Business

New Delhi, Nov 12 (IANS) India has signed 15 critical minerals-related agreements since January 2025, making the country one of the world's most active participants in the race to secure resources needed for the global energy transition, a new report has said.

The report from Climate Action Live showed that India surpassed China, Canada, Saudi Arabia and the European Union, which each signed 11 such agreements.

Only the United States, with 41 agreements, signed more critical minerals-related partnerships than India during the period, it showed.

India’s agreements reveal a growing recognition that its clean energy ambitions hinge on securing access to unavailable or domestically insufficient resources such as lithium, cobalt, nickel, graphite, copper and rare earth elements, essential for electric vehicles, batteries, wind turbines, electricity grids and semiconductors.

India's National Critical Mineral Mission, approved in January 2025, aims to strengthen the entire critical minerals value chain from exploration and mining to processing, recycling and recovery.

The programme, running from FY25 through FY31, envisages government expenditure of Rs 16,300 crore and to catalyse Rs 18,000 crore of investment by public sector undertakings.

These include 1,200 domestic exploration projects led by the Geological Survey of India, with plans to secure 26 foreign mining assets through PSUs and 24 through the private sector.

“International partnerships are an important part of this strategy. State-owned Khanij Bidesh India Ltd (KABIL) has signed an agreement with Argentina's CAMYEN to explore and develop five lithium brine blocks covering 15,703 hectares in the province of Catamarca. India has also entered into an arrangement with Australia to explore opportunities for joint investment in lithium and cobalt assets,” the report said.

India has also recently expanded cooperation with Germany and Norway on critical minerals, supply chain diversification, research, processing and recycling to develop the capacity to process minerals, manufacture higher-value products and set up a stronger domestic industrial ecosystem.

—IANS

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New Delhi, Nov 12 (IANS) The Technology Development Board (TDB) has signed an agreement with Bengaluru-based Astrome Technologies to provide financial support of Rs 64.05 crore for the development of an indigenous artificial intelligence-enabled electronic intelligence satellite constellation aimed at national security applications, an official statement said on Thursday.

The project -- with a total cost of Rs 128.11 crore -- will be funded under the Research, Development and Innovation (RDI) Fund and seeks to develop a sovereign space-based electronic intelligence, or ELINT, constellation, according to a statement from the Ministry of Science and Technology.

"The programme seeks to advance critical technologies from Technology Readiness Level (TRL)-4 to TRL-9, with financial support being provided through Optionally Convertible Debt (OCD)," it said.

Astrome plans to develop and deploy a constellation of 50-kg class microsatellites designed to provide wider coverage and more frequent observation of designated areas.

The company will also develop inter-satellite communication technology, allowing satellites to exchange information and operate as an integrated network in low-Earth orbit.

The project is intended to strengthen India's indigenous capabilities in space-based intelligence gathering, data processing and secure communications, as countries increasingly look to space-based systems for strategic and security applications.

Rajesh Kumar Pathak, TDB Secretary, said the programme reflected the potential of India's deep-tech ecosystem to develop advanced space-based technologies combining artificial intelligence, electronic intelligence and next-generation communications.

Astrome said the funding would help accelerate the development and integration of critical technologies and support efforts to advance the programme to operational readiness.

Earlier in October, the TDB signed an agreement with Manastu Space Technologies Private Limited for financial support of Rs 116 crore under the RDI Fund. The project, costing Rs 277.63 crore, focuses on developing a scalable, integrated green propulsion system for satellites and launch vehicles across the 5 mN to 300 N thrust class, according to the government.

--IANS

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Seoul, Nov 12 (IANS) South Korean stocks fell 0.6 per cent on Thursday to end their two-day rally, weighed heavily down by Nvidia's leadership risks. The local currency was trading higher against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) closed down 32.63 points, or 0.61 percent, at 5,342.73, reversing from a 4.39 percent rise on Tuesday and a 2.6 percent gain on Wednesday.

After opening 0.2 percent higher, the index fluctuated between gains and losses throughout the morning trading session, rising as high as 5,458.84.

U.S. media said Nvidia's board was preparing to oust CEO Jensen Huang following reports on Huang's alleged multiple extramarital affairs.

