Business

Mumbai, April 12 (IANS) After staging a sharp rebound following six straight weeks of decline, the Indian stock market is heading into the new week with cautious optimism.

While hopes of easing geopolitical tensions and a stable domestic macroeconomic backdrop lifted investor sentiment, global cues, corporate earnings, and currency movements are expected to dictate the market’s direction in the coming days.

In the previous week, both the Indian equity indices witnessed a strong recovery, with benchmark indices surging nearly 6 per cent to close near their weekly highs.

The Nifty settled at 24,050.60, while the Sensex ended at 77,550.25, as investors cheered positive global developments and steady domestic fundamentals.

Commenting on Nifty technical outlook, experts said that a decisive break below the crucial 24,000 level on the Nifty would not only negate the recent breakout but could also trigger a broader shift back to a sell-on-rise market structure.

“The key structural factor this week is the preponed weekly expiry to Monday (April 13) due to the market holiday on April 14,” an analyst stated.

Going into the next week, global geopolitical developments will remain a key monitorable. Reports of potential de-escalation between the United States and Iran had initially lifted sentiment, although uncertainty persists after talks failed to yield a concrete agreement.

Another major driver will be the ongoing Q4 earnings season. More than 50 companies are set to announce their results for the quarter ended March 31.

Crude oil prices will also play a crucial role in shaping market sentiment. Oil futures recorded their sharpest weekly decline since 2022, as traders factored in the possibility of a temporary ceasefire and improved supply outlook.

Analysts believe that as long as global cues remain supportive and domestic macros stay resilient, the market could sustain its upward bias, although investors are likely to remain cautious amid lingering geopolitical risks.

--IANS

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New Delhi, April 12 (IANS) As central government employees and pensioners await the rollout of the 8th Pay Commission, expectations around salary and pension hikes are steadily building across the country.

Key aspects such as the fitment factor, implementation timeline, likely pay revisions, and arrears continue to remain at the centre of discussions amid ongoing uncertainty.

The 8th Pay Commission is expected to recommend revisions in salaries, pensions, and allowances for central government employees and retirees. These changes will also factor in adjustments to dearness allowance in line with prevailing inflation trends. Typically constituted once every decade, a pay commission reviews and recommends changes to the compensation structure of government employees, taking into account inflation, broader economic conditions, income disparities, and fiscal sustainability. It also evaluates bonuses, perks, and other benefits offered across the public sector.

The Terms of Reference (ToR), approved by the Cabinet last year, lay down the framework guiding the commission’s work. These include a comprehensive review of the basic pay structure, pension systems, and allowances. The ToR also mandate the commission to assess the country’s economic conditions, ensure adequate fiscal space for developmental and welfare expenditure, and examine the burden of unfunded pension liabilities.

Additionally, it will evaluate the likely impact of its recommendations on state finances, as well as compare existing compensation structures with those in Central Public Sector Undertakings and the private sector.

A key element in determining revised pay is the fitment factor, a multiplier used to calculate new salaries and pensions. This factor is decided based on parameters such as inflation, employee requirements, and the government’s financial capacity. For the 8th Pay Commission, reports suggest that the fitment factor could range between 2.57 and 3.25, which could significantly influence the extent of salary and pension increases.

The government formally notified the constitution of the 8th Pay Commission on January 17, 2025, with revised pay scales expected to come into effect from January 1, 2026. However, based on past trends, the implementation process may take time. The 7th Pay Commission took around two-and-a-half years to be implemented, while the 6th and 5th Pay Commissions took approximately two years and three-and-a-half years respectively.

--IANS

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Mumbai, April 12 (IANS) The Indian stock markets witnessed a strong rebound last week after six consecutive weeks of decline, supported by favourable global cues, according to analysts.

Sentiment remained buoyant amid optimism surrounding a temporary US–Iran ceasefire, although lingering geopolitical uncertainties capped the pace of gains as the week progressed.

“The rally was further aided by a stable domestic macro backdrop, with broader markets outperforming the benchmarks. Despite elevated volatility marked by sharp mid-week gains and subsequent profit booking, indices trended higher,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.

The Nifty and Sensex gained around 6 per cent to close near the week’s highs at 24,050.60 and 77,550.25, respectively.

According to analysts, global developments remained a key influence, with the temporary ceasefire between the US and Iran improving risk appetite, though uncertainty around its sustainability persisted.

