Asianet Newsable

Gold Price Today: Why Did Gold Prices Rise Again While Silver Fell Rs 5,000 In Delhi?

Asianet Newsable English — Thu, 01 Oct 2026 19:09:51 +0530

Gold prices rose for the second straight session, gaining Rs 500 to Rs 1,49,800 per 10 grams in Delhi on Thursday, supported by a weaker rupee and firm global prices. Silver, however, fell Rs 5,000 to Rs 2.27 lakh per kg.

Gold prices continued their recovery on Thursday, rising for the second session in a row in the national capital. A weaker rupee and a firm trend in international markets supported the yellow metal.

Gold of 99.9 per cent purity rose Rs 500 to Rs 1,49,800 per 10 grams, inclusive of all taxes, according to local traders. It had closed at Rs 1,49,300 per 10 grams on Wednesday.

The rise came a day after gold had gained Rs 700 from its two-month low.

Silver moved in the opposite direction on Thursday.

The precious metal declined by Rs 5,000 to Rs 2.27 lakh per kilogram, inclusive of all taxes. It had closed at Rs 2.32 lakh per kg in the previous session.

Despite gold's two-day recovery, the metal remained lower for the week. Gold has fallen Rs 2,800, or nearly 2 per cent, this week.

Silver has seen a sharper weekly decline, losing Rs 10,000, or around 4.2 per cent.

One factor supporting domestic gold prices was the fall in the Indian rupee.

The rupee slipped below the Rs 96-per-dollar level on Thursday and closed at 96.31 against the US dollar. This was its weakest closing level in more than two months.

A weaker rupee can support domestic gold prices because the metal is largely imported and becomes more expensive in rupee terms when the currency loses value.

Gold also found support from softer US inflation data, which reduced expectations of a rate hike by the US Federal Reserve, according to Gaurav Garg, Head of Research at brokerage platform Lemonn.

International gold prices remained firm on Thursday.

Spot gold rose USD 11.94, or 0.29 per cent, to USD 4,169.06 per ounce. Silver also gained nearly 1 per cent globally, trading around USD 60.79 per ounce.

Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said gold moved higher after softer inflation data, although the rise was limited by higher oil prices and continuing uncertainty around the Strait of Hormuz.

The recent movement in gold has come after the metal fell sharply through the week before recovering over the past two sessions.

Market participants are now watching upcoming US economic data for clues about the Federal Reserve's monetary policy.

Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said investors would focus on the US ISM Manufacturing PMI, weekly jobless claims and comments from Federal Reserve officials.

These indicators could influence expectations around US interest rates and, in turn, global gold prices.

Bullion markets in India will remain closed on Friday, October 2, on account of Gandhi Jayanti.

Gold had also gained on Wednesday as traders returned to the market to buy at lower levels after its recent decline. Silver, meanwhile, remained unchanged at Rs 2.32 lakh per kg on Wednesday.

(With inputs from agencies)

RBI orders developer BPTP, directors to pay Rs 4.84 crore penalty

Asianet News Central — Thu, 01 Oct 2026 19:01:16 +0530

The Reserve Bank of India (RBI) has ordered real estate developer BPTP Limited and two of its directors to pay a total of about Rs 4.84 crore to compound violations of foreign exchange rules linked to foreign investment received by the company, the Enforcement Directorate (ED) said in a post on Thursday.

The compounding orders were issued by RBI on September 17, 2026, under Section 15(1) of the Foreign Exchange Management Act (FEMA), 1999, after the ED issued a "No Objection" for compounding the contraventions, according to the agency.

Details of the Violations

The case relates to foreign direct investment received by BPTP Limited, formerly known as Business Park Town Planners Private Limited, in 2007 and 2008.

According to the ED, the company received about Rs 322.5 crore from CPI India I Ltd, Mauritius, in August 2007 and around Rs 215 crore from Harbour Victoria Investment Holding Ltd, Mauritius, in July 2008.

The agency said investigations under FEMA found violations relating to the receipt and use of the foreign investment. One of the contraventions related to agreements between BPTP and the foreign investors that contained clauses on put options and assured returns. The ED said these provisions were in violation of the FEMA rules applicable to such foreign investment at the time.

In another contravention, BPTP had initially invested around Rs 320 crore of the foreign investment in fixed deposits and mutual funds instead of using the money in its projects, the ED said.

Compounding Process and Penalty

Following its investigation, the ED had filed a complaint before the Adjudicating Authority in December 2025, after which adjudication proceedings were initiated against the company and its directors. BPTP subsequently approached the RBI seeking compounding of the FEMA contraventions.

The ED said it raised no objection to the application, following which the RBI issued the compounding orders. Under the orders, BPTP Limited has been directed to pay Rs 4.03 crore, while directors Kabul Chawla and Sudhanshu Tripathi have been directed to pay about Rs 40.36 lakh each. The total compounding amount is about Rs 4.84 crore.

The ED said payment of the compounding amount within the prescribed period would lead to termination of the adjudication proceedings relating to these FEMA contraventions.

Compounding under FEMA allows eligible civil contraventions to be settled by payment of an amount determined by the RBI, avoiding prolonged adjudication proceedings. (ANI)

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

Utilising domestic biomass key to hit 15% gas mix target: Puri

Asianet News Central — Thu, 01 Oct 2026 19:01:04 +0530

Addressing a news conference in Delhi on Thursday, Petroleum and Natural Gas Minister Hardeep Singh Puri highlighted the utmost importance of utilizing domestic biomass to navigate the global gas situation. “The challenge today arises from global volatility. The question then is, how will the global landscape evolve? I have reiterated here today: it is an absolute imperative for us to utilise domestic biomass to the greatest extent possible.”

Puri stated that domestic resource utilisation is vital to protecting the domestic market from global volatility and driving the country’s gas mix upward from the current 6 to 7 per cent toward a 15 per cent target.

The Minister noted that relying on external sources remains costly, observing that natural gas imports stood at USD 13 billion in the 2025–26 financial year. With the economy recording 7.8 per cent growth in the last quarter, three times the global average, the minister underlined that harnessing indigenous bio-resources remains non-negotiable.

GOBARdhan Yojana: A New Ecosystem

“If I were in your place, this question would arise in my mind: why has this new GOBARdhan Yojana been formed? Why will this be successful? And what is the difference between what you were doing before and what we are doing now?” Puri added.

“So in that, I’ve mentioned a couple of new things, which I think are a major innovation for me. I think, at this time, other than success, we don't have any other choice. That's why the government has created such a plan by which the central government and the state government together, created a new ecosystem. Through which, those who will come to install the CBG plant and want to install it, will receive assistance for capital expenditure.”

Financial Support and Incentives

Elaborating on the financial architecture, Puri detailed the direct support mechanisms earmarked for plant developers.

“The data I used during my speech, which we are following, suggests that even for capital expenditure, you could get up to Rs 2 crore per ton per day (TPD), Rs 2 crore. There is a credit guarantee as well. For MSMEs, if it's normally Rs 20 crore and if you are a woman-led enterprise, you will have, instead of Rs 20 crore, a guarantee of Rs 25 crore,” he stated.

Puri also highlighted that this is the most important thing needed at this time. “There is guaranteed offtake. Our entities will buy those. Offtake will be on terms which are more which are preferable to and higher than global terms,” he said.

Progress and Future Targets

Detailing the physical progress of the initiative, Puri stated that under the previous framework, 217 plants with a commissioned capacity of 1,700 TPD became operational, while more than 330 plants with 2,700 TPD capacity are currently under construction. The minister pointed out that the current average annual production stands at 0.4 MMSCMD, with a target to scale it ten times to 5 MMSCMD and achieve a near-future capacity of 4 to 6 MMTPA. Over 90 commissioned plants operate across the top three states of Uttar Pradesh, Maharashtra, and Gujarat, with 20 plants connected to pipelines.

Addressing the national pipeline grid, Puri highlighted that the network expanded from 14,000 kilometres in 2014 to between 27,000 and 28,000 kilometres at present, tracking steadily toward the 35,000-kilometre target.

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

NMDC's iron ore output soars 23%, but sales remain flat this year

Asianet News Central — Thu, 01 Oct 2026 19:00:36 +0530

State-owned iron ore miner NMDC recorded a sharp rise in cumulative iron ore production up to September 2026, even as sales remained unchanged from the corresponding period last year, according to a stock exchange filing on Thursday.

Production Outpaces Sales

NMDC's cumulative iron ore production rose to 27.27 million tonnes (MT) up to September 2026 from 22.20 MT in the year-ago period, marking an increase of about 22.8 per cent. However, cumulative sales stood at 22.23 MT, unchanged from the corresponding period last year. The divergence between production and sales is significant as the company's output growth has substantially outpaced dispatches during the period.

For September alone, NMDC produced 4.04 MT of iron ore, up about 7.7 per cent from 3.75 MT in September 2025. Monthly sales, however, declined about 9.5 per cent to 3.51 MT, compared with 3.88 MT a year earlier.

State-Wise Performance Breakdown

The company's Chhattisgarh operations accounted for the bulk of the cumulative output. Production from the state increased to 18.92 MT up to September from 14.78 MT in the corresponding period last year. Sales from Chhattisgarh rose to 16.42 MT from 15.13 MT.

In Karnataka, cumulative production increased to 8.35 MT from 7.42 MT. Sales, however, declined to 5.81 MT from 7.10 MT during the same period.

During September, Chhattisgarh produced 2.50 MT against 2.49 MT a year ago, while Karnataka's production increased to 1.54 MT from 1.26 MT.

NMDC disclosed the provisional production and sales figures under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations.

The latest figures show that while NMDC has significantly expanded production so far this year, the pace of sales has yet to keep up with the increase in output. (ANI)

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

India-EFTA trade pact to bring $100 bn investment, 1 mn jobs

Asianet News Central — Thu, 01 Oct 2026 19:00:30 +0530

The India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) has completed one year of implementation, with the pact providing wider market access for Indian exporters and EFTA nations committing to promote USD 100 billion in investments in India over the next 15 years, Union Minister of Commerce and Industry Piyush Goyal said on Wednesday.

In a social media post, Goyal said the agreement, which came into force on October 1, 2025, marked an important milestone in India's economic engagement with EFTA nations and was expected to help create 1 million direct jobs. “This will support greater investment, strengthen our manufacturing and services sectors and contribute to sustainable economic growth,” Goyal said.

Key Tenets of the Agreement

India and EFTA signed the TEPA on March 10, 2024. The agreement became effective on October 1, 2025, marking India's first free trade agreement with four developed European nations. EFTA comprises Iceland, Liechtenstein, Norway and Switzerland. The intergovernmental organisation was established in 1960 to promote free trade and economic integration among its members.

Under the agreement, EFTA has committed to provide market access on 92.2 per cent of tariff lines covering 99.6 per cent of India's exports. This includes 100 per cent of non-agricultural products. India, meanwhile, has covered 82.7 per cent of tariff lines, accounting for 95.3 per cent of EFTA's exports, while safeguarding sensitive sectors such as dairy, soya, coal and sensitive agricultural products.

Economic Impact and Sectoral Growth

Goyal said exports of motor cars and other motor vehicles, heavy waters and moulding patterns have grown significantly since the implementation of TEPA. “This is just the beginning,” Goyal said, adding that the agreement was opening new avenues for Indian businesses across sectors and strengthening opportunities for exporters.

The agreement covers 14 chapters dealing with areas including market access for goods, rules of origin, trade facilitation, trade remedies, sanitary and phytosanitary measures, technical barriers to trade, investment promotion, services and intellectual property rights. It also includes provisions covering trade and sustainable development and other legal and horizontal areas.

The pact is also aimed at expanding India's services exports through digital delivery, commercial presence, professional mobility and Mutual Recognition Agreements (MRAs) in fields such as nursing, accountancy and architecture.

Investment and Employment Goals

The investment and employment commitment is a key feature of the agreement, with the pact targeting USD 100 billion in investments and 1 million direct jobs in India over 15 years.

The agreement is aimed at expanding market access, supporting manufacturing and innovation and strengthening cooperation in technology and sustainability.

The government has described TEPA as a significant trade partnership for India, with the agreement seeking to deepen economic ties with EFTA countries while creating opportunities for Indian businesses in goods and services. (ANI)

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

Taiwan to hike fuel surcharge for international flights from Oct 7

Asianet News Central — Thu, 01 Oct 2026 19:00:26 +0530

Fuel Surcharge Increase for Taiwanese Carriers

Fuel surcharge for international flights operated by Taiwanese carriers will rise from October 7 due to a recent uptick in global aviation fuel prices, according to a news report by Focus Taiwan.

Citing the Civil Aviation Administration (CAA), the news report mentioned that the administrative decision establishes higher fees across both regional and intercontinental services. Under the updated framework, the fuel surcharge for short-haul journeys moves to USD 37.5 from the earlier USD 32.5 per passenger leg. Passengers booking long-haul journeys face a parallel adjustment. For these services, the surcharge climbs to USD 97.5 from the previous rate of USD 84.5, representing a notable rise in baseline travel expenses.

Regulatory Rationale and Communication

The aviation regulator stated that this upward revision directly reflects international jet fuel market movements. The baseline calculation relies on benchmark pricing released by state-owned refiner CPC Corp., Taiwan, which confirmed that international aviation fuel prices rose to USD 177.89 per barrel from USD 156.79. The authority highlighted regulatory compliance and public communication among operating carriers. The news report mentioned that the administration said it has instructed airlines to provide sufficient information on the adjustment, including fuel costs and their proportion of a flight's total expenses, to address consumer concerns.

Third Consecutive Monthly Increase

This revision represents the third consecutive monthly increase in carrier surcharges amid volatile global crude dynamics.

Over the three-month window dating back to mid-summer, short-haul surcharges climbed steadily from USD 27.5 in July to the upcoming USD 37.5 mark scheduled for October. A corresponding trend appeared across extended operations. Over the identical July-to-October period, the long-haul surcharge expanded from USD 71.5 to the revised USD 97.5 level.

Route Categorisation Explained

Route categorisation remains strictly divided by geographic regions under regulatory parameters. Short-haul operations encompass flights connecting Taiwan with destinations across Asia, while excluding India and the Middle East. Long-haul sectors consist of flights operating between Taiwan and destinations throughout Europe, the Americas, Oceania, Africa, Antarctica, India, and the Middle East, according to details released by the CAA.

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

Adani Green's BESS capacity hits 6.63 GWh, over half of India's total

Asianet News Central — Thu, 01 Oct 2026 17:30:56 +0530

Adani Green Energy Ltd (AGEL) has expanded its operational Battery Energy Storage System (BESS) capacity to 6.63 gigawatt-hours (GWh) from 3.55 GWh in June 2026, accounting for more than half of India's operational BESS capacity, as the company scales up storage to support the integration of renewable power into the grid.

AGEL said its operational BESS capacity now represents more than 50 per cent of India's total operational capacity of about 12.6 GWh, based on Central Electricity Authority data as of August 31, 2026, and industry disclosures.

Khavda Site: A Global Benchmark

The latest capacity has been commissioned at Khavda in Gujarat, where AGEL is also developing a 30 GW renewable energy plant across 538 square kilometres. The company said the 6.63 GWh BESS makes Khavda the world's largest operational battery energy storage installation at a single location.

AGEL achieved the milestone within 14 months of commencing on-site BESS construction at Khavda, with the latest capacity addition commissioned within 10 months of the start of construction.

Powering Millions and Supporting Peak Demand

The company said the BESS can store enough clean energy to power around two million homes a day and support peak electricity demand in cities such as Nagpur, Patna or Vizag for several hours. The storage capacity is also equivalent to more than 1,50,000 mid-sized electric vehicles with 40 kWh battery packs.

Leadership Perspective on Clean Energy

“Reaching 6.63 GWh of operational battery storage in just 14 months is a significant milestone for AGEL and India’s clean energy transition. At this scale, storage can make renewable power firmer, more reliable and dispatchable when the grid needs it,” Sagar Adani, Executive Director, Adani Green Energy, said.

He added that as India's power demand grows, the company would continue to scale both battery and pumped storage solutions to support a more resilient and lower-carbon grid.

Advanced Technology for Grid Stability

The BESS uses lithium-ion battery technology integrated with an Energy Management System and automated telemetry to manage charging and discharging, optimise performance and support grid services.

According to the company, battery storage can help improve grid stability, manage peak demand, reduce renewable energy curtailment and enable clean power to be dispatched when required.

Ambitious Future Targets

AGEL is on track to add over 10 GWh of BESS capacity in FY27 and is targeting 50 GWh over the next five years. The company is also pursuing pumped storage projects as part of its broader strategy to build firm and dispatchable renewable power capacity. (ANI)

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

RSOLEC to invest Rs 5,000 cr for solar plant in Karnataka's Tumakuru

Asianet News Central — Thu, 01 Oct 2026 17:30:47 +0530

Renaissance Solar and Electronic Materials (RSOLEC) has expressed interest in investing Rs 5,000 crore in the Chennai-Bengaluru Industrial Corridor region in Tumakuru, Karnataka, Minister for Large and Medium Industries MB Patil said on Thursday.

The announcement follows discussions held at Khanija Bhavan between Patil and RSOLEC Chairman and Chief Executive Officer Milind S. Kulkarni, reiterating plans initially declared at Invest Karnataka 2025. Patil noted that the India-US enterprise operates with an established footprint across the solar sector, specifically in single-crystal silicon growth and wafer fabrication.

Details of the Proposed Plant

The firm now intends to secure 100 acres in the corridor area to set up a 5 GW solar ingot and wafer production plant.

