 29,000 crore (US$ 3.47 billion) in Mumbai. https://www.ibef.org/news/eighty-million-new-jobs-in-last-three-to-four-years-says-prime-minister-mr-narendra-modi Mon, 15 Jul 2024 11:11:33 +0530 RBI Governor, Mr. Shaktikanta Das, stresses India's need for a credit rating upgrade, citing strong fundamentals and robust growth momentum boosting investor confidence. https://www.ibef.org/news/india-s-credit-ratings-upgrade-is-long-overdue-rbi-governor-mr-shaktikanta-das Mon, 15 Jul 2024 11:09:47 +0530 India plans to expand to 300 airports by 2047, anticipating a surge in passenger traffic, per the Airports Authority of India. https://www.ibef.org/news/india-to-double-airports-to-300-by-2047-amid-surging-passenger-traffic Mon, 15 Jul 2024 11:07:29 +0530 India's oil consumption is expected to reach 7 million barrels per day by 2030, up from 5 million barrels in 2022, as per BP's Energy Outlook. https://www.ibef.org/news/india-oil-consumption-to-rise-to-7-million-barrels-a-day-by-2030-bp-outlook Mon, 15 Jul 2024 11:04:28 +0530 The Ministry of Rural Development approved 78 roads and 14 bridges in Assam under PMGSY-III, worth the investment of US$ 45.4 million (Rs. 378.68 crore). https://www.ibef.org/news/ministry-of-rural-development-sanctions-78-roads-measuring-563-67-km-and-14-bridges-with-an-estimated-investment-of-us-45-4-million-rs-378-68-crore-to-the-state-of-assam Mon, 15 Jul 2024 10:59:45 +0530 The industrial and warehousing sector absorbed 27.3 million sq. ft. in the first half of 2024, with a notable rise in demands from the 3PL, manufacturing and FMCG/FMCD sectors. https://www.ibef.org/news/industrial-and-warehousing-sector-absorption-increases-21-9-year-over-year Fri, 12 Jul 2024 11:35:47 +0530 The Indian Staffing Federation's report highlights the growth in flexi staffing by 15%, driving employment and economic stability in India. https://www.ibef.org/news/flexi-staffing-industry-rose-15-in-fy24-indian-staffing-federation Fri, 12 Jul 2024 11:33:55 +0530 GeM's procurement marked a 136% growth year-over-year, with ambitions to become the world's largest procurement platform by fiscal year-end. https://www.ibef.org/news/gem-procurement-hits-us-14-85-billion-rs-1-24-trillion-in-the-first-quarter-set-to-be-the-world-s-largest-in-fy25 Fri, 12 Jul 2024 11:31:22 +0530 India surpasses China in billion-dollar real estate firms, now hosting 36 companies valued at US$ 12 million (Rs. 1 billion) or more, up from 7 in 2018. https://www.ibef.org/news/india-outshines-china-with-36-real-estate-companies-valued-at-over-a-billion-dollars Fri, 12 Jul 2024 11:28:13 +0530 Indians gain expanded access to foreign currency accounts at Gujarat International Finance Tec (GIFT) City, attracting increased foreign investor interest with its relaxed regulations. https://www.ibef.org/news/foreign-currency-account-usage-widens-at-gift-city-boosts-business-prospects Fri, 12 Jul 2024 11:25:35 +0530 Demat accounts saw 42 lakh new additions in June 2024, marking a 4.24% monthly and 34.66% annual growth, reflecting robust investor participation in financial markets. https://www.ibef.org/news/demat-account-additions-cross-40-lakh-for-the-fourth-time-in-june-nse-active-clients-are-up-by-3 Fri, 12 Jul 2024 11:23:07 +0530 India's job creation surges with 125 million jobs generated in the last decade, driven by robust MSME growth and infrastructure development. https://www.ibef.org/news/india-generated-125-million-jobs-between-fy14-and-fy23-says-sbi-report Thu, 11 Jul 2024 12:02:40 +0530 Prime Minister Mr. Narendra Modi's visit to Austria underscores strengthening bilateral ties, marking a first visit by an Indian Prime Minister in over 40 years. https://www.ibef.org/news/india-austria-friendship-to-get-stronger-in-times-to-come-prime-minister-mr-narendra-modi Thu, 11 Jul 2024 12:00:40 +0530 Mr. Piyush Goyal will meet Swiss investors for the US$ 100 billion EFTA deal and discuss progress on the India-EFTA trade agreement. https://www.ibef.org/news/india-efta-fta-goyal-to-meet-swiss-investors-on-us-100-billion-fdi-commitment Thu, 11 Jul 2024 11:58:53 +0530 India's floral waste sector grows, providing jobs to women and curbing environmental hazards from irresponsible disposal practices. https://www.ibef.org/news/floral-waste-is-boosting-circularity-in-the-economy Thu, 11 Jul 2024 11:57:03 +0530 India's M&A totalled US$ 446.9 million (Rs. 37.3 billion) in the first half of 2024, with significant billion-dollar deals like Walt Disney-Reliance and Data Infrastructure Trust-ATC India. https://www.ibef.org/news/tech-drives-india-s-m-a-market-in-the-first-half-of-2024-top-10-deals-decoded Thu, 11 Jul 2024 11:54:24 +0530 India's battery energy storage capacity surged to 219 MWh by March 2024, up from 47.6 MWh in March 2023, Mercom Capital Group reports. https://www.ibef.org/news/battery-energy-storage-capacity-grows-over-four-fold-to-219-mw-in-the-first-quarter-of-2024-report Thu, 11 Jul 2024 11:50:56 +0530 India's equity mutual funds hit a record US$ 4.87 billion (Rs. 40,608 crore) in June, with net inflows of US$ 71.78 billion (Rs. 5.99 trillion) since February 2021. https://www.ibef.org/news/equity-mutual-fund-inflows-up-17-at-a-record-high-of-us-4-87-billion-rs-40-608-crore-in-june-amfi Wed, 10 Jul 2024 11:35:14 +0530 Prime Minister Mr. Narendra Modi highlighted India's transformative journey and rapid development over the past decade, attributing it to the resilience of its 1.4 billion citizens aiming for a 'Viksit Bharat.' https://www.ibef.org/news/india-s-development-over-past-10-years-has-taken-world-by-surprise-prime-minister-mr-narendra-modi Wed, 10 Jul 2024 11:33:32 +0530 Moody’s projects India's GDP growth to remain robust at 6.8% for 2024, driven by strong domestic and global demand in emerging markets. https://www.ibef.org/news/moody-s-keeps-india-s-2024-economic-growth-forecast-unchanged-at-6-8 Wed, 10 Jul 2024 11:29:01 +0530 ICRA forecasts a 13-14% annual growth in India's industrial and warehouse logistics park supply to 424 million sq. ft in 2024-25, with absorption reaching 47 million sq. ft, driven by strong consumption-driven demand. https://www.ibef.org/news/top-eight-markets-warehousing-supply-to-grow-13-14-on-year-in-fy25 Wed, 10 Jul 2024 11:26:18 +0530 India's gaming industry is set to soar to US$ 8.92 billion, driven by over 442 million gamers and US$ 2.8 billion in investments. https://www.ibef.org/news/indian-gaming-industry-to-grow-to-us-8-92-billion-in-next-five-years-report Wed, 10 Jul 2024 11:24:31 +0530 India's vibrant food services sector is set to reach US$ 93.16 billion (Rs 7.76 trillion) by 2028, driven by urbanisation and evolving consumer trends. https://www.ibef.org/news/indian-food-services-sector-to-grow-by-8-1-from-2024-to-2028-report Wed, 10 Jul 2024 11:21:50 +0530 Indian dealmaking soared in the second quarter of 2024 with 501 deals valued at US$ 21.4 billion, driven by strong M&A and PE activity. https://www.ibef.org/news/m-as-in-india-soar-to-new-heights-in-the-second-quarter-of-2024 Tue, 09 Jul 2024 11:25:43 +0530 The PLI Scheme for White Goods reopens from July 15 to October 12, 2024, driven by industry growth and confidence in local manufacturing under PLIWG. https://www.ibef.org/news/the-government-reopens-application-window-for-the-pli-scheme-for-white-goods-for-90-days-from-july-15-2024 Tue, 09 Jul 2024 11:22:21 +0530 India's central bank reported robust job creation in the country, adding 46.7 million new jobs in the fiscal year ending March, with a 6% growth rate. https://www.ibef.org/news/india-s-employment-provisionally-grew-at-6-in-fy24-shows-rbi-data Tue, 09 Jul 2024 11:20:29 +0530 India's fuel consumption reached 19.99 million metric tons in June 2024, reinforcing its position as one of the largest oil importers and consumers in the world. https://www.ibef.org/news/india-s-june-fuel-demand-edges-up-2-6 Tue, 09 Jul 2024 11:18:08 +0530 India's life insurance sector surged in the first quarter of FY25, led by LIC's 28.11% growth to US$ 6.88 billion (Rs. 57,440.9 crore). https://www.ibef.org/news/life-insurance-companies-new-business-premium-up-nearly-23-in-the-first-quarter-of-fy25 Tue, 09 Jul 2024 11:16:24 +0530 Xiaomi aims to double its device shipments in India to 700 million over the next ten years, focusing on local manufacturing and value addition. https://www.ibef.org/news/we-plan-to-double-shipments-to-700-million-in-india-in-10-years-xiaomi-president Tue, 09 Jul 2024 11:10:10 +0530 The Indian pharmaceutical market surges 8.8% in June 2024, driven by strong growth in respiratory, anti-infectives, and gastrointestinal therapies. https://www.ibef.org/news/indian-pharmaceutical-market-registers-over-8-growth-in-june-2024 Mon, 08 Jul 2024 11:59:47 +0530 India sets ambitious export targets for 2029-30, aiming for US$ 100 billion in electronics and textiles while doubling the pharmaceuticals exports to US$ 55 billion. https://www.ibef.org/news/commerce-ministry-targets-us-100-billion-in-electronics-textile-exports-by-fy30 Mon, 08 Jul 2024 11:55:56 +0530 India's steel demand growth is expected to range between 5%-7.3% annually, reaching 221-275 million tonnes by FY34, as per Deloitte. https://www.ibef.org/news/government-infrastructure-push-steers-steel-demand-to-221-275-million-tonnes-by-fy34-report Mon, 08 Jul 2024 11:52:04 +0530 Ministry of Defence achieves record-high indigenous defence production in FY24, marking a year-on-year growth of 16.7%. https://www.ibef.org/news/annual-defence-production-hits-a-record-high-of-approx-us-15-21-billion-rs-1-27-lakh-crore-in-fy24 Mon, 08 Jul 2024 11:49:56 +0530 Government initiatives boost air travel surge in India's rural areas, with regional airports showing substantial passenger traffic increases in FY24. https://www.ibef.org/news/regional-airports-found-wind-beneath-their-wings-in-fy24 Mon, 08 Jul 2024 11:46:39 +0530 India's housing market thrives with a record 11% surge in residential unit sales, driven by economic prosperity and upscale demand. https://www.ibef.org/news/luxury-realty-booms-homes-above-us-119-775-rs-1-crore-now-41-of-india-s-housing-sales Mon, 08 Jul 2024 11:44:30 +0530 UPI's global expansion to Galeries Lafayette in Paris aligns with Prime Minister Mr. Narendra Modi's vision, enhancing payment experiences for Indian visitors and aiming for worldwide digital prominence. https://www.ibef.org/news/india-s-upi-goes-live-at-galeries-lafayette-eyes-paris-olympics-boost Fri, 05 Jul 2024 11:56:11 +0530 Union Minister of State for Science and Technology and Minister of State for Earth Sciences, Dr. Jitendra Singh, revealed India's upcoming achievements in space and marine exploration, including Gaganyaan's maiden human space mission and a pioneering Deep-Sea expedition by 2025. https://www.ibef.org/news/world-to-witness-1st-indian-in-space-and-other-indian-in-deep-sea-by-2025-says-union-minister-of-state-for-science-and-technology-minister-of-state-for-earth-sciences-dr-jitendra-singh Fri, 05 Jul 2024 11:53:58 +0530 India accelerates its EV sector with plans for 10 GWh battery production, payment security for electric buses, and FAME 3 incentives worth US$ 1.2 billion (Rs. 10,000 crore). https://www.ibef.org/news/india-s-ev-plans-to-get-a-policy-boost-as-govt-may-fast-track-3-big-ticket-schemes Fri, 05 Jul 2024 11:51:09 +0530 CRISIL predicts a 7-9% revenue rise in FMCG, driven by higher volume, rural resurgence, and steady urban demand amid stable prices across PC and HC segments. https://www.ibef.org/news/india-s-fmcg-sector-to-see-revenue-growth-of-7-9-in-fy24-crisil Fri, 05 Jul 2024 11:48:54 +0530 In May 2024, the coal sector led growth among core industries with a robust 10.2% increase, reaching an index of 184.7 points, up from 167.6 points last year, marking an 8.9% rise cumulatively. https://www.ibef.org/news/coal-sector-achieves-remarkable-growth-of-10-2-among-eight-core-industries-in-may-2024 Fri, 05 Jul 2024 11:46:54 +0530 Uttar Pradesh aims for US$ 5.99 billion (Rs. 50,000 crore) in annual agricultural exports through crop-specific commodity boards, enhancing farm productivity and revitalizing the agricultural value chain. https://www.ibef.org/news/uttar-pradesh-govt-plans-to-set-up-crop-specific-boards-to-boost-exports Fri, 05 Jul 2024 11:44:17 +0530 Private equity investments in Indian real estate hit a three-year high in the second quarter, reaching US$ 2.5 billion, with industrial and warehousing leading at 61% of total investments. https://www.ibef.org/news/institutional-investment-in-indian-real-estate-at-us-2-5-billion-in-the-second-quarter-marking-a-3-year-high Thu, 04 Jul 2024 10:10:14 +0530 Revenues of India's top 18 states are projected to grow 8 to 10% this year, reaching US$ 455.36 billion (Rs. 38 lakh crore), per CRISIL Ratings. https://www.ibef.org/news/revenues-of-top-18-states-to-grow-8-to-10-this-financial-year-crisil Thu, 04 Jul 2024 10:08:31 +0530 India's services sector bounced back in June, with PMI rising to 60.5, driven by higher new orders and expanded international sales. https://www.ibef.org/news/june-services-pmi-rises-on-the-back-of-new-orders-international-sales Thu, 04 Jul 2024 10:06:47 +0530 The Indian office property market thrives with record gross leasing of 33.5 million sq. ft in the first half, driven by economic resurgence and GCC growth. https://www.ibef.org/news/india-office-property-market-surges-with-record-gross-leasing-in-2024-first-half Thu, 04 Jul 2024 10:03:12 +0530 According to a Deloitte survey, India's automotive sector sees significant salary hikes averaging 10-14% in FY24, fuelled by robust sales growth. https://www.ibef.org/news/automakers-take-the-lead-in-fy24-salary-hikes-with-double-digit-raises Thu, 04 Jul 2024 10:01:52 +0530 India's family office sector burgeons, surpassing 300 entities from 45 in 2018, driven by a thriving market environment, pivotal to diverse sectors and 60-70% of GDP. https://www.ibef.org/news/family-offices-rise-to-300-since-2018-tier-ii-iii-cities-in-demand-pwc Thu, 04 Jul 2024 09:59:24 +0530 The Indian fast fashion industry is projected to multiply into a massive US$ 50 billion market by FY31, indicating a promising future, mainly driven by robust demand and increasing consumer inclination towards affordable and trendy clothing options. https://www.ibef.org/news/indian-fast-fashion-industry-poised-to-reach-over-us-50-bn-by-fy31-redseer Wed, 03 Jul 2024 11:14:18 +0530 The commerce ministry is creating a platform to register and address non-tariff barriers (NTBs) faced by exporters, especially for small items. https://www.ibef.org/news/commerce-ministry-developing-platform-for-registration-resolution-of-ntb-s Wed, 03 Jul 2024 11:11:40 +0530 India pursues critical mineral blocks in Africa and Latin America via government-to-government deals, alongside discussions with Australia, aiming to expedite domestic acquisition processes. https://www.ibef.org/news/india-in-talks-with-african-and-latin-american-countries-for-critical-mineral-blocks-says-official Wed, 03 Jul 2024 11:10:09 +0530 In June 2024, India's PV wholesale figures increased 3.7% YoY to 340,784 units, with first-half sales reaching 2.168 million units. https://www.ibef.org/news/car-sales-stay-on-growth-track-in-the-first-half-despite-poll-heatwave-roadblocks Wed, 03 Jul 2024 11:07:22 +0530 India's peak power demand, which hit 250 GW in May, is projected to surpass 400 GW by 2031-32, announced Power Secretary Mr. Pankaj Agarwal. https://www.ibef.org/news/india-s-peak-power-demand-may-cross-400-gw-mark-by-2031-32-says-power-secretary Wed, 03 Jul 2024 11:05:51 +0530 Indians are increasingly driving a surge in luxury travel abroad, alongside a rising demand for extravagant experiences across the Asia-Pacific region. https://www.ibef.org/news/indians-up-their-game-on-foreign-vacations-with-luxury-hotels-formula-1-drives-and-epic-train-rides Wed, 03 Jul 2024 11:03:48 +0530 In June, Indian manufacturing surged with PMI at 58.3, driven by robust demand, higher prices, and record employment growth, despite cost pressures. https://www.ibef.org/news/higher-demand-pushes-hiring-up-as-manufacturing-pmi-touches-58-3-in-june Tue, 02 Jul 2024 11:10:09 +0530 India and Australia are boosting cooperation in critical minerals, processing, and battery production, aiming for a comprehensive free trade agreement, says Commerce Secretary Mr. Sunil Barthwal. https://www.ibef.org/news/india-and-australia-look-at-increasing-cooperation-in-critical-minerals-processing Tue, 02 Jul 2024 11:08:30 +0530 India outpaced China and Vietnam in mobile phone exports in FY24, recording a 40.5% surge amid declines in both countries. https://www.ibef.org/news/india-catching-up-with-china-vietnam-on-phone-exports Tue, 02 Jul 2024 11:07:06 +0530 Indian corporations are embracing flexibility with a notable shift towards flexible workspaces, set to surpass 10% of office portfolios by 2026. https://www.ibef.org/news/corporates-to-further-expand-flexible-office-space-portfolio-by-2026-cbre Tue, 02 Jul 2024 11:05:18 +0530 India's power consumption rose nearly 9% in June 2024 to 152.38 BU, driven by excessive use of cooling appliances amid scorching heat. https://www.ibef.org/news/india-s-power-consumption-rises-nearly-9-to-152-38-billion-units-in-june Tue, 02 Jul 2024 11:04:00 +0530 Indian co-working leaders Urban Vault, Incuspaze, The Executive Centre, and Awfis are boosting ESG investments amid rising demand for sustainable office solutions. https://www.ibef.org/news/co-working-spaces-up-investments-in-esg-for-rise-in-demand-higher-rentals Tue, 02 Jul 2024 11:02:28 +0530 Higher demand for summer clothes in the West boosted India’s textile exports to US$ 5.86 billion in the first two months of FY25. https://www.ibef.org/news/west-s-demand-for-summer-wear-boosts-india-s-textile-exports-by-5-4-in-april-may Mon, 01 Jul 2024 11:05:18 +0530 India aims to incentivize local production of GLP-1 drugs by 2026, targeting diabetes and obesity treatments leveraging semaglutide for its weight loss benefits. https://www.ibef.org/news/india-to-make-drugs-for-diabetes-obesity-under-pli-by-2026-says-report Mon, 01 Jul 2024 11:04:06 +0530 India's capital markets regulator, SEBI, is working on simplifying procedures for foreign investors in sovereign debt, aligning with India's inclusion in international bond indexes. https://www.ibef.org/news/india-planning-to-reduce-paperwork-for-foreign-investors-buying-govt-debt Mon, 01 Jul 2024 11:02:39 +0530 NHPC and ENGIE have signed PPAs with Gujarat Urja Vikas Nigam Ltd for two 200 MW solar projects, furthering renewable energy goals in Gujarat. https://www.ibef.org/news/nhpc-engie-sign-pacts-for-two-200-mw-solar-projects-in-gujarat Mon, 01 Jul 2024 11:00:56 +0530 NITI Aayog forms committees and working groups to guide India towards net-zero economy by 2070 through comprehensive policy actions. https://www.ibef.org/news/india-takes-first-steps-to-meet-2070-net-zero-goal-niti-aayog-forms-panels Mon, 01 Jul 2024 10:59:09 +0530 Sony India, led by Managing Director Mr. Sunil Nayyar, targets becoming the third-largest global market, focusing on premium technology for continued growth and innovation. https://www.ibef.org/news/india-to-overtake-japan-to-become-3rd-largest-global-market-sony-md Mon, 01 Jul 2024 10:57:46 +0530 India has become the world's third-largest domestic aviation market, surpassing Brazil and Indonesia, led by IndiGo and Air India. https://www.ibef.org/news/india-s-domestic-aviation-market-is-now-third-largest-globally Fri, 28 Jun 2024 10:48:17 +0530 RBI's 29th Financial Stability Report reveals a decline in gross and net NPA’s of Indian scheduled commercial banks (SCBs), driven by enhanced profitability. https://www.ibef.org/news/indian-banks-gross-npa-ratio-at-multi-year-low-of-2-8-net-npa-down-to-0-6-in-fy24-rbi-financial-stability-report Fri, 28 Jun 2024 10:47:04 +0530 In 2023, Indian drug manufacturing sites exporting to the US showed strong regulatory compliance, with only 13% classified as Official Action Indication by the USFDA. https://www.ibef.org/news/india-pharma-units-fare-better-in-us-checks-in-2023 Fri, 28 Jun 2024 10:45:43 +0530 Visa's insights reveal strong consumer spending growth in non-metro Indian cities like Dharamshala, Mullanpur, and Vishakapatnam during the 2024 summer cricket season, driven by digital payment adoption. https://www.ibef.org/news/consumer-spending-peaks-in-non-metro-indian-cities-visa Fri, 28 Jun 2024 10:43:29 +0530 Tata Group remains India's most valuable brand at US$ 28.6 billion, with Infosys second and HDFC group rising to third in Brand Value's "India 100 2024" ranking. https://www.ibef.org/news/tata-group-retains-top-spot-as-india-s-most-valuable-brand-at-us-28-6-billion Fri, 28 Jun 2024 10:40:08 +0530 Jaipur Rugs expands globally with a new London showroom and plans for 2 international and 5 domestic store openings this fiscal year. https://www.ibef.org/news/jaipur-rugs-opens-store-in-uk-plans-to-open-two-more-international-stores-in-fy25 Fri, 28 Jun 2024 10:39:00 +0530 In FY24, Indians residing abroad sent US$ 107 billion in remittances to the families in India, nearly doubling the US$ 54 billion from FDI and portfolio investments, marking a record high. https://www.ibef.org/news/indian-diaspora-breaks-record-with-us-107-billion-remittance-surge-in-fy24 Thu, 27 Jun 2024 11:11:13 +0530 Gross office space leasing rose 8% annually to 15.8 million square feet in April-June across 6 major cities, with strong demand in Mumbai. https://www.ibef.org/news/gross-leasing-of-office-space-up-8-to-158-lakh-sq-ft-in-april-june-in-top-6-cities-colliers Thu, 27 Jun 2024 11:10:00 +0530 The credit card market in India saw a significant 18% YoY growth, reaching 103.3 million cards in circulation in May 2024. https://www.ibef.org/news/credit-card-circulation-increased-by-18-to-103-3-million-in-may Thu, 27 Jun 2024 11:08:32 +0530 Bajaj Auto, India's top exporter of two and three-wheelers, opens its first international manufacturing plant in Manaus, Brazil, reinforcing its global growth with a robust production capacity and strategic expansion. https://www.ibef.org/news/bajaj-auto-inaugurates-its-first-overseas-manufacturing-facility-in-brazil Thu, 27 Jun 2024 11:07:16 +0530 Aditya Birla Group invests US$ 50 million in a new manufacturing and research centre in Beaumont, Texas, targeting epoxy resin production for diverse consumer and industrial uses. https://www.ibef.org/news/aditya-birla-group-to-invest-us-50-million-in-manufacturing-r-d-centre-in-texas Thu, 27 Jun 2024 11:05:08 +0530 India's second 5G spectrum auction earned US$ 1.35 billion (Rs. 11,300 crore), with Bharti Airtel leading bids in critical frequency bands. https://www.ibef.org/news/5g-spectrum-auctions-bharti-airtel-likely-largest-bidder-government-mops-up-around-us-1-35-billion-rs-11-300-crore Thu, 27 Jun 2024 11:02:57 +0530 The Lieutenant Governor of Ladakh, Mr. B.D. Mishra declared Ladakh to achieve full functional literacy under the ULLAS – Nav Bharat Saaksharta Karyakram, with a literacy rate of over 97%. https://www.ibef.org/news/ladakh-achieves-full-functional-literacy Wed, 26 Jun 2024 11:55:38 +0530 Electric car sales in India are expected to surge to 1.3-1.5 lakh units in FY25, driven by improved market penetration, according to a CareEdge report. https://www.ibef.org/news/electric-car-sales-in-india-to-reach-1-3-1-5-lakh-in-fy25-report Wed, 26 Jun 2024 11:54:23 +0530 Union Minister Dr. Jitendra Singh said installed capacity of India’s Nuclear Power generation will reach 13.08 GWe by 2029 by prioritising indigenous technology development and promoting energy security. https://www.ibef.org/news/india-s-nuclear-power-generation-capacity-to-increase-by-around-70-in-the-next-five-years-says-union-minister-dr-jitendra-singh Wed, 26 Jun 2024 11:52:57 +0530 India's FMCG sector anticipates 7-9% growth in 2024, backed by government initiatives to boost consumption and jobs. https://www.ibef.org/news/fmcg-sector-to-have-sustained-growth-rate-of-7-9-in-2024-report Wed, 26 Jun 2024 11:50:53 +0530 India's GIFT City in Gujarat is gearing up to launch real-time dollar settlement to streamline financial transactions and boost global investor confidence. https://www.ibef.org/news/gujarat-s-new-financial-hub-aims-for-real-time-dollar-settlement-by-2025 Wed, 26 Jun 2024 11:48:48 +0530 Adani Group plans a US$ 15.59 billion (Rs. 1.3 lakh crore) investment this fiscal, aiming to strengthen its US$ 100 billion plan investment over the next 7-10 years. https://www.ibef.org/news/adani-group-to-increase-capex-in-fy25-to-us-15-59-billion-rs-1-3-lakh-crore-from-us-8-39-billion-rs-70-000-crore Wed, 26 Jun 2024 11:46:53 +0530 The primary market is thriving, with 37 IPOs raising nearly US$ 3.83 billion (Rs. 32,000 crore) in the best first half in 17 years, driven by strong liquidity. https://www.ibef.org/news/best-first-half-for-ipos-in-17-years-37-firms-mop-up-nearly-us-3-83-billion-rs-32-000-crore Tue, 25 Jun 2024 11:59:01 +0530 India's current account swings to a surplus in fourth quarter of FY24, driven by strong services exports and a narrowing trade deficit. https://www.ibef.org/news/current-account-balance-posts-surplus-of-0-6-of-gdp-in-jan-mar-2024-rbi Tue, 25 Jun 2024 11:57:17 +0530 The Bureau of Indian Standards introduces IS 18590: 2024 and IS 18606: 2024, enhancing EV safety with a focus on powertrains and batteries, advancing India's sustainable mobility goals. https://www.ibef.org/news/centre-introduces-new-standards-to-enhance-the-safety-performance-of-evs Tue, 25 Jun 2024 11:55:37 +0530 S&P retains India's FY25 growth forecast at 6.8%, citing high rates and lower fiscal stimulus as temporary demand dampeners. https://www.ibef.org/news/s-p-global-ratings-retains-india-s-growth-forecast-for-fy25-at-6-8 Tue, 25 Jun 2024 11:54:29 +0530 Kotak Mahindra Bank will add 175-200 branches in FY25 despite RBI digital restrictions, emphasizing physical expansion amid strategic growth plans. https://www.ibef.org/news/kotak-mahindra-bank-to-add-up-to-200-branches-in-fy25 Tue, 25 Jun 2024 11:52:58 +0530 One97 Communications reports 19% YoY growth in flight bookings for the first quarter of FY24, driving Paytm's marketing services revenue to US$ 47.3 billion (Rs. 395 crore). https://www.ibef.org/news/fintech-firm-paytm-sees-19-growth-in-flight-bookings-in-the-jan-mar-quarter Tue, 25 Jun 2024 11:51:21 +0530 India's business activity surged in June, with the Purchasing Managers' Index rising to 60.9, marking nearly 3 years of consistent growth driven by manufacturing and services. https://www.ibef.org/news/india-s-biz-activity-grows-faster-in-june-job-creation-at-18-yr-high-pmi Mon, 24 Jun 2024 11:39:18 +0530 DGFT aims to finalize export projections for the fiscal year, focusing on enhancing ease of business to achieve India's US$ 2 trillion export target by 2030, with FY24 exports at US$ 778 billion, said Mr. Santosh Kumar Sarangi, Director General of Foreign Trade, Department of Commerce. https://www.ibef.org/news/export-projection-for-fy25-underway-working-on-ease-of-doing-biz-dgft Mon, 24 Jun 2024 11:37:20 +0530 India's economy has seen a significant formalization, with the informal sector's share declining and US$ 369.06 billion (Rs. 26 trillion) being formalized in the last seven years, according to an SBI report. https://www.ibef.org/news/us-369-06-billion-rs-26-trillion-of-india-s-economy-formalised-in-fy16-fy23-says-sbi Mon, 24 Jun 2024 11:35:25 +0530 Rural India leads FMCG sales growth, set to surpass urban markets in the second quarter of 2024, supported by government initiatives for stability. https://www.ibef.org/news/rural-india-will-continue-to-outpace-urban-expansion-in-fmcg-sales-kantar Mon, 24 Jun 2024 11:33:44 +0530 The CII report highlights India's potential to transform its electronics sector from import-dependent assembly to component-level value manufacturing, targeting US$ 500 billion by 2030. https://www.ibef.org/news/india-s-electronic-manufacturing-may-reach-us-500-bn-by-2030-cii-report Mon, 24 Jun 2024 11:31:42 +0530 India's ad market will grow 11.8% in 2024 to US$ 14.75 billion (Rs. 1,22,155 crore), with digital media at 16% growth and 47% share, traditional media at 8.4% growth and 53% share. https://www.ibef.org/news/digital-media-growth-to-take-indian-ad-market-size-to-rs-1-2-lakh-crore-in-2024 Mon, 24 Jun 2024 11:29:45 +0530 Telecom sector revenue, Reliance Jio, Bharti Airtel, Vodafone Idea, revenue market share, RMS, 5G rollout, CLSA report, active subscribers, ICICI Securities, mobile broadband, Telecom Regulatory Authority of India, Trai data, fixed-line broadband, JM Financial, Fixed Wireless Access, capital expenditure. https://www.ibef.org/news/telecom-sector-revenue-surges-87-to-us-28-70-billion-rs-2-4-lakh-crore-in-fy24-report Fri, 21 Jun 2024 10:56:44 +0530 According to a recent study conducted by Nasscom, India's deeptech startup ecosystem is home to over 3,600 enterprises, positioning the country as the sixth-largest deeptech ecosystem globally. https://www.ibef.org/news/india-ranks-sixth-globally-in-deeptech-startup-ecosystems-nasscom Fri, 21 Jun 2024 10:54:38 +0530 Peak XV Partners has established itself as the leading investor in India's startup ecosystem by investing in 47 startups that are poised to become unicorns. https://www.ibef.org/news/vc-firm-peak-xv-partners-emerges-top-investor-in-india-s-start-up-ecosystem Fri, 21 Jun 2024 10:52:37 +0530 India's real estate sector sees a strong comeback fuelled by government policies and urban growth, driving demand for US$ 167.44 billion (Rs. 14 lakh crore) in debt financing by 2026. https://www.ibef.org/news/indian-realty-surge-drives-debt-financing-demand-to-top-us-167-44-billion-rs-14-lakh-crore-by-2026-report Fri, 21 Jun 2024 10:50:24 +0530 EPFO's payroll data reveals India's real estate sector's robust revival with a record 18.92 lakh new members in April 2024, a 31.29% increase from March. https://www.ibef.org/news/epfo-records-the-highest-addition-of-18-92-lakh-net-members-during-the-month-of-april-2024 Fri, 21 Jun 2024 10:46:49 +0530 Despite fewer unicorn promotions, India's startup ecosystem thrives with 67 unicorns, 46 Gazelles, and 106 Cheetahs valued at US$ 58 billion. https://www.ibef.org/news/46-indian-startups-may-become-unicorns-in-the-next-3-years-report Fri, 21 Jun 2024 10:45:29 +0530 India’s seafood exports hit a record high in 2023-24, exporting 17,81,602 MT worth Rs. 60,523.89 crore (US$7.26 billion) despite market challenges. https://www.ibef.org/news/india-s-seafood-exports-touch-all-time-high-by-volume-in-fy24 Thu, 20 Jun 2024 09:55:12 +0530 Prime Minister Mr. Narendra Modi emphasized the central government's commitment to advancing and making India's higher education system more research oriented. https://www.ibef.org/news/government-working-towards-more-research-oriented-higher-education-system-prime-minister-mr-narendra-modi Thu, 20 Jun 2024 09:53:25 +0530 In FY24, India's automobile industry grew 19%, reaching US$ 122.53 billion (Rs. 10.22 lakh crore), buoyed by robust expansion in the SUV and utility vehicle segments. https://www.ibef.org/news/indian-automobile-industry-grows-19-to-us-122-53-billion-rs-10-22-lakh-crore-in-fy24-report