Business

New Delhi, March 16 (IANS) India’s economic indicators for February reflect a moderation in inflation, improved industrial output and strong corporate earnings, according to the latest SBI Ecowrap report.

While inflation trends remain favourable in the short term, imported inflation risks and rupee depreciation pose challenges going forward.

“The RBI’s expected rate cuts could further bolster growth, providing a positive environment for capex expansion and industrial performance. The evolving economic landscape suggests a cautious but optimistic outlook for the coming months,” said the report published by the State Bank of India's Economic Research Department.

India's CPI inflation fell to a 7-month low of 3.6 per cent in February 2025 due to a substantial decline in food and beverage prices. Food and Beverages inflation eased by 185 basis points (on-month) to 3.84 per cent, mainly due to a sharp decline in vegetable prices.

Vegetable CPI declined sharply, entering negative territory (1.07 per cent) for the first time in 20 months. Approximately 80 per cent of this decline was attributed to garlic, potatoes and tomatoes.

CPI inflation is expected to decline to 3.9 per cent in Q4 FY25 and average 4.7 per cent for FY25, the report projected.

FY26 inflation is projected in the range of 4.0-4.2 per cent, while core inflation may range between 4.2-4.4 per cent.

The Reserve Bank of India (RBI) may implement successive rate cuts in April and August 2025, with an overall expected cumulative rate cut of at least 75 basis points. The cycle of rate cuts may continue from October 2025, following an intervening gap in August 2025, it added.

India’s Index of Industrial Production (IIP) expanded by 5.0 per cent in January 2025, the highest in eight months, compared to 3.2 per cent in December 2024.

“The combination of a strong balance sheet, comfortable interest coverage, and a downward interest rate cycle is expected to support the next capex cycle for Indian industries,” said the report.

Improved corporate margins and liquidity conditions make Indian Inc. well-positioned for capital expenditure growth, it added.

—IANS

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New Delhi, March 16 (IANS) There is a need for real-time market monitoring and a collaborative approach to regulation while it is essential to enforce law beyond strict intervention by promoting self-regulation and compliance, Harsh Malhotra, Minister of State in the Ministry of Corporate Affairs (MCA), said on Sunday.

Complimenting the Competition Commission of India (CCI) for its impactful role in curbing abusive conduct of dominant enterprises, Malhotra underscored the importance of competition law in ensuring fair competition and a level-playing field in markets.

The CCI organised the 10th National Conference on Economics of Competition Law in the national capital.

The minister also emphasised the crucial role of the MSME sector, which contributes 80 per cent of manufacturing output, 45 per cent of exports, and 30 per cent of the India’s GDP.

“It is important to watch the interest of stakeholders, including MSMEs, to provide them with fair opportunities to compete and innovate,” he said.

The minister encouraged the Commission to actively engage with stakeholders, including industry associations, and consider their viewpoints.

He stressed on the importance of including the younger generation in deliberations to bring fresh and new perspectives.

The government has kept in mind the views of the stakeholders, be it policies, government schemes or regulations, the minister mentioned. Acknowledging the significance of the Conference, he said that such deliberations and brainstorming sessions would immensely contribute to India’s economic growth in the future.

The minister further stated that the MCA aims to foster an ecosystem where fair competition benefits both businesses and consumers, leading to dynamic and vibrant marketplaces.

Ravneet Kaur, Chairperson, CCI, said regulators are adopting a dynamic approach to address the issues emerging in increasingly complex markets and rapid innovation in technology.

She said that the goal is to balance innovation with competition, ensuring fair and open markets, where competition and technological progress can coexist.

Alluding to AI as a driving force in modern markets, Kaur stressed on the need for regulators to stay abreast and ahead in the AI era to deal with algorithmic collusion, uncover hidden anti-competitive behaviour, and protect consumers in markets increasingly shaped by AI.

—IANS

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New Delhi, March 15 (IANS) India is set to become the world’s third-largest economy by 2028, overtaking Germany, according to a report by global financial services firm Morgan Stanley.

This extraordinary ascent is not by chance but the result of years of visionary leadership and bold economic reforms, according to an X post by the Bharatiya Janata Party (BJP) on Saturday.

When Prime Minister Narendra Modi took charge, he set a course for transformation.