Speaking on the occasion, Patil said that the company has established a strong presence in the solar sector, particularly in single-crystal silicon growth and wafer manufacturing. The minister added that it has sought 100 acres of land in the CBIC region to establish a 5 GW solar ingot and wafer manufacturing facility. A final decision will be taken after discussions on the company's other requirements.

Utility Requirements and Timeline

Headquartered in Chennai, the enterprise is staffed by technical professionals and requires dedicated utility infrastructure to run the planned operations. The proposal lists essential utility allocations comprising 80 MW of electricity supply along with 10 MLD of daily water access.

The company has highlighted two key requirements for the proposed facility: 80 MW of power and 10 MLD of water. These requirements will be considered positively.

If everything proceeds as expected, the company is likely to commence manufacturing operations by mid-2028, he said.

Government Deliberations

In addition to standard clearances, the promoter firm has sought customised fiscal backing to support the capital outlay. The company has also sought a Special Incentive Package from the State Government. Discussions on this are currently under way at the highest level, Patil said.

The official review meeting included Principal Secretary to the Department of Industries S. Selvakumar, Commissioner Khushboo Goyal, Karnataka Industrial Areas Development Board Chief Executive Officer Govind Reddy, and Technical Adviser to the Industries Minister Aravind Galagali. (ANI)

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

Govt tightens sugar stock limits for dealers ahead of festive season

Asianet News Central — Thu, 01 Oct 2026 17:30:43 +0530

The government has tightened stock-holding rules for sugar dealers ahead of the festive season, limiting inventories to 1,000 quintals and restricting the holding period to 15 days, as it seeks to curb hoarding and ensure that a sharp fall in mill-level sugar prices reaches consumers.

The revised norms will come into effect from October 15 and remain applicable until November 30, the Ministry of Consumer Affairs, Food and Public Distribution said on Thursday. The intervention comes as the new sugar season begins from October 1 and festive demand picks up. It also follows a sharp decline in sugar prices at the mill level, with ex-mill prices falling about 28 per cent and remaining stable over the past three weeks. Retail prices, however, have declined by a relatively lower 15 per cent from their August peak, prompting the government to urge wholesalers and retailers to immediately pass on the benefit of lower ex-mill prices to consumers.

Details of the Revised Rules

Under the revised rules, a sugar dealer will not be allowed to hold sugar for more than 15 days from the date of receiving the stock. Dealers will also not be permitted to hold more than 1,000 quintals of sugar at any time and at any place across most parts of the country.

Exceptions for Key Distribution Hubs

A higher stock limit of 2,000 quintals has been allowed for Kolkata and its extended metropolitan areas as well as Assam, considering their particular supply and transportation requirements. The ministry said Kolkata receives sugar from major producing states such as Uttar Pradesh, Maharashtra and Karnataka and acts as an important distribution point for eastern and northeastern India. Assam has also been given a higher limit due to geographical and logistical constraints.

Aimed at Ensuring Smooth Supply and Curbing Hoarding

The government said the tighter norms are intended to prevent sugar from being unnecessarily accumulated in the distribution chain and ensure supplies continue to move from mills to dealers and ultimately to consumers.

The measures are also aimed at discouraging speculative trading and artificial stock accumulation during a period of higher seasonal demand.

Monitoring Sugarcane Supply

At the same time, the government is keeping watch on sugarcane supplies after uneven and deficient rainfall linked to El Niño conditions affected some sugar-producing regions. Sugar mills have been advised to begin crushing operations in line with agro-climatic conditions in their respective regions, while state governments have also been asked to take appropriate steps based on field conditions.

The Centre said it would continue monitoring domestic sugar availability and prices while balancing consumer interests with remunerative returns for sugarcane farmers. (ANI)

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

Finfluencer Trap? Why Gen Z Should Think Twice Before Trusting Online Money Advice

Zetan Kumari — Thu, 01 Oct 2026 13:30:40 +0530

If you just swipe through social media, financial advice is one of the main things you will see. You will find videos with titles like "how to become a millionaire easily" or "earn lakhs every month". People who give this kind of financial advice through Instagram Reels and YouTube Shorts are called 'finfluencers'. They mainly target the young Gen Z crowd.

The new generation wants to move away from traditional banking and fixed deposits. These videos easily attract them. But these finfluencers often have no real experience or certifications. Their advice pushes many young people into huge financial losses.

Why does Gen Z trust them?

Finfluencers succeed because they explain complex financial topics simply in just 15 to 60 seconds. They make things like mutual funds, cryptocurrency, stock market trading, and real estate investments look very easy. Young people want to get rich quickly, and their lack of awareness makes the situation worse.

Let us look at the hidden dangers of trusting these people blindly. Many finfluencers take money from various apps and companies to promote specific stocks and trading platforms. They never reveal the actual risks involved in these investments.

You must remember that these investments carry uncontrolled risks. We regularly see news about young people falling into huge debt after doing high-risk options trading and crypto investments without proper study. In India, you need a mandatory registration from the market regulator SEBI to give financial advice. But most of these finfluencers do not have this license.

How to avoid getting scammed

The first step is to understand that not everything you see on social media is true. You should seek help from Certified Financial Planners (CFP) or SEBI-registered advisors before you make an investment. The best way to avoid these traps is to invest your money only after you do your own proper research.

Gold Jewellery Making Charges: What Exactly Are You Paying For Beyond the Gold Price?

Nancy Tiwari — Thu, 01 Oct 2026 11:46:11 +0530

Buying gold jewellery is not just about paying the day's gold rate. The final bill can also include making charges, other applicable charges and GST. With gold prices remaining high, understanding these additional costs has become especially important for festive-season buyers.

What are making charges?

Making charges are the amount you pay for turning gold into a finished piece of jewellery. They cover the work involved in designing, shaping, cutting, polishing and finishing the jewellery. Intricate or customised designs can generally involve more workmanship than simple designs.

Jewellers may calculate making charges in different ways, as a percentage of the gold value, a fixed amount per gram, or a fixed amount for a particular design. Therefore, two jewellery pieces containing the same quantity and purity of gold can still have different final prices.

For example, if the gold value of a piece is ₹1 lakh and the jeweller charges 10% as making charges, another ₹10,000 is added before applicable taxes.

What else can be added to your bill?

Making charges are not the only component beyond the gold value. Depending on the jewellery and jeweller, the bill may include charges related to workmanship, wastage or other services. Buyers should therefore check exactly what each charge represents instead of comparing only the gold rate.

Hallmarking is different from making charges. BIS says hallmarking charges do not include making or wastage charges. Hallmarking officially records the purity or fineness of precious metal jewellery.

GST is also added to the transaction. According to the CBIC, when gold jewellery is sold to an end consumer, 3% GST is charged on the total transaction value, whether making charges are shown separately or not.

What should buyers check?

Before purchasing, ask for an itemised bill showing the gold rate, purity, net gold weight, making charges, other applicable charges and GST. Also check the hallmark and HUID details on hallmarked jewellery.

The key point is simple: don't compare jewellery only on the basis of the gold rate. Compare the complete bill and understand how much you're paying for the gold and how much for making and other charges.

Note: BIS increased the hallmarking fee payable by jewellers for a gold article from ₹45 to ₹75 effective September 14, 2026; this is a hallmarking-centre fee and should not be confused with a jewellery making charge.

Commercial LPG Price Hike: Rates Rise Ahead of Festive Season; What Restaurants and Businesses Need to Know

Deevika NM — Thu, 01 Oct 2026 11:45:18 +0530

Commercial LPG cylinders became costlier from October 1, with hikes varying by city. The increase affects restaurants and businesses, while domestic 14.2-kg LPG prices remain unchanged.

Commercial LPG prices have been revised upward from October 1. The increase applies to 19-kg cylinders used mainly by commercial establishments. The change comes as the festive season gets underway.

In Delhi, the 19-kg commercial LPG cylinder now costs Rs 2,810. The price has increased by Rs 62.50 from the September rate of Rs 2,747.50. The revision adds to operating costs for businesses using commercial gas.

Mumbai’s commercial LPG cylinder price has also moved higher, reaching around Rs 2,764. Chennai has seen its rate rise to Rs 2,983. The city-wise increase varies depending on the location.

Patna has witnessed a Rs 71.50 increase in the price of a 19-kg commercial cylinder. The new rate stands at Rs 3,100.50. This is among the largest increases highlighted in the latest city-wise rates.

The latest increase primarily affects businesses that depend on commercial LPG. Restaurants, hotels, caterers and other food-related establishments use 19-kg cylinders extensively. Higher cooking-fuel costs can add to their operating expenses.

There is no corresponding increase in the 14.2-kg domestic LPG cylinder. In Delhi, the household cylinder continues to cost Rs 942. Mumbai and Chennai rates remain Rs 941.50 and Rs 957.50 respectively.

LPG pricing is influenced by international benchmark prices and currency movements. Recent reports also point to developments affecting global oil and gas markets. The October revision therefore comes amid wider energy-market pressures.

LPG Price Hike: Commercial Gas Cylinder Rates Rise From October 1, Check New Rates Here

Zetan Kumari — Thu, 01 Oct 2026 11:21:51 +0530

New Delhi: Commercial LPG cylinder prices have gone up across the country. The price of a 19 kg commercial cylinder has increased by Rs 62.50. These new rates have come into effect from today. A commercial gas cylinder will now cost Rs 2,852 in Kochi. In Chennai, the price has gone up by Rs 66.50. This price hike comes right when the country is entering the festive season.

This is the second month in a row that commercial gas prices have increased, following a price cut back in August. The sudden price jump just before the Navratri festival will hit the hotel industry hard across the country. Running costs for hotels, restaurants, catering services, and small commercial shops will shoot up now. However, regular families can breathe easy as domestic LPG cylinder prices have not changed.

Tata Trust governance row: Trustee seeks probe into Tata Sons' affairs

Asianet News Central — Thu, 01 Oct 2026 11:00:27 +0530

Sir Dorabji Tata Trust trustee and Vice Chairman of the Trust Vijay Singh has sought an immediate inquiry by Maharashtra’s Charity Commissioner into the trust’s governance, alleging that its growing involvement in Tata Sons’ commercial affairs could jeopardise its charitable status and expose its assets to substantial tax liabilities.

In an email dated September 25 addressed to the Charity Commissioner and the Deputy/Assistant Charity Commissioner for the Greater Mumbai region Singh, viewed by ANI, also sought scrutiny of trustee appointments and alleged interference with the independent decision-making of nominee directors on the Tata Sons board. Another trustee, Venu Srinivasan, has also written a similar letter to the Charity Commissioner, raising concerns over the trust’s governance and its involvement in Tata Sons’ affairs.

Allegations of Commercial Interference

“A matter of serious concern is the increasing involvement of SDTT and Tata Trusts in the commercial and strategic affairs of Tata Sons Private Limited,” Singh wrote. He argued that Sir Dorabji Tata Trust (SDTT), as a public charitable trust, should not assume the functions of a commercial enterprise or directly participate in running Tata Sons’ business merely because it holds a substantial shareholding in the company.

Singh cited two Tata Trusts press releases dated September 17 concerning alternatives to listing Tata Sons and a proposal to provide liquidity to the Shapoorji Pallonji (SP) Group. According to his email, the first release recorded that Sir Dorabji Tata Trust and Sir Ratan Tata Trust had resolved in July 2025 that Tata Sons should remain unlisted and communicated that decision to the company.

The second, he wrote, outlined a proposal placed by Tata Trusts Chairman Noel N. Tata before the Tata Sons board concerning monetisation of the SP Group’s shareholding. Singh said the proposal envisaged a buyout in two tranches, selective capital reduction through the National Company Law Tribunal and various financing sources.

Singh alleged that these actions showed the trusts, through their chairman and operating team, taking a direct role in identifying, negotiating and seeking implementation of substantial commercial transactions involving Tata Sons. He warned that such involvement could put the trust’s income-tax registration and exemptions at risk, potentially affecting its charitable corpus.

Concerns Over Trustee Independence

The email also challenged a circular resolution that Singh said SDTT circulated on September 16 to restrain Srinivasan, a nominee director jointly appointed by Sir Ratan Tata Trust and SDTT, from participating in or voting on the proposed listing of Tata Sons. Singh alleged that the move sought to prevent Srinivasan from exercising independent judgement and concentrate decision-making power within a smaller group of trustees.

Specific Demands for Inquiry

He requested an inquiry into the appointment and continued status of the trust’s existing perpetual trustee, the basis on which Noel Tata holds the chairmanship of Tata Trusts, the appointment of Neville N. Tata and the alleged exclusion of Srinivasan from relevant decision-making.

Singh also sought directions requiring Noel Tata to recuse himself from specified trust decisions concerning nominees and voting representation at Tata Sons, and to abstain from certain Tata Sons board deliberations.

Pending the inquiry, he requested that the composition of SDTT’s board of trustees remain unchanged and that decisions concerning its administration, management or composition be held in abeyance. He further asked the Commissioner to take action warranted by the inquiry’s findings, including possible suspension or removal of trustees.

The allegations and requests set out in the email do not constitute findings by the Charity Commissioner. (ANI)

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

Goyal, US Rep discuss early conclusion of interim trade deal in Milwaukee

Asianet News Central — Thu, 01 Oct 2026 10:01:41 +0530

As part of ongoing bilateral efforts by New Delhi and Washington to forge a "balanced and mutually beneficial" trade agreement, Commerce Minister Piyush Goyal met US Trade Representative Jamieson Greer on the sidelines of the G20 Trade Ministerial in Milwaukee. Sharing details of the encounter on X, Piyush Goyal stated, "Met USTR Jamieson Greer, @USTradeRep, on the sidelines of the G20 Trade Ministers' Meeting in Milwaukee. Had a productive discussion with USTR Greer towards early conclusion of a mutually beneficial interim agreement under the India-US Bilateral Trade Agreement. We also exchanged views on G20 deliberations under US Chairship."

High-Level Diplomatic Engagement

The two officials conferred on Wednesday, coinciding with a telephone conversation between Prime Minister Narendra Modi and US President Donald Trump, during which both leaders reviewed progress across trade, defence, energy, critical technologies, and other areas of mutual interest.

Ahead of the visit, the Commerce Ministry outlined the agenda for the discussions, stating, "Goyal will also engage bilaterally with his counterpart from the United States as part of ongoing efforts to advance a balanced and mutually beneficial India-US Bilateral Trade Agreement (BTA) and finalise an interim deal in line with the Joint Statement of 7 February 2026."

Status of Trade Negotiations

Although both nations announced the finalisation of the framework for the initial phase of the BTA in February, subsequent shifts in the US tariff landscape have prompted extended negotiations on the pact.

Addressing the status of the negotiations, Piyush Goyal stated on September 24 that the trade pact between India and the US is "done and dusted" and will be executed once the United States gives India the right competitive advantage over its competitors in the American market. Within the American market, India's primary regional competitors include China, Bangladesh, and member states of ASEAN.

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

Aadhaar e-KYC now mandatory for 14.2-kg LPG refills from October 1

Asianet News Central — Thu, 01 Oct 2026 10:01:13 +0530

Aadhaar Authentication Now Mandatory for Subsidised LPG

Consumers who have not completed Aadhaar e-KYC will not be able to book 14.2-kg domestic LPG refills at the fixed price from October 1, with such consumers instead having the option to buy or refill 5-kg Free Trade LPG (FTL) or 10-kg composite fibre cylinders, according to information received from sources.

The new requirement takes effect from Thursday, with Biometric Aadhaar Authentication (BAA) now mandatory for domestic LPG consumers seeking refills at the regulated retail selling price with applicable subsidy. Consumers who have completed the authentication will continue to receive domestic LPG refills as before, while those who have not completed the process will not be able to book the 14.2-kg refill at the fixed price.

Commercial LPG Prices Increased

The implementation of the Aadhaar requirement comes alongside a revision in LPG prices from October 1. The price of a 19-kg commercial LPG cylinder has been increased by Rs 62.50 to Rs 2,810 in Delhi, while the 5-kg FTL cylinder has become Rs 15.50 costlier at Rs 779.50. There has been no change in the price of domestic LPG cylinders.

How to Complete Aadhaar Authentication

As of September 19, 27.43 crore active domestic LPG consumers, or 89.9 per cent of the total, had completed the authentication, according to the Ministry of Petroleum and Natural Gas. Consumers who have already completed the process do not need to take any further action.

The authentication can be completed during LPG delivery, at the distributor's showroom or through the mobile applications of the three public sector oil marketing companies. Indane customers can use the IndianOil ONE app, Bharatgas customers can use HelloBPCL and HP Gas customers can use HP PAY.

Alternatives for Unauthenticated Consumers

The ministry had said consumers unwilling or unable to complete the authentication could continue to receive LPG, but would have to register their choice through OMC digital channels. Such consumers would receive LPG at the applicable market price in 5-kg or 10-kg cylinders, subject to local availability.

Government Aims to Prevent Diversion, Ensure Genuine Subsidies

The government has said the authentication process is aimed at ensuring that subsidised LPG reaches genuine and eligible households, while preventing diversion of domestic cylinders for commercial and industrial use and removing duplicate or ineligible connections.

The ministry had said the implicit subsidy on a 14.2-kg domestic LPG cylinder was around Rs 210 in September, compared with Rs 721 in June, while the government is providing OMC compensation of Rs 30,000 crore during FY 2025-26 and FY 2026-27. (ANI)

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

October Rule Changes 2026: No PUC, New UPI Charges, LPG and ATM Rules You Need to Know

Deevika NM — Thu, 01 Oct 2026 09:53:04 +0530

October begins with a fresh set of rules and financial changes that could affect motorists, digital payment users, bank customers and LPG consumers across India. Among the biggest changes are the enforcement of the “No PUC, No Fuel” rule in Delhi-NCR and the introduction of a new Merchant Discount Rate (MDR) for certain UPI transactions from October 15.

