Asianet Newsable

Delhi PPAC hike due to West Asia fuel costs, minister assures relief

Asianet News Central — Sat, 13 Jun 2026 20:00:48 +0530

Delhi Power Minister Ashish Sood on Saturday said that the recent increase in the Power Purchase Adjustment Cost (PPAC) was necessitated by a sharp rise in fuel costs linked to developments in West Asia, while assuring consumers that the government would limit the impact on electricity bills.

Speaking to ANI, Sood said the PPAC mechanism is an established provision under the country's electricity laws and not a new charge. "The Power Purchase Adjustment Cost (PPAC) is not a new mechanism. The country's electricity laws permit power companies to adjust for the rising costs of the fuel used to generate electricity," he said.

Why Was the PPAC Increased?

Explaining the reason behind the latest increase, the minister said fuel costs have risen significantly in recent months. "Fuel costs have been surging over the past few months due to the situation in West Asia and other factors. Consequently, if one averages out the power purchase costs across various sources, there was a 31 per cent increase last month," Sood said.

Calculating the New PPAC Rate

He said regulatory intervention had helped keep the adjustment lower than the actual rise in costs. "However, up to March 31st, the DRC, following government intervention, had allowed a PPAC of only 14.5 per cent. Even now, despite a 31 per cent rise in costs, an increase of only 2.4 per cent has been permitted," he said.

According to Sood, the latest revision takes the PPAC level from the earlier 14.5 per cent to nearly 18 per cent. "Following the previous 14.5 per cent rate (valid until March 31st), a 2.4 per cent hike has now been granted due to the fuel cost increases caused by the West Asia crisis. This brings the figure from 14.5 per cent to approximately 17.5 per cent or 17.9 per cent," he said.

Government Vows to Protect Consumers

The minister reiterated that the Delhi government remains focused on protecting consumers from a larger burden arising from higher power procurement costs. "Our government is fully committed to ensuring that the impact of electricity prices on consumers is minimised as much as possible," Sood said.

He added that the government was closely tracking the situation and would continue efforts to shield consumers from higher costs. (ANI)

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South Korea's AI Chip Boom Fails to Boost Wider Economy: Nomura

Asianet News Central — Sat, 13 Jun 2026 19:30:30 +0530

The artificial intelligence-led semiconductor boom has yet to show a strong spillover into South Korea's broader economy, even as currency and financial stability concerns make a Bank of Korea rate hike in July increasingly likely, Nomura's senior economist said Friday.

Economic Disconnect and Domestic Demand

According to a report by The Korea Herald, Park Jeong-woo, South Korea and Taiwan senior economist at Nomura, said at the brokerage's Korea Equities & Economy Media Briefing in Seoul that the key question for the economy is not whether chips and stocks are strong, but whether that strength is feeding into domestic demand.

"No one can deny the strength in semiconductors, and the stock market has been strong on the back of that," Park said. "The key question is whether that strength is flowing into the rest of the economy."

Park said the central bank appears to have shifted its tone since May, putting less emphasis on the K-shaped recovery and more on the expected trickle-down effect from the semiconductor upcycle. But Nomura remains unconvinced that the effect has become broad-based, the report added. "So far, the evidence that the warmth is spreading to domestic demand is not that strong," he said.

Business Investment vs. Construction

The direct contribution from chips to gross domestic product also looks more limited than headline export figures suggest, Park said. Semiconductor exports have been driven heavily by price effects, while shipment volume growth has not been exceptional compared with historical averages. Business investment has been supported by chipmakers' capital expenditure cycle and is likely to remain strong through the third quarter, he said. But the effect could fade afterward, while construction remains weak due to higher building costs and elevated interest rates.

Mixed Signals in Consumption

Consumption also shows a mixed picture. Park said department store card spending rose 17 per cent, far outpacing overall card spending growth of about 2.5 per cent, but the increase appears concentrated in luxury purchases. Domestic auto sales fell about 8 percent in May, pointing to limited signs of broader consumption strength.

"The evidence that the semiconductor and stock market boom is moving into consumption is still not very strong," Park said.

Growth Forecast and Inflation Outlook

Nomura expects Korea's economy to grow 2.4 per cent this year, below the Bank of Korea's 2.6 per cent forecast but still above the country's estimated potential growth rate of less than 2 per cent.

"Two-point-four per cent is not a weak number," Park said. "But given the higher expectations and the limited speed at which the strength is spreading into domestic demand, we think it is an appropriate growth rate for this year." On inflation, Park said Nomura views the current pressure more as a supply shock than demand-driven inflation. Employment and wage data do not yet show the kind of broad pressure seen in 2021 to 2023, he said, adding that inflation could peak around August or September.

Rate Hike and Financial Stability Concerns

Still, he said the BOK is likely to raise the policy rate in July, with Nomura expecting it to eventually reach 3.25 per cent. The move, he said, would be driven less by growth and inflation alone than by financial stability concerns, including the won and the housing market.

Park said the won is unlikely to strengthen to the 1,400-per-dollar level in the near term. Nomura's foreign exchange team expects the won-dollar rate to be at 1,470 by year-end and 1,420 in 2027, but upward pressure is likely to persist for now.

"A 25-basis-point hike would not change the direction of the exchange rate," he said, adding that, while a much larger move would be needed to have a decisive impact on the currency, such a scenario looks unlikely, given the burden higher rates would place on households and companies. (ANI)

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RIL launches AGM Digital Assistant on WhatsApp for 49th AGM in 2026

Asianet News Central — Sat, 13 Jun 2026 18:00:43 +0530

Reliance Industries Limited (RIL) has launched its AGM Digital Assistant on WhatsApp at +91 79771 11111 for the Company's 49th Annual General Meeting (Post-IPO), continuing a shareholder engagement initiative it pioneered in 2020.

Pioneering Shareholder Engagement

According to the media release by Reliance, "The 2026 edition marks the sixth consecutive year of the AGM chatbot, underscoring Reliance's focus on using technology to enhance the shareholder experience."

RIL is "the first company in India to offer a chatbot service to answer shareholder and investor queries pertaining to its AGM, making this one of the earliest large-scale deployments of a dedicated AGM chatbot in corporate India."

49th AGM and Key Features

The company said the 49th AGM will be held on Friday, 19 June 2026 at 2:00 PM through video conferencing via JioEvents.

Reliance said the Digital Assistant is "a one-stop platform for AGM-related information and support, offering instant access to AGM details, voting guidance, dividend and taxation information, key documents and links, FAQs and other shareholder services."

The company added that shareholders can access information on "remote e-voting, Insta Poll procedures, virtual AGM participation, query submission, AGM documents and other meeting-related processes."

According to Reliance, "The chatbot also provides direct access to support channels, including the dedicated AGM support email and registrar helpdesk details." It is "available 24x7" and "remains operational throughout the AGM period until the conclusion of the meeting."

Digital Strategy and Development

Reliance said the AGM Digital Assistant was developed by Jio Haptik, a RIL subsidiary and a leader in intelligent virtual assistants for businesses. The company said the initiative is part of its "broader digital engagement strategy to make shareholder participation simpler, more transparent and more accessible -- reinforcing RIL's commitment to digitally empower businesses and individuals through simple, smart and secure technology-enabled solutions."

Reliance said the AGM Digital Assistant is live today and has been activated on WhatsApp at +91 79771 11111 for RIL's 49th AGM (Post-IPO).

The company said RIL pioneered the AGM chatbot in 2020 and is the first company in India to offer the service.

Reliance further informed that the AGM will be held on Friday, 19 June 2026 at 2:00 PM via video conferencing on JioEvents.

Shareholders can save +91 79771 11111 and send a simple WhatsApp message saying "Hi" to begin.

Reliance said the platform offers instant access to AGM details, voting guidance, dividend and taxation information, key documents, links and FAQs.

The company said shareholders can access remote e-voting, Insta Poll procedures, virtual AGM participation, query submission and AGM documents through the menu-driven service.

Reliance added that dedicated AGM support email and registrar helpdesk details are available 24x7, and the chatbot remains live across the entire AGM period until the conclusion of the meeting.

As per RIL's Annual Report 2025-26, the Company has 44,21,289 shareholders. (ANI)

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Uday Kotak calls SpaceX IPO 'true test for capitalism', defies metrics

Asianet News Central — Sat, 13 Jun 2026 15:30:56 +0530

Uday Kotak on SpaceX Valuation

Founder and Non-Executive Director of Kotak Mahindra Bank, Uday Kotak, on Saturday described the blockbuster initial public offering (IPO) of SpaceX as a "true test for capitalism," saying the company's valuation defies conventional metrics and reflects a massive bet on humanity's future.

Commenting on the listing of the Elon Musk-led company, Kotak said in a post on X, "SpaceX IPO, listing, and beyond, is a true test for capitalism." He noted that the company's market value cannot be assessed through traditional frameworks, stating that "the valuation does not fit any traditional matrix and is a huge bet on the future course of planet earth." Kotak said the success or failure of such a valuation would ultimately depend on how the future unfolds. "Only time will tell whether we, the human race, have arrived into the fairy tale world we grew up in as children, or are in a mega bubble," he said.

Praising both entrepreneur Elon Musk and the ecosystem that enabled the company to grow, Kotak added, "Either ways, kudos to the man who came as an immigrant, and to the country that has allowed such boundless creativity to flourish despite all the risks it embeds."

Stellar Market Debut

His comments came a day after SpaceX made a stellar debut on public markets, drawing intense investor interest and becoming one of the most valuable listed companies in the world. Shares of SpaceX surged on their market debut, opening at USD 150 against an IPO price of USD 135 and later climbing to USD 164.

The rally propelled the company to become the sixth-largest US-listed firm by market capitalisation.

The IPO attracted strong demand from both retail and institutional investors as Musk pushes ahead with plans to expand artificial intelligence infrastructure into space through orbital data centres.

SpaceX raised USD 75 billion through the sale of nearly 556 million shares priced at USD 135 each, valuing the company at USD 1.77 trillion.

With the listing, SpaceX joined the elite club of trillion-dollar companies and became the first US company to debut on the stock market with a valuation exceeding USD 1 trillion. (ANI)

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ICICI Bank sees inflation at 5% in FY27, flags risk of rate hikes

Asianet News Central — Sat, 13 Jun 2026 15:00:28 +0530

Inflation is headed higher to 5.0 per cent in FY27 with core at 4.6 per cent, ICICI Bank Global Markets said, as West Asia conflict and a below-normal monsoon keep upside risks alive. The brokerage now sees a case for policy rates to be hiked by 50-75 bps, with the MPC already acknowledging higher H2 estimates.

"Inflation moved to 16-month high," ICICI Bank Global Markets noted in its June 12, 2026 report. CPI rose to 3.94 per cent YoY in May from 3.48 per cent in April, slightly below the firm's 4.05 per cent estimate but still showing broad-based pressure.

Key Inflation Risks

Food inflation accelerated to 4.8 per cent YoY from 4.2 per cent in April, core to 3.9 per cent from 3.7 per cent, and energy to 1.9 per cent from 0.4 per cent. Looking ahead, the brokerage flagged the conflict as a key risk. "The ongoing uncertainty around the resolution of the conflict could continue to impart an upside-bias to the inflation, with second-round impact of higher input costs seen across household items, appliances and other segments," ICICI Bank Global Markets said.

Monsoon and Food Price Concerns

A below-normal monsoon at -10 per cent of LPA adds another layer: rain-fed crops like coarse cereals, pulses, oilseeds and spices face production risk, while cereals remain better protected due to irrigation and stocks.

Food momentum is already turning. Vegetables inflation jumped to 5.7 per cent YoY in May, highest in 10 months, after five months of contraction. Tomatoes surged 26 per cent MoM, cauliflower 12 per cent MoM, cabbage 11 per cent MoM and potato 4.5 per cent MoM due to extreme heat. Eggs rose 2.6 per cent MoM, ready-made products 1.5 per cent MoM, milk and dairy 0.9 per cent MoM, and edible oils 0.8 per cent MoM.

On YoY basis, oil and fats and fresh meat both ran at 9.5 per cent, fruits and nuts 8.2 per cent, fish and seafood 7.5 per cent, and spices and seeds 6.8 per cent.

Rising Core and Energy Inflation

Core pressure is also firming. "Core inflation excluding jewelry rose to 2.4 per cent YoY from 2.2 per cent YoY given rising prices across restaurant services 5.7 per cent YoY, clothing and footwear 3.0 per cent YoY and household goods and appliances 1.9 per cent YoY," the brokerage said.

Energy inflation picked up as petrol, diesel, LPG, CNG and kerosene prices rose with global crude.

Rate Hikes Remain on the Table

With food prices dependent on monsoon distribution and El Nino risk, plus higher global food prices feeding through, ICICI Bank Global Markets expects inflation to average 5.0 per cent in FY27 versus RBI's 5.1 per cent. The recent dip in oil prices is a positive, but unless geopolitical risks ease quickly, rate hikes remain on the table. (ANI)

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RBI's Payments Vision 2028 to ease cross-border payment approvals

Asianet News Central — Sat, 13 Jun 2026 13:30:28 +0530

The Reserve Bank of India (RBI) is looking to simplify cross-border payment approvals and reduce regulatory friction for businesses and exporters as part of its Payments Vision 2028, according to an EY report, which identified cross-border payments as a key strategic priority for the next phase of India's digital payments growth.

In its report, Payments Vision 2028: Preparing to Shape India's Payment Frontier, EY said the RBI is moving beyond the earlier focus on expanding digital payment adoption and is now seeking to improve the efficiency of cross-border transactions and strengthen India's position in global payments.

Simplifying the Cross-Border Ecosystem

"Cross-border payments appear as a strategic priority, with proposed simplification of authorizations -- potentially through a single-window approach -- along with a comprehensive ecosystem review," the report said.

According to the report, the RBI plans a detailed review of the cross-border payments ecosystem to remove regulatory and operational bottlenecks, particularly for businesses engaged in international trade.

"The approach for 2028 is highly structured and efficiency-driven. The RBI plans a comprehensive review of the cross-border ecosystem to remove regulatory and operational frictions, specifically to aid MSME exporters," EY said.

The report noted that one of the key proposals under the Payments Vision 2028 framework is to examine the introduction of a "single-window application process" for cross-border payment authorisations under both the Payment and Settlement Systems (PSS) Act and the Foreign Exchange Management Act (FEMA).

"Crucially, to promote the ease of doing business, the RBI is looking to examine introducing a 'single-window application process' for cross-border payment authorization under both the PSS Act and FEMA," the report added.

EY said the focus on cross-border payments marks an evolution from the previous payments vision, which concentrated largely on the international expansion of domestic payment systems such as UPI and RuPay.

"The focus in the last round was on the initial global outreach of domestic systems like UPI, RuPay and NEFT/RTGS," the report said.

Broader Goals and a New Vision

The report added that the latest vision seeks to improve transparency and outcomes for exporters, businesses and MSMEs by simplifying approvals and creating a more efficient payments ecosystem.

Beyond cross-border payments, EY said the RBI's Payments Vision 2028 also emphasizes stronger user protection, fraud management, interoperability and data-driven oversight.

The report noted that the central bank is increasingly looking at artificial intelligence and data analytics to improve risk monitoring, fraud detection and policymaking.

"A key focus is the shift toward AI-led and data-driven oversight, including AI-queriable payments databases, to improve risk monitoring, fraud detection and policymaking," it said.

Summing up the broader direction of policy, EY said the new vision aims to position India as a global leader not only in payment volumes but also in payment system design and innovation.

"Payments Vision 2028 seeks to address these gaps and reposition India from a leader in payment volumes to a leader in payment system design, standards and global payment innovation," the report said. (ANI)

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Nifty target trimmed to 26,449 amid geopolitical risks: Brokerage

Asianet News Central — Sat, 13 Jun 2026 13:30:26 +0530

Prolonged geopolitical uncertainty can add to sharp swings, but markets are unlikely to breach recent lows, Prabhudas Lilladher said, even as it trimmed its 12-month Nifty target to 26,449 from 27,080 earlier. The brokerage expects the West Asia conflict, crude spikes and supply-chain disruptions to test consumption and fiscal math from 2Q27, but sees selective themes like Private Banks, Defence, Renewables and Semiconductors outperforming.

Economic Headwinds and Fiscal Concerns

"We believe that the full impact of higher daily essentials, EL Nino, rising inflation has the potential to curtail consumption demand from 2Q27," Prabhudas Lilladher said in its report on Friday. The firm flagged a potential Rs4-5 trillion incremental fiscal burden from higher subsidies for fertilizers, food and fuel, plus loss of excise on petroleum products. "We don't rule out the possibility of repo rate hike from 2H27," it added, citing inflation pressures.

Nifty Valuation and EPS Outlook

Nifty has already priced in part of the stress, falling 7.2 per cent over the past two months and 15.4 per cent from 52-week highs as crude prices spiked and global supply chains frayed. The brokerage cut FY27/28 Nifty EPS by 0.9 per cent/0.8 per cent to Rs1,344/Rs1,538, implying 15.9 per cent CAGR over FY26-28. That puts its estimates 2.5 per cent/3.4 per cent below consensus. Despite the cuts, valuation cushion exists: Nifty trades at 16.5x one-year forward EPS, a 13.6 per cent discount to the 15-year average of 19.1x and 18.7 per cent below the 10-year average of 20.3x. Prabhudas Lilladher valued the index at a 10 per cent discount to the 15-year average PE of 17.2x to arrive at the 26,449 target.

External Account Risks

The external account remains a watchpoint. "Balance of trade including services remain comfortable, however sustained FII selling, pressure on remittances and crude spikes are placing the currency under stress," the brokerage said. Remittances at USD120bn annually, with USD40bn from the Middle East, are vulnerable if geopolitical risks persist.

Sectoral Strategy and Recommendations

On sector strategy, Prabhudas Lilladher said India's dependence on imported crude, fertilizers, rare earths, semiconductors and critical technologies has exposed fissures despite resilient growth. It advised investors to play domestic capex and import-substitution themes. "We believe Private Banks, NBFC, Metals, Capital Goods, Defence, Data Centers, Renewables, Railways, Ports, Ship Building, Semiconductors and Healthcare are themes to play," it said.