Thu, 20 Jun 2024 09:52:06 +0530 India plans to add 15.4 gigawatts to its coal power capacity by March 2025 amid rising electricity demand and environmental challenges. https://www.ibef.org/news/india-set-to-register-biggest-jump-in-coal-fired-power-in-a-decade Thu, 20 Jun 2024 09:50:30 +0530 Deloitte's GST@7 survey shows rising confidence in GST among C-suite executives, driven by automation, e-invoicing, and collaborative policy development. https://www.ibef.org/news/most-top-level-executives-have-positive-gst-perception-survey Thu, 20 Jun 2024 09:49:10 +0530 Avendus Capital predicts India's pharmaceutical market will hit US$ 65.49 billion (Rs. 5.5 trillion) by 2034, driven by diversified marketing and stringent quality standards. https://www.ibef.org/news/domestic-drugs-formulations-market-to-be-worth-us-65-49-billion-rs-5-5-trillion-by-2034-report Thu, 20 Jun 2024 09:47:35 +0530 The average rent for a 1,000 sq. ft. two-bedroom house in seven major Indian cities has surged up to 64% since 2019. https://www.ibef.org/news/rents-in-india-have-increased-by-up-to-64-in-the-last-5-years-report Wed, 19 Jun 2024 11:33:49 +0530 Fitch Ratings raised India's FY24 growth forecast to 7.2%, citing a recovery in consumer spending and increased investment, with future growth projected at 6.5% and 6.2% in FY26 and FY27, respectively. https://www.ibef.org/news/fitch-raises-india-s-growth-estimates-for-fy25-to-7-2-as-investments-rise Wed, 19 Jun 2024 11:32:36 +0530 The Fintech Association for Consumer Empowerment (FACE), an industry body, has reported a 49% increase in loan disbursements reaching US$ 17.53 billion (Rs. 1.46 lakh crore) in the financial year 2023-24. https://www.ibef.org/news/digital-loans-up-49-in-fy24-by-value-us-17-53-billion-rs-1-46-lakh-crore-disbursed-industry-body Wed, 19 Jun 2024 11:31:17 +0530 India’s infrastructure sectors, renewable energy, roads, and real estate are set to grow 38% in FY25 and FY26 to US$ 179.86 billion (Rs. 15 lakh crore), driven by policy support and enhanced credit profiles. https://www.ibef.org/news/investment-in-renewables-to-go-up-in-fy25-and-fy26-crisil Wed, 19 Jun 2024 11:29:56 +0530 The Jal Jeevan Mission has connected 77% of India's rural households to tap water, with 11 states achieving 100% coverage, underscoring significant progress towards nationwide water accessibility. https://www.ibef.org/news/77-of-rural-households-provided-with-tap-water-connections-govt-data Wed, 19 Jun 2024 11:28:27 +0530 According to a report by Colliers India, by the year 2050, India is projected to have close to 100 cities with populations surpassing 1 million residents, in addition to its current 8 major metropolitan areas. https://www.ibef.org/news/india-may-house-100-cities-with-population-over-1-million-by-2050 Wed, 19 Jun 2024 11:27:08 +0530 According to government data, India's merchandise exports grew by 9.1% in May to US$ 38.13 billion. https://www.ibef.org/news/india-s-may-exports-rise-9-1-merchandise-imports-up-7-7-at-us-61-91-billion Tue, 18 Jun 2024 11:17:13 +0530 Global airlines are increasing their flight schedules and introducing new routes in India, expecting it to become one of the top travel markets in the coming decade. https://www.ibef.org/news/global-airlines-bet-big-on-india-expect-it-to-be-hottest-travel-market Tue, 18 Jun 2024 11:14:23 +0530 CRISIL expects inflation to average 4.5% for the current financial year with assumption of a normal monsoon, food inflation is anticipated to ease https://www.ibef.org/news/inflation-expected-to-average-4-5-for-current-fiscal-year-crisil Tue, 18 Jun 2024 11:11:48 +0530 The mutual fund industry has experienced a substantial rise in investor accounts, adding over 8.1 million new accounts in the first two months of FY25, driven by effective marketing, celebrity endorsements, and the dedicated work of the distribution network. https://www.ibef.org/news/mutual-funds-industry-adds-8-1-million-new-investor-accounts-in-apr-may-fy25 Tue, 18 Jun 2024 11:09:48 +0530 Essar Group plans to invest US$ 3.6 billion (Rs. 30,000 crore) over the next four years to set up a green hydrogen plant in Jamnagar, Gujarat, with a focus on clean energy as a key growth area. https://www.ibef.org/news/essar-to-invest-us-3-6-billion-rs-30-000-crore-in-green-hydrogen-plant-in-gujarat-over-4-years Tue, 18 Jun 2024 11:07:06 +0530 According to Voltas, the India room air-conditioners market is expected to grow at a strong CAGR of 12% and reach US$ 5.6 billion (Rs. 50,000 crore) by FY 2028-29. https://www.ibef.org/news/indian-room-air-conditioner-market-to-reach-us-5-6-billion-rs-50-000-crore-by-fy29-voltas Tue, 18 Jun 2024 11:04:17 +0530 Foreign businesses, especially in aviation, engineering, and construction, have increased their operations in India, with 59 companies registering in FY24, up from 50 the previous year. https://www.ibef.org/news/foreign-airlines-realty-firms-flock-to-india-59-new-registrations-in-fy24 Fri, 14 Jun 2024 10:23:55 +0530 India plans to cut coal imports and boost domestic production, with 2024 imports expected below 160 million tons, says coal minister Mr. G. Kishan Reddy. https://www.ibef.org/news/india-targets-higher-domestic-coal-production-reduced-imports-government Fri, 14 Jun 2024 10:22:35 +0530 India's warehousing sector anticipates exceeding 300 million sq. ft by 2025, with a notable 5% rental increase in the first quarter driven by Pune and NCR. https://www.ibef.org/news/india-s-grade-a-warehousing-supply-to-top-300-million-sq-ft-by-2025 Fri, 14 Jun 2024 10:20:56 +0530 Crisil Ratings projects a 15% revenue surge for India's ship recycling sector this fiscal year, driven by the global availability of aging vessels boosting competitiveness against Bangladesh and Pakistan. https://www.ibef.org/news/indian-ship-recyclers-revenue-seen-rising-15-this-fiscal-crisil-ratings Fri, 14 Jun 2024 10:19:48 +0530 APEDA, under India's Ministry of Commerce and Industry, achieved a milestone with the first export of MD 2 pineapples to the UAE, boosting India's fresh fruit export sector. https://www.ibef.org/news/apeda-facilitates-the-first-consignment-of-md-2-pineapples-from-india-to-uae Fri, 14 Jun 2024 10:18:36 +0530 TCPL Chairman, Mr. N. Chandrasekaran, spotlighted India's strong consumer market at the AGM, focusing on population growth, urbanization, and rising incomes. https://www.ibef.org/news/tata-consumer-products-chairman-mr-n-chandrasekaran-highlights-india-s-long-term-consumer-market-potential Fri, 14 Jun 2024 10:17:25 +0530 According to Houlihan Lokey's 2024 study, the IPL's business value rose 6.5% to US$ 16.4 billion, with brand value up 6.3% to US$ 3.4 billion. https://www.ibef.org/news/ipl-s-business-value-has-risen-by-6-5-to-us-16-4-billion-in-2024-houlihan-lokey Thu, 13 Jun 2024 10:57:48 +0530 The PLI scheme aims to attract US$ 35.95 – 47.93 billion (Rs. 3-4 trillion) investments and create 200,000 jobs in semiconductors, solar modules, and pharmaceutical intermediaries. https://www.ibef.org/news/pli-scheme-to-draw-us-35-95-47-93-billion-rs-3-4-trillion-investments-over-4-years-boost-private-capex-icra Thu, 13 Jun 2024 10:56:17 +0530 India leads APAC with an 8% surge in technology spending, reaching US$ 54.5 billion, driven by extensive government-led digitization initiatives. https://www.ibef.org/news/india-to-clock-highest-growth-in-tech-spending-in-2024-in-apac-report Thu, 13 Jun 2024 10:55:04 +0530 IEA forecasts India to drive global oil demand, with consumption expected to surge by 1.3 million barrels between 2023 and 2030. https://www.ibef.org/news/india-to-lead-the-world-in-fuel-demand-growth-iea Thu, 13 Jun 2024 10:53:47 +0530 Tata Communications partners with World Athletics, securing a five-year broadcasting deal to enhance coverage and engagement, starting with the Tokyo World Championships. https://www.ibef.org/news/world-athletics-signs-five-year-broadcasting-services-deal-with-tata-communications Thu, 13 Jun 2024 10:52:37 +0530 Taj Hotels, IHCL's flagship, is the world's strongest and second fastest-growing hotel brand per "Hotels 50 2024". https://www.ibef.org/news/taj-becomes-world-s-strongest-hotel-brand-on-back-of-rapid-revenue-growth Thu, 13 Jun 2024 10:51:02 +0530 In May, UV exports surged by 50.5%, while domestic wholesales and production increased by 17.6% and 26.9%, respectively, alongside a 20% growth in two-wheeler exports, with scooters up 25% and motorcycles up 19.2%. https://www.ibef.org/news/utility-vehicle-exports-up-50-in-may-and-two-wheeler-exports-rise-20-siam Wed, 12 Jun 2024 11:34:28 +0530 The World Bank retains India's FY25 growth forecast at 6.6%, with India remaining the fastest-growing major economy. https://www.ibef.org/news/india-to-remain-fastest-growing-among-largest-economies-says-world-bank Wed, 12 Jun 2024 11:33:26 +0530 SEZs surged over 4% in FY24, exporting US$ 163.69 billion, contributing to India's export growth. https://www.ibef.org/news/exports-from-special-economic-zones-up-4-to-us-163-69-billion-in-2023-24 Wed, 12 Jun 2024 11:31:45 +0530 India ranks sixth globally for employment outlook, with 30% of businesses aiming to expand their staff in the upcoming quarter. https://www.ibef.org/news/india-reports-sixth-strongest-hiring-outlook-globally-in-september-quarter-survey Wed, 12 Jun 2024 11:30:49 +0530 GitHub CEO, Mr. Thomas Dohmke, predicts India will lead in AI and become the largest software developer community by 2027. https://www.ibef.org/news/india-will-be-the-global-ai-leader-says-github-ceo-mr-thomas-dohmke Wed, 12 Jun 2024 11:29:00 +0530 Apple Inc. achieved over US$ 2 billion in iPhone exports from India in the first two months of FY25. https://www.ibef.org/news/iphone-exports-from-india-hit-us-2-billion-in-april-may-shows-data Wed, 12 Jun 2024 11:26:05 +0530 India's mutual fund assets surged to US$ 701.71 billion (Rs. 58.6 trillion), adding US$ 119.75 billion (Rs. 10 trillion) in under a year, marking the fastest rise on record. https://www.ibef.org/news/india-s-mf-assets-at-us-701-71-billion-rs-58-6-trillion-in-may-up-nearly-us-119-75-billion-rs-10-trillion-in-a-year Tue, 11 Jun 2024 11:13:36 +0530 The Cabinet extends PMAY to assist three crore more households, ensuring new homes include essential amenities. https://www.ibef.org/news/government-to-provide-assistance-to-construct-three-crore-rural-and-urban-houses-under-pradhan-mantri-awas-yojana-pmay Tue, 11 Jun 2024 11:12:12 +0530 Prime Minister Mr. Narendra Modi's inaugural move in his third term is to disburse US$ 2.39 billion (Rs. 20,000 crore) under PM-KISAN, signalling a rural-centric agenda with potential FMCG benefits. https://www.ibef.org/news/modi-3-0-fmcg-companies-can-cheer-the-new-coalition-government Tue, 11 Jun 2024 11:10:45 +0530 India’s Electronics Manufacturing Services industry is poised to surpass US$ 55 billion by FY27, doubling revenues, fuelled by localized component sourcing and global tech giants' expansion. https://www.ibef.org/news/electronics-cos-charged-up-for-big-revenue-boost-set-to-double-revenues-to-us-55-billion-by-fy27 Tue, 11 Jun 2024 11:08:52 +0530 ARCs in India anticipate recovery rates for distressed realty projects to surge to 16-18% by March 2025 from 11% in March 2024. https://www.ibef.org/news/arcs-to-see-5-7-higher-recoveries-from-residential-realty-in-fy25-crisil-ratings Tue, 11 Jun 2024 11:07:22 +0530 Centre releases US$ 16.74 billion (Rs. 1,39,750 crore) to states, boosting development and capital spending. https://www.ibef.org/news/centre-releases-us-16-74-billion-rs-1-39-750-crore-instalment-of-tax-devolution-to-states Tue, 11 Jun 2024 11:05:48 +0530 India's forex reserves hit a historic high of US$ 651.5 billion on May 31, 2024, showcasing the RBI's strong external financing position. https://www.ibef.org/news/india-s-foreign-exchange-reserves-hit-a-new-peak-of-us-615-5-billion Mon, 10 Jun 2024 11:48:48 +0530 Continued capex push for infrastructure and bullet trains remains a priority under Prime Minister Mr. Narendra Modi’s economic policy. https://www.ibef.org/news/modi-3-0-continued-capex-push-for-infra-bullet-train-among-priorities Mon, 10 Jun 2024 11:46:15 +0530 India ranks among the top destinations for cross-border capital in the Asia Pacific region, with significant foreign investment in real estate, particularly in ready assets. https://www.ibef.org/news/india-ranked-among-the-top-5-in-the-asia-pacific-region-for-developmental-assets Mon, 10 Jun 2024 11:44:03 +0530 India’s open-access solar installations doubled to 1.8 GW in first quarter of 2024, driven by reduced module costs. https://www.ibef.org/news/domestic-open-access-solar-capacity-addition-doubles-to-1-8-gw-in-jan-mar-mercom Mon, 10 Jun 2024 11:39:51 +0530 Indian passenger vehicle exports surged by 268,000 units in four years, with Maruti Suzuki driving 70% of the growth. https://www.ibef.org/news/pv-exports-have-risen-by-268k-units-in-the-last-four-years-maruti-s-biggest-gainer Mon, 10 Jun 2024 11:37:51 +0530 Indian GCCs evolve into digital twins, which are vital for parent corporations, as distance becomes irrelevant post-pandemic. https://www.ibef.org/news/indian-gccs-turn-digital-twins-of-their-hqs-lead-in-emerging-tech-like-ai Mon, 10 Jun 2024 11:34:40 +0530 Amidst a scorching heatwave, demand for air-conditioners soars nationwide, poised to hit 14 million units annually, with a projected 30-40% surge in summer sales. https://www.ibef.org/news/ac-sales-may-touch-a-new-record-of-14-million-units-by-the-end-of-2024-ceama Fri, 07 Jun 2024 10:27:18 +0530 Commerce Secretary Mr. Sunil Barthwal led the Indian delegation in the inaugural IPEF Clean Economy Investor Forum, focusing on sustainable infrastructure and renewable energy investments. https://www.ibef.org/news/india-participates-in-the-inaugural-indo-pacific-economic-framework-for-prosperity-ipef-clean-economy-investor-forum Fri, 07 Jun 2024 10:24:00 +0530 India's Commerce Ministry underscores investment prospects exceeding US$ 500 billion by 2030, focusing on clean energy, renewables, green hydrogen, and EVs. https://www.ibef.org/news/india-offers-us-500-billion-in-investment-opportunities-in-clean-energy-and-other-sectors-by-2030 Fri, 07 Jun 2024 10:21:07 +0530 Public-sector banks are launching tailored financial schemes for women, particularly entrepreneurs, as part of the EASE 7.0 reforms agenda. https://www.ibef.org/news/public-sector-banks-to-launch-new-schemes-to-support-women-entrepreneurs Fri, 07 Jun 2024 10:18:58 +0530 Bengaluru International Airport Limited (BIAL) pioneers India's first biometric self-bag drop for DigiYatra domestic passengers at Kempegowda International Airport (KIA). https://www.ibef.org/news/bengaluru-airport-launches-india-s-first-biometric-enabled-self-bag-drop-facility Fri, 07 Jun 2024 10:17:36 +0530 India's aviation industry is thriving, with a 5.1% growth in domestic traffic surpassing pre-Covid levels, and a positive outlook fuelled by robust passenger growth and stable costs. https://www.ibef.org/news/domestic-air-passenger-traffic-grows-5-1-pc-to-about-138-9-mn-in-may-icra Fri, 07 Jun 2024 10:15:55 +0530 India received US$ 70.9 billion in FDI during FY24, with the highest inflows recorded in October 2023 at US$ 6 billion and January 2024 at US$ 5.9 billion. https://www.ibef.org/news/india-s-fdi-steady-at-us-70-9-billion-in-fy24-inflows-more-than-doubled-in-the-construction-sector Thu, 06 Jun 2024 11:36:34 +0530 Peru is set to adopt an instant payments system like India's UPI, following NIPL's agreement with the Central Reserve Bank of Peru. https://www.ibef.org/news/peru-to-adopt-upi-technology-first-south-american-country-to-do-so Thu, 06 Jun 2024 11:35:20 +0530 STPI exports reached Rs. 9 lakh crore (US$ 107.91 billion) in FY 2024 as Director General Mr. Arvind Gupta unveiled Ananta, a sovereign cloud initiative to support startups and deep tech innovation. https://www.ibef.org/news/it-services-export-from-stpi-register-unit-crossed-rs-9-trillion-in-fy24 Thu, 06 Jun 2024 11:32:36 +0530 The DoT's new initiative, "Industry 4.0 Baseline Survey among MSMEs," fosters digital transformation, aiding organizations, and startups in preparing for upcoming 5G and 6G technologies. https://www.ibef.org/news/dot-launches-initiative-to-support-msmes-and-startups-in-industry-4-0-transformation Thu, 06 Jun 2024 11:31:15 +0530 TeamLease Services reported a 23.7% job demand growth in India's renewable energy sector for FY24, with declining attrition rates and high demand in tier II and III cities. https://www.ibef.org/news/job-demand-in-renewable-energy-sector-surges-23-7-in-fy24-report Thu, 06 Jun 2024 11:29:54 +0530 IIT Bombay has topped India in the QS World University Rankings 2025, with 61% of Indian universities improving their standings from last year. https://www.ibef.org/news/qs-world-university-rankings-2025-iit-bombay-delhi-in-top-150-mit-tops Thu, 06 Jun 2024 11:27:49 +0530 Total foodgrain production is estimated at 3288.52 LMT, higher by 211.00 LMT from the average foodgrain production of the last 5 years https://www.ibef.org/news/total-foodgrain-production-is-estimated-at-3288-52-lmt-higher-by-211-00-lmt-from-the-average-foodgrain-production-of-the-last-5-years Wed, 05 Jun 2024 09:45:37 +0530 Coal and Lignite PSUs enhance production and lead land restoration with extensive plantations, promoting sustainability and environmental preservation. https://www.ibef.org/news/greening-the-mines-coal-and-lignite-psus-lead-the-way-in-land-restoration-and-sustainability Wed, 05 Jun 2024 09:44:19 +0530 Haryana Chief Secretary Mr. T.V.S.N. Prasad initiates the US$ 1.2 billion (Rs. 10,000 crore) Haryana Clean Air Project, funded by the World Bank, targeting air pollution. https://www.ibef.org/news/haryana-govt-to-launch-us-1-2-billion-rs-10-000-crore-project-to-combat-air-pollution Wed, 05 Jun 2024 09:42:47 +0530 Top Indian hospital chains plan FY25 expansion after rising ARPOB signals increasing service demand. https://www.ibef.org/news/top-indian-private-hospital-chains-announce-major-expansion-in-fy25 Wed, 05 Jun 2024 09:41:33 +0530 IndiGo plans to expand internationally into lesser-known destinations while increasing its presence in popular markets like Singapore and Dubai, says CEO Mr. Pieter Elbers. https://www.ibef.org/news/indigo-eyes-lesser-known-international-destinations-for-the-next-growth-phase Wed, 05 Jun 2024 09:40:29 +0530 Garuda Aerospace inaugurates its first exclusive drone showroom, aiming to sell 50,000 agricultural and consumer drones in the coming years, serving over 750 clients across India. https://www.ibef.org/news/garuda-aerospace-aims-to-sell-50-000-agriculture-consumer-drones-in-the-coming-years Wed, 05 Jun 2024 09:39:02 +0530 The Union Textiles ministry will grant Rs. 50 lakh (US$ 0.06 million) each to 150 startups for advanced technical textiles under the Rs. 375 crore (US$ 45 million) NTTM allocation for FY25, boosting innovation and industry growth. https://www.ibef.org/news/centre-to-fund-150-startups-with-rs-50-lakh-us-0-06-million-each-for-developing-advanced-technical-textiles Tue, 04 Jun 2024 11:46:35 +0530 ICRA raises FY25 steel demand growth forecast to 9-10%, citing recent sector trends and 11.3% consumption growth. https://www.ibef.org/news/icra-revises-domestic-steel-consumption-growth-upwards-to-9-10-for-fy25 Tue, 04 Jun 2024 11:45:13 +0530 India's retail sector is set to expand with large, modern retail spaces driven by urbanization, rising demand, and a strong economy. https://www.ibef.org/news/india-s-retail-realty-expansion-to-continue-led-by-urbanization-consumption-growth Tue, 04 Jun 2024 11:40:16 +0530 Coal India Ltd (CIL) saw a 7.46% production rise to 64.40 MT in May, contributing to a national increase of 10.15%, reaching 83.91 MT, with dispatches up 10.35%. https://www.ibef.org/news/coal-production-in-india-rises-10-to-83-91-million-tonnes-in-may-govt-data Tue, 04 Jun 2024 11:39:12 +0530 CreditSights expects Tata Steel's credit metrics to improve in FY25, driven by strong domestic steel demand and lower coking coal prices. https://www.ibef.org/news/tata-steel-credit-metrics-to-improve-in-fy25-creditsights Tue, 04 Jun 2024 11:37:44 +0530 Cargo traffic at India's major ports soared by 3.75% in May, hitting 72.04 million tonnes, with impressive growth at ports like Visakhapatnam and Chennai, highlighting the sector's resilience and potential for expansion. https://www.ibef.org/news/cargo-traffic-across-major-ports-rises-over-3-to-72-04-million-tonnes-in-may Tue, 04 Jun 2024 11:36:12 +0530 In May 2024, India's gross GST revenue surged to US$ 20.82 billion, driven by strong domestic transactions, marking a 10% YoY growth. https://www.ibef.org/news/gross-gst-revenue-collection-in-may-2024-stands-at-us-20-82-billion-rs-1-73-lakh-crore-records-10-yoy-growth Mon, 03 Jun 2024 12:01:09 +0530 Tata Motors is poised to capitalize on India's growing passenger vehicle market, focusing on revenue growth, technology advancements, and expanding its EV offerings while planning a strategic demerger to enhance business focus and shareholder value. https://www.ibef.org/news/domestic-pv-sales-set-to-exceed-5-million-tata-motors-set-to-tap-growth-opportunity Mon, 03 Jun 2024 11:58:54 +0530 UPI transactions hit a record in May with 14.04 billion transactions worth US$ 246.15 billion (Rs. 20.45 trillion), up 6% in volume. https://www.ibef.org/news/upi-transactions-clock-new-record-in-may-at-rs-20-45-trillion-us-246-15-billion-shows-data Mon, 03 Jun 2024 11:57:30 +0530 India's space sector reaches new heights with the successful launch of Agnikul Cosmos' Agnibaan rocket, signalling a promising future for private sector participation and the country's ambitions to become a global hub for small satellite launches. https://www.ibef.org/news/india-s-goal-is-to-have-us-44-billion-space-economy-by-2033-in-space-chief Mon, 03 Jun 2024 11:54:50 +0530 The combined Index of Eight Core Industries (ICI) rose by 6.2% in April 2024, with growth in Electricity, Natural Gas, Coal, Steel, Refinery Products, Crude Oil, and Cement. https://www.ibef.org/news/combined-index-of-eight-core-industries-increases-by-6-2-provisional-in-april-2024-as-compared-to-april-2023 Mon, 03 Jun 2024 11:52:25 +0530 Commercial real estate is bouncing back strong after the pandemic, with office spaces filling up and warehouses in demand, all while companies are looking to make their workplaces greener and more employee-friendly. https://www.ibef.org/news/commercial-real-estate-has-bounced-back-after-covid-19-pandemic-blues Mon, 03 Jun 2024 11:50:42 +0530 The Indian corporate landscape now boasts eight conglomerates valued over US$ 100 billion, driven by a surge in domestic equities. https://www.ibef.org/news/india-s-us-100-billion-corporate-groups-swell-to-8-with-3-new-additions Fri, 31 May 2024 11:24:15 +0530 The Reserve Bank of India highlights India's robust GDP growth fuelled by solid investment demand, aided by healthy financial institutions and government policies. https://www.ibef.org/news/gdp-growth-robust-on-back-of-healthy-balance-sheets-of-banks-says-rbi Fri, 31 May 2024 11:22:48 +0530 India targets US$ 31 billion in pharmaceutical exports in FY25, focusing on the UK and US. FY24 saw exports reach US$ 27.9 billion, growing 9.6%. https://www.ibef.org/news/uk-and-us-in-focus-as-indian-companies-seeks-us-31-billion-pharma-exports-in-fy25 Fri, 31 May 2024 11:21:18 +0530 Nearly 80% of India's digital payments in FY24 were made via UPI, up from 73.4% in FY23. https://www.ibef.org/news/nearly-4-out-of-5-digital-transactions-via-upi-says-rbi-annual-report Fri, 31 May 2024 11:20:00 +0530 The EIU's Global Outlook report forecasts India to be the fastest-growing major economy from 2024 to 2028, outpacing China. https://www.ibef.org/news/india-s-gdp-growth-likely-to-outpace-china-s-in-2024-28-says-eiu Fri, 31 May 2024 11:18:32 +0530 Reliance, Tata, and Serum Institute of India have been recognized among the world's most influential companies by TIME, underscoring their transformative impact across various sectors both in India and globally. https://www.ibef.org/news/reliance-and-tata-recognised-among-the-world-s-most-influential-companies-by-time Fri, 31 May 2024 11:16:42 +0530 India's Tele-MANAS helpline hits 10 lakh calls, averaging 3,500 dailies, across 51 multi-language support centres. https://www.ibef.org/news/in-a-significant-milestone-achieved-under-the-national-tele-mental-health-programme-of-india-the-tele-manas-helpline-receives-over-10-lakh-calls-since-its-launch-in-october-2022 Thu, 30 May 2024 10:11:15 +0530 S&P Global Ratings upgraded India's outlook to positive, affirming its BBB- rating, citing robust economic reforms and fiscal policy stability despite election outcomes. https://www.ibef.org/news/s-p-upgrades-india-s-outlook-to-positive-affirms-bbb-long-term-rating Thu, 30 May 2024 10:09:29 +0530 India's top banks set to enhance asset quality with record net incomes, strengthening balance sheets, and underwriting standards, per S&P Global. https://www.ibef.org/news/large-indian-banks-are-expected-to-improve-their-asset-quality-in-the-current-fiscal-s-p Thu, 30 May 2024 10:08:18 +0530 India's natural gas demand will surge 7% in 2024, driven by industrial, fertilizer, and power sectors amid heatwaves. https://www.ibef.org/news/india-s-natural-gas-demand-to-rise-7-in-2024-says-iea Thu, 30 May 2024 10:04:38 +0530 Integrating AI with drone technology boosts capabilities, efficiency, and operational intelligence, as revealed by a survey by Nexgen Exhibitions, organizers of the Drone International Expo. https://www.ibef.org/news/ai-integration-with-drone-tech-to-enhance-capabilities-efficiency-report Thu, 30 May 2024 10:03:24 +0530 UPS, the global parcel giant, is in talks with Indian state governments to produce tracking tags domestically. https://www.ibef.org/news/ups-to-make-some-parcel-tracking-tags-in-india Thu, 30 May 2024 09:58:58 +0530 GCC office space leasing in India rose 17% in FY24 to 22.5 million sq. ft, driven by engineering, manufacturing, and financial services. https://www.ibef.org/news/office-space-leasing-by-gccs-up-17-to-22-5-mn-sq-ft-in-2023-24-report Wed, 29 May 2024 11:00:26 +0530 The Indian fertilizer industry is poised for growth, forecasted at US$16.58 billion (Rs. 1.38 lakh crore) by 2032, with a 4.2% CAGR. https://www.ibef.org/news/indian-fertilizer-industry-on-track-to-reach-us-16-58-billion-rs-1-38-lakh-crore-by-2032-amidst-robust-growth-and-strategic-innovations Wed, 29 May 2024 10:58:57 +0530 Indian real estate expects 5.3 lakh home deliveries in 2024, driven by the SWAMIH fund and Covid-19 recovery. https://www.ibef.org/news/more-than-5-3-lakh-homes-are-set-to-be-delivered-in-2024-highest-in-a-decade Wed, 29 May 2024 10:57:48 +0530 The Indian art market is booming, with the 2024 Hurun India Art List reporting record sales of US$ 36.2 million (Rs. 301 crore), a 19% increase, fuelled by a strong economy and rising disposable income. https://www.ibef.org/news/indian-art-market-booms-sales-by-top-50-artists-touch-us-36-2-million-rs-301-crore-this-year Wed, 29 May 2024 10:56:36 +0530 India's luxury car rental market is experiencing substantial growth in demand, especially in major cities such as Mumbai, Bangalore, and Delhi, with the primary drivers being millennials and Gen Z. https://www.ibef.org/news/millennials-gen-z-driving-demand-for-luxury-car-rentals-in-india Wed, 29 May 2024 10:54:11 +0530 An analysis by FAST indicates that Indian enterprises have outpaced global companies in research and development (R&D) growth, achieving 1.2 times the growth of their international counterparts between FY16 and FY23. https://www.ibef.org/news/fy16-23-indian-companies-grew-1-2x-in-r-d-compared-to-global-peers Wed, 29 May 2024 10:52:02 +0530 The electronics industry urges the government for a US$ 3.61-US$ 4.21 billion (Rs. 30,000 to Rs. 35,000 crore) PLI scheme and capex support to boost mobile phone and electronics exports. https://www.ibef.org/news/electronics-firms-seek-us-4-21-billion-rs-35-000-crore-pli-support-to-boost-manufacturing Tue, 28 May 2024 09:42:57 +0530 Goldman Sachs upgrades India's CY24 GDP growth forecast to 6.7%, expecting RBI interest rate cuts in the fourth quarter of 2024 or the third quarter of the ongoing FY25. https://www.ibef.org/news/goldman-sachs-ups-india-2024-gdp-forecast-to-6-7-sees-rbi-rate-cut-in-fourth-quarter Tue, 28 May 2024 09:41:05 +0530 Union Finance Minister Ms. Nirmala Sitharaman emphasizes the government's commitment to technology and transparency, achieving significant savings and efficiency in treasury management to build a robust Viksit Bharat. https://www.ibef.org/news/prime-minister-mr-narendra-modi-s-government-committed-to-pursuing-ongoing-reforms-with-cutting-edge-technology-and-transparency-union-finance-minister-ms-nirmala-sitharaman Tue, 28 May 2024 09:39:43 +0530 Emerging markets like India and Indonesia are poised to benefit from their rapidly growing populations, which influence investment decisions, say Fidelity International and BlackRock Investment Institute. https://www.ibef.org/news/india-and-indonesia-lead-emerging-markets-in-attracting-investments-due-to-young-populations-in-an-aging-world Tue, 28 May 2024 09:37:47 +0530 Exponential growth in South India's office market, fuelled by MNCs and GCCs, maintains a 54-56% share in India's net absorption. https://www.ibef.org/news/south-india-office-market-on-the-fast-lane-driven-by-the-it-sector-gccs Tue, 28 May 2024 09:34:33 +0530 Indian drugmakers, dependent on the U.S. market, foresee revenue growth in FY25 amid persistent drug shortages, notes India Ratings and Research. https://www.ibef.org/news/dr-reddy-s-cipla-sun-pharma-others-to-see-fy25-revenue-boost-in-key-us-market-says-india-ratings-and-research Tue, 28 May 2024 09:32:53 +0530 Wheat procurement during RMS 2024-25 is progressing smoothly, with 262.48 LMT procured, surpassing last year’s total of 262.02 LMT. https://www.ibef.org/news/wheat-procurement-in-full-swing-crosses-last-year-s-total-procurement-figure Mon, 27 May 2024 11:07:27 +0530 The Indian data centre sector will add 791 MW capacity by 2026, demanding 10 million sq. ft. of space and US$ 5.7 billion in investments. https://www.ibef.org/news/india-data-centre-boom-to-drive-10-million-sq-ft-realty-demand-by-2026 Mon, 27 May 2024 11:05:45 +0530 The median salary for founders of Indian unicorn companies rose to US$ 1,79,662 (Rs. 1.5 crore), with female founders earning a median of US$ 1,19,774 (Rs. 1 crore) and male founders earning a median of US$ 2,15,594 (Rs. 1.8 crore). https://www.ibef.org/news/median-salary-of-indian-unicorn-founders-rises-to-us-1-79-662-rs-1-5-crore-overall-in-fy23 Mon, 27 May 2024 11:03:30 +0530 India's coffee exports surged 12.22% to US$ 1.28 billion in 2023-24, fuelled by robust global demand for Robusta coffee. https://www.ibef.org/news/coffee-exports-rise-12-to-us-1-28-billion-in-2023-24-on-higher-demand Mon, 27 May 2024 11:02:01 +0530 Indian travellers are seeking to escape the scorching heat, leading to a 40% year-on-year increase in summer travel, with hospitality and travel service providers noting strong