The changes come into effect on different dates, making it important for consumers and businesses to know what applies to them.

No PUC, No Fuel Rule Takes Effect

From October 1, vehicles without a valid Pollution Under Control Certificate (PUCC) could be denied fuel in Delhi. The enforcement drive covers 500 fuel stations equipped with Automatic Number Plate Recognition systems.

The rule is aimed at improving compliance with pollution certification requirements. A Commission for Air Quality Management direction also extends the system across the wider National Capital Region.

However, the rule is not a nationwide requirement. Non-BS-VI vehicles from outside Delhi are also set to face restrictions on entering the city from November 1.

UPI Payments Above Rs 2,000 Face New MDR

From October 15, a 0.4% MDR will apply to specified UPI merchant payments above Rs 2,000. The charge will be capped at Rs 300 for transactions of Rs 75,000 and above.

For ordinary users, person-to-person UPI transfers remain free, while merchant payments up to Rs 2,000 stay outside the MDR framework. The government has said around 96% of person-to-merchant transactions will remain unaffected.

For certain sectors, including railways, telecom, insurance and fuel, a flat Rs 5 MDR applies to eligible payments above Rs 2,000. The government has also stated that consumers should not be separately charged the MDR.

SBI ATM, LPG and NPS Rules Also Change

SBI Salary Package Account holders will now receive five free transactions a month at other banks' ATMs, down from 10.

LPG customers seeking subsidised cylinders must complete biometric Aadhaar authentication, although those who have already completed the process do not need to repeat it.

Meanwhile, new NPS charges include a one-time Rs 200 fee per PRAN and a recurring charge of 0.20% of assets under management.

With several changes arriving together, October could bring noticeable differences for motorists, merchants, bank customers and households. Consumers should check the latest official notifications before acting, as dates and details can change.

Adani's Colombo terminal doubles capacity to 3.2M TEUs after expansion

Asianet News Central — Thu, 01 Oct 2026 10:00:51 +0530

Adani Ports and Special Economic Zone's (APSEZ) Colombo West International Terminal (CWIT) has doubled its handling capacity to 3.2 million twenty-foot equivalent units (TEUs) from 1.6 million TEUs following a USD 750 million Phase II expansion, aimed at strengthening Colombo's position as a key transshipment hub, the company said in a press release.

Strengthening Sri Lanka's Maritime Position

Sri Lankan Prime Minister Harini Amarasuriya inaugurated the expansion on Thursday, with the increased capacity expected to enable CWIT to handle nearly 25 per cent of the Port of Colombo's targeted 13 million TEU capacity by 2028.

The expansion will also allow the terminal to simultaneously berth three ultra-large container vessels, strengthening its ability to handle vessels operating on the East-West trade route.

CWIT has handled 2 million TEUs within its first 18 months of operations, marking another milestone for the terminal after it became the fastest terminal at the Port of Colombo to handle 1 million TEUs within its inaugural year in 2024.

"The success of Colombo West International Terminal demonstrates what Sri Lanka can achieve when bold vision, trusted partnerships and modern infrastructure come together," Amarasuriya said. She added that investments such as CWIT are creating jobs, attracting international commerce and enhancing competitiveness as Sri Lanka seeks to strengthen its position as a maritime and logistics hub in the Indian Ocean.

A Statement of Confidence

Ashwani Gupta, Whole-Time Director and CEO, APSEZ, said the doubling of CWIT's capacity was a statement of confidence from APSEZ and global shipping lines. "Phase II is a landmark for APSEZ's international portfolio and sharpens our position across the Indian Ocean's key trade corridors," Gupta said.

Krishan Balendra, Chairperson, John Keells Group, said the terminal's 2 million TEU milestone in 18 months reflected the strength of the partnership between APSEZ, John Keells Holdings and the Sri Lanka Ports Authority.

Project Background and International Portfolio

CWIT was developed by APSEZ, John Keells Holdings and the Sri Lanka Ports Authority under a 35-year build-operate-transfer (BOT) concession and has generated more than 3,000 direct and indirect jobs.

The terminal is Sri Lanka's first fully automated deep-water container terminal and is designed to serve large container vessels through fully electrified operations. It has also recorded 17 million safe working hours.

APSEZ operates CWIT as part of its international port portfolio, which also includes ports in Australia, Israel and Tanzania. (ANI)

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

Indian markets open lower on weak global cues, high US Treasury yields

Asianet News Central — Thu, 01 Oct 2026 10:00:34 +0530

Indian equity markets opened lower on Thursday, as elevated US Treasury yields and weak global cues weighed on investor sentiment at the start of October. The BSE Sensex opened at 72,192.89, down 287.40 points or 0.40 per cent, while the NSE Nifty 50 opened at 22,543.70, lower by 76.75 points or 0.34 per cent.

At the time of filing this report, the Sensex had pared some losses to trade at 72,357.16, down 123.13 points or 0.17 per cent, while the Nifty stood at 22,555.75, down 64.70 points or 0.29 per cent.

Analyst Commentary on Nifty

Ahead of the opening, Devarsh Vakil of HSL Prime Research said, “Indian equities are poised for a lower open, on the back of weak global cues.” Vakil flagged key levels for the Nifty after the index recorded its third consecutive daily decline in the previous session. “Immediate resistances lie at 22,810 and the 23,000–23,100 band; a decisive break above this zone is required to signal a meaningful recovery. Conversely, a sustained move below the recent swing low of 22,569 could extend the decline toward 22,200,” he said.

Hemang Gor, Senior Research Analyst - Derivatives and Technical Research, Axis Direct, also pointed to a subdued near-term outlook. “The bias is neutral; the undertone stays subdued while the Nifty trades below 22,800,” Gor said. He placed immediate support at 22,500, adding that a break below this level could push the index towards 22,400.

Global Cues and Economic Data

The weaker domestic opening followed a mixed close on Wall Street. The S&P 500 fell 0.25 per cent and the Dow Jones Industrial Average declined 0.86 per cent, while the Nasdaq gained 0.24 per cent. The Dow lost more than 4 per cent during September, according to HSL Prime Research. US second-quarter GDP growth was revised up to 2.2 per cent annualised from 1.5 per cent. Meanwhile, August personal consumption expenditures (PCE) inflation eased to 3.4 per cent year-on-year from 3.7 per cent in July, while core PCE inflation moderated to 3 per cent.

Impact of US Yields and Fed Watch

Despite softer inflation, the US 10-year Treasury yield climbed to about 5.29 per cent, while the 30-year yield reached a 24-year high, according to HSL Prime Research. “Elevated yields are weighing on risk assets and supporting the dollar,” Vakil said. He added that upcoming US economic releases and Federal Reserve commentary would provide further direction.

“Investors will watch today's jobless claims and ISM manufacturing data, along with remarks from Fed officials Barkin, Collins and Schmid, for further cues,” Vakil said. Gor said a sustained easing in crude prices or Treasury yields could help the Nifty reclaim 22,800 and move towards 23,000.

Stock and Sector-Specific Action

Among individual stocks, Kotak Bank rose 2.49 per cent, while Infosys gained 2.29 per cent, TCS 1.59 per cent, HCLTech 1.35 per cent and Tech Mahindra 1.11 per cent. Bajaj Auto declined 3.44 per cent, Max Healthcare fell 2.08 per cent and Mahindra & Mahindra slipped 1.87 per cent. Sectorally, Nifty IT gained 1.62 per cent and the private bank index rose 0.74 per cent. Auto, media and realty indices declined 1.41 per cent, 0.94 per cent and 0.65 per cent, respectively.

Broader Market Indicators

Brent crude traded at USD 97.16 a barrel, down 0.89 per cent. Asian markets were mixed, with Japan's Nikkei gaining 1.8 per cent and South Korea's Kospi trading largely flat.

Investment Strategy

Market analyst Vipin Dixena said investors should assess the Nifty's valuation correction alongside its technical weakness. “I would remain selective rather than assume that cheaper valuations automatically mean the bottom is in,” he said.

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

Jio Anniversary Offer: Get JioBharat 4G phone for Rs 1,499 with freebies

Asianet News Central — Thu, 01 Oct 2026 09:01:03 +0530

As Jio celebrates 10 years of connecting India, the company has announced a special Jio Anniversary Offer on JioBharat, aimed at making the transition from 2G to 4G more accessible and affordable for millions of feature phone users. Launched as part of the festive season celebrations, the limited-period offer brings together an affordable 4G device and complimentary connectivity benefits, helping more Indians experience the advantages of a digital lifestyle.

Jio Anniversary Offer Details

Under the Jio Anniversary Offer, eligible JioBharat 4G phones are available for Rs 1,499, along with six months of complimentary recharge benefits. The benefits include 14GB of data every month and unlimited HD voice calling, subject to applicable terms and conditions.

The offer is designed to lower the barrier for feature phone users who want to move from 2G to a 4G-enabled digital experience without taking on a significant additional connectivity cost.

Festivals are traditionally a time for families and communities to come together. Through the Jio Anniversary Offer, Jio is extending that spirit of togetherness into the digital world by making connectivity more accessible to millions of users across Bharat.

The initiative also supports Jio's broader focus on digital inclusion, helping more people participate in India's rapidly expanding digital ecosystem and access services that go beyond traditional voice calls and text messages.

An Affordable Upgrade to 4G

For many 2G users, monthly connectivity can involve a recurring recharge of around Rs 199. Over six months, that can amount to nearly Rs 1,200 spent on connectivity alone.

With the Jio Anniversary Offer, customers get a 4G-enabled JioBharat phone along with six months of connectivity benefits for Rs 1,499. After accounting for the included connectivity benefits, the effective cost of the device works out to just Rs 299. This makes the offer an opportunity for existing 2G users to move to a feature-rich 4G phone while gaining access to a wider range of digital services.

JioBharat Features and Ecosystem

Unlike conventional 2G feature phones that are primarily designed for calling and messaging, JioBharat provides access to a broader digital ecosystem. Users can access a range of entertainment services, including: JioTV, with access to 500+ TV channels; JioHotstar, offering live cricket, movies and other entertainment content; millions of songs and music content; and digital payments.

Digital Payments

JioBharat also brings digital payments to feature phone users through: 1. JioPay for UPI payments. 2. Convenient payment alerts. 3. Sound Box functionality for payment-related notifications.

Safety and Family Connectivity

The device also includes features designed to help users stay connected with their families, including: 1. Jio Safety Shield with safe-calling features. 2. Location-monitoring capabilities that can help families stay connected.

Enhanced Device Experience

The JioBharat experience is supported by hardware designed for everyday use, including: 1. A 2.4-inch display. 2. A 2,000mAh battery. 3. Fast and reliable 4G connectivity.

Connecting Bharat to a Digital Future

Jio's Anniversary Offer on JioBharat combines a 4G-enabled device with six months of connectivity benefits, creating a pathway for 2G feature phone users to experience a wider range of digital services.

As Jio marks a decade of connectivity in India, the festive-season offer reflects the company's focus on making digital access more affordable and extending the benefits of 4G connectivity to more users across Bharat. (ANI)

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

US jokes Goyal is 'trade minister for life' at G20 trade meet

Asianet News Central — Thu, 01 Oct 2026 09:00:37 +0530

US Trade Representative Jamieson Greer joked that Union Commerce and Industry Minister Piyush Goyal was “trade minister for life” as he opened a two-day G20 trade ministers’ meeting in Milwaukee, Wisconsin. Greer made the remark in his opening speech, saying the work of building a fairer trading system would continue long after current ministers had left office, with Goyal being the exception. Greer also met Goyal on the first day of the gathering.

US Pushes for Urgent Trade Reform

The speech was otherwise a call for the world to rethink how trade is governed. Greer said the world’s economies had responded to years of imbalances “mostly with talk”, adding that he wanted delegates to leave with “a clearer sense of urgency” and a recognition of the need for action. He set out four priorities for the US presidency of the G20: the “weaponisation” of food, structural excess industrial capacity, the Most-Favoured-Nation (MFN) principle and forced labour in supply chains. The most notable of these was MFN, the rule that requires countries to offer the same trade terms to all partners. Greer called it a cornerstone of the system but said it should be re-examined, arguing that when applied unconditionally, it limits countries’ ability to respond to distortive policies and changing market conditions. On excess capacity, he noted that G20 leaders pledged to tackle the problem in 2016, and ten years on, it is an even greater distortion. He added that the US had acted over the past year, using tariffs and bilateral deals to cut its trade deficit and make supply chains more resilient. He also pre-empted calls to take such discussions elsewhere, noting that while delegates often say contentious issues belong at the World Trade Organization in Geneva, “Geneva is just another city on a lake. And so is Milwaukee.” Drawing on the venue’s history, Greer recalled a 1959 speech by John F. Kennedy in the same ballroom warning of lost American competitiveness, and said his concerns remained relevant 67 years later. He also used architecture as a metaphor, citing Lina Bo Bardi, Wang Shu and Frank Lloyd Wright, noting that the lesson was that building for the future neither means discarding the past nor leaving old ideas unchanged, describing delegates as “possible architects of a new international economic order”.

Focus on Steel and US Manufacturing

Earlier in the day, G20 ministers toured a Rockwell Automation plant in Milwaukee, which Greer said was intentionally selected to showcase US factories and show the kind of economy the Trump administration wants to build, adding that the goal was for delegates to "see what we're trying to protect." He acknowledged the talks would not settle every issue, noting it took almost 50 years to get from the GATT to the WTO itself. Delegates are also slated to attend a reception at the Harley-Davidson Museum on the second evening. Building directly upon these discussions, Union Commerce and Industry Minister Piyush Goyal, who is steering New Delhi's economic engagement at the gathering, joined trade ministers from the world’s major economies as they commenced the high-level talks. The gathering unfolds as the United States drives for coordinated action against global steel overcapacity and proposed changes to international trade rules.

'Milwaukee Framework' on Steel Excess Capacity

The opening day's most tangible development emerged from a session of the Global Forum on Steel Excess Capacity, where participating nations endorsed a fresh framework targeting overproduction. Greer stated that the "Milwaukee Framework" would seek stronger coordinated action against excess capacity, encompassing measures addressing trade remedies, the monitoring of steel supply chains and enhanced scrutiny of transhipment. When asked if countries had agreed to increase tariffs on Chinese steel, Greer replied that individual governments would determine their own course. "Well, every country will do what they think is appropriate," Greer said. "We want to coordinate those measures. The United States has taken robust measures, and it probably makes sense for other countries to do that too."

India's Bilateral Engagements and Stance

This steel-focused initiative forms part of a broader US agenda for the ministerial, which also aims to eliminate forced labour from global supply chains, update the Most-Favoured-Nation principle, oppose the weaponisation of trade in food and tackle structural excess capacity and production. Representing the nation at the ministerial, Goyal is conducting critical bilateral engagements on the sidelines. New Delhi has articulated its stance, stating it will work toward "a rules-based, open, inclusive, transparent, equitable and non-discriminatory multilateral trading system, with the World Trade Organization at its core, while ensuring adequate policy space for developing countries." This position carries significant weight given that the United States has placed the update of the Most-Favoured-Nation principle firmly on the Milwaukee agenda.

India-US Trade Deal in Focus

The meeting coincides with efforts by New Delhi and Washington to advance negotiations for an India-US Bilateral Trade Agreement and finalise an interim trade deal. The Commerce Ministry noted that Goyal will engage bilaterally with his US counterpart "as part of ongoing efforts to advance a balanced and mutually beneficial India-US Bilateral Trade Agreement (BTA) and finalise an interim deal in line with the Joint Statement of 7 February 2026". Trade discussions gained additional political momentum on Wednesday following a telephone conversation between Prime Minister Narendra Modi and US President Donald Trump, during which they reviewed bilateral cooperation encompassing trade, defence, energy and emerging technologies. Ahead of the formal ministerial discussions, Goyal met CEOs and senior executives of American manufacturing and technology firms at a roundtable hosted by the National Association of Manufacturers. He urged American manufacturers to deepen their footprint in the country, collaborate with small and medium enterprises, and explore co-investments geared towards advanced manufacturing and resilient supply chains, observing that the economic partnership was broadening beyond traditional commerce to embrace investment, manufacturing, technology, innovation and resilient supply chains.

Other Nations and Summit Conclusion

The event has also served as a platform for a series of parallel bilateral discussions. Canadian International Trade Minister Maninder Sidhu is attending the sessions and is slated to meet with Greer and the Indian representative on Thursday as Ottawa pursues an economic partnership agreement. Canada has indicated it will leverage the Milwaukee meeting to project itself as an "open, predictable and rules-based" trading partner while striving to diversify its trade partnerships. Russia is represented at the talks by Economic Development Minister Maxim Reshetnikov, alongside participation from Japan and other major economies. The Milwaukee meetings will continue on Thursday with further ministerial sessions, culminating in an afternoon press conference by Greer before delegates convene for their concluding session. The G20 unites major developed and emerging economies, serving as a critical forum to address frictions over trade, industrial policy and supply chains ahead of the G20 leaders' summit scheduled to be hosted by the United States 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.)

India-Brazil Eye Economic Pact, Defence Ties Amid G20 Trade Talks

Asianet News Central — Thu, 01 Oct 2026 08:30:57 +0530

Brazilian Industry and Trade Minister Márcio Fernando Elias Rosa, meeting with Union Commerce and Industry Minister Piyush Goyal on the sidelines of G20 trade talks in the United States, has spotlighted India's pivotal global economic standing, revealing that the two nations engaged in substantive discussions to bolster bilateral ties, deepen defence cooperation, and forge potential economic agreements.