Meanwhile, a sharp decline in crude oil prices below the $100 mark eased domestic concerns and triggered a strong rebound across markets.

On the domestic front, the RBI maintained the repo rate at 5.25 per cent and retained a neutral stance, highlighting the need to balance inflation risks with growth support.

The central bank also revised FY26 GDP growth upward to 7.6 per cent while projecting FY27 growth at 6.9 per cent.

Inflation projections were raised to 4.6 per cent for FY27, reflecting risks from elevated energy prices and potential weather-related disruptions.

Market watchers said that overall sentiment remains balanced but cautious, shaped by global cues, crude oil price movements and ongoing foreign investor activity.

Downside appears to be relatively contained, but upside momentum remains constrained, pointing to a recovery that is still tentative and low in conviction, they added.

Economic indicators showed signs of moderation, with the Services PMI easing to 57.5 and the Composite PMI to 57.0 in March.

However, global agencies remained constructive, with the World Bank raising India’s growth outlook, supported by strong domestic demand and structural factors, said analysts.

--IANS

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Seoul, April 12 (IANS) South Korea's national debt is projected to approach 60 per cent of its gross domestic product (GDP) by 2030, government data showed on Sunday, with the pace of increase widely expected to accelerate amid slowing growth and growing fiscal burdens.

The country's debt-to-GDP ratio stood at 49 percent last year, up 3 percentage points from a year earlier, according to the national settlement report from the finance ministry, reports Yonhap news agency.

The increase marks the largest annual gain in five years, after a 5.7 percentage-point surge in 2020, when the economy was hit by the COVID-19 pandemic.

According to the national fiscal management plan submitted by the finance ministry to the parliament in September, the country's debt-to-GDP ratio is forecast to rise from 51.6 percent in 2026 to 53.8 percent in 2027, 56.2 percent in 2028 and 58 percent in 2029.

Industry observers, however, believe the rise may further accelerate if GDP growth slows this year or fiscal pressures intensify.

Major economic organisations have lowered their growth forecasts for South Korea this year amid a prolonged conflict in the Middle East.

The Organization for Economic Cooperation and Development (OECD) projects the country's economy will grow 1.7 percent this year, down 0.4 percentage point from its previous forecast of 2.1 percent issued in December.

In its report, the OECD noted that South Korea and Japan are highly dependent on imports for their energy supply from the Middle East, warning that potential supply disruptions caused by regional conflict could weigh on production activity.

The market observers also note that government forecasts for the debt-to-GDP ratio have not held in recent years.

In 2024, the government had forecast the ratio to reach 50.5 percent in 2028. The government revised up the figure last year by 5.7 percentage points to 56.2 percent, they said.

The debt-to-GDP ratio is widely used as a key indicator of a country's fiscal health, with a lower ratio generally giving governments more flexibility to expand spending.

—IANS

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Seoul, April 12 (IANS) The number of passengers using South Korea's railroad services reached a record high of over 42 million in the first quarter of the year, data showed on Sunday, partly driven by expanded train operations and rising oil prices that reduced private vehicle use.

The number of passengers on high-speed KTX and other railroad lines across the country totaled 42.11 million in the January-March period, up 2.1 percent from 41.25 million recorded during the same period last year, according to the data from the Korea Railroad Corp. (KORAIL) and SR Corp, reports Yonhap news agency.

KORAIL said passenger numbers increased partly due to expanded services, including the KTX-Eum train on the Donghae Line between the eastern city of Gangneung and the southeastern port city of Busan, which began operating six times a day late last year.

It also cited increased service frequency on the Jungang Line, which rose from six to 18 daily trips.

Industry watchers said the increase was also due to higher oil prices stemming from the Middle East conflict that erupted in late February, which reduced private car use and boosted public transportation demand.

In March alone, the number of rail passengers reached 14.62 million, up 2.4 percent from a year earlier and 7.3 percent from the previous month, the data showed.

Meanwhile, the number of foreigners using South Korea's railway services reached nearly 3 million in the first half of last year, nearly doubling from two years earlier, local railway operators said.

From January to June, a total of 85.09 million passengers used the railway services, with foreigners accounting for 2.84 million, or 3.3 percent, according to SR, the operator of the SRT high-speed train service, and Korea Railroad Corp. (KORAIL), the operator of KTX high-speed trains and regular trains.