Investor sentiment was largely affected by Huang's future as the U.S. chip giant is in close business ties with Korean tech companies.

Trade volume was light at 233.7 million shares worth 20.6 trillion won (US$15.5 billion), with losers outnumbering winners 595 to 268.

Foreigners bought a net 370.4 billion won worth of stocks, while institutions offloaded a net 690.3 billion won and individuals sold a net 204.3 billion won.

"The KOSPI was hit by uncertainties stemming from the scandal involving Nvidia CEO Jensen Huang," said Lee Kyoung-min, an analyst from Daishin Securities. "At the same time, some investors sought profits following the recent rally."

Most semiconductor-related shares finished in negative territory, while Samsung Electronics rose 0.97 percent to 208,000 won.

Chip giant SK hynix dropped 1.8 percent to 1.25 million won, and Hanmi Semiconductor, a leading chip equipment manufacturer, retreated 1.14 percent to 181,900 won.

Samsung Electro-Mechanics tumbled 4.01 percent to 886,000 won, and SK Square, the parent of SK hynix, declined 0.63 percent to 791,000 won.

Internet giant Naver, where Nvidia is the third-largest shareholder, plunged 6.43 percent to 181,800 won.

Defence shares were also bearish as industry leader Hanwha Aerospace fell 0.76 percent to 654,000 won and LIG D&A went down 2.02 percent to 364,500 won.

The dollar was quoted at 1,330.7 won against the U.S. dollar as of 3:30 p.m., up 2.9 won from the previous stock session's close.

--IANS

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New Delhi, Nov 12 (IANS) The Indian National Science Academy (INSA) has endorsed the Joint Science20 (S20) Statement released by the science academies of the G20 countries, reaffirming its commitment to advancing science-based solutions for disaster preparedness and resilience, the Ministry of Science & Technology said on Thursday.

The statement was released on November 10 under the leadership of the U.S. National Academy of Sciences (NAS) as part of the S20 engagement process.

INSA, an institution under the Department of Science and Technology (DST), actively participated in the S20 2026 deliberations and backed the recommendations aimed at helping governments harness advanced technologies to better prepare for and respond to natural hazards and disasters.

According to INSA, the statement highlights the growing risks posed by natural disasters such as heavy rainfall, earthquakes, droughts, wildfires, and extreme temperature events, which are increasingly affecting populations, ecosystems, and economies worldwide.

It emphasises the role of emerging technologies, including Earth observation systems, remote sensing, artificial intelligence, digital twins, drone technologies, and early warning systems, in strengthening disaster resilience and improving decision-making.

The statement notes that the successful deployment of these technologies requires addressing challenges related to data availability, infrastructure gaps, technical capabilities, institutional coordination, and equitable access. It stresses that technology should complement, rather than replace, human expertise in disaster management and governance.

Developed through consultations among science academies across G20 nations, the statement is intended to guide discussions within member governments and will also be presented to the G20 ahead of the summit scheduled to be held in Miami, Florida, in December 2026.

The joint declaration outlines a roadmap for enhancing disaster preparedness through improved risk assessment, secure and equitable access to data and technology, local capacity building, stronger governance frameworks, and greater international collaboration.

It calls for sustained partnerships among governments, academia, industry, civil society, and international organisations to co-develop knowledge and technological solutions.

As India's national science academy, INSA said it will work to bring the recommendations to the attention of relevant stakeholders in the country and facilitate collaboration among researchers, scientific institutions, and government agencies.

The academy also said it will continue promoting interdisciplinary research and knowledge-sharing initiatives related to disaster preparedness and resilience.

--IANS

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New Delhi, Nov 12 (IANS) The One Nation One Ration Card (ONORC) initiative has enabled over 233 crore inter-state and intra-state portability transactions since its launch, strengthening nationwide access to subsidised foodgrains, an official factsheet said on Thursday.

The system currently facilitates about 3.27 crore portability transactions every month and has enabled distribution of more than 614 lakh metric tonnes of foodgrains through portability mechanisms.