India-Brazil Strengthen Strategic Partnership

Highlighting the strategic partnership between the two countries, the visiting minister said, "India is a highly important trading partner for Brazil. It is an economy that is important to the whole world. What we discussed is about potentially having an agreement between the 2 economies." Elaborating on the scope of future collaborations, Minister Elias Rosa specifically pointed towards prospective aerospace partnerships and security ties. "We spoke about defence cooperation and the possibility of having investments of Embraer aircraft in India," he added.

G20 Ministers Tackle Steel Overcapacity, Trade Rules

Building directly upon these high-level discussions, Goyal, who serves as India's Union Commerce and Industry Minister and is steering New Delhi's economic engagement at the gathering, joined trade ministers from the world’s major economies as they commenced two days of high-level talks in Milwaukee. The gathering unfolds as the United States drives for coordinated action against global steel overcapacity and proposed changes to international trade rules. Hosted by United States Trade Representative Jamieson Greer, the G20 Trade Ministerial opened on Wednesday (local time) against a backdrop of tariff tensions, anxieties over excess industrial capacity and diverging views among major economies regarding the future of the global trading architecture. The opening day's most tangible development emerged from a session of the Global Forum on Steel Excess Capacity, where participating nations endorsed a fresh framework targeting overproduction. Greer stated that the "Milwaukee Framework" would seek stronger coordinated action against excess capacity, encompassing measures addressing trade remedies, the monitoring of steel supply chains and enhanced scrutiny of transhipment. When asked if countries had agreed to increase tariffs on Chinese steel, Greer replied that individual governments would determine their own course. "Well, every country will do what they think is appropriate," Greer said. "We want to coordinate those measures. The United States has taken robust measures, and it probably makes sense for other countries to do that too." This steel-focused initiative forms part of a broader US agenda for the ministerial, which also aims to eliminate forced labour from global supply chains, update the Most-Favoured-Nation principle, oppose the weaponisation of trade in food and tackle structural excess capacity and production.

India's Diplomatic and Economic Push at G20

Representing India at the ministerial, Goyal is conducting critical bilateral engagements on the sidelines. New Delhi has articulated its stance, stating it will work toward "a rules-based, open, inclusive, transparent, equitable and non-discriminatory multilateral trading system, with the World Trade Organization at its core, while ensuring adequate policy space for developing countries." This position carries significant weight given that the United States has placed the update of the Most-Favoured-Nation principle firmly on the Milwaukee agenda. The meeting coincides with efforts by New Delhi and Washington to advance negotiations for an India-US Bilateral Trade Agreement and finalise an interim trade deal. The Commerce Ministry noted that Goyal will engage bilaterally with his US counterpart "as part of ongoing efforts to advance a balanced and mutually beneficial India-US Bilateral Trade Agreement (BTA) and finalise an interim deal in line with the Joint Statement of 7 February 2026". Trade discussions gained additional political momentum on Wednesday following a telephone conversation between Prime Minister Narendra Modi and US President Donald Trump, during which they reviewed bilateral cooperation encompassing trade, defence, energy and emerging technologies. Ahead of the formal ministerial discussions, Goyal met CEOs and senior executives of American manufacturing and technology firms at a roundtable hosted by the National Association of Manufacturers. He urged American manufacturers to deepen their footprint in India, collaborate with Indian small and medium enterprises, and explore co-investments geared towards advanced manufacturing and resilient supply chains, observing that the economic partnership between India and the US is broadening beyond traditional commerce to embrace investment, manufacturing, technology, innovation and resilient supply chains.

Broader Context and Bilateral Engagements in Milwaukee

As part of an initiative by the Trump administration to place American manufacturing at the forefront of the gathering, G20 ministers toured Rockwell Automation in Milwaukee on Wednesday. Greer noted that Milwaukee was intentionally selected to showcase US factories to visiting trade ministers. "I could take them to great places like Sun Valley or other things like that, but we wanted them to see American factories", Greer remarked ahead of the formal talks, adding that the goal was for delegates to "see what we're trying to protect." The event has also served as a platform for a series of parallel bilateral discussions. Canadian International Trade Minister Maninder Sidhu is attending the sessions and is slated to meet with Greer and India's representative on Thursday as Ottawa pursues an economic partnership agreement with New Delhi. Canada has indicated it will leverage the Milwaukee meeting to project itself as an "open, predictable and rules-based" trading partner while striving to diversify its trade partnerships. Russia is represented at the talks by Economic Development Minister Maxim Reshetnikov, alongside participation from Japan and other major economies. The Milwaukee meetings will continue on Thursday with further ministerial sessions, culminating in an afternoon press conference by Greer before delegates convene for their concluding session. The G20 unites major developed and emerging economies, serving as a critical forum to address frictions over trade, industrial policy and supply chains ahead of the G20 leaders' summit scheduled to be hosted by the United States later this year.

Embraer Deepens India Footprint with Key Partnerships

Tying directly back to the diplomatic focus on aerospace cooperation, Brazilian aerospace firm Embraer has advanced its industrial strategy in India, announcing key partnerships for the Indian Air Force’s 60-aircraft Multi-Role Transport Aircraft (MTA) programme and civilian sectors.

Partnerships with Mahindra and Adani

In an interview with ANI, Embraer Defence & Security President and CEO Bosco Da Costa Junior confirmed that the firm has teamed up with the Mahindra Group for the military transport jet, the KC-390 Millennium, while partnering with the Adani Group for its civilian aircraft business. "Let me make this point very clear. Again, as I mentioned, we have been following this since the beginning. So, back in 2023, we did a C-390 demo here in India, where we could meet the entire ecosystem, their own ecosystem and potential partners for that. At that time, we did a very deep analysis of the market, and we chose the Mahindra Group to be our partner for MTA. So, on the military side, Mahindra is our partner to pursue this case around the transport aircraft. On the Embraer commercial side, from a civilian perspective, Embraer is exploring another avenue with Adani to address the increased demand around connectivity and regional flights. So, Adani is our partner for the civilian side. This is not going to change," he said, following the issuance of Requests for Proposal by the Defence Ministry to five entities, including Mahindra, Tata, Hindustan Aeronautics Limited, Reliance Defence and Adani.

C-390's Strategic Fit for Indian Air Force

Addressing the IAF's urgent requirement to replace ageing platforms like the AN-32, Bosco noted that the twin-engine C-390 is tailored to standardise the medium transport fleet. "We are fully engaged to answer this, to comply with the timeline that they are looking for. They need this capability fast to increase the availability of their fleet. And again, I think the C-390 is the perfect fit for them," he stated. Comparing it to rival offerings such as the Tata-Lockheed Martin C-130J, Bosco asserted, "What a C-130 can do, the KC-390 can do even better. We can carry more; we can fly faster, higher, with unprecedented rates of availability and mission accomplishment." Backed by global orders reaching around 70 units and demonstrated reliability in unpaved environments, Embraer views India as a central anchor for its supply chain expansion. "We would like to use India as a hub for us because, again, we need to expand our supply chain base and our MRO base because we are growing. I can’t support operators worldwide without growing my network from a global perspective. So that’s the reason we are watching this case here as a very strategic one for us," Bosco said. (ANI) (Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

EaseMyTrip joins Apple Pay as launch partner for India rollout

Asianet News Central — Thu, 01 Oct 2026 08:30:56 +0530

EaseMyTrip Integrates Apple Pay for Seamless Bookings

EaseMyTrip has joined Apple Pay as a launch partner in India, with the online travel booking platform looking to make the payment process faster and more seamless for travellers, co-founder Rikant Pittie said in a LinkedIn post.

“Travel just got a little easier,” Pittie said, announcing the partnership and adding that EaseMyTrip is “happy to share” that it is a launch partner for Apple Pay in India.

With Apple Pay now live, eligible EaseMyTrip users can complete their bookings with added speed, convenience and security, according to Pittie. The development is aimed at simplifying the payment stage of the travel booking journey as the company looks to improve the overall user experience.

“At EaseMyTrip, every small improvement in the booking journey matters,” Pittie said.

Apple Pay's Official India Rollout

Apple officially launched Apple Pay in India on Wednesday, enabling customers using iPhone and iPad, with Mac coming soon, to make purchases on apps and the web without repeatedly entering contact details, card information or shipping and billing addresses.

The launch has also seen partnerships with Axis Bank and CCAvenue, which have brought the payment service to their respective customer and merchant networks as part of its India rollout.

Strategic Focus on Digital Experience

The launch gives EaseMyTrip users access to Apple Pay as another payment option while making travel bookings. Pittie said the service would bring travellers a “faster and more seamless way to pay”.

The partnership comes as EaseMyTrip continues to expand beyond its core online travel booking business into other mobility segments. The company’s electric mobility arm, Easy Green Mobility (EMTev), had recently commenced the rollout of electric buses in Bhopal and is working towards building capacity to manufacture 5,000 electric buses annually within five years.

However, the Apple Pay partnership marks a development focused on EaseMyTrip’s digital booking business, with the company highlighting speed, convenience and security in the payment experience.

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India's fiscal path hinges on direct taxes amid weak indirect tax: Rpt

Asianet News Central — Thu, 01 Oct 2026 08:30:33 +0530

India’s fiscal trajectory will depend increasingly on the strength of direct tax collections as lower customs duties and weaker excise revenues could constrain indirect tax receipts, while government spending remains front-loaded, according to a report by Dolat Capital.

Front-Loaded Spending Widens Deficit

“Going ahead, the fiscal outcome will depend more heavily on direct tax collections,” Dolat Capital said in its report on government finances, adding that lower customs duties on edible oils and sugar, along with weaker excise collections, could constrain indirect tax revenues.

The report said the government’s spending has remained ahead of last year’s pace during the first five months of the financial year, led by higher capital expenditure (capex) and subsidies. This has pushed the primary deficit to 67 per cent of the budget estimate, compared with 23 per cent in the corresponding period last year.

The fiscal deficit stood at Rs 7.1 trillion, or 41.9 per cent of the budget estimate, up to August 2026, compared with Rs 5.9 trillion a year earlier, marking an 18.7 per cent increase. Total expenditure rose 10.1 per cent year-on-year to Rs 20.7 trillion, with capex increasing 18.6 per cent to Rs 5.1 trillion.

Revenue Trends and Tax Collections

The report said government spending had been “front-loaded in the first five months”, with the subsidy bill reaching 37 per cent of the budget estimate against 30 per cent last year. Higher food and fertiliser subsidy outlays were the main drivers, while capex also remained ahead of last year’s run-rate.

On the revenue side, total receipts increased 7 per cent year-on-year to Rs 13.7 trillion. Net tax receipts rose 2.04 per cent to Rs 8.3 trillion, while non-tax receipts increased 9.7 per cent to Rs 4.5 trillion. Non-debt capital receipts rose sharply by 135 per cent to Rs 0.8 trillion.

The report said tax collections have broadly kept pace with last year, supported by stronger corporate and income tax collections, which offset weaker excise revenues. “Strong non-tax revenues and non-debt capital receipts have further supported government cash flows, helping partly offset the early acceleration in expenditure,” the report added.

The report further said the key monitorable for government finances will be whether the strength in direct tax collections can continue to offset pressure from customs and excise revenues. (ANI)

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Gold, Silver Prices Today, Oct 1: How Much Do Gold and Silver Cost City-Wise?

Deevika NM — Thu, 01 Oct 2026 08:24:11 +0530

Gold and silver prices remain in focus as the precious-metals market enters a new month. On October 1, global bullion markets are being closely watched as investors assess fresh economic data and expectations around the US Federal Reserve's monetary policy. Spot gold remained above $4,155 per ounce in early trading, while US gold futures gained 0.10% to $4,191 per ounce.

The domestic bullion market had ended the previous session on a positive note. Spot gold in India closed September 30 higher, while silver remained steady. MCX gold futures for the December 4 contract also edged higher, whereas silver futures moved lower compared with their previous close.

For consumers, however, international bullion prices are only one part of the picture. Retail gold rates can differ between cities because of local market conditions, taxes and other pricing components. The purity of gold also makes a substantial difference, with 24K representing the highest commonly quoted purity and 22K widely used for jewellery.

Gold and Silver Rates Today: October 1, 2026

City	22K Gold (10g)	24K Gold (10g)	Silver (1kg)
Delhi	Rs 1,37,250	Rs 1,48,940	Rs 2,40,000
Mumbai	Rs 1,37,100	Rs 1,49,570	Rs 2,40,000
Kolkata	Rs 1,37,100	Rs 1,49,570	Rs 2,40,000
Chennai	Rs 1,37,100	Rs 1,49,570	Rs 2,40,000
Bengaluru	Rs 1,37,100	Rs 1,49,570	Rs 2,40,000
Hyderabad	Rs 1,37,100	Rs 1,49,570	Rs 2,40,000

The precious-metals market is entering October after a notable move during September. Investors are now monitoring US economic indicators, including the Core PCE Price Index, unemployment figures and Nonfarm Payrolls, as these readings could influence expectations about the Federal Reserve's future policy direction.

Currency movements and crude oil prices are also important factors for bullion markets. Moneycontrol reported that Brent crude futures had moved higher during the previous session, while the rupee weakened marginally against the US dollar. Such global and domestic market movements can influence the direction of precious metals in India.

Gold and silver prices can change during the trading day, while jewellery prices can differ further because of GST, making charges and other applicable costs. Buyers should therefore confirm the final rate with their jeweller before making a purchase.

The rates above provide a city-wise snapshot for readers tracking gold and silver prices on October 1 and comparing bullion prices across major Indian markets.

Centre cuts export levies on diesel, ATF for second straight fortnight

Asianet News Central — Thu, 01 Oct 2026 08:00:26 +0530

The Central Government has cut export levies on diesel and aviation turbine fuel (ATF) for the second consecutive fortnight, with the duty on diesel lowered to Rs 16 per litre and that on ATF to Rs 10.5 per litre from October 1, according to notifications issued by the Ministry of Finance.

The diesel export levy has been reduced by Rs 4 per litre from the Rs 20 per litre rate applicable during the previous fortnight, while the ATF levy has been cut by Rs 4.5 per litre from Rs 15 per litre. The levy on petrol remains unchanged at Rs 0.5 per litre.

Since September 1, the diesel export levy has been cut by Rs 9 per litre to Rs 16 per litre, while the ATF levy has been reduced by Rs 8.5 per litre to Rs 10.5 per litre.

Purpose and Review of Levies

The latest notifications amend the government's March 26 notifications governing the export levies. The revised rates will take effect from October 1, 2026. The levies on petrol, diesel and ATF were introduced from March 27, 2026, to discourage exports and support domestic availability of petroleum products amid the West Asia crisis. The rates are reviewed every fortnight based on average international prices of crude oil, petrol, diesel and ATF during the period since the previous review.

The latest move therefore continues the government's fortnightly adjustment of export levies, with the next rates to be determined through the same review mechanism and the prevailing international prices of petroleum products.

There is no change in the existing excise duty rates on petrol and diesel cleared for domestic consumption, according to the explanation accompanying the notification.

The government had last revised the levies with effect from September 16, when the diesel duty was reduced to Rs 20 per litre, ATF to Rs 15 per litre and petrol to Rs 0.5 per litre. (ANI)

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Piyush Goyal, Polish minister talk trade, India-EU FTA at G20 meet

Asianet News Central — Thu, 01 Oct 2026 04:30:31 +0530

Union Minister of Commerce and Industry Piyush Goyal on Wednesday (local time) held bilateral discussions with Poland’s Minister of Finance and Economy Andrzej Domański and Brazilian Minister of Foreign Affairs Mauro Vieira on the sidelines of the G20 Trade Ministers' Meeting in Milwaukee, Wisconsin.

Bilateral Talks with Poland

Highlighting his bilateral engagement with his Polish counterpart, Goyal stated that discussions centred on enhancing trade volumes and leveraging the proposed India-European Union Free Trade Agreement (FTA). In a post on X, Goyal said, "Held a productive meeting with Mr. Andrzej Domański, Minister of Finance and Economy of Poland, on the sidelines of the G20 Trade Ministers' Meeting. Discussed new avenues to further strengthen trade & investment ties, and how the India-EU FTA can create new opportunities for businesses and deepen economic cooperation between India & Poland." Held a productive meeting with Mr. Andrzej Domański, Minister of Finance and Economy of Poland, on the sidelines of the G20 Trade Ministers' Meeting. Discussed new avenues to further strengthen trade & investment ties, and how the India-EU FTA can create new opportunities for… pic.twitter.com/gAujCXdltQ — Piyush Goyal (@PiyushGoyal) September 30, 2026

Following their discussions, Goyal and Domański also exchanged gifts, reaffirming the growing commercial and diplomatic partnership between New Delhi and Warsaw.

Engagements with Brazil and US

The Union Commerce Minister also met Brazilian Minister of Foreign Affairs Mauro Vieira on the sidelines of the G20 summit in Milwaukee to explore avenues for advancing bilateral trade and economic cooperation under the broader India-Brazil strategic partnership. Goyal is also expected to hold a bilateral meeting with US Trade Representative Jamieson Greer on the sidelines.

The G20 meeting and his bilateral meeting with Domański and Vieira come in the backdrop of the ongoing talks for a Bilateral Trade Agreement (BTA) between India and the US, which Goyal had earlier described as “done and dusted,” saying it could move forward once India secures appropriate competitive advantages in the US market relative to regional competitors.

Goyal's Week-Long US Visit

Goyal began a week-long official visit scheduled from September 29 to October 5. Consul General of India in Chicago, M Anand Prakash, received the minister upon his arrival.