The brokerage remained cautious on IT Services, Consumer, Chemicals, Agri and Oil and Gas, expecting higher input costs and demand pressure to weigh on margins. (ANI)

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Agri credit demand to stay strong in 2026-27, says NABARD official

Asianet News Central — Sat, 13 Jun 2026 13:01:00 +0530

Demand for agricultural and rural credit is expected to remain strong in 2026-27, supported by higher input costs, wider Kisan Credit Card (KCC) coverage and increasing investments in allied activities, mechanisation and agricultural infrastructure, according to NABARD Deputy Managing Director Ajay Kumar Sood.

Speaking to ANI, Sood said the demand for farm credit has grown significantly over the past decade and is expected to continue rising, although at a gradual pace. "Yes, it will definitely improve. We will see some steady improvement. As far as the latest figures are concerned, if I compare these figures since 2014-15, the agricultural credit disbursement was around Rs 8.5 lakh crore. Now, if I compare it with 2025-26, it's around Rs 30 lakh crore, which too is provisional. So it's expected to rise further," Sood told ANI when asked whether demand for agricultural and rural credit is improving this financial year.

Outlook for 2026-27

On the outlook for the next financial year, he said, "For 2026-27 also, demand will be very resilient, though it may be a more gradual pace of growth. Growth is basically happening because it is driven by higher input costs, enhanced KCC coverage and rising credit absorption in allied activities, mechanisation and agri-infrastructure."

Shift Towards Long-Term Investment

Sood noted that the structure of agricultural lending is gradually changing, with a greater focus on long-term investment credit rather than short-term crop loans. "The composition of the credit itself is now evolving with a greater emphasis on investment-led term lending, which is reflecting a gradual shift from a short-term crop loan towards more capital formation in agriculture," he said.

He added that the shift would improve the sector's ability to absorb credit and support long-term growth.

Rising Borrowing Costs a Challenge

At the same time, Sood cautioned that rising borrowing costs remain a challenge for farmers and other rural borrowers. "If I talk of the farmers, the farming community operates on a very thin margin, maybe 5-10 per cent. So even if there is a 100 basis point increase in interest rates, it can significantly erode their profitability. And that too, particularly for small and marginal farmers who form a major chunk of the operational holding, around 86 per cent are small and marginal farmers," he said.

According to Sood, higher interest rates could also affect access to affordable credit for Self-Help Groups (SHGs) and impact the expansion plans of rural micro, small and medium enterprises (MSMEs).

NABARD's Support Measures

To support rural lending, NABARD extended around Rs 4.5 lakh crore in concessional refinance assistance and targeted short-term refinance products during 2025-26. "Through our refinance support, during 2025-26 itself, we have provided around Rs 4.5 lakh crore concessional refinance assistance and targeted short-term refinance products. We are providing this relatively lower-cost liquidity to the rural financial institutions, reducing their dependence on high-cost borrowings and enabling sustained lending to farmers, SHGs and rural MSMEs," he said.

Resilience Against Global Shocks

On concerns over global geopolitical tensions and their impact on agriculture, Sood said India is well-positioned to manage any potential disruptions arising from developments around the Strait of Hormuz. "The domestic buffer stocks of wheat and rice are robust. Food inflation was subdued in 2025-26. The government has assured fertilizer availability for Kharif 2026-27 through proactive sourcing from alternate origins. Urea prices remain unchanged and domestic LNG availability for fertilizer manufacturing has improved," he said.

Limited Impact of Input Costs

Sood added that any increase in fertilizer-related costs would have a limited impact on overall farm production expenses. "As far as fertilizer and irrigation are concerned, which are the two very important sources of the production cost, they only account for around 11 per cent of the total crop production cost. Therefore, limiting their input cost pressures from the Hormuz shock," he said.

He also highlighted government initiatives such as the National Mission on Natural Farming, PM-KUSUM and the National Green Hydrogen Mission, saying they would help strengthen the farm sector's resilience against external shocks. (ANI)

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Gold could hit record $6,000/oz by 2026 despite weakness: Report

Asianet News Central — Sat, 13 Jun 2026 13:00:51 +0530

Gold prices could climb to fresh record highs by the end of 2026 despite recent weakness in investor interest and a period of sideways trading, according to a latest commodities research report by JP Morgan Global Research.

The report said gold is expected to average USD 6,000 per ounce in the final quarter of 2026, with prices potentially rising further to USD 6,300 per ounce by the end of 2027. "The 2026 and 2027 outlook for gold prices remains ahead of current levels, with JP Morgan Global Research analysts expecting gold to push $6,000/oz by year end, and $6,300/oz a possibility for 2027," the report said.

Despite Current Market Weakness

The outlook comes even as gold prices have lost momentum in recent months. According to the report, spot gold prices rallied strongly at the start of 2026 before cooling in March and recently touching an intra-year low of USD 4,170 per ounce.

JP Morgan said uncertainty surrounding geopolitical developments and monetary policy continues to shape the outlook for the precious metal. "Future demand and price stability seem to depend on the resolution of ongoing geopolitical conflicts and on Fed policy - neither of which are certain at this time," the report noted.

Greg Shearer, Head of Base and Precious Metals at JP Morgan, said investor enthusiasm for gold has moderated for now. "Gold is stuck in a bit of a technical no-man's land, trudging above the 200-day moving average around $4,340/oz and capped for now below the 50-day moving average at $4,730/oz," Shearer said. "Amid this sideways plod, and with growing worries that the Fed might have to respond to energy-driven inflation with hikes, gold is on the back burner for most investors at the moment," he added.

Long-Term Drivers Intact

Despite that, the report said the factors that have driven strong gold demand over the past few years remain largely intact. According to JP Morgan, concerns over higher inflation, erosion of purchasing power, US fiscal pressures, geopolitical fragmentation and policy uncertainty continue to support demand for gold as a safe-haven asset.

Central Bank Buying Remains Strong

The report also highlighted the role of central banks, which have been a key driver of gold's rally in recent years. While official data showed central banks sold 129 tonnes of gold in the first quarter of 2026 and reported net purchases of only 16 tonnes, JP Morgan said alternative estimates suggest actual buying activity remained much stronger.

Citing World Gold Council estimates based on over-the-counter market data and Swiss refinery flows, the report said gold purchases in the first quarter of 2026 may have reached 244 tonnes, up from 208 tonnes in the previous quarter.

China Leads Gold Accumulation

China appears to be one of the major sources of demand, according to the report. "Chinese net imports of gold have inflected higher, coming in at 317 tons in the first quarter of 2026, up by nearly three times compared to the previous quarter," Shearer said.

"Furthermore, the People's Bank of China has ramped up its reported purchases, from around a one-ton-per-month pace for the six months through February to five tons in March and eight tons in April," he added. The report said China's gold accumulation appears to be part of a broader strategy to diversify reserves and strengthen the renminbi's position as an alternative reserve currency. (ANI)

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India's productivity lags Asian peers, gap with China widens: Report

Asianet News Central — Sat, 13 Jun 2026 12:30:25 +0530

India's labour productivity gap with China has widened by more than USD 30,000 per worker since 2000, despite decades of strong economic growth, with the country yet to achieve the industry-led productivity transformation seen in economies such as China, South Korea and Vietnam, according to an Equirus Securities research report.

The report, titled "Labour Productivity in Emerging Economies: Catch-up, Innovation, and now AI", said India's GDP per worker has more than tripled since 1995, but productivity gains have lagged behind some of its Asian peers. "India's productivity gap with China has widened by over USD 30,000 per worker in absolute terms since 2000, despite decades of strong GDP growth. India and Bangladesh today sit at near-identical productivity levels," the report said.

Divergence in Emerging Markets

The report noted that while emerging market labour productivity has grown steadily over the past three decades, the current phase is marked by sharp divergence across countries. It identified Vietnam as the standout performer in the post-pandemic period, driven by manufacturing-led foreign investment, while India continues to face structural constraints.

According to Equirus, India has "not yet executed the industry-led productivity leap that China, Korea, and Vietnam delivered in their high-growth phases."

Impact of Economic Shocks

The report said India's labour productivity growth accelerated to 5.3 per cent annually in the 2000s on the back of the IT and services boom, but slowed to 3.4 per cent in the 2010s due to a series of economic disruptions. It pointed out that India's productivity performance suffered from "the demonetisation shock (2016), GST implementation disruption (2017), and NBFC liquidity crises" that weighed on the informal economy.

The report also highlighted the severe impact of the pandemic on India's productivity. "India's COVID shock (-12.3% in 2020) was the sharpest in this dataset - a direct consequence of informal sector dependence, migrant labour exposure, and strict lockdowns," it said.

Services-Manufacturing Divide and Policy Impact

While productivity growth has recovered in recent years, Equirus said the rebound remains uneven because India's most productive sectors account for a relatively small share of employment. "The services-manufacturing divide means India's headline productivity is highly uneven. If services are stripped out, productivity growth in goods-producing sectors has been far more modest," the report noted.

It said schemes such as the Production Linked Incentive (PLI) programme and the China+1 investment shift are supporting growth in sectors including electronics, pharmaceuticals and auto components. However, these gains have not yet translated into a structural increase in manufacturing's contribution to the economy.

"The PLI scheme and China+1 FDI thesis are real tailwinds - electronics, pharma, and auto components are showing genuine output gains. But manufacturing's share of GDP has not structurally risen," the report said.

Barriers to Growth and Path Forward

Equirus identified labour market rigidities and high logistics costs as key barriers to stronger productivity growth, noting that logistics costs remain around 13-14 per cent of GDP compared with 8-9 per cent in China.

The report concluded that India's long-term fundamentals remain favourable due to its demographic profile, capital markets, foreign investment inflows and digital infrastructure. However, it cautioned that sustaining higher productivity growth would require deeper structural reforms beyond capital expenditure and incentive schemes. "The current administration's focus on capital expenditure and PLI is necessary but not sufficient - transportation costs, commodity pressures, land reforms; would be crucial to push the needle towards a high-productivity story akin to China," it said. (ANI)

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India's FTAs to boost manufacturing, aim for $1T exports by 2030

Asianet News Central — Sat, 13 Jun 2026 11:30:23 +0530

India's new generation of Free Trade Agreements can act as a catalyst for manufacturing expansion, private capex revival and supply-chain integration, with Electronics, Pharmaceuticals and Engineering & Machinery Goods positioned as the strongest beneficiaries.

Yes Securities said the agreements, combined with PLI schemes and "China+1" diversification, give India its clearest shot yet at achieving US$1 trillion in merchandise exports by 2030.

A New Economic Strategy

"India's recent wave of FTAs marks a fundamental shift in economic strategy from cautious protectionism toward deeper global trade integration," Yes Securities said in its report. The report said FTAs are no longer just about tariffs. "These FTAs are not merely trade agreements but represent the foundation of a multi-year industrial and export-led growth cycle," Yes Securities noted.

Agreements with the UAE, Australia, UK, EFTA, Oman, New Zealand and the EU are being implemented alongside industrial corridors, port upgrades and supply-chain localization. That mix, the brokerage said, makes India one of the few economies with the scale, labour force and domestic market size to absorb large manufacturing relocation.

Reviving Private Investment

The biggest transmission mechanism may be investment. "One of the strongest arguments in favor of FTAs is their potential ability to revive India's stagnant private investment cycle," Yes Securities said. With capacity utilization around 75%, companies lack confidence for large capex. Exports through FTAs can provide sustained demand, improve utilization and economies of scale, and eventually trigger stronger private-sector investment, mirroring the East Asian path where exports catalyzed manufacturing expansion and capital formation.

Services Sector as a Parallel Engine

Services are expected to remain a parallel engine. India is targeting US$2 trillion in total exports by 2030, split evenly between merchandise and services. Yes Securities said UK and EU agreements improve access for IT services, consulting, engineering R&D and financial services, reinforcing India's edge in skilled labour and technology.

Domestic Competitiveness: The Primary Challenge

But the brokerage cautioned that market access alone is not enough. "The strongest counterargument is that India's primary challenge lies not in market access but in domestic competitiveness," it said. Merchandise exports grew at just 3.5% CAGR over 2015-2025. Structural bottlenecks like high logistics costs, expensive power, compliance complexity and lower labour productivity remain. Without fixing these, FTAs could widen trade deficits if imports rise faster than exports. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

World Bank lowers 2026 global growth forecast to 2.5% amid conflict

Asianet News Central — Sat, 13 Jun 2026 11:00:30 +0530

The World Bank has lowered its global growth forecast for 2026 to 2.5 per cent, warning that the conflict in the Middle East has triggered a fresh shock to the global economy by disrupting energy markets, fuelling inflation and weakening growth prospects across much of the world.

Global Growth Slowdown

In its latest 'Global Economic Prospects' report released in June 2026, the World Bank said, "The global economy is facing another major shock. The conflict in the Middle East has triggered sharp increases in energy prices, renewed inflationary pressures, and fueled expectations of tighter monetary policy." The multilateral lender projected global growth to slow from 2.9 per cent in 2025 to 2.5 per cent in 2026, calling it "the lowest rate since the COVID-19 pandemic."

It said the slowdown reflects weaker prospects for energy-importing economies and countries directly affected by the hostilities. According to the report, the conflict has sharply altered the global outlook, with "about two-thirds of economies around the world facing weaker growth prospects."

Surging Energy and Commodity Prices

The World Bank said disruptions to energy and commodity supplies from the Gulf region have led to a sharp rise in prices. "Overall, commodity prices are expected to rise by 22 percent in 2026, in contrast to the 7 percent decline expected in January," the report noted.

It added that the disruptions are expected to keep energy prices elevated, with "the Brent crude oil price averaging USD 94/barrel (bbl) in 2026, an increase of 36 percent over 2025 and more than 50 percent above the January projection." European natural gas prices are also projected to rise by about 30 per cent this year due to tighter global LNG availability.

Renewed Inflationary Pressures

The report said higher energy costs have reignited inflationary pressures globally. "The increase in commodity prices has led to a notable resurgence of inflationary pressures," it said, adding that headline inflation expectations have risen across both advanced and developing economies.

Warning of Further Escalation

The World Bank warned that the economic fallout could worsen if the conflict escalates further. "A renewed escalation of hostilities or more prolonged disruptions to commodity flows could further raise commodity prices, intensify inflationary pressures and food insecurity, trigger financial stress, and lower growth," the report said.

In its downside scenario, the World Bank said global growth could slow dramatically. "If energy supply disruptions prove more severe than assumed and are accompanied by substantial financial stress, global growth could fall to just 1.3 per cent in 2026."

AI as a Potential Growth Driver

Despite the gloomy outlook, the report identified artificial intelligence (AI) as a potential source of stronger future growth. "On the upside, broader investment in and adoption of artificial intelligence (AI) could lift activity," it said. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

India's Bio-Energy Future: Experts Call for Big Push on Implementation

Asianet News Central — Sat, 13 Jun 2026 10:30:47 +0530

India can turn bio-energy into a major export engine and a pillar of energy security, industry leaders said on the sidelines of India Bio-Energy Conference 2026, with calls for a single nodal agency, state-wise resource missions and a big push on implementation for bio-fuels and Sustainable Aviation Fuel.

A Push for Implementation and Unified Governance

"Time now for a big bank announcement and more importantly, the big bank implementation," said Lt Col Monish Ahuja (Retd), Co-Chair of the National Committee on Bio-Energy under the Trade Promotion Council of India. "Announcements we will make but we need to go on the implementation side for these bio-fuel projects and I think sky is the limit for India."

Ahuja said India's leadership is already visible through the Global Bio-Fuel Alliance launched during the G20 Presidency and the government's focus on Atma Nirbharta, energy security, net zero and carbon circularity. However, he flagged fragmented governance as the top challenge.

"Capital requirement for this sector, nodal agency for this sector... we still have multiple actions of government dispersed. Ministry of Agriculture for resource, Ministry of Housing and Urban Development, Ministry of Petroleum... Ministry of New and Renewable Energy, Rural Development, Finance Ministry... But where is one single port of call where the bio-energy sector can go?" he asked.

He suggested either a nodal ministry or an independent department to streamline decisions and funding. He also urged a targeted resource mission, adding, "Resource utilization mission should be the way. Target that the resource of agriculture residue per state, per district, that pinpointed number of development needs to be set," Ahuja said.

Looking outward, he said the Global South is watching India's model. "Africa, South East Asia, all the agrarian economies. India's model needs to go there and get replicated. From compressed bio-gas and 2G ethanol to sustainable aviation fuel, e-methanol for shipping, green hydrogen from biomass and bio-chemicals replacing petrochemicals, he called bio-energy "a molecule and the molecule is a circular clean molecule."

Indo-Dutch Partnership to Scale Technology

Rajesh Mehta, Senior Consultant for Energy & Materials Transition at TNO Netherlands, noted that PM Modi's May visit to the Netherlands produced a strategic partnership covering water, green hydrogen, bioeconomy and semiconductors.

"Companies are also moving forward with this excitement and trying to explore joint practice," Mehta said. TNO, which scales lab tech to pilot and deployment, is "really looking forward to engaging with the Indian counterparts... on how can we support them on the technology scalability and also deploying them for the Indian market."

Sustainable Aviation Fuel as a Major Export

On SAF, Rohit Kumar, Secretary General of the SAF Association, said India can meet domestic needs and export. "India has the potential to lead the SAF to the world... We have potential to be a leader in the bio-SAF and e-SAF," he said.

Kumar said India could produce 5 to 7% of global SAF, worth "15 to 20 billion dollars annually." Production is about to begin, with Indian Oil starting the first SAF plant at Panipat to meet a 1% blending target from next year.

The government has announced blending targets of 1% by 2027, 2% by 2028 and 5% by 2030, with Kumar saying, "We are waiting for the mandate and hopefully the mandate will come soon."

He added that a robust feedstock supply chain and airport infrastructure work are underway with oil marketing companies to keep carbon intensity low and prices competitive.

A Timely Initiative

With the West Asia energy crisis putting clean fuels in focus, leaders said the IBEC 2026 gathering of NITI Aayog, energy advisors and oil marketing companies signals readiness. As Ahuja put it, "I think it is time now." (ANI)

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Anthropic calls US directive a 'misunderstanding', works to restore AI

Asianet News Central — Sat, 13 Jun 2026 09:30:25 +0530

Anthropic said there is a "misunderstanding" behind the US government directive that forced it to suspend Fable 5 and Mythos 5, and the company is working to restore access as soon as possible. The AI firm also warned that if the government applies its current standard to narrow jailbreak findings, it would "essentially halt all new model deployments for all frontier model providers."

The company announced the suspension on Friday after receiving an export control directive citing national security authorities. The order requires Anthropic to block all access to Fable 5 and Mythos 5 by any foreign national, "whether inside or outside the United States, including foreign national Anthropic employees." Access to all other Anthropic models remains unaffected.

