Business

New Delhi, April 16 (IANS) Electric ride-hailing company BluSmart has temporarily stopped offering cab services in all three of its operating cities -- Mumbai, Delhi-NCR, and Bengaluru.

Customers using the BluSmart app are unable to book rides, with no time slots available until May 7.

This disruption comes just days after India’s market regulator Securities and Exchange Board of India (SEBI) passed an interim order against Gensol Engineering Limited and its promoters Anmol Singh Jaggi and Puneet Singh Jaggi.

The two brothers, who co-founded BluSmart, have been accused of diverting loans meant for electric vehicle (EV) procurement to buy a luxury flat in Gurugram's DLF Camellias.

The SEBI’s order banned the Jaggi brothers from accessing the securities market and halted Gensol’s proposed stock split.

The regulator also directed the appointment of a forensic auditor to examine the company's financial records in detail.

According to the SEBI, Gensol had borrowed Rs 978 crore from public lenders like the Indian Renewable Energy Development Agency (IREDA) and the Power Finance Corporation (PFC) between 2021 and 2024.

Out of this, Rs 664 crore was meant for buying 6,400 EVs to be leased to BluSmart. However, only 4,704 vehicles were actually procured, leaving a gap of over Rs 260 crore.

The SEBI suspects a large part of this money was routed through related entities and used for personal gain.

One key transaction involved Rs 42.94 crore being paid to DLF for an apartment in The Camellias project in Gurugram.

The financial troubles have also impacted BluSmart internally. Reports suggest that the company has delayed salary payments for March.

In an email to employees, Anmol Singh Jaggi said there were cash flow issues but promised to clear all dues by the end of April.

“Due to current cash flow constraints, there will be a short delay in processing salaries. However, we want to assure you that all dues will be cleared within the month of April itself,” Jaggi reportedly said in the email.

--IANS

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New Delhi, April 15 (IANS) The Inland Waterways Authority of India (IWAI) has achieved a record-breaking 145.5 million tonnes of cargo movement on the country’s national waterways during the fiscal year 2024-25, according to a statement issued on Tuesday.

The all-time high cargo movement has come along with the total number of operational waterways increasing from 24 to 29 during the year, said the statement issued by the Ministry of Ports, Shipping and Waterways.

Cargo traffic on National Waterways has increased from 18.10 MMT to 145.5 MMT between FY-14 and FY-25, recording a compound annual growth (CAGR) of 20.86 per cent.

In FY-25, traffic movement registered a growth of 9.34 per cent year-on-year from FY-24. Five commodities, including coal, iron ore, iron ore fines, sand and fly ash, constituted over 68 per cent of the total cargo moved on national waterways (NWs) during the year.

In the last few years, several proactive policy measures and infrastructure initiatives have been taken to streamline cargo movement on NWs, such as the Jalvahak scheme, the statement said.

The scheme promotes a modal shift of cargo from other modes to inland water transport by incentivising cargo owners and movers to the extent of 35 per cent of the total actual operating expenditure incurred on the waterways journey. To give further push to the scheme, scheduled cargo services were made operational on NW-1, NW-2, and NW-16 via the Indo-Bangladesh Protocol. This scheme is expected to divert 800 million tonne-kilometres of cargo to the IWT mode, accounting for nearly 17 per cent of the current 4,700 million tonne-kilometres of cargo on National Waterways.

The National Waterways (Construction of Jetties/Terminals) Regulations, 2025 encourage private sector investment in the development of inland terminals on National Waterways, optimising the use of India’s extensive waterways network. Private, public, and joint venture entities can develop jetties/terminals across the country by obtaining a simplified no-objection certificate (NOC) from IWAI through a digital portal.

Other Initiatives to boost cargo movement include the development of fairways to ensure the least available depth and smooth navigation. End-to-end dredging contracts have been issued for various identified stretches on national waterways.

Introduction of Roll-on/Roll-off (Ro-Ro) and Ro-Pax services on various National Waterways has also helped to promote traffic.

Besides, the implementation of digital solutions like the CAR-D portal and the PANI portal for ease of doing business, Central database for registration of vessel and crew (Jalyaan and Navic) to promote digitisation, Naudarshika (National River Traffic and Navigation System) for safety and smooth operations of inland vessels has played an important role.

Adequate waterways infrastructure, including IWT terminals, night navigation facility, and navigational locks, is being developed along NWs. These initiatives are expected to boost the growth of cargo movement through National Waterways, promoting a more efficient and sustainable mode of transportation, the statement added.