“Initiatives like ‘Make in India’ and ‘Digital India’ ignited a wave of industrial innovation, turning villages into manufacturing hubs and cities into thriving economic centres,” according to the post.

Infrastructure projects reshaped landscapes, digital revolutions connected millions, and landmark reforms attracted global investment.

The world has taken notice to this unprecedented transformation amidst an unstable global economy.

“Bharat’s rise is not just about numbers; it’s about the aspirations of 1.4 billion people coming to life. A young, ambitious workforce is driving progress, and every milestone is a testament to the nation’s relentless spirit,” the party noted.

From tax reforms to financial inclusion, from renewable energy to cutting-edge technology, Bharat’s story is one of resilience and ambition.

“As the economy soars, one thing is clear, the future belongs to Bharat,” said the BJP post.

Indian equity scene looks attractive -- a stock pickers' market -- as the country is likely gaining share in global output in the coming decades driven by strong foundational factors including robust population growth, a functioning democracy, macro stability influenced policy, better infrastructure, a rising entrepreneurial class and improving social outcomes, another Morgan Stanley report said earlier this week.

--IANS

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Chennai, March 13 (IANS) Tamil Nadu Chief Minister M.K. Stalin's decision to remove the rupee symbol (₹) from the logo of the state's 2025-26 Budget, which will be presented in the Assembly on Friday, has sparked widespread criticism.

Union Finance Minister Nirmala Sitharaman is among the latest to condemn the move.

Taking to social media platform X, she criticised the DMK government, calling it "a completely avoidable example of language and regional chauvinism".

She also said that the decision reflects a dangerous mindset that undermines India's unity.

Union Minister Sitharaman questioned the DMK's opposition to the rupee symbol, pointing out that it was officially adopted in 2010 under the Congress-led UPA government, during which the DMK was part of the ruling alliance at the Centre.

"This is more than mere symbolism -- it signals a dangerous mindset that weakens Indian unity and promotes secessionist sentiments under the pretence of regional pride. A completely avoidable example of language and regional chauvinism," she wrote.

She also reminded elected representatives of their constitutional duty to uphold the sovereignty and integrity of the nation, adding that removing a national symbol from state Budget documents contradicts that commitment.

Union Minister Sitharaman also highlighted the irony behind the decision, pointing out that the rupee symbol was designed by D. Udaya Kumar, the son of former DMK MLA N. Dharmalingam.

"By erasing it now, the DMK is not only rejecting a national symbol but also utterly disregarding the creative contribution of a Tamil youth," she said.

BJP IT Cell Chief Amit Malviya also criticised the move, emphasising that Udaya Kumar, who designed the symbol in Devanagari script, is the son of a former DMK MLA.

"Chief Minister Stalin is insulting Tamilians by dropping the Indian rupee (₹) sign from the Tamil Nadu Budget 2025-26 document," he wrote on X.

Meanwhile AIADMK General Secretary and Leader of the Opposition Edappadi K. Palaniswami also condemned the DMK government's move, calling it a publicity stunt to divert attention from administrative failures.

In a social media post, he accused Chief Minister Stalin of engaging in "empty advertisement campaigns" that do not address the people's real needs.

He also criticised CM Stalin for delivering "scripted dialogues written by others", dismissing the move as a political gimmick.

Tamil Nadu BJP President K. Annamalai joined the chorus of criticism, questioning Stalin's decision to replace the rupee symbol with the Tamil letter "Ru" from "Rubaai", the Tamil word for rupee.

"The DMK government's state Budget for 2025-26 replaces the rupee symbol, which was designed by a Tamilian and adopted by the entire nation. How stupid can you become, Thiru @mkstalin?" he wrote.

The controversy comes amid an ongoing dispute between the Tamil Nadu government and the Centre over language policies, with the DMK-led administration repeatedly accusing the Union government of imposing Hindi.

The removal of the rupee symbol is seen as part of this broader opposition, escalating Tamil Nadu's resistance to the National Education Policy.

The Tamil Nadu government defended its decision, stating that the Budget logo, released on Thursday, now carries the Tamil letter "Ru" from "Rubaai" to reflect the state's linguistic identity.

The logo also includes the caption "Everything for All", which the DMK claims represents its inclusive governance model.

This marks the first time a state has rejected the national currency symbol, intensifying debates on regional identity versus national unity.