The first-half figure for foreign passengers rose 13 percent from 2.5 million during the same period in 2024 and surged 99 percent from 1.43 million in the first half of 2023.

—IANS

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New Delhi, April 11 (IANS) Delhi BJP President Virendra Sachdeva on Saturday welcomed the new draft Electric Vehicle (EV) policy of the Delhi government and stated that within three to seven years, this policy will reduce vehicular pollution on roads to negligible levels.​

Sachdeva said that under the proposed policy, not only will private two- and four-wheelers receive exemptions on registration fees and road tax — encouraging people to purchase EVs for personal use — but the Delhi government will also promote the transition of commercial vehicles from fossil fuels to e-mobility.​

He congratulated the Rekha Gupta government for its proposal to offer substantial exemptions in road tax and registration fees for electric goods carriers.​

Auto-rickshaws are an important part of Delhi’s public transport system, and from January 1, 2027, allowing only e-autos to be registered with full exemptions will help make the public transport system cleaner, he said.​

Similarly, promoting electric vehicles in three- and four-wheeler commercial goods carriers will also help control road pollution, he said.​

The Delhi BJP President stated that the most notable feature of this new EV policy is that the Delhi government will now use only electric vehicles for its own operations.​

Additionally, public transport buses and N1 category trucks will also be fully electric, leading to a reduction of more than 10 per cent in vehicular pollution on the roads within two years, he said.​

Earlier, aiming to boost electric mobility, the Delhi government on Saturday placed its draft Electric Vehicle (EV) Policy 2026 in the public domain for feedback on proposals ranging from financial incentives to infrastructure push, an official said.​

The policy mandates only electric three-wheelers to be registered in Delhi from 2027, and two-wheelers from 2028, and proposes extensive financial incentives, tax exemptions, mandatory provisions, and infrastructure boosts to popularise EVs.​

Under the draft policy, purchase incentives for electric two-wheelers will be provided in a phased manner based on battery capacity. Vehicles priced up to Rs 2.25 lakh (ex-factory) will be eligible for incentives of up to Rs 30,000 in the first year, Rs 20,000 in the second year and Rs 10,000 in the third year, said an official statement.​

Electric three-wheelers (L5M category) will receive incentives of Rs 50,000, Rs 40,000 and Rs 30,000 over three years, while electric four-wheeler goods vehicles (N1 category) will be eligible for incentives of Rs 1 lakh, Rs 75,000 and Rs 50,000 respectively during the same period, it said.​

The policy also proposes scrapping incentives to phase out older, polluting vehicles. Benefits include Rs 10,000 for electric two-wheelers, Rs 25,000 for three-wheelers, Rs 1 lakh for non-transport electric cars and Rs 50,000 for goods vehicles. These incentives will apply to vehicles up to BS-IV standards, subject to conditions including scrapping certification and timelines.​

An EV fund will also be created to finance the policy, drawing on budgetary allocations, central and state schemes, environmental funds, and other sources, the statement said.​

--IANS

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Chandigarh, April 11 (IANS) Haryana Chief Minister Nayab Singh Saini on Saturday said the government has implemented several new initiatives to make the procurement system more transparent, secure, and farmer-friendly. ​

These initiatives will enhance transparency, curb unauthorized activities, and provide faster, more convenient services to farmers. ​

CM Saini was reviewing the wheat procurement process at the Babain grain market in Kurukshetra.

Later, he interacted with farmers on various aspects, including bringing wheat to market, selling the crop, and receiving payments. The farmers praised the government and said they faced no difficulties. ​

The Chief Minister honoured farmer Dharamchand, a resident of Hamidpur, who sold wheat in front of him, by presenting him with a shawl. ​

Earlier, upon arrival at the grain market, the Chief Minister and Vice-President of the Haryana State Child Welfare Council, Suman Saini, received a warm welcome. ​

The Chief Minister said the government has mandated a three-tier crop verification system. This system ensures that the crops brought to procurement centres match the crops registered by farmers. This is making the crop verification process more accurate and reliable. ​

The Chief Minister further said the government is successfully conducting procurement operations with complete transparency, accountability, and order. The state government is fully committed to the interests of farmers and will ensure the purchase of every single grain of their crops, he said. ​

CM Saini said the government has implemented comprehensive reforms in the procurement system and appointed nodal officers in each market. ​

Senior officers have been assigned the responsibility of regularly monitoring district markets, and Deputy Commissioners have been appointed in charge of the district-level procurement system. ​

Ministers and MLAs are also regularly visiting the markets to review the arrangements so that farmers do not face any inconvenience, he said. ​

--IANS

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New Delhi, April 11 (IANS) The Union government on Saturday took a major step to enhance efficiency and transparency by implementing digital-only toll collection at all National Highway fee plazas across the country.