Ration card and beneficiary databases are 100 per cent digitised across all states or UTs as of October 2026, covering around 78.65 crore beneficiaries, and are accessible on public transparency portals of States/UTs.

Out of 20.51 crore ration cards in the Central System, 98.8 per cent (20.27 crore) have been Aadhaar-seeded. The total number of beneficiaries seeded with Aadhaar stands at 76.97 crore.

The statement noted that e-KYC has been done in respect of 71.52 crore beneficiaries i.e., 91 per cent of total beneficiaries as on September 30, 2026.

Online foodgrain allocation is implemented nationwide, while supply chains are computerised in 31 states or UTs.

Out of a total of 5.51 lakh Fair Price Shops (FPSs), 99.8 per cent (5.50 lakh) are operational with e-PoS devices. Advanced Aadhaar and PDS data analytics flagged 5.95 crore suspicious records, leading to the deletion of 2.58 crore duplicate or ineligible entries

The One Nation One Ration Card (ONORC) scheme was launched in 2019 by the Department of Food & Public Distribution. It is a major reform of the Public Distribution System (PDS), enabling nationwide portability of ration cards and beneficiaries covered under the National Food Security Act (NFSA).

Under Targeted Public Distribution System (TPDS) reforms, ONORC uses technology to enable beneficiaries to access their entitled foodgrains anywhere in the country, the statement noted.

The initiative has strengthened social protection for migrant populations and advanced the vision of a more integrated, inclusive, and beneficiary-centric welfare delivery system.

The government has complemented ration portability with digital authentication, data-driven targeting and technology-enabled distribution to improve transparency and last-mile delivery.

—IANS

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New Delhi, Nov 12 (IANS) Kia India will invest $2 billion to set up a new manufacturing facility in Andhra Pradesh, increasing the South Korean automaker's annual production capacity to more than 6 lakh units, Gwanggu Lee, Managing Director and Chief Executive Officer of Kia India, said on Thursday.

Speaking at the CII Partnership Summit in Visakhapatnam, Lee said, "I am so delighted to announce the expansion of Kia's presence in Andhra Pradesh through the establishment of an additional manufacturing plant."

The project is expected to create around 12,000 jobs and increase Kia India's annual production capacity to 630,000 vehicles.

Kia India already has a manufacturing facility in Anantapur in the state that it set up in 2017. It has an annual manufacturing capacity of 4.30 lakh units.

However, Lee did not specify any timeline for the investment or by when the additional capacity would become operational.

In financial year 2026, the automaker produced 3.17 lakh units, dispatching 2.89 lakh units in the domestic market and exporting 27,953 units.

The announcement marks a significant expansion of Kia's manufacturing footprint in India and underlines Andhra Pradesh's growing importance in the country's automobile ecosystem.

The Anantapur plant, which began operations in 2019, has been central to Kia's India strategy, producing models for both domestic sales and exports.

The fresh investment is expected to further strengthen the supply chain in the region and support ancillary industries, including auto components, logistics and skilled manpower development.

The move also comes close on the heels of fresh investment commitments from South Korean auto component suppliers in Andhra Pradesh.

Earlier in November, Andhra Pradesh secured investment commitments worth Rs 1,614 crore from three auto component firms supplying to South Korean majors Hyundai and Kia, providing a boost to its manufacturing base, as per reports.

Three firms -- Hwashin, Seoyon and Iwamet -- signed agreements with the Andhra Pradesh government to establish manufacturing facilities in Anantapur district.

The proposed projects are expected to generate around 1,400 jobs and strengthen Anantapur's position as an emerging automobile and auto-components production hub.

Among the three companies, one has committed an investment of Rs 850 crore, while another plans to invest Rs 514 crore and the third Rs 250 crore. Collectively, the projects are expected to create about 1,418 employment opportunities.

The investment commitments followed a visit by Andhra Pradesh Minister for IT, Electronics and Human Resource Development Nara Lokesh to South Korea in July, where he held discussions with companies linked to Hyundai and Kia's global supply chain.

--IANS

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Visakhapatnam, Nov 12 (IANS) Andhra Pradesh Chief Minister N. Chandrababu Naidu, Deputy Chief Minister Pawan Kalyan and Union Minister of Trade and Commerce Piyush  Goyal played the drums at the 31st CII Partnership Summit, which began here on Thursday.