--IANS

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New Delhi, March 11 (IANS) The digital payment transactions (including UPI) surged with over 18,120 crore transactions in 2024-25 (till January this year), with transaction value crossing Rs 2,330 lakh crore, the government said on Tuesday.

The total digital payment transactions have grown from 8,839 crore in FY 2021-22 to 18,737 crore in FY 2023-24, with a CAGR of 46 per cent.

This growth has been driven by Unified Payment Interface (UPI), which grew at a CAGR of 69 per cent, increasing from 4,597 crore transactions in FY 2021-22 to 13,116 crore transactions in FY 2023-24, according to Minister of State of Finance, Pankaj Chaudhary, in a written reply to a question in Rajya Sabha.

The UPI has captured around 70 per cent of total digital payment transactions in FY 2023-24. Further, the digital payment infrastructure (QR code and POS terminals), onboarding of new merchants, and the Third Party App Providers (TPAPs) have also grown substantially during the scheme period, the minister informed.

The government has set up a DIGIDHAN mission to promote digital payments and strengthen the digital payments ecosystem in the country.

An incentive scheme has been implemented since FY 2021-22 to incentivise the banks and other ecosystem partners for promotion of digital payments including promotion of UPI.

While designing the scheme, consultations were held with the relevant stakeholders including the banks. A dedicated Incentive Scheme for Banks (ISB) portal has also been developed to create awareness and seamless data collection.

As a result, the number of banks offering digital payments including UPI payments have increased from 216 in FY 2021-22 to 572 in FY 2023-24, the minister said.

The “Incentive Scheme for the promotion of RuPay Debit Cards and low value BHIM-UPI transactions Person to merchant (P2M)” has significantly contributed to the growth of digital payments in the country.

--IANS

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New Delhi, March 11 (IANS) The overall credit disbursement by banks to priority sectors including agriculture, MSME and social infrastructure in 2019 was Rs 23,01,567 crore, which rose to Rs 42,73,161 crore in 2024, recording an increase of 85 per cent over the six-year period, Finance Minister Nirmala Sitharaman informed the Lok Sabha on Tuesday.

Within priority sector lending, the overall credit disbursement to the agriculture sector has seen steady and positive growth during this period. In 2019, the total disbursement to the agriculture sector was Rs 8,86,791 crore, and by 2024, it significantly increased to Rs 18,27,666 crore. The data includes credit disbursement towards agriculture infrastructure by banks, she said in a written reply to a question in the Lower House.

The overall credit disbursement to the MSME sector has also increased steadily from Rs 10,99,055 crore in 2019 to Rs 21,73,679 crore in 2024.

As the financial landscape continues to evolve and to enhance the quality of banking services for customers, banks have been collaborating with FinTechs for the provisioning of various services to customers. Some of the major areas where FinTechs are further augmenting banking services include opening savings accounts through e-KYC, V-KYC processes leveraging Artificial Intelligence (AI) technology for face recognition and name match, the Finance Minister said.

Digital loan journeys such as account statement analysis, leveraging alternative data in underwriting for quick credit assessment and real-time decision making, and development of innovative products for customers using APIs of banks are also taking place, she added.

The FM further stated that the Government and RBI have also taken various measures to improve the financial soundness of banks and to address the issues related to credit discipline, responsible lending and improved governance, adoption of technology, recovery and reduction of NPAs.

These measures include the setting up of specialised stressed assets management verticals and branches by public sector banks for effective monitoring and focused follow-up of NPA accounts, which facilitates quicker and improved resolution/ recoveries. The deployment of business correspondents and the adoption of the Feet-on-Street model have also boosted the recovery trajectory of NPAs in banks.

A prudential framework for the resolution of stressed assets was issued by RBI to provide a framework for early recognition, reporting and time-bound resolution of stressed assets, with a build-in incentive to lenders for early adoption of a resolution plan.

Minimum provisioning requirements have been prescribed for both standard and non-performing advances and credit discipline was instilled through the enactment of the Insolvency and Bankruptcy Code, set up of the Central Repository of Information on Large Credits and systematic checking of high-value accounts for wilful default and fraud.

Besides, the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 and the Recovery of Debt and Bankruptcy Act have been amended to make it more effective. Institution of comprehensive, automated Early Warning Systems in banks to proactively detect stress and reduce slippage into NPAs, the Finance Minister added.