The official engagements aimed to pursue sustained economic cooperation across critical sectors by partnering with varied stakeholders, according to an official statement issued by the Ministry of Commerce & Industry. Goyal’s itinerary includes meetings with leaders of American industry, investors, and the startup community across Milwaukee, Chicago, and New York.

Trade ministers from the world's biggest economies have gathered in Milwaukee, Wisconsin, for a G20 meeting. The US holds the 2026 G20 presidency, and the US Trade Representative's office says the meetings will showcase the Trump administration's agenda. (ANI)

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Cabinet approves Green Energy Corridor Phase-III to evacuate 135 GW RE

Asianet News Central — Thu, 01 Oct 2026 02:30:35 +0530

The Union Cabinet on Wednesday approved the Green Energy Corridor Phase-III (GEC-III) scheme. This historic initiative will strengthen India’s Intra-State Transmission System (InSTS) to enable evacuation of up to 135 gigawatts (GW) of renewable energy across States/ Union Territories.

Key Features of PM Dhara Scheme

Information and Broadcasting Minister Ashwini Vaishnaw, who briefed the media on cabinet decisions, said the scheme also provides for deployment of 50 GWh of Battery Energy Storage Systems (BESS) at the Renewable Energy (RE) developer/generator end or any other location of importance for grid flexibility to address intermittency, congestion, peak-hour curtailment and meet non-solar hour demand. In a post on X, he said the move will create more jobs in manufacturing, construction and energy storage. “Big push towards 900 GW non-fossil capacity by 2035”. The presentation given by him described the scheme as PM Dhara (Developing Harmonised and Accelerated Renewable Energy Access). The scheme will facilitate grid integration and power evacuation within the states and UTs.

Project Outlay and Implementation

The scheme is targeted to be set up by FY 2032-33 with total project outlay of Rs.1,86,405 crore, comprising Rs.1,36,378 crore for the development of Intra-State Transmission Systems (InSTS) under GEC-III, Rs.50,000 crore for 50 GWh of Battery Energy Storage Systems (BESS), the release stated.

Funding and Execution Model

The Scheme involves a total Central Financial Support of Rs.54,082 crore. The Central Financial Assistance (CFA) will help in offsetting the Intra-State transmission charges and thus keep the power costs down. All Greenfield projects under the InSTS component will be implemented through Tariff Based Competitive Bidding (TBCB) mode, while brownfield upgradation and network strengthening works will be executed under Cost Plus Basis (CPB). The State Transmission Utilities will be the overall implementing agency, and Transmission Service Providers (TSPs) will participate under TBCB on a Build-Own-Operate-Maintain (BOOM) model.

Long-Term Benefits and Impact

“The scheme will help in achieving the target of 900 GW installed Non-Fossil capacity by 2035. The scheme will also contribute to long term energy security of the country and promote ecologically sustainable growth by reducing carbon footprint,” the release said.

“It will generate large direct & indirect employment in the power sector, manufacturing, and construction industries. Battery Energy Storage System (BESS) manufacturing and deployment will additionally generate employment in the domestic energy storage industry. The scheme will also generate long-term skilled employment in operation, maintenance, and grid management across participating States,” it added. (ANI)

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Piyush Goyal attends G20 meet, eyes progress on India-US trade deal

Asianet News Central — Wed, 30 Sep 2026 22:00:41 +0530

Trade ministers from the world's biggest economies have gathered in Milwaukee, Wisconsin, for a G20 meeting. The US holds the 2026 G20 presidency, and the US Trade Representative's office stated that the meetings will showcase the Trump administration's agenda. India is represented by Commerce and Industry Minister Piyush Goyal.

Bilateral Trade Talks on Sidelines

Goyal is also expected to hold a bilateral meeting with US Trade Representative Jamieson Greer on the sidelines. The G20 meeting and his bilateral meeting with Greer come in the backdrop of the ongoing talks for a Bilateral Trade Agreement (BTA) between India and the US, which Goyal had earlier described as “done and dusted,” saying it could move forward once India secures appropriate competitive advantages in the US market relative to regional competitors.

Goyal's Week-Long US Visit

Goyal began a week-long official visit scheduled from September 29 to October 5. Consul General of India in Chicago, M Anand Prakash, received the minister upon his arrival.

Goyal’s itinerary includes meetings with leaders of American industry, investors, and the startup community across Milwaukee, Chicago, and New York.

Engagement with US Business Leaders

Following his arrival, Goyal interacted with chief executive officers and senior leadership from prominent American manufacturing and technology enterprises at a business roundtable organised by the National Association of Manufacturers (NAM).

The association represents a major share of leading American manufacturers that contribute significantly to the United States' manufacturing gross domestic product of approximately 3 trillion dollars.

Deepening Strategic Partnership

During the roundtable discussions, Goyal addressed the broader trajectory of commercial collaboration between the two countries.

The minister highlighted that the bilateral economic partnership moved beyond a conventional trading framework to encompass deeper strategic linkages across critical operational domains.

He noted that the engagement increasingly encompasses investment, manufacturing, technology, innovation, resilient supply chains and the creation of high-value capabilities in both countries.

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Automakers Welcome CAFE III Norms for Tighter Fuel-Efficiency Targets

Asianet News Central — Wed, 30 Sep 2026 21:00:28 +0530

Leading passenger vehicle makers Maruti Suzuki, Tata Motors and Hyundai Motor India welcomed the government's new Corporate Average Fuel Economy (CAFE) III norms, saying the framework gives the industry greater clarity to plan investments while allowing multiple technologies to meet tighter fuel-efficiency targets.

The reactions come as automakers prepare their product strategies for the next regulatory cycle beginning April 1, 2027. The norms, applicable until March 31, 2032, target a 16.7 per cent improvement in passenger vehicle fuel efficiency over five years.

CAFE III is expected to influence how automakers balance investments across electric vehicles, hybrids, alternative fuels and more efficient conventional vehicles, as fleet-level fuel consumption targets become progressively stricter.

Industry Leaders Welcome CAFE III Norms

Maruti Suzuki Applauds Multi-Technology Approach

Maruti Suzuki said the regulation recognises the role of different powertrain technologies and fuels, allowing manufacturers to pursue multiple routes towards lower emissions. “The regulation recognizes the contribution of multiple powertrain technologies and fuels encouraging multi-faceted R&D and innovation,” said Rahul Bharti, Senior Executive Officer, Corporate Affairs, Maruti Suzuki.

He added that the credit and debit mechanism under CAFE III was an improvement over the previous CAFE-II framework.

Tata Motors on Electrification

Tata Motors Passenger Vehicles said the continued recognition of zero-emission technologies reinforces the role of electrification in India’s cleaner mobility transition. “The clarity and predictability provided by the framework will enable the industry to plan investments, accelerate innovation and offer customers an increasingly compelling range of cleaner mobility solutions,” said Shailesh Chandra, MD & CEO, Tata Motors Passenger Vehicles Ltd.

Hyundai Highlights Regulatory Certainty

Hyundai Motor India also highlighted the regulatory certainty provided by the new framework. “The norms provide a clear and predictable regulatory roadmap through a 3+2 year compliance block structure, enabling manufacturers to undertake long-term product and technology planning with greater certainty,” said Tarun Garg, MD & CEO, Hyundai Motor India Limited.

Garg said the framework’s technology-neutral approach recognises multiple pathways, including electrification, alternative fuels and advanced fuel-saving technologies.

Understanding the New CAFE III Regulations

Under CAFE III, the fuel-consumption benchmark will tighten from 3.996 litres per 100 km in 2027-28 to 3.3273 litres per 100 km by 2031-32.

The framework also provides incentives for battery electric vehicles, plug-in hybrids, strong hybrids, range-extended electric vehicles and flex-fuel vehicles in fleet-average calculations. Manufacturers exceeding their targets will be able to carry forward credits, while those facing a shortfall can use or trade eligible credits, giving companies greater flexibility in meeting the new efficiency requirements.

The regulations are therefore set to shape both the technology mix and investment decisions of passenger vehicle makers over the next five years as the industry moves towards stricter fuel-efficiency and emission standards. (ANI)

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Pharma stocks tumble after SC questions high prices of medicines

Asianet News Central — Wed, 30 Sep 2026 20:31:11 +0530

Healthcare and pharmaceutical stocks came under pressure on Wednesday, with the Nifty Healthcare index falling 424.90 points, or 2.57 per cent, to 16,137.75, a day after the Supreme Court questioned the wide gap between the prices charged to retailers and the prices paid by consumers for medicines.

The decline was broad-based across the healthcare index, with 19 of the 20 stocks shown in the index trading in the red. Laurus Labs was the only stock in positive territory, gaining 0.05 per cent. Among the major decliners, Fortis Healthcare fell 6.33 per cent, while Apollo Hospitals declined 5.70 per cent and Max Healthcare dropped 5.33 per cent. Glenmark Pharmaceuticals was down 4.37 per cent. Other major pharmaceutical stocks also witnessed losses. Zydus Lifesciences declined 3.21 per cent, KIMS fell 3.23 per cent, Sun Pharma dropped 2.60 per cent, Cipla declined 2.41 per cent, Torrent Pharma fell 1.92 per cent, and Biocon was down 1.78 per cent.

SC Scrutinizes Medicine Pricing

The broad-based fall came after the Supreme Court on Tuesday asked the Centre whether a uniform cap should be imposed on retail prices of medicines and medical devices to prevent excessive markups over the price charged to retailers. A bench of Justices Vikram Nath and Sandeep Mehta questioned why the Maximum Retail Price, or MRP, could not be restricted to 16 per cent above the Price To Retailer, or PTR, particularly in cases involving life-saving medicines.

The court also raised concerns over the wide difference between the price at which medicines are supplied to retailers and the maximum price at which they are sold to consumers. Justice Sandeep Mehta cited the example of a cancer drug priced at about Rs 27,000 for consumers despite its price to retailers being around Rs 3,000, and said the disparity warranted scrutiny.

The Supreme Court also questioned the rationale for keeping non-scheduled medicines outside the price-control regime under the Drugs (Prices Control) Order, 2013. The bench further noted that high medicine prices could have an impact on public funds when patients receive treatment under government health schemes such as Ayushman Bharat, particularly when hospitals require medicines to be purchased from their in-house pharmacies.

Solicitor General Tushar Mehta, appearing for the Centre, said a balance would have to be worked out while acknowledging the concerns raised by the petitioners. The matter is scheduled to be heard again on October 12.

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Amazon takes direct equity in Taiwan's Gold Circuit amid AI boom

Asianet News Central — Wed, 30 Sep 2026 20:01:46 +0530

Amazon Becomes Strategic Investor

E-commerce and cloud computing giant Amazon has moved to secure a direct equity interest in Taiwan-based printed circuit board (PCB) manufacturer Gold Circuit Electronics Inc. by participating as a strategic investor in the company's private placement, according to a news report by Focus Taiwan.

The investment will transition the major United States cloud service provider from a corporate client into a formal equity shareholder of the Taiwanese firm. This development comes amid a worldwide artificial intelligence boom that continues to accelerate product demand for specialised circuit boards required in AI servers.

Details of the Share Acquisition

In an announcement posted on the Taiwan Stock Exchange, where Gold Circuit shares are traded, the company said its board approved a plan that day allowing Amazon to subscribe to about 1.86 million Gold Circuit shares at NT$856 (USD 27.14) per share.

Under the approved structure, the total share acquisition will cost Amazon around NT$1.589 billion (USD 54.45 million). The company stated that the subscription price stands at about 80 per cent of the reference price established by Gold Circuit and sanctioned by its board. The manufacturer also confirmed that the transaction marks Gold Circuit's first private placement this year involving an outside strategic investor.

Strengthening AI Supply Chain Ties

As per the news report, industry sources indicated that Amazon Web Services, the primary cloud services division of the company, maintains operational connections with Taiwan-based hardware suppliers, including Gold Circuit. Prior to entering into the equity agreement with Gold Circuit, Amazon participated in an earlier private placement in April involving Alchip Technologies Ltd., a Taiwan-based application-specific integrated circuit designer, the sources said.

“Amazon's investment in Gold Circuit underscores the role of Taiwanese suppliers in the global AI supply chain, as Amazon appears to be expanding cooperation with Taiwanese companies in developing PCBs for AI server use,” the news report said.

Gold Circuit Announces Expansion Plans

Separately, the Taiwanese component producer announced parallel capital expenditure plans to scale up its manufacturing infrastructure and support anticipated operational volumes. Gold Circuit said its board approved an investment outlay of NT$7.9 billion (USD 270.73 million), earmarked for land acquisitions and the construction of a new manufacturing plant to expand production capacity for future demand.

The firm added that the capital expenditure program will commence in the fourth quarter of this year and will be funded through the issuance of convertible bonds. (ANI)

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Temasek expands Middle East presence with Riyadh and Abu Dhabi offices

Asianet News Central — Wed, 30 Sep 2026 20:01:21 +0530

Temasek announced plans to expand its presence in the Middle East as the Singapore-based investment company moves to deepen engagement across the region to pursue long-term opportunities for itself and its portfolio companies.

According to a Temasek press release, the state-backed investor plans to establish offices in Riyadh, Saudi Arabia, and Abu Dhabi, United Arab Emirates. It also intends to engage directly with institutions in Qatar and other regional markets to develop investment and partnership opportunities.

A Region of Opportunity

The Middle East hosts several major sovereign wealth funds, including Saudi Arabia's Public Investment Fund, the Qatar Investment Authority, the Mubadala Investment Company, the Abu Dhabi Investment Authority, and the Kuwait Investment Authority. The company noted that the region experiences broad-based economic transformation supported by national development and diversification initiatives.

Strategic Hubs for Growth

Subject to relevant statutory approvals, the Riyadh and Abu Dhabi offices are scheduled to become operational in the first half of 2027. These locations will function as strategic hubs for Temasek and its portfolio companies, several of which plan to co-locate in the facilities. The company stated that the expansion supports its capacity to access opportunities across Central Asia and Africa.

Executive Commentary on Expansion

Dilhan Pillay Sandrasegara, Chief Executive Officer of Temasek Holdings, said, "The Middle East is an important part of Temasek’s global network. The pace and ambition of economic transformation across the region are remarkable, and its long-term fundamentals remain highly attractive."

He noted the alignment between regional objectives and the firm's core operational priorities. "We see strong alignment between the region’s priorities and Temasek’s own areas of focus," Pillay stated. "Our relationships across the Middle East – particularly in Saudi Arabia, the United Arab Emirates, and Qatar – have been built over many years through our partnerships, co-investments, and portfolio companies, and we look forward to deepening them further. This expansion is a natural next step, and it will help us create compelling partnerships to grow together."

Chia Song Hwee, Chief Executive Officer of Temasek Global Investments and Chairman of Middle East and Africa, said, "Being on the ground in the Middle East will strengthen engagement with our partners and enhance access to investment opportunities for Temasek and our portfolio companies throughout the region and beyond to Central Asia and Africa.”

"Equally, it allows us to bring complementary expertise from across our ecosystem to these markets, expanding pathways to create lasting value with like-minded partners," he added. Chia assumed the position of Chairman, Middle East and Africa, on September 1, 2026, providing oversight and executive direction for regional operations. Ankit Khemka, Managing Director for the region, continues to direct Temasek's local expansion and operational strategy.

Expanding Global Footprint

With the launch of the Riyadh and Abu Dhabi locations in 2027, Temasek's international network will comprise 15 offices across 11 countries.

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Bank credit growth hits 18.8% in August, driven by business loans

Asianet News Central — Wed, 30 Sep 2026 20:01:06 +0530

Bank credit growth accelerated sharply in August, with lending to businesses and services picking up pace alongside continued growth in retail loans, according to data released by the Reserve Bank of India (RBI) on Wednesday.

Non-food bank credit grew 18.8 per cent year-on-year as of August 31, 2026, compared with 10.2 per cent in the corresponding period last year, RBI data showed. Non-food credit broadly captures bank lending to businesses and households, excluding loans linked to food procurement.

Sector-Wise Credit Growth Accelerates

The acceleration was broad-based, with lending to both industry and services growing significantly faster than a year earlier, indicating stronger credit demand across major parts of the economy.

Lending to Industry Surges

Credit to industry grew 18.2 per cent, up from 7 per cent in the corresponding period last year. RBI said lending to large and medium industries accelerated, while credit to micro and small industries continued to expand steadily. Among major industrial segments, infrastructure, engineering, metals, chemicals, food processing, textiles, construction and petroleum-related industries recorded strong credit growth.

Services Sector Records Fastest Growth

The services sector recorded the fastest growth among the broad categories, with bank credit rising 24.3 per cent, compared with 10.3 per cent a year earlier. RBI said the increase was supported by strong lending to non-banking financial companies (NBFCs), trade, professional services and commercial real estate.

Agriculture and Personal Loans Strengthen

Agriculture credit also strengthened, growing 17.2 per cent year-on-year against 7.6 per cent in the corresponding period of the previous year.

Meanwhile, personal loans grew 16.9 per cent, compared with 11.9 per cent a year earlier. Housing and vehicle loans continued to record double-digit growth, while growth in credit card outstanding and loans against gold jewellery slowed.

The RBI data are based on figures from 41 scheduled commercial banks. The latest numbers show that the pickup in bank lending is not being driven only by household borrowing, with stronger credit growth visible across industry and services as well. (ANI)

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Global Air Passenger Demand Slips 0.8% in August, Middle East a Drag

Asianet News Central — Wed, 30 Sep 2026 20:00:33 +0530

Global air passenger demand slipped 0.8 per cent in August 2026 compared to the same period last year, driven lower by sharp regional declines across the Middle East. The latest traffic data released by the International Air Transport Association showed total passenger capacity increased 0.3 per cent year-on-year, while the worldwide passenger load factor dropped by 0.9 percentage points to 85.1 per cent.