--IANS

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New Delhi, April 9 (IANS) Union Minister of Commerce and Industry, Piyush Goyal, on Wednesday held discussions with the Export Promotion Councils and industry bodies here in the light of the emerging trade scenario.

The meeting was called to deliberate on the impact as well as opportunities arising out of the evolving and very dynamic scenarios and to apprise the industry and trade about the steps being taken by the government.

“Held a very productive meeting with stakeholders of various Export Promotion Councils and Industry Associations. Deliberations focused on apprising stakeholders on the ongoing discussions with the US for a mutually beneficial multi sectoral Bilateral Trade Agreement (BTA),” said Goyal.

“Encouraged them to take the long term view of India-US trade and economic ties while making their commercial decisions and assured them that the government will work to provide a conducive environment to enable them to successfully navigate the recent changes in the global trade environment,” he added.

The Minister complemented the exporters and the industry for achieving the highest ever export of above $820 billion in the fiscal 2024-25 which is nearly 6 per cent growth over previous fiscal year.

In spite of multiple headwinds including the red sea crisis, Israel-Hamas conflict spilling over to Gulf region, continuation of Russia-Ukraine conflict and slow growth in some developed economies, the Minister lauded the Exporters for their resilience and efforts.

During the meeting, Goyal also apprised the exporters regarding discussions with the US for a mutually beneficial multi-sectoral Bilateral Trade Agreement (BTA).

He assured the exporters that the government will work to provide a conducive environment to enable them to successfully navigate the recent changes in the global trade environment.

Various Export Promotion Councils, representing a wide array of sectors, presented their views and outlook in light of the emerging challenges in global trade and requested the government to take proactive measures to support the export industry in these challenging times.

—IANS

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New Delhi, April 8 (IANS) The Finance Ministry's Department of Financial Services has notified the amalgamation of 26 Regional Rural Banks (RRBs) on the principles of 'One State One RRB' as part of the fourth phase of the continuing exercise to improve efficiency, according to an official statement issued on Tuesday.

The Ministry of Finance had rolled out an amalgamation plan in November 2024 for consultation with stakeholders. After consultation with stakeholders, the amalgamation of 26 RRBs in 10 states and one UT has been carried out with the primary focus on the improvement in scale efficiency and cost rationalisation, the statement said.

At present, 43 RRBs are functioning in 26 states and 2 UTs. Post amalgamation, there will be 28 RRBs in 26 states and 2 UTs with more than 22,000 branches covering 700 districts. Their predominant area of operation is in rural areas, with approximately 92 per cent of branches in rural and semi-urban areas, the statement said.

This is the fourth phase of amalgamation. In the previous three phases which include Phase-I (FY 2006 to FY 2010), the number of RRBs were reduced from 196 to 82, in Phase-2 (FY 2013 to FY 2015) from 82 to 56, and in Phase-3 (FY 2019 to FY 2021) from 56 to 43, the official statement said.

The Finance Ministry has kicked off a 'One State One RRB' drive in 11 states, including Andhra Pradesh, Karnataka, Gujarat, West Bengal, and Rajasthan, by amalgamating various RRBs into one. The scheme will come into effect from May 1.

"In exercise of the powers conferred by sub-section (1) of Section 23A of the Regional Rural Banks Act, 1976, the Central government hereby provides for the amalgamation of the said Regional Rural Banks into a single Regional Rural Bank, which shall come into effect on and from the 1st day of May, 2025 with such constitution, property, powers, rights, interests, authorities and privileges; and with such liabilities, duties and obligation," a notification by the Finance Ministry said.

Regional Rural Banks in India play a crucial role in promoting rural economic development by providing financial services, particularly credit and other facilities, to small and marginal farmers, agricultural labourers, artisans, and small entrepreneurs in underserved rural areas.

--IANS

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New Delhi, April 8 (IANS) Prime Minister Narendra Modi highlighted on Tuesday that the Pradhan Mantri MUDRA Yojana (PMMY), launched 10 years ago on April 8, has turned out to be a massive success in empowering the poor at the grassroots with over 52 crore loans given worth Rs 33 lakh crore.

The Prime Minister explained that the MUDRA scheme was born as the result of his travels across the country as a "karyakarta" when he observed that there was a dire need for "funding the unfunded" at the grassroots to lift the masses out of poverty.

He highlighted that the scheme democratised the financial system and the success of the scheme is also reflected in the fact that a mere 3.5 per cent of loans under the scheme were NPAs.

In a post on X, the Prime Minister said, "Sharing my interview with Economic Times, where I elaborate on the life-changing ability of Mudra Yojana and why it remains an important scheme in our quest for dignity and empowerment. #10YearsOfMUDRA."