--IANS

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New Delhi, March 10 (IANS) The cost of preparing both vegetarian and non-vegetarian thalis at home declined by 5 per cent in February compared to the corresponding figure for January this year, according to a Crisil report released on Monday.

For the vegetarian thali, the decline was driven by lower vegetable prices, particularly of onions, tomatoes and potatoes, while for a non-vegetarian thali, the cost eased with a decrease in broiler (chicken) prices, the report said.

Going ahead, the arrival of fresh rabi crops is expected to keep vegetable prices subdued, offering continued relief for vegetarian thali costs.

However, temperature conditions in March that have been above normal can impact the shelf life and quality of onions, which need to be stored for the next six months, as well as the quantity and quality of wheat -- the most significant crop of the rabi season, the report states.

The average cost of preparing a thali at home is calculated based on input prices prevailing in north, south, east and west India. The monthly change reflects the impact on the common man’s expenditure. The data also reveals the ingredients (cereals, pulses, broilers, vegetables, spices, edible oil and cooking gas) driving the change in the cost of the thali.

The ICRA report is in line with official figures that India’s retail inflation is on a downward trajectory. Inflation based on the Consumer Price Index fell to a 5-month low of 4.31 per cent in January as prices of vegetables and pulses eased during the month, bringing respite to household budgets, according to figures released by the Ministry of Statistics.

The easing of inflation reflects a steadily declining trend after having touched a 14-month high of 6.21 per cent in October. CPI inflation had declined to 5.48 per cent in November and 5.22 per cent in December.

The food inflation at 6.02 per cent in January 2025 is the lowest after August 2024.

RBI Governor Sanjay Malhotra announced a 25 basis cut in the policy rate from 6.5 per cent to 6.25 per cent in the monetary policy review to accelerate growth amid global uncertainties.

He said that inflation has declined and is expected to moderate further and gradually align with the RBI’s target.

Now, with the retail inflation continuing with its downward trend, the RBI will have more headroom to follow a soft money policy to make more credit available to businesses and consumers, which will propel economic growth.

--IANS

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New Delhi, March 8 (IANS) India’s scientific leadership is now led by women and they are at the helm of the country’s space and research missions, Union Minister Dr Jitendra Singh said on Saturday.

For example, the Aditya-L1 mission is headed by a woman, the Council of Scientific and Industrial Research (CSIR) and six of its laboratories are led by women, and the Chandrayaan-3 mission had a woman in a leadership role.

“This marks a significant shift in our scientific landscape,” he said while addressing the International Women’s Day 2025 celebrations at CSIR-National Physical Laboratory (CSIR-NPL).

Dr Singh reflected on the changing landscape of Indian science and administration, noting that women have moved beyond participation to leading key national projects.

“We have graduated from an era of women’s participation to a women-led process,” he remarked, adding that scientific fields once dominated by men are now witnessing an influx of talented women leading from the front.

The minister cited the examples of top-ranking women in India’s civil services, a domain that was once male-dominated but now sees women consistently securing top positions.

“There was a time when women were rare in STEM education, let alone leadership roles. Today, not only are they excelling, but they are also setting new benchmarks,” he said.

Dr Singh noted that the Union Public Service Commission (UPSC) results in recent years have been overwhelmingly led by women, reflecting a broader shift in India’s socio-professional fabric.

He also highlighted Prime Minister Narendra Modi’s initiatives in promoting women’s empowerment in science, from increasing women’s representation in Republic Day parades to opening up defence institutions like Sainik Schools and military academies for female cadets.

He shared that this year, for the first time, PM Modi handed over his personal social media handle to selected women achievers on International Women’s Day—two of whom hailed from India’s space and nuclear sectors.

Dr. Singh revealed that the upcoming test flight for the Gaganyaan mission will feature a robotic astronaut named ‘Vyommitra,’ a female humanoid.

This, he said, is a symbolic acknowledgment of the growing role of women in India’s space endeavours.

Dr N. Kalaiselvi, Director General of CSIR and Secretary, DSIR, highlighted the growing role of women in science and technology, emphasising that today’s women are not just participants but leaders in shaping India’s scientific landscape.

—IANS

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New Delhi, March 8 (IANS) India is poised to be among the top 5 ship-building countries in the world by 2047, with additional shipbuilding capacity of 4 million gross registered tonnage (GRT), Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, said on Saturday.