The three leaders went around the Engineering College Grounds of Andhra University, the venue of the summit and saw the performance of various cultural troupes.

To the surprise of everyone present there, the Chief Minister and the Deputy Chief Minister started playing drums. Union Minister Goyal also joined them.

Earlier, Chandrababu Naidu and Pawan Kalyan welcomed Piyush Goyal. They walked around the venue and witnessed the performance of artists.

During an interaction, CM Naidu took a drum from one of the artists and asked Pawan Kalyan and Piyush Goyal to also take the instruments. The trio then started playing them.

Prior to proceeding to the venue of the inaugural session, they visited various exhibition stalls and explored the traditional artworks and cultural exhibits on display.

CM Naidu and Piyush Goyal also tried their hands at painting.

Civil Aviation Minister K. Ram Mohan Naidu, Andhra Pradesh HRD and IT Minister Nara Lokesh also attended the inaugural ceremony.

Lokesh later wrote on X, "A big day for Vizag! The world is here as we launch the 31st CII Partnership Summit."

The two-day event under the theme “Trade, Technology, Trust and Thought Leadership in a Changing Global Landscape” is jointly organised by the Confederation of Indian Industry (CII), the Government of Andhra Pradesh, and the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India.

Several prominent dignitaries and industry leaders participated in the programme, including T.G. Bharath, Minister for Industries and Food Processing, Government of Andhra Pradesh, B.C. Janardhan Reddy, Minister for Roads and Buildings; Satyakumar Yadav, Minister for Health and Family Welfare, G. Sai Prasad, Chief Secretary to the Government of Andhra Pradesh.

Several other prominent industry representatives and dignitaries also participated in the inaugural event.

--IANS

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New Delhi, Nov 12 (IANS) Artificial intelligence (AI) is expected to create more jobs than it eliminates by the end of the decade, resulting in a net increase of 1.7 million jobs worldwide by 2030, a report said on Thursday.

The report from business and technology insights company Gartner said AI is projected to generate 10.6 million new jobs globally while removing 8.9 million jobs over the same period.

"Organisations most advanced in AI execution view AI not as a replacement for labour, but as a catalyst to reinvent operations and rebalance workforce and technology capabilities to compete in changing markets. They ensure AI's economic value goes beyond replacing labour," said Helen Poitevin, Distinguished VP Analyst at Gartner.

The report further highlighted that business decisions related to AI have already influenced hiring patterns.

Executives deferred the creation and hiring of 1.3 million positions in 2026, while 2.2 million jobs were lost and 1.6 million jobs were created.

Around 5 million individuals are expected to experience delayed hiring by 2030 as business and IT executives postpone the creation of new positions.

"Deferred jobs are not the same as lost jobs. They simply aren't created," said John Lovelock, Distinguished VP Analyst and Chief of Research at Gartner.

The report projected that between 0.4 per cent and 1.8 per cent of workers globally will experience job losses directly attributable to AI by 2030.

Meanwhile, over 20 per cent of the global workforce, equivalent to 435.5 million employees, will have to adapt to changing job requirements, responsibilities and work processes.

Asset-intensive sectors are expected to create 6.4 million jobs while eliminating 6 million jobs.

AI-driven job losses are projected to affect 0.4 per cent of the global workforce in this industry, according to the report.

“AI job impacts are unevenly distributed across geographies, job functions and industries. The worst mistake that a business and IT executive can make is to apply lessons from one industry or role to another which can lead to poor errors in judgement and missed targets,” said Poitevin.

AI investments in the public sector are unlikely to be sufficient to mitigate future severe skills shortages driven by other factors.

The public sector will witness 0.4 million job gains and 0.9 million job losses by 2030.

Meanwhile, the technology sector will experience the creation of 1.9 million jobs and the loss of 0.4 million jobs, affecting 1.8 per cent of the workforce.