Anthropic Disagrees with Directive's Basis

Anthropic said it disagrees with the basis of the directive but is complying while engaging with officials. "We are complying with the government's legal directive and are removing access to Fable 5 and Mythos 5 for all users. However, we disagree that the finding of a narrow potential jailbreak should be cause for recalling a commercial model deployed to hundreds of millions of people," Anthropic stated.

The company said the government cited a potential jailbreak but provided no specific details. "Our understanding is that the government believes it has become aware of a method of bypassing, or 'jailbreaking' Fable 5," Anthropic said. After reviewing a demonstration, it found the technique surfaced "a small number of previously known, minor vulnerabilities" that "other publicly-available models are able to discover... without requiring a bypass."

Defense of Fable 5's Safeguards

Anthropic defended Fable 5's safeguards and testing. "We have instituted strong safeguards that greatly reduce the likelihood that Fable is misused for tasks related to cybersecurity... In fact, our safeguards are so strong that many users have complained that they are overly broad," the company said.

It added that pre-launch red-teaming with the US government, UK AISI, multiple third-party organizations and internal teams ran "for thousands of hours in total" and showed Fable's safeguards are "substantially more effective than those of any previously deployed model." It also noted "no testers have yet been able to find a universal jailbreak."

Jailbreak Concern 'Widely Available' Capability

On the specific concern, Anthropic said the capability cited is widely available. "To date, the government has only given us verbal evidence of a potential narrow, non-universal jailbreak, which essentially consists of asking the model to read a specific codebase and fix any software flaws," Anthropic said.

"We validated that the level of capability displayed there is widely available from other models including OpenAI's GPT-5.5, and is used every day by the defenders who keep systems safe."

Call for a Clearer Regulatory Process

The company said it supports government authority to block unsafe deployments but wants a clearer process. "As we have stated publicly, we believe the government should have the ability to block unsafe deployments, as part of a statutory process that is transparent, fair, clear, and grounded in technical facts. This action does not adhere to those principles," Anthropic said.

It added it will share more details over the next 24 hours while working to restore access. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

Gold, Silver Rates Today (June 13): Gold Soars Above Rs 1.45 Lakh, Silver Holds Strong

Deevika NM — Sat, 13 Jun 2026 09:16:35 +0530

Gold and silver prices witnessed a strong upward trend on June 13, supported by gains in international bullion markets and rising investor demand for safe-haven assets. Precious metals remained in focus as global economic uncertainty, geopolitical tensions, and expectations surrounding interest rate decisions continued to influence market sentiment.

Gold prices moved closer to the psychological Rs 1 lakh mark per 10 grams in several Indian cities. According to the latest market rates, 24-carat gold traded above Rs 1.45 Lakh per 10 grams, while 22-carat gold crossed Rs 1.36 Lakh per 10 grams. The rally follows renewed buying interest in bullion as investors seek protection against inflation and market volatility.

Major cities including Delhi, Mumbai, Kolkata, Chennai, Bengaluru and Hyderabad recorded higher gold prices compared to the previous trading session. The gains were in line with international trends, where spot gold and COMEX gold futures strengthened amid growing demand for safe assets.

Gold & Silver Rates Today (June 13, 2026)

City	22K Gold (Rs /10 gm)	24K Gold (Rs /10 gm)	Silver (Rs /kg)
Delhi	Rs 1,36,360	Rs 1,45,830	Rs 2,60,100
Mumbai	Rs 1,36,210	Rs 1,48,590	Rs 2,60,100
Kolkata	Rs 1,36,210	Rs 1,48,590	Rs 2,60,100
Chennai	Rs 1,38,010	Rs 1,50,560	Rs 2,60,100
Bengaluru	Rs 1,36,210	Rs 1,48,590	Rs 2,60,100
Hydearbad	Rs 1,36,210	Rs 1,48,590	Rs 2,65,100

Rates may vary slightly across jewellers due to making charges, local taxes and logistics costs.

Also Read: Gold, Silver Prices Today: Yellow Metal Recovers, Silver Rallies; Check Latest City-Wise Rates

Silver prices also remained firm, extending their recent rally. The white metal traded above Rs 2.60 lakh per kilogram in several domestic markets, reflecting strong industrial and investment demand. Silver has outperformed many commodities in recent weeks, benefiting from its dual role as both a precious metal and an industrial input used in sectors such as solar energy, electronics and manufacturing.

Analysts attribute the rise in precious metals to a combination of factors, including geopolitical uncertainties, concerns over global economic growth and expectations that major central banks could adopt a more accommodative policy stance if economic conditions weaken. A softer dollar and fluctuating bond yields have also provided support to bullion prices.

Market experts believe gold and silver may continue to remain volatile in the short term, with investors closely monitoring developments in global financial markets. Any major changes in inflation data, interest rate outlooks or geopolitical tensions could influence the direction of bullion prices.

Despite elevated prices, demand for jewellery, coins, bars and investment products remains resilient in India. With the wedding season, festive purchases and global market developments driving sentiment, both gold and silver are expected to remain key assets for investors seeking stability amid uncertainty.

Also Read: Gold, Silver Prices Today (June 11): Gold Rebounds; Silver Holds Above Rs 2.49 Lakh

India's inflation gives RBI room to hold rates despite food, fuel risks

Asianet News Central — Sat, 13 Jun 2026 09:00:32 +0530

India's inflation trajectory is giving the Reserve Bank of India more room to hold rates through Q1FY27, but food and fuel risks could still flip the script in H2. Yes Securities expects headline CPI for Q1FY27 to undershoot RBI's 4.2 per cent forecast as the May print at 3.93 per cent YoY and benign base effects keep the average low. However, building momentum in vegetables, core services and pump prices, plus the looming El Nino threat, means RBI will likely stay "data-dependent" rather than front-load any August rate hike.

May CPI Rises, Core Inflation Inches Higher

Headline CPI for May rose to 3.93 per cent YoY from 3.48 per cent in April, driven by a 0.75 per cent MoM gain -- the strongest since April. Transport led with petrol/diesel pump prices up 1.9 per cent MoM, while Restaurant & Accommodation Services rose 1.8 per cent and Personal Care 1.2 per cent. Core CPI also inched higher to 3.9 per cent YoY from 3.7 per cent in April, with sequential momentum picking up to 0.50 per cent from 0.35 per cent.

Food Inflation: The Key Watchpoint

Food inflation is the key watchpoint. Food and Beverages inflation accelerated to 4.5 per cent YoY from 4.0 per cent in April, with MoM surge of 0.9 per cent vs 0.2 per cent earlier, according to the brokerage.

Vegetable Prices Spike

Vegetables reversed months of deflation with a 2.45 per cent MoM jump. Tomato prices spiked 25.6 per cent MoM, potato 4.5 per cent and onion 2.10 per cent. Ready-made food also accelerated to 1.6 per cent MoM from 0.7 per cent. While fruits and nuts saw a 0.45 per cent MoM degrowth, "rising risks from food inflation, particularly in the context of El Nino, continue to warrant concern going forward," the report noted.

Fuel Inflation Turns Positive

Fuel inflation turned positive at 0.4 per cent MoM after the print came in negative to -0.05 per cent in April. Annually, it stood at 0.8 per cent YoY. Electricity remained in deflation at -3.1 per cent YoY, but coal, kerosene and biogas provided upside. RBI has already revised oil assumptions to USD 95/bbl for policy calculations, vs USD 85 earlier, and under-recoveries of Rs 6/litre on petrol and Rs 30/litre on diesel suggest "one cannot rule out further increases in pumphead prices".

Core Pressures Creeping Up

Core pressures are also creeping up. Personal Care & Miscellaneous rose to 18.5 per cent YoY, driven by silver jewellery up 155.2 per cent YoY and other precious metals up 40.9 per cent after higher import duties from May 13. Restaurant & Accommodation services hit 5.7 per cent YoY vs 4.2 per cent earlier.

Outlook on RBI Rate Hikes

With May at 3.93 per cent, June would need to breach 5 per cent for Q1FY27 to meet the RBI's 4.2 per cent estimate. Yes Securities' June projections suggest an undershoot. That gives RBI comfort to delay hikes. "While we had earlier indicated the possibility of a rate hike in the August meeting, we now assign a lower probability to that outcome and reiterate that the RBI will remain data-dependent," the report said. Brent's fall to USD 86/bbl and possible US-Iran deal add uncertainty, making the RBI likely to assess second-round effects before acting. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

Panel hears Power Min, NEEPCO on Atmanirbhar power sector goals

Asianet News Central — Sat, 13 Jun 2026 04:30:41 +0530

The Parliamentary Standing Committee on Energy on Friday heard views of the officials of Power Ministry and North Eastern Electric Power Corporation Limited (NEEPCO) on the role of power sector statutory bodies and PSUs in the development of Atmanirbhar power sector with acting Chairman of the panel Jagdambika Pal stating later that India is making fast progress in its renewable energy targets.

"The meeting was very good. You are quite aware of the NTPC and subsidiary of the NTPC, North Eastern Electric Power Corporation Limited (NEEPCO) which has been given a mandate to provide 24x7 power supply to the northeast area," Jagdambika Pal told ANI later.

"We have discussed it in detail today. The members also made some queries about power generation, financial performance and some other issues related to renewable energy and gas based plant," he added.

The agenda of the meeting was 'Role of Power Sector Statutory Bodies, PSUs and Institutions in development of Atmanirbhar Power Sector'.

Progress towards a self-reliant power sector

On India's progress towards achieving self-reliance in the power sector, Jagdambika Pal said the government has maintained a strong focus under Prime Minister Narendra Modi's leadership.

Referring to India's clean energy targets, he said the country remains committed to expanding non-fossil fuel-based power generation capacity.

He said India is on course to achieving its renewable energy and net zero targets.

Chairman of Committee Shrirang Appa Chandu Barne could not come for the meeting as his flight got cancelled due to weather conditions. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

India's retail inflation rises to 3.93% in May, experts warn more

Asianet News Central — Sat, 13 Jun 2026 04:30:20 +0530

India's retail inflation rose to 3.93 per cent in May from 3.48 per cent in April, according to data released by the National Statistics Office (NSO) on Friday with experts attributing the rise to broad-based pressures across food and non-food segments and warning of further increase in the coming months.

Expert Forecasts and Concerns

According to Dipti Deshpande, Principal Economist, Crisil Ltd, the impact of the West Asia conflict is starting to percolate household budgets. "Crisil expects CPI inflation to rise to an average 5.1% this fiscal, from 2.0% last fiscal, with risks from higher fuel prices, currency depreciation, second-round effects and potentially weak rainfall."

Noting over 40 basis-point jump in retail inflation in May 2026 was largely anticipated, Sujan Hajra, Chief Economist & Executive Director, Anand Rathi Group said "both food and fuel inflation are likely to remain on an upward trajectory in the months ahead." "Our assessment is that headline retail inflation could breach 6% at some point over the next six months. Even so, the Reserve Bank of India may refrain from adopting a decisively hawkish stance, provided core inflation remains anchored around 4% and inflationary pressures do not become broad-based."

Urban Inflation Accelerates

Debopam Chaudhuri, Chief Economist at Piramal Group, noted that inflation is accelerating faster in urban areas compared to rural regions. "This could further erode purchasing power among urban households and weigh on discretionary consumption demand," she said.

Impact on Real Estate

For real estate sector, the industry remains stable as per Vivek Rathi, National Director- Research, Knight Frank India. Noting that housing inflation has continued to be moderate, Rathi noted "the sector has not become a significant source of price pressures in the economy."

"Going forward, the interplay between global commodity prices, and domestic inflation expectations will be critical in shaping the macroeconomic environment and the interest rate outlook," said Rathi. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

SpaceX IPO: Shares surge as Musk's firm hits trillion-dollar club

Asianet News Central — Fri, 12 Jun 2026 22:31:08 +0530

Shares of SpaceX surged on their market debut, opening at $150 against an IPO price of $135 and later climbing to $164, propelling the Elon Musk-led company to become the sixth-largest U.S. firm by market capitalisation.

The IPO saw massive interest from both retail and institutional investors as Musk prepares to take the AI battle to space with his ambitious plans to make orbital data centres.

Blockbuster IPO Details

SpaceX raised USD75 billion from the public by selling nearly 556 million shares priced at USD135 at a valuation of USD1.77 trillion. With the public listing, SpaceX has joined an elite club of companies having a valuation of over a trillion dollars. SpaceX also became the maiden US company to list with more than a trillion-dollar valuation.

Earlier, the company's president Gwynne Shotwell rang the market opening bell with Musk participating in the event virtually from Texas. The SpaceX stock is trading under the ticker SPCX on Nasdaq, giving an opportunity to individuals to freely trade in the company's shares.

Musk's Vision for a Multiplanetary Future

The rocket, satellite and AI company, which was started by Musk 24 years ago, is at the frontier of space exploration with ambitions ranging from multiplanetary civilization to data centres in space. "SpaceX is about taking fiction out of science fiction," Musk said during the opening bell ceremony. Musk added that other companies were not working on technology that would "make life multiplanetary".

Musk said that he was not sure of SpaceX's success but wanted to give it a try. "I gave SpaceX less than 10% chance of succeeding at all. To be clear, in fact, Itold people this. I said, look, we're probably going to fail, but you know, should give it a try bvecause if we don;y, if there's not a new company that enters space, we will never be a truly space-beating civilisation," Musk said while celebrating the market debut of SpaceX with fellow colleagues in Texas.

Elon Musk Becomes First Trillionaire

With the blockbuster listing, Musk has become the first person on the planet to become a trillionaire. Majority of Musk's wealth comes from his massive shareholding in SpaceX in which he also holds dominant voting rights that allows him to steer the company in the direction he wats.

Company's AI and Infrastructure Focus

"Founded in 2002, SpaceX is the only company building the integrated hardware and software infrastructure of the future across space, connectivity, and AI," SpaceX said in its prospectus. The AI unit xAI was founded in 2023 and acquired by SpaceX in early 2026. The company is rapidly scaling its compute infrastructure and boasts one of the largest compute clusters - COLOSSUS abd COLOSSUS II.

The company is also planning Terafab facility, a chip manufacturing initiative with Tesla and Intel that aims to further extend the vertical integration to chip design and manufacturing.

A Unique IPO Strategy

Musk upended the norms in IPO pricing by choosing a fixed price rather than opting for a range that lets gauging of investor interest at different price points. Musk chose a take-it-or-leave-it approach for the SpaceX IPO relying on the legion of supporters to back SpaceX just as they did to Tesla.

Impact on Markets and Stakeholders

SpaceX will soon be a part of Nasdaq 100 index as the stock exchange changed its rules in March for speedier entry of megacap listings. The inclusion will automatically make SpaceX a part of many passive index funds indirectly making the company a part of many individuals' portfolio.

The SpaceX IPO has also come as a boon for thousands of current and former employees by making them millionaires. The SpaceX debut is happening at a pivotal moment for AI as the wave sweeps stock markets lifting many AI-linked shares to record highs. The listing will also be a test that will gauge investor appetite for upcoming big-ticket AI listings with Anthropic and OpenAI slated to go public later this year.

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

SEBI reviewing LODR, delisting frameworks to deepen capital markets

Asianet News Central — Fri, 12 Jun 2026 21:30:55 +0530

Review of Key Market Regulations

Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey on Friday said the market regulator is reviewing key regulations, including the Listing Obligations and Disclosure Requirements (LODR) framework and the delisting framework, while also working with the Reserve Bank of India (RBI) to introduce derivatives on bond indices as part of efforts to deepen India's capital markets.

Addressing the ET Now Market Summit in Mumbai, Pandey said, "The LODR framework is currently under review to make it more responsive to emerging governance and disclosure requirements. We will also review the delisting framework further. A well-developed capital market must provide fair entry and fair exit."

Easing Access for Foreign Investors

Outlining SEBI's roadmap, the Chairman said the regulator's focus would be on reducing market friction, deepening markets and ensuring responsible growth. On foreign investments, Pandey said SEBI would continue efforts to simplify access for global investors. "For foreign investors, we will continue to ease access through simplifying KYC and a risk-based review of disclosure requirements. We will work with other regulators to ease the KYC process for NRIs," he said. He added that SEBI's objective is to provide the regulatory clarity sought by international investors, particularly during periods of global uncertainty.

Deepening Domestic Capital Markets

Highlighting measures to deepen domestic capital markets, Pandey said the Securities Lending and Borrowing mechanism and short-selling framework are being comprehensively reviewed. "Deepening the cash market is a priority. The Securities Lending and Borrowing and short selling frameworks are being comprehensively reviewed to facilitate inter-linkage between the cash and derivatives markets and enhance liquidity," he said.

Expanding Derivatives Ecosystem

The SEBI chief also indicated plans to expand India's derivatives ecosystem. "We will also be looking to bring in, along with RBI, derivatives on bond indices," he said. He further said development of longer-term futures and options contracts would be an important part of strengthening the derivatives market.

Capital Raising and Market Resilience

On capital raising activity, Pandey noted that despite global volatility, Indian markets have remained resilient. He said that in April and May of FY27, the capital market helped raise more than Rs 1.5 lakh crore, including around Rs 70,000 crore through equity and about Rs 86,000 crore through corporate bonds. He added that while IPO activity was relatively subdued during the period, the pipeline of upcoming public issues remains strong at around Rs 1.5 lakh crore.

Guidelines for AI in Capital Markets

The SEBI Chairman also announced that the regulator would issue detailed guidelines on the responsible use of artificial intelligence in capital markets. "SEBI will issue detailed guidelines on the responsible use of AI in capital markets," he said, adding that the regulator plans to integrate IOSCO's AI supervisory toolkit into its AI strategy for regulated entities.

SEBI's Regulatory Philosophy

Emphasising SEBI's regulatory approach, Pandey said, "At SEBI, our approach has been one of optimum regulation. Regulation which is effective, but not excessive. Regulation which reduces risk, while allowing innovation."

He reiterated that while SEBI would continue to support innovation and market development, it would act firmly against fraud, manipulation and any misuse of investor funds to protect market integrity and investor confidence. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

India gears up for DigiDukaan expansion to transform General Trade

Asianet News Central — Fri, 12 Jun 2026 21:30:51 +0530

India is gearing up for DigiDukaan's expansion as industry participants discuss digital transformation of India's General Trade ecosystem, as per a statement by the Ministry of Commerce & Industry.