The Prime Minister said that the MUDRA (Micro Units Development & Refinance Agency) scheme needs to be seen in a particular context and not as a standalone scheme.

" Even before I held any government position, I had travelled extensively across the country for many decades as a karyakarta. There was a common theme that I saw everywhere. A vast majority of our population, such as the poor, farmers, women and marginalised sections, had aspirations for growth, a strong spirit of enterprise, energy and resilience qualities, needed to be a successful entrepreneur, he observed.

"But these were the very sections that had been completely excluded from the formal banking and financial system. Tell me, if you do not have a bank account, will you ever visit a bank? When people did not even have access to basic banking, funding for entrepreneurship looked like a distant dream. So, when the people voted for us in 2014, we decided to make the whole financial architecture people-centric and inclusive, so that we could give wings to their aspirations," PM Modi said.

He highlighted that the scheme democratised the financial system.

"This started with 'banking the unbanked' with Jan Dhan Yojana. Once those who were left out and left behind began to become part of the formal financial system through this scheme, we went on to 'funding the unfunded' through the MUDRA Yojana and 'insuring the uninsured' through the Jan Suraksha portfolio of schemes. So, MUDRA is part of a larger vision to ensure that the entrepreneurial ability, innovation, creativity and self-reliance of the people at the grassroots is respected, celebrated and supported," he said.

"Through the MUDRA Yojana, we wanted to give a message to every Indian that we had trust in their abilities and would stand as a guarantee in their journey to fulfil their aspirations. Trust begets trust. The people, too, responded with great zeal and today, with over 52 crore loans given worth Rs 33 lakh crore, they have made MUDRA a massive success," PM Modi said.

Talking about the NPA issue in India's baking sector, PM Modi said: "There are two perspectives on the problem. On the one hand, we have experience from the tenure of the Congress-led United Progressive Alliance. Then, the banking sector operated under a system that came to be known as 'phone banking'. Loans were sanctioned based on calls from political connections rather than on competence or adherence to strict financial due diligence. We all know how this created the twin balance sheet problem. The period, marked by a lack of transparency and accountability, left public sector banks grappling with a legacy of stressed assets, undermining their ability to support broader economic growth."

He said: "On the other hand, we lent money to the poor and the middle class through the MUDRA Yojana. It was designed to empower small and medium entrepreneurs who had no connections but had competence and conviction. Unlike the UPA's top-heavy lending model, MUDRA focused on grassroots economic activity. Today, with more than 52 crore loan accounts, MUDRA reflects the massive scale and ambition of the scheme."

"When we launched this initiative, several prominent Congress leaders and commentators from their ecosystem said that extending credit to crores of small-scale borrowers would cause an NPA issue. They had no trust in the poor and middle class of our country. But the outcomes have defied these predictions. What stands out is the performance of these loans-just 3.5 per cent have turned into NPAs. This is an exceptionally low default rate in this segment world over. While the UPA's phone banking era left banks burdened with toxic assets and favoured select elites of those who were close to power centres, MUDRA has redirected resources to the grassroots, fostering entrepreneurship without compromising financial stability," PM Modi added.

--IANS

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New Delhi, April 8 (IANS) India on Tuesday marks ten years of the Pradhan Mantri MUDRA Yojana (PMMY), the flagship programme of Prime Minister Narendra Modi aimed at funding the unfunded micro enterprises and small businesses.

PMMY, under the Micro Units Development and Refinancing Agency (MUDRA), was set up by the Centre for the development and refinancing activities relating to micro units.

Since its launch in April 2015, the PMMY has sanctioned over 52 crore loans worth Rs 32.61 lakh crore, fuelling a nationwide entrepreneurial revolution. Business growth is no longer confined to big cities -- it is spreading to small towns and villages, where first-time entrepreneurs are taking charge of their destinies. The shift in mindset is evident: people are no longer job seekers; they are becoming job creators.

The scheme ensures that collateral-free institutional credit up to Rs 20 lakh is provided by Member Lending Institutions (MLIs), i.e., Scheduled Commercial Banks (SCBs), Regional Rural Banks (RRBs), Non-Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs).

According to a government press release, Mudra has laid the foundation for a new era of grassroots entrepreneurship by removing the burden of collateral and simplifying access. From stitching units and tea stalls to salons, mechanic shops, and mobile repair businesses, crores of micro-entrepreneurs have stepped forward with confidence, enabled by a system that believed in their potential.