According to the Ministry of Road Transport and Highways, with effect from April 10, all user fee payments at highway toll plazas are being processed exclusively through digital modes such as FASTag and Unified Payments Interface (UPI), an official statement said.

However, the rollout has been kept on hold in Tamil Nadu, Kerala, Assam and West Bengal, as well as the Union Territory of Puducherry, due to the Model Code of Conduct being in force amid the ongoing electoral process, the Ministry said.

The Ministry added that the shift to fully digital toll collection is expected to streamline operations, reduce congestion at toll plazas, and improve transparency in revenue collection.

With more than 98 per cent penetration, FASTag has significantly transformed toll collection practices in the country.

A majority of toll transactions are now processed electronically through Radio Frequency Identification-enabled FASTag affixed to vehicles, facilitating seamless and contactless movement across toll plazas.

According to the National Highways Authority of India (NHAI), UPI payment facilities have also been operationalised at National Highway toll plazas, ensuring instant and accessible digital payment options for commuters nationwide.

Vehicles entering a fee plaza without a valid and functional FASTag are currently charged twice the applicable user fee if payment is made in cash.

Meanwhile, the FASTag Annual Pass has crossed 50 lakh users, with more than 26.55 crore transactions recorded within six months of its launch.

The annual pass eliminates the need for frequent recharges through a one-time payment of Rs 3,000 for one year's validity or up to 200 toll crossings.

In addition, NHAI has revised the FASTag Annual Pass fee for the financial year 2026–27 from Rs 3,000 to Rs 3,075, effective from April 1.

The revision has been made in accordance with the National Highways Fee (Determination of Rates and Collection) Rules, 2008, the NHAI said.

--IANS

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New Delhi, April 11 (IANS) Aiming to boost electric mobility, the Delhi government on Saturday placed its draft Electric Vehicle (EV) Policy 2026 in the public domain for feedback, showcasing proposals ranging from financial incentives to infra push, an official said.​

The policy mandates only electric three-wheelers to be registered in Delhi from 2027, and two-wheelers from 2028, and proposes extensive financial incentives, tax exemptions, mandatory provisions, and infrastructure boosts to popularise EVs.​

Under the draft policy, purchase incentives for electric two-wheelers will be provided in a phased manner based on battery capacity. Vehicles priced up to Rs 2.25 lakh (ex-factory) will be eligible for incentives of up to Rs 30,000 in the first year, Rs 20,000 in the second year and Rs 10,000 in the third year, said an official statement.​

Electric three-wheelers (L5M category) will receive incentives of Rs 50,000, Rs 40,000 and Rs 30,000 over three years, while electric four-wheeler goods vehicles (N1 category) will be eligible for incentives of Rs 1 lakh, Rs 75,000 and Rs 50,000 respectively during the same period, it said.​

The policy also proposes scrapping incentives to phase out older, polluting vehicles. Benefits include Rs 10,000 for electric two-wheelers, Rs 25,000 for three-wheelers, Rs 1 lakh for non-transport electric cars and Rs 50,000 for goods vehicles. These incentives will apply to vehicles up to BS-IV standards, subject to conditions including scrapping certification and timelines.​

An EV fund will also be created to finance the policy, drawing on budgetary allocations, central and state schemes, environmental funds, and other sources, the statement said.​

The proposed policy, which will remain open for comments till May 10, aims to accelerate the adoption of electric mobility in the national capital through financial incentives, regulatory measures and infrastructure expansion.​

Chief Minister Rekha Gupta said the draft policy, proposed to be in force until March 31, 2030, outlines a comprehensive framework to promote clean and sustainable transport in the city.​

She said the policy combines fiscal support, tax exemptions, infrastructure development and regulatory measures to drive adoption.​