—IANS

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New Delhi, Nov 12 (IANS) Adani Group stocks traded higher on Thursday, outperforming the benchmark Nifty amid gains led by Adani Ports, Adani Enterprises and Adani Green Energy following the announcement of a Codelco copper deal and Adani Green's inclusion in the MSCI Global Standard Index.

Adani Energy Solutions rose up to 1.6 per cent to Rs 1,439.70 by 11:55 am on the NSE as compared to a 0.4 per cent advance in the benchmark Nifty index.

Meanwhile, Adani Enterprises, Adani Ports and Special Economic Zone, Adani Energy Solutions and Adani Green Energy jumped 1.61 per cent, 1.49 per cent, 1.6 per cent and 1.76 per cent, respectively.

However, Adani Ports and Adani Enterprises led the rally, trading over 1 per cent higher at Rs 1,907 apiece and Rs 2,714.5 apiece, respectively.

The gains came after Adani Green Energy was added to it in its November 2026 review.

Also, the company is expected to attract $60 million in inflows.

The changes are expected to increase India's weight in the MSCI Emerging Markets Index to 11.7 per cent from 11.5 per cent with incremental passive inflows of around $2 billion expected on November 30, as per reports.

Earlier in the day, Kutch Copper Ltd (KCL) -- a unit of Adani Enterprises Ltd (AEL) and Chile’s Codelco on Thursday announced that they have formed a strategic exploration partnership at the Kaburkaala project in Calama copper belt of the Antofagasta Region in northern Chile.

The collaboration strengthens India-Chile cooperation in critical minerals, at a time when resource security has become a strategic priority for both nations.

Separately, the Adani Group is reportedly seeking to fund as much as half of the 2.56 billion euro acquisition of Evos B.V. with equity, with the remainder through a syndicated loan.

Reports also claim that the conglomerate will infuse equity up to the equivalent of $1.45 billion to fund the transaction and is also working to refinance about 1.3 billion euros of existing debt at Evos.

Mitsubishi UFJ Financial Group Inc. is the sole underwriter for the Evos transaction and is providing financing commitments for up to 2.8 billion euros, with other lenders in talks to join the financing at a later stage, according to them.

--IANS

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New Delhi, Nov 12 (IANS) The net profit of scheduled commercial banks (SCBs) rose 20 per cent year-on-year to Rs 1.16 lakh crore in the second quarter of FY27, driven primarily by higher net interest income and strong credit growth, a report said on Thursday.

The report from CareEdge Ratings said profit growth stemmed mainly from higher net interest income (NII), as bank credit grew about 19 per cent.

It was also supported by a relatively weak base in the year-ago quarter, when profit growth stood at just 4.2 per cent. In contrast, the first quarter of FY27 had benefited mainly from a 12.8 per cent decline in provisions.

"Treasury income fell sharply as bond yields rose during the quarter. Part of the 20 per cent growth also reflects a weak base, as profit had grown only 4.2 per cent YoY in Q2FY26," the report said.

The report noted that profit growth is likely to moderate in H2FY27 as one-time gains are likely to fade, treasury income may stay weak, and banks are likely to build provisions ahead of the move to expected credit loss (ECL) rules.

Return on assets (RoA) rose 7 bps YoY to 1.39 per cent, the highest since Q2FY25, mostly because of one-time gains. Excluding one-time items, it was broadly unchanged from a year ago.

Median return on equity (RoE) rose 79 bps YoY to 13.6 per cent. Other private banks gained the most, as lower provisions lifted their profit.

Median Common Equity Tier 1 (CET-1) ratio rose 87 bps YoY to 15.8 per cent, though it eased from Q1 FY27 in the usual second-quarter dip. Every bank is well above the regulatory requirement, the report noted.

“Core lending drove bank earnings this quarter. Operating profit grew 13-15 per cent YoY in both bank groups, so provisions explain the gap in their profit growth. Other private banks are catching up as credit costs ease,” said Vineet Jain, Senior Director, CareEdge Ratings.

“Their return on assets now trails the large private banks by about 50 bps, half the gap a year ago. Large private banks expect margins to improve after Q3FY27 as they lend out the FCNR(B) deposits. Higher provisions ahead of the ECL rules may lower returns,” Jain added.

—IANS

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