PMMY has supported these journeys by offering institutional credit to non-corporate, non-farm micro and small enterprises that form the backbone of India’s economy.

At its core, the MUDRA Yojana is a story of trust. Trust in people’s aspirations and in their ability to build. Trust in the belief that even the smallest dreams deserve a platform to grow, officials said.

Women account for 68 per cent of all Mudra beneficiaries, underscoring the scheme’s pivotal role in advancing women-led enterprises across the country.

Between FY16 and FY25, the per-woman PMMY disbursement amount increased at a CAGR of 13 per cent, reaching Rs 62,679, while per-woman incremental deposits grew at a CAGR of 14 per cent to Rs 95,269. States with higher disbursement shares to women have recorded significantly higher employment generation through women-led MSMEs, reinforcing the effectiveness of targeted financial inclusion in enhancing women’s economic empowerment and labour force participation.

The scheme has made significant progress in breaking traditional credit barriers. According to the SBI report, 50 per cent of Mudra accounts are held by SC, ST and OBC entrepreneurs, ensuring wider access to formal finance.

Furthermore, 11 per cent of Mudra loan holders belong to minority communities, demonstrating the scheme’s contribution to inclusive growth by enabling marginalised communities to become active participants in the formal economy.

--IANS

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New Delhi, March 31 (IANS) Apple Intelligence, the personal intelligence system that delivers helpful and relevant intelligence while protecting privacy, on Monday expanded to users in India.

Apple Intelligence features are now available in more languages, including localised English for Singapore and India, as well as French, German, Italian, Portuguese (Brazil), Spanish, Japanese, Korean, and Chinese (simplified).

With the release of iOS 18.4, iPadOS 18.4, and macOS Sequoia 15.4, users can rewrite, proofread, and summarise text with Writing Tools, or respond with a tap using Smart Reply, and for users who communicate across multiple languages supported by Apple Intelligence, these features adapt to the language they’re writing in.

Users can also remove distracting objects from images with Clean Up, explore creative new ways to express themselves visually with Image Playground, and create the perfect emoji for any moment with Genmoji. Building on Apple Intelligence, visual intelligence helps iPhone users learn about their surroundings.

With ChatGPT integrated into Siri and Writing Tools, users can tap into ChatGPT’s expertise without having to switch between apps, helping them get things done faster and easier than ever before, Apple said in a statement.

“Apple Intelligence marks an extraordinary step forward for privacy in AI. It starts with on-device processing, meaning that many of the models that power Apple Intelligence run entirely on the device. For requests that require access to larger models, Private Cloud Compute extends the privacy and security of iPhone into the cloud to unlock even more intelligence,” the company said.

Deeply integrated across iOS, iPadOS, and macOS, Writing Tools allow users to refine their language by rewriting, proofreading, and summarising text virtually everywhere they write, including Mail, Messages, Notes, Pages, and third-party apps.

With Rewrite, Apple Intelligence allows users to choose from different versions of what they have written and adjust the tone — professional, concise, or friendly — to suit the audience and task at hand.

Proofread checks grammar, word choice, and sentence structure while also suggesting edits — along with explanations of the edits — that users can review or quickly accept. Users can also select text and have it summarised in the form of a digestible paragraph, bulleted key points, a table, or a list.

In addition to the options to rewrite, proofread, and summarise text with Writing Tools, users can specify the change they’d like to make using the Describe Your Change option.

The Photos app is even more intelligent with many new capabilities. Natural language search gives users the ability to search for just about anything by simply describing what they are looking for.

The Memories feature now gives users the ability to create the movies they want to see by simply typing a description. Using language and image understanding, Apple Intelligence will pick out photos and videos based on a user’s description, craft a storyline with chapters based on themes identified from the photos, and arrange them into a movie with its own narrative arc.

The Image Playground experience allows users to easily create fun and unique images, with concepts like themes, costumes, accessories, and places. Users can add their own text descriptions, and can even create images in the likeness of a family member or friend using photos from their photo library.

“The experience is integrated right into Messages, making it easier than ever to create images for conversations, as well as into apps like Freeform, Keynote, and many others. Image Playground is also available as a dedicated app,” said Apple.

Apple Intelligence also helps users prioritise and stay in the moment with notification summaries that allow users to scan long or stacked notifications with key details right on the Lock Screen, such as when a group chat is particularly active.

—IANS

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Seoul, March 30 (IANS) The government here on Sunday proposed a supplementary budget worth at least 10 trillion won (US$6.8 billion) to support the economy hit by political uncertainties and destructive wildfires.