demand. https://www.ibef.org/news/summer-travel-rises-40-this-year-travel-sector-sees-buoyant-demand Mon, 27 May 2024 10:59:02 +0530 Jaguar Land Rover, owned by Tata Motors, prepares to assemble Range Rover and Range Rover Sport models locally in India, signalling market confidence. https://www.ibef.org/news/jlr-plans-to-start-making-flagship-range-rover-model-in-india Mon, 27 May 2024 10:56:35 +0530 Smartphones have become the fourth-largest export item from India, with a 42% rise to reach US$ 15.6 billion in the FY24 and moving one rank up in list of top exported commodities. https://www.ibef.org/news/smartphones-become-india-s-fourth-largest-export-item-with-42-growth Fri, 24 May 2024 11:26:42 +0530 India's market capitalisation to GDP ratio at 15-year high of 140%, with combined mcap of companies trading on BSE is US$ 4.9 trillion (Rs. 416 trillion). https://www.ibef.org/news/india-s-market-capitalisation-to-gdp-ratio-at-15-year-high-of-140 Fri, 24 May 2024 11:25:18 +0530 Indian agrochemicals industry is projected to grow strongly at CAGR of 9%, also is expected to reach market size of US$ 14.5 billion by FY28. https://www.ibef.org/news/indian-agrochemical-sector-poised-for-9-cagr-growth-by-fy28-says-report Fri, 24 May 2024 11:23:35 +0530 CRISIL Ratings projects 17-19% revenue growth for organized gold jewellery retailers in FY25, driven by higher gold prices and steady growth in volumes. https://www.ibef.org/news/organised-gold-jewellery-retailers-to-achieve-strong-revenue-growth-in-fy25-crisil Fri, 24 May 2024 11:22:09 +0530 The government plans a bespoke AI model for Indian needs, with a US$ 240.2 million (Rs. 2,000 crore) investment, targeting companies, entrepreneurs, academics, and researchers. https://www.ibef.org/news/government-to-develop-custom-ai-model-for-indian-use-us-240-2-million-rs-2-000-crore-allocated Fri, 24 May 2024 11:20:34 +0530 India exports over 45,000 tonnes of onions post-outbound shipment ban, relieving farmers amid pre-election supply stabilization efforts. https://www.ibef.org/news/india-exports-over-45-000-tonnes-of-onion-after-lifting-ban-says-official Fri, 24 May 2024 11:17:50 +0530 India climbs to 39th position in WEF's 2024 Travel & Tourism Development Index, marking a return to pre-pandemic tourism levels globally. https://www.ibef.org/news/india-s-global-travel-tourism-index-rank-up-at-39th-wef-index Wed, 22 May 2024 10:46:37 +0530 India's GDP growth is projected to touch 6.7% in the fourth quarter of FY24 as it maintains a robust 7.8% for the entire year, highlighting resilience in the face of challenges. https://www.ibef.org/news/india-s-fourth-quarter-gdp-growth-projected-at-6-7-fy24-growth-at-7-8-says-icra Wed, 22 May 2024 10:45:18 +0530 India's outward remittances hit a record US$ 31.73 billion in FY24, driven by robust international travel spending, reflecting rising incomes, and increased global engagement by Indian residents. https://www.ibef.org/news/outward-remittances-under-lrs-hit-new-high-of-us-31-73-billion-rbi-data Wed, 22 May 2024 10:44:11 +0530 At the Dell Technologies World event, Mr. Michael Dell highlights India's talent and economic growth, emphasizing its role in promoting innovation, especially in AI. https://www.ibef.org/news/india-has-an-abundance-of-talent-a-great-resource-for-dell-mr-michael-dell Wed, 22 May 2024 10:43:01 +0530 Flipkart's grocery segment sees remarkable 1.6X YoY growth, reflecting its commitment to exceptional online shopping with competitive prices and convenience. https://www.ibef.org/news/flipkart-grocery-records-1-6x-yoy-growth-scales-up-operations-in-metros Wed, 22 May 2024 10:41:41 +0530 India is expanding its port and shipping reach. Following successful ventures in Iran and Myanmar, it plans to operate at Bangladesh's Mongla port. https://www.ibef.org/news/india-to-expand-overseas-port-operations-with-mongla-terminal-in-bangladesh Wed, 22 May 2024 10:39:38 +0530 India's foreign exchange reserves jump US$ 2.56 billion to US$ 644.15 billion https://www.ibef.org/news/india-s-foreign-exchange-reserves-jump-us-2-56-billion-to-us-644-15-billion Tue, 21 May 2024 10:50:55 +0530 India's digital economy is poised to reach 20% of GDP by 2027, powered by strategic investments in AI, semiconductors, and advanced infrastructure. https://www.ibef.org/news/india-s-digital-economy-is-growing-2-8x-of-gdp-union-minister-of-state-for-skill-development-entrepreneurship-and-electronics-it-mr-rajeev-chandrasekhar Tue, 21 May 2024 10:46:50 +0530 India's growing population and increasing travel enthusiasm are set to make it a powerhouse for future airline growth, with major aircraft orders and new airport plans fuelling this expansion. https://www.ibef.org/news/india-to-be-a-power-house-for-airline-growth-on-travel-eagerness-report Tue, 21 May 2024 10:43:55 +0530 Serum Institute of India has shipped its R21/Matrix-M malaria vaccine to Africa, marking a significant milestone in the fight against malaria, with 163,800 doses allocated for the Central African Region. https://www.ibef.org/news/serum-institute-ships-its-first-set-of-malaria-vaccine-doses-to-africa Tue, 21 May 2024 10:40:44 +0530 Optimism in India's real estate sector hit a 10-year high in Q1 2024, driven by strong economic fundamentals, post-pandemic recovery, and increased transaction volumes, with the residential market leading the surge, according to the Knight Frank-NAREDCO Real Estate Sentiment Index. https://www.ibef.org/news/optimism-in-real-estate-industry-stakeholders-highest-in-10-years-report Tue, 21 May 2024 10:39:07 +0530 PGIM India Asset Management aims to double its assets under management to Rs 50,000 crore within 2-3 years, driven by expanding its product range and focusing on Systematic Investment Plans (SIPs) amidst a booming Indian mutual fund industry. https://www.ibef.org/news/pgim-india-asset-management-aims-to-double-aum-to-rs-50-000-crore-us-6-0-billion-in-2-3-years Tue, 21 May 2024 10:37:38 +0530 Indian pharmaceutical companies provided 47% of the US's generic drugs in 2022, saving the healthcare system US$ 219 billion and underscoring the need for enhanced India-USA pharmaceutical collaboration. https://www.ibef.org/news/indian-pharmaceutical-firms-supplied-47-of-all-generic-prescriptions-in-us-in-2022 Mon, 20 May 2024 11:22:40 +0530 Mr. Amitabh Kant projects India to drive 30% of global GDP by 2040, urging state collaboration, global market expansion, and green energy investments to maintain rapid growth. https://www.ibef.org/news/india-to-contribute-30-of-global-gdp-by-2040-focus-on-champion-states-growing-at-11-per-annum-mr-amitabh-kant Mon, 20 May 2024 11:20:42 +0530 Union Minister, Mr. Hardeep Singh Puri highlighted the rapid expansion of India's metro transport, with one crore daily riders and plans to have the world's second-largest urban metro system within two and a half years. https://www.ibef.org/news/india-to-have-world-s-second-largest-metro-system-in-two-years-union-minister-mr-hardeep-puri Mon, 20 May 2024 11:18:47 +0530 Red Hat's CEO highlights India's growing market potential and the transformative impact of AI, as the company announces new collaborations and AI-infused solutions at the Red Hat Summit. https://www.ibef.org/news/india-among-high-growing-markets-enterprise-needs-great-fit-red-hat-ceo Mon, 20 May 2024 11:16:46 +0530 Container volume in India is expected to grow 8% in fiscal year 2025 despite potential disruptions from the Red Sea crisis. https://www.ibef.org/news/container-volume-likely-to-grow-8-to-342-million-tonnes-in-fy25-report Mon, 20 May 2024 11:14:13 +0530 Glenmark Pharmaceuticals Ltd. receives final approval from the US Food & Drug Administration (USFDA) for its generic solution to treat increased eye pressure caused by glaucoma or other conditions. https://www.ibef.org/news/pharma-major-glenmark-gets-usfda-nod-for-generic-ophthalmic-solution Mon, 20 May 2024 11:10:41 +0530 92% of Indian knowledge workers embrace AI, with 91% of business leaders recognizing its vital role in maintaining competitiveness. https://www.ibef.org/news/9-in-10-indian-knowledge-workers-use-ai-in-the-workplace-report Fri, 17 May 2024 10:56:38 +0530 The United Nations has revised upwards India's economic growth projections for 2024 to close by 7%, primarily driven by strong public investment and resilient private consumption. https://www.ibef.org/news/un-revises-india-s-2024-economic-growth-projection-upwards-to-nearly-7 Fri, 17 May 2024 10:54:53 +0530 India's internet economy aims for US$ 1 trillion by 2030, propelled by e-commerce forecasted at US$ 325 billion, securing third place worldwide. https://www.ibef.org/news/india-s-internet-economy-is-estimated-to-reach-us-1-trillion-by-2030-experts Fri, 17 May 2024 10:53:47 +0530 India's aviation sector foresees notable expansion, projecting an 8-11% YoY increase in air passenger traffic to 407-418 million this fiscal year. https://www.ibef.org/news/india-s-aviation-may-fly-into-a-good-growth-zone-air-passenger-traffic-may-grow-around-8-11-icra Fri, 17 May 2024 10:52:30 +0530 FIEO foresees a substantial surge in India's merchandise exports, with an estimated US$ 60-70 billion increase, targeting US$ 500 billion by FY25. https://www.ibef.org/news/exports-may-surge-12-15-to-cross-us-500-billion-this-fiscal-fieo Fri, 17 May 2024 10:51:05 +0530 Mahindra & Mahindra (M&M), a major Indian automotive company, is planning to launch many new vehicles by 2030, with investment plan of US$ 4.5 billion (Rs. 37,000 crore) over next three years. https://www.ibef.org/news/auto-major-m-m-shifts-to-high-gear-with-us-4-5-billion-rs-37-000-crore-investments Fri, 17 May 2024 10:49:33 +0530 In April 2024, India's exports surged to US$ 64.56 billion compared to US$ 60.40 billion in April 2023, indicating robust growth. https://www.ibef.org/news/total-exports-of-merchandise-and-services-in-fy25-begin-with-strong-growth-of-6-88 Thu, 16 May 2024 10:05:05 +0530 India leads Asia-Pacific in data centre capacity, surpassing Australia, Japan, and Singapore, with a total capacity of 950MW. https://www.ibef.org/news/india-overtakes-australia-japan-and-singapore-in-data-centre-capacity Thu, 16 May 2024 10:01:39 +0530 A FAIFA report highlighted an exponential growth in agriculture startups, surpassing 7,000 in 9 years, as a result the favourable business environment and governmental support. https://www.ibef.org/news/number-of-agri-startups-jumps-multifold-to-7-000-in-last-9-years-report Thu, 16 May 2024 09:59:36 +0530 Demand for Grade A office space in India to surpass 70 million sq. ft in 2024, fuelled by a 14% surge, per CREDAI-CRE Matrix study. https://www.ibef.org/news/india-s-office-leasing-demand-likely-to-cross-70-million-sq-ft-in-2024 Thu, 16 May 2024 09:54:38 +0530 NITI Aayog member and former DRDO chief, Mr. VK Saraswat, emphasises substantial strides in India's defence capabilities over the last 10 years. https://www.ibef.org/news/india-s-defence-capabilities-grew-substantially-in-the-last-10-years-mr-vk-saraswat Thu, 16 May 2024 09:52:28 +0530 As India leans towards SUVs, smaller cars from Maruti Suzuki, Hyundai, and other manufacturers find global appeal. https://www.ibef.org/news/indian-small-car-exports-thrive-as-domestic-demand-shifts-to-suvs Thu, 16 May 2024 09:50:47 +0530 Moody's Ratings has forecasted Indian economy to grow by 6.6% in the fiscal year 2025 and 6.2% in the subsequent year. This expected growth is anticipated to drive robust credit demand, which will support the profitability of non-banking finance companies (NBFCs) in India. https://www.ibef.org/news/india-s-gdp-to-expand-at-6-6-in-fy25-will-fuel-nbfcs-growth-moody-s Wed, 15 May 2024 12:11:57 +0530 In the first quarter of FY24, India's smartphone market surged, shipping 34 million units, with an impressive 11.5% year-on-year growth, as reported by IDC. https://www.ibef.org/news/india-s-smartphone-market-is-up-11-5-apple-rules-the-super-premium-segment Wed, 15 May 2024 12:10:39 +0530 Intel and IDC's recent report projects India's AI spending to triple, reaching US$ 5 billion by 2027 from US$ 1,703.8 million in 2023, with a projected CAGR of 31.5%. https://www.ibef.org/news/ai-spending-in-india-may-triple-to-us-5-billion-by-2027-us-1-703-million-spent-in-2023 Wed, 15 May 2024 12:09:20 +0530 April saw a 20% surge in passenger vehicle and two-wheeler exports, but FY24 witnessed declines in two-wheeler shipments. https://www.ibef.org/news/passenger-vehicle-2w-exports-rose-by-over-20-in-april-siam-monthly-data Wed, 15 May 2024 12:08:02 +0530 India's presence at the World Hydrogen Summit 2024 highlights its progress in green hydrogen technology and energy transition goals. https://www.ibef.org/news/india-showcases-its-green-hydrogen-potential-at-the-world-hydrogen-summit-2024-in-the-netherlands Wed, 15 May 2024 12:06:40 +0530 MahaRERA proposes an annual self-declaration for realty developers, highlighting project quality assurance to standardise processes and ensure better experiences for homebuyers. https://www.ibef.org/news/maharera-proposes-self-declaration-of-project-quality-by-realty-developers Wed, 15 May 2024 12:05:27 +0530 The SKOCH report revealed the creation of 51.40 crore person-years of employment from 2014 to 2024, with 19.79 crore originating from governance-led initiatives and 31.61 crore from credit interventions. https://www.ibef.org/news/514-million-person-years-employment-created-during-2014-24-report Tue, 14 May 2024 10:14:00 +0530 India and Iran are close to finalising a long-term Chabahar Port deal, led by Union Shipping Minister Mr. Sarbananda Sonowal in Tehran negotiations. https://www.ibef.org/news/india-iran-to-ink-10-year-agreement-to-manage-and-operate-chabahar-port Tue, 14 May 2024 10:12:38 +0530 India's senior living market is set for substantial growth, expected to soar to US$ 12 billion by 2030 from the current US$ 2-3 billion valuation. https://www.ibef.org/news/indian-senior-living-segment-to-grow-by-5x-by-2030 Tue, 14 May 2024 10:08:04 +0530 Analysts foresee India's April retail inflation steadying around 4.80%, with marginal rise in food prices and sustained moderation in core inflation. https://www.ibef.org/news/india-cpi-inflation-preview-april-cpi-inflation-likely-to-stay-below-5-core-inflation-may-ease-further Tue, 14 May 2024 10:05:43 +0530 The AAUM in northeastern states soared by 145% from US$ 1.97 billion (Rs. 16,446 crore) in March 2020 to US$ 4.83 billion (Rs. 40,324 crore) in March 2024, signalling rising investor interest in mutual funds. https://www.ibef.org/news/mutual-fund-assets-in-northeast-states-increases-by-145-in-4-years-icra-analytics Tue, 14 May 2024 10:02:43 +0530 In FY25, India witnessed a significant spike in iPhone exports, nearly doubling to US$ 1.1 billion (Rs. 9,000 crore) in April, signalling Apple's growing manufacturing presence. https://www.ibef.org/news/apple-s-india-iphone-exports-soar-set-to-cross-the-us-11-98-billion-rs-1-trillion-mark-in-fy25 Tue, 14 May 2024 09:59:51 +0530 The Indian e-commerce (e-tail) sector is anticipated to reach a significant size of US$ 60 billion in the financial year 2023-24, based on a report by the property consultancy firm Knight Frank India. This rapidly growing industry is forecasted to continue its expansion at a robust annual growth rate of 18% over the next five years. https://www.ibef.org/news/e-tailing-sector-in-india-projected-to-grow-at-18-by-2028-29-report Mon, 13 May 2024 11:28:52 +0530 NetApp's report underscores India's rising prominence in AI adoption, joining leaders like Singapore, UK, and the US, while Spain, Australia, and Germany lag. https://www.ibef.org/news/india-ahead-of-advanced-countries-like-germany-australia-in-ai-adoption-and-innovation-report Mon, 13 May 2024 11:26:44 +0530 The Cotton Association of India (CAI) anticipates a 27% surge in cotton exports, reaching around 28 lakh bales by the culmination of the 2023-24 crop year in September. https://www.ibef.org/news/cotton-exports-estimated-to-rise-27-to-2-8-million-bales-in-2023-24-season-cai Mon, 13 May 2024 11:24:45 +0530 Mr. Amitabh Kant, has outlined India's path to overtake Japan and become the fourth-largest economy globally by the year 2025. This forecast is based on a range of positive macroeconomic factors. https://www.ibef.org/news/india-to-become-world-s-4th-largest-economy-by-2025-by-overt-taking-japan-predicts-amitabh-kant Mon, 13 May 2024 11:22:34 +0530 The United States Department of Agriculture (USDA) forecast India's rice exports to increase by 2 million tones and reach approximately 18 million tonnes in 2024-25. https://www.ibef.org/news/india-likely-to-export-almost-18-million-tonnes-of-rice-in-2024-25-usda Mon, 13 May 2024 11:20:00 +0530 The Uttar Pradesh government partners with the agriculture industry to enhance the rural economy, integrating AI into farming practices for smarter agricultural solutions. https://www.ibef.org/news/uttar-pradesh-govt-plans-to-promote-agri-startups-introduce-ai-in-farming Mon, 13 May 2024 11:18:40 +0530 The Indian retail market is poised to surpass US$ 2.2 trillion by 2030, with startups like Mamaearth and Lenskart pioneering omnichannel strategies that blend online convenience with offline trust to cater to diverse consumer preferences. https://www.ibef.org/news/india-s-retail-sector-set-to-cross-us-2-trillion-by-2030-says-report Fri, 10 May 2024 10:20:17 +0530 Nomura highlights India's defence sector's US$ 138 billion ordering potential from FY24 to FY32, reflecting significant growth and investment opportunities. https://www.ibef.org/news/india-s-defence-sector-a-us-138-billion-opportunity-hal-bel-top-buys-nomura Fri, 10 May 2024 10:18:56 +0530 Export-Import Bank of India predicts India's merchandise exports to reach US$ 116.7 billion, driven by strong economic fundamentals and sectoral activity. https://www.ibef.org/news/india-s-merchandise-exports-to-grow-by-12-3-in-june-quarter-exim-bank Fri, 10 May 2024 10:17:33 +0530 GCCs contribute 37% to India's first quarter of 2024 leasing, notably in Bengaluru and Hyderabad, driving three-fourths of supply amidst 8% rental rate surge. https://www.ibef.org/news/commercial-real-estate-rents-surge-20-in-bengaluru-pune-ncr-and-mumbai Fri, 10 May 2024 10:15:09 +0530 India plans to produce T100 carbon fibre within 2.5 years, aiming to surmount import barriers in strategic sectors, per NITI Aayog's Mr. V K Saraswat. https://www.ibef.org/news/india-to-begin-producing-t100-carbon-fibre-in-2-5-years-mr-v-k-saraswat Fri, 10 May 2024 10:13:48 +0530 Uber CEO Mr. Dara Khosrowshahi revealed in the March quarter earnings call that Uber has surpassed 1 million drivers in India, marking a significant milestone for the country. https://www.ibef.org/news/india-becomes-the-third-country-in-the-world-with-a-million-uber-drivers Fri, 10 May 2024 10:12:42 +0530 In 2022, India topped global remittances with over US$ 111 billion, a historic milestone surpassing the US$ 100 billion mark, as per IOM's World Migration Report 2024. https://www.ibef.org/news/india-received-us-111-billion-in-remittances-in-2022-the-highest-by-any-country-united-nations Thu, 09 May 2024 10:42:32 +0530 Chief Economic Adviser Mr. V Anantha Nageswaran foresees India's GDP surging to 8% in FY24, driven by strong third-quarter and second-quarter performance, exceeding IMF and RBI projections. https://www.ibef.org/news/india-expects-fy25-growth-of-over-7-says-chief-economic-adviser-mr-v-anantha-nageswaran Thu, 09 May 2024 10:39:32 +0530 India claimed the third spot in global solar power production in 2023, surpassing Japan, as Ember's Global Electricity Review 2024 highlighted. https://www.ibef.org/news/india-surpasses-japan-as-world-s-third-largest-solar-power-generator-report Thu, 09 May 2024 10:37:49 +0530 At a CII Conference, Steel Secretary Mr. Nagendra Nath Sinha predicts a 10% growth in domestic steel demand, driven by infrastructure initiatives. https://www.ibef.org/news/india-s-steel-demand-boom-to-continue-to-grow-at-10-over-the-next-few-years Thu, 09 May 2024 10:35:59 +0530 India, famed for its generic medicines and affordable vaccines, has transitioned into a net exporter of medical consumables and disposables. https://www.ibef.org/news/india-reverses-old-trend-in-medical-consumables-business-is-now-a-net-exporter Thu, 09 May 2024 10:34:11 +0530 India leads the Asia-Pacific region in financial sector merger and acquisition deals in first quarter of 2024, showcasing resilience amid regional declines. https://www.ibef.org/news/india-leads-asia-pacific-region-s-m-a-deals-in-first-quarter-of-2024-s-p-global Thu, 09 May 2024 10:32:51 +0530 In April, India's fuel consumption rose by 6.1%, reaching 19.86 million metric tons, driven by pre-election activity in the country. https://www.ibef.org/news/april-fuel-consumption-rises-by-6-1-year-on-year-oil-ministry-data Wed, 08 May 2024 09:48:14 +0530 External Affairs Minister Mr. S Jaishankar highlights India's dual image as "friendly and fair" yet "firm and fiery," showcasing its commitment to citizens in crises. https://www.ibef.org/news/india-seen-as-friendly-fair-as-well-as-firm-fiery-nation-external-affairs-minister-mr-s-jaishankar Wed, 08 May 2024 09:45:40 +0530 India's FMCG industry experienced a notable 6.5% volume growth in January-March 2024, with rural consumption surpassing urban for the first time in five quarters. https://www.ibef.org/news/fmcg-industry-sees-6-5-growth-rural-demand-surpasses-urban-nielseniq Wed, 08 May 2024 09:43:57 +0530 In April, 54% of equity mutual funds beat benchmarks, with 143 out of 265 schemes exceeding performance forecasts. https://www.ibef.org/news/54-equity-mutual-funds-outperformed-their-benchmarks-in-april Wed, 08 May 2024 09:41:52 +0530 Tata Electronics starts exporting chips from Bengaluru to global partners while preparing a chip packaging unit in Assam and a foundry in Gujarat. https://www.ibef.org/news/make-in-india-tata-electronics-begins-limited-export-of-semiconductor-chips Wed, 08 May 2024 09:38:10 +0530 Macrotech Developers aims to launch 17 housing projects this fiscal, eyeing US$ 1.44 billion (Rs. 12,000 crore) revenue, driven by strong demand following record sales in 2023-24. https://www.ibef.org/news/macrotech-developers-to-launch-17-housing-projects-worth-us-1-44-billion-rs-12-000-crore Wed, 08 May 2024 09:35:57 +0530 According to a report by the Indian Construction Equipment Manufacturers' Association (ICEMA), the Indian construction equipment industry saw a robust 26% rise in sales during FY24 to 135,650 units, driven by the government's infrastructure-focused policies. https://www.ibef.org/news/construction-equipment-sales-rise-26-to-135-650-units-in-fy24-icema Tue, 07 May 2024 10:35:54 +0530 India Ratings and Research upgrades FY25 GDP growth forecast to 7.1%, citing improved corporate balance sheets and anticipates a surge in private consumption, aided by factors like above-average monsoon. https://www.ibef.org/news/india-ratings-raises-sovereign-gdp-growth-estimate-for-fy25-to-7-1 Tue, 07 May 2024 10:33:48 +0530 Lab-grown Diamonds (LGDs) exports are set to recover in FY25, with an expected 7-9% growth to US$1,500-1,530 million, driven by competitive pricing and environmental appeal. https://www.ibef.org/news/lab-grown-diamond-exports-expected-to-grow-by-7-9-in-fy25-report Tue, 07 May 2024 10:32:07 +0530 CRISIL forecasts Indian airlines to capture 50% of India's international air passenger traffic by FY28, up from 43% in the previous fiscal year. https://www.ibef.org/news/indian-airlines-to-have-50-market-share-in-international-passenger-traffic-by-fy28-crisil Tue, 07 May 2024 10:30:41 +0530 FPSB India collaborates with IFSCA to transform GIFT City into a leading 'Global Finance Hub,' enhancing financial services and fostering growth. https://www.ibef.org/news/fpsb-india-ifsca-sign-pact-to-promote-gift-ifsc-as-global-finance-hub Tue, 07 May 2024 10:27:57 +0530 Ind-Ra upholds a positive view for the education sector in FY25, foreseeing enrolment growth and tuition fees driving infrastructure investments amidst rising demand. https://www.ibef.org/news/growing-online-enrolments-rising-tuition-fee-to-drive-revenue-for-education-sector-ind-ra Tue, 07 May 2024 10:25:42 +0530 Recent official data unveils a robust surge in company registrations, with over 185,000 new entities established in the country during the last fiscal year. https://www.ibef.org/news/india-sees-incorporation-of-185-000-companies-in-2023-24-shows-data Mon, 06 May 2024 10:56:06 +0530 Consumer sentiment in India has reached its highest level since 2019, with rural areas leading the surge, while urban sentiment lags, reflecting varying income group dynamics. https://www.ibef.org/news/consumer-sentiment-highest-in-at-least-62-months-shows-cmie-data Mon, 06 May 2024 10:54:44 +0530 A McKinsey Global Institute report reveals that micro, small, and medium enterprises (MSMEs) employ 62% of India's workforce, highlighting opportunities for collaboration to enhance productivity and economic growth. https://www.ibef.org/news/msmes-contribute-62-to-employment-in-india-mckinsey-global-institute Mon, 06 May 2024 10:53:23 +0530 India's External Affairs Minister, Mr. S Jaishankar, highlights India's digital prowess with 10-12 billion monthly cashless transactions, positioning India as a global economic powerhouse poised for a top-three ranking despite COVID-19 challenges. https://www.ibef.org/news/indians-make-10-12-billion-cashless-payments-external-affairs-minister-mr-s-jaishankar-on-digital-infra Mon, 06 May 2024 10:52:06 +0530 India's medical tourism industry is set to thrive post-pandemic, with an estimated 7.3 million medical tourists expected in 2024, driven by top-notch healthcare infrastructure and cost-effective treatment options, prompting major hospital chains to expand their global outreach offices. https://www.ibef.org/news/number-of-medical-tourists-in-india-to-exceed-pre-pandemic-levels-in-cy24 Mon, 06 May 2024 10:50:53 +0530 Ms. Harbir K Bhatia, CEO of the Silicon Valley Central Chamber of Commerce, highlights the indispensable role of Indian talent in driving innovation and sustaining the tech industry in Silicon Valley, emphasizing their strong work ethic, problem-solving prowess, and versatility across professions. https://www.ibef.org/news/us-tech-industry-cannot-survive-without-indians-svc-chamber-of-commerce-ceo Mon, 06 May 2024 10:49:44 +0530 India's manufacturing displayed growth, with PMI hitting 58.8 in April, marking the sector's second-strongest expansion since 2021, driven by robust demand. https://www.ibef.org/news/india-s-manufacturing-activity-in-april-was-the-second-strongest-in-3-5-years Fri, 03 May 2024 10:56:21 +0530 Commerce Secretary Mr. Sunil Barthwal is in talks with New Zealand to enhance bilateral relations, emphasizing trade growth and cooperation in key sectors. https://www.ibef.org/news/india-and-new-zealand-to-have-deeper-collaboration-in-pharma-agriculture-and-food-processing-industries-among-others Fri, 03 May 2024 10:53:56 +0530 India's coal production in April 2024 hit 78.69 million metric tons (MT) (Provisional), showing a 7.41% growth from the previous year's 73.26 MT. https://www.ibef.org/news/7-41-increase-in-coal-production-in-april-compared-to-last-year Fri, 03 May 2024 10:52:19 +0530 India's economy shines with a projected 6.6% GDP growth fuelled by public investment and IT exports, poised for further expansion with potential interest rate cuts. https://www.ibef.org/news/oecd-raises-india-s-fy25-gdp-growth-projection-by-40-basis-points-to-6-6 Fri, 03 May 2024 10:51:09 +0530 Citroen eyes India's automotive market, planning extensive dealership expansion, new product launches like the Basalt crossover, and robust marketing strategies for accelerated growth. https://www.ibef.org/news/expect-india-to-become-2nd-largest-market-for-citroen-in-5-years-ceo Fri, 03 May 2024 10:49:56 +0530 Multinational corporations utilize India's GCCs as pivotal GenAI hubs, catalysing digital transformation across diverse domains, as emphasized in ANSR’s report. https://www.ibef.org/news/india-gccs-emerge-as-proof-of-concept-foundries-for-genai-applications Fri, 03 May 2024 10:47:40 +0530 India achieves record-high GST collections in April 2024, marking a 12.4% year-on-year growth, as the central government settled US$ 6.03 billion (Rs. 50,307 crore) to CGST and US$ 4.98 billion (Rs. 41,600 crore) to SGST. https://www.ibef.org/news/gst-revenue-collection-for-april-2024-highest-ever-at-us-25-2-billion-rs-2-10-lakh-crore Thu, 02 May 2024 10:59:50 +0530 India and Nigeria aim to finalise a local currency settlement system agreement soon to boost economic ties. https://www.ibef.org/news/india-and-nigeria-agree-to-early-conclusion-of-local-currency-settlement Thu, 02 May 2024 10:57:39 +0530 India's power consumption surged 11% in April, reaching 144.25 billion units, driven by rising temperatures and increased industrial activity. https://www.ibef.org/news/india-s-power-consumption-rises-11-to-144-25-billion-units-in-april Thu, 02 May 2024 10:56:21 +0530 DRDO successfully tests the Supersonic Missile-Assisted Release of Torpedo (SMART) system which will enhance Navy's anti-submarine capabilities with an advanced torpedo delivery system. https://www.ibef.org/news/supersonic-missile-assisted-release-of-torpedo-system-successfully-flight-tested-by-drdo-off-the-odisha-coast Thu, 02 May 2024 10:54:51 +0530 India's major ports show a 9% turnaround time improvement, increased cargo handling, and reduced vessel detention, driven by infrastructure upgrades and private sector participation. https://www.ibef.org/news/ships-moved-9-faster-at-indian-major-ports-in-fy24-as-infra-improved Thu, 02 May 2024 10:53:46 +0530 India's real estate sector attracted US$ 1.1 billion in investments in Q1 2024; Bangalore and Pune emerge as top investment destinations. https://www.ibef.org/news/residential-sector-spearheads-influx-of-realty-investments-with-us-693-million-in-q1-2024-cushman-wakefield Thu, 02 May 2024 10:52:10 +0530 India's luxury housing market witnessed significant growth in the first quarter of 2024, with a 10% year-on-year increase, led by Mumbai's 1,300+ unit sales, constituting 5% of total sales. https://www.ibef.org/news/luxury-housing-sale-reports-10-growth-during-january-march-2024 Wed, 01 May 2024 09:57:10 +0530 India's economy anticipates over 7% growth this fiscal year, per NCAER, supported by robust indicators like PMI hitting a 16-year high and surging UPI transactions. https://www.ibef.org/news/indian-economy-likely-to-grow-7-in-fy24-amid-benign-global-outlook-ncaer Wed, 01 May 2024 09:55:34 +0530 The IMF designates India as the globe's fastest-growing major economy, citing sturdy public investment and resilient domestic demand as key drivers. https://www.ibef.org/news/strong-capital-expenditure-domestic-demand-behind-india-s-growth-performance-imf Wed, 01 May 2024 09:53:55 +0530 Goldman Sachs predicts India's services exports will skyrocket to US$ 800 billion by 2030, up from US$ 340 billion in 2023, strengthening the external sector and stabilizing rupee fluctuations. https://www.ibef.org/news/india-global-services-export-to-reach-us-800-billion-by-2030-goldman-sachs Wed, 01 May 