According to the release, Department for Promotion of Industry and Internal Trade (DPIIT), collaborating with the Open Network for Digital Commerce (ONDC), hosted the CPG Roundtable - Bharat Commerce Chintan Shivir on Friday. "The roundtable brought together leaders from leading consumer goods companies, distributor networks, technology providers and logistics partners to discuss the digital transformation of India's General Trade ecosystem," the release added.

The Current State of General Trade

Currently, India's General Trade ecosystem, encompassing over 1.4 crore kirana stores, contributes nearly 75-80 per cent of FMCG sales. Yet, a large part of this network still relies on fragmented ordering systems, limited inventory visibility, and manual sales processes, leading to inefficiencies for retailers, distributors, and brands alike.

Benefits of DigiDukaan

DigiDukaan helps kirana stores boost margins by enabling direct procurement, offering greater visibility into schemes, better fill rates, and improved working capital management. For distributors, it expands market reach without extra field costs through digitised orders and collections, while enhancing retailer coverage. Brands benefit from direct access to retailer demand signals, shop-level data, and more efficient deployment and tracking of promotional schemes.

Early Success and Expansion Roadmap

According to the release DigiDukaan has gained early traction in Hyderabad, where more than 10,000 retailers and over 35 brands have been onboarded through Qwipo. DigiDukaan is scheduled to launch in Jaipur on 19 June 2026 through Salescode, with expansion planned across Mumbai, Bengaluru and Delhi-NCR in the coming months, as per release.

Addressing Ecosystem Challenges

As per the release, industry leaders discussed key challenges facing the General Trade ecosystem, including fragmented retailer engagement, rising sales-force costs, inventory inefficiencies, limited visibility into secondary sales and increasing competition from digital-first retail models. "Participants also explored how open digital infrastructure can improve retailer access, distributor productivity, demand planning and scheme effectiveness across the FMCG value chain," it added. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

Goyal in Switzerland to advance India-EFTA TEPA, deepen economic ties

Asianet News Central — Fri, 12 Jun 2026 21:30:21 +0530

Union Commerce and Industry Minister Piyush Goyal on Friday began his two-day visit to Switzerland with a series of high-level meetings aimed at deepening economic ties and advancing the implementation of the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA).

Meeting with Swiss President

Goyal met Swiss President Guy Parmelin and said the discussions focused on strengthening bilateral economic engagement, investments and strategic cooperation under the trade pact.

In a post on X, Goyal said, "An excellent meeting with Mr. Guy Parmelin, President of the Swiss Confederation." "Our discussions reaffirmed the strong and enduring partnership between India and Switzerland, with a shared commitment to further strengthening economic engagement, investment flows, and strategic cooperation under the India-EFTA Trade and Economic Partnership Agreement (TEPA)," he added.

Focus on Healthcare and Pharma Sector

The minister also co-chaired a meeting with Helene Budliger Artieda, State Secretary for Economic Affairs of Switzerland, and representatives of leading Swiss pharmaceutical and biotechnology companies.

Sharing details of the discussions, Goyal said he "began my visit to Switzerland by co-chairing a meeting with Ms. Helene Budliger Artieda, State Secretary for Economic Affairs of Switzerland, and representatives of leading Swiss pharmaceutical and biotechnology companies."

According to the minister, the meeting focused on expanding cooperation in research, innovation and investments in India's healthcare sector. "The discussions focused on strengthening collaboration in research and innovation, as well as on new investment opportunities for Swiss pharma companies in India's rapidly growing healthcare and life sciences sector," he said.

About the India-EFTA TEPA

Goyal is in Switzerland on June 12-13 as part of efforts to strengthen the India-Switzerland economic partnership and facilitate discussions on the implementation of TEPA.

The Trade and Economic Partnership Agreement between India and the four-member EFTA bloc - Switzerland, Norway, Iceland and Liechtenstein -- was signed on March 10, 2024 and came into force on October 1, 2025.

The agreement aims to boost trade, investments and economic cooperation between the two sides. TEPA marked a significant milestone in India's trade engagement with Europe, as it was India's first trade agreement with the EFTA bloc. The pact is expected to facilitate greater investment flows and create new opportunities for businesses across sectors including manufacturing, services, pharmaceuticals and innovation. India has steadily expanded its network of free trade agreements in recent years, including pacts with the UAE, Australia and the EFTA countries, while also concluding negotiations on agreements with other major trading partners. (ANI)

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QCI, FDDI sign MoU to boost India's leather and footwear sector

Asianet News Central — Fri, 12 Jun 2026 21:00:27 +0530

The Quality Council of India (QCI) and the Footwear Design and Development Institute (FDDI) have signed a Memorandum of Understanding (MoU) to strengthen the quality, testing, accreditation and skilling ecosystem in Bharat's leather and footwear sector.

According to the statement released by the Ministry of Commerce & Industry, "the collaboration aims to establish a structured framework for capacity building, certification, testing infrastructure development and quality ecosystem strengthening across key footwear clusters, including Agra, Bahadurgarh, Ranipet, Chennai, Calicut and Kanpur."

Focus on Skilling and Quality Management

Through this partnership, QCI and FDDI will jointly design and deliver need-based, outcome-oriented programmes for workers, MSMEs, supervisors, industry professionals and other stakeholders across the leather and footwear value chain. The initiative will focus on enhancing workforce skills, promoting personal certification, strengthening quality management practices, improving access to testing facilities and supporting laboratories in achieving accreditation, the statement added.

Roles and Responsibilities

QCI's Contribution

As part of the collaboration, QCI will provide technical guidance on accreditation principles, quality management systems and relevant standards. It will also support awareness initiatives for MSMEs on quality, testing, accreditation and applicable government schemes, while contributing to the development of joint monitoring frameworks, research studies, white papers and case studies.

FDDI's Role

FDDI will lead cluster-specific skilling and training programmes tailored to the requirements of different footwear hubs. It will also undertake mapping of testing and calibration laboratories, identify gaps in laboratory access, support the establishment of sample collection centres in underserved clusters and develop knowledge resources for industry stakeholders.

Framework for Worker Assessment

The MoU also envisages the creation of a multi-level worker assessment and personal certification framework, including Recognition of Prior Learning (RPL) pathways for semi-skilled and experienced workers who possess industry-relevant skills but may lack formal educational qualifications.

The MoU was signed by Secretary General, QCI, Chakravarthy T Kannan, and Managing Director, FDDI, Vivek Sharma (IRS), on behalf of their respective organisations.

The partnership is expected to contribute to the broader national vision of building globally competitive, quality-driven and future-ready manufacturing ecosystems in Bharat, particularly for MSMEs and workers engaged in the leather and footwear sector.

About QCI and FDDI

The Quality Council of India (QCI) is a premier autonomous body established by the Government of India. QCI promotes a culture of quality across products, services and processes that impact citizens' lives. As an independent institution, it facilitates credible third-party assessments through its constituent boards and divisions. The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, serves as the nodal department for QCI.

The Footwear Design and Development Institute (FDDI), under the Ministry of Commerce and Industry, Government of India, works in the areas of education, research, skill development, testing and certification for the leather and footwear sector. (ANI)

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Chhattisgarh gets Rs 9,580 crore investment proposals, 7000 jobs

Asianet News Central — Fri, 12 Jun 2026 20:30:20 +0530

Chhattisgarh's economy received a major boost as investment proposals worth Rs 9,580 crore were presented across sectors, including data centres, semiconductors, cement, and more, at the Investors Connect programme in Hyderabad on Friday, as per a statement by the State Government.

According to the release, these investment proposals are expected to create over 7000 direct job opportunities in the state. The proposals span multiple sectors, including data centres, cement, semiconductor and GPU infrastructure, solar energy equipment manufacturing, textiles, pharmaceuticals, and dairy processing.

'Chhattisgarh received investment proposals worth Rs 9,580 crore across sectors, including data centres, cement, semiconductor and GPU infrastructure, solar energy equipment manufacturing, textiles, pharmaceuticals and dairy processing at the Investors Connect programme held in Hyderabad on June 12, 2026," the release said.

According to the release, around 7 companies had submitted investment proposals that will likely generate approximately 7,800 direct employment opportunities in the state. "Seven organisations submitted investment proposals that are expected to generate approximately 7,800 direct employment opportunities," the release said.

CM Invites Investors to Chhattisgarh

Chief Minister Vishnu Deo Sai presented "Invitation to Invest" letters to prospective investors in the presence of Commerce and Industries Minister Lakhan Lal Dewangan, along with industrialists, investors, and business representatives.

Commenting on the development, Chief Minister Vishnu Deo Sai said that Chhattisgarh offers streamlined approvals, a single-window system, infrastructure support and industry-oriented policies. He invited companies from Hyderabad, particularly those operating in the IT, pharmaceutical and logistics sectors, to explore investment opportunities in the state.

The CM further said that the state has been organising investor outreach programmes in major cities across India and in countries including Japan and South Korea.

Sector-wise Investment Breakdown

As per the release, the state received proposed investment of Rs 4,200 crore for a data centre project, Rs 2,912 crore in the cement sector, Rs 1,000 crore for semiconductor and GPU infrastructure, Rs 700 crore for solar energy equipment manufacturing, Rs 528 crore in the textile sector, Rs 200 crore in pharmaceutical manufacturing, and Rs 40 crore in dairy processing and value addition."

"Together, these proposals amount to Rs 9,580 crore and are expected to generate approximately 7,800 direct employment opportunities," the release added. (ANI)

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Nestle India denies Maggi noodles infestation claims after FSSAI notice

Asianet News Central — Fri, 12 Jun 2026 20:01:26 +0530

Nestle India on Friday rejected allegations of infestation in a Maggi noodles packet after the Food Safety and Standards Authority of India (FSSAI) took cognisance of social media complaints and issued a notice to the company over the matter.

Nestle India Rejects Allegations

Rejecting the allegations, the company said its investigation and laboratory testing found no evidence of infestation on the batch and market samples.

"We categorically reject the allegations circulating on media basis an unverified account regarding the presence of infestation, allegedly on Maggi noodles," Nestle India spokesperson said in a statement.

"We are yet to receive the complaint sample from the complainant as the account is unreachable," the statement added.

It said a detailed representation, supported by all relevant facts, quality records from batch and market samples, test reports, has been submitted to the competent authorities.

The company said it follows strict food safety standards across its operations. "Nestle India maintains stringent quality and food safety standards across its manufacturing operations. We remain fully transparent with the authorities and are confident that the facts and evidence will conclusively establish the truth of the matter," the spokesperson said.

"We have performed our quality analysis on batch and market samples, for a comprehensive investigation to FSSAI Accredited lab and the report confirms with the quality standards including confirmation of absence of infestation of any nature," the statement added.

Complaint Origin and Market Reaction

The issue came to light after social media posts alleged the presence of insects or larvae in a Maggi packet, prompting FSSAI to take cognisance of the complaints and issue a notice to the company.

The development also weighed on investor sentiment, with Nestle India shares ending the day lower. The stock opened at Rs 1,431.10 and closed at Rs 1,375.70, down 3.29 per cent from the previous close. (ANI)

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Amazon India's two-wheeler store sees 2x growth, driven by Tier 2/3

Asianet News Central — Fri, 12 Jun 2026 20:01:06 +0530

Amazon India Sees 2x Growth in Two-Wheeler Sales

New Delhi [India], June 12 (ANI): Amazon India's two-wheeler store on Amazon.in has recorded 2x year-on-year growth, largely driven by Tier 2 and Tier 3 cities, as consumers increasingly choose premium and electric bikes alongside commuter models, according to a statement by Amazon.in.

Expanding Reach and Selection

Aman Lohan, Director - Home, Kitchen and Outdoors, Amazon India, said, "The two-wheeler buying journey in India is often long and can get overwhelming with multiple options, fuel types and price points to consider. This feels more restrictive when you have limited selection, especially beyond the metros. For customers, Amazon.in brings together the largest selection by brands, price points and fuel types in one place with full price transparency and the convenience of digital payments. For brands, it expands their reach. Over the last two years, we have built the selection, the tools and the reach to serve both and will continue to expand through the year,"

Shift Towards Premium and Electric Models

According to the release, buyers across all fuel types are increasingly opting for two-wheelers with premium features, connected technology, advanced safety systems, and strong long-term ownership value. The average two-wheeler purchased on Amazon.in now exceeds Rs 1 lakh, signalling a shift toward higher-spec models.

"Premium motorcycles grew nearly 5x year-on-year, while commuter bikes more than doubled and ICE scooters grew 1.5x during the same period. For electric two-wheelers, the Rs 1 lakh to Rs 1.5 lakh segment now accounts for over half of all EV demand on Amazon.in, a move away from entry-level options toward mid-premium electric mobility," the release added.

Surging Demand in Tier 2 and Tier 3 Cities

Additionally, "Kakinada, Tirupati, and Nellore in the South have shown the highest growth with up to 12x increase in bookings YoY. 2-wheeler bookings from Nagaur and Jind in the North and Jamnagar, Bilaspur and Rajkot in the West have grown up to 6x YoY." In the East, Purnia and Samastipur have seen up to 7x year-on-year growth, emerging as new demand hubs.

The trend reflects a clear behavioural shift, with consumers increasingly choosing to purchase two-wheelers online. Over the past 12 months, customers from more than 2,300 Tier 3 towns bought a two-wheeler on Amazon.in for the first time. (ANI)

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India must pivot from food-based ethanol for higher blends: Expert

Asianet News Central — Fri, 12 Jun 2026 20:00:57 +0530

Strategic Shift to 2G Ethanol Urged

To scale the use of E85 and E100 ethanol blends in India sustainably, an industry expert on Friday emphasised a strategic pivot away from food-based feedstocks toward second-generation (2G) ethanol and waste-based ethanol production. Speaking to ANI, Lt Col Monish Ahuja (Retd), Co-Chair, National Committee on Bio Energy, Trade Promotion Council of India (TPCI) said, "E85 and E100 have to be done. Secondly, food for energy or food for ethanol should not be done," on the sidelines of a bioenergy event.

While India has made significant strides with its E20 blending program, transitioning to higher blends like E85 (85% ethanol) and E100 (pure ethanol) creates a substantial surge in demand, estimated to be three to five times higher than current requirements. Relying solely on conventional crops like sugarcane and paddy to meet this volume risks intensifying the "food versus fuel" debate and placing further strain on water-intensive agricultural regions.

He said the current reliance on sugarcane, maize and rice, which require significant inputs such as water, fertiliser and electricity, cannot be the long-term pathway for scaling higher ethanol blending targets. "When we are saying maize, sugarcane, rice, water, fertiliser, free electricity and after that we convert it to ethanol, that would not be the way ahead," he said.

The Case for 2G and 3G Ethanol

Ahuja stressed that second-generation (2G) ethanol from agricultural residue and third-generation ethanol from waste gases must become the primary route for achieving higher blending mandates such as E85 and E100. "We need to do second-generation ethanol from the agricultural residue stream. We need to do third-generation ethanol from the waste gas stream. These are the technologies for the E85, E100 mandate," he said.

2G ethanol is produced from non-food sources, such as agricultural residues, forestry wastes, and secondary biomass, which helps avoid competition with human and animal food chains.

He noted that while India has already made significant progress in ethanol blending through the rollout of E20 petrol, future expansion must be carefully designed to ensure sustainability and food security. "The government has done fantastically well to get the E20 number. We are all proud of it," he said.

However, Ahuja cautioned that a portion of the current ethanol programme is linked to food-based feedstocks. "Almost 14 per cent of that E20 number comes from the food stream. Sugarcane, corn and rice," he said.

He argued that achieving E85 and E100 entirely through food-based sources would be difficult and could create pressure on food resources. "Are we saying that we are going to do E85, E100 from the food stream? Very difficult. Food security will be over energy security," he said.

Policy Support and Pricing Key for Deployment

According to Ahuja, alternative pathways such as sustainable aviation fuel (SAF), e-methanol and advanced biofuels derived from agricultural residues and waste streams will be essential for India's long-term energy transition and energy security goals.

He said the required technologies are already available both globally and within India, but large-scale deployment will depend on supportive pricing frameworks and policy measures. "There is, yes, global technology available; within India, technology is available. It is a question of pricing and deployment," he said.

Drawing a comparison with India's solar energy journey, Ahuja said early policy support and investments helped create a viable market that eventually drove down costs and attracted capital. He said a similar approach is required for ethanol and compressed biogas (CBG), where long-term policy certainty, market creation and competitive bidding mechanisms can encourage investment and accelerate adoption.

Ahuja expressed confidence that India has sufficient agricultural residue resources to support the growth of advanced biofuels if the right ecosystem is developed.

A Diversified Energy Mix for India's Transition

During the event, industry stakeholders also highlighted the need for a diversified fuel mix to support India's evolving energy landscape. On the sidelines of the same event, Ranjith Kumar, Chief Manager (RLNG/Gas Marketing), Indian Oil Corporation Limited (IOCL), told ANI that India's energy transition is unlikely to be centred around a single fuel and will instead involve multiple energy sources operating simultaneously.

"The energy transition in India will be gradual, with EVs, petrol, diesel, CNG and CBG co-existing in the overall fuel mix," Kumar told ANI in an exclusive interview.

He said India is unlikely to move away from fossil fuels in a single step and will instead adopt a diversified energy portfolio in which conventional fuels and cleaner alternatives complement each other.

Given the scale and diversity of India's energy demand, no single fuel is expected to dominate the transition process, he added.

Kumar further said established energy companies are well-positioned to adapt to the changing landscape because of their extensive infrastructure and retail networks. According to him, these strengths will help facilitate the gradual integration of bioenergy and other alternative fuels into the mainstream energy market while supporting the country's broader energy security objectives. (ANI)

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SpaceX debuts on Nasdaq; Elon Musk becomes world's first trillionaire

Asianet News Central — Fri, 12 Jun 2026 20:00:31 +0530

SpaceX President Gwynne Shotwell rang the market opening bell ahead a few hours ahead of the SpaceX commencement of trading on Nasdaq. The firm's CEO Elon Musk participated in the event virtually from Texas, while Shotwell along with a few SpaceX employees including the company's CFO Brett Johnsen, was at Nasdaq building in New York. The SpaceX stock will start trading in a few hours under the ticker SPCX on Nasdaq giving an opportunity to individuals to freely trade in the company's shares.