At the two-day ‘Chintan Shivir 2025’ in Srinagar, the minister directed the formulation of suitable policies and skill development initiatives, while encouraging collaboration with the state governments.

He reviewed undergoing projects of the ministry worth Rs 2 lakh crore, and drew up a goal, after consultative deliberation with the experts of completing at least 150 projects by September this year.

The event focused on strengthening India’s shipbuilding and repair capabilities, improving financial and digital solutions for maritime infrastructure and pushing for a greener, more sustainable shipping industry.

Emphasis was laid on achieving targets set out in Maritime Amrit Kaal Vision (MAKV) 2047.

Among the major announcements made at the Chintan Shivir was establishing the Bharat Container Shipping Line under the Shipping Corporation of India (SCI).

“All major ports to tender for at least 1 Green Tug within the next 3 months. The Harbour Craft Green Transition Programme will be launched to accelerate the adoption of clean energy solutions across Indian ports,” said the minister.

A Coastal Green Shipping Corridor will be established, with the Kandla-Tuticorin corridor, being the first to be developed in partnership with SCI, Deendayal Port Authority (DPA) and V.O. Chidambaranar Port Authority (VoCPA).

Inland Waterways Authority of India (IWAI) will invest Rs 100 crore in 3 National Waterways in Jammu & Kashmir, boosting inland water transport and connectivity in the region.

The Decade of Sagarmala Vision will be celebrated in March 2025. A Sagarmala Startup and Innovation Initiative (S2I2) will be launched, accompanied by the establishment of Maritime Innovation Hubs (MIHs).

India Ports Services Limited (IPSL) will be set up as a national platform for all major ports, providing end-to-end services to enhance efficiency and competitiveness. The Mumbai International Cruise Terminal to commence commercial operations by April 2025, it was announced.

The Sagarmala Digital Centre of Excellence (CoE), in collaboration with Centre for Development of Advanced Computing (C-DAC), will be established to drive the digital transformation of the maritime sector.

These initiatives aim to enhance port competitiveness, attract foreign investment, and drive economic growth.

“Under the visionary leadership of Prime Minister Narendra Modi, India’s maritime sector has witnessed remarkable growth. Our commitment to transforming ports and waterways remains unwavering,” said Sonowal.

—IANS

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Hyderabad, March 8 (IANS) The ‘Fisheries Startup Grand Challenge 2.0’ will support 10 winning startups in manufacturing and related areas with Rs 1 crore in funding, it was announced here on Saturday.

The Department of Fisheries organised the ‘Startup Conclave 2.0’ here to promote innovation in the fisheries sector.

As part of this initiative, the Fisheries Startup Grand Challenge 2.0 was launched by Union Minister Rajiv Ranjan Singh to support startups in manufacturing and related areas.

The programme aims to foster entrepreneurship, technological advancements, and sustainability in fisheries and aquaculture, enhancing production and efficiency.

According to the Ministry of Fisheries, Animal Husbandry and Dairying, each winning proposal will receive structured incubation support from ICAR (ICAR-Central Institute of Fisheries Technology), National Fisheries Development Board (NFDB) or other affiliated institutions under the Department of Fisheries.

These incubators will play a crucial role in mentoring startups, offering capacity-building programs, and providing access to manufacturing infrastructure to help them scale their solutions effectively.

The NFDP mobile application was also launched during the Fisheries Startup Conclave 2.0 to expand access to Pradhan Mantri Matsya Sampada Yojana (PM-MKSSY) benefits.

The mobile app has been developed and is now available on the Google Play Store. The app offers a seamless interface for users particularly startups to navigate various modules and avail scheme benefits.

The NFDP serves as a platform for creating digital work-identities for fishers, fish farmers, vendors, and processors, enabling their seamless integration into formal financial and welfare systems.

India’s fisheries and aquaculture sector sustains 3 crore livelihoods, driving employment across the value chain.

Since 2015, the government has invested Rs 38,572 crore through various initiatives and schemes to promote sustainable growth.

This rapid expansion has spurred the rise of over 300 fisheries start-ups, which are leveraging blockchain, IoT, and AI to develop innovative, commercially viable solutions that enhance productivity, ensure traceability, and improve value chain efficiencies.

--IANS

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