2024 09:51:06 +0530 The Index of Eight Core Industries (ICI) rose by 5.2% (provisional) in March 2024 compared to March 2023, driven by positive growth in Cement, Coal, Electricity, Natural Gas, Steel, and Crude Oil production. https://www.ibef.org/news/combined-index-of-eight-core-industries-ici-increases-by-5-2-provisional-in-march-2024-as-compared-to-march-2023 Wed, 01 May 2024 09:49:39 +0530 India's gold demand increased by 8% annually to 136.6 tonnes in the March quarter, supported by a strong economy despite historically high prices, according to the World Gold Council. https://www.ibef.org/news/india-s-gold-demand-rises-8-in-january-march-to-136-6-tonnes-despite-high-rate Wed, 01 May 2024 09:47:55 +0530 India's rental market, led by Bengaluru, has experienced a surge in yields and values, with rental yields hitting 4.45% in the first quarter of 2024 and rents rising by 8% in key areas, indicating a nationwide uptrend in rental prices. https://www.ibef.org/news/rental-market-heats-up-bengaluru-tops-cities-with-highest-yield-of-4-45 Tue, 30 Apr 2024 09:57:46 +0530 India's Minister of Finance, Ms. Nirmala Sitharaman, highlights the nation's exponential growth in digital payments, reaching 131 billion UPI transactions worth US$ 2.39 trillion (Rs. 200 trillion) in FY24, underscoring the government's commitment to combat corruption and drive economic development. https://www.ibef.org/news/india-recorded-about-131-billion-upi-transactions-in-fy24-says-minister-of-finance Tue, 30 Apr 2024 09:55:47 +0530 India's e-commerce sector is poised to surge to US$ 325 billion by 2030, propelled by affordable internet, increased rural smartphone usage, and government support initiatives. https://www.ibef.org/news/e-commerce-market-to-hit-us-325-billion-by-2030-rural-india-to-lead-growth Tue, 30 Apr 2024 09:54:10 +0530 According to a recent JLL study, most office occupiers in India are prioritizing renewable energy sources, with over half aiming for at least 50% of their energy to be powered by renewables by 2030, reflecting a significant shift towards sustainability in the real estate sector. https://www.ibef.org/news/most-indian-occupiers-want-half-of-office-portfolios-powered-by-renewables-by-2030-jll Tue, 30 Apr 2024 09:52:32 +0530 In 2023, Mizoram welcomed over 196,000 tourists, with Americans leading the foreign contingent, displaying the state's growing appeal and its commitment to responsible tourism. https://www.ibef.org/news/over-196-000-people-including-foreigners-visited-mizoram-in-2023-tourism-dept Tue, 30 Apr 2024 09:51:06 +0530 The Indian government, along with 21 states, introduces incentives to encourage the scrapping of old vehicles, offering discounts on new vehicle purchases and monetary rewards, aiming to reduce pollution and promote the adoption of cleaner transportation options. https://www.ibef.org/news/21-states-uts-offer-incentives-to-boost-scrapping-of-old-vehicles Tue, 30 Apr 2024 09:49:46 +0530 NetApp's report underscores India's pivotal role in AI innovation, emphasizing its potential for economic growth and global competitiveness. https://www.ibef.org/news/india-takes-top-rank-in-world-artificial-intelligence-race-shows-data Mon, 29 Apr 2024 12:05:15 +0530 Union Minister of Commerce & Industry, Consumer Affairs, Food, and Public Distribution and Textiles, Mr. Piyush Goyal, reaffirmed India's commitment to Nepal's development at the third Nepal Investment Summit, emphasizing bilateral friendship and economic cooperation. https://www.ibef.org/news/india-trustworthy-partner-for-nepal-s-development-says-piyush-goyal Mon, 29 Apr 2024 12:03:41 +0530 Fidelity International highlights the Indian rupee's appeal for carry trades, citing its stability, higher yields, and recent inclusion in global indices. https://www.ibef.org/news/rbi-s-tight-grip-on-rupee-boosts-its-allure-for-carry-trades-fidelity Mon, 29 Apr 2024 12:02:29 +0530 India expects a 9.3% rise in power generation to 1,900 billion kWh by March 2025, driven by heatwaves and economic rebound. https://www.ibef.org/news/india-expects-annual-power-output-to-grow-at-the-fastest-in-over-a-decade Mon, 29 Apr 2024 12:00:40 +0530 India's basmati rice exports surged by 22% to US$ 5.2 billion despite constraints and the imposition of minimum export prices, driven by robust West Asian demand. https://www.ibef.org/news/basmati-rice-exports-rose-22-till-february-fy24-on-west-asia-demand Mon, 29 Apr 2024 11:58:21 +0530 HDFC Securities celebrates 25 years, adapting to low-cost trends with HDFC Sky; eyes sustained growth amid evolving broking landscape. https://www.ibef.org/news/broking-industry-aims-to-double-customer-count-in-2-years-mr-dhiraj-relli Mon, 29 Apr 2024 11:56:27 +0530 IIT Madras achieved a significant milestone in FY24, doubling its patent count to 435, showcasing innovation and research leadership prowess. https://www.ibef.org/news/iit-madras-s-patent-count-more-than-doubles-in-fy24-claims-top-slot Fri, 26 Apr 2024 11:01:21 +0530 Led by Additional Secretary Mr. Anant Swarup, the Department of Commerce drives initiatives to identify key infrastructure and sectors for India's US$ 1 trillion export goal by 2030. https://www.ibef.org/news/commerce-ministry-working-on-infrastructure-to-achieve-us-1-trillion-exports-by-2030-official Fri, 26 Apr 2024 10:59:50 +0530 India's services exports surged by 11.4% to US$ 345 billion in 2023, contrasting with China's 10.1% decline to US$ 381 billion, as reported by UNCTAD. https://www.ibef.org/news/despite-uncertainties-services-exports-grow-11-4-in-2023-unctad-report Fri, 26 Apr 2024 10:58:17 +0530 Tesla intends to produce its US$ 25,000 electric car in India and Mexico by 2025, which aligns with Mr. Elon Musk's strategy of maximizing current factory capacity before expansion. https://www.ibef.org/news/electric-car-tesla-may-set-up-manufacturing-plants-in-india-mexico-in-2025 Fri, 26 Apr 2024 10:56:07 +0530 Hyundai Motor India is speeding up its entry into the electric car market. They're going to bring out five new electric car models by 2030, which is two years earlier than they originally planned. https://www.ibef.org/news/hyundai-india-to-have-5-new-evs-by-2030-launch-first-electric-suv-in-2024 Fri, 26 Apr 2024 10:54:43 +0530 Happiest Minds Technologies is acquiring PureSoftware Technologies in Noida for US$ 94.5 million (Rs. 779 crore). https://www.ibef.org/news/happiest-minds-to-acquire-noida-based-puresoftware-for-us-94-5-million-rs-779-crore Fri, 26 Apr 2024 10:52:49 +0530 REITs and InvITs have amassed US$ 15.60 billion (Rs. 1.3 lakh crore) over 4 years, propelled by SEBI's regulatory adjustments, enhancing retail participation in realty and infrastructure sectors. https://www.ibef.org/news/reits-invits-mobilise-us-15-60-billion-rs-1-3-lakh-crore-in-past-4-years-rbi-data Thu, 25 Apr 2024 10:41:54 +0530 Prime Minister Mr. Narendra Modi advocates prioritizing resilient infrastructure to tackle rising natural disasters, emphasizing the need for global collaboration at the CDRI. https://www.ibef.org/news/invest-in-resilient-infra-to-ease-the-impact-of-natural-disasters-prime-minister-mr-narendra-modi Thu, 25 Apr 2024 10:40:47 +0530 Credit card spending surged in FY24, reaching US$ 219 billion (Rs. 18.26 lakh crore), with HDFC Bank leading in card issuances. https://www.ibef.org/news/credit-card-spends-rise-27-to-us-219-billion-rs-18-26-lakh-crore-in-fy24-rbi-data Thu, 25 Apr 2024 10:39:22 +0530 India's pharmaceutical exports soared to US$ 27.9 billion in 2023-24, up 9.67%, with March registering a notable 12.73% surge to US$ 2.8 billion. https://www.ibef.org/news/pharma-exports-rise-around-10-to-us-27-9-billion-us-biggest-importer Thu, 25 Apr 2024 10:38:04 +0530 India-UAE trade has surged by 15% since May 2022 due to the free trade agreement, with both countries aiming to surpass US$100 billion in non-oil trade by 2030 through CEPA. https://www.ibef.org/news/india-uae-on-track-to-surpass-us-100-billion-non-oil-trade-target-by-2030 Thu, 25 Apr 2024 10:36:14 +0530 Reliance Jio surpasses China Mobile to become the top global mobile operator in data traffic consumption, hitting 40.9 exabytes in the first quarter of 2024. https://www.ibef.org/news/jio-surpasses-china-mobile-to-become-the-world-s-top-data-traffic-operator Thu, 25 Apr 2024 10:35:08 +0530 Business activity in April surged to its highest level in almost 14 years, as reflected in a composite index of 62.2, affirming India's rapid economic growth. https://www.ibef.org/news/india-s-business-activity-surges-to-14-year-high-in-april-pmi-data Wed, 24 Apr 2024 11:10:02 +0530 India ranked 4th globally in military spending, allocating US$ 83.6 billion for modernizing weaponry and combat systems, per the SIPRI report 2023. https://www.ibef.org/news/india-ranks-4th-in-global-military-spending-at-us-83-6-billion-in-2023-report Wed, 24 Apr 2024 11:08:44 +0530 Outward remittances from India reached a record high of US$ 29 billion under the liberalised remittance scheme, showing a 21.7% increase compared to the previous year, with significant allocations towards international travel and education. https://www.ibef.org/news/outward-remittances-hit-new-high-at-us-29-billion-in-april-2023-february-2024 Wed, 24 Apr 2024 11:06:57 +0530 India leads global GenAI adoption, with 81% of organizations integrating it into operations. 94% anticipate increased investment in GenAI initiatives. https://www.ibef.org/news/india-leads-in-genai-adoption-investment-trends-likely-to-rise-report Wed, 24 Apr 2024 11:05:34 +0530 The telecom sector, during the October-December quarter, saw a 1.88% sequential growth in adjusted gross revenue (AGR) to US$ 8.14 billion (Rs. 67,835 crore), driven by the expansion of 5G services by Bharti Airtel and Reliance Jio. https://www.ibef.org/news/telecom-industry-sees-growth-in-agr-led-by-bharti-airtel-and-reliance-jio Wed, 24 Apr 2024 11:04:09 +0530 Over 157 million Indians embraced the big screen experience, with Telugu-speaking audiences leading the pack by averaging over 9 films annually, highlighting a robust growth in cinema attendance amidst evolving streaming habits. https://www.ibef.org/news/more-than-157-million-indians-bought-943-million-movie-tickets-in-2023 Wed, 24 Apr 2024 11:02:48 +0530 India ranked second in contributing new US citizens in FY2022, with 65,960 Indians naturalized, following Mexico, as per the latest Congressional report. https://www.ibef.org/news/at-nearly-6-600-india-is-the-second-largest-source-country-for-new-us-citizens Tue, 23 Apr 2024 09:37:05 +0530 India's FY24 plain gold jewellery exports soared by 61.72% to US$ 6,792.24 million, led by UAE and Bahrain capturing over 85% market share. https://www.ibef.org/news/uae-bahrain-account-for-over-85-of-india-s-plain-gold-jewellery-exports-in-fy24 Tue, 23 Apr 2024 09:35:55 +0530 RBI MPC member Mr. Shashanka Bhide expects India's growth to exceed 7% in FY24-25, supported by favourable monsoons, increased farm productivity, and enhanced global trade. https://www.ibef.org/news/sustained-growth-of-7-feasible-for-india-rbi-mpc-member-mr-shashanka-bhide Tue, 23 Apr 2024 09:34:46 +0530 Manufacturing witnesses a surge in demand for female apprentices, aiming for a 40% female workforce by year-end, aligning with vocational training reforms. https://www.ibef.org/news/women-representation-in-the-manufacturing-sector-to-touch-40-by-year-end-teamlease Tue, 23 Apr 2024 09:33:40 +0530 Official data reveals a new record in domestic air traffic, with 471,751 passengers on Sunday, a 14% rise from pre-Covid averages. https://www.ibef.org/news/domestic-air-traffic-touches-new-single-day-high-crosses-4-71-lakh-passengers Tue, 23 Apr 2024 09:32:47 +0530 Uttar Pradesh targets a trillion-dollar economy by 2027, backed by a sizable land bank of 25,000 acres for rapid industrial allocation. https://www.ibef.org/news/uttar-pradesh-government-scales-up-industrial-land-bank-to-25-000-acres Tue, 23 Apr 2024 09:28:47 +0530 Indian Railways prepares for summer with a record 9111 trips in 2024, up from 6369 in 2022-23, addressing surging travel needs across India's key destinations. https://www.ibef.org/news/indian-railways-operates-a-record-number-of-additional-trains-in-summer-season-of-2024 Mon, 22 Apr 2024 10:50:02 +0530 India and France are preparing to launch a collaborative fund to support startups and climate-centric innovations in the Indo-Pacific, aligning with the "Horizon 2047" joint vision statement. https://www.ibef.org/news/india-and-france-to-launch-climate-fund-for-startups-in-indo-pacific-countries Mon, 22 Apr 2024 10:48:18 +0530 The IMF praises India for maintaining fiscal discipline in an election year, underscoring its strong economic performance and global prominence as a bright spot. https://www.ibef.org/news/imf-praises-india-for-maintaining-fiscal-discipline-in-an-election-year Mon, 22 Apr 2024 10:43:55 +0530 India delivers BrahMos missiles to the Philippines, strengthening regional security amid escalating tensions in the South China Sea, marking strategic cooperation in a US$ 375 million deal. https://www.ibef.org/news/india-delivers-brahmos-missiles-to-the-philippines-as-part-of-a-us-375-million-deal Mon, 22 Apr 2024 10:41:42 +0530 In Nepal, a new assembly facility has been opened by Hero Motocorp in collaboration with CG Motors. It has the capacity to produce up to 75,000 units annually and will lead to investments and job openings. https://www.ibef.org/news/hero-motocorp-opens-assembly-facility-with-75-000-units-capacity-in-nepal Mon, 22 Apr 2024 10:39:28 +0530 Infosys to acquire in-tech, a key player in German automotive engineering R&D, for EUR 450 million (Rs. 4000 crore), boosting European presence and digital transformation expertise in multiple sectors. https://www.ibef.org/news/infosys-to-acquire-german-firm-in-tech-in-eur-450-million-rs-4000-crore-all-cash-deal Mon, 22 Apr 2024 10:34:54 +0530 In March 2024, India saw a historic high of 151 million Demat accounts, driven by 3.1 million new additions monthly, as projected by Motilal Oswal. https://www.ibef.org/news/demat-accounts-hit-a-new-high-touching-15-crore-in-march-2024 Fri, 19 Apr 2024 11:42:11 +0530 India break records of exporting 4.8 million tonnes of oil meal in 2023-24, driven by soybean meal resurgence, reports Solvent Extractors Association of India. https://www.ibef.org/news/india-exports-record-4-8-million-tonnes-of-oil-meal-animal-feed-in-fy24-sea Fri, 19 Apr 2024 11:41:04 +0530 US Trade Representative, Ms. Katherine Tai announces India's removal of retaliatory tariffs, easing access to US goods like chickpeas, lentils, almonds, walnuts, and apples, benefiting farmers nationwide. https://www.ibef.org/news/india-s-tariff-removal-on-several-us-products-benefiting-farmers-ustr Fri, 19 Apr 2024 11:39:43 +0530 In March 2024, the electronics industry experienced a significant 154% surge in hiring compared to the previous year, as reported by Quess Corp Limited. https://www.ibef.org/news/electronics-industry-sees-154-growth-in-hiring-and-skilling-quess-report Fri, 19 Apr 2024 11:37:44 +0530 In the quarter ending March 2024, the Indian smartphone market rebounded, hitting 35.3 million units with a 15% YoY growth, according to a recent report. https://www.ibef.org/news/india-smartphone-up-15-on-year-in-q1-continues-recovery-canalys Fri, 19 Apr 2024 11:36:35 +0530 IREDA opens office in GIFT City, offering foreign currency debt options to cut costs for Green Hydrogen and Renewable Energy Manufacturing projects, emphasized at World Future Energy Summit 2024. https://www.ibef.org/news/ireda-s-gift-city-office-to-boost-green-hydrogen-and-renewable-energy-manufacturing-projects Fri, 19 Apr 2024 11:34:40 +0530 IMF upgrades India's GDP growth forecast for 2024-25 to 6.8%, citing strong domestic demand, while warning of global investment needs for a green future. https://www.ibef.org/news/imf-raises-india-s-gdp-growth-forecast-by-30-bps-to-6-8-for-fy25 Thu, 18 Apr 2024 11:09:27 +0530 Union Finance Minister, Ms. Nirmala Sitharaman, highlights India's consistent growth as the fastest-growing economy for three consecutive years, foreseeing sustained development ahead. https://www.ibef.org/news/india-fastest-growing-economy-during-the-last-three-financial-years-union-finance-minister-ms-nirmala-sitharaman Thu, 18 Apr 2024 11:08:17 +0530 India's electronics exports rise to become the country's fifth-largest export category, fuelled largely by Apple's iPhone exports, with potential to claim the third spot by 2026. https://www.ibef.org/news/powered-by-iphone-exports-electronics-become-india-s-fifth-largest-export Thu, 18 Apr 2024 11:06:35 +0530 In FY24, mutual fund assets soared to a record US$ 638.83 billion (Rs. 53.40 lakh crore), propelled by increased retail investor participation and robust equity markets. https://www.ibef.org/news/mutual-fund-assets-soar-35-to-a-new-peak-of-us-638-83-billion-rs-53-4-trillion-in-fy24 Thu, 18 Apr 2024 11:05:08 +0530 Indian IT sector set for robust growth in 2024, fuelled by increased spending on software and devices, while global IT expenditure rises driven by demand for GenAI processing. https://www.ibef.org/news/spending-in-it-sector-to-hit-us-139-bn-in-2024-growing-at-13-2-gartner Thu, 18 Apr 2024 11:03:49 +0530 Tata Consultancy Services (TCS) boasts a vast AI-ready workforce of 300,000 employees, trained in foundational AI skills, fostering innovation and growth. https://www.ibef.org/news/tcs-has-one-of-the-world-s-largest-ai-ready-workforce-ceo-mr-krithivasan Thu, 18 Apr 2024 11:01:48 +0530 India's electronics exports soared to US$ 29.12 billion in FY24, up 23.6%, expanding into new territories like Montenegro, Cayman Islands, and El Salvador. https://www.ibef.org/news/india-s-electronics-exports-increase-23-6-to-us-29-12-billion-in-fy24 Tue, 16 Apr 2024 11:46:05 +0530 India's exports flourish, reaching US$ 776.68 billion in FY24, driven by diverse sectors and a notable reduction in the trade deficit. https://www.ibef.org/news/despite-persistent-global-challenges-overall-exports-are-estimated-to-surpass-last-year-s-highest-record Tue, 16 Apr 2024 11:44:44 +0530 The Indian Staffing Federation reports 3.6% growth in the staffing industry during Q3 FY24, driven by demand for a flexible workforce across key sectors like e-commerce, retail, and manufacturing. https://www.ibef.org/news/flexi-staffing-industry-grows-3-6-in-december-quarter-of-fy24-report Tue, 16 Apr 2024 11:42:43 +0530 India continues to be the top choice for global businesses outsourcing digital services, a surge in investments in key digital technology areas. https://www.ibef.org/news/global-companies-pick-india-for-their-digital-services-says-nasscom Tue, 16 Apr 2024 11:40:48 +0530 India's job market showed strength in March 2024, particularly in sectors like Oil and Gas and Pharma, signalling positive trends and robustness in the economy. https://www.ibef.org/news/oil-and-gas-sector-witnesses-22-rise-in-job-hiring-in-march-this-year-report Tue, 16 Apr 2024 11:39:08 +0530 Mahindra Susten to invest US$ 144 million (Rs. 1,200-crore) in a hybrid renewable energy project in Maharashtra, highlighting its commitment to sustainability and the fight against climate change. https://www.ibef.org/news/mahindra-group-to-invest-nearly-us-144-million-rs-1-200-crore-in-renewable-energy-projects Tue, 16 Apr 2024 11:37:28 +0530 Indian enthusiasm for global sports peaks as bookings rise 25-30%, reflecting rising incomes and youthful zeal, signalling a vibrant economy and aspirational culture. https://www.ibef.org/news/25-30-more-indian-fans-flying-across-globe-for-key-sporting-events-in-2024 Mon, 15 Apr 2024 10:48:12 +0530 India made significant strides in renewable energy, adding a record 18.48 GW in 2023-24, but experts stress the need for consistent growth to achieve the ambitious 500 GW target by 2030. https://www.ibef.org/news/india-adds-record-18-gw-renewable-energy-capacity-in-fy24-shows-data Mon, 15 Apr 2024 10:45:57 +0530 Quick Estimates of the Index of Industrial Production (IIP) for February 2024 reveal a strong overall performance across sectors. https://www.ibef.org/news/india-s-index-of-industrial-production-grows-by-5-7-in-february-2024 Mon, 15 Apr 2024 10:44:43 +0530 Moody's Analytics predicts a 6.1% growth for India's economy in 2024, showcasing resilience and potential amidst regional and global economic fluctuations. https://www.ibef.org/news/moody-s-analytics-forecasts-india-s-economy-to-grow-by-6-1-in-2024 Mon, 15 Apr 2024 10:43:13 +0530 During FY24, passenger vehicle sales increased by 8.4%, while two-wheeler sales surged by 13.3% in India, indicating strong growth in the automotive sector. https://www.ibef.org/news/passenger-vehicle-wholesales-up-8-4-at-4-218-746-units-in-fy24-siam Mon, 15 Apr 2024 10:41:55 +0530 Apple sets new records in India as iPhone exports soar to US$ 10 billion, driving significant job growth and positioning India as a key manufacturing hub for the tech giant. https://www.ibef.org/news/apple-sets-record-iphone-exports-under-pli-double-to-us-10-billion-in-a-year Mon, 15 Apr 2024 10:38:35 +0530 During FY24, there was a 70% increase in mutual fund investors, driven by market recovery, while the assets under management surged by 35%, signalling strong growth in India's financial sector. https://www.ibef.org/news/equity-euphoria-boosts-mutual-fund-investor-additions-by-70-in-fy24 Fri, 12 Apr 2024 12:21:31 +0530 Deloitte forecasts India's pivotal role in tech, predicting US$ 254 billion in revenue by FY24, driven by spatial computing and AI. https://www.ibef.org/news/india-leads-global-tech-sector-with-us-254-billion-revenue-in-fy24-deloitte Fri, 12 Apr 2024 12:20:02 +0530 In 2024, Apple produced iPhones worth $14 billion in India, 14% of its flagship devices. Foxconn and Pegatron led assembly, with Tata Group's expansion. https://www.ibef.org/news/make-in-india-apple-assembled-us-14-billion-worth-of-iphones-in-india-in-fy24 Fri, 12 Apr 2024 12:17:48 +0530 India achieves notable UN victories as Jagjit Pavadia secures third term on INCB and gains seats in key UN bodies, showcasing diplomatic prowess. https://www.ibef.org/news/india-elected-to-several-un-bodies-wins-significant-re-election-to-incb Fri, 12 Apr 2024 12:16:16 +0530 The Indian government's Performance Linked Incentive (PLI) scheme aims to enhance investment and sales while streamlining processes, with a focus on attracting US$ 100 billion in annual FDI over the next five years. https://www.ibef.org/news/us-815-5-million-rs-6-800-crores-disbursed-to-beneficiaries-of-the-pli-scheme-in-fy24-dpiit-secretary Fri, 12 Apr 2024 12:13:48 +0530 The 2024 Financing for Sustainable Development Report highlights India's attractiveness to multinational corporations for manufacturing amidst global challenges hindering progress on development goals. https://www.ibef.org/news/india-benefiting-from-growing-interest-from-multinationals-says-un Fri, 12 Apr 2024 12:12:33 +0530 Ministry of Road Transport and Highways constructs over 12,000 kilometres of highways in FY24, signalling a massive leap in infrastructure development and nationwide connectivity. https://www.ibef.org/news/morth-builds-over-12-000-km-of-highways-in-fy24-the-second-highest-so-far Wed, 10 Apr 2024 10:58:38 +0530 India has emerged as a web3 powerhouse with over 1,000 startups and 12% of global developers, showcasing the potential for global leadership in technology innovation. https://www.ibef.org/news/india-has-one-of-the-largest-web3-ecosystems-globally-with-over-1-000-startups-report Wed, 10 Apr 2024 10:56:48 +0530 India's consumer price inflation shows signs of easing to 4.91% in March, reflecting steady economic growth despite food price rises, setting the stage for potential RBI measures to enhance stability. https://www.ibef.org/news/in-march-consumer-price-inflation-likely-eased-to-a-5-month-low-of-4-91 Wed, 10 Apr 2024 10:55:38 +0530 Gross GST collections hit US$ 21.40 billion (Rs. 1.78 trillion) in March, marking an 11.5% surge. Throughout the fiscal year 2023-24, gross GST collections totalled US$ 242.25 billion (Rs. 20.14 trillion), representing an 11.7% growth over the previous year's US$ 217.27 billion (Rs. 18.07 trillion). https://www.ibef.org/news/the-ratio-of-gst-collections-to-gdp-is-increasing Wed, 10 Apr 2024 10:54:27 +0530 India's ETF AUM skyrockets from US$ 42.2 million (Rs. 351 crore) in 2014 to US$ 75.42 billion (Rs. 6,27,244 crore), reflecting burgeoning interest in passive investing. https://www.ibef.org/news/the-surge-of-passive-investing-in-india Wed, 10 Apr 2024 10:53:05 +0530 The Executive Vice President of Road Logistics at Kuehne Nagel, Mr. Hansjoerg Rodi, highlights India's growing road logistics sector and the importance of tailored strategies amidst evolving trade dynamics and technological advancements. https://www.ibef.org/news/india-s-road-logistics-network-has-the-potential-to-be-better-than-europe-s-executive-vice-president-of-road-logistics-at-kuehne-nagel-mr-hansjoerg-rodi Wed, 10 Apr 2024 10:51:23 +0530 India witnessed a remarkable surge in FY24, with passenger vehicle (PV) retail sales hitting a record high of 3,948,143 units. https://www.ibef.org/news/high-on-suvs-india-records-all-time-high-passenger-vehicle-sales-in-fy24 Tue, 09 Apr 2024 10:49:54 +0530 India is assisting neighbouring nations in establishing early warning systems, crucial for mitigating extreme weather impacts and fostering global resilience. https://www.ibef.org/news/the-government-is-assisting-five-nations-in-developing-early-warning-systems-says-imd-chief-mr-mrutyunjay-mohapatra Tue, 09 Apr 2024 10:46:06 +0530 India witnesses rapid mobile wallet growth, driven by government initiatives like UPI, with transactions projected to exceed US$ 6.39 trillion by 2028, reshaping payment dynamics for convenience and security. https://www.ibef.org/news/mobile-wallet-payments-in-india-to-surpass-us-6-38-trillion-rs-531-trillion-in-2028-globaldata Tue, 09 Apr 2024 10:42:34 +0530 India's fuel consumption witnessed a surge of approximately 5% for the 2024 fiscal year, propelled by heightened sales of automotive fuel and naphtha. https://www.ibef.org/news/india-s-fuel-demand-up-by-5-y-o-y-in-fy24-a-new-financial-year-record Tue, 09 Apr 2024 10:38:55 +0530 India's coffee exports spiked by 13.35% to 1,25,631 tonnes in January-March, driven by heightened demand for Robusta coffee. https://www.ibef.org/news/indian-coffee-exports-surge-13-35-to-125-000-tonnes-in-jan-mar-shows-data Tue, 09 Apr 2024 10:36:27 +0530 Indian CEOs' average annual compensation rose 40% to US$ 1.7 million (Rs. 13.8 crore) from US$ 1.2 million (Rs. 9.8 crore) in 2020. https://www.ibef.org/news/average-ceo-compensation-in-india-is-up-40-as-compared-to-pre-covid-survey Tue, 09 Apr 2024 10:34:28 +0530 In FY24, Syama Prasad Mookerjee Port, Kolkata, handled a record 66.4 MMT of cargo, showcasing its efficiency and growth. https://www.ibef.org/news/an-all-time-record-of-cargo-handling-in-2023-24-at-syama-prasad-mookerjee-port-kolkata-since-1870 Mon, 08 Apr 2024 12:07:21 +0530 Secretary of the Ministry of Food Processing, Ms. Anita Praveen, highlights R&D's crucial role in advancing India's food processing sector, anticipating a US$ 600 billion output by 2025-26. https://www.ibef.org/news/india-s-food-processing-sector-is-poised-to-reach-us-535-billion-by-2025-26 Mon, 08 Apr 2024 12:05:25 +0530 UN General Assembly President Mr. Dennis Francis praises India's digitalization and infrastructure development efforts, emphasizing global impact and sustainability. https://www.ibef.org/news/un-general-assembly-president-mr-dennis-francis-lauds-digitalisation-and-infrastructure-investment-in-india Mon, 08 Apr 2024 12:04:10 +0530 The RBI seeks to improve retail user access to the e-rupee through collaboration with non-bank payment system operators, such as PhonePe, Google Pay, and Paytm. https://www.ibef.org/news/government-to-broaden-e-rupee-distribution-beyond-banks-to-boost-retail-use-rbi Mon, 08 Apr 2024 12:02:08 +0530 Corporate salary increments in India, forecasted by Randstad India, range from 8-11% this year, with junior professionals set to receive the highest increases. https://www.ibef.org/news/average-salary-hike-in-india-likely-to-be-8-11-this-year-randstad-india Mon, 08 Apr 2024 11:59:47 +0530 According to recent research, India's Ayurveda product market is poised for significant growth, projected to reach US$ 16.27 billion (Rs. 1.2 trillion) by FY28. https://www.ibef.org/news/ayurveda-products-market-in-india-to-reach-us-16-27-billion-rs-1-2-trillion-by-fy28-report Mon, 08 Apr 2024 11:58:00 +0530 India's services sector witnessed significant surge in March with the HSBC India Services Business Activity Index climbing to 61.2, reflecting robust demand and heightened business activity. https://www.ibef.org/news/services-pmi-registers-the-strongest-growth-in-13-5-years-rising-to-61-2-in-march Fri, 05 Apr 2024 09:56:29 +0530 The Strategic Forces Command (SFC) and DRDO conducted a successful flight test of the New Generation Ballistic Missile Agni-Prime, showcasing advanced defence capabilities. https://www.ibef.org/news/new-generation-ballistic-missile-agni-prime-successfully-flight-tested-by-strategic-forces-command-and-drdo-off-the-odisha-coast Fri, 05 Apr 2024 09:54:56 +0530 India boosts local manufacturing with US$ 1.02 billion in incentives to private firms across 14 sectors under the PLI scheme. https://www.ibef.org/news/india-has-given-over-us-1-billion-to-private-firms-under-the-pli-scheme-official Fri, 05 Apr 2024 09:52:36 +0530 India aims to launch its first privately managed Strategic Petroleum Reserve (SPR) by 2029-30, allowing the operator to trade stored oil independently. https://www.ibef.org/news/india-aims-for-first-strategic-petroleum-reserve-with-private-company-by-2029-30 Fri, 05 Apr 2024 09:48:54 +0530 MahaRERA sanctioned 4,332 out of 5,471 realty projects in the fiscal year 2024, reinforcing its pivotal role in regulating Maharashtra's real estate sector. https://www.ibef.org/news/maharera-approved-registrations-of-4-332-real-estate-projects-in-fy24 Fri, 05 Apr 2024 09:47:21 +0530 A recent report reveals that 52% of Indian global capability centres (GCCs) have embraced ESG policies, prioritizing their integration into operational processes. https://www.ibef.org/news/over-half-of-gccs-in-india-actively-adopting-esg-agenda-report Fri, 05 Apr 2024 09:45:43 +0530 NBFCs saw a 6% y-o-y rise in loan sanctions in third quarter of FY24, fuelled by robust consumer, gold, and personal loans. https://www.ibef.org/news/nbfc-loan-sanctions-grew-6-y-o-y-in-q3-fy24-consumer-segment-up-30 Thu, 04 Apr 2024 09:55:14 +0530 India experienced a 17% year-on-year increase in mobile device production with robust exports and stable smartphone sales in FY24, as reported by ICEA. https://www.ibef.org/news/value-of-mobile-device-production-in-india-for-domestic-sales-and-exports-surges-to-us-49-16-billion-rs-4-1-lakh-crore-in-fy24 Thu, 04 Apr 2024 09:53:44 +0530 Fundraising through the initial public offer (IPO) set to reach US$ 12 billion (Rs. 1 trillion) in FY25, driven by buoyancy in