Blockbuster IPO Makes Musk a Trillionaire

SpaceX raised USD75 billion selling around 556 million shares priced at USD135 apiece at a valuation of USD1.77 trillion. Musk, who owns the bulk of the shares himself and dominates voting rights, became world's first trillionaire with majority of his earnings coming from the SpaceX holding. The SpaceX IPO saw blockbuster investor demand catapulting the company into an elite club of names with more than a trillion-dollar valuation.

Future Ambitions: From Space to AI

The rocket, satellite internet and AI company has ambitions ranging from multiplanetary civilisation to establishing data centres in space. "Founded in 2002, SpaceX is the only company building the integrated hardware and software infrastructure of the future across space, connectivity, and AI," SpaceX said in its prospectus.

Expanding Tech Infrastructure

The AI unit xAI was founded in 2023 and acquired by SpaceX in early 2026. The company is rapidly scaling its compute infrastructure and boasts one of the largest compute clusters - COLOSSUS and COLOSSUS II. The company is also planning Terafab facility, a chip manufacturing initiative with Tesla and Intel that aims to further extend the vertical integration to chip design and manufacturing.

Fast-Tracked to Nasdaq 100 Index

Unconventional IPO and Massive Investor Demand

The SpaceX IPO has also come as a boon for thousands of current and former employees by making them millionaires. A larger-than-usual tranche of the shares on offer were for retail investors among whom many are a dedicated legion of Musk's fanbase. Going against the norms, Musk fixed the IPO price at USD135 per share instead of going the usual route of setting a price range. That process allows to gauge investor interest for the IPO at various price points but Musk wanted to keep a take-it-or-leave-it approach and fixed the price at USD135 apiece. Even at that price point, there was massive interest for the SpaceX shares as the offer was oversubscribed 4x getting bids not just from individual investors but big asset managers and high networth individuals. A WSJ report said that Blackrock has placed an order worth USD5 billion for SpaceX shares.

A Pivotal Moment for AI Listings

The SpaceX debut is happening at a pivotal moment for AI as the wave sweeps stock markets lifting many AI-linked shares to record highs. The listing will also be a test that will gauge investor appetite for upcoming big-ticket AI listings with Anthropic and OpenAI slated to go public later this year. (ANI)

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Indian markets surge on US-Iran peace talks, Sensex gains 1,695 pts

Asianet News Central — Fri, 12 Jun 2026 16:30:48 +0530

Domestic equity benchmark indices witnessed a strong rebound on Friday, surging nearly 1.5 per cent each, as global risk sentiment improved sharply following signals of a possible breakthrough in tensions between the United States and Iran.

The rally came after US President Donald Trump indicated that Washington and Tehran could finalise a peace agreement as early as this weekend. The optimism was further reinforced by statements from Iranian officials suggesting progress in diplomatic engagement, raising hopes of a de-escalation in the prolonged conflict and easing concerns over disruptions to global energy supplies.

Oil Prices Fall on De-escalation Hopes

Investor sentiment received a significant boost as prospects of a truce triggered a sharp decline in crude oil prices. Brent crude futures fell around 4 per cent to trade below USD 87 per barrel, while WTI crude slipped more than 4 per cent to around USD 83 per barrel. Lower oil prices are viewed positively for India, one of the world's largest crude importers, as they help reduce inflationary pressures and improve the country's fiscal outlook.

Market Performance and Key Milestones

Reflecting the positive sentiment, the Sensex gained more than 1,695 points during the session to touch an intraday high of 75,608.02, while the Nifty crossed the crucial 23,600 mark. The sharp rally helped erase losses recorded in the previous session and added more than Rs 7 lakh crore to the market capitalisation of BSE-listed companies, taking the overall valuation close to Rs 460 lakh crore.

Sensex ended at 75,527.95, up 1695.40 points or 2.30 per cent while Nifty closed at 23,622.90 up 461.30 points or 1.99 per cent.

Global Markets and Sectoral Gains

Global markets also rallied strongly amid the easing geopolitical concerns. Gift Nifty traded about 1.5 per cent higher in early trade, while Asian peers posted robust gains, with South Korea's market surging nearly 8 per cent and Japan's Nikkei opening sharply higher.

Buying interest remained broad-based across sectors, with all 30 Sensex constituents ending in positive territory. Nifty Realty and Nifty Financial Services Ex-Bank emerged as the top sectoral gainers, advancing over 3 per cent each. Among individual stocks, Tata Steel, IndiGo, Larsen & Toubro, Eternal, State Bank of India and Tech Mahindra gained up to 3 per cent.

The broader market also participated in the rally, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising nearly 2 per cent each, indicating strong investor participation across segments.

Market Analyst's Perspective

Market analyst Vipin Dixena said the rally was primarily driven by improving global risk appetite, "Indian equities staged a powerful relief rally today, with benchmark indices surging more than 1 per cent. The primary driver of the surge was improved global risk sentiment following signs of easing tensions between the United States and Iran, which led to a sharp decline in crude oil prices."

He noted that banking and financial stocks were among the biggest contributors to the gains, supported by recent liquidity-enhancing measures announced by the Reserve Bank of India. "Infrastructure, capital goods, oil marketing, aviation, cement, and realty stocks also witnessed strong buying interest. The rally was broad-based, with large-cap, mid-cap, and small-cap stocks participating, indicating improved market breadth and investor confidence. From a technical perspective, Nifty's move above 23,500 has strengthened near-term sentiment." Dixena said.

He added, overall the market closed the week on a positive note, with sentiment turning cautiously bullish after recent volatility. (ANI)

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India's Agri, Water Deeptech Ecosystem Gains Momentum: Nasscom Report

Asianet News Central — Fri, 12 Jun 2026 16:30:21 +0530

India's agri and water tech deeptech ecosystem is gaining momentum around commercialisation, as per a statement by Nasscom. These sectors stand at a crucial stage, with many startups continuously facing challenges in moving towards scaled deployment.

To strengthen these industries, Nasscom took the initiative to accelerate these sectors, hosting Deeptech Confluence 2026: Agri and Water Tech in New Delhi on Friday. Deeptech startups, industry leaders, investors, government stakeholders, CSR organisations, implementation partners, research institutions and ecosystem enablers participated in the event to discuss commercialisation and deployment pathways for Indian startups working across agriculture and water technologies, as per the release.

Nasscom's Deeptech Confluence

"The confluence spotlighted 12 innovative Agri and Water Tech startups, which are part of Nasscom Deeptech Club's 20-week growth program DTC accelerate," the release said.

The platform enabled conversations around market access, enterprise adoption, pilot-to-scale pathways, investment readiness and cross-sector collaboration.

Addressing Sectoral Challenges

"India's agriculture and water sectors are at a critical stage, shaped by climate stress, sustainability priorities, resource constraints and the need for more resilient productivity systems," the release said.

According to the release, while innovation in agritech and watertech has accelerated, many startups still struggle to scale beyond promising pilot projects. The initiative aims to bridge this gap by linking innovators with enterprises, investors, policymakers, and implementation partners to support real-world adoption.

Showcased Deeptech Solutions

"The startups showcased solutions across AI-enabled water intelligence, precision agriculture, soil health, decentralised bio-manufacturing, water quality testing, wastewater optimisation, nature-based water rejuvenation, sustainable materials, aquaculture, farm traceability and resource efficiency," it added.

Nasscom's Strategic Outlook

Sangeeta Gupta, Senior Vice President & Chief Strategy Officer, Nasscom, said, "Agriculture and water are two sectors where deeptech can create direct economic, environmental and societal impact. India has a strong base of founders building solutions that combine AI, IoT, biotech, materials science, sensing, automation and climate technologies. Through the Deeptech Confluence, Nasscom is enabling stronger market access, enterprise engagement and implementation pathways for deeptech startups."

(ANI)

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LG unveils 'Affectionate Intelligence' for future AI-powered homes

Asianet News Central — Fri, 12 Jun 2026 16:00:25 +0530

As artificial intelligence increasingly becomes part of everyday life, LG Electronics has unveiled its vision for the future of smart homes, where AI-powered appliances, connected ecosystems and autonomous home robots work together to reduce household effort and deliver highly personalized living experiences.

The 'Affectionate Intelligence' Framework

In an exchange filing, the company said that on Thursday, it showcased its evolving AI Home ecosystem, which aims to transform homes from spaces filled with connected devices into intelligent environments capable of understanding user habits, anticipating needs, and proactively managing daily tasks. LG said the future home experience will be driven by what it calls "Affectionate Intelligence" -- an AI framework designed to learn household routines and provide seamless, customized assistance to consumers. According to the company, the AI Home ecosystem is being built around three key pillars: AI-powered appliances, ThinQ AI orchestration and autonomous home robots.

AI-Powered Appliances

AI-enabled appliances are expected to play a central role in this transformation. Unlike traditional appliances that perform fixed functions, future AI-powered refrigerators, washing machines and air conditioners will be capable of learning user behaviour, optimizing operations and delivering personalized care. For instance, AI-enabled refrigerators could automatically adjust cooling cycles based on household usage patterns to maintain food freshness while reducing energy consumption. Similarly, washing machines equipped with advanced AI technologies can identify fabric types, load sizes and washing requirements to improve cleaning performance and efficiency.

ThinQ AI: The Brain of the Smart Home

At the centre of the ecosystem is LG's ThinQ AI platform, which acts as the "brain" of the smart home. The platform coordinates devices, services and living spaces through generative AI capabilities, enabling homes to understand context, interpret natural conversations and automate multiple tasks with minimal user intervention. The company outlined how its ThinQ platform has evolved from a simple remote-control application to an intelligent ecosystem capable of continuous software upgrades and predictive maintenance. Through over-the-air updates and data-driven insights, appliances can adapt to changing user preferences long after purchase.

Autonomous Home Robots

LG also highlighted the growing role of autonomous home robots in the future home environment. Its recently unveiled AI-powered home robot, CLOiD, is designed to perform physical household chores while interacting with connected appliances. The robot can autonomously navigate homes and coordinate with other devices to complete tasks such as preparing laundry cycles or organizing household routines before residents return home.

Focus on the Indian Market

The company believes India is entering a phase of rapid appliance premiumization, driven by rising incomes, urbanization and increasing demand for connected living solutions. "Today's Indian consumer is moving well beyond basic functionality; they are actively seeking intelligent, connected solutions that bring us closer to the ultimate vision of a 'Zero Labor Home' ecosystem," said Young Min Hwang, Vice President, Home Appliance Solution, LG Electronics India Limited.

LG added that its manufacturing facilities in India will support the rollout of next-generation AI-centric appliances, including washing machines, refrigerators, air conditioners and cooking systems, helping bring personalized AI Home experiences to Indian households. (ANI)

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CBDT's webinar on new Income-tax Act, 2025 draws global interest

Asianet News Central — Fri, 12 Jun 2026 15:30:59 +0530

The Central Board of Direct Taxes (CBDT) organised an outreach webinar on "Decoding the new Income-tax Act, 2025: International Tax and Transfer Pricing Aspects" to facilitate the transition into the country's updated fiscal framework.

According to the Ministry of Finance, the virtual event focused on the structural shifts brought by the new Income-tax Act, 2025 and the accompanying new Income-tax Rules, 2026. The session drew substantial international interest, registering more than 1,100 participants from 16 overseas jurisdictions, including the United States, the United Kingdom, Australia, China, Singapore, Japan, and the United Arab Emirates.

Senior officials from the Income Tax Department and partners from PwC India structured the dialogue around cross-border taxation and compliance mechanisms. The official delegation included Monica Bhatia, Principal Chief Commissioner of Income Tax (International Taxation), Raman Chopra, Chief Commissioner of Income Tax (International Taxation), and Anjula Jain, Commissioner of Income Tax (International Taxation)-2, New Delhi.

Emphasis on International Cooperation and Compliance

Addressing the participants, Monica Bhatia, highlighted the collective efforts of the Department and stakeholders which ensured the smooth transition to the new Income-tax Act, 2025. She also elaborated upon the growing importance of cross-border transfer pricing mechanisms, international cooperation, and India's expanding role in the global taxation ecosystem. Further, she spoke about the "success and relevance of Advance Pricing Agreements and emphasized the importance of Safe Harbour provisions in ensuring certainty and ease of compliance for taxpayers."

Structural Reforms and Comparative Analysis

A presentation was also made on the key changes, structural reforms, and comparative aspects of the Income-tax Act, 1961 vis-a-vis the Income-tax Act, 2025, including newly introduced rules, forms and procedural updates.

Interactive Session and Participant Feedback

The participants posed numerous queries during the interactive session, which were responded to by the senior officers of the Income Tax Department. The various participants appreciated the initiative, and expected to have more such engagements with the Department. (ANI)

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SpaceX IPO: A key test for AI giants Anthropic, OpenAI's debut

Asianet News Central — Fri, 12 Jun 2026 15:30:38 +0530

SpaceX's mega stock market listing will be keenly watched for signals on investor interest for the two AI heavyweights that are slated to go public later this year.

Both Anthropic and OpenAI have filed confidentially for their stock market debut amid widespread frenzy surrounding the AI technology. Shares of AI semiconductor makers have zoomed manifold catapulting some of them into the elite trillion-dollar club.

SpaceX's Record $75 Billion IPO

SpaceX raised a record-breaking USD75 billion from its IPO at a fixed price of USD135 per share. The IPO drew interests from both retail investors as well as big asset managers, family offices and high networth individuals, reports said. WSJ reported that Blackrock put in an order to buy shares worth USD5 billion.

Valuation to Make Musk World's First Trillionaire

The SpaceX IPO, which has become the largest so far valuing the company at USD1.77 trillion, will make its owner Elon Musk, the world's first trillionaire as soon as the shares are listed on Friday. A larger chunk of SpaceX shares, than what is usually allocated will go to retail investors as Musk relies on a legion of his fans to back his ambitions.

Profitability Concerns Raised Over Valuation

Concerns around its valuation have been raised as the company stays unprofitable with a loss of USD5 billion and a revenue of USD18 billion last year.

Exchanges Under Pressure to Handle Massive Listing

Exchanges will be under pressure to demonstrate that they can handle big-ticket listings with massive order volumes and avoid a repeat of the glitches that surrounded the Facebook listing in 2012.

A New IPO Benchmark

SpaceX's USD75 billion proceeds is more than double of the previous record holder Aramco. The IPO has made the rocket, satellite and AI company the first US trillion-dollar debut and seventh-largest US company by market capitalization.

Musk Opts for Unconventional Fixed-Price Offering

Musk upended the usual IPO playbook by launching a fixed price for his IPO and not giving a range for share prices as is the norm. That he chose a fixed price for his offering and not a range shows the confidence Musk exudes.

AI Boom Fuels SpaceX's Space Ambitions

The recent boom in AI stocks has raised the bet for SpaceX shares even as Musk aims to take his AI empire to space by building data centres in orbit.

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Elon Musk Net Worth: SpaceX IPO Pushes Fortune Closer To Historic $1 Trillion Mark

Nancy Tiwari — Fri, 12 Jun 2026 15:01:47 +0530

The world’s richest person Elon Musk is reportedly moving closer to becoming the first-ever trillionaire, with his fortune receiving a major boost ahead of SpaceX’s much-anticipated public listing. The company’s expected IPO has sparked massive attention as investors prepare for what could become one of the biggest market debuts in history.

SpaceX IPO Drives Massive Wealth Surge

Musk’s net worth has reportedly jumped by around $274 billion, pushing his estimated fortune close to the $1 trillion mark. According to billionaire rankings, his wealth has reached nearly $971 billion, a figure comparable to the annual economic output of some major economies.

The surge is largely linked to SpaceX’s expected valuation following its IPO. The company’s shares are reportedly being priced at $135 each, with its market value projected to reach around $1.77 trillion after the listing.

Could Musk Become The World’s First Trillionaire?

Financial analysts and market estimates suggest that if SpaceX performs strongly after going public, Musk’s total wealth could cross the $1 trillion milestone. Such a development would make him the first person in history to reach trillionaire status.

Much of Musk’s wealth comes from his ownership stakes in companies including SpaceX and Tesla, along with other ventures.

Musk’s Wealth Compared To Global Billionaires

Musk’s fortune is far ahead of other billionaires. His estimated wealth is several times higher than that of the world’s second-richest individuals, including Larry Page.

Compared with India’s richest individuals, Musk’s wealth is also significantly higher than Mukesh Ambani and Gautam Adani. The scale of his fortune has placed him among the most influential figures in the global economy.

If SpaceX’s IPO meets expectations, Musk’s journey toward the trillion-dollar milestone could mark a new chapter in the history of personal wealth.

Byju Raveendran gets stay on contempt order from Singapore High Court

Asianet News Central — Fri, 12 Jun 2026 15:01:43 +0530

In a significant development for Edutech entrepreneur Byju Raveendran, the General Division of the High Court of the Republic of Singapore on June 10 granted a stay of its committal and surrender provisions of the recent civil contempt order dated May 25, following the application filed on behalf of Byju Raveendran, said counsels for Raveendran.

Raveendran is accordingly not required to surrender, and no term of imprisonment takes effect.

An appeal against the contempt finding has also been filed.

The original order of May 25 would have required Raveendran to appear on June 15.

No arrest warrant was issued against Raveendran.

Dispute Stems from Arbitration Proceedings

According to the counsels for Raveendran, the order under appeal is a civil contempt finding arising solely from contested document-disclosure and other obligations in ongoing arbitration proceedings (and related Singapore Court Orders recognizing those arbitration orders) that are disputed and for which parallel proceedings are underway to set aside those underlying orders.

Raveendran and Counsel Respond to Ruling

J Michael McNutt, Senior Litigation Advisor to Byju Raveendran and the Founders, Lazareff Le Bars said," There was an absolutely incorrect public narrative created post the selective verbal leak of the earlier order by the Singapore Court falsely claiming an arrest warrant had been issued against Mr. Raveendran. A routine contract dispute for a loan that Raveendran guaranteed for the benefit of Think & Learn has been twisted into a false narrative of an arrest warrant. We have filed the necessary appeals to set aside this civil contempt finding and are taking further actions before the Courts. There is no criminal charge against Byju Raveendran in that respect. It is not a finding on the merits of the underlying dispute, and it is certainly not a finding of fraud, dishonesty, diversion of funds, or personal wrongdoing. No court, in any jurisdiction, has made such a finding against Raveendran."

Commenting further on the stay, McNutt added,"The Singapore Court's decision to grant a stay is a significant step in ensuring that the matter is examined fairly and in the correct legal context. We will continue to pursue all available legal remedies to set aside the civil contempt finding. We maintain that Raveendran did not violate any Singapore Court Order, intentionally or otherwise."