International and Domestic Trends

International passenger travel declined 0.9 per cent compared to August 2025, with capacity remaining completely flat year-on-year and load factors settling at 85 per cent. Domestic routes also registered a drop of 0.5 per cent in demand, even as domestic capacity expanded 0.7 per cent, pulling the domestic load factor down 1.1 percentage points to 85.3 per cent.

Middle East Impact

IATA Senior Vice President Sustainability and Chief Economist Marie Owens Thomsen said, “Global demand for air transport contracted by 0.8 per cent compared to August 2025 as the recovery trajectory for carriers in the Middle East was interrupted. The region’s carriers reported that demand was 14.6 per cent lower year-on-year, reversing an improving trend.”

When isolating the impact of the Middle East, passenger numbers painted a different picture. Outside that specific region, international air demand grew 1.3 per cent, while overall global demand rose 0.6 per cent. “Excluding the Middle East carriers, demand for air travel grew by 0.6 per cent year-on-year in August, half the pace seen in July. With some important exceptions such as domestic China, global connectivity was generally weaker in August,” Owens Thomsen added.

Regional Breakdown

Middle Eastern carriers recorded a 14.2 per cent drop in international demand alongside a 9.0 per cent contraction in capacity, leaving load factors down 4.8 percentage points to 79.1 per cent. This deterioration halted the stabilisation seen since the Iran conflict earlier in the year, with routes between the Middle East and Asia sliding 11.7 per cent.

North American airlines recorded a 1.7 per cent decrease in international traffic, accompanied by a 1.1 per cent capacity drop. Asia-Pacific carriers saw demand edge down 0.1 per cent, weighed down by a 2.0 per cent slide on intra-Asia routes despite a 2.5 per cent rise across the Asia-North America corridor.

In contrast, European operators logged a 2.1 per cent demand increase, supported by a 12.2 per cent surge on routes to Asia that offset a 2.4 per cent dip on transatlantic routes. Latin American and African airlines each posted a 6.7 per cent demand gain.

Domestic Market Variations

Across domestic markets, passenger volumes dropped in the United States and Japan, while India recorded a contraction of 7.5 per cent. Domestic China moved higher, aided by summer travel.

Future Outlook

“The coming months will reveal whether travellers, whose purchasing power has been reduced by higher energy prices, are adjusting their travel budgets, and might be discouraged from travelling due to the prevailing geopolitical instability,” Owens Thomsen noted. “In the meantime, forward schedules for October are showing cautious optimism with 2.0 per cent growth in available seats.” (ANI)

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India's manufacturing jobs cross 2 crore mark, adds 14 lakh in FY25

Asianet News Central — Wed, 30 Sep 2026 19:30:54 +0530

Employment in India’s registered manufacturing sector crossed the 2 crore mark in 2024-25, with factories adding more than 14 lakh people during the year, with output, value addition and capital investment expanding, according to the latest Annual Survey of Industries released by the Ministry of Statistics and Programme Implementation (MoSPI) on Wednesday. The estimated number of persons engaged in registered manufacturing rose to 2.10 crore in 2024-25 from 1.96 crore a year earlier, marking growth of 7.19 per cent. In absolute terms, the sector added about 14.08 lakh people during the year.

Broad-based Sectoral Growth

The employment expansion came alongside a 7.81 per cent rise in industrial output, suggesting that job creation broadly kept pace with the increase in production during the year. Gross Value Added (GVA), which measures the value created by manufacturers after accounting for inputs, increased at a faster 9.59 per cent, while total emoluments paid to employees rose 12.08 per cent. The combination is significant because it shows that the expansion in registered manufacturing was not confined to higher production alone, but was accompanied by additions to employment, employee compensation and productive capacity.

Manufacturing GVA increased to about Rs 26.94 lakh crore in 2024-25 from Rs 24.58 lakh crore in the previous year. Total output rose to around Rs 165.24 lakh crore from Rs 153.27 lakh crore. The monetary figures in the survey are reported at current prices.

Investment indicators also remained firm. Fixed capital increased 10.54 per cent, while invested capital - comprising fixed capital and physical working capital - expanded 11.10 per cent over the previous year. The number of registered manufacturing establishments rose 2.64 per cent to 2.67 lakh from 2.60 lakh, while the number of factories in operation increased to 2.19 lakh from 2.13 lakh.

State and Industry Highlights

Employment remained concentrated in a handful of states. Tamil Nadu, Maharashtra, Gujarat, Uttar Pradesh and Haryana together accounted for around 56 per cent of total manufacturing employment in 2024-25. Tamil Nadu had the largest share at 14.99 per cent, followed by Maharashtra at 13.08 per cent and Gujarat at 12.99 per cent.

At the industry level, food products was the largest employer, engaging about 23.61 lakh people, followed by textiles at 17.57 lakh, basic metals at 15.82 lakh and motor vehicles at 14.80 lakh. Basic metals, motor vehicles, chemicals, pharmaceuticals and food products together generated more than 45 per cent of the country's registered manufacturing GVA, underscoring the concentration of value creation in a relatively small group of industries.

The ASI 2024-25 covers the financial year April 2024 to March 2025. Fieldwork for the survey was carried out between October 2025 and June 2026. (ANI)

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

India's services exports rise 13.7% in August, imports grow faster

Asianet News Central — Wed, 30 Sep 2026 19:01:36 +0530

India’s services exports rose 13.7 per cent year-on-year in August 2026 to USD 35.47 billion, while services imports grew at a faster pace of 21.4 per cent to USD 18.93 billion, according to data released by the Reserve Bank of India (RBI) on Wednesday.

Month-on-Month Performance

The faster growth in imports comes even as India continued to maintain a sizeable surplus in services trade. Based on the RBI figures, the services trade surplus stood at about USD 16.54 billion in August, compared with USD 17.65 billion in July. On a month-on-month basis, services exports declined from USD 38.25 billion in July, while imports fell from USD 20.61 billion.

In July, exports and imports had grown 13.4 per cent and 19.1 per cent, respectively, from a year earlier. The August data therefore showed that while overseas demand for Indian services remained strong on a year-on-year basis, payments for imported services continued to expand at a sharper pace.

Earlier Financial Year Data

Earlier in the financial year, services exports stood at USD 36.85 billion in April, USD 33.20 billion in May and USD 36.20 billion in June. Imports were USD 18.45 billion, USD 17.67 billion and USD 18.51 billion, respectively, during the three months.

Data Revisions and Clarifications

The RBI said the July and August figures are provisional, while data for April to June have been revised on a pro-rata basis using balance of payments statistics for the first quarter of 2026-27. It also said the year-on-year growth rates have been revised based on the balance of payments statistics.

The central bank releases monthly data on India’s international trade in services, covering receipts from exports and payments towards imports. (ANI)

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India's external debt climbs to $778.2 bn, but debt-to-GDP stable

Asianet News Central — Wed, 30 Sep 2026 19:01:14 +0530

India's External Debt Rises to $778.2 Billion

India’s external debt rose to USD 778.2 billion at the end of June 2026, increasing by USD 15.4 billion from March, according to data released by the Reserve Bank of India on Wednesday. Despite the increase in the total amount of debt, its size compared with the Indian economy remained broadly stable. External debt stood at 20.8 per cent of GDP, slightly lower than 20.9 per cent at the end of March.

Short-Term Debt Obligations Increase

The RBI data also showed that a larger share of India’s foreign debt is due for repayment over the coming year. Debt that has to be repaid within the next 12 months was equal to 50.5 per cent of India’s foreign exchange reserves at the end of June, up from 47.3 per cent three months earlier. This does not mean half of India’s reserves will necessarily be used for repayment. The ratio is used to show the size of upcoming debt obligations compared with the country’s available foreign exchange reserves.

Debt Composition Breakdown

Both government and private-sector external debt increased during the quarter. Government external debt rose to USD 174.3 billion, while non-government debt stood at USD 603.9 billion. Companies outside the financial sector continued to account for the largest share of India’s external debt, at 36.1 per cent. Banks and other deposit-taking institutions accounted for 26.2 per cent, while the government accounted for 22.4 per cent.

Loans remained the largest form of external borrowing, followed by deposits, trade credit and debt securities.

Valuation and Servicing Costs

The RBI also said currency movements reduced the increase in India’s external debt during the quarter. Without this impact, external debt would have risen by USD 16.4 billion instead of USD 15.4 billion.

Debt servicing, which includes repayment of principal and interest, remained unchanged at 5.6 per cent of current receipts. (ANI)

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Net claims of non-residents on India rise to USD 220.3 bn in Q1 FY27

Asianet News Central — Wed, 30 Sep 2026 19:00:58 +0530

Net claims of non-residents in India increased by USD 16.5 billion during Q1 FY26-27 to USD 220.3 billion as at the end of June 2026. The expansion in net claims reflects an increase in the country's external obligations alongside a reduction in international assets held abroad.

The Reserve Bank of India said, "Net claims of non-residents on India increased by USD 16.5 billion during Q1:2026-27 to USD 220.3 billion as at end-June 2026, mainly due to an increase in external liabilities by USD 11.6 billion and a decline of USD 4.9 billion in the foreign-owned assets."

India's International Balance Sheet

Total international financial assets stood at USD 1,212.5 billion at the end of June 2026, down from USD 1,217.4 billion at the end of March 2026. Over the same period, total external liabilities increased from USD 1,421.2 billion to USD 1,432.8 billion.

This movement across external balance sheets also led to a downward change in the asset-to-liability coverage over the quarter. "Accordingly, the ratio of India's international assets to international liabilities moderated to 84.6 per cent in June 2026 from 85.7 per cent a quarter ago," the central bank noted.

Breakdown of External Liabilities

The expansion in foreign liabilities occurred as distinct investment components moved in opposite directions, with fresh capital injections offsetting foreign equity outflows. "Rise in foreign liabilities of Indian residents was mainly on account of increased direct investment (USD 15.7 billion) and other investment (USD 4.2 billion) compensating for the decline in portfolio equity investments (USD 14 billion)," the RBI stated.

Foreign direct investment liabilities rose to USD 560.9 billion from USD 545.2 billion in March 2026. Portfolio equity investments dropped from USD 109.3 billion to USD 95.3 billion, whereas portfolio debt securities rose from USD 123.0 billion to USD 128.7 billion.

Within other investment liabilities, trade credits accounted for USD 148.4 billion and foreign loans stood at USD 267.0 billion.

Composition of International Assets

On the asset side, foreign exchange reserves remained the primary buffer for external finances. "Reserve assets accounted for 55.1 per cent of India's international financial assets while overseas direct investment accounted for over one-fourth share," the RBI added.

Reserve assets declined to USD 668.6 billion at the end of June 2026 from USD 691.1 billion at the end of March 2026. Direct investment abroad increased to USD 316.1 billion, representing 26.1 per cent of overall international assets.

Shift in Liability Composition

"The share of debt liabilities in total external liabilities increased gradually during the recent quarters and stood at 56.9 per cent as on end-June 2026," the RBI said.

Consequently, the share of non-debt liabilities settled at 43.1 per cent at the close of the quarter, down from 43.4 per cent in March 2026. (ANI)

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AI investment boom fueled by debt poses risk, warns Bank of England

Asianet News Central — Wed, 30 Sep 2026 18:35:42 +0530

The rapid growth in artificial intelligence (AI)-related investment is increasing financial stability risks as more of the spending is being financed through debt and private credit, the Bank of England's Financial Policy Committee (FPC) said.

Scale of AI Debt Financing

The FPC noted that AI-related financing had continued to grow rapidly and was expected to remain on a strong upward trajectory. The growing use of debt to fund AI investment means developments in the sector could increasingly affect a wider range of investors and funding markets. It stated, “Concerns about the sustainability of AI-related earnings and capital expenditure growth may have contributed to market sentiment. The risk of a sharper correction with spillovers to core markets persisted”.

According to the latest meeting record, global AI-related debt issuance was estimated at around USD 450 billion as of early September. Morgan Stanley estimated that this was more than double the total issuance recorded during all of 2025. The FPC also cited estimates from JP Morgan analysts that AI-related capital expenditure financed through debt issuance could reach around USD 4.1 trillion between 2026 and 2030.

Role of Private Markets

The committee said the increase in AI-related financing was also visible in private markets, which are expected to play a growing role in funding AI investment. Morgan Stanley analysts also estimated that around USD 700 billion of data centre capital expenditure between 2026 and 2028 would be financed through private credit.

Leverage and Transparency Risks

The FPC highlighted risks linked to the combination of increasing leverage, limited transparency and, at times, “circular arrangements” in AI-related financing. These factors could make it harder to assess risks and could increase losses if expectations around AI investment fail to materialise.

Spillover Risks to Equity Markets

The concerns extend beyond financing markets to equity markets. The FPC said AI-related and semiconductor stocks had fallen sharply in July, while some leveraged investors were forced to unwind positions as volatility increased. This amplified market movements through deleveraging and portfolio rebalancing.

Although market functioning remained orderly and there were no signs of broader systemic stress, the committee said the risk of a sharper correction with spillovers to core markets remained. The FPC noted that hedge fund leverage remained elevated and valuations remained high, supported by strong expectations of future earnings.

Risks from Advancing AI Models

A significant change in expectations about AI earnings, including concerns over the pace of AI development or adoption, could trigger a sharper repricing of assets. The committee also pointed to risks from increasingly capable AI models. It said new models released during the third quarter of 2026 had shown continued advances in their ability to complete complex tasks without human direction and identify and exploit software vulnerabilities in testing environments.

Broader Economic Implications

The FPC said expectations of significant productivity gains from AI were becoming important for growth prospects and fiscal outlooks. A reassessment of these expectations could therefore affect not only AI-related asset valuations but also sovereign debt markets.

Overall, the meeting record highlighted that the scale of AI investment is creating a growing connection between technology, debt markets, private credit and broader financial stability risks. (ANI)

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

China's DeepSeek, Huawei team up to reduce reliance on Nvidia's tech

Asianet News Central — Wed, 30 Sep 2026 18:32:42 +0530

DeepSeek and Huawei Forge Alliance to Counter Nvidia's Dominance

Chinese artificial intelligence developer DeepSeek partnered with Huawei Technologies to create programming tools tailored for Huawei’s Ascend processors, marking an effort by domestic technology companies to reduce reliance on the Nvidia ecosystem.

According to a Reuters news report, the tie-up surfaced as Chinese technology companies pushed to construct domestic alternatives to foreign semiconductor hardware and software.

Open-Source Tools for Ascend Platform

Through a statement published on its official WeChat account, DeepSeek confirmed the release of open-source programming infrastructure for Huawei’s Ascend platform, delivering specialised compute and communication libraries to developers.

The development followed Huawei’s recent unveiling of its next-generation artificial intelligence processors and supernode computing systems, where the hardware maker projected wide adoption of its computing systems for model training in the coming year.

Joint Technical Collaboration

As per Reuters, DeepSeek noted that Huawei delivered full technical backing throughout the development of the shared programming infrastructure.

The two enterprises jointly progressed a supernode configuration built on 128 Ascend 950 chips, refining computational performance and communication links across the clustered system.

Introducing TileLang: A New Programming Language to Rival CUDA

Software efficiency formed a central pillar of the joint effort, with DeepSeek pointing to TileLang, an open-source high-level programming language intended for artificial intelligence chips, as a driver of developer efficiency and streamlined code logic.

"To build a new generation of independent, self-controlled GPU software ecosystems, the first priority is establishing a high-level language that is universal, easy to program, and still capable of reaching the hardware's full performance potential," the Reuters news report quoted DeepSeek.

As per the news report, the company stated that existing market alternatives required simpler operational alternatives to maintain competitive software standards.

"TileLang was created precisely to meet this need," DeepSeek said. The group further stated that the language offered "a simpler programming model" than Nvidia’s proprietary CUDA computing platform. (ANI)

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

Piyush Goyal in US for G20, aims for deeper economic cooperation

Asianet News Central — Wed, 30 Sep 2026 18:30:28 +0530

Union Minister of Commerce and Industry Piyush Goyal arrived in Milwaukee, United States, to participate in the G20 Trade Ministers’ Meeting, marking the start of a week-long official visit scheduled from September 29 to October 5, 2026.

Consul General of India in Chicago, M. Anand Prakash, received the minister upon his arrival.

Engagements with US Industry Leaders

Goyal’s itinerary includes meetings with leaders of American industry, investors, and the startup community across Milwaukee, Chicago, and New York.

Broadening Commercial Collaboration

During the roundtable discussions, Goyal addressed the broader trajectory of commercial collaboration between the two countries.

The minister highlighted that the bilateral economic partnership moved beyond a conventional trading framework to encompass deeper strategic linkages across critical operational domains.

He noted that the engagement increasingly encompasses investment, manufacturing, technology, innovation, resilient supply chains and the creation of high-value capabilities in both countries.

Participating executives presented their perspectives regarding market prospects in India and outlined potential avenues for broadening business partnerships across the region.

In response to the industry representatives, Goyal reaffirmed official backing for international enterprises seeking commercial integration in the domestic market.

Reception with G20 Counterparts

Goyal also attended a reception hosted jointly by the Business Roundtable (BRT) and NAM at the global headquarters of Rockwell Automation.