markets. https://www.ibef.org/news/fundraise-via-ipos-to-hit-us-12-billion-rs-1-trillion-mark-in-fy25-report Thu, 04 Apr 2024 09:51:57 +0530 Government lifts duty on Kalanamak rice exports up to 1,000 tonnes via six specified customs stations, facilitating trade expansion. https://www.ibef.org/news/government-waives-duty-on-export-of-1-000-tonnes-of-non-basmati-kalanamak-rice Thu, 04 Apr 2024 09:50:13 +0530 Credit card transactions rose 11% to US$ 111.4 billion (Rs. 9.30 trillion) during June-December 2023, outpacing sluggish debit card usage. https://www.ibef.org/news/credit-card-transactions-soared-11-to-us-111-4-billion-rs-9-30-trillion-between-june-dec-2023-report Thu, 04 Apr 2024 09:48:52 +0530 India becomes Suzuki's second market to cross the 3 crore cumulative production mark, company plans expansion to achieve a 4 million unit capacity by 2030-31. https://www.ibef.org/news/india-becomes-suzuki-s-second-market-to-cross-the-3-crore-cumulative-production-mark Thu, 04 Apr 2024 09:45:47 +0530 India achieved significant milestones in 2023, with the installation of 20.8 GW of solar modules and the establishment of 3.2 GW of cell manufacturing capacity, as reported by Mercom Capital. https://www.ibef.org/news/india-added-21-gw-of-solar-modules-and-3-gw-of-cell-manufacturing-capacity-in-2023 Wed, 03 Apr 2024 12:46:19 +0530 India's manufacturing sector surged to a 16-year high in March, with HSBC's PMI hitting 59.1, showcasing robust growth. https://www.ibef.org/news/manufacturing-pmi-in-march-rises-to-a-16-year-high-and-employment-improves Wed, 03 Apr 2024 12:43:53 +0530 Union Finance Minister, Ms. Nirmala Sitharaman, lauds India's digital prowess, citing 43.3 crore monthly digital transactions and seamless integration in Viksit Bharat 2047. https://www.ibef.org/news/more-than-43-3-crore-digital-transactions-in-india-every-month-says-union-finance-minister-ms-nirmala-sitharaman Wed, 03 Apr 2024 12:42:22 +0530 India's defence sector stands at the threshold of unprecedented growth, driven by a surge in domestic expenditure, indigenization efforts, and promising export projections. https://www.ibef.org/news/defence-sector-poised-to-experience-cagr-of-13-per-cent-from-fy23-to-fy30-jefferies Wed, 03 Apr 2024 12:40:37 +0530 India's influencer marketing sector is set for significant expansion, driven by brands prioritizing collaborations with influencers, offering substantial growth opportunities for creators and marketers. https://www.ibef.org/news/india-s-surging-influencer-marketing-industry-to-hit-us-404-million-rs-3-375-crore-by-2026 Wed, 03 Apr 2024 12:39:14 +0530 India's real estate sector experiences a significant rise in domestic investor confidence, signalling promising long-term growth prospects and shifting investment dynamics. https://www.ibef.org/news/institutional-investments-in-indian-real-estate-touched-us-1-billion-in-q1-2024-cues-for-a-positive-start Wed, 03 Apr 2024 12:36:27 +0530 March 2024 witnessed a historic surge in GST revenue, reaching a record US$ 21.3 billion (Rs. 1.78 lakh crore), making it the second-highest collection on record, marking an impressive 11.5% year-on-year growth. https://www.ibef.org/news/second-highest-monthly-gross-gst-revenue-collection-in-march-at-us-21-3-billion-rs-1-78-lakh-crore-records-11-5-y-o-y-growth-18-4-on-a-net-basis Tue, 02 Apr 2024 10:45:25 +0530 Prime Minister, Mr. Narendra Modi emphasized India's strategic need to enhance economic self-sufficiency in the coming decade, enabling resilience against global crises and elevating the international prominence of the Indian rupee. https://www.ibef.org/news/prime-minister-mr-narendra-modi-calls-for-economic-self-reliance-making-the-rupee-more-acceptable Tue, 02 Apr 2024 10:43:56 +0530 India's defence and aerospace exports reached Rs. 21,083 crore (US$ 2.63 billion) in FY24, up 32.5% from the prior year, driven by policy reforms, digital initiatives, and global acceptance. https://www.ibef.org/news/india-s-fy24-defence-exports-jump-record-32-5-touch-rs-21-083-crore-us-2-63-billion Tue, 02 Apr 2024 10:41:25 +0530 Union Minister for Finance and Corporate Affairs, Ms. Nirmala Sitharaman, stated that the stability of government securities yields has enhanced the overall resilience of the financial markets and bolstered investor confidence in the Indian economy. https://www.ibef.org/news/stability-in-g-sec-yields-bolstered-financial-market-resilience-union-minister-for-finance-and-corporate-affairs-ms-nirmala-sitharaman Tue, 02 Apr 2024 10:39:37 +0530 The Ministry of Heavy Industries has launched the Electric Mobility Promotion Scheme 2024 (EMPS 2024) with a budget of US$ 60 million (Rs. 500 crore) to encourage the nationwide adoption of electric vehicles. https://www.ibef.org/news/after-fame-ii-emps-2024-will-fuel-faster-adoption-of-e-2w-and-e-3w Tue, 02 Apr 2024 10:37:47 +0530 India's hospitality sector experienced a notable increase in investment in fiscal year 2023, reaching an unprecedented US$ 401 million. https://www.ibef.org/news/india-s-hospitality-sector-saw-investments-worth-us-401-million-in-2023-jll Tue, 02 Apr 2024 10:35:58 +0530 Credit cards breach the 100 million mark in India; evolving consumer spending patterns drive credit card circulation growth. https://www.ibef.org/news/credit-cards-breach-the-100-million-mark-in-india-shows-rbi-data Mon, 01 Apr 2024 10:17:37 +0530 Union Minister Mr. Piyush Goyal stated that India's trade policy aligns with its growth trajectory but remains open to further expansion. https://www.ibef.org/news/trade-policy-calibrated-with-growth-but-open-for-expansion-union-minister-mr-piyush-goyal Mon, 01 Apr 2024 10:15:39 +0530 India's fixed communication services revenue will rise to US$ 13.2 billion in 2028, predicts GlobalData; fiber broadband adoption will surge. https://www.ibef.org/news/india-s-fixed-communication-revenue-to-grow-to-us-13-2-billion-in-2028-vs-us-11-5-billion-in-2023-globaldata Mon, 01 Apr 2024 10:13:35 +0530 Spinny reports a surge in used-car sales to women, citing Delhi-NCR, Mumbai, and Bengaluru as key markets. https://www.ibef.org/news/women-account-for-46-of-used-cars-sales-in-march-this-year-kwid-i10-emerge-top-choice-spinny Mon, 01 Apr 2024 10:10:48 +0530 Retail brands are expanding into religious cities to cater to growing tourism, offering tailored experiences for pilgrims' needs. https://www.ibef.org/news/retail-brands-flocking-to-religious-cities-with-rise-in-spiritual-tourism Mon, 01 Apr 2024 10:05:42 +0530 Wipro commits to artificial intelligence training for employees, investing US$ 1 billion to foster an AI-first culture. https://www.ibef.org/news/wipro-to-train-all-employees-on-ai-to-become-an-ai-first-company Mon, 01 Apr 2024 10:03:30 +0530 The Indian data centre industry is rapidly expanding, with capacity projected to double from 0.9 GW in 2023 to nearly 2 GW by 2026. https://www.ibef.org/news/india-data-centre-capacity-to-double-in-3-years-capex-requirement-us-6-billion-rs-50-000-crore Thu, 28 Mar 2024 10:41:59 +0530 The US Ambassador to India, Mr. Eric Garcetti, praises India’s renewable energy leadership and calls for stronger collaboration to combat climate change and support sustainable growth. https://www.ibef.org/news/india-outpacing-world-in-renewable-energy-adoption-us-ambassador-mr-eric-garcetti Thu, 28 Mar 2024 10:39:58 +0530 India has disbursed the second instalment of US$ 60 million (INR/Nu 5 billion) to Bhutan for infrastructure development within the GyalSung Project, strengthening their cooperative endeavours. https://www.ibef.org/news/india-releases-the-second-tranche-of-us-60-million-inr-nu-5-billion-to-bhutan-for-the-gyalsung-infrastructure-project Thu, 28 Mar 2024 10:38:16 +0530 Morgan Stanley raises India's GDP growth outlook for FY24 to 7.9% and FY25 to 6.8%, reflecting an optimistic economic trajectory. https://www.ibef.org/news/morgan-stanley-raises-india-s-gdp-growth-forecast-for-fy25-to-6-8 Thu, 28 Mar 2024 10:36:05 +0530 Housing sales surged 14% across seven key Indian cities during January to March, with average property prices rising by 10-32%. https://www.ibef.org/news/housing-sales-in-jan-mar-rise-14-in-top-7-cities-average-prices-up-10-32-anarock Thu, 28 Mar 2024 10:32:55 +0530 NPCI Bharat Billpay (NBBL) collaborates with banks and fintech firms to introduce internet banking interoperability post-RBI approval, marking a significant development. https://www.ibef.org/news/nbbl-to-begin-work-on-net-banking-interoperability-from-april-report Thu, 28 Mar 2024 10:30:22 +0530 The luxury property market in India sees significant growth in 2023, with Mumbai emerging as a leader; upscale home sales surge. https://www.ibef.org/news/india-s-luxury-residential-sales-record-1-5-times-year-on-year-growth-tops-us-518-5-million-rs-4-319-crore-in-2023 Wed, 27 Mar 2024 11:46:17 +0530 S&P Global revises India's FY25 GDP growth forecast to 6.8%, projects 7.6% growth for FY24, and anticipates rate cuts. https://www.ibef.org/news/s-p-global-raises-india-s-fy25-gdp-growth-forecast-by-40-bps-to-6-8 Wed, 27 Mar 2024 11:44:42 +0530 Mumbai emerges as Asia's new billionaire hub as India’s billionaire population surges to 271, becoming the second-largest contributor globally. https://www.ibef.org/news/mumbai-overtakes-beijing-as-asia-s-billionaire-capital-for-the-first-time Wed, 27 Mar 2024 11:42:50 +0530 Life Insurance Corporation of India (LIC) has been acknowledged as the foremost insurance brand, showcasing a stable brand value of US$ 9.8 billion. https://www.ibef.org/news/lic-world-s-strongest-insurance-brand-brand-finance-insurance-report Wed, 27 Mar 2024 11:40:30 +0530 GAIL will launch India’s first green hydrogen project in April, marking a significant step towards sustainable energy transition. https://www.ibef.org/news/gail-set-to-commission-india-s-first-green-hydrogen-project-in-april Wed, 27 Mar 2024 11:37:16 +0530 S&P Global Ratings underscores the Reserve Bank of India's commitment to bolster governance and transparency within India's financial sector, citing recent initiatives aimed at curbing lenders' exuberance, improving compliance, and protecting consumers. https://www.ibef.org/news/rbi-showing-serious-commitment-to-improve-governance-transparency-in-finance-cos-banks Wed, 27 Mar 2024 11:34:20 +0530 Mr. Stanley Goh forecasts a 45% growth in India's ready-to-eat market, presenting a lucrative investment opportunity for SATS Food Solutions. https://www.ibef.org/news/the-ready-to-eat-market-in-india-may-grow-45-in-5-years Tue, 26 Mar 2024 10:59:24 +0530 A study conducted by CareEdge Ratings highlights a notable change in India's automotive industry, with the country targeting 30% of total vehicle sales to be electric by 2030. https://www.ibef.org/news/india-aims-for-30-of-all-vehicle-sales-to-be-electric-by-2030-care-edge-ratings Tue, 26 Mar 2024 10:57:19 +0530 Despite persistent retail inflation surpassing 5%, the Finance Ministry anticipates widespread easing, potentially aided by increased summer sowing to lower food prices. https://www.ibef.org/news/inflation-outlook-for-the-upcoming-months-positive-finance-ministry Tue, 26 Mar 2024 10:55:28 +0530 SME IPOs in FY24 surged, raising US$ 669.4 million (Rs. 5,579 crore), driven by retail investor excitement amidst limited mainboard opportunities. https://www.ibef.org/news/fundraising-through-sme-ipos-hit-a-new-high-in-fy24-raising-us-669-4-million-rs-5-579-crore Tue, 26 Mar 2024 10:53:35 +0530 PwC India's report highlights GenAI's transformative impact on Indian healthcare, enhancing treatment efficiency and reshaping industry practices. https://www.ibef.org/news/genai-has-the-potential-to-transform-india-s-healthcare-system-pwc-india Tue, 26 Mar 2024 10:51:21 +0530 India's co-working demand surges, with projections indicating a doubling of the flexible workspace market by 2028. https://www.ibef.org/news/co-working-spaces-are-set-to-expand-capacity-in-12-24-months-as-demand-rises Tue, 26 Mar 2024 10:48:11 +0530 India's private sector activity hit an eight-month high in March, driven by robust manufacturing and service growth, alongside strong international sales. https://www.ibef.org/news/manufacturing-boost-propels-business-activity-to-8-month-high-in-march Fri, 22 Mar 2024 10:40:02 +0530 The Indian Space Research Organisation (ISRO) has effectively conducted the landing operation of its Reusable Launch Vehicle (RLV) named 'Pushpak' from the Aeronautical Test Range (ATR) situated in Challakere, Karnataka. https://www.ibef.org/news/indian-space-research-organisation-successfully-tests-reusable-launch-vehicle-pushpak Fri, 22 Mar 2024 10:38:18 +0530 A recent survey indicates that banks anticipate a sustained enhancement in asset quality in the upcoming six months, attributing this to the reorganization of troubled units, a robust economy, and increasing credit growth as primary factors. https://www.ibef.org/news/bank-s-asset-quality-to-improve-in-next-six-months-as-economy-grows-survey Fri, 22 Mar 2024 10:36:48 +0530 Indian Airlines are preparing for the summer schedule commencing on March 31, marked by a significant uptick of nearly 6% in weekly domestic flights compared to the prior year. https://www.ibef.org/news/indian-airlines-to-operate-24-275-weekly-domestic-flights-in-summer-schedule Fri, 22 Mar 2024 10:35:18 +0530 India's residential real estate market anticipates growth in 2024, supported by regulatory reforms and positive GDP projections. https://www.ibef.org/news/residential-real-estate-could-see-another-peak-in-2024 Fri, 22 Mar 2024 10:34:00 +0530 Tata Consultancy Services (TCS) partners with Ramboll, leading Danish firm, for a multimillion-dollar IT transformation spanning seven years. With TCS overseeing various IT facets, Ramboll aims for growth and agility. https://www.ibef.org/news/tcs-signs-7-year-multimillion-dollar-partnership-with-denmark-s-ramboll Fri, 22 Mar 2024 10:32:20 +0530 Female fresher recruitment by corporate entities notably escalated in 2023, particularly from tier 2 and 3 colleges, exhibiting a remarkable 116% year-on-year increase. https://www.ibef.org/news/women-freshers-placements-grew-116-yoy-in-2023-report Thu, 21 Mar 2024 10:02:57 +0530 India's rise as the world's third-largest startup hub, endorsed by Prime Minister Mr. Narendra Modi, signifies a pivotal leap towards national development by 2047, driving innovation and creating over 1.24 million jobs. https://www.ibef.org/news/india-s-startup-growth-to-pave-the-way-to-a-developed-nation-by-2047-prime-minister-mr-narendra-modi Thu, 21 Mar 2024 10:01:34 +0530 AMFI data for February reveals a significant 40% surge in retail investor assets in mutual funds, reaching US$ 395.1 billion (Rs. 32.87 lakh crore) from US$ 281.8 billion (Rs. 23.44 lakh crore) the previous year. https://www.ibef.org/news/retail-investors-inflow-to-mutual-funds-spiked-40-in-the-past-year-amfi-data-shows Thu, 21 Mar 2024 10:00:22 +0530 Mumbai rises to the third position in the Prime Global Cities Index for Q4 2023, reflecting its strong luxury housing market with a significant 10% year-on-year price surge. https://www.ibef.org/news/mumbai-ranks-3rd-after-manila-and-dubai-in-the-knight-frank-prime-global-cities-index-seeing-10-yoy-growth-in-luxury-home-rates Thu, 21 Mar 2024 09:58:44 +0530 The mineral production index for January 2024 increased by 5.9% from January 2023, with notable growth observed in coal, natural gas, and copper concentrate, while gold and chromite experienced declines. https://www.ibef.org/news/mineral-production-in-the-country-grows-by-5-9-during-january-2024 Thu, 21 Mar 2024 09:57:30 +0530 India's aviation industry is growing swiftly, with Air India proposing an extra international hub to capitalize on its strategic location and rising consumer demand, signalling substantial potential in the global market. https://www.ibef.org/news/india-s-aviation-boom-could-support-another-international-hub-says-air-india-ceo-mr-campbell-wilson Thu, 21 Mar 2024 09:56:15 +0530 According to the CareEdge Ratings report, rising domestic natural gas production has led to a decline in India's reliance on imported LNG, projected to decrease from 53% of total consumption in FY21 to about 45% by FY26. https://www.ibef.org/news/india-will-record-its-highest-ever-gas-consumption-annually-in-fy24-careedge-ratings Wed, 20 Mar 2024 11:00:43 +0530 Startup Mahakumbh, India's largest and groundbreaking startup event, witnessed an unparalleled level of engagement, serving as a dynamic hub for all players in the Indian startup community. https://www.ibef.org/news/startup-mah-kumbh-witnesses-record-breaking-participation-and-enthusiasm Wed, 20 Mar 2024 10:59:26 +0530 Direct tax collections surge by 18.74% in FY24, reaching US$ 227.7 billion, led by growth in corporation and personal income taxes. https://www.ibef.org/news/gross-direct-tax-collections-for-financial-year-fy-2023-24-register-a-growth-of-18-74 Wed, 20 Mar 2024 10:58:21 +0530 Credit rating agency, ICRA, foresees a favourable outlook for the Indian alcohol beverages industry in fiscal year 2025. https://www.ibef.org/news/indian-alcohol-cos-can-raise-a-toast-to-higher-sales-and-better-margins-icra Wed, 20 Mar 2024 10:56:37 +0530 The National Highways Infra Trust (NHIT), sponsored by the National Highways Authority of India (NHAI), recently completed its third round of fundraising, known as 'InvIT Round-3'. https://www.ibef.org/news/nhai-completes-largest-invit-monetization-of-over-us-1-9-billion-rs-16-000-crore-through-round-3 Wed, 20 Mar 2024 10:55:27 +0530 Bharat Heavy Electricals Ltd. (BHEL), the state owned engineering firm, has been awarded a contract by NTPC to construct a 1,600 MW Singrauli Supercritical Thermal Power Plant (STPP) Stage-III. https://www.ibef.org/news/bhel-bags-1-600-mw-thermal-project-order-from-ntpc Wed, 20 Mar 2024 10:53:14 +0530 The government's dividend revenue from non-financial central public sector enterprises (CPSEs) and entities in which it holds minority stakes has reached an unprecedented level of US$ 7.4 billion (Rs. 61,149 crore), demonstrating an impressive 22% surge compared to the revised projection for the fiscal year 2023-24. https://www.ibef.org/news/government-cpse-dividend-collection-hits-a-record-high-of-us-7-4-billion-rs-61-149-crore Tue, 19 Mar 2024 09:55:07 +0530 The National Cooperative Export Ltd (NCEL), India's export agency, intends to purchase 1,650 tonnes of onions from private traders at Rs. 29/kg for shipment to Bangladesh. https://www.ibef.org/news/the-centre-will-purchase-1-650-tonnes-of-onions-for-exports-to-bangladesh Tue, 19 Mar 2024 09:53:13 +0530 The Ministry of Heavy Industries introduced the Electric Mobility Promotion Scheme (EMPS) to strengthen India's electric vehicle (EV) sector, closely aligning with the ideals of Atmanirbhar Bharat. https://www.ibef.org/news/new-scheme-to-boost-ev-adoption-manufacturing-in-india-additional-secretary-of-the-ministry-of-heavy-industries-mr-hanif-qureshi Tue, 19 Mar 2024 09:51:31 +0530 Secretary of Department of Financial Services, Dr. Vivek Joshi reported that in the last nine years, the insurance sector has seen substantial foreign direct investment (FDI) totalling close to US$ 6.5 billion (Rs. 54,000 crore), propelled by the government's gradual easing of regulations concerning overseas capital inflow. https://www.ibef.org/news/insurance-sector-attracted-us-6-5-billion-rs-54-000-crore-fdi-in-the-last-9-years-secretary-of-department-of-financial-services-dr-vivek-joshi Tue, 19 Mar 2024 09:49:25 +0530 Amid global uncertainties, World Trade Centre (WTC) expands in India's resilient office market. Chairman of the World Trade Centres Association (WTCA), Mr. John E. Drew highlights brand performance, growth catalysts, and global expansion strategies for WTC. https://www.ibef.org/news/expect-to-have-over-50-world-trade-centres-in-india-in-the-next-5-7-years-chairman-of-the-world-trade-centres-association-wtca-mr-john-e-drew Tue, 19 Mar 2024 09:47:59 +0530 Ms Falguni Nayar, Nykaa's founder, projects fashion, grocery, and general merchandise to constitute two-thirds of e-commerce demand by 2030. She shared this insight at the New Delhi Startup Mahakumbh recently. https://www.ibef.org/news/fashion-grocery-to-capture-2-3rd-of-e-commerce-by-2027-falguni-nayar Tue, 19 Mar 2024 09:46:40 +0530 The Ministry of Micro, Small, and Medium Enterprises (MSMEs) marked a significant milestone in their formalization efforts as the total registrations on Udyam and UAP exceeded 4 crore enterprises. https://www.ibef.org/news/the-total-number-of-registered-enterprises-on-udyam-and-uap-crosses-4-crore-a-major-milestone-for-the-formalization-initiative-undertaken-by-the-ministry-of-micro-small-and-medium-enterprises Mon, 18 Mar 2024 10:43:32 +0530 The Union Government approved the E-vehicle policy to establish India as a prime manufacturing hub for cutting-edge E-vehicle (EV) technology, attracting investments from global EV manufacturers. https://www.ibef.org/news/the-government-approves-the-e-vehicle-policy-to-promote-india-as-a-manufacturing-destination-for-evs Mon, 18 Mar 2024 10:41:23 +0530 India achieves the highest monthly merchandise exports in the current fiscal year in February 2024, totalling US$ 41.40 billion, driven by engineering goods, electronics, chemicals, pharmaceuticals, and petroleum. https://www.ibef.org/news/the-highest-monthly-merchandise-exports-in-the-current-fiscal-year-were-recorded-in-february-2024-at-us-41-40-billion-an-increase-of-11-86-over-us-37-01-billion-in-february-2023 Mon, 18 Mar 2024 10:38:58 +0530 The financial upgradation scheme introduced by Union Minister Mr. Ashwini Vaishnaw to improve service conditions and address stagnation issues for more than 2.56 lakh Gramin Dak Sevaks (GDSs) working within the Department of Posts. https://www.ibef.org/news/union-minister-of-communications-railways-and-electronics-information-technology-mr-ashwini-vaishnaw-unveils-financial-upgradation-scheme-for-2-56-lakhs-gramin-dak-sevaks-working-in-the-department-of-posts Mon, 18 Mar 2024 10:37:48 +0530 During the timeframe from FY15 to FY23, the toy industry in India underwent significant growth, witnessing a remarkable increase in exports by 239% alongside a corresponding 52% decrease in imports, thus solidifying the nation's position as a net exporter in this sector. https://www.ibef.org/news/global-toy-majors-shifting-focus-from-china-to-india-exports-jumped-239 Mon, 18 Mar 2024 10:36:36 +0530 Official data indicates that domestic air traffic increased by 4.8% in February 2024 compared to the previous year, with passenger numbers reaching 126.48 lakh. https://www.ibef.org/news/domestic-air-traffic-rises-4-8-to-126-48-lakh-in-feb Mon, 18 Mar 2024 10:35:07 +0530 Indian startups, forecasted to create 50 million jobs and add US$ 1 trillion to the economy by 2030, drive innovation across sectors, with retail and e-commerce leading the growth. https://www.ibef.org/news/indian-startups-may-add-us-1-trillion-to-indian-economy-by-fy30 Fri, 15 Mar 2024 10:49:57 +0530 Fitch raises its projection for India's GDP for FY25 to 7% citing strong domestic demand and sustained business expansion. https://www.ibef.org/news/fitch-raises-india-s-fy25-gdp-forecast-to-7-from-6-5 Fri, 15 Mar 2024 10:48:52 +0530 Prime Minister Mr. Narendra Modi leads Mission Palm Oil to boost self-reliance in edible oil, inaugurates first oil mill in Northeast. https://www.ibef.org/news/prime-minister-mr-narendra-modi-spearheads-the-national-mission-to-attain-edible-oil-self-sufficiency Fri, 15 Mar 2024 10:47:02 +0530 India’s defence exports to double to US$ 4.8 billion (Rs. 40,000 crore) in two years, signalling a commitment to strengthen defence capabilities. https://www.ibef.org/news/defence-exports-to-more-than-double-to-us-4-8-billion-rs-40-000-crore-by-2026-union-minister-for-information-broadcasting-and-youth-affairs-sports-mr-anurag-singh-thakur Fri, 15 Mar 2024 10:45:00 +0530 A recent report anticipates a substantial increase in the market size of flexible office spaces in India, with projections suggesting growth from 55 million square feet to 100-140 million square feet (MSF) by 2030. https://www.ibef.org/news/market-size-for-flexible-office-spaces-in-india-to-double-by-2030-anarock Fri, 15 Mar 2024 10:43:26 +0530 Union Minister of Railways, Communications and Electronics and Information Technology, Mr. Ashwini Vaishnaw announced a collaboration between Qualcomm and the Indian government to develop electronics roadmap, including industrial, automotive, and telecom sectors. https://www.ibef.org/news/qualcomm-agreed-to-create-a-roadmap-for-developing-industrial-electronics-6g-labs-minister-of-communications-mr-ashwini-vaishnaw Fri, 15 Mar 2024 10:41:00 +0530 Luxury brands leased 0.60 million square feet of real estate in India in 2023, up 170% from 2022, driven by brand awareness and rising demand. https://www.ibef.org/news/property-leasing-by-luxury-brands-in-india-jumped-170-in-2023-report Thu, 14 Mar 2024 11:01:00 +0530 Prime Minister Mr. Narendra Modi virtually launched three semiconductor projects, with a combined value estimated at approximately US$ 15.1 billion (Rs 1.25 trillion). https://www.ibef.org/news/prime-minister-mr-narendra-modi-lays-foundation-stone-of-3-semiconductor-projects-worth-us-15-1-billion-rs-1-25-trillion Thu, 14 Mar 2024 10:58:10 +0530 India and the Dominican Republic formalize the Joint Economic and Trade Committee to bolster economic ties, marking a milestone in bilateral relations. https://www.ibef.org/news/india-signs-protocol-for-establishment-of-its-first-bilateral-institutional-mechanism-with-dominican-republic-on-trade-and-commerce Thu, 14 Mar 2024 10:55:15 +0530 Foreign inflows accounted for 77% of the overall institutional investment in the Indian real estate sector from 2019 to 2023, indicating enduring confidence in the industry. https://www.ibef.org/news/77-of-investment-in-indian-real-estate-in-2019-23-by-foreigners-report Thu, 14 Mar 2024 10:53:32 +0530 DHL Express CEO highlights India’s potential, applauds National Logistics Policy, and stresses resilience amidst global challenges. https://www.ibef.org/news/india-setting-itself-up-for-major-logistics-success-dhl-express-ceo Thu, 14 Mar 2024 10:50:20 +0530 The central government announces the Electric Mobility Promotion Scheme (EMPS) 2024, allocates US$ 60.38 million (Rs. 500 crore) to boost electric vehicle sales. https://www.ibef.org/news/new-scheme-announced-to-push-sale-of-electric-two-wheelers-three-wheelers-in-india Thu, 14 Mar 2024 10:48:32 +0530 February witnessed a historic peak in India's passenger vehicle sales, with sales of 370,786 units, marking a notable 10.8% growth compared to the previous year. https://www.ibef.org/news/passenger-vehicles-record-their-best-february-with-sales-of-370-000-units Wed, 13 Mar 2024 10:12:29 +0530 Prime Minister, Mr. Narendra Modi launched developmental initiatives valued at over US$ 12.8 billion (Rs. 1.06 lakh crore) from the Operation Control Centre of the Dedicated Freight Corridor in Ahmedabad, Gujarat. https://www.ibef.org/news/prime-minister-mr-narendra-modi-lays-the-foundation-stone-and-dedicates-to-the-nation-multiple-developmental-projects-worth-over-us-12-8-billion-rs-1-06-lakh-crore-in-ahmedabad-gujarat Wed, 13 Mar 2024 10:09:51 +0530 Prime Minister, Mr. Narendra Modi marked a notable milestone in India's railway infrastructure by launching 10 additional Vande Bharat trains, elevating the total fleet to more than 50 trains traversing 45 routes across the country. https://www.ibef.org/news/prime-minister-mr-narendra-modi-flags-off-10-new-vande-bharat-trains-and-extends-4-routes Wed, 13 Mar 2024 10:06:33 +0530 Ministry of Coal aims to ramp up renewable initiatives to diminish carbon footprints, in line with Prime Minister’s pledge to reach net-zero carbon emissions by 2070. https://www.ibef.org/news/coal-sector-aims-to-ramp-up-renewable-energy-capacity-to-over-9-gw-by-2030 Wed, 13 Mar 2024 10:04:10 +0530 Health and Chemicals & Fertilisers Minister, Mr. Mansukh Mandaviya launches SIDBI credit scheme for Jan Aushadi Kendras, offering collateral-free loans with credit guarantee. https://www.ibef.org/news/health-and-chemicals-fertilisers-minister-mr-mansukh-mandaviya-launches-the-sidbi-scheme-for-jan-aushadi-kendra-operators Wed, 13 Mar 2024 10:02:09 +0530 Union Minister of State for Electronics and IT, Skill Development, Entrepreneurship, and Jal Shakti, Mr. Rajeev Chandrasekhar, announces the intention to create a non-personal data collection platform reserved solely for Indian startups and companies. https://www.ibef.org/news/centre-to-develop-non-personal-data-collection-platform-for-india-inc Wed, 13 Mar 2024 09:59:00 +0530 India has witnessed a remarkable surge in coal production reaching 900 million metric tons, projections indicate it will surpass 1 billion tons in the ongoing financial year driving robust employment growth. https://www.ibef.org/news/coal-sector-created-substantial-employment-opportunities-in-last-10-years Tue, 12 Mar 2024 11:11:37 +0530 Prime Minister, Mr. Narendra Modi recently launched and initiated the groundwork for 112 National Highway projects worth around US$ 12.1 billion (Rs. 1 Lakh Crore) in Gurugram, Haryana. https://www.ibef.org/news/prime-minister-mr-narendra-modi-inaugurates-and-lays-foundation-stone-of-112-national-highway-projects-for-different-states-worth-about-us-12-1-billion-rs-1-lakh-crore Tue, 12 Mar 2024 11:07:09 +0530 Moody's anticipates robust economic expansion in India in 2024-25, outpacing fellow emerging market G20 counterparts. https://www.ibef.org/news/domestic-demand-to-keep-india-s-growth-above-other-g20-emerging-markets-moody-s Tue, 12 Mar 2024 11:05:36 +0530 India has formally joined the competition to develop a fifth-generation stealth combat aircraft. https://www.ibef.org/news/india-conducts-first-test-of-mirv-equipped-agni-v-missile-pm-hails-drdo Tue, 12 Mar 2024 11:03:23 +0530 The Secretary of the Ministry of Electronics & IT (MeitY), Mr. S. Krishnan, affirms that MeitY is actively engaged in strengthening the domestic semiconductor industry and promoting the responsible application of artificial intelligence. https://www.ibef.org/news/india-will-have-2-3-more-semiconductor-fabs-ministry-of-electronics-it-mr-s-krishnan Tue, 12 Mar 2024 11:01:34 +0530 Prime Minister, Mr. Narendra Modi virtually distributes 1,000 drones, including 200 drones from Coromandel International, to Self Help Groups for agricultural development. https://www.ibef.org/news/coromandel-international-delivers-200-drones-to-women-shgs-to-modernize-farming Tue, 12 Mar 2024 10:58:38 +0530 India's mobile phone manufacturing industry has seen an impressive 21-fold surge in value, reaching US$ 49.3 billion (Rs. 4.1 lakh crore). The implementation of government initiatives, notably the Production Linked Incentive (PLI) scheme, has drawn global players and substantially enhanced domestic production. https://www.ibef.org/news/mobile-phone-manufacturing-jumps-21-times-to-us-49-3-billion-rs-4-1-lakh-crore-in-10-years-icea Mon, 11 Mar 2024 12:01:43 +0530 Prime Minister, Mr. Narendra Modi initiated the Nyaya Maha Abhiyan, a three-year mission with a project outlay of US$ 2.9 billion (Rs. 24,000 