Speaking on the development, Byju Raveendran said, "I welcome the stay granted by the Singapore Court. At a time when parties have been engaged in settlement discussions, it is unfortunate that a misleading impression of wrongdoing is being created. I remain committed to correcting this narrative through the appropriate legal process. Neither I nor any of the founders personally received any portion of the disputed funds. On the contrary, my family and I have put over ₹5,000 crore of our personal wealth back into the company."

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

India plans integrated bioenergy push to cut oil imports: NITI Aayog

Asianet News Central — Fri, 12 Jun 2026 15:01:22 +0530

The government is considering an integrated approach to India's bioenergy ecosystem as it seeks to strengthen energy security, cut crude oil imports and expand cleaner fuel alternatives, Rajnath Ram, Advisor (Energy), NITI Aayog, said on Friday.

Speaking to ANI on the sidelines of the India Bioenergy Conference in the national capital, Ram said discussions are underway to give a broader push to the sector. "There are some discussions going on in the government because they want to take an integrated view of our bioenergy ecosystem. The government is pushing bioenergy and most states are taking it up," he told ANI. The conference focused on promoting bioenergy technologies and addressing opportunities and challenges in the sector.

Strengthening Energy Security, Reducing Imports

Highlighting the importance of bioenergy for India's energy security, Ram said the current geopolitical environment has reinforced the need to diversify energy sources and reduce dependence on imports. "That is required, in fact, for energy security purposes because, seeing the current geopolitical scenario, we have to de-risk somehow in the energy business," he said.

Ram noted that the transport sector accounts for nearly 70 per cent of fuel consumption, making biofuels an important tool for reducing fossil fuel imports. "A large part of the consumption remains in the transport sector, almost 70 per cent. Alternate sources, biofuels like ethanol and other kinds of SAF, will reduce that use in the transport sector. So definitely imports could also be reduced," he said.

Push for Higher Ethanol Blends

On ethanol blending, Ram said the government has already rolled out E20 fuel and is examining higher blends. "We have rolled out E20 and the government is looking at E85 and E100. Flex fuel is also under consideration and some companies have already launched flex-fuel vehicles," he said, adding that wider adoption could help lower India's crude oil import bill.

Challenges Facing the Bioenergy Sector

Addressing challenges facing the sector, Ram said improving project bankability and strengthening supply chains remain key priorities. "The challenges remain with having the bankability of the project. We have to work towards the system and supply chain, from connection to marketing of the entire spectrum," he said.

He also stressed the need to ensure that only surplus feedstocks are used for biofuel production and that projects are assessed based on lifecycle and net-energy considerations.

According to Ram, fragmented landholdings, lack of mechanised collection systems and high transportation costs continue to affect project viability. "The supply chain logistics aspect, fragmented and small landholdings, lack of mechanical collection and high transportation cost can create a viability issue," he said.

While first-generation biofuel technologies are relatively mature, challenges linked to second-generation technologies still need to be addressed, Ram said. "Industry, policy and R&D will solve these issues," he added.

A Big Role in India's Development Journey

Expressing confidence in the sector's future, Ram said biofuels would play a major role in India's development journey. "Towards 2047, we have to keep in mind energy from now on and that is where biofuels play a big role," he said. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

Women are India's growth engine, over 3 Cr women-led enterprises: FM

Asianet News Central — Fri, 12 Jun 2026 15:01:20 +0530

Women are becoming India's growth engine with over 3 crore women-led enterprises registered under Udyam Portal, said FM Nirmala Sitharaman in a series of tweets on Friday.

Empowering Women Through Financial Inclusion

Highlighting achievements of PM Modi's Mudra Yojana, she noted, MUDRA loans worth more than Rs 16 lakh crore have been disbursed. "With over Rs 16 lakh crore disbursed under PM MUDRA Yojana to women, entrepreneurship is becoming a powerful driver of women-led development across the nation," she noted.

As per the tweet over 32 crore women have been able to connect to formal banking through PM Jan Dhan Yojana. Furthermore, women's credit footprint has deepened with loans reaching Rs 76 lakh crore in 2025 from Rs 16 lakh crore in 2015. "Greater access to credit, savings and opportunities is helping women shape India's growth story and empowering them," she said.

Expanding Opportunities for Women

Over 10 crore rural women are actively participating in Self-Help Groups (SHGs) and over 43 lakh women have enrolled in STEM education programs. "PM @narendramodi's focus on women-led development has helped create this momentum, with 10 Cr+ rural women connected through 91 lakh+ SHGs, 3 Cr+ women-led enterprises registered on the Udyam Portal, and 48% of recognised startups having at least one woman director," she added.

PM Modi on Women-Led Development

PM Modi in one of the tweets highlighted "Over the last 12 years, the NDA Government has worked to further women-led development. And, this is visible across sectors." He stressed, Indian women are playing a major role across sectors from "financial inclusion and entrepreneurship to education, healthcare, sanitation, housing, sports, science and governance."

"The efforts of the NDA Government are rooted in dignity, opportunity and empowerment. They have helped create an environment where women can realise their full potential and contribute even more strongly to nation-building," he said. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

India's EMS Sector Set for Long-Term Growth Despite Weak Demand: Report

Asianet News Central — Fri, 12 Jun 2026 15:00:28 +0530

Despite weak demand in consumer electronics, 360 ONE Capital remains optimistic about the long-term growth of India's electronic manufacturing services (EMS) sector, citing increasing localisation, semiconductor opportunities and a shift towards value-added manufacturing.

In a sector update report, the brokerage said the industry is undergoing a structural transformation that is expected to support growth in the years ahead. "We remain positive on the structural growth story of the sector, with themes such as increasing RAC penetration, backward integration, value-added manufacturing, semiconductors, etc., providing a strong runway for growth," the report said.

Shift to Value-Added Manufacturing

According to the report, the Indian EMS industry is gradually moving beyond basic assembly operations and expanding into higher-value manufacturing activities. "There is a structural shift underway in the Indian EMS sector, from being a mere manufacturer/assembler to becoming a value-added player through backward integration into components and value-added manufacturing of PCBs and OSAT," it said.

Role of Government Policies

The brokerage also highlighted the role of government policies in strengthening the domestic electronics manufacturing ecosystem. "The government's push to make India self-reliant and a global manufacturing hub is evident from policy initiatives such as ECMS, ISM 2.0, etc. These supportive policies are expected to lay a strong foundation for the industry in the years ahead, enabling players to undertake increasingly complex manufacturing activities," the report said.

Sector Performance Amid Demand Pressures

The positive outlook comes even as parts of the consumer EMS segment witnessed demand pressures in the fourth quarter of FY26. "The Electronic Manufacturing Services (EMS) sector continued its growth trajectory, albeit at a lower pace as the consumer EMS space witnessed subdued growth/de-growth, whereas industrial EMS companies continued to see strong growth," the report noted.

Factors Behind Consumer Electronics Slowdown

The brokerage attributed weakness in consumer electronics manufacturing to slower demand for mobile phones and cooling products. "Weak growth... was attributable to subdued demand for mobile phones, driven by a sharp increase in prices resulting from a supply crunch in memory chips," the report said.

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

Centre bars bulk diesel purchase at pumps to protect retail supplies

Asianet News Central — Fri, 12 Jun 2026 14:00:37 +0530

The Centre has barred industrial, commercial and institutional consumers from purchasing diesel from retail fuel stations, seeking to protect supplies meant for ordinary consumers amid an abnormal surge in diesel sales at petrol pumps due to diversion from bulk channels.

In a notification issued on June 11, the Petroleum Ministry said industrial, commercial and institutional consumers have increasingly shifted to retail outlets to buy fuel because of the price difference between retail and bulk sales, leading to pressure on supplies intended for retail customers.

New Order to Regulate Supply

The ministry said it had observed that "abnormal increases in sales of Motor Spirit and High Speed Diesel through Retail Outlets in certain parts of the country are driven by shifting of industrial, commercial and institutional consumers to Retail Outlets owing to the price difference between retail and bulk sale prices."

According to the notification, this trend is resulting in the "diversion of supplies intended for retail consumers" and creating the possibility of "localised shortages and disruption of essential services to common man."

Dispensing Rules and Limits

To address the issue, the Centre has issued the Motor Spirit and High Speed Diesel (Temporary Regulation of Supply through Retail Outlets) Order, 2026, under the Essential Commodities Act. Under the order, the government can direct public sector oil marketing companies and other authorised fuel retailers to prevent institutional, industrial and commercial customers from sourcing petrol and diesel from retail outlets.

Such consumers will be required to meet their fuel requirements through their own consumer pumps. The government has directed retail outlet dealers to dispense high-speed diesel only into vehicle tanks or Petroleum and Explosives Safety Organisation (PESO)-approved containers and limit sales to 200 litres per customer or vehicle per day.

"Retail Outlet dealers shall dispense HSD only in a vehicle tank, or PESO-approved containers, and not exceeding 200 litres in a day to a customer/vehicle and this HSD cannot be resold," the notification said.

The ministry said the measure was necessary because "such bulk procurement through Retail Outlets has the potential to adversely affect the availability of Motor Spirit and High-Speed Diesel for bona fide retail consumers and may lead to hoarding, diversion and other malpractices."

Global Context and Order Validity

The notification linked the move to global developments, stating that the prevailing geopolitical situation affecting some regions of the world has impacted international petroleum supply chains, shipping logistics and the availability of petroleum products.

Government stated that any restrictions imposed under the order would initially remain valid for a period not exceeding 90 days unless revoked earlier or extended through a subsequent order.

The ministry said violations of the order would attract penalties under the Essential Commodities Act and other applicable laws. (ANI)

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Centre signs pact with Assam, Nagaland to tap hydrocarbon potential

Asianet News Central — Fri, 12 Jun 2026 14:00:26 +0530

The Ministry of Petroleum & Natural Gas on Friday signed an MoU with Assam and Nagaland to boost domestic oil and gas exploration. The agreement aims to revive production in Nagaland after 31 years and tap the Northeast's rich hydrocarbon potential, providing investment certainty and creating jobs, Union Minister Hardeep Singh Puri said.

A 'Giant Leap' for Domestic Exploration

Puri shared the development via his social media account, noting "With the signing of a historic tripartite Memorandum of Understanding between Ministry of Petroleum & Natural Gas, Nagaland and Assam, India's quest towards increasing domestic exploration and production of hydrocarbons under the visionary leadership of PM Sh @narendramodi Ji takes a giant leap as a new basin opens up for fresh wildcat exploration!" Adding that North East India gave birth to India's petroleum industry; the Minister said Nagaland will produce oil and gas again after 31 years. "The North East gave birth to India's petroleum industry; today, it stands ready to power the next chapter of India's energy journey as Nagaland will produce oil and gas again after 31 years," he added.

Northeast's Promising Hydrocarbon Potential

With Assam holding nearly 22 per cent of India's crude oil and 15 per cent of its natural gas, and Nagaland's Naga-Schuppen Belt rich in untapped hydrocarbons, the outlook for exploration and production in the Northeast is highly promising. "Since Assam alone accounts for nearly 22% of India's crude oil reserves and around 15% of the country's natural gas reserves, while Nagaland possesses significant hydrocarbon potential in the Naga-Schuppen Belt of the Assam-Arakan Basin, resources where hydrocarbons flow naturally and those which have huge untapped resources, the outlook for E&P activities in the North East is therefore extremely promising," he said.

Economic Boost and Job Creation

According to Puri, the latest MoU provides certainty to the investors, facilitating operational continuity and creates environment for long-term investment. He further note that "resumption of mineral oil operations will generate direct and indirect employment, stimulate local entrepreneurship, strengthen physical infrastructure, create opportunities for contractors, service providers and small businesses, and contribute significantly to the economic development of surrounding communities and the entire NE Region." (ANI)

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New Claude Fable 5 AI a major disruption risk for IT firms: Report

Asianet News Central — Fri, 12 Jun 2026 13:30:27 +0530

The latest advancements in artificial intelligence, particularly Anthropic's newly launched Claude Fable 5 model, could accelerate productivity gains in software engineering while increasing revenue deflation risks for IT services companies, according to a report by Kotak Institutional Equities.

AI Disruption a Risk for IT Services Firms

The brokerage said the new model represents a significant leap in coding and software development capabilities, raising concerns for firms with large exposure to application development and maintenance services. "Claude Fable 5 increases AI disruption risks for IT services," the report said, adding that the model's "stronger improvement in software tasks and improvement in agentic software development capability increase revenue deflation risks for IT services firms in the near to medium term, particularly for firms with large exposure to application services."

Significant Leap in Software Engineering

Anthropic recently released Claude Fable 5 and Mythos 5 models with enhanced capabilities and a one-million-token context window. While the report noted that the new model does not represent a dramatic jump over the earlier Mythos Preview model, it highlighted substantial gains in software engineering performance.

According to Kotak Institutional Equities, "the performance of Claude Fable 5 shows a significant improvement in software engineering tasks." The report cited benchmark data showing that in SWE Bench Pro, an agentic coding benchmark, Fable 5 scores 11 per cent higher than Claude Opus 4.8 and 22 per cent higher than GPT 5.5.

Rising Productivity and Revenue Impact

The report also pointed to evidence of rising productivity enabled by advanced AI models. It noted that Anthropic had indicated a step jump in average code per person using the Mythos Preview model and that AI-generated code quality, which had previously lagged human developers, is now on par with current models.

Kotak estimates that enterprise adoption of generative AI could affect IT services revenues by 3-3.5 per cent annually over the next three years. The report said faster-than-expected progress in software-related AI capabilities could increase disruption risks for the sector. "We expect Mythos 5/Fable 5 to increase efficiencies across all IT services segments," the report stated. However, it warned that stronger agentic software engineering capabilities could widen productivity differences between application services and other IT services segments.

Adoption Challenges and Cost Concerns

Despite the advances, Kotak highlighted several factors that may limit widespread enterprise adoption of Claude Fable 5, including built-in safeguards, data retention requirements and a shift toward token consumption-based pricing.

The report said enterprises are becoming increasingly focused on controlling AI-related costs and will need to decide whether the greater accuracy and autonomy offered by frontier models justify higher token expenses. "How enterprises utilise frontier models given a focus on token costs will be key to watch out for," the report said. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

Avataar.ai launches Varya, India's affordable video AI model

Asianet News Central — Fri, 12 Jun 2026 13:00:55 +0530

Avataar.ai launched Varya on Friday, an indigenous, distilled video model designed to make frontier video artificial intelligence affordable and culturally relevant for users across India. The model, unveiled at a press event in New Delhi, aims to lower execution costs while accurately representing the country's regional and visual diversity.

According to an Avataar press release, the company developed the model to understand and generate visual outputs spanning India's distinct regions, festivals, communities, and public spaces. The initiative specifically targets applications in education, commerce, governance, citizen services, and digital storytelling for micro, small, and medium enterprises (MSMEs).

Government Support and a National Milestone

Avataar was selected by the IndiaAI Mission to build indigenous foundation AI capabilities. The research utilized subsidized national AI compute infrastructure to accelerate the development of the model.

Speaking at the launch, S. Krishnan, Secretary, Ministry of Electronics and Information Technology (MeitY), Government of India, said, "The launch of one of the foundational models supported under the IndiaAI Mission marks a significant milestone in India's AI journey. Varya represents the kind of research-led capability building that we seek to enable."

Technical Innovation and Affordability

The technical framework of Varya relies on a distillation technique that reduces video generation from 50 steps to four steps. The company's internal inference-cost benchmarks indicate that the model "generates video at Rs 0.48 per second, which makes it up to 10 times more cost-efficient than several leading global video models."

"It is a proud moment that reflects our commitment to building indigenous AI capabilities and fostering a vibrant deep-tech ecosystem," Krishnan added. "Through strategic support for foundational models, we are enabling innovation at scale and creating the building blocks for the next generation of AI solutions. We look forward to further strengthening India's AI capabilities and advancing frugal innovation that is both world class and accessible at population scale."

Making AI Inclusive and Accessible

Sravanth Aluru, CEO and Co-Founder of Avataar, said, "India's AI opportunity will not be defined only by the largest models. It will also be defined by the most efficient models. Varya demonstrates that frontier-quality video AI can be made dramatically more efficient and accessible. For a country of 1.4 billion people, affordability is not a feature, it is a prerequisite. We believe the next billion stories, lessons, advertisements, services and experiences will be created through AI, and those capabilities must be available to everyone, not just a few."

The application functions on a sequence where users input text or upload an image to generate a video clip, with the ability to extend the sequence through additional clips. Avataar stated that it will publish a technical report detailing the model's architecture, distillation methodology, and benchmarks.

Aluru said, "Affordable AI is inclusive AI. What Avataar is building with Varya is important because it shifts the conversation from AI capability alone to AI accessibility. India has the talent, the market depth and the imagination to build AI products for population-scale use," Aluru added. "Varya is a strong example of how Indian companies can compete globally, not by simply building bigger models, but by building more efficient, context-aware models that expand access." (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

MSME loan growth slows to 13%; ECLGS 5.0 seen as a cushion: Report

Asianet News Central — Fri, 12 Jun 2026 12:00:51 +0530

Global uncertainty has started to drag micro, small, and medium enterprise (MSME) activities, with loan growth decelerating to 13 per cent year-on-year in April 2026 compared to 20 per cent in December 2025, according to a report by IIFL Capital. However, the Emergency Credit Line Guarantee Scheme (ECLGS) is expected to cushion the impact, as past schemes had improved credit activity, fund utilisation, and lowered non-performing assets (NPAs).

ECLGS 5.0 to Cushion Impact

To tide over the challenges arising from the West Asia conflict, the government announced ECLGS 5.0 in May 2026. This latest iteration provides a 100 per cent credit guarantee coverage for loans extended to standard MSMEs, with the total quantum capped at Rs 1 billion per borrower. The report expects this intervention to drive an additional credit flow of Rs 2.55 trillion, which represents approximately 5 per cent of outstanding MSME loans, with Rs 350 billion already sanctioned until the end of May. "We believe ECLGS 5.0 should cushion the potential impact as the earlier schemes had improved (1) the credit activity, (2) fund utilisation, and (3) lowered NPA and forward flow rates," the IIFL Capital report stated.

Sector-wise Impact and Growth Metrics

The slowdown is more pronounced for manufacturing and trading activities, and for public sector undertakings (PSUs), which also lost three percentage points in market share over the last two years. The overall growth momentum is softening, with loan growth by value and volume slowing down to 3 per cent and negative 3.5 per cent, respectively, in the current calendar year-to-date, compared to 10 per cent and 3 per cent during the corresponding period last year.