“The proposed Delhi EV Draft Policy 2026 is a significant step towards establishing a clean, accessible and sustainable transport system in the capital. Extensive financial incentives, tax exemptions, mandatory provisions and infrastructure development have been emphasised to promote electric vehicles in Delhi,” the Chief Minister said.​

The government has earmarked a total outlay of Rs 3,954.25 crore for the policy. This includes Rs 1,236.25 crore for purchase incentives, Rs 1,718 crore for scrapping incentives, and Rs 1,000 crore for charging infrastructure development, the statement said.​

The year-wise expenditure has also been outlined, with Rs 965.5 crore planned for the first year, Rs 1,012.75 crore for the second, Rs 1,231.5 crore for the third and Rs 744.5 crore for the fourth year, it said.​

A key feature of the draft policy is the phased introduction of mandatory electrification. From January 1, 2027, only electric three-wheelers will be permitted for new registrations, and from April 1, 2028, only electric two-wheelers will be registered in Delhi.​

The policy also mandates gradual electrification of school buses, targeting 10 per cent conversion by the end of the second year, 20 per cent by the third year and 30 per cent by March 2030.​

For fleet aggregators, the policy mandates that no conventional ICE vehicles running solely on diesel or petrol will be inducted into the existing fleet from January 2026, while other provisions of the Delhi Motor Vehicle Aggregator and Delivery Service Provider Scheme 2023 will apply.​

The government has also proposed prioritising electric vehicles in its own fleet. All vehicles hired or leased by departments under the Government of NCT of Delhi will be electric, except those granted specific exemptions.​

Additionally, all new inter-state buses inducted by the Delhi Transport Corporation and the transport department will be electric, said a statement.​

For the first time, the policy also provides for recycling infrastructure with the environment department to ensure that vehicle manufacturers (OEMs) and other responsible entities strictly follow the Battery Waste Management Rules, 2022, including proper handling, reporting, and recycling of used batteries under the Extended Producer Responsibility (EPR).​

The Delhi Pollution Control Committee (DPCC) will support the establishment of battery collection centres across Delhi through public-private partnerships, making it easier for people to dispose of used batteries.​

--IANS

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Ahmedabad/Mumbai, April 11 (IANS) The assembly of the second Tunnel Boring Machine (TBM) for the Mumbai-Ahmedabad High Speed Rail corridor has commenced at Savali near Ghansoli, marking a key phase in the development of the underground section of India’s first bullet train project.​

The machine is being assembled approximately 39 metres below ground level at the Savali shaft, from where it will be deployed to drive tunnels towards Vikhroli as part of the Mumbai-Ahmedabad Bullet Train corridor.​

As part of the ongoing installation process, a 190-metric-tonne gantry was lowered into position.​

The structure measures 18 metres in length, 10 metres in width and 9 metres in height.​

Project officials said each TBM in the corridor will be equipped with four gantries, which are connected to the main shield assembly and cutterhead.​

These gantries will remain integrated with the TBM during tunnel excavation and will assist in key operations, including excavation, waterproofing, and the installation of precast tunnel lining segments.​

Given the limited working space at the Savali shaft, engineers have assembled at depth using carefully sequenced lifting operations and controlled installation methods.​

The initial tunnelling drive from Savali is scheduled to begin in July.​

In a separate major engineering milestone reported earlier this week, a 1,360-metric-tonne precast portal beam was successfully launched over an operational railway line near Maninagar area in Ahmedabad.​

The 34-metre-long structure, with a cross-section of 5.5 metres by 4.5 metres, was installed over the Ahmedabad-Vadodara section as part of the elevated viaduct works for the bullet train corridor.​

The operation was completed in around 3.5 hours during full traffic and power block coordinated with Indian Railways, using a 2,200-tonne crawler crane along with auxiliary lifting systems and high-strength prestressed anchoring equipment.​

The Mumbai-Ahmedabad High Speed Rail project spans approximately 508 kilometres between Bandra Kurla Complex in Mumbai and Sabarmati in Ahmedabad, with stations planned across Maharashtra and Gujarat.​

The corridor is being developed by the National High Speed Rail Corporation Limited (NHSRCL), and is based on Japanese Shinkansen technology.​

It includes a combination of elevated viaducts, bridges and underground tunnels, intending to significantly reduce travel time between the two cities once operational.​

--IANS

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