crore), and in the last three months, projects totalling over (Rs. 7000 crore) have been approved. https://www.ibef.org/news/projects-of-over-us-846-3-million-rs-7000-crore-sanctioned-in-the-last-3-months-under-pm-janman-prime-minister-mr-narendra-modi-released-1st-instalment-on-15th-january-2024 Mon, 11 Mar 2024 11:59:44 +0530 India is poised to finalize a historic Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA), representing a significant milestone as India's inaugural trade deal with any European nation or bloc. https://www.ibef.org/news/india-efta-trade-deal-to-bring-in-us-100-billion-investment-in-15-years Mon, 11 Mar 2024 11:58:08 +0530 The healthcare infrastructure of a nation relies significantly on the pharmaceutical and medical device sectors, playing essential roles in preventive and curative healthcare systems. https://www.ibef.org/news/pli-propelling-india-towards-atmanirbhar-future-in-pharma-and-meditech Mon, 11 Mar 2024 11:56:43 +0530 The coal sector demonstrated a substantial 10.2% growth in January 2024, based on data from the Index of Eight Core Industries (ICI) released by the Ministry of Commerce & Industries. https://www.ibef.org/news/coal-sector-achieves-highest-growth-of-10-2-among-eight-core-industries-in-january-2024 Mon, 11 Mar 2024 11:55:24 +0530 On International Women’s Day, Vice-President Shri Jagdeep Dhankhar praised ISRO for its dedication to gender diversity and inclusivity. https://www.ibef.org/news/isro-is-a-befitting-example-to-other-organizations-in-promoting-gender-diversity-vice-president-mr-jagdeep-dhankhar Mon, 11 Mar 2024 11:53:35 +0530 India is poised to export 30% of its smartphone production in FY24, driven by local manufacturing growth and export expansion. https://www.ibef.org/news/india-to-export-30-of-its-total-smartphone-production-in-fy24-icea-report Fri, 08 Mar 2024 11:09:19 +0530 The government is set to inaugurate 15 airport projects, with Prime Minister, Mr. Narendra Modi scheduled to lead the unveiling on Sunday. https://www.ibef.org/news/prime-minister-mr-narendra-modi-will-inaugurate-15-airport-projects-on-sunday-including-delhi-s-new-terminal Fri, 08 Mar 2024 11:05:41 +0530 The Union Cabinet allocates US$ 1.25 billion (Rs. 10,372 crore) for the India AI Mission, focusing on AI innovation and partnerships. https://www.ibef.org/news/cabinet-nod-for-india-ai-mission-with-us-1-25-billion-rs-10-372-crore-outlay-for-five-years Fri, 08 Mar 2024 11:02:36 +0530 In a significant development, the Reserve Bank of India (RBI) and Indonesia's central bank inked a crucial agreement in Mumbai aimed at streamlining cross-border transactions by utilizing local currencies. https://www.ibef.org/news/rbi-indonesia-s-central-bank-signed-local-currency-trade-agreements Fri, 08 Mar 2024 11:00:35 +0530 Union Minister for Jal Shakti, Mr. Gajendra Singh Shekhawat, announced that approximately 75% of the rural households in India have now been equipped with tap water connections. https://www.ibef.org/news/75-of-rural-households-provided-tap-water-connection-union-minister-for-jal-shakti-mr-gajendra-singh-shekhawat Fri, 08 Mar 2024 10:58:18 +0530 There was a significant upswing for women-led direct-to-consumer (D2C) brands in 2023, as transactions through Simpl's Checkout Solutions surged 54 times compared to the preceding year. https://www.ibef.org/news/women-led-direct-to-consumer-brands-see-54-fold-growth-in-2023-simpl Fri, 08 Mar 2024 10:55:26 +0530 Crisil forecasts India's economy to grow 6.8% in FY25 and is expected to reach US$ 7 trillion by FY31, driven by diverse sectors and reforms. https://www.ibef.org/news/india-to-grow-6-8-in-fy25-become-upper-middle-income-economy-by-fy31-crisil Thu, 07 Mar 2024 11:07:23 +0530 Prime Minister, Mr. Narendra Modi unveiled a series of connectivity initiatives in Kolkata, with a cumulative value of US$ 1.8 billion (Rs. 15,400 crore). https://www.ibef.org/news/prime-minister-mr-narendra-modi-rides-the-underwater-metro-and-launches-us-1-8-billion-rs-15-400-crore-projects-in-kolkata Thu, 07 Mar 2024 11:04:02 +0530 As per a collaborative report from Bain & Company and HeathQuad, the healthcare innovation market in India is set to undergo a twofold increase, reaching US$ 60 billion by the fiscal year 2028. https://www.ibef.org/news/india-s-healthcare-innovation-market-may-hit-us-60-billion-by-fy28-report Thu, 07 Mar 2024 11:02:29 +0530 The integration of Indian bonds into JP Morgan and Bloomberg indices is a transformative event for the nation's fixed-income markets, according to Mr. Vishal Goenka, the Co-Founder of IndiaBonds.com. https://www.ibef.org/news/index-inclusion-a-game-changer-for-indian-fixed-income-markets-co-founder-of-indiabonds-com-mr-vishal-goenka Thu, 07 Mar 2024 11:00:39 +0530 The National Payments Corporation of India (NPCI) has formally established a multi-year memorandum of understanding with the Indian Institute of Science (IISc) in Bangalore, primarily emphasizing joint research endeavours in blockchain and artificial intelligence technology. https://www.ibef.org/news/npci-joins-hands-with-iisc-to-conduct-joint-research-on-blockchain-ai Thu, 07 Mar 2024 10:58:35 +0530 APEDA is executing strategic initiatives to broaden the spectrum of India's agricultural exports, with a specific emphasis on pivotal products such as fresh fruits, vegetables, processed foods, and animal products. https://www.ibef.org/news/apeda-facilitates-agriculture-exports-to-new-markets-focusing-on-fresh-fruits-vegetables-and-shree-anna Thu, 07 Mar 2024 10:56:32 +0530 The Indian Media & Entertainment (M&E) industry is poised for significant expansion, anticipating a 10.2% surge to attain US$ 30.2 billion (Rs. 2.55 trillion) by 2024. https://www.ibef.org/news/indian-m-e-sector-is-expected-to-grow-at-10-to-us-30-2-billion-rs-2-5-trillion Wed, 06 Mar 2024 09:46:07 +0530 Prime Minister, Mr. Narendra Modi achieved a noteworthy milestone in Odisha, officially launching and initiating the groundwork for a range of development projects exceeding the total value of US$ 2.4 billion (Rs. 19,600 crore) in Chandikhole. https://www.ibef.org/news/prime-minister-mr-narendra-lays-the-foundation-stone-and-dedicates-to-the-nation-multiple-development-projects-worth-over-us-2-4-billion-rs-19-600-crore-in-chandikhole-odisha Wed, 06 Mar 2024 09:42:09 +0530 Under the guidance of Prime Minister, Mr. Narendra Modi, India is aspiring to achieve ambitious targets for enhancing its contribution to the global space economy. https://www.ibef.org/news/india-targets-a-five-fold-increase-in-its-global-space-economy-share-says-union-minister-of-state-science-technology-dr-jitendra-singh Wed, 06 Mar 2024 09:39:52 +0530 India is poised to exceed 50 million square feet in office leasing by 2024, representing a notable accomplishment in the face of global challenges. https://www.ibef.org/news/india-s-office-leasing-is-expected-to-surpass-50-million-square-feet-by-2024 Wed, 06 Mar 2024 09:37:58 +0530 The Gevra mine, a subsidiary of Coal India located in Chhattisgarh and operated by South Eastern Coalfield Limited (SECL), is poised to secure the title of the largest coal mine in Asia. https://www.ibef.org/news/south-eastern-coalfield-limited-s-gevra-mine-is-set-to-become-the-largest-coal-mine-in-asia Wed, 06 Mar 2024 09:35:45 +0530 Mercedes-Benz foresees India becoming its third-largest market in the 'Region Overseas' within the next 2-3 years, driven by a sustained appetite for luxury vehicles. https://www.ibef.org/news/expect-india-to-be-the-third-largest-market-among-118-countries-mercedes-benz Wed, 06 Mar 2024 09:29:54 +0530 In the past 14 months, the number of registrations for Informal Micro Enterprises (IMEs) on the Udyam Assist Platform has exceeded 1.50 crores. https://www.ibef.org/news/registrations-of-informal-micro-enterprises-on-the-udyam-assist-platform-cross-1-50-crore Tue, 05 Mar 2024 10:04:41 +0530 Prime Minister Mr. Narendra Modi inaugurated and laid the foundation for $6.75 billion (Rs. 56,000 crore) worth of development projects in Adilabad, Telangana. https://www.ibef.org/news/prime-minister-mr-narendra-modi-launches-projects-worth-us-6-75-billion-rs-56-000-crore-in-telangana Tue, 05 Mar 2024 10:01:27 +0530 Moody's raises India's GDP growth forecast to 6.8% for 2024, driven by robust 2023 performance and rebounding private investment. https://www.ibef.org/news/moody-s-upgrades-india-s-2024-gdp-growth-forecast-to-6-8 Tue, 05 Mar 2024 09:59:27 +0530 Government's strategic focus on 'Viksit Bharat 2047' Enhancing connectivity, expanding exports, and fortifying logistics infrastructure through key policies for a thriving India. https://www.ibef.org/news/viksit-bharat-2047-northeast-india-as-logistics-gateway-to-southeast-asia Tue, 05 Mar 2024 09:54:32 +0530 India plans to launch digital payment interoperability for Internet banking in 2024, enabling faster fund settlements for merchants, with approval granted to NPCI Bharat BillPay Ltd for implementation. https://www.ibef.org/news/india-to-launch-interoperability-of-digital-payment-systems-for-internet-banking-in-2024 Tue, 05 Mar 2024 09:51:57 +0530 Union Minister for Steel and Civil Aviation, Mr. Jyotiraditya M. Scindia, inaugurates India's inaugural Green Hydrogen Plant in Stainless Steel, marking a leap toward sustainable steel production and emphasizing a commitment in economic progress. https://www.ibef.org/news/union-minister-of-steel-inaugurates-india-s-1st-green-hydrogen-plant-in-stainless-steel-sector-paving-the-way-for-sustainable-steel-production Tue, 05 Mar 2024 09:48:48 +0530 India's GST revenue surged by 12.5%, totalling US$ 20.3 billion in February 2024, showcasing robust growth trends. https://www.ibef.org/news/us-20-3-billion-rs-1-68-337-crore-gross-gst-revenue-collected-during-february-2024-records-year-on-year-y-o-y-growth-of-12-5 Mon, 04 Mar 2024 09:59:30 +0530 Prime Minister, Mr. Narendra Modi hails India's rapid economic growth, aiming for developed status by 2047 with a notable 8.4% GDP expansion in 2023. https://www.ibef.org/news/india-is-one-of-the-fastest-growing-major-economies-in-the-world-prime-minister-mr-narendra-modi Mon, 04 Mar 2024 09:57:58 +0530 India's manufacturing sector thrives in February with a PMI of 56.9, driven by increased production and new orders marking 32 months of consecutive growth. https://www.ibef.org/news/february-manufacturing-pmi-rises-to-56-9-on-increased-production-and-new-orders Mon, 04 Mar 2024 09:55:29 +0530 Union Cabinet approves US$ 15.2 billion (Rs. 1.26 trillion) investment in three semiconductor plants, enhancing India's technological prowess and creating numerous job opportunities. https://www.ibef.org/news/cabinet-clears-three-semiconductor-plants-with-an-investment-of-us-15-2-billion-rs-1-26-trillion Mon, 04 Mar 2024 09:50:06 +0530 Indian universities lead a patent surge, filing 23% of patents in FY23, driven by awareness campaigns and dominance in computer science filings. https://www.ibef.org/news/education-institutes-lead-india-s-steady-rise-in-patents Mon, 04 Mar 2024 09:48:17 +0530 APEDA facilitates India's inaugural sea shipment of Sangola pomegranates to the US, enhancing agricultural export prospects and farmer incomes. https://www.ibef.org/news/apeda-facilitates-india-s-first-commercial-trial-shipment-of-sangola-pomegranates-to-the-us-via-sea Mon, 04 Mar 2024 09:42:15 +0530 India's economy defies expectations with robust growth of 8.4% in Q3 FY24, driven by higher tax collections, while exports and investment show resilience. https://www.ibef.org/news/economy-expands-8-4-in-q3-fy24-growth-projection-now-up-at-7-6 Fri, 01 Mar 2024 11:17:09 +0530 Prime Minister Mr. Narendra Modi and Prime Minister, Mr. Pravind Jugnauth inaugurate Agaléga Islands airstrip, cementing India-Mauritius ties with projects enhancing connectivity, maritime security, and socio-economic development. https://www.ibef.org/news/prime-minister-mr-narendra-modi-mauritius-prime-minister-mr-pravind-kumar-jugnauth-jointly-inaugurate-the-airstrip-jetty-at-agalgea-islands Fri, 01 Mar 2024 11:15:17 +0530 NPCI International Payments Ltd (NIPL) partners with Eurobank to boost cross-border payments via UPI, enhancing India-Greece economic ties, and fostering financial inclusion. https://www.ibef.org/news/mou-signed-with-greek-bank-to-facilitate-remittances-to-india-using-upi Fri, 01 Mar 2024 11:12:59 +0530 Cabinet approves PM Surya Ghar Muft Bijli Yojana, allocating US$9.1 billion for rooftop solar panels in one crore households, enhancing energy access and sustainability nationwide. https://www.ibef.org/news/cabinet-approves-rooftop-solar-subsidy-scheme-at-an-outlay-of-us-9-1-billion-rs-75-021-crore Fri, 01 Mar 2024 11:10:45 +0530 Ministry of Road Transport & Highways Secretary, Mr. Anurag Jain, announces the completion of 95,000 km of national highways, focusing on high-speed access-controlled roads for future sustainability. https://www.ibef.org/news/govt-has-built-95000-km-of-national-highways-in-the-last-10-years-ministry-of-road-transport-highways-secretary-mr-anurag-jain Fri, 01 Mar 2024 11:08:53 +0530 India's fertilizer sector strides towards self-reliance with a significant decline in urea imports in 2023, driven by increased domestic production and upcoming initiatives. https://www.ibef.org/news/india-s-2023-urea-imports-fall-21-on-year-amid-jump-in-domestic-production-s-p-global-commodity-insights Fri, 01 Mar 2024 11:07:08 +0530 India's retail market is set to reach US$ 2 trillion by 2033, driven by changing consumer preferences and resilient demand. https://www.ibef.org/news/india-s-retail-market-to-touch-us-2-trillion-by-2033-says-bcg Thu, 29 Feb 2024 12:17:36 +0530 Prime Minister, Mr. Narendra Modi unveils US$ 45.7 million (Rs. 17,300 crore) projects in Thoothukudi, propelling Tamil Nadu's development with infrastructure and green initiatives. https://www.ibef.org/news/tamil-nadu-is-writing-a-new-chapter-of-progress-prime-minister-mr-narendra-modi-unveils-development-projects-worth-us-45-7-million-rs-17-300-crore-in-thoothukudi Thu, 29 Feb 2024 12:15:19 +0530 Minister of Petroleum & Natural Gas and Housing & Urban Affairs Mr. Hardeep Singh Puri foresees India's high-growth path towards becoming the world's third-largest economy by 2047. https://www.ibef.org/news/india-is-on-a-high-growth-trajectory-to-achieve-its-development-goals-by-2047-minister-of-petroleum-natural-gas-and-housing-urban-affairs-mr-hardeep-singh-puri Thu, 29 Feb 2024 12:14:07 +0530 Knight Frank predicts India will lead in ultra-high net worth individuals (UHNWIs) growth, expecting a 50.1% rise by 2028. https://www.ibef.org/news/india-to-see-highest-rise-in-number-of-ultra-rich-in-5-years-knight-frank Thu, 29 Feb 2024 12:13:03 +0530 Reliance and Disney join forces to merge TV and digital streaming, forming a powerhouse in Indian entertainment industry. https://www.ibef.org/news/reliance-and-disney-form-a-joint-venture-to-merge-tv-ott-business-in-india Thu, 29 Feb 2024 12:11:35 +0530 India's aviation industry is set to become a global hub within 15 years, driven by robust demand and infrastructure growth. https://www.ibef.org/news/india-expected-to-become-centre-of-world-aviation-in-15-years-says-airbus Thu, 29 Feb 2024 12:10:03 +0530 India's internet user base surpasses 800 million, with 86% utilizing OTT audio and video services as their primary engagement. https://www.ibef.org/news/india-has-over-800-million-internet-users-most-use-tech-for-ott-services-study Wed, 28 Feb 2024 11:18:51 +0530 Union Minister for Finance and Corporate Affairs, Ms. Nirmala Sitharaman, emphasizes India's commitment to next-gen reforms, focusing on digital infrastructure and encouraging industry acceleration across various sectors for economic growth. https://www.ibef.org/news/digital-infrastructure-is-a-modern-day-factor-of-production-union-minister-for-finance-and-corporate-affairs-ms-nirmala-sitharaman Wed, 28 Feb 2024 11:17:25 +0530 Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Mr. Piyush Goyal, champions startups as the driving force behind India's progress, urging their global leadership potential at the Startup Mahakumbh event. https://www.ibef.org/news/startups-are-the-backbone-of-new-india-it-s-our-time-under-the-sun-union-minister-of-commerce-industry-consumer-affairs-food-public-distribution-and-textiles-mr-piyush-goyal Wed, 28 Feb 2024 11:16:18 +0530 CRISIL forecasts a 4-5% growth in complex fertilizer sales in FY 2025, driven by stable prices and government subsidy support, aiming for normalized profitability. https://www.ibef.org/news/volume-for-complex-fertilisers-to-grow-4-5-next-fiscal-crisil Wed, 28 Feb 2024 11:15:12 +0530 GroupM predicts a surge in addressable TV advertising to US$ 1.2 billion by 2026, driven by connected TV adoption, signalling a transformative shift in India's television landscape. https://www.ibef.org/news/addressable-tv-advertising-to-reach-us-1-2-billion-rs-9-872-crore-in-2026-groupm Wed, 28 Feb 2024 11:14:04 +0530 India aims to develop a world-class road network by 2037, expanding highways and enhancing efficiency and safety. https://www.ibef.org/news/over-2-lakh-km-of-national-highways-to-be-built-by-2037-length-of-high-speed-roads-to-rise-10x Wed, 28 Feb 2024 11:12:36 +0530 NTPC Mining Ltd. surpasses 100 million metric tonnes coal production milestone, aiming for 100 million metric tonnes annually by 2030, enhancing fuel security. https://www.ibef.org/news/ntpc-coal-mining-crosses-milestone-of-100-million-metric-tonnes-of-coal-production Tue, 27 Feb 2024 10:23:24 +0530 Prime Minister, Mr. Narendra Modi inaugurates 2000 railway projects worth US$ 4.9 billion (Rs. 41,000 crore), highlighting India's rapid progress and commitment to development. https://www.ibef.org/news/prime-minister-mr-narendra-modi-lays-the-foundation-stone-inaugurates-and-dedicates-to-the-nation-more-than-2000-railway-infrastructure-projects-worth-around-us-4-9-billion-rs-41-000-crore Tue, 27 Feb 2024 10:22:05 +0530 Prime Minister, Mr. Narendra Modi urges the Indian textile industry to embrace a global outlook, aiming to lead in exports and innovation. https://www.ibef.org/news/at-bharat-tex-prime-minister-mr-narendra-modi-asks-the-textile-industry-to-think-globally Tue, 27 Feb 2024 10:20:52 +0530 Crisil anticipates 5-7% growth in India's passenger vehicle volumes led by SUVs, buoyed by stable credit profiles and robust domestic demand. https://www.ibef.org/news/passenger-vehicle-volume-to-rise-by-5-7-touch-new-peak-in-next-fiscal-report Tue, 27 Feb 2024 10:19:40 +0530 India's automotive industry sees strides in gender diversity, led by Tata Motors and Hero MotoCorp, aiming for 30% female representation by 2030, supported by benefits and initiatives. https://www.ibef.org/news/female-workforce-grows-in-automotive-manufacturing-as-tech-adoption-surges Tue, 27 Feb 2024 10:18:36 +0530 India evaluates semiconductor proposals totaling US$ 21 billion, aiming to reduce import reliance and become a global manufacturing hub, bolstered by financial incentives and strategic partnerships. https://www.ibef.org/news/india-s-chip-strategy-makes-progress-with-us-21-billion-in-proposals Tue, 27 Feb 2024 10:17:18 +0530 Ministry of Road Transport & Highways targets 12,000 km highways, on track for second-highest construction, achieving record four-lane roads and more. https://www.ibef.org/news/road-ministry-hopes-to-construct-over-12-000-km-of-roads-in-fy24 Mon, 26 Feb 2024 11:01:14 +0530 Prime Minister, Mr. Narendra Modi pledges to make India a global model of development in 5 years, announcing extensive infrastructure projects and empowerment initiatives. https://www.ibef.org/news/india-to-become-model-of-development-in-5-years-this-is-prime-minister-mr-narendra-modi-guarantee-prime-minister-mr-narendra-modi-in-kashi Mon, 26 Feb 2024 11:00:09 +0530 India and Oman collaborate on archival cooperation, aiming for joint exhibitions, expert exchanges, and preservation initiatives for historical records. https://www.ibef.org/news/india-and-oman-agree-to-cooperate-in-the-field-of-archives Mon, 26 Feb 2024 10:58:59 +0530 Defence ministers of India and the Netherlands discuss enhancing bilateral defense cooperation, focusing on maritime security and industrial collaboration. https://www.ibef.org/news/raksha-mantri-netherlands-defence-minister-discuss-ways-to-expand-bilateral-cooperation-during-talks-in-new-delhi Mon, 26 Feb 2024 10:57:57 +0530 Axis Capital forecasts India's mutual fund assets to double by 2030, driven by SIPs and equity dominance. https://www.ibef.org/news/bite-sized-sips-will-lead-to-doubling-of-mf-s-aum-to-us-1-2-trillion-rs-100-trillion-by-2030 Mon, 26 Feb 2024 10:56:54 +0530 India's drone industry soars post-COVID, led by IdeaForge. Ranked fifth globally, it enters the US market amidst China concerns. https://www.ibef.org/news/indian-drone-manufacturer-ideaforge-enters-us-market Mon, 26 Feb 2024 10:55:26 +0530 India's major ports witness a significant cargo surge, reaching the highest throughput since 2019, highlighting the need for further water transport development and Sagarmala Programme implementation. https://www.ibef.org/news/traffic-handled-by-major-indian-ports-hit-a-5-year-high-in-january Fri, 23 Feb 2024 10:07:39 +0530 Prime Minister Mr. Narendra Modi inaugurates diverse development projects worth over $1.6 billion (Rs. 13,500 crore) in Tarabh, Gujarat, emphasizing cultural heritage preservation and inclusive growth. https://www.ibef.org/news/prime-minister-mr-narendra-modi-dedicates-himself-to-the-nation-and-lays-the-foundation-stone-for-multiple-development-projects-worth-more-than-us-1-6-billion-rs-13-500-crore-in-tarabh-mahesana-gujarat Fri, 23 Feb 2024 10:04:07 +0530 India's amended FDI policy in the space sector, facilitating up to 100% FDI in satellite manufacturing and 49% in launch vehicle development, aims for enhanced global participation and technological advancement. https://www.ibef.org/news/india-amends-policy-allowing-100-fdi-in-the-manufacture-of-satellite-components Fri, 23 Feb 2024 10:02:24 +0530 Jefferies predicts India's equity market to soar to $10 trillion by 2030, fueled by domestic flows and structural reforms, potentially reshaping global indices and investor preferences. https://www.ibef.org/news/india-to-become-3rd-largest-economy-by-2027-market-cap-to-hit-us-10-trillion-by-2030-jefferies Fri, 23 Feb 2024 10:01:10 +0530 India's economy accelerates with PMI hitting highs in manufacturing and services sectors, signaling robust growth driven by buoyant demand and efficient operations. https://www.ibef.org/news/india-s-economy-surges-further-ahead-in-february Fri, 23 Feb 2024 09:59:51 +0530 Prime Minister Mr. Narendra Modi lauds Amul's contribution to farmer empowerment at the Gujarat Cooperative Milk Marketing Federation (GCMMF) celebration, pledging support for global dairy leadership. https://www.ibef.org/news/amul-jaisa-koi-nahi-prime-minister-mr-narendra-modi-hails-amul-s-contribution-to-india-s-dairy Fri, 23 Feb 2024 09:58:30 +0530 Digi Yatra app surpasses 45.8 lakh users, transforming air travel with contactless experiences and rapid adoption. https://www.ibef.org/news/digi-yatra-app-users-number-crosses-45-8-lakhs Thu, 22 Feb 2024 09:49:49 +0530 India and Greece agree to enhance cooperation across diverse sectors, including defence, mobility, and trade, aiming for mutual growth and collaboration. https://www.ibef.org/news/india-and-greece-agree-to-expand-cooperation-in-diverse-areas Thu, 22 Feb 2024 09:48:42 +0530 AIFs attract record-breaking US$129.2 billion (Rs. 10.84 trillion) with 40% YoY growth, fueled by demand from affluent investors seeking higher returns amidst regulatory adjustments. https://www.ibef.org/news/aif-commitments-top-us-119-2-billion-rs-10-trillion-for-the-first-time-amid-rising-demand-from-hnis Thu, 22 Feb 2024 09:47:25 +0530 Global Capability Centers (GCCs) to lease 45-50M sq. ft. in 2 years (40% of top 6 cities' demand), driven by positive outlook, major company presence, skilled workforce, and rising flex space adoption. https://www.ibef.org/news/foreign-firms-looking-to-set-up-gccs-in-india-may-need-45-50mn-sq-ft-office-space-by-2025-colliers Thu, 22 Feb 2024 09:46:18 +0530 Digital Public Infrastructure (DPI) could help India's economy grow to $8 trillion by 2030, with services like Aadhaar and UPI playing a vital role. https://www.ibef.org/news/digital-public-infrastructure-could-help-india-become-a-us-8-trillion-economy-by-2030-report Thu, 22 Feb 2024 09:45:10 +0530 IIT Madras achieves a 92% increase in Indian patents granted in 2023, reaching 300, with a focus on innovation and IP protection. https://www.ibef.org/news/iit-madras-records-a-92-jump-in-indian-patents-granted-during-2023 Thu, 22 Feb 2024 09:43:19 +0530 Indian entertainment sector leasing surges 179% YoY in 2023, driven by consumer spending, digital innovation, and brand collaborations, offering growth prospects. https://www.ibef.org/news/entertainment-sector-leasing-registers-179-y-o-y-growth Wed, 21 Feb 2024 10:13:45 +0530 Prime Minister, Mr. Narendra Modi opened and spoke with people benefiting from projects valued at over US$ 3.9 billion (Rs. 32,000 crore) in Jammu, focusing on inclusive development and the projects' positive effects on individuals. https://www.ibef.org/news/prime-minister-mr-narendra-modi-inaugurates-dedicates-to-the-nation-and-lays-the-foundation-stone-for-multiple-development-projects-worth-over-us-3-9-billion-rs-32-000-crore-in-jammu-and-kashmir Wed, 21 Feb 2024 10:12:29 +0530 India plans AI regulations by mid-2024 to balance growth and risks, focusing on responsible development and legal compliance. https://www.ibef.org/news/india-to-come-up-with-ai-regulations-framework-by-june-july-this-year-union-minister-of-state-for-skill-development-and-entrepreneurship-electronics-and-information-technology-and-jal-shakti-mr-rajeev-chandrasekhar Wed, 21 Feb 2024 10:11:23 +0530 India aims to attract US$ 26 billion in private investments for nuclear power expansion, marking a shift towards private participation in the traditionally state-controlled sector. https://www.ibef.org/news/india-seeks-us-26-billion-of-private-nuclear-power-investments Wed, 21 Feb 2024 10:10:13 +0530 EPFO records significant growth, adding 15.62 lakh net members in December 2023, driven by increased employment and member awareness. https://www.ibef.org/news/payroll-data-epfo-adds-15-62-lakh-net-members-during-december-2023 Wed, 21 Feb 2024 10:09:01 +0530 The Indian hotel industry is expected to see a 7-9% revenue growth in FY2025 due to increased domestic travel and events, leading to high occupancy and room rates. https://www.ibef.org/news/indian-hotel-industry-revenue-expected-to-grow-7-9-in-fy25-icra Wed, 21 Feb 2024 10:07:29 +0530 India emerged as a global leader in initial public offerings (IPOs) for 2023, according to a recent report by EY. https://www.ibef.org/news/indian-stock-exchanges-topped-in-number-of-ipos-in-2023-ey-report Tue, 20 Feb 2024 10:48:55 +0530 Uttar Pradesh's GBC 4.0 showcased 14,000 projects worth US$120.5 billion, fostering 34 Lakh job opportunities, with esteemed dignitaries and investors in attendance. https://www.ibef.org/news/us-120-5-billion-rs-10-lakh-crore-projects-pm-modi-unveils-mega-infra-blitz-in-up Tue, 20 Feb 2024 10:47:50 +0530 India is expected to become a US$ 35 trillion economy by 2047, emphasizing macroeconomic strength and welfare under Prime Minister Mr. Narendra Modi's leadership, transforming it into a global power. https://www.ibef.org/news/india-on-track-to-become-us-35-trillion-fully-developed-economy-by-2047-union-minister-of-consumer-affairs-food-and-public-distribution-textiles-and-commerce-industry-mr-piyush-goyal Tue, 20 Feb 2024 10:46:38 +0530 CRISIL Ratings projects a bright outlook for the Indian hospitality sector, with an expected 11-13% revenue growth fuelled by strong domestic demand and increasing foreign traveller interest. https://www.ibef.org/news/hotels-set-for-a-11-13-revenue-growth-next-fiscal-on-a-high-base Tue, 20 Feb 2024 10:45:24 +0530 Mr. Sivakumar Sundaram, CEO of The Times of India foresees record print ad revenue in 2024, citing newspapers' credibility and growth prospects. Crisil predicts a 13-15% growth, supported by increased ad spending. https://www.ibef.org/news/strong-outlook-indian-print-media-industry-is-poised-to-record-robust-growth-in-2024 Tue, 20 Feb 2024 10:44:16 +0530 The Mumbai Metropolitan Region sees a 40% surge in housing sales, with over 4 lakh homes completed across the top 7 cities in 2023, reflecting a robust real estate market. https://www.ibef.org/news/mumbai-region-witnesses-40-rise-in-housing-sales-over-4-lakh-homes-completed-in-top-7-cities-in-2023 Tue, 20 Feb 2024 10:41:21 +0530 MGNREGA scheme led to a decline in the gender wage gap in rural India, according to the International Labour Organisation. https://www.ibef.org/news/mgnrega-scheme-led-to-decline-in-gender-wage-gap-in-rural-india-ilo Mon, 19 Feb 2024 11:21:05 +0530 Indian IT industry to reach US$ 253.9 billion in FY24, with a growth rate of 3.8%, emphasizing upskilling amid global challenges. https://www.ibef.org/news/it-industry-to-grow-3-8-in-fy24-to-cross-us-250-billion-says-nasscom Mon, 19 Feb 2024 11:19:52 +0530 India's light vehicle sales surged by 35% in CY23 compared to pre-pandemic levels of CY19, marking one of the most rapid recoveries among the top 10 global markets https://www.ibef.org/news/india-outpaces-peers-in-light-vehicle-sales-growth-s-p-global-mobility Mon, 19 Feb 2024 11:18:40 +0530 SIP inflows surged to US$ 2.3 billion (Rs. 18,838 crores) in January 2024, with record-high accounts, registrations, and AUM. https://www.ibef.org/news/sip-inflows-surged-to-us-2-3-billion-rs-18-838-crore-in-january-active-accounts-rose-by-1-7-crore-geojit-report Mon, 19 Feb 2024 11:17:29 +0530 India's travel boom fuels growth in the luggage industry, with premium and affordable brands seeing significant sales increases and market evolution. https://www.ibef.org/news/luggage-brands-on-a-high-growth-path-as-the-travel-industry-booms Mon, 19 Feb 2024 11:16:25 +0530 More Indian students than Americans took the GRE in 2022-23, reflecting changing educational trends. https://www.ibef.org/news/gre-test-in-2022-23-more-indian-students-than-americans-took-exams-for-first-time-ever Mon, 19 Feb 2024 11:15:16 +0530 India is poised for an 85% millionaire surge by 2034, driving the growth of BRICS wealth and global economic influence. https://www.ibef.org/news/india-s-expected-to-see-an-85-increase-in-millionaires-by-2034-report-says Fri, 16 Feb 2024 10:01:19 +0530 Prime Minister, Mr. Narendra Modi praises India for acting quickly on climate goals, exceeding targets, and pledging net-zero emissions by 2070. https://www.ibef.org/news/india-brings-innovation-speed-in-energy-climate-action-prime-minister-mr-narendra-modi Fri, 16 Feb 2024 10:00:15 +0530 In January 2024, India's exports surged by 3.12%, reaching a total of US$ 36.92 billion, while the trade balance indicated a deficit of US$ 0.74 billion. https://www.ibef.org/news/india-s-merchandise-exports-in-jan-2024-registered-3-12-growth-at-us-36-92-billion-over-us-35-80-billion-in-jan-2023 