In an emergency economic ministers' meeting, Finance Minister Choi Sang-mok said the government plans to push for an extra budget of some 10 trillion won, which he said is a "must" to help resolve the most urgent pending issues.

The supplementary budget will be spent to respond to disasters and accidents, strengthen trade and artificial intelligence (AI) capabilities, and provide financial support for people's livelihoods, according to the Ministry of Economy and Finance.

The most destructive wildfires ever to hit the country are almost contained but have burned about 48,000 hectares of land, equivalent to over 2,600 football fields.

At least 30 people have died from wildfires in the southeastern areas of the country.

On top of post-wildfire recovery efforts, the government needs to inject funds to ride out uncertainties triggered by the Donald Trump administration's sweeping tariffs and compete for leadership in the rapidly changing AI industry, said Choi, who is double-hatted as deputy prime minister for economy.

Political uncertainties remain a major uncertainty for the economy following the imposition of short-lived martial law by President Yoon Suk Yeol on December 3.

The government will draw up a detailed supplementary budget plan and submit it to the National Assembly before the end of next month if the ruling and opposition parties offer bipartisan support for the plan, the minister said, according to the report.

"Given the urgency of efforts to handle wildfire damages, respond to external challenges and stabilise the livelihoods of the people, it is very important (for both parties) to pass the supplementary budget within April," Choi added.

—IANS

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Seoul, March 30 (IANS) The average monthly income of single-parent families stands at only about 60 percent of the average for all households, a government report showed on Sunday.

The average income of single-parent families with children under the age of 18 came to 2.94 million won ($2,003) in 2024, according to the Ministry of Gender Equality and Family.

The amount amounts to 60.3 percent of the average for all households, which came to 4.89 million won for the year, reports Yonhap news agency.

The average debt owed by single-parent families stood at 47.2 million won last year, over a twofold increase from the 18.52 million won tallied in 2021. The ministry publishes the report on single-parent households every three years.

Over 50 percent of single-parent households surveyed cited housing expenses as the biggest reason for their debts, while 40.7 percent cited living expenses, according to the ministry.

Single-parent households spent an average 580,000 won in child-rearing expenses each month, but 71.3 percent of the respondents said they have never received child support from their spouse.

Asked what they deemed as the most urgent policy to secure child-rearing expenses, 71 percent pointed to expanding government support of urgent child support fees and introducing an advanced payment system for child support, said the Yonhap report.

The advanced payment system, set to go into effect in July, will have the government provide single parents with child-rearing expenses upfront and then recoup the money from divorced spouses, according to the report.

"We will make sure single-parent families can go to work without having to worry about caring for their children by prioritizing the provision of child care services," a ministry official said.

—IANS

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New Delhi, March 30 (IANS) The World Audio Visual and Entertainment Summit (WAVES) 2025, scheduled to take place in Mumbai from May 1-4, is set to highlight India’s growing creative talent in the cosplay and entertainment industry, the Ministry of Information and Broadcasting said on Sunday.

The Ministry, in collaboration with Creators Street, Epiko Con, the Telangana Government, ICA Indian Comics Association, MEAI, and TVAGA, has announced the WAVES Cosplay Championship, which is being called India’s most prestigious cosplay competition.

The event aims to promote self-expression, creativity, and innovation in India's expanding entertainment and AVGC-XR sector.

The championship will bring together India’s most skilled cosplayers, who will compete in a grand event that showcases their talent in costume design, performance, and character portrayal.

The categories will cover Indian mythology, pop culture, anime, manga, DC, Marvel, and more, giving participants the opportunity to gain global recognition.

Participants will be judged by renowned industry experts, international guests, and professional cosplayers.

Contestants will undergo a jury selection process, with the top performers advancing to the live finale.

The winners will be crowned based on key judging criteria, including craftsmanship, creativity, and performance.

Earlier in the month, Union Minister for Information and Broadcasting Ashwini Vaishnaw announced that the Indian government will establish a $1 billion fund to support the creators' economy

Speaking at a high-level session on WAVES 2025 on March 13, Vaishnaw emphasised the importance of providing a platform for content creators to develop high-value content.

He highlighted how the intersection of creativity, media, and technology is reshaping the global media landscape.

“The intersection of creativity, media and technology is transforming the media landscape of the world and reaching a new level of convergence," Vaishnaw said.

He said the WAVES summit would serve as a key forum for discussions, collaborations, and innovation within the media and entertainment industry.

“WAVES will serve as a pivotal platform for fostering discussions, collaboration, and innovation for the Media and Entertainment industry," added Union Minister for External Affairs Dr S. Jaishankar on March 13.

--IANS

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