Asset Quality and Borrower Trends

On the asset quality front, the report mentioned that there is a marginal deterioration, with the "PAR30+ metric rising 40 basis points month-on-month in April 2026," though the shift appears largely seasonal for now. Stress has increased relatively more for micro and small borrowers, PSU lenders, cash credit and term loan products, alongside manufacturing and service industries.

On the other hand, the report data revealed a structural resilience among larger contributors. While only 17 per cent of borrowers contribute 70 per cent of total MSME loans, their delinquency is not only lower compared to single-loan borrowers, but also improving against the marginal deterioration observed in the single-loan segment. Simultaneously, lenders have been shifting towards higher quality borrowers, with the share of the very low-risk borrower segment rising by four percentage points over the last two years.

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

FCNR deposit rates surge as banks compete for NRI dollar inflows

Asianet News Central — Fri, 12 Jun 2026 11:30:33 +0530

Competition among banks to attract foreign currency deposits from Non-Resident Indians (NRIs) has intensified after the Reserve Bank of India (RBI) announced a special dispensation aimed at boosting US dollar inflows, prompting several lenders to sharply raise interest rates on Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits.

RBI's Measures to Boost Forex Inflows

The RBI's recent measures include exemption from CRR and SLR requirements on incremental FCNR(B) deposits mobilised under the scheme and a facility under which the central bank will bear the hedging cost on eligible deposits, making it more attractive for banks to garner overseas funds.

Rate Hikes Led by Smaller Banks

According to interest rates published on the websites of various banks, smaller and mid-sized lenders have led the rate hikes, with some offering more than 7 per cent on US dollar FCNR(B) deposits with tenures of three to five years. Among the highest rates on offer, UCO Bank is providing 7.20 per cent on five-year FCNR(B) deposits and 6.66 per cent on three-year deposits. DCB Bank is offering 7.13 per cent for both three-year and five-year tenures, while CSB Bank is offering 6.95 per cent for three years and 7.05 per cent for five years. Bandhan Bank has announced a flat 7 per cent rate for both three-year and five-year deposits, while Karnataka Bank is offering 6.50 per cent for three years and 7 per cent for five years.

How Large Private and Public Sector Banks Compare

Among large private sector lenders, ICICI Bank, Axis Bank and Federal Bank are offering 6 per cent on both three-year and five-year FCNR(B) deposits. Kotak Mahindra Bank is offering between 6 per cent and 6.15 per cent, depending on deposit size and tenure.

Public sector lender Punjab National Bank (PNB) is offering 6.00 per cent on three-year FCNR(B) deposits and 6.10 per cent on five-year deposits, according to rates announced by the bank.

Banks' higher FCNR(B) rates indicate that lenders are using the RBI's liberalised framework to aggressively compete for NRI dollar deposits.

Other lenders have also revised rates upward. IDBI Bank is offering 6.00-6.10 per cent for three-year deposits and 6.10-6.20 per cent for five-year deposits. YES Bank is offering 6.50 per cent and 6.60 per cent respectively, while Canara Bank is providing 6.50 per cent for both tenures. Indian Bank is offering between 5.50 per cent and 6 per cent for three years and between 6 per cent and 6.50 per cent for five years.

Expected Inflow Projections

Banking industry participants expect the measures to generate substantial foreign currency inflows. Many reports note that the RBI's relaxation could attract between USD 35 billion and USD 40 billion, while brokerage firm Jefferies has estimated potential inflows of USD 50-70 billion.

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

SEBI proposes harmonised framework for stock pricing across exchanges

Asianet News Central — Fri, 12 Jun 2026 11:00:31 +0530

Market regulator Securities and Exchange Board of India (SEBI) has proposed a harmonised framework for determining the base price for pre-open call auctions and the price band mechanism for securities listed on multiple stock exchanges, seeking to address price disparities in illiquid stocks and improve market efficiency.

The Problem: Price Divergence in Illiquid Stocks

In a consultation paper issued on Thursday, SEBI said the proposal aims to bring consistency in the treatment of securities traded across exchanges, particularly in situations where trading activity is absent on one or more exchanges.

Stock exchanges currently apply scrip-wise price bands independently using their respective previous-day closing prices. While the price bands are coordinated across exchanges, SEBI noted that "currently there is no mechanism to adjust the price bands on the stock exchange(s) where there is no trading on the previous day," which "may lead to progressive divergence" in prices of the same security across exchanges.

Highlighting the need for regulatory intervention, SEBI observed that in certain illiquid securities, prolonged non-trading on one exchange combined with persistent buying interest on another can result in substantial differences in market prices.

The consultation paper stated that "non-trading of scrip on one of the exchanges and a persistent buy side pressure along with the practice of application of price band on the previous day closing price has been causing significant price divergence in the closing prices of the scrips across the exchanges." It further noted that "such divergence also holds the potential of non-trading of the scrip on one of the exchanges."

To illustrate the issue, SEBI presented an example of a stock initially trading at Rs 100 on two exchanges. While the stock price gradually rose to Rs 160 on one exchange due to continued trading activity, the absence of trades on the other exchange kept its permissible trading range tied to an outdated closing price. As a result, the stock remained effectively capped at Rs 120 on the non-trading exchange, creating a significant pricing mismatch.

Proposed Framework for Harmonisation

The matter was deliberated by SEBI's Secondary Market Advisory Committee (SMAC) during its meeting held on April 16-17, 2026. Based on the committee's recommendations and subsequent discussions with stock exchanges, SEBI has proposed a common methodology for determining price bands and base prices.

Under the proposed framework, if a security trades on all exchanges, or does not trade on any exchange, each exchange may continue to use its own latest closing price for determining the next day's price band.

However, where a security trades only on one exchange, all other exchanges would be required to use the closing price of the exchange where trading occurred for fixing both the price band and the base price for the next day's pre-open call auction session.

Further, in cases where a security trades on two or more exchanges but remains inactive on one or more others, the non-trading exchanges would adopt the closing price from the exchange recording the highest trading volume in that scrip for determining the subsequent day's price band and pre-open session base price.

To ensure seamless implementation, SEBI has also proposed that stock exchanges "execute necessary agreements/ MoUs or make necessary arrangements for sharing of the closing prices with each other."

SEBI has invited public comments on the proposals until July 2, 2026. (ANI)

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SENSEX, NIFTY surge on FII inflows after major tax policy overhaul

Asianet News Central — Fri, 12 Jun 2026 10:30:56 +0530

Indian equity markets staged a sharp recovery on Friday morning as global stock indices turned green, dusting off recent geopolitical cues. The BSE SENSEX started at 74,742.65 points, up by 910.10 points or 1.23 per cent. Similarly, the NSE NIFTY 50 began at 23,432.70 points, advancing 271.10 points or 1.17 per cent

Landmark Policy Change to Boost FII Inflows

Ajay Bagga, Banking and Market expert, noted that foreign institutional investor (FII) debt flows into India are undergoing a major structural transformation following the landmark June 5 policy ordinance. "By completely eliminating the 12.5% long-term capital gains tax and the 20% withholding tax on interest income for FII investments in government securities (G-Secs), New Delhi has effectively eliminated the single largest frictional drag on foreign bond returns."

He added that global macro funds and active index trackers are already ramping up allocations, as India's 10-year sovereign yield, now fully tax-exempt, stands out as one of the most lucrative investment-grade debt instruments in the world. "Analysts project this regulatory pivot could draw up to USD 50 billion over the next two years, providing a vital cushion for the rupee and significantly lowering sovereign borrowing costs at a time when equity outflows have been persistent," Bagga said.

Global Markets Rally Amid Geopolitical Shifts

The domestic momentum follows positive cues from the broader Asian landscape, where GIFT NIFTY traded at 23,464.00, up 0.26 per cent, and the Nikkei 225 surged over 3 per cent to 66,230.00. The Hang Seng moved up 2.05 per cent to 24,747.00, while the Taiwan Weighted rose 2.41 per cent to 44,187.41. In the West, Wall Street rallied sharply overnight with the Nasdaq gaining 2.5 per cent, supported by technology and AI-related optimism.

However, Bagga cautioned that "Underneath the broader equity surge, deep-seated anxiety over underlying structural inflation and central bank policy pathing remains a heavy anchor for institutional asset allocators."

Explaining the global shifts, Bagga said, "Geopolitical theatre took centre stage over the last 24 hours as a swift sequence of headlines sparked rapid, algorithmic shifts across trading desks. Volatility spiked after Donald Trump issued a fiery warning to Iran, only to pivot hours later by claiming a sweeping, historic diplomatic deal was 'imminent.' Tehran quickly threw cold water on the announcement, with Iranian officials issuing a firm denial that any such breakthrough had occurred."

While the conflicting messages initially left foreign policy analysts scrambling, Bagga mentioned that "macro traders treated the rapid-fire updates as an invitation to unwind risk premiums, calculating that the mere mention of a potential deal reduces the immediate probability of severe energy supply disruptions in the Middle East."

Commodities Cool and Expert Outlook

At the time of filing, commodity markets cooled, with Brent crude falling 1.48 per cent to USD 89.04 per barrel and crude oil slipping 1.42 per cent to USD 86.46 per barrel. Gold prices also eased slightly by 0.22 per cent to USD 4,203.64.

Rajesh Palviya, Head of Research, Axis Direct also echoed the same sentiments. He noted that the global backdrop improved significantly overnight after indications of a possible diplomatic resolution between the US and Iran eased concerns over a broader conflict. "This sparked a strong rally across US markets, with gains led by technology stocks, while Asian markets are also trading higher in response. More importantly for India, Brent crude has retreated sharply below the USD 90-per-barrel mark, reducing inflationary concerns and improving the outlook for risk assets."

Technical Levels in Focus

Market experts are now observing technical resistance levels closely to see if the gains will hold. Shrikant Chouhan, Head of Equity Research at Kotak Securities, noted that after the prior session's gap-down and recovery, profit-booking was visible earlier. He observed that for day traders, the 23,300 and 74,200 levels act as immediate resistance zones, above which the market could move higher. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

SpaceX's $1.77T IPO makes Elon Musk the world's first trillionaire

Asianet News Central — Fri, 12 Jun 2026 10:01:18 +0530

Elon Musk led SpaceX on Thursday raised $75 billion in its IPO, valuing Elon Musk's company at around $1.77 trillion reported Axios. The SpaceX IP is the largest in the US and will be followed by two Artifical Intelligence behemoths OpenAI and Anthropic which go public later. With the IPO Elon Musk will become the world's first trillionaire today.

IPO Details and Market Position

According to a CNBC report which cited filings made with the Securities and Exchange Commission SpaceX is selling 555.6 million shares for $135 a piece. The deal makes the company the seventh most-valuable U.S. company, ahead of Tesla, also owned by Musk. SpaceX's Nasdaq debut will come Friday.

Financial Performance

In its prospectus filed with the US SEC SpaceX said that revenue increased 15% to $4.69 billion in the first quarter from $4.07 billion a year earlier. The company also recorded a net loss in the latest quarter of $4.28 billion after losing $4.94 billion in 2025.

Market Impact and Future Tech Offerings

CNBC reported that the offering serves as a bellwether for other massive tech offerings, including Anthropic and OpenAI. Both artificial intelligence start-ups approach valuations of USD 1 trillion.

Once the stock begins trading, investors who didn't participate in the IPO or didn't receive an allocation can buy shares on a public stock exchange

Musk's Stake and Future Plans

According to a New York Times report, Musk, who controls a 50 per cent stake in SpaceX, will see his holdings valued at just over USD 752 billion. Regulatory filings show Musk cannot sell some shares until the company hits specific operational milestones. Musk controls more than 85 per cent of SpaceX shareholder votes through super-voting shares.

The company will use the capital to fund orbital data centers, a lunar factory, and Mars expeditions.

Besides Tesla and SpaceX, Musk has co-founded five other companies, including tunneling startup The Boring Company and brain implant maker Neuralink.

Recent Starship Launch

On May 23, SpaceX successfully launched the twelfth test flight of its next-generation Starship on Friday evening (local time), marking the first-ever flight of the upgraded Starship and Super Heavy Version 3 vehicles and the debut of the company's new Raptor 3 engines.

According to the SpaceX press release, the mission lifted off from Starbase, Texas, at 5:30 pm CT and also marked the first Starship launch from the company's new Pad 2 facility.

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Global Engagement Key to India's $30 Trillion Goal: Piyush Goyal

Asianet News Central — Fri, 12 Jun 2026 09:30:22 +0530

India's USD 30 Trillion Vision

India must expand its international engagement to realise its vision of becoming a USD 30 trillion economy by 2047, according to Union Minister of Commerce and Industry Piyush Goyal. Speaking at the closing session of the 5th Annual Meeting of the India Global Innovation Connect, the Minister emphasised that India's economic growth is not a zero-sum game. Instead, he argued that the country's trajectory is deeply linked to fostering strategic partnerships with developed nations, which stand to complement rather than compete with Indian industry.

"We have a very clear roadmap and a stated goal to make India a developed country by 2047... At that point in time, I would think the Indian economy should be anywhere in the ballpark of about USD 30 trillion... This will not be possible unless we expand our international engagement," the Minister said.

Complementary Global Partnerships

He further noted that these developed economies face demographic challenges that provide a unique opening for India's growth strategy. "They have ageing populations and therefore need young talent and skill, which India has in abundance," Goyal highlighted.

The Minister explained that the high costs of research, development, and production in these advanced nations make a collaborative model essential. "Considering all of this, we recognise that large parts of the world, Europe, the US, Canada, Israel, Gulf countries, Australia and New Zealand are no threat to India and its businesses," the Minister added. "Cost of production and cost of research and development in these developed economies are becoming prohibitively high... therefore, a partnership between India and such developed countries complements each other rather than competes with them," he stated.

Strategic Alliances and FTAs

According to Goyal, these international alliances are a calculated component of India's long-term economic roadmap. He highlighted that India has "entered into 9 free trade agreements in the last 3-3.5 years. These cover 38 countries, significantly richer and more prosperous than India... offering to them a large Indian market."

These pacts are intended to provide these nations access to India's growing market of 1.4 billion aspirational consumers while channelling much-needed capital into the Indian ecosystem. "They also have significant capital, pools of capital, which they want to deploy. And India is a perfect opportunity," he said.

Enhancing the Business Ecosystem

Beyond these broad economic goals, the Minister stressed the importance of building a high-level ecosystem to promote new technologies and adhere to global quality standards. During his visit, Goyal also held an interaction with Claude Smadja, Chairman of Smadja & Smadja, to discuss the government's efforts to bolster infrastructure and simplify the business environment.

In a post on X, Goyal said, "Had an engaging interaction with Mr. Claude Smadja, Chairman of Smadja & Smadja, at the India Global Innovation Connect 2026. Highlighted the Modi Government's dedicated efforts to boost infrastructure development, strengthen India's position in global supply chains & enhance ease of doing business while fostering innovation-led growth.

He underscored that initiatives such as "Make in India" and various business-friendly reforms are positioning the nation as an increasingly attractive destination for global investment. "Emphasised the scale of opportunities India presents today, powered by initiatives like Make in India, a thriving manufacturing ecosystem & business-friendly reforms, positioning the nation as an attractive destination for global investment," the Minister stated. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

India-UK trade pact faces hurdles, it's not a done deal: British MP

Asianet News Central — Fri, 12 Jun 2026 08:30:28 +0530

Significant hurdles remain before the proposed India-UK Comprehensive Economic and Trade Agreement can be finalised, UK Member of Parliament Bob Blackman said, cautioning that "a lot of work" is still required to bridge gaps in market access, professional services and tariffs. The British MP emphasised that the ongoing negotiations should not be mischaracterised as a done deal.

Speaking on the current status of the negotiations, Blackman told ANI in a virtual interview that the agreement under discussion is a specific trade pact rather than a standard free trade arrangement. "We've obviously signed defence and security agreements with India, and we cooperate fully," Blackman said. "I would just correct it: it's not a free trade agreement, it's a trade agreement, and there's still a lot of work to be done. The sad reality is that there are still quite severe tariffs."

Key Hurdles: Market Access and Tariffs

The British MP said market access remains a key issue for both countries, particularly in the services sector and in relation to import duties. "Those tariffs should be reduced or eliminated," Blackman said. "But we also need to see the opening up of the markets for services."

"I've had constant complaints from people from India... that they're not able to practice in the UK, and in similar terms, UK professionals not able to practice in India," Blackman added. "There's absolutely no reason why this practice shouldn't be allowed and opened up."

Concerns Over Complacency

Blackman also expressed concern that the progress made so far could lead to a false sense of completion. "I think one of the things that we are seeing is obviously UK schools and universities setting up in India... we build that relationship up... we need our relationship to grow from strength to strength," Blackman stated. "I'm a bit worried that the UK government is saying, 'Oh, job done'... There's a lot of work to be done... in terms of the services side."

Call for Deeper Security Cooperation

He also called for deeper cooperation in the security domain. "And indeed, obviously, security cooperation," Blackman said. "I would like India to be part of the Five Eyes type of arrangements."

The UK MP said growing geopolitical challenges make closer strategic cooperation between India and the United Kingdom increasingly important. "India has got a challenge on its hands... because of China and the threat," Blackman said. "And so clearly that is important, that India sees us as a strong ally against that happening."

Support for India's UNSC Bid

Highlighting the long-standing ties between the two countries, Blackman also reiterated his support for India's bid for permanent membership of the UN Security Council. "We've had a very strong and long working relationship with India," Blackman added. "I've always said that India should actually take its place as one of the permanent members of the United Nations Security Council."

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

Gold, Silver Prices Today: Yellow Metal Recovers, Silver Rallies; Check Latest City-Wise Rates

Deevika NM — Fri, 12 Jun 2026 08:08:51 +0530

Gold prices witnessed a sharp rebound on June 12, 2026, recovering from recent declines as investors returned to safe-haven assets amid renewed uncertainty in global markets. The recovery in bullion prices was accompanied by a strong rise in silver, reflecting improved sentiment across precious metals.

According to the latest market update, 24-carat gold prices climbed across major Indian cities, while 22-carat gold also registered gains. The increase follows a volatile trading phase during which gold prices had softened due to profit-booking and easing concerns surrounding global geopolitical tensions. However, renewed buying interest helped the yellow metal regain lost ground.