Fri, 16 Feb 2024 09:58:57 +0530 Reserve Bank of India Governor Mr. Shaktikanta Das, advocates for bolstering green capital flows to emerging markets, emphasizing collaborative climate action and financial stability. https://www.ibef.org/news/green-capital-flows-to-emerging-markets-must-be-boosted-reserve-bank-of-india-governor-mr-shaktikanta-das Fri, 16 Feb 2024 09:57:42 +0530 India and Peru resume trade talks, seeking to lower tariffs, enhance trade in services, and strengthen bilateral economic ties. https://www.ibef.org/news/india-and-peru-resume-trade-talks-after-nearly-5-years Fri, 16 Feb 2024 09:56:38 +0530 India's exports via Amazon soared to over US$ 8 billion in 2023, highlighting the nation's robust presence and growth in global markets. https://www.ibef.org/news/e-commerce-major-amazon-surpasses-us-8-billion-in-exports-from-india-in-2023 Fri, 16 Feb 2024 09:55:22 +0530 Luxury home sales in India surge by 75%, doubling their share, driven by heightened demand and increased new launches. https://www.ibef.org/news/luxury-housing-sales-in-india-jumped-75-in-2023-threefold-in-delhi-cbre Thu, 15 Feb 2024 10:28:41 +0530 Prime Minister, Mr. Narendra Modi unveiled Bharat Mart during his UAE visit, enhancing trade ties with a virtual hub for Indian MSMEs. https://www.ibef.org/news/prime-minister-mr-narendra-modi-inaugurated-bharat-mart-in-dubai-signifying-a-crucial-milestone-for-india-uae-trade Thu, 15 Feb 2024 10:27:10 +0530 Ministry of Defence achieves US$ 12 billion (Rs. 1 lakh crore) order value milestone on Government e-marketplace, enhancing efficiency and self-reliance. https://www.ibef.org/news/the-ministry-of-defence-records-us-12-billion-rs-1-lakh-crore-total-order-value-on-the-government-e-marketplace-since-the-portal-s-inception Thu, 15 Feb 2024 10:25:41 +0530 Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs Mr. Hardeep Singh Puri reaffirms Prime Minister, Mr. Narendra Modi's vision to increase natural gas share from 6% to 15% in India's energy mix at the International Conference of Petroleum and Natural Gas Regulators. https://www.ibef.org/news/union-minister-of-petroleum-natural-gas-and-housing-urban-affairs-mr-hardeep-singh-puri-reiterates-prime-minister-mr-narendra-modi-s-vision-to-increase-the-share-of-natural-gas-from-6-to-15-in-india-s-energy-mix Thu, 15 Feb 2024 10:24:20 +0530 The Warehousing and logistics sector thrived in 2023, led by Mumbai, with third-party logistics companies propelling growth in absorption. https://www.ibef.org/news/warehousing-logistics-sector-leasing-increase-to-21-in-2023 Thu, 15 Feb 2024 10:23:11 +0530 AIIMS in Delhi has assisted over 23,000 beneficiaries under the AB-PMJAY health insurance scheme since 2018, focusing on various medical specialties. https://www.ibef.org/news/ab-pmjay-scheme-aiims-says-over-23-000-beneficiaries-availed-benefits-since-2018 Thu, 15 Feb 2024 10:21:59 +0530 India records a significant rise in company registrations, doubling LLPs, signaling economic optimism and strong services exports growth. https://www.ibef.org/news/registration-of-companies-llps-hits-a-fresh-high-in-fy24 Wed, 14 Feb 2024 10:39:52 +0530 Prime Minister, Mr. Narendra Modi reaffirms commitment to internationalize Indian education through NEP goals, citing IIT global campuses as key initiatives. https://www.ibef.org/news/the-centre-is-committed-to-internationalization-goals-for-our-educational-institutions-prime-minister-mr-narendra-modi Wed, 14 Feb 2024 10:38:17 +0530 Prime Minister, Mr. Narendra Modi announced the PM Surya Ghar Muft Bijli Yojana, a rooftop solar scheme designed to provide free electricity to one crore households. https://www.ibef.org/news/prime-minister-mr-narendra-modi-announces-surya-ghar-muft-bijli-yojana Wed, 14 Feb 2024 10:36:08 +0530 Nobel laureate economist, Mr. A. Michael Spence hails India's leading digital economy, emphasizing openness and global economic adaptability at Bennett University. https://www.ibef.org/news/india-successfully-built-the-best-digital-economy-finance-architecture-in-the-world-nobel-laureate-economist-mr-a-michael-spence Wed, 14 Feb 2024 10:34:29 +0530 Retail automobile sales soar by 15% in January 2024, reaching 2.13 million units, with all vehicle categories experiencing growth. https://www.ibef.org/news/passenger-vehicles-had-a-record-breaking-january-and-auto-retail-sales-were-up-15 Wed, 14 Feb 2024 10:30:39 +0530 APEDA, overseen by the Department of Commerce, promotes agricultural exports, notably millets, through various schemes and market development efforts. https://www.ibef.org/news/apeda-promotes-the-export-of-agro-products Wed, 14 Feb 2024 10:28:10 +0530 Government e-Market (GeM) portal on track to surpass $48.2 billion procurement target, driven by robust government purchasing activities. https://www.ibef.org/news/procurement-from-gem-portal-to-cross-us-48-2-billion-rs-4-lakh-crore-this-fiscal-official Tue, 13 Feb 2024 10:09:13 +0530 India expands UPI to Sri Lanka and Mauritius, enhancing economic ties and digital connectivity in a landmark initiative. https://www.ibef.org/news/india-launches-upi-payment-services-in-sri-lanka-mauritius-prime-minister-mr-narendra-modi-says-our-policy-is-neighborhood-first Tue, 13 Feb 2024 10:07:54 +0530 Prime Minister Narendra Modi handed out over 100,000 job offer letters and opened the Karmayogi Bhavan in New Delhi, focusing on providing equal job opportunities and supporting youth and innovation. https://www.ibef.org/news/prime-minister-mr-narendra-modi-distributes-more-than-1-lakh-appointment-letters-to-newly-inducted-recruits-in-government-departments-and-organizations-under-rozgar-mela Tue, 13 Feb 2024 10:06:26 +0530 Union Home Minister and Minister of Cooperation, Mr. Amit Shah, inaugurates US$ 235 million (Rs. 1,950 crore) AMC projects, praises Prime Minister, Mr. Narendra Modi's development initiatives and Gujarat model. https://www.ibef.org/news/union-home-minister-and-minister-of-cooperation-mr-amit-shah-inaugurates-various-development-works-worth-us-235-million-rs-1-950-crore-of-ahmedabad-municipal-corporation-amc-in-ahmedabad-gujarat-today Tue, 13 Feb 2024 10:05:14 +0530 Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs, Mr. Hardeep Singh Puri, hails India's 7.6% economic growth and emphasizes employment opportunities at Rozgar Mela. https://www.ibef.org/news/our-economy-has-grown-by-7-6-in-the-last-three-quarters-says-union-minister-of-petroleum-natural-gas-and-housing-urban-affairs-mr-hardeep-singh-puri Tue, 13 Feb 2024 10:03:54 +0530 India's luxury car market surges, fueling demand for loans from top banks and non-bank lenders amid changing consumer preferences. https://www.ibef.org/news/luxury-car-financing-market-surges-as-more-indians-trade-up Tue, 13 Feb 2024 10:02:15 +0530 Government adjusts e-2W subsidies to 15% under FAME India Scheme Phase-II, resulting in 734,760 registrations, aligning with the growing EV market. https://www.ibef.org/news/a-total-of-7-34-760-e-2-wheelers-registered-for-fy23-24-as-of-february-6-2024 Mon, 12 Feb 2024 11:30:46 +0530 Indian consumer electronics firms expand exports to the US and Europe, targeting higher revenue and global growth in the competitive market. https://www.ibef.org/news/indian-consumer-electronics-break-boundaries-export-surge-to-the-us-and-europe Mon, 12 Feb 2024 11:29:10 +0530 India to lead global automobile production by 2029, prioritising infrastructure and eco-friendly fuels for cost-efficient logistics. https://www.ibef.org/news/india-to-be-number-1-auto-manufacturing-hub-in-5-years Mon, 12 Feb 2024 11:27:55 +0530 The central government allocates US$ 1.9 billion (Rs. 15,948 crore) in five years to stabilize sugar mills and settle cane price dues, promoting financial resilience in the industry. https://www.ibef.org/news/centre-released-us-1-9-billion-rs-15-948-crore-to-sugar-mills-in-the-last-5-years Mon, 12 Feb 2024 11:26:50 +0530 Mutual fund SIP accounts surge to 79.2 million, adding 5.1 million new registrations in January 2024. https://www.ibef.org/news/10-million-in-2016-to-5-million-accounts-in-just-a-month-mf-industry-grows-in-8-years Mon, 12 Feb 2024 11:25:45 +0530 Uttar Pradesh plans to generate 33 lakh jobs through a US$ 120.5 billion (Rs. 10 lakh crore) investment. https://www.ibef.org/news/up-to-create-33-lakh-new-jobs-says-chief-minister-of-uttar-pradesh-mr-yogi-adityanath Mon, 12 Feb 2024 11:21:49 +0530 By 2031-32, India plans to boost non-fossil fuel capacity to over 500 GW, reducing coal reliance and promoting green energy for sustainable power growth. https://www.ibef.org/news/total-installed-thermal-power-capacity-is-expected-to-be-283-gw-and-non-fossil-fuel-based-capacity-to-be-500-gw-by-2031-32-the-union-minister-for-power-and-new-renewable-energy-mr-r-k-singh Fri, 09 Feb 2024 09:53:59 +0530 India's energy sector growth shines with rising domestic production, biofuel advancements, and green energy focus. https://www.ibef.org/news/india-going-to-be-the-global-story-on-energy-says-union-petroleum-minister-mr-hardeep-puri Fri, 09 Feb 2024 09:52:00 +0530 India's Jal Jeevan Mission has brought tap water to over 14.24 Crore (73.93%) of rural households, aiming for universal access to safe drinking water. https://www.ibef.org/news/over-14-24-crore-73-93-rural-households-now-have-tap-water-supply-in-their-homes Fri, 09 Feb 2024 09:51:23 +0530 Retail mall operators are poised for income growth driven by robust occupancy and trading value, with a forecasted rise in rental income and new supply in upcoming years. https://www.ibef.org/news/india-consumption-story-driving-mall-operators-warehousing-players-growth-icra Fri, 09 Feb 2024 09:50:12 +0530 The Micro, Small, and Medium Enterprises (MSME) sector advances digital inclusion with the launch of the DigiReady Certification (DRC) portal, empowering MSMEs for seamless integration into the digital commerce platform https://www.ibef.org/news/quality-council-of-india-and-open-network-for-digital-commerce-launch-digiready-certification-portal-to-empower-msmes-and-small-retailers Fri, 09 Feb 2024 09:49:05 +0530 India's booming developer community with 13.2 million on GitHub is poised to be the world's largest by 2027, with Microsoft actively upskilling developers and fostering AI innovation through various initiatives. https://www.ibef.org/news/india-to-become-the-largest-developer-community-on-github-by-2027-microsoft-s-chairman-and-ceo-mr-satya-nadella Fri, 09 Feb 2024 09:47:47 +0530 India's rank in logistics performance improved to 38th globally, driven by targeted action plans, digital reforms, and infrastructure enhancements, boosting global competitiveness. https://www.ibef.org/news/india-ranks-38-out-of-139-countries-on-the-world-bank-s-logistics-performance-index-report-2023-india-s-rank-has-improved-by-sixteen-places-from-54-in-2014 Thu, 08 Feb 2024 10:10:58 +0530 India's growing oil demand positions it as a key player in global energy dynamics. https://www.ibef.org/news/india-will-be-the-world-s-biggest-oil-demand-growth-driver-through-2030-iea Thu, 08 Feb 2024 10:09:53 +0530 India's retail sector is set to experience significant growth, with 41 million sq. ft of developments planned across top cities. https://www.ibef.org/news/physical-retail-surging-41-million-sq-ft-of-new-development-is-expected-by-2028 Thu, 08 Feb 2024 10:08:50 +0530 10,867 Road Over Bridges (ROBs) and Road Under Bridges (RUBs) completed from 2014 to 2023, aiming to eliminate manned level crossing gates. https://www.ibef.org/news/during-the-period-2014-23-10-867-road-over-bridges-road-under-bridges-completed Thu, 08 Feb 2024 10:07:39 +0530 The Union Minister for Power and New and Renewable Energy, Mr. R. K. Singh, is driving efforts to integrate green hydrogen with solar and wind energy for uninterrupted power supply, underlining the potential for substantial future initiatives. https://www.ibef.org/news/the-government-is-working-on-a-policy-mechanism-to-promote-green-hydrogen-s-use-for-round-the-clock-renewable-energy Thu, 08 Feb 2024 10:06:35 +0530 Microsoft's CEO, Mr. Satya Nadella, praised India's embrace of AI and announced the company's commitment to providing AI skills to 2 million individuals, highlighting the transformative impact and unique use cases of AI in India. https://www.ibef.org/news/india-on-par-with-the-world-in-ai-adoption-microsoft-corp-ceo-mr-satya-nadella Thu, 08 Feb 2024 10:04:53 +0530 The Indian FMCG industry saw a 6.4% year-on-year volume growth in Q4'23, narrowing the urban-rural consumption gap, and is expected to grow between 4.5% and 6.5% in 2024. https://www.ibef.org/news/fmcg-industry-records-6-4-volume-growth-rural-urban-consumption-gap-narrows-says-nielseniq Wed, 07 Feb 2024 11:42:23 +0530 Prime Minister, Mr. Narendra Modi announces a US$ 67 billion investment in the gas sector, aiming to boost energy infrastructure and attract global investors. https://www.ibef.org/news/india-to-invest-us-67-bn-in-5-6-years-for-developing-gas-sector-prime-minister-mr-narendra-modi Wed, 07 Feb 2024 11:41:23 +0530 There has been a significant budget allocated to the energy sector, aiming for 500 GW renewable and 15% gas share by 2030, driving economic growth. https://www.ibef.org/news/large-part-of-us-132-5-billion-rs-11-trillion-capex-for-fy25-to-flow-into-the-energy-sector-prime-minister-mr-narendra-modi Wed, 07 Feb 2024 11:40:14 +0530 Indian economy sees a resurgence in "animal spirit”, with private sector investments driving 7% growth,as per Chief Economic Adviser, Mr. V Anantha Nageswaran. https://www.ibef.org/news/animal-spirit-back-in-economy-private-investment-picking-up-cea Wed, 07 Feb 2024 11:39:10 +0530 Union Minister of State for Electronics and IT, Skill Development and Entrepreneurship, and Jal Shakti, Mr. Rajeev Chandrasekhar, highlights India's tech evolution from back-office to innovation powerhouse, emphasizing global recognition and transformative policies. https://www.ibef.org/news/union-minister-of-state-for-electronics-and-it-skill-development-and-entrepreneurship-and-jal-shakti-mr-rajeev-chandrasekhar-on-india-s-digital-first-strategy-innovation-r-d-focus-must-not-be-afraid-of-ai Wed, 07 Feb 2024 11:38:09 +0530 Investment in technology by banks to boost enterprise fintech market; projected to reach US$ 20 billion by 2030. https://www.ibef.org/news/enterprise-fintech-industry-set-to-surge-aiming-for-us-20-billion-market-by-2030 Wed, 07 Feb 2024 11:35:15 +0530 India's services sector hit a six-month high in January at 61.8 PMI, driven by robust business activity amid strong domestic and global demand, with 30 consecutive months of expansion. https://www.ibef.org/news/buoyant-demand-pushes-india-s-services-pmi-to-a-6-month-high-in-january Tue, 06 Feb 2024 10:15:15 +0530 Prime Minister, Mr. Narendra Modi underscores the crucial role of women-led development in Viksit Bharat, praising Union Minister for Women and Child Development, Ms. Smriti Irani's insightful article. https://www.ibef.org/news/the-country-s-women-power-is-going-to-make-a-valuable-contribution-to-the-resolution-of-viksit-bharat-prime-minister-mr-narendra-modi Tue, 06 Feb 2024 10:14:03 +0530 Union Minister for Finance and Corporate Affairs, Ms. Nirmala Sitharaman, strategically prioritizes shorter-duration projects to optimize record-high capital expenditure for accelerated infrastructure development in India. https://www.ibef.org/news/government-plans-to-invest-capex-in-shorter-duration-projects-says-union-minister-for-finance-and-corporate-affairs-ms-nirmala-sitharaman Tue, 06 Feb 2024 10:12:57 +0530 Uttar Pradesh unveils a US$ 120.4 million (Rs. 1,000 crore) initiative, Mukhyamantri Yuva Udyami Vikas Abhiyan, empowering educated youth in entrepreneurial pursuits and micro-industry ventures. https://www.ibef.org/news/up-govt-announces-us-120-4-million-rs-1-000-crore-scheme-for-youth-to-create-self-employment Tue, 06 Feb 2024 10:11:51 +0530 In January, India's coal production increased by 10.3%, reaching 99.73 million metric tons. The annual growth in coal stock was at 47.85%. https://www.ibef.org/news/india-s-coal-production-rises-10-in-january Tue, 06 Feb 2024 10:10:45 +0530 India's pivotal role in AI adoption gains prominence as Microsoft's President, Mr. Ahmed Mazhari, envisions leadership and highlights FarmVibes' success in boosting farming productivity. https://www.ibef.org/news/india-can-punch-above-its-weight-in-ai-says-microsoft-asia-president-mr-ahmed-mazhari Tue, 06 Feb 2024 10:09:11 +0530 DPIIT has recognised 1,17,254 startups by December 31, 2023; at least one recognised startup in every State and Union Territory. https://www.ibef.org/news/dpiit-recognises-1-17-254-startups-as-on-december-31-2023 Mon, 05 Feb 2024 12:11:53 +0530 Prime Minister Mr. Narendra Modi, addressing the inaugural Bharat Mobility Show, highlighted India's burgeoning middle class as a key driver of economic growth, particularly in the mobility sector. https://www.ibef.org/news/india-s-new-aspiring-middle-class-to-fuel-economy-mobility-sector-growth-pm-modi-at-bharat-mobility-show Mon, 05 Feb 2024 12:10:17 +0530 The President of the USA, Mr. Joe Biden’s administration, underscores the significance of the US-India partnership amid a strategic drone sale, praising shared priorities and diplomatic ties. https://www.ibef.org/news/partnership-with-india-is-one-of-the-most-consequential-relationships-us Mon, 05 Feb 2024 12:08:58 +0530 The Indian Government amplifies PLI scheme funding by 81% in key sectors, emphasizing growth and sectoral development. https://www.ibef.org/news/govt-nearly-doubles-pli-scheme-share-of-five-key-industry-segments Mon, 05 Feb 2024 12:06:24 +0530 The Indian government implements measures to boost the toy industry, including quality control, export facilitation, and trade agreements. https://www.ibef.org/news/government-creates-conducive-manufacturing-ecosystem-for-toy-industry Mon, 05 Feb 2024 12:04:48 +0530 India's manufacturing surge challenges China's dominance, with Apple's iPhone production doubling, marking a pivotal shift in the industry. https://www.ibef.org/news/india-s-growing-role-in-electronics-manufacturing-mirrors-global-trends Mon, 05 Feb 2024 11:52:01 +0530 Union Minister for Finance and Corporate Affairs, Ms. Nirmala Sitharaman, lauds GST success, doubling tax base, reducing consumer prices, and streamlining international trade in the Interim Budget 2024-25. https://www.ibef.org/news/average-monthly-gross-gst-collection-doubles-to-us-20-billion-rs-1-66-lakh-crore Fri, 02 Feb 2024 10:03:33 +0530 Prime Minister, Mr. Narendra Modi praises the FY25 budget for innovation, youth empowerment, fiscal discipline, and farmer welfare, anticipating a developed India by 2047. https://www.ibef.org/news/budget-2024-interim-budget-to-strengthen-developed-india-says-prime-minister-mr-narendra-modi Fri, 02 Feb 2024 10:02:08 +0530 India's FY25 budget allocates US$ 133.9 billion (Rs. 11.11 trillion) for infrastructure, fostering growth, employment, and rural development, aligning with Vision 2047 goals. https://www.ibef.org/news/budget-2024-capex-outlay-raised-by-11-1-to-us-133-9-billion-rs-11-11-trillion Fri, 02 Feb 2024 10:00:47 +0530 UPI transactions reached an all-time high of US$ 221.9 billion (Rs. 18.41 trillion) in January, showcasing a resilient 1% growth, while the overall digital payment landscape displayed robust performance and promising trends. https://www.ibef.org/news/upi-transactions-reach-a-record-us-221-9-billion-rs-18-41-trillion-in-january-npci-data Fri, 02 Feb 2024 09:59:28 +0530 A green propulsion system, developed with DRDO's support, demonstrated successful in-orbit functionality for microsatellite control, promoting eco-friendly space missions. https://www.ibef.org/news/big-leap-in-space-defence-technology-green-propulsion-system-developed-under-drdo-s-technology-development-fund-successfully-demonstrates-in-orbit-functionality Fri, 02 Feb 2024 09:58:02 +0530 According to HSBC Flash data, India's manufacturing PMI surged to 56.5 in January, showcasing robust domestic demand and resilient growth. https://www.ibef.org/news/india-s-manufacturing-pmi-rises-to-a-four-month-high-of-56-5-in-january Fri, 02 Feb 2024 09:56:42 +0530 India's fiscal deficit reached 55% of the annual estimate in the first nine months of FY24; tax revenues increased, but expenditure rises. https://www.ibef.org/news/india-s-april-december-fiscal-deficit-at-us-118-2-billion-rs-9-82-trillion-55-of-fy24-target Thu, 01 Feb 2024 09:54:07 +0530 The President of India highlights nation's progress in tourism and growing international attention in her parliamentary address. https://www.ibef.org/news/there-is-a-growing-interest-in-the-world-towards-heritage-tourism-in-india-says-president-of-india-ms-droupadi-murmu-addressing-the-joint-sitting-of-two-houses-of-parliament Thu, 01 Feb 2024 09:52:07 +0530 India reduces import duties on mobile phone components to boost exports; aims to compete globally with China and Vietnam. https://www.ibef.org/news/centre-slashes-import-duty-on-mobile-phone-components-from-15-to-10 Thu, 01 Feb 2024 09:49:47 +0530 India's gold demand to rebound despite the Q1 2024 slump, supported by price adjustments and robust economic growth. https://www.ibef.org/news/india-s-gold-demand-to-rise-in-2024-despite-subdued-march-quarter-world-gold-council Thu, 01 Feb 2024 09:47:53 +0530 Reliance Industries leads Indian companies in global rankings; five firms hit the US$1 trillion mark globally. https://www.ibef.org/news/reliance-industries-most-valuable-indian-company-hurun-global-500-2023 Thu, 01 Feb 2024 09:46:28 +0530 Visa relaxations in Thailand and Malaysia boost Indian travel demand: Bangkok emerges as top destination. https://www.ibef.org/news/indians-choosing-southeast-asia-even-more-post-visa-relaxation-reveals-data Thu, 01 Feb 2024 09:44:25 +0530 Private banks shine in Q3 with strong profits fuelled by high credit demand. https://www.ibef.org/news/private-banks-net-profit-grows-23-8-yoy-in-q3-fy24-moderates-sequentially Wed, 31 Jan 2024 10:47:03 +0530 Prime Minister Mr. Narendra Modi to address India’s first Bharat Mobility Global Expo, featuring over 800 exhibitors from 47 participating countries. https://www.ibef.org/news/prime-minister-mr-narendra-modi-set-to-inaugurate-india-s-first-global-mobility-expo Wed, 31 Jan 2024 10:44:39 +0530 India plans a draft policy requiring critical sectors to use domestically developed cybersecurity to strengthen defences amid rising cyber threats. https://www.ibef.org/news/government-could-make-critical-sectors-use-indian-cybersecurity-products-report Wed, 31 Jan 2024 10:42:53 +0530 India's 2023 M&A activity hits US$ 32 billion, demonstrating a resilient outlook despite the global slowdown. https://www.ibef.org/news/india-s-m-a-activity-in-2023-highest-in-a-decade-bain-co Wed, 31 Jan 2024 10:40:12 +0530 NGEL partners with Maharashtra for Green Hydrogen, envisioning one million tons capacity, with a US$ 9.6 billion (Rs. 80,000 crore) investment, driving NTPC's renewable goals. https://www.ibef.org/news/ngel-signs-mou-with-government-of-maharashtra-for-development-of-green-hydrogen-projects-us-9-6-billion-rs-80-000-crore-investment-expected-in-five-years Wed, 31 Jan 2024 10:38:15 +0530 AI integration in Indian healthcare to create millions of new jobs, with a robust 25% hiring growth expected by 2028, as per TeamLease Digital. https://www.ibef.org/news/ai-adoption-in-healthcare-to-create-almost-three-million-jobs-by-2028-report Wed, 31 Jan 2024 10:35:54 +0530 Indian auto component aftermarket set to surge to US$ 14 billion by 2028, according to a report by ACMA and Ernst & Young. https://www.ibef.org/news/domestic-auto-component-aftermarket-expected-to-touch-us-14-billion-mark-by-2028-acma-study Tue, 30 Jan 2024 11:14:49 +0530 Indian economy to sustain 7% growth in FY25, fuelled by resilience, potential, and structural reforms, according to a report titled "The Indian Economy: A Review" by the Ministry of Finance. https://www.ibef.org/news/fy25-likely-to-see-7-growth-finance-ministry-ahead-of-interim-budget Tue, 30 Jan 2024 11:13:01 +0530 Over 60% of educators embrace AI tools, citing crucial roles in student preparation and upskilling, according to a TeamLease EdTech study. https://www.ibef.org/news/over-61-of-educators-are-adopting-ai-tools-for-teaching-student-management-report Tue, 30 Jan 2024 11:11:16 +0530 Minister of Petroleum & Natural Gas and Housing & Urban Affairs Mr. Hardeep Singh Puri foresees energy sector growth at India Energy Week, featuring 900+ exhibitors and expanded sessions for innovation. https://www.ibef.org/news/iew-24-expected-to-witness-17-energy-ministers-from-different-countries-35-000-attendees-and-over-900-exhibitors-minister-of-petroleum-natural-gas-and-housing-urban-affairs-mr-hardeep-singh-puri Tue, 30 Jan 2024 11:09:53 +0530 Retailers target India's tier-2 cities as rising affluence and infrastructure growth create new consumption hubs, as per a CBRE study. https://www.ibef.org/news/global-biggies-zara-h-m-and-adidas-bet-big-on-tier-2-cities-to-drive-growth Tue, 30 Jan 2024 11:08:20 +0530 Birla Group Chairman applauds India's resilience, suggesting a "confidence index" amid global challenges for measuring national optimism. https://www.ibef.org/news/india-awash-with-optimism-pride-and-anticipation-mr-kumar-mangalam-birla Tue, 30 Jan 2024 11:05:06 +0530 ICRA forecasts a 69% thermal power plant capacity utilization in 2024-25, driven by growing demand and limited capacity additions. https://www.ibef.org/news/thermal-power-plants-capacity-utilization-to-rise-to-69-in-2024-2025-icra Mon, 29 Jan 2024 11:27:42 +0530 Union Minister of Commerce and Industry Mr. Piyush Goyal announced India's innovation surge as the Indian Patent Office (IPO) grants a record 75,000 patents in past 10 months, demonstrating India's adeptness in innovation and its swift advancement. https://www.ibef.org/news/75-000-patents-granted-by-patent-office-in-10-months-mr-piyush-goyal Mon, 29 Jan 2024 11:26:25 +0530 India to enhance FTA utilization with export advisory panel and digital platform, aiming for better trade outcomes. https://www.ibef.org/news/commerce-department-mulls-strategy-to-help-industry-leverage-ftas-better Mon, 29 Jan 2024 11:25:16 +0530 Jammu and Kashmir emerge as Agri start-up hubs with lavender success, fostering youth employment and economic growth. https://www.ibef.org/news/jammu-and-kashmir-is-emerging-as-agri-start-up-hub-dr-jitendra-singh Mon, 29 Jan 2024 11:23:45 +0530 Bain Capital, led by Mr. David Gross, to invest $10 billion in India, citing optimism and stable conditions for significant growth. https://www.ibef.org/news/on-track-to-invest-up-to-us-10-billion-in-india-over-3-5-years-bain-capital-s-david-gross Mon, 29 Jan 2024 11:22:31 +0530 Zomato's subsidiary, ZPPL, gains RBI approval as an online payment aggregator, enhancing the food delivery giant's transaction capabilities. https://www.ibef.org/news/zomato-payments-gets-rbi-approval-to-operate-as-a-payment-aggregator Mon, 29 Jan 2024 11:21:09 +0530 India's retail sector accomplishes record leasing in 2023, with 47% YoY growth, driven by demand from international brands and a booming luxury sector. https://www.ibef.org/news/retail-sector-leasing-reaches-a-record-high-in-2023 Thu, 25 Jan 2024 11:47:22 +0530 ICRA raises bank credit growth projection to 14.9-15.3% for the FY24, expecting record expansion. https://www.ibef.org/news/bank-credit-expansion-projected-at-15-in-fy24-12-in-fy25-icra Thu, 25 Jan 2024 11:46:05 +0530 India opens gateway for direct listing of companies at GIFT-IFSC, reshaping the capital market and boosting global access. https://www.ibef.org/news/government-allows-direct-listing-of-securities-by-public-indian-companies-on-international-exchanges-of-gift-ifsc Thu, 25 Jan 2024 11:44:40 +0530 FICO CEO, Mr. Will Lansing praises India's tech stack for transforming credit assessment, aiming to reshape the market with its advanced CRM platform and early partnerships with HDFC Bank, Axis Bank, and AU Small Finance Bank. https://www.ibef.org/news/india-tech-stack-can-revolutionize-credit-assessment-fico-ceo-mr-will-lansing Thu, 25 Jan 2024 11:43:31 +0530 India ranks fifth in passenger market share for Singapore’s Changi Airport. https://www.ibef.org/news/india-ranks-fifth-among-top-passenger-markets-for-singapore-s-changi-airport Thu, 25 Jan 2024 11:42:13 +0530 Siemens Healthineers and IISc launched an AI lab in Bangalore to advance precision medicine through neuroimaging and support female representation in AI. https://www.ibef.org/news/siemens-healthineers-iisc-opens-ai-lab-for-precision-medicine Thu, 25 Jan 2024 11:40:54 +0530 A robust 18-20% growth in the Indian Passenger Vehicles (PV) segment volumes is expected for the current fiscal year. https://www.ibef.org/news/pv-segment-likely-to-see-record-18-20-growth-in-fy24-report Wed, 24 Jan 2024 11:45:56 +0530 Cement industry plans to add 150-160 million tonne capacity by FY28, driven by infrastructure demand and market consolidation. https://www.ibef.org/news/cement-industry-to-add-150-160-million-tonnes-capacity-by-fy28-report Wed, 24 Jan 2024 11:44:40 +0530 India leads global consumer sentiment with a PCSI score of 66.5, marking a January boost across economic indicators. https://www.ibef.org/news/india-consumer-confidence-improves-in-january-survey-reveals Wed, 24 Jan 2024 11:43:37 +0530 India's direct tax-GDP ratio reaches a 15-year high in FY23, surging to 6.11%; direct tax collections outpace economic growth. https://www.ibef.org/news/tax-gdp-ratio-rises-to-15-year-high-of-6-11-during-fy23-shows-data Wed, 24 Jan 2024 11:42:30 +0530 Tamil Nadu secures a US$ 120.3 million (Rs. 1,000 crore) investment for Corning's joint venture, enhancing India's role as a key manufacturing hub. https://www.ibef.org/news/gorilla-glass-maker-corning-to-invest-us-120-3-million-rs-1-000-crore-in-tamil-nadu Wed, 24 Jan 2024 11:40:53 +0530 Dixon Technologies foresees a 50% revenue boost driven by mobile phone business growth in India's flourishing electronics market. https://www.ibef.org/news/indian-electronics-maker-dixon-expects-near-50-revenue-growth-in-2024-executive Wed, 24 Jan 2024 11:38:47 +0530 The Minister of External Affairs, Dr. S Jaishankar, highlights India's digital leap, stating that monthly cashless transactions in India surpass the U.S. three-year total, showcasing a decade of transformative strides. https://www.ibef.org/news/india-makes-as-many-cashless-payments-in-a-month-as-america-does-in-three-years-the-minister-of-external-affairs-dr-s-jaishankar Tue, 23 Jan 2024 11:06:13 +0530 Ram Mandir's inauguration transforms Ayodhya, attracting global investors, spurring economic growth, and reshaping the city's significance. https://www.ibef.org/news/the-economics-of-ayodhya-ram-mandir-fostering-a-multi-billion-dollar-push-in-infra-super-stock-spike Tue, 23 Jan 2024 11:05:09 +0530 India's stock market outpaces Hong Kong, securing the fourth position globally with a market cap of US$ 4.33 trillion. https://www.ibef.org/news/india-overtakes-hong-kong-as-world-s-fourth-largest-stock-market-by-market-capitalisation Tue, 23 Jan 2024 11:04:00 +0530 India aims to achieve developed nation