At the event, the minister held interactions with trade ministers representing fellow G20 member countries as well as senior executives from American corporations, concluding the opening segment of his ministerial itinerary in the United States. (ANI)

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

Deloitte India, Avolution partner for enterprise architecture and AI

Asianet News Central — Wed, 30 Sep 2026 17:31:41 +0530

Deloitte India and Avolution announce a strategic alliance to advance enterprise architecture and AI governance, aiming to help organisations navigate increasingly complex technology setups and make structured transformation decisions through Avolution's ABACUS platform.

Deloitte India will lead the implementation of ABACUS by deploying its technology strategy and transformation advisory. The deployment seeks to provide clients with a consolidated view of business and technical systems, linking applications, data, technology, and artificial intelligence capabilities to support long-term organisational decisions.

Leveraging the ABACUS Platform

The ABACUS platform uses adaptive enterprise modelling and impact analysis to evaluate architectural dependencies, operational risks, and the delivery implications of major system alterations. Additionally, its AI governance framework monitors model usage, tracks compliance parameters, and assesses potential vulnerabilities across corporate systems.

Deloitte India will combine this data with its operating model design and technology advisory to assist chief information officers and business leaders in aligning IT priorities with overarching corporate strategy.

Executive Insights on the Partnership

Aakash Tyagi, Partner, Technology Strategy & Transformation, Deloitte India said, “As organisations accelerate digital transformation and AI adoption, enterprise architecture is becoming a critical enabler of business agility and technology modernisation.”

“Through our alliance with Avolution, we are combining Deloitte India's technology strategy and transformation capabilities with the power of the ABACUS platform to help organisations address technology debt, strengthen AI governance and make more informed investment decisions,” he added.

Tyagi also noted that this combined strategy supports broader commercial value, stating, “Together, we are helping clients unlock greater value from their technology ecosystems and drive sustainable, technology-led growth.”

Avolution Chief Executive Officer Richard Ward said, “Every organisation wants to move faster with AI, but you cannot automate what you cannot see. Deloitte India's delivery expertise combined with the ABACUS platform gives even the most complex global enterprises a clear view of their technology landscape.”

He added that such structural clarity helps organisations in “enabling them to retire legacy constraints, optimise investments and build the foundations for an agentic future.”

Market Focus and Future Expansion

The alliance will initially centre on banking, insurance, and financial services institutions across South Asia, designating India as the primary operating market.

Deloitte India and Avolution plan to broaden the joint initiative over time by introducing sector-specific architectural frameworks, enterprise transformation services, and integrated value realisation models.

The companies also look to pursue future deployments in government, healthcare, telecommunications, manufacturing, and energy domains to assist entities in meeting regulatory guidelines and operational benchmarks.

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RBI may consider a rate hike in October amid rising crude oil prices

Asianet News Central — Wed, 30 Sep 2026 17:30:55 +0530

Rising crude oil prices and food inflation risks from a below-normal monsoon could prompt the Reserve Bank of India (RBI) to consider a rate hike in October, said economist Sunil Sinha, pointing to “hidden inflation” as higher oil costs have not yet been passed on to consumers.

Crude Oil Prices and 'Hidden Inflation'

Speaking to ANI, Sinha, Former Senior Economist, NCAER and Former Principal Economist & Director, Public Finance, India Ratings & Research, said rising international crude oil prices remain a concern for India as their impact is felt across the economy both directly and indirectly. He noted that global crude prices have climbed again after briefly easing on hopes of a truce in the Middle East, but the latest increase has not yet translated into higher domestic retail fuel prices.

“Despite the global oil prices once again going back to USD 100 a barrel and in fact last month India's average import price of oil was somewhere around USD 114 a barrel,” he said.

Explaining the recent movement in crude prices, Sinha said, “Oil prices came down with the hope that some kind of a truce is happening in the Middle East, but subsequently that did not happen so the crude prices have again gone up.”

Meanwhile, Brent crude was trading at around USD 97.35 per barrel while crude oil was trading at around USD 90.05 per barrel at the time of reporting.

Underlying Inflationary Pressure

The economist noted, despite the renewed rise in global crude prices, the increase has not been passed on to consumers through higher domestic pump prices. However, as per Sinha, that does not mean the underlying inflationary pressure has disappeared. Sinha argued that the RBI would factor such underlying price pressures into its monetary policy decisions even if they are not immediately reflected in retail fuel prices.

As per the economist, “this is a hidden inflation that is lurking on the horizon.” Thus, “When RBI will have to take a call, then RBI will certainly take into consideration this hidden inflation into the economy,” he said.

Food Inflation and Policy Outlook

Sinha said these underlying pressures, along with elevated retail and wholesale inflation, could make the central bank more inclined towards raising interest rates. “RBI in my view will be more keen to raise the rate of interest.”

On food inflation, Sinha said the below-normal monsoon could exert further pressure on prices, although the extent of the impact would depend largely on proactive government measures. He further noted that the RBI has been flagging inflation risks for some time, while both retail and wholesale inflation have risen in recent months.

“So my own sense is that these things leaves very little room with the RBI and as a result in the October policy RBI may likely think in terms of raising rates.” (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 jewellery sector needs value addition, design for growth: NITI

Asianet News Central — Wed, 30 Sep 2026 17:30:27 +0530

India holds an 8 per cent share of global gems and jewellery exports, excluding raw gold, but has significant room to expand its presence beyond diamonds and jewellery through greater value addition, improved design and branding, and diversification into new markets, said NITI Aayog Program Director Pravakar Sahoo.

Addressing an inaugural session of the Gems & Jewellery Conference 2026 – India’s Jewellery Moment: From Craft to Commerce, Innovation to Impact, he said, India has built significant strength in diamonds and jewellery, however, “there is considerable scope to expand into other product categories and strengthen its share in global markets through value creation, better design, branding and market diversification.”

Unlocking the Next Phase of Growth

“India’s gems and jewellery sector must move towards greater value addition, design, diversification and stronger global market positioning to unlock its next phase of growth,” he said, as per a release.

He noted that the gems and jewellery sector is a major source of employment and exports, contributing to economic growth and foreign exchange earnings. To expand its global presence, India needs to improve productivity and competitiveness while preserving its traditional craftsmanship. He also stressed the need to reduce industry fragmentation, improve infrastructure and access to finance, strengthen transparency and diversify export and import markets amid changing global trade conditions.

As per Sahoo, “Countries without significant natural endowments have successfully built globally competitive jewellery ecosystems through infrastructure, processing and market development.”

Industry Leaders Call for Collective Action

On the other hand, G R Anand Ananthapadmanabhan, Chairman, CII Gems & Jewellery Taskforce and Managing Director, GRT Group, called for collective support from industry, government and consumers to take Indian jewellery to the next level globally.

Sandeep Kohli, Co-Chairman, CII Gems & Jewellery Taskforce and CEO, Novel Jewels (Aditya Birla Group Jewellery Division), said “India’s next phase of growth must focus on moving from scale to value, manufacturing to design, and OEM capabilities towards ODM and global brands.”

Trust and Transparency in Diamonds

Emma Wade-Smith OBE, Senior Vice President, Government Affairs and Industry Relations at De Beers Group, stressed that “trust starts with transparency”, calling for clear and consistent information on natural and laboratory-grown diamonds. She said stronger standards, technology and traceability could boost consumer confidence and India’s position in the global diamond industry, the release added. (ANI)

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What Happens to Your Bank Money After Death? RBI’s Rule for Nominees Explained

Zetan Kumari — Wed, 30 Sep 2026 17:02:53 +0530

What happens to a bank account after the account holder dies? RBI guidelines say eligible claims should be settled within 15 days after receiving the claim, subject to required proof and identification.

The bank does not just keep the money if an account holder passes away. RBI guidelines clearly state that a valid nominee, joint account holder, or legal heir can claim these funds.

You must first inform the home branch in writing about the death. The bank will immediately freeze the account to stop any unauthorized transactions.

Next, they will check if the account has a registered nominee or operates as a joint account.

Claiming the money is super easy if the account has a registered nominee.
The nominee just needs to get a 'Claim Form for Nominee' from the bank, fill in the details, and submit it.
You must attach the original death certificate and the nominee's KYC documents, like Aadhaar and PAN, with the filled form.
Bank officials will then verify the submitted documents and the nominee's details.
Once verification is done, the bank will transfer the account balance to the nominee's bank account or issue a Cheque/DD as per their standard process.

Legal heirs must approach the bank to claim the money if the account has no registered nominee.
The bank might ask for specific documents depending on the claim amount and their internal rules.
You need to submit a legal heir certificate obtained from the Tahsildar.
All legal heirs must sign an indemnity bond, taking full responsibility if someone else claims the money in the future.
Other heirs must provide a No Objection Certificate (NOC) if one primary heir is receiving the funds.
Document requirements can change based on whether the amount is small or large.

If the account operates on an 'Either or Survivor' basis, the surviving account holder can submit the death certificate and either continue running the account or claim the money.

If the account operates on a 'Jointly' basis, the surviving member cannot just withdraw the entire amount on their own.

The survivor can only get the money with the written consent of the deceased person's legal heirs.

Things to keep in mind:

Using the deceased person's ATM card to withdraw money is a legal offense.
The bank has the right to recover any pending loan dues of the deceased from this account balance.

The bank will transfer the money to the RBI's DEAF (Depositor Education and Awareness Fund) if nobody claims it for over 10 years.

Gathering the required documents:

Death Certificate: Original and a copy.
Bank Documents: The deceased person's passbook, cheque book, and ATM/Debit card.
Claimant's Documents: ID and address proof like Aadhaar and PAN card.
Nominee details: ID and bank details of the nominee, if applicable.

The nominee or claimant must submit a formal claim to the bank after the account holder passes away.
The bank must settle the claim within 15 days from the date they receive the claim, provided you submit the death certificate and all valid documents.

The bank calculates this 15-day deadline from the exact day you submit the complete paperwork.

For example:

Let's say a person passes away on September 1. The nominee submits the claim with all documents on September 5. If everything is correct, the bank must settle this claim within 15 days from September 5.

What about Fixed Deposits (FD)?

You can absolutely claim a Fixed Deposit in the deceased person's name. RBI guidelines state that banks must allow premature withdrawal of the FD so the claimant can get the money.

You do not need to wait for the FD maturity date. The nominee or legal heir can just approach the bank, submit the death certificate, claim form, and KYC, and get the funds.

Why adding a nominee is crucial:

Registering a nominee in your bank account makes things incredibly easy for your family.
It simplifies the entire claim settlement process if the account holder dies unexpectedly.
The RBI strongly advises everyone to use the nomination facility for bank accounts and other financial assets.

So, make sure you check who is registered as a nominee in your family members' bank accounts. You can easily update the details with the bank if the nominee has changed or if you haven't added one yet.

AI models shift healthcare from detection to predicting future diseases

Asianet News Central — Wed, 30 Sep 2026 17:01:01 +0530

Artificial intelligence (AI) models are increasingly being used to study how diseases may develop in the future, pointing to a shift in healthcare from identifying existing conditions to predicting possible health risks, according to a report by Longevitty.ai.

The report highlighted that scientists are using AI to look beyond individual health tests and understand how a person's body may be changing over time. Instead of focusing only on whether a person currently has a particular condition, researchers are studying whether health data can indicate the direction in which a person's health is moving.

It stated, “Scientists are using Super Intelligence to look beyond a single test and ask a more useful question: which way is your body heading, and how fast?” For millions of people, early identification of health risks remains important. According to the US Centres for Disease Control and Prevention, 115.2 million American adults, more than two in five, have prediabetes, and eight in ten of them do not know it.

AI Applications in Disease Prediction

The report said researchers are now using AI to study blood proteins and biological ageing as part of this broader approach. In 2024, researchers used AI to study proteins from 45,441 people in the UK Biobank. They found that 204 proteins, taken together, could estimate a person's age. More importantly, people whose proteins appeared older than their actual age had a higher risk of 18 important diseases, including heart, kidney and lung disease, diabetes and cancer.

The report also highlighted research by scientists at Stanford, who studied the body one organ at a time. After analysing 44,498 people, they found that the brain and immune system were among the strongest predictors of how long, and how healthily, someone might live. The researchers also found that the ages of these organs changed depending on how people lived and what medicines they took.

Another development highlighted in the report is Delphi-2M, an AI model developed by scientists in Europe to forecast possible future diseases. The model works in a way similar to how a phone keyboard predicts the next word a person is likely to type. Instead of predicting a word, Delphi-2M tries to predict the next disease a person may develop and when it might happen.

The model was trained using data from 400,000 people in the UK and was then tested on 1.9 million people in Denmark without being changed. According to the report, it can predict more than 1,000 diseases. The report said Delphi-2M performed about as well as tools that are designed to look at one disease at a time.

Expert Outlook and Patient Data

Max Chopra, Founder and CEO of Longevitty.ai, said “Super Intelligence is already becoming part of everyday medical work. In a survey this year, 81 per cent of doctors said they use it in their work, compared with 38 per cent in 2023. But those same doctors said they worry about patients using Super Intelligence without a doctor helping them”.

He added, “Someday, one Super Intelligence may be able to look at your health history and your blood together. To me, that makes another point especially important: your health records are part of your story, and it's worth keeping them together so that story doesn't get lost from one test to the next.”

The report noted that this shift is already underway, with researchers using blood proteins, organ-level information and health records to study ageing and disease risk. (ANI)

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

Schneider Electric, NFH partner for India's Digital Energy Grid

Asianet News Central — Wed, 30 Sep 2026 17:00:54 +0530

Schneider Electric and Networks for Humanity (NFH) announced the signing of a Memorandum of Understanding (MoU) to explore applications for India’s emerging Digital Energy Grid (DEG). The partnership will combine Schneider Electric’s energy technology capabilities with NFH’s background in open, interoperable digital networks.

Both entities plan to identify, design, and evaluate selected pilot applications capable of linking energy assets, end users, and various ecosystem participants. At the core is the Digital Energy Grid, an initiative designed to establish an open digital layer that connects participants across the energy landscape. Supported by the India Energy Stack, which seeks to supply common digital infrastructure for energy services, the framework enables consumers, assets, and market players to interact via interoperable digital systems.

Addressing India's Surging Energy Demand

The development arrives as India faces shifting power dynamics, with peak electricity demand projected to near 300 GW in 2027. This surge stems from emerging loads such as data centres, artificial intelligence, and electric vehicles, alongside the ongoing integration of renewable and distributed energy resources.

A Vision for a Connected Energy System

Deepak Sharma, Zone President - Greater India, MD & CEO, Schneider Electric India, said, “India’s energy transition will increasingly be defined not just by how much energy we generate, but by how intelligently we consume, manage and share it.”

“As energy becomes more distributed, the ability to connect different parts of the ecosystem and enable greater flexibility will become increasingly important. This MoU brings together complementary capabilities to explore how open networks can support that shift and shape a more connected and responsive energy system,” he added.

Sujith Nair, Co-Founder of Networks for Humanity, said, “Energy is becoming increasingly digital and distributed. The ability for different systems and participants to work together will be critical to unlocking this potential.”

Collaboration Details and Pilot Initiatives

Under the terms of the pact, Schneider Electric will provide expertise across digital grids, energy management, automation, distributed energy resources, building systems, microgrids, electric vehicle charging, and industrial load management. These systems aim to connect infrastructure, deliver energy intelligence, and support demand-side operational programmes within an open ecosystem.

Initial Pilot Efforts

Initial pilot efforts under the collaboration target utility energy intelligence, industrial and building demand flexibility, home energy management, fast-charging flexibility for electric vehicles, and carbon footprint accounting and trading. The projects aim to demonstrate core ecosystem functions, specifically discoverability, trust, and transactability between value creators and value takers.

The organisations intend to evaluate operational and technical parameters through these pilots, validating select applications before assessing broader deployment pathways based on outcomes and subsequent formal agreements. (ANI)

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India's economy to grow at 7% in FY27 after 7.8% in FY26: S&P Global

Asianet News Central — Wed, 30 Sep 2026 17:00:39 +0530

India's economy is expected to grow at around 7.0 per cent in fiscal 2026-27, following a stronger 7.8 per cent growth in fiscal 2025-26, with the next phase of expansion likely to depend on infrastructure development, deeper capital markets and stronger financial intermediation, according to a report by S&P Global.

The report said India's economy significantly outperformed expectations in fiscal 2025-26 despite high US tariffs and global uncertainty. It said the strong growth reflected the strength of domestic economic drivers and India's ability to navigate an increasingly uncertain global environment. However, growth is expected to moderate to about 7.0 per cent in fiscal 2026-27.

Path to Sustained Economic Momentum

It said, “Growth is expected to moderate to about 7.0 per cent in fiscal 2026-27, as India's next phase of development will depend on how effectively it converts macroeconomic resilience into sustained momentum”. Yann Le Pallec, President, S&P Global Ratings, and Chairman of the Board for Crisil, said India has a significant opportunity to build on its economic resilience by advancing the next phase of physical infrastructure development. “India has a significant opportunity to convert macroeconomic resilience into sustained economic momentum. Our research suggests that the country can build on this momentum by advancing the next phase of physical infrastructure development, supported by competitive federalism, deeper capital markets and more robust financial intermediation,” Le Pallec said.

India's Expanding Capital Market

The report highlighted the expansion of India's capital market over the past decade, noting that the country has combined strong economic growth with a deepening listed equity market and a broad range of companies. As of June 30, 2026, India's equity market stood at USD 2.03 trillion in investable market capitalisation.

At the same time, the report noted that a majority of actively managed Indian funds have underperformed their respective benchmarks across multiple market cycles and economic environments.

Infrastructure and Energy Security

Infrastructure development is expected to remain an important part of India's next growth phase. The report linked this with the need for deeper capital markets and stronger financial intermediation to support sustained economic momentum.