Silver outperformed gold during the session, posting a stronger rally as industrial demand expectations and broader commodity market strength supported prices. Analysts noted that silver continues to benefit from its dual role as both a precious and industrial metal, making it attractive during periods of economic uncertainty and manufacturing growth.

Gold & Silver Rates Today (June 12, 2026)

City 24K Gold (10 gm) 22K Gold (10 gm) Silver (1 kg)

Delhi Rs 1,56,210 Rs 1,43,190 Rs 1,18,900

Mumbai Rs 1,56,060 Rs 1,43,040 Rs 1,18,900

Kolkata Rs 1,56,060 Rs 1,43,040 Rs 1,18,900

Chennai Rs 1,56,060 Rs 1,43,040 Rs 1,28,900

Bengaluru Rs 1,56,060 Rs 1,43,040 Rs 1,18,900

Hyderabad Rs 1,56,060 Rs 1,43,040 Rs 1,28,900

Note: Gold and silver prices vary across cities due to local taxes, transportation costs, and jeweller-specific charges. Rates are indicative and may change during the day.

In the international market, gold prices traded higher on the COMEX, while silver extended gains as investors assessed global economic signals, inflation expectations and central bank policy outlooks. Market participants also closely tracked movements in the US dollar and Treasury yields, both of which play a crucial role in determining precious metal prices worldwide.

Domestic bullion rates are influenced by several factors, including international spot prices, import duties, GST, currency fluctuations and local demand. As a result, gold and silver prices can vary across cities and states despite following the same broader market trend.

Jewellers and market experts believe that volatility may persist in the near term as investors react to changing global economic conditions. However, gold continues to remain a preferred hedge against inflation and market uncertainty, while silver's industrial applications provide additional support to its long-term outlook.

With wedding demand, festive purchases and investment interest expected to remain steady, precious metals are likely to stay in focus for buyers and investors. Consumers planning purchases are advised to monitor daily price movements and compare rates across cities before making buying decisions.

The latest rebound highlights the resilience of the bullion market, with both gold and silver attracting fresh investor interest after recent corrections.

Jio, Airtel and Vi All Offer Annual Plans—Here's What You Need to Know

Richa Barua — Thu, 11 Jun 2026 23:34:02 +0530

Tired of constantly rising recharge prices? We get it. For customers fed up with expensive plans, Jio, Airtel, and Vi have rolled out some budget-friendly annual plans. Here's a full comparison of their long-term offers.Mobile phones are a basic need for everyone today. But many customers are troubled by expensive recharge plans and the constant worry of their SIM getting deactivated. To solve this, companies like Jio, Airtel, and Vi have made low-cost annual recharge plans available for their users.India's top telecom companies—Jio, Airtel, and Vi—offer a variety of short-term and long-term recharge plans for their crores of customers. If you're looking for a plan with year-long validity at a low cost, these companies have some really affordable options for you.Jio offers a plan for ₹3,599 that comes with 365 days of validity. With this plan, you get 2.5GB of data daily, 100 free SMS per day, and a free subscription to Google Gemini Pro. If you just need a plan for calling, you can choose Jio's ₹1,748 voice-only plan, which gives you 336 days of validity.Airtel's portfolio also has many annual plans. The company's cheapest annual plan costs ₹1,849 and is a voice-only plan. It gives you 365 days of validity and unlimited calling. If you need a plan with data, you can pick Airtel's ₹2,249 plan. This one offers 365 days of validity, unlimited calling, and a total of 30GB of data for the entire period.Vi, the country's third-largest telecom company, also has annual plans available. Vi's cheapest annual plan is priced at ₹1,849, which is a voice-only plan. You will only get calling benefits with this pack.Here's a quick breakdown to help you decide. For calling only: Airtel/Vi offer a plan for ₹1,849, while Jio's costs ₹1,748 (but only for 336 days). Cheapest option with data: Airtel's ₹2,249 plan is a good choice. If you need a lot of data: Go for Jio's ₹3,599 plan (2.5GB/day). For daily data and year-long validity: Vi's ₹3,499 plan (1.5GB/day) is a solid option.

India set for 'coal gasification decade', says minister G Kishan Reddy

Asianet News Central — Thu, 11 Jun 2026 22:01:35 +0530

India is ready to enter its "coal gasification decade" and industry players must view coal gasification as a major business opportunity that can support the country's fertiliser, chemical, steel and energy sectors while reducing import dependence, said Union Coal and Mines Minister G Kishan Reddy on Thursday.

Addressing the Coal Gasification Roadshow in Hyderabad, Reddy said the government's coal gasification initiative has received an encouraging response from industry and called for greater participation from businesses.

"I urge all the industry partners to view coal gasification not just as a policy initiative, but as a major business opportunity, a technology upgrading opportunity, and a nation-building opportunity, and to participate in it with confidence," the minister said.

Hyderabad's Key Role

He said Hyderabad occupies a key place in India's coal gasification plans because of its strong industrial ecosystem. "Hyderabad is the ground zero of India's coal gasification journey. Hyderabad is the country's Pharma Capital... Hyderabad has a big industrial cluster," he said.

Government Push and Industrial Applications

Highlighting the government's efforts to promote the sector, Reddy said the coal gasification scheme is being implemented at speed following Cabinet approval. "Within just one month of Cabinet approval, we have also placed a draft Request for Proposal (RFP) in the public domain so that all stakeholders can share their views and suggestions, ensuring transparent participation and an industry-friendly implementation process," he said.

The minister said coal gasification offers multiple industrial applications and can help India reduce its import bill by producing key products domestically. "One of the biggest strengths of coal gasification is its versatility. It can produce fertiliser, chemicals, hydrogen, clean fuels and even support steel manufacturing," he said.

Global Context and India's Potential

Referring to international experience, the minister noted that countries such as China, the United States and South Africa have already adopted coal gasification technologies at scale. "The Asia-Pacific region today accounts for over 70 per cent of global coal gasification capacity. India is one of the most promising markets in the sector. We have the coal reserves, the technology ecosystem, the policy support and political will needed to build a world-class gasification industry in our nation," he said.

Foundation for Industrial Growth

Projecting confidence in India's industrial growth prospects, Reddy said, "India has created an environment where industry can invest with confidence and grow at scale."

The minister added that India's broader economic and governance reforms have laid the foundation for large-scale industrial initiatives such as coal gasification. "Over the last 12 years, India has moved from policy paralysis to policy certainty, from delays to delivery, and from potential to performance," he said.

Calling coal gasification an important part of India's long-term development strategy, Reddy said, "Coal gasification is therefore not just a coal sector initiative; it is part of the larger journey of Viksit Bharat, Atmanirbhar Bharat and India's rise as a global manufacturing and industrial powerhouse."

(ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

NITI Aayog meet: Skilling, urbanisation key for India's growth

Asianet News Central — Thu, 11 Jun 2026 21:30:52 +0530

Skilling, planned urbanisation, and affordable energy emerged as key themes during the 11th Governing Council Meeting of NITI Aayog, with Prime Minister Narendra Modi and Chief Ministers stressing the need to align human capital development with India's long-term growth ambitions, NITI Aayog Vice Chairman Ashok Kumar Lahiri said on Thursday.

Focus on Skilling and Human Capital

He said the discussions covered 'all aspects of life' of citizens, including education, healthcare and employment, with a strong emphasis on building a skilled workforce. "It's very important because a skilled population is the key to success," he said.

Highlighting the importance of human capital in economic development, Lahiri said, "A literate population, a healthy population, a well-educated population is the key to success."

"Prime Minister and the Chief Minister spoke a lot about employment. Here, one of the things that is very important is skilling," Lahiri added. He noted that industries often face a shortage of suitably trained workers despite the expansion of educational institutions.

"As new technology comes, we have to adapt ourselves. We cannot get stuck in 1990s or 2000 technology. As things evolve we have to get new skills," he said. Lahiri stressed that skill development programmes must be guided by industry requirements. "Industry, what do they want? What kind of skills do they want? So a great collaboration between industry and the skilling institutions is very important," he said.

Planned Urbanisation and Infrastructure

The meeting also saw extensive discussions on urbanisation and infrastructure planning as India continues to witness rapid migration to cities. "Many chief ministers and the prime minister talked about disorderly urbanisation," Lahiri said, adding that the country's leadership is "fully aware of the fact that we need planned urbanization."

According to him, discussions included the development of plug-and-play industrial parks supported by housing, roads, sewerage networks, schools and public amenities.

Energy Affordability and Alternatives

Energy affordability and availability were also discussed, particularly the role of renewable and nuclear power in meeting future demand. "Prime Minister and many Chief Ministers talked about the question of making energy prices competitive and energy available," Lahiri said.

He said members advocated wider adoption of rooftop solar systems in homes, schools, hospitals and government buildings to reduce dependence on grid electricity and ease subsidy burdens.

"There was talk about nuclear energy because many of the members said it's now safe. The nuclear energy has evolved so much that we don't need to be worried about another Chernobyl," he added.

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

Rajasthan eyes USD 350 billion economy with Rs 35 lakh crore MoUs

Asianet News Central — Thu, 11 Jun 2026 21:01:27 +0530

USD 350 Billion Economy Target

Rajasthan is expected to become a USD 350 billion economy as MoUs worth Rs 35 lakh crore have been signed for investments, of which proposals exceeding Rs 9 lakh crore have already reached the ground-breaking stage in the state, according to a statement by NITI Aayog on Thursday.

Vision for Viksit Bharat-2047

Rajasthan Chief Minister Bhajan Lal Sharma attended the 11th meeting of the Governing Council of NITI Aayog at Rashtrapati Bhavan in New Delhi under the chairmanship of Prime Minister Narendra Modi. Presenting Rajasthan's vision for development, achievements, and future action plan, he added that Rajasthan is fully committed to playing a leading role in achieving the goal of "Viksit Bharat-2047."

Roadmap for 'Vibrant Rajasthan-2047'

In the NITI Aayog Governing Council Meeting, chaired by Prime Minister Narendra Modi, CM Bhajan Lal Sharma shared the Roadmap for 'Vibrant Rajasthan-2047'. According to the release, the Rajasthan government is working to leverage its 63% youth population as the primary driver of development. He further stated that MoUs worth Rs 35 lakh crore have been signed for investments in the state, with groundbreaking ceremonies already executed for projects valued at over Rs 9 lakh crore.

Economic Projections and Key Projects

Additionally, the state has been gifted a modern 9 MMTA capacity refinery, which will prove to be a milestone in Rajasthan's industrial evolution. The Minister shared that the state government has set a target to turn Rajasthan into a USD 350 billion economy by 2029. The state's current GSDP growth rate stands at 10.24%, offering a highly positive indicator toward reaching this milestone," the release said.

Focus on Youth and Employment

The Chief Minister stated that the 'MY Bharat' campaign has received massive traction in Rajasthan, positioning the state second in the country with 18 lakh registered youths. Additionally, the state has implemented the Rajasthan Skill Policy-2025, Rajasthan Youth Policy-2025, and Rajasthan Employment Policy-2026.

Furthermore, the release stated that localised employment opportunities are being generated through interventions in cooperatives, dairy development, and the One District-One Product (ODOP) initiative. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

GIFT City showcases finance, treasury opportunities to Chennai firms

Asianet News Central — Thu, 11 Jun 2026 21:00:55 +0530

Gujarat International Finance Tec-City (GIFT City) on Thursday engaged with industry leaders, investors, treasury professionals and Global Capability Centre (GCC) executives in Chennai, highlighting growing opportunities in international finance, treasury management, fund management, capital markets and cross-border business services, as per a press release.

GIFT City's Financial Milestones

"GIFT City is also witnessing increasing traction as a destination for global and regional treasury operations. Loans and advances by Global/Regional Corporate Treasury Centres (GRCTCs) operating from GIFT City stood at USD 5.61 billion as of March 2026, reflecting growing adoption of the ecosystem for treasury management and cross-border financing activities," the release said.

According to the release, banking assets at GIFT City IFSC stood at USD 111 billion, while External Commercial Borrowing (ECB) exposure exceeded USD 41 billion, as of March 2026. During the same time, GIFT City hosted 217 Fund Management Entities (FMEs) managing 360 schemes, with cumulative capital commitments crossing USD 39 billion.

GIFT City is seeing increasing traction as a destination for global and regional treasury operations. It hosted 35 aircraft lessors and 36 ship lessors, with over 370 aviation assets and 37 ships leased through GIFT City structures. Additionally, debt securities listed on IFSC exchanges crossed USD 70 billion, as per the release.

"Loans and advances by Global/Regional Corporate Treasury Centres (GRCTCs) operating from GIFT City stood at USD 5.61 billion as of March 2026," it said.

Tapping into Chennai's Potential

Sanjay Kaul, Managing Director and Group CEO, GIFT City, said, "Chennai occupies a unique position in India's growth story, with its strong GCC ecosystem, sophisticated treasury operations and deep talent pool across finance, technology, analytics, risk management and compliance. As companies increasingly look to optimise treasury functions, access global capital and support cross-border business activities, we see significant opportunities for Chennai-based enterprises and global organisations to leverage the financial and regulatory ecosystem available at GIFT City." (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

India committed to global trade despite 'ineffective' WTO: Goyal

Asianet News Central — Thu, 11 Jun 2026 21:00:31 +0530

Union Commerce and Industry Minister Piyush Goyal on Thursday said the World Trade Organization (WTO) is "not very effective right now", but asserted that global trade continues to function under the WTO framework and that India remains committed to expanding trade and investment partnerships despite rising protectionist trends.

Addressing the closing session of the fifth Annual Meeting of the India Global Innovation Connect (IGIC), Goyal said, "Fortunately, the WTO as a forum is not very effective right now. So action has to be almost bilateral, oftentimes in cooperation. But with that, as it may, I think, all world trade, at the aggregate, is still very much in its place, still working under the WTO framework." He further added that "India today works from a position of strength when it's engaged with other countries. We are able to navigate this in the spirit of friendship. You win some, you lose some. But at the end of the day, in the aggregate, I think it's a win-win for all countries working together."

Navigating Global Protectionism

The minister said this while responding to a question on rising protectionism across developed economies and whether such trends could hamper India's ambitions of expanding its role in global trade and supply chains.

Goyal acknowledged that countries are increasingly taking measures to protect domestic industries, citing efforts by the European Union, the United States and the United Kingdom to safeguard sectors such as steel from external competition. He said India, too, takes steps to protect its economy from unfair trading practices when required.

"There will obviously be some constraints, particularly now that the European Union, U.S. and U.K. are trying to safeguard their domestic steel industry, for example, against competition. Or even India, for that matter, protecting our economy from unfair trading practices of certain geographies," he said.

Despite these challenges, the minister said India engages with the world from a position of strength and is able to navigate differences through cooperation and dialogue. "India today works from a position of strength when it's engaged with other countries. We are able to navigate this in the spirit of friendship. You win some, you lose some. But at the end of the day, in the aggregate, I think it's a win-win for all countries working together," Goyal said.

India's Strategy for Global Engagement

The minister said India has adopted a well-thought-out strategy of expanding engagement with developed economies through trade agreements and investment partnerships. He noted that India has signed nine free trade agreements in the last three to three-and-a-half years, covering 38 countries that are significantly wealthier than India on a per-capita income basis.

Forging Partnerships with Developed Economies

According to Goyal, many of these countries face ageing populations, rising production and research costs, and shortages of skilled talent, while India offers a young workforce, competitive costs, growing innovation capabilities and a large domestic market of 1.4 billion aspirational consumers.

He said such partnerships are critical to achieving India's goal of becoming a developed nation by 2047, when the country will mark 100 years of Independence. Goyal said the Indian economy could be in the "ballpark of about USD 30 trillion" by then, but added that such growth would require greater international engagement, higher quality standards, technological advancement and stronger participation in global trade.

Becoming a Preferred Investment Destination

Highlighting India's efforts to become a preferred investment destination, the minister said the government has focused on strengthening macroeconomic fundamentals, reducing regulatory burdens, simplifying taxation and improving ease of doing business. He also pointed to large-scale investments in infrastructure, including airports, ports, expressways and power systems.

Spotlight on EFTA Partnership

Referring to the Trade and Economic Partnership Agreement (TEPA) signed with the European Free Trade Association (EFTA) countries -- Switzerland, Norway, Iceland and Liechtenstein -- Goyal said the grouping has committed to bringing USD 100 billion in investment into India over the next 15 years. He added that investment flows have already begun and discussions between businesses are progressing actively.

Goyal said India would continue pursuing mutually beneficial trade and investment partnerships despite evolving global challenges, arguing that deeper integration with the global economy would help create jobs, improve quality standards, attract capital, strengthen innovation and enhance India's role in international trade. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

Piyush Goyal to visit Switzerland to discuss India-EFTA TEPA

Asianet News Central — Thu, 11 Jun 2026 20:01:07 +0530

Union Minister of Commerce and Industry Piyush Goyal will visit Switzerland to strengthen India-Switzerland economic partnership and facilitate discussions on implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA), as per a statement by the Ministry of Commerce & Industry on Thursday.

Focus on TEPA Implementation

As per the release, Goyal will visit Berne, Switzerland, on 12 June 2026 to discuss the implementation of TEPA, address operational issues arising from the agreement, and enhance bilateral trade, investment and institutional cooperation.

"India and the EFTA States--Switzerland, Norway, Liechtenstein and Iceland--signed the Trade and Economic Partnership Agreement (TEPA) in March 2024, which entered into force in October 2025. The Agreement provides a comprehensive framework for strengthening trade, investment and economic cooperation between the two sides," he said.

As per the release, Goyal is scheduled to meet Helene Budliger Artieda, State Secretary for Economic Affairs, and Guy Parmelin, Federal President of Switzerland. Additionally, he will also interact with representatives of the Swiss pharmaceutical industry.

"Discussions are expected to focus on the implementation of TEPA, addressing operational issues arising from the Agreement, and enhancing bilateral trade, investment and institutional cooperation," he said.

Engagement with Swiss Industry

Apart from this, he will also interact with several Swiss companies and investors to discuss and explore the opportunities for strengthening the economic partnership between the countries.

"On the sidelines of the visit, the Minister will engage with Swiss companies and investors in Zurich to discuss opportunities for expanding bilateral trade and investment and to explore avenues for deeper economic collaboration," the release said.

"Goyal will be accompanied by senior officials from the Department for Promotion of Industry and Internal Trade (DPIIT) and the Ministry of Health and Family Welfare. The visit is expected to support the effective implementation of TEPA and further strengthen the longstanding economic partnership between India and Switzerland," the release said.

(ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)