status by 2047, focusing on electric vehicles backed by incentives and charging infrastructure. https://www.ibef.org/news/evs-development-adoption-to-play-major-role-in-india-s-transition-to-low-carbon-economy-dpiit-secy Tue, 23 Jan 2024 11:02:34 +0530 Post-COVID, personal loans surge, with small-ticket loans dominating digital lending, doubling to US$ 143.2 billion (Rs. 11.9 trillion) by H1FY24. https://www.ibef.org/news/personal-loans-segment-sees-resurgence-post-covid-crif-dlai-report Tue, 23 Jan 2024 11:01:32 +0530 EPFO's latest data reveals a substantial surge of 13.95 lakh net members in November 2023, with youth dominating new entries. https://www.ibef.org/news/epfo-adds-13-95-lakh-net-members-during-november-2023 Tue, 23 Jan 2024 11:00:14 +0530 Union Minister for Power and New & Renewable Energy, Mr. R. K. Singh, including the reduction of power shortages, the accomplishment of universal access, and the emergence of a sustainable energy leader. https://www.ibef.org/news/us-204-7-billion-rs-17-lakh-crore-investments-made-in-the-power-sector-in-the-last-nine-years-capacity-under-construction-is-worth-investment-of-a-further-us-210-7-billion-rs-17-5-lakh-crore-union-power-and-new-renewable-energy-minister-mr-r-k-singh Mon, 22 Jan 2024 12:25:35 +0530 India's electronics exports surge 22.24% to surpass US$ 20 billion, driven by iPhone shipments and smartphone PLI scheme. https://www.ibef.org/news/electronics-exports-grow-at-record-22-in-april-december Mon, 22 Jan 2024 12:24:21 +0530 India launches "Global Alliance for Gender Equity" at Davos, garnering support from global corporations for women's empowerment. https://www.ibef.org/news/india-sets-up-a-global-alliance-to-push-women-s-empowerment-gender-equality Mon, 22 Jan 2024 12:23:01 +0530 India eyes global telecom dominance by exporting indigenously developed 4G and 5G stacks; 15 operators and nine nations express interest. https://www.ibef.org/news/india-set-to-export-indigenously-developed-4g-5g-stacks-in-2024-officials Mon, 22 Jan 2024 12:21:28 +0530 GeM anticipates a 75% GMV surge to US$ 42.1 billion (Rs. 3.5 trillion), driven by robust government procurement, reaching milestones in services and supporting MSMEs. https://www.ibef.org/news/govt-s-e-market-place-set-to-hit-us-42-1-billion-rs-3-5-trillion-in-gmv Mon, 22 Jan 2024 12:19:23 +0530 Majority of the Indian mid-size firms held their ground and implemented minimal reduction in hiring, according to a report from Mercer | Mettl. https://www.ibef.org/news/over-80-of-indian-companies-report-zero-layoffs-in-2023 Mon, 22 Jan 2024 12:18:10 +0530 India witnesses a record-high of 141,000 company incorporations, signaling increased economic activity. https://www.ibef.org/news/highest-ever-tally-over-141k-firms-incorporated-in-fy24-so-far-shows-data Fri, 19 Jan 2024 11:22:00 +0530 Uttar Pradesh leads in expanding income tax base, while traditional leaders like Maharashtra see diminishing contributions, according to SBI Research. https://www.ibef.org/news/36-of-taxpayers-move-from-lower-to-higher-income-tax-bracket-during-fy14-fy22 Fri, 19 Jan 2024 11:20:57 +0530 India envisions a surge in domestic air passengers to 300 million by 2030, showcasing vast untapped potential, according to Civil Aviation Minister Mr.Jyotiraditya Scindia. https://www.ibef.org/news/air-passenger-traffic-in-india-expected-to-reach-300-million-by-2030-union-civil-aviation-minister-mr-jyotiraditya-scindia Fri, 19 Jan 2024 11:19:33 +0530 Indian retailers are rapidly embracing Gen AI, with 70% planning adoption for enhanced customer experience and innovation in the next year, as revealed by an EY survey projecting a US$ 31 billion global AI retail investment by 2028. https://www.ibef.org/news/over-70-of-indian-retailers-plan-to-adopt-gen-ai-over-the-next-12-months-ey-survey Fri, 19 Jan 2024 11:18:22 +0530 India's childcare market is expected to witness an annualized growth rate of 14%, reaching US$ 60 billion (Rs. 4.8 trillion) by 2027 from approximately US$ 31 billion (Rs. 2.5 trillion) in 2022. https://www.ibef.org/news/india-s-childcare-market-is-expected-to-grow-on-the-back-of-macro-drivers Fri, 19 Jan 2024 11:17:19 +0530 Indian carriers, including Akasa Air, Air India, and IndiGo, collectively ordered 1,120 planes within a year, reflecting robust growth in the civil aviation sector. https://www.ibef.org/news/akasa-air-indigo-air-india-place-orders-for-1-120-planes-in-less-than-one-year Fri, 19 Jan 2024 11:15:28 +0530 India's insurance sector is set to lead G20 growth with a projected 7.1% premium increase, fuelled by life and non-life segments, despite macroeconomic challenges. https://www.ibef.org/news/india-is-poised-to-have-the-fastest-growing-insurance-sector-among-g20-nations Thu, 18 Jan 2024 10:00:11 +0530 Prime Minister Mr. Narendra Modi inaugurates Kochi infrastructure projects, boosting India's maritime sector with projects worth over US$ 481.2 million (Rs. 4,000 crore). https://www.ibef.org/news/the-prime-minister-mr-narendra-modi-dedicates-to-the-nation-infrastructure-projects-worth-more-than-us-481-2-million-rs-4-000-crore-in-kochi-kerala Thu, 18 Jan 2024 09:58:29 +0530 PLI Schemes attract US$ 12.4 billion (Rs. 1.03 lakh crore) investments, driving US$ 103.6 billion (Rs. 8.61 lakh crore) production, 6.78 lakh jobs, and US$ 38.5 billion (Rs. 3.20 lakh crore) exports across sectors. https://www.ibef.org/news/production-linked-incentive-schemes-witness-over-us-12-4-billion-rs-1-03-lakh-crore-of-investment-till-november-2023 Thu, 18 Jan 2024 09:57:10 +0530 The recently published Annual Status of Education Report (ASER) unveils that an impressive 86.8% of individuals in the country's 14-18 age bracket are currently enrolled in educational institutions. https://www.ibef.org/news/over-86-8-of-youngsters-in-the-14-18-age-bracket-in-india-enrolled-in-educational-institutions-report Thu, 18 Jan 2024 09:55:34 +0530 Karnataka secures US$ 2.6 billion (Rs. 22,000 crore) in MOUs with global leaders, including Microsoft, fostering tech advancement and economic growth. https://www.ibef.org/news/karnataka-signs-investment-deals-worth-us-2-6-billion-rs-22-000-crore-at-davos-summit Thu, 18 Jan 2024 09:54:17 +0530 Apple expands its Indian presence with a Bengaluru office, fostering innovation and collaboration for 1,200 employees in a strategically designed space. https://www.ibef.org/news/apple-expands-india-presence-opens-office-covering-15-floors-in-bengaluru Thu, 18 Jan 2024 09:52:55 +0530 Indian CEOs show strong optimism, with 86% confident in economic improvement; Survey reveals India's economic resilience. https://www.ibef.org/news/86-indian-ceos-optimistic-about-country-s-economic-growth-pwc-survey Wed, 17 Jan 2024 10:39:42 +0530 Union Minister Mr. Piyush Goyal announces Trade Connect ePlatform to boost Indian exports, focusing on free trade agreements and service sector growth. https://www.ibef.org/news/union-commerce-and-industry-minister-mr-piyush-goyal-announces-commencement-of-work-on-trade-connect-eplatform Wed, 17 Jan 2024 10:38:36 +0530 Despite global challenges, India's engineering exports grew 10.20% to US$ 10.04 billion in December 2023, facing uncertainties amid geopolitical tensions and economic projections for 2024. https://www.ibef.org/news/india-s-engineering-goods-exports-grow-10-20-in-december-amid-global-challenges Wed, 17 Jan 2024 10:37:22 +0530 The Indian government plans US$ 1.2 billion (Rs 10,000 crore) allocation for supercomputing and quantum computing hubs, fostering public-private partnerships for high-performance computing accessibility. https://www.ibef.org/news/centre-plans-us-1-2-billion-rs-10-000-crore-investment-in-quantum-supercomputing-hubs Wed, 17 Jan 2024 10:36:18 +0530 India will lead global natural diamond demand in 2024, driven by robust finances and empowered women, as US indicators lag. https://www.ibef.org/news/india-to-lead-global-natural-diamond-demand-in-2024 Wed, 17 Jan 2024 10:35:15 +0530 India's wedding industry, now the fourth largest, earned US$ 57.1 billion (Rs. 4.74 trillion) in 2023, driven by urbanization, rising income, and evolving preferences. https://www.ibef.org/news/wedding-industry-clocks-us-57-1-billion-rs-4-74-trillion-in-earnings-in-2023-up-26-4-report Wed, 17 Jan 2024 10:34:03 +0530 India attracts US$15 billion global funds in 2023, particularly in large-cap funds, amid global market shifts. https://www.ibef.org/news/india-second-largest-recipient-of-foreign-flows-in-2023-after-us Tue, 16 Jan 2024 10:29:14 +0530 Prime Minister Mr. Narendra Modi disburses housing benefits to 1 lakh beneficiaries, engaging with tribal communities for socio-economic upliftment under the PM-JANMAN initiative. https://www.ibef.org/news/pm-releases-first-installment-to-1-lakh-pmay-g-beneficiaries-under-pm-janman Tue, 16 Jan 2024 10:28:03 +0530 Luxury car sales soar to record highs in India, up 20% in 2023; evolving lifestyle preferences drive sustained growth. https://www.ibef.org/news/luxury-car-sales-in-india-surge-to-record-high-up-20-yoy Tue, 16 Jan 2024 10:26:39 +0530 Indian business leaders prioritize AI investments, with 90% planning increased spending and 58% viewing generative AI as a revenue-boosting opportunity. https://www.ibef.org/news/90-of-indian-biz-leaders-planning-to-invest-more-in-ai-gen-ai-capgemini Tue, 16 Jan 2024 10:25:34 +0530 Broking industry anticipates record FY24 revenues and profits with resurging investor confidence and heightened market activity, according to ICRA report. https://www.ibef.org/news/broking-industry-likely-to-achieve-all-time-high-revenues-and-net-profits-in-fy24-icra Tue, 16 Jan 2024 10:24:04 +0530 India Post Payments Bank (IPPB) celebrates serving eight crore customers, emphasizing financial inclusion and digital banking reach. https://www.ibef.org/news/india-post-payments-bank-celebrates-milestone-achievement-of-eight-crore-customers Tue, 16 Jan 2024 10:22:46 +0530 India's mobile device exports soar to US$ 10.5 billion (Rs. 870 billion) in FY24, with Apple's iPhone contributing US$ 7.0 billion (Rs. 580 billion); overall exports expected to reach US$ 14-15 billion (Rs. 1,160-1,243 billion). https://www.ibef.org/news/flying-high-phone-exports-near-fy23-s-tally-in-just-9-months-of-fy24 Mon, 15 Jan 2024 11:39:06 +0530 Ayushman Bharat Pradhan Mantri - Jan Arogya Yojana (AB PM-JAY) reaches the 30 crore milestone, providing health coverage; 181 Ayushman cards created every minute. https://www.ibef.org/news/30-crore-ayushman-cards-created-under-ayushman-bharat-pradhan-mantri-jan-arogya-yojana Mon, 15 Jan 2024 11:37:17 +0530 India's electronics exports to the US soar to US$ 6.6 billion, marking a two-fold increase, reflecting a shift from Chinese imports to the US. https://www.ibef.org/news/india-electronics-exports-to-us-jump-over-two-fold-to-usd-6-6-bn-in-jan-sep-2023-icea Mon, 15 Jan 2024 11:35:59 +0530 India aims for global lentil production dominance in 2023-24, anticipating 1.6 million tonnes; increased MSP drives farmer interest; potential import reduction foreseen. https://www.ibef.org/news/india-set-to-become-largest-lentil-producer-in-2023-24-official Mon, 15 Jan 2024 11:34:35 +0530 Lulu Group International pledges significant investments in India, unveiling plans for a US$ 361.9 million (Rs. 3,000 crore) mega mall in Ahmedabad at Vibrant Gujarat Global Summit 2024. https://www.ibef.org/news/after-the-world-s-largest-office-gujarat-to-host-india-s-biggest-mall Mon, 15 Jan 2024 11:33:20 +0530 Digital Connexion, a joint venture with Reliance, Brookfield, and Digital Realty, unveils a 20 Mw data center in Chennai, with plans for a 100 Mw expansion. https://www.ibef.org/news/ril-int-l-partners-launch-data-center-in-chennai-their-first-in-india Mon, 15 Jan 2024 11:30:47 +0530 India achieves a 19% YoY increase in net direct tax collection, reaching 81% of the annual target at US$ 177.2 billion (Rs. 14.70 lakh crore). https://www.ibef.org/news/net-direct-tax-collection-rises-19-till-january-11-reaches-81-of-fy24-target Fri, 12 Jan 2024 10:25:34 +0530 Prime Minister Mr. Narendra Modi inaugurates the 22km Mumbai Trans Harbour Link, the 12th longest sea bridge globally, connecting south Mumbai to Navi Mumbai. https://www.ibef.org/news/prime-minister-mr-narendra-modi-to-inaugurate-india-s-longest-sea-bridge-mumbai-trans-harbour-link-on-january-12 Fri, 12 Jan 2024 10:24:02 +0530 Union Minister for Finance and Corporate Affairs Ms. Nirmala Sitharaman highlights GIFT City as India's financial gateway, aligning with Prime Minister Mr. Narendra Modi's green-tech vision for global finance and economic growth by 2047. https://www.ibef.org/news/gift-city-to-be-the-gateway-for-india-s-vision-to-become-a-developed-nation-by-2047-union-minister-for-finance-and-corporate-affairs-ms-nirmala-sitharaman-at-the-10th-vibrant-gujarat-global-summit-in-gandhinagar Fri, 12 Jan 2024 10:18:28 +0530 Gujarat vows to lead in semiconductors at Vibrant Gujarat Global Summit, affirming rapid development under Chief Minster Mr. Bhupendra Patel's vision. https://www.ibef.org/news/gujarat-is-ready-to-be-the-semiconductor-hub-of-the-country-chief-minster-mr-bhupendra-patel-at-vibrant-gujarat-global-summit-2024 Fri, 12 Jan 2024 10:16:49 +0530 Mr. Shaktikanta Das hails India's banking sector turnaround post-Covid, positioning it as a global success amid economic challenges, emphasizing trust preservation and regulatory enhancements. https://www.ibef.org/news/turnaround-in-the-indian-banking-system-a-cornerstone-of-india-s-success-says-rbi-governor Fri, 12 Jan 2024 10:14:35 +0530 Maruti Suzuki propels its global EV presence, targeting exports to Europe and Japan alongside a US$ 90.4 million (Rs. 750 crore) lithium-ion export initiative. https://www.ibef.org/news/maruti-suzuki-plans-to-start-exports-of-evs-this-year Fri, 12 Jan 2024 10:11:28 +0530 The Indian pharmaceutical market demonstrated robust value growth of 9.2% in December, with major therapeutic segments experiencing a double-digit increase. https://www.ibef.org/news/indian-pharma-market-grows-over-9-in-december Thu, 11 Jan 2024 11:50:46 +0530 Addressing the inaugural session of the Vibrant Gujarat Global Summit 2024 in Gandhinagar on January 10, Prime Minister Mr. Narendra Modi, while reflecting on India's economic trajectory, announced that India would secure a position among the top three global economies in the years to come. https://www.ibef.org/news/india-will-be-in-the-world-s-top-3-economies-prime-minister-mr-narendra-modi-new-guarantee-at-vibrant-gujarat-summit Thu, 11 Jan 2024 11:49:25 +0530 Union Minister of Commerce and Industry Mr. Piyush Goyal envisions a robust India-UAE alliance, aiming for US$100 billion bilateral trade; highlights collaborations and invites investors. https://www.ibef.org/news/india-and-uae-aspire-to-expand-bilateral-trade-to-us-100-billion-union-minister-of-commerce-and-industry-mr-piyush-goyal Thu, 11 Jan 2024 11:48:16 +0530 India aims to be the third-largest economy by 2027-28, projecting a GDP exceeding US$ 5 trillion, with remarkable growth and significant foreign investment, said Union Finance and Corporate Affairs Minister Ms. Nirmala Sitharaman. https://www.ibef.org/news/india-to-be-a-us-5-trillion-economy-by-fy28-reach-us-30-trillion-by-2047-union-finance-and-corporate-affairs-minister-ms-nirmala-sitharaman Thu, 11 Jan 2024 11:46:51 +0530 Corporate bond public issuance hits a four-year high at US$ 1.7 billion (Rs. 13,742 crore), driven by retail interest and rising bank borrowing costs. https://www.ibef.org/news/public-issues-of-corporate-bond-surge-to-a-four-year-high-report Thu, 11 Jan 2024 11:45:32 +0530 Major investments unveiled at Vibrant Gujarat: Adani commits US$ 24 billion (Rs. 2 Lakh Crores), Maruti's US$ 4.2 billion (Rs. 35,000 crore) plant, Tata's semiconductor factory, ArcelorMittal's steel plant, and Nvidia's AI data center. https://www.ibef.org/news/adani-investment-to-tata-semiconductor-hub-5-biggest-announcements-at-vibrant-gujarat-summit Thu, 11 Jan 2024 11:44:03 +0530 World Bank maintains India's 6.4% growth, citing strong demand, but the global economy faces a third-year slowdown, projecting 2.4% growth. https://www.ibef.org/news/world-bank-keeps-india-s-fy25-gdp-growth-estimate-unchanged-at-6-4 Wed, 10 Jan 2024 10:38:28 +0530 Prime Minister Mr. Narendra Modi inaugurates Vibrant Gujarat Global Trade Show 2024, a 2-lakh sqm exhibition with 20 countries participating, ahead of the tenth edition of the summit. https://www.ibef.org/news/prime-minister-mr-narendra-modi-inaugurates-the-vibrant-gujarat-global-trade-show-2024-in-gandhinagar Wed, 10 Jan 2024 10:36:09 +0530 India will chair and host UNESCO's World Heritage Committee in New Delhi, marking a historic milestone in heritage preservation leadership. https://www.ibef.org/news/in-a-first-india-set-to-chair-and-host-unesco-s-world-heritage-committee Wed, 10 Jan 2024 10:33:34 +0530 Indian Railways fosters innovation with the "Startups for Railways" initiative, promoting exclusive Intellectual Property Rights for creators. https://www.ibef.org/news/indian-railways-startups-for-railways-initiative-gains-momentum Wed, 10 Jan 2024 10:32:10 +0530 Life insurers, led by LIC's robust performance, saw a 43.76% YoY surge in new business premiums in December 2023. https://www.ibef.org/news/life-insurance-firm-new-business-premium-up-44-yoy-in-dec-lic-s-leads Wed, 10 Jan 2024 10:30:44 +0530 REC Limited spearheads a 'Financing for Roads and Highways' conference, sealing US$ 1.9 billion (Rs. 16,000 Crore) MoUs for sector development. https://www.ibef.org/news/rec-limited-organizes-a-conference-on-financing-for-roads-highways-sector Wed, 10 Jan 2024 10:28:35 +0530 Indian Railways accelerates eco-friendly transformation, achieving 93.83% electrification on Broad Gauge tracks, enhancing efficiency, and reducing costs. https://www.ibef.org/news/indian-railways-achieve-6-577-route-kilometres-electrification-in-the-calendar-year-2023 Tue, 09 Jan 2024 10:24:55 +0530 Prime Minister Mr. Narendra Modi announces US$ 36.1 billion (Rs. 30,000 crore) for farmers, emphasizing comprehensive efforts to address challenges and broaden support beyond crop production. https://www.ibef.org/news/government-has-made-all-round-efforts-to-ease-difficulties-of-farmers-prime-minister-mr-narendra-modi-tells-viksit-bharat-yatra-beneficiaries Tue, 09 Jan 2024 10:22:44 +0530 India aims to double agriculture exports to US$ 100 billion by 2030, with the current value exceeding US$ 50 billion, driven by sector growth and global demand. https://www.ibef.org/news/agriculture-exports-likely-to-double-to-us-100-billion-by-2030-commerce-secy Tue, 09 Jan 2024 10:20:51 +0530 The Inland Waterways Development Council pledges US$ 5.4 billion (Rs. 45,000 crore) for river cruise tourism, targeting substantial growth and economic rejuvenation by 2047. https://www.ibef.org/news/india-s-first-inland-waterways-development-council-commits-us-5-4-billion-rs-45-000-crore-for-the-development-of-river-cruise-tourism Tue, 09 Jan 2024 10:19:02 +0530 Vehicle sales surged by 21.14% in December, with robust two-wheeler demand driven by the marriage season and favorable market conditions. https://www.ibef.org/news/vehicle-retail-sales-in-india-surge-21-14-in-december-two-wheeler-segment-leads-growth Tue, 09 Jan 2024 10:17:02 +0530 Indian single malt sales dominate global counterparts, claiming 53% of 2023 sales, with a remarkable 23% growth, surpassing imports. https://www.ibef.org/news/indian-single-malts-beat-global-brands-capture-53-sales-in-2023-report Tue, 09 Jan 2024 10:14:19 +0530 MoRTH anticipates achieving its 13,814 km highway construction goal this fiscal year, citing a 60% increase in national highway length under the Modi government. https://www.ibef.org/news/length-of-national-highways-in-india-increased-60-in-last-10-years-road-transport-and-highways-secretary-mr-anurag-jain Mon, 08 Jan 2024 12:51:50 +0530 NSO projects India's GDP to grow at 7.3% in 2023-2024, fuelled by an investment-led recovery. https://www.ibef.org/news/india-s-gdp-may-grow-7-3-in-fy24-govt-s-first-advance-estimates Mon, 08 Jan 2024 12:50:42 +0530 India's services sector reaches a three-month growth high in December, pivotal in achieving the revised 7% economic growth target. https://www.ibef.org/news/india-s-services-growth-at-three-month-high-in-december Mon, 08 Jan 2024 12:49:27 +0530 India and the United States signed an MoU to support Indian Railways' Mission to Net Zero Carbon Emissions by 2030, fostering collaboration on energy solutions and knowledge sharing. https://www.ibef.org/news/cabinet-approves-signing-of-a-memorandum-of-understanding-mou-between-india-and-united-states-for-international-development-india-usaid-india-for-supporting-indian-railways-to-achieve-mission-net-zero-carbon-emission Mon, 08 Jan 2024 12:48:12 +0530 In the face of challenges such as valuation contractions and regulatory shifts, the Indian technology startup landscape welcomed over 950 new startups in 2023, totaling 31,000, as per a recent report. https://www.ibef.org/news/future-check-for-indian-startups-70-see-demand-for-ai-solutions Mon, 08 Jan 2024 12:47:01 +0530 GAIL (India) and Vital Asia ink a decade-long deal for one million tonnes of LNG annually, boosting India's gas supply. https://www.ibef.org/news/gail-vital-asia-sign-long-term-lng-deal-to-supply-1-mmt-annually-to-india Mon, 08 Jan 2024 12:45:34 +0530 Ethanol blending into petrol saved US$ 2.92 billion (Rs. 24,300 crore) in foreign exchange in 2022-23, benefitted farmers, and reduced carbon emissions significantly. https://www.ibef.org/news/ethanol-blending-program-saved-us-2-92-billion-rs-24-300-crore-foreign-exchange-in-2022-23-union-petroleum-minister-mr-hardeep-puri Fri, 05 Jan 2024 11:03:54 +0530 Prime Minister Mr. Narendra Modi inaugurates Lakshadweep's first on-grid solar project, a milestone for eco-friendly energy with cutting-edge technology and substantial environmental impact. https://www.ibef.org/news/kavaratti-s-first-on-grid-solar-power-plant-with-a-state-of-the-art-battery-energy-storage-system-is-projected-to-save-us-30-million-rs-250-crore-reduce-diesel-consumption-by-190-lakh-litres-and-offset-58-000-tonnes-of-carbon-emissions Fri, 05 Jan 2024 11:01:30 +0530 The Indian toy industry flourishes with a 52% import drop and 239% export surge, driven by government initiatives and global integration. https://www.ibef.org/news/52-drop-in-toy-imports-in-8-years-239-jump-in-exports-commerce-ministry Fri, 05 Jan 2024 10:58:04 +0530 ICRA forecasts a 9-11% revenue growth for Indian pharmaceuticals in FY2024, driven by US market rebound and new launches. https://www.ibef.org/news/icra-predicts-9-11-growth-in-fy24-fuelled-by-new-launches-us-rebound Fri, 05 Jan 2024 10:56:24 +0530 In 2023, India's residential real estate sales surged by 33%, with record-high new supply, led by Mumbai, Pune, and Hyderabad. https://www.ibef.org/news/housing-sales-surged-33-yoy-in-2023-reach-record-high Fri, 05 Jan 2024 10:55:18 +0530 FY24 witnessed a remarkable 54% YoY surge in Limited Liability Partnerships (LLPs) registrations, outpacing company registrations driven by resilient services exports. https://www.ibef.org/news/spike-in-llp-registration-record-company-float-signal-optimism-about-economy Fri, 05 Jan 2024 10:53:44 +0530 Indian real estate thrived in 2023, witnessing a 5% growth in annual sales; Mumbai led with 86,871 units sold, while Kolkata experienced a remarkable 16% surge. https://www.ibef.org/news/india-s-housing-market-is-at-an-all-time-high-in-2023-and-the-growth-pace-is-likely-to-be-sustained-in-2024 Thu, 04 Jan 2024 10:30:49 +0530 Prime Minister Mr. Narendra Modi unveils US$ 138.2 million (Rs. 1,150 crore) development projects in Lakshadweep, emphasizing neglected regions, distributing laptops, bicycles, and PM Kisan Credit Cards. https://www.ibef.org/news/prime-minister-mr-narendra-modi-inaugurates-and-lays-the-foundation-stone-for-development-projects-worth-more-than-us-138-2-million-rs-1-150-crore-in-kavaratti-lakshadweep Thu, 04 Jan 2024 10:29:20 +0530 The Finance Ministry allocates US$ 180.3 million for the FAME-II electric vehicle program, securing funding till 2024; the outlay raised to US$ 1.4 billion. https://www.ibef.org/news/finance-ministry-approves-additional-us-180-3-million-rs-1-500-crore-for-fame-ii-scheme Thu, 04 Jan 2024 10:28:08 +0530 India's oil demand defies concerns, set to grow by 4.1% in 2024 amid economic activity, reaching 5.59 million b/d, says OPEC. https://www.ibef.org/news/india-s-oil-demand-growth-expected-to-remain-strong-in-fy24-analysts Thu, 04 Jan 2024 10:26:06 +0530 India leads Asia-Pacific with US$ 13B in video industry revenue, set to reach US $17 billion by 2028; APAC sector grew to US$ 145 Billion in 2023, SVoD rises 15%. https://www.ibef.org/news/india-s-video-industry-revenues-hit-us-13-billion-in-2023-report Thu, 04 Jan 2024 10:24:20 +0530 IIT Kanpur sets a record with 122 IPRs filed in 2023, achieving a 14% licensing rate and showcasing innovations in MedTech and nanotechnology. https://www.ibef.org/news/iit-kanpur-files-record-122-iprs-in-2023 Thu, 04 Jan 2024 10:22:05 +0530 2023 marks a historic milestone in the automotive sector, with annual sales surpassing 4 million units, driven by strong car and utility vehicle sales growth. https://www.ibef.org/news/cars-and-utility-vehicles-4-000-000-pv-sales-rode-to-a-record-high-in-2023 Wed, 03 Jan 2024 11:34:03 +0530 India is anticipated to emerge as the fastest-growing premium market worldwide in smartphone sales, according to Counterpoint. https://www.ibef.org/news/india-fastest-growing-premium-smartphone-market-globally-in-2023-report Wed, 03 Jan 2024 11:32:37 +0530 Prime Minister Mr. Narendra Modi unveils Rs 20,000 crore projects in Tamil Nadu, spanning rail, road, oil, gas, and shipping sectors, fostering state's growth and employment. https://www.ibef.org/news/prime-minister-mr-narendra-modi-inaugurates-dedicates-to-the-nation-and-lays-the-foundation-stone-of-multiple-development-projects-worth-more-than-us-2-4-billion-rs-20-000-crores-in-tiruchirappalli-tamil-nadu Wed, 03 Jan 2024 11:30:49 +0530 BHEL, a key player in India's energy, infrastructure, defence, and space sectors, inaugurates eco-friendly BHEL Sadan on BHEL Day, symbolizing its commitment to a sustainable and self-reliant India. https://www.ibef.org/news/bhel-making-india-self-reliant-in-energy-infra-contributing-to-defence-space-sector-union-heavy-industries-minister-mr-mahendra-nath-pandey Wed, 03 Jan 2024 11:28:48 +0530 India launches National Single Window System (NSWS) for streamlined medical device approvals, addressing transparency and easing business processes. https://www.ibef.org/news/india-launches-a-single-window-portal-for-medical-device-management Wed, 03 Jan 2024 11:26:42 +0530 India's home healthcare sector reaches smaller cities with cost-effective, in-home services for diverse healthcare needs. https://www.ibef.org/news/home-health-care-industry-sees-demand-rising-in-india-s-smaller-cities Wed, 03 Jan 2024 11:24:59 +0530 The coal industry in India exhibited significant expansion, recording a provisional upswing of 10.9% in November 2023, as reported by the Ministry of Commerce & Industry. https://www.ibef.org/news/coal-sector-up-10-9-among-core-industries-in-nov-on-domestic-output-boost Tue, 02 Jan 2024 11:07:19 +0530 December marked a historic peak for UPI transactions, reaching US$ 219.1 billion; 2023 saw unprecedented growth, hitting 117.6 billion transactions worth US$ 2.19 trillion. https://www.ibef.org/news/upi-scales-new-high-in-december-2023-value-up-59-at-us-2-19-trillion-rs-183-trillion Tue, 02 Jan 2024 11:05:05 +0530 Breaking records, 81.8 million income tax returns were filed for 2023-24 by December 31, up 9% from the previous year, signalling a positive trend in compliance and processing efficiency. https://www.ibef.org/news/record-81-8-mn-itrs-filed-till-december-31-rises-9-in-the-current-assessment-year Tue, 02 Jan 2024 11:03:26 +0530 During the fiscal year 2022-23, the Indian real estate sector witnessed a significant upswing in investment inflows, attaining its highest point since 2020, as reported by Colliers. https://www.ibef.org/news/indian-real-estate-in-2023-saw-the-highest-investment-inflows-since-2020 Tue, 02 Jan 2024 11:00:54 +0530 In the April-December 2023 timeframe, gross GST collection demonstrated robust growth, marking a significant 12% year-on-year increase, totalling US$ 1.8 million (Rs. 14.97 lakh crore). This performance contrasts the US$ 1.61 million (Rs. 13.40 lakh crore) amassed during the same period in the preceding fiscal year (April-December 2022). https://www.ibef.org/news/posting-a-growth-rate-of-12-y-o-y-us-1-8-million-rs-14-97-lakh-crore-gross-gst-collection-during-april-december-2023-period Tue, 02 Jan 2024 10:59:07 +0530 The preceding year signifies a pivotal moment for Generative AI, signifying its ascent to mainstream prominence. India is positioned to become the global hub for Generative AI. https://www.ibef.org/news/india-will-be-the-global-nucleus-of-generative-ai-says-tcs-ceo Tue, 02 Jan 2024 10:56:37 +0530 More than 4.4 crore Ayushman cards, facilitating free treatment up to US$ 6,010 (Rs. 5 lakh) per annum per family at empanelled hospitals, have been generated during the ongoing Ayushman Bhava campaign. https://www.ibef.org/news/over-five-crore-ayushman-bharat-accounts-created-at-health-campaign-government Mon, 01 Jan 2024 13:07:13 +0530 India is on track to become a developed nation by 2047, displaying notable resilience in controlling inflation amid global challenges. https://www.ibef.org/news/india-is-on-the-road-to-becoming-a-developed-country-by-2047-says-prime-minister-mr-narendra-modi Mon, 01 Jan 2024 13:05:47 +0530 Prime Minister Mr. Narendra Modi is actively positioning India as a premier global destination for MICE (Meetings, Incentives, Conferences, and Exhibitions), said Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Mr. Piyush Goyal. https://www.ibef.org/news/the-government-is-promoting-india-as-a-global-mice-destination-to-showcase-india-s-msme-sector-traditional-handicrafts-artisanal-offerings-weavers-and-manufacturing-prowess-union-minister-of-commerce-industry-consumer-affairs-food-public-distribution-and-textiles-mr-piyush-goyal Mon, 01 Jan 2024 13:03:40 +0530 Union Minister for Road Transport and Highways, Mr. Nitin Gadkari, has approved an allocation of US$ 140.7 million (Rs. 1,170.16 crore) for 29 road projects in the Union Territory of Ladakh. https://www.ibef.org/news/the-union-minister-for-road-transport-and-highways-mr-nitin-gadkari-sanctions-29-road-projects-in-ladakh-worth-us-140-7-million-rs-1170-16-crore Mon, 01 Jan 2024 13:01:27 +0530 Scheduled commercial banks have robust capital buffers, ensuring compliance with regulations even in severe stress scenarios. RBI https://www.ibef.org/news/indian-banks-strong-enough-to-face-adverse-macro-and-credit-stress-rbi Mon, 01 Jan 2024 12:59:35 +0530 Tata Coffee will merge with Tata Consumer, TCPL Beverages on January 1. https://www.ibef.org/news/tata-coffee-tata-consumer-products-merger-to-be-effective-from-january-1 Mon, 01 Jan 2024 12:55:17 +0530