The report also examined India's energy security as the country faces an uncertain global environment. More than half of India's crude imports move through the Strait of Hormuz, making the country exposed to disruptions in the key waterway.

S&P Global said India's energy resilience will require more than managing individual supply disruptions. It highlighted the need for diversified supply sources, integrated storage and strategic reserves for crude oil, refined products and, where feasible, gas. The report also said India's next phase of energy transition will need to balance climate ambitions with the need for reliable and affordable electricity. (ANI)

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Indian markets end lower amid volatility, corrective trend extends

Asianet News Central — Wed, 30 Sep 2026 16:31:43 +0530

Indian Market Ends Lower Amid Volatility

Indian benchmark indices ended lower after a volatile session on Wednesday, extending the prevailing corrective trend as selling pressure returned in the afternoon following an initial recovery attempt. Weakness in pharma, healthcare and metal stocks, along with persistent foreign investor outflows, kept market sentiment subdued.

The Nifty settled at 22,620.45, down 95.75 points or 0.42 per cent against the previous close of 22,716.20. The Sensex ended at 72,480.29, down 48.78 points or 0.07 per cent from its previous close of 72,529.07.

After a largely flat opening, the benchmark indices initially attempted a recovery, with the Sensex gaining over 500 points and the Nifty moving above the 22,800 level. However, the recovery failed to sustain, with selling resuming in the afternoon and dragging the Nifty towards 22,600.

Sectoral Performance

On the sectoral front, realty, banking and auto stocks witnessed a notable rebound, while pharma and healthcare remained under significant pressure after their phase of steady outperformance. Metal and FMCG stocks also ended lower.

Among sectoral indices, Nifty Healthcare emerged as the biggest drag, declining 2.57 per cent, followed by Nifty Metal and Nifty Pharma, which fell by more than 1 per cent each. Media, cement, chemicals, telecom and realty indices ended in positive territory.

Top Gainers and Drags

On the BSE, Kotak Bank, ICICI Bank, IndiGo, Axis Bank, Tech Mahindra, Hindustan Unilever, BEL, TCS, Maruti, HCL Tech and Reliance were among the major gainers. Eternal, Sun Pharma, Titan, Adani Ports, Tata Steel, NTPC, Bajaj Finserv, M&M and Power Grid were among the top drags.

Similarly, on the NSE, Kotak Bank, ICICI Bank, IndiGo, Axis Bank, TMPV, TCS, Tech Mahindra, Hindustan Unilever, Maruti and HCL Tech were among the major gainers. Apollo Hospital, Max Health, Cipla, Sun Pharma, Nestle, HDFC Bank, JSW Steel, ONGC, Titan, Hindalco, Bajaj Finance and Asian Paints were among the top laggards.

Expert Analysis on Market Trends

Commenting on the market movement, Ajit Mishra, SVP – Research, Religare Broking Limited, said, “Markets traded volatile on Wednesday but eventually edged lower, extending the prevailing corrective trend. After a largely flat opening, the benchmark indices initially attempted a recovery, with the Sensex gaining over 500 points and the Nifty moving above 22,800. However, the recovery failed to sustain, and selling resumed in the afternoon, pushing the Nifty down to 22,620.45.”

“On the sectoral front, realty, banking and auto led the recovery and witnessed a notable rebound. However, pharma and healthcare remained under significant pressure after their phase of steady outperformance, while metal and FMCG also ended lower,” Mishra said.

He added that global macro concerns continued to keep sentiment fragile, with Brent crude remaining elevated and the US 10-year Treasury yield staying near recent highs. “Persistent foreign selling remained another major overhang, with FIIs selling nearly Rs 9,980 crore on Tuesday, while the rupee remained close to the ₹96 per dollar mark,” Mishra said.

Technical Outlook

From a technical perspective, Mishra noted that the Nifty failed to sustain its recovery above the 22,750–22,800 zone and slipped back towards the 22,600 area, keeping the broader structure under pressure. “The 22,600 zone remains an important immediate support, followed by the 22,400 region, while 22,750–22,800 is likely to act as the immediate hurdle and 23,000 as the major resistance,” he said.

“With the index continuing to trade near six-month lows and broader market participation remaining weak, the near-term setup remains cautious, warranting a selective approach and close monitoring of the key support levels,” Mishra added.

Commodity and Stock-Specific News

In the commodity market, Brent crude was trading at around USD 97.35 per barrel, while crude oil was trading at around USD 90.05 per barrel at the time of reporting. Gold was trading at around USD 4,187.63.

Separately, shares of BSE tumbled over 3 per cent following its inclusion in the Nifty 50 index on Wednesday. Mishra noted, “BSE has remained under correction for nearly one-and-a-half years, with no clear signs of a sustained reversal yet. Persistent pressure across stocks and sectors continues to weigh on the broader sentiment.”

Analyst's Take on Market Stability

Market analyst Vipin Dixena said the Nifty 50 struggled around the 22,700 mark after an initial recovery attempt. “In my view, today's session is important because the market is trying to stabilise after the sharp September correction, but investors are still not getting a clear positive trigger,” he said.

Dixena said 22,650 was emerging as an important near-term support zone for the Nifty, while 22,800–22,850 remained an immediate resistance zone, followed by 23,000. (ANI)

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Cabinet OKs Rs 1.86 lakh crore Green Energy Corridor Phase-III plan

Asianet News Central — Wed, 30 Sep 2026 16:31:01 +0530

The Union Cabinet on Wednesday approved the Rs 1.86 lakh crore Green Energy Corridor Phase-III scheme to build transmission infrastructure for evacuation of up to 135 GW of renewable power and deploy 50 GWh of battery storage, as India prepares its grid for a sharp expansion in non-fossil energy capacity.

Union Minister Ashwini Vaishnaw, announcing the decision after the Cabinet meeting, said adequate transmission capacity would be critical as renewable generation rises, with the government seeking to ensure that grid infrastructure comes up ahead of new renewable projects. A presentation made during the briefing said that without adequate transmission infrastructure, renewable power could face curtailment, and stressed that transmission capacity needed to precede renewable-energy capacity addition.

Scheme Outlay and Financials

The scheme, targeted for completion by FY 2032-33, has a total project outlay of Rs 1,86,405 crore. Of this, Rs 1,36,378 crore will go towards strengthening intra-state transmission systems, while Rs 50,000 crore has been earmarked for deployment of 50 GWh of Battery Energy Storage Systems. The Centre will provide financial assistance of Rs 54,082 crore.

Addressing Renewable Energy Integration Challenges

The scale of the scheme reflects the growing challenge of integrating larger volumes of solar and wind power into the grid. Unlike conventional generation, renewable output varies with sunlight and wind conditions, requiring stronger transmission networks as well as storage to balance supply and demand. The battery systems can be installed at renewable-energy generation sites or other locations considered important for grid flexibility. According to the Cabinet release, they are intended to address intermittency, transmission congestion, peak-hour curtailment and demand during non-solar hours.

National Energy Targets and Capacity Expansion

The government said the corridor will enable evacuation of up to 135 GW of renewable power across states and Union Territories. Vaishnaw's presentation said India is targeting 500 GW of non-fossil fuel capacity by 2030 and is planning for around 786 GW by 2035-36. The Cabinet release separately said the scheme would contribute towards the longer-term target of 900 GW of installed non-fossil capacity by 2035.

India's rapidly expanding solar capacity is already increasing the need for supporting grid infrastructure. According to an official PIB backgrounder, India's installed solar capacity had reached 162.15 GW by June 30, 2026, up from around 3 GW in 2014.

Implementation and Bidding Process

Under GEC-III, all new or greenfield intra-state transmission projects will be awarded through tariff-based competitive bidding. Transmission service providers selected through the bidding process will build, own, operate and maintain the assets, while State Transmission Utilities will act as the overall implementing agencies. Upgradation and strengthening of existing, or brownfield, transmission networks will be carried out on a cost-plus basis.

The government said the central assistance would help offset intra-state transmission charges and limit their impact on electricity costs for consumers. The scheme also marks a significant expansion of India's Green Energy Corridor programme, which was originally designed to strengthen transmission networks in states with high renewable-energy potential. With renewable generation expanding faster, the focus is increasingly shifting from merely creating generation capacity to ensuring that electricity can be transmitted, stored and supplied when it is needed. (ANI)

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UPI MDR concerns: Traders meet Sitharaman, call off October 2 protest

Asianet News Central — Wed, 30 Sep 2026 16:30:25 +0530

A delegation of senior trade leaders led by Confederation of All India Traders (CAIT) Secretary General and Chandni Chowk MP Praveen Khandelwal on Wednesday met Union Finance Minister Nirmala Sitharaman to discuss concerns over the proposed Merchant Discount Rate (MDR) of 0.40 per cent on UPI transactions above Rs 2,000. Following the meeting, the All India Consumer Products Federation (AICPDF) and the All India Mobile Retailers Association (AIMRA) decided to withdraw their earlier announced “No UPI Day” protest call scheduled for October 2, 2026.

Protest Withdrawn After Constructive Dialogue

Briefing the media, Khandelwal said the decision was taken in view of the constructive discussions with the Finance Minister and the assurance that concerns raised by the trading community would receive due consideration.

A delegation of around 20 senior trade leaders from different states participated in the meeting held at the Finance Minister’s office in Kartavya Bhawan, New Delhi. The delegation included CAIT National President B C Bhartia, AICPDF President Dhairyshil Patil, AIMRA Chairman Kailash Lakhyani, All India Jewellers & Goldsmith Federation President Pankaj Arora and other representatives from various sectors of trade and retail.

Traders' Concerns Over Financial Burden

Earlier, Lakhyani and Patil had raised concerns over the possible impact of the proposed MDR on traders, especially small and medium businesses. They stressed the need to maintain the growth of digital payments while ensuring that additional financial burden is not placed on merchants.

Government Assures Support

During the meeting, Sitharaman heard the concerns of the trade representatives and assured them that the government remains committed to promoting digital transactions while protecting the interests of stakeholders.

The delegation appreciated the approach adopted by the Finance Minister and the Ministry of Finance in engaging with trade bodies on the issue. Trade leaders reiterated their support for the Digital India mission and the growth of UPI, which they described as a major achievement in India’s digital payments ecosystem. They said their objective was not against digital payments but to ensure that policies related to digital transactions remain balanced and supportive of consumers, traders and MSMEs.

The delegation expressed confidence that continued dialogue between the government and trade organisations would help develop a sustainable framework for strengthening India’s digital economy while safeguarding the interests of millions of traders and small businesses. (ANI)

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Mumbai property registrations hit 14-year high, revenue dips 5% YoY

Asianet News Central — Wed, 30 Sep 2026 16:01:00 +0530

Mumbai recorded 12,622 property registrations in September 2026, marking the highest volume for the month in over 14 years and registering a 5 per cent year-on-year increase, according to a Knight Frank India report. Despite the rise in overall property units registered, the Maharashtra Government collected Rs 1,227 crore in stamp duty revenue during the month, which represents a 5 per cent decline compared to the Rs 1,292 crore collected in September 2025. The report noted that this drop in revenue collections primarily reflects a shift in the transaction mix.

Festive Season Boosts Monthly Figures

On a month-on-month basis, registration volumes rose by 0.3 per cent from the 12,580 units recorded in August 2026, while revenue grew by 8 per cent from Rs 1,131 crore. Festive activity served as a major growth driver during the month.

Ganesh Chaturthi Performance

During Ganesh Chaturthi from September 14 to September 25, the city saw 5,379 property registrations, an increase of 22 per cent compared to festive registrations in 2025. This marked the highest volume recorded during the festive window in the last four years, exceeding the 4,392 registrations logged in 2025, 3,405 in 2024, and 3,782 in 2023. Stamp duty collections during the festive period accounted for more than half of the total revenue generated in September. Government receipts reached Rs 640 crore during the festival days, showing a 32 per cent year-on-year growth from the Rs 485 crore recorded during Ganesh Chaturthi in 2025.

Expert Commentary

Shishir Baijal, International Partner, Chairman and Managing Director of Knight Frank India said, "Mumbai’s residential market has maintained demand momentum, with September 2026 recording the highest property registrations for the month in more than 14 years."

"The strong performance during Ganesh Chaturthi, with registrations rising 22% year-on-year, provided a notable contribution to the month’s overall registration activity," he added. "The surge in registrations during both the festive period and over the month reflects continued homebuyer participation, although buyers remain selective in their purchase decisions. Well-located developments supported by quality infrastructure are likely to remain relevant to buyers as market activity evolves."

Long-Term Registration Trends

The long-term September registration figures show steady upward momentum over the last decade and a half. As per the report, monthly registrations stood at 4,116 units in September 2013, climbed past 10,000 units in September 2023 at 10,694, reached 12,070 in September 2025, and peaked at 12,622 units in September 2026. (ANI)

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India's auto sector sees strong growth in Sept; tractors lag behind

Asianet News Central — Wed, 30 Sep 2026 16:00:51 +0530

India’s automobile sector is expected to see broad-based growth in September, with passenger vehicles, two-wheelers and commercial vehicles recording strong sales momentum, while tractors are likely to lag behind, according to a Jefferies research report.

Vehicle registrations during the first 25 days of September rose 78 per cent year-on-year for passenger vehicles and 75 per cent for two-wheelers, while registrations of medium and heavy commercial vehicle trucks increased 53 per cent. Tractor registrations, in contrast, grew only 4 per cent during the period.

However, Jefferies said the sharp year-on-year growth partly reflects a favourable comparison with last year. “YoY growth is boosted by a low base as Sep-25 was impacted by earlier timing of inauspicious period and deferment ahead of GST cut,” the report said.

Brokerage Expectations for September

The brokerage expects September wholesale volumes to rise 25-27 per cent year-on-year for Ashok Leyland and Tata Motors Passenger Vehicles, 15-17 per cent for Bajaj Auto, Maruti Suzuki and TVS Motor, and 9-10 per cent for Royal Enfield, Hyundai Motor India and Mahindra & Mahindra. Hero MotoCorp volumes are expected to remain broadly flat.

Commercial and Passenger Vehicles

Among individual companies, Ashok Leyland’s total volumes are estimated to rise 27 per cent to 23,950 units, driven by a 36 per cent increase in medium and heavy commercial vehicles to 16,050 units. Tata Motors Passenger Vehicles is expected to record 25 per cent growth to 76,000 units. Maruti Suzuki’s total volumes are projected to increase 17 per cent to 222,500 units, while Hyundai Motor India is expected to report 9 per cent growth to 77,000 units.

Two-Wheeler Segment Outlook

In two-wheelers, TVS Motor’s total volumes are estimated to increase 17 per cent to 635,000 units, while Bajaj Auto is expected to post 15 per cent growth to 585,000 units. Royal Enfield volumes are seen rising 10 per cent to 137,000 units. Hero MotoCorp, however, is projected to remain nearly unchanged at 684,000 units.

Tractor Sales and M&M Performance

The weakness in tractors is also visible in Mahindra & Mahindra’s estimates. While its automobile volumes are expected to rise 20 per cent year-on-year to 121,500 units, tractor volumes are projected to decline 6 per cent to 62,000 units. The company’s overall volumes are estimated to grow 10 per cent.

Market Share Gains

Jefferies’ registration data also showed TVS gaining share in the two-wheeler market, while Mahindra increased its passenger-vehicle registration share during September. (ANI)

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MSP for rabi crops 2027-28: Safflower gets highest hike, wheat just Rs 25

Asianet News Central — Wed, 30 Sep 2026 16:00:45 +0530

The Union Cabinet on Wednesday approved higher Minimum Support Prices (MSP) for all six mandated rabi crops for the 2027-28 marketing season, with the government giving substantially larger increases to oilseeds and lentils while raising the support price for wheat by just Rs 25 per quintal. The decision, taken by the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi, was announced by Union Minister Ashwini Vaishnaw at the cabinet briefing.

MSP Hike Details for 2027-28 Season

Safflower received the highest absolute increase of Rs 675 per quintal, followed by rapeseed and mustard at Rs 413 and lentil, or masur, at Rs 390 per quintal. The MSP for barley has been raised by Rs 136 per quintal and gram by Rs 83, while wheat received the smallest increase at Rs 25 per quintal. Based on the revised prices, wheat MSP will rise to Rs 2,610 per quintal from Rs 2,585 for the previous marketing season. Barley will rise to Rs 2,286, gram to Rs 5,958, lentil to Rs 7,390, rapeseed and mustard to Rs 6,613 and safflower to Rs 7,215 per quintal.

Focus on Crop Diversification

The relatively larger increases for pulses and oilseeds come as the Centre continues to push crop diversification and greater domestic production of commodities where India has relied on imports. The government has in recent years used higher MSPs and procurement support to encourage farmers to move beyond cereals towards pulses and oilseeds.

The latest increase also marks a sharp slowdown in the MSP hike for wheat. For the 2026-27 rabi marketing season, the government had increased wheat MSP by Rs 160 per quintal to Rs 2,585. In that season, safflower received a Rs 600 increase, lentil Rs 300 and rapeseed and mustard Rs 250 per quintal.

Adherence to Production Cost Formula

The government said the latest MSPs continue to follow the policy announced in the Union Budget 2018-19 of fixing support prices at least 1.5 times the all-India weighted average cost of production. For 2027-28, the expected margin over the weighted average production cost is estimated at 106 per cent for wheat, 96 per cent for rapeseed and mustard, 92 per cent for lentil, 59 per cent for gram, 58 per cent for barley and 50 per cent for safflower.

Procurement Framework and Data

MSP acts as a government-announced floor price for notified crops. Procurement mechanisms differ across commodities. Wheat is procured extensively for the central pool, while pulses and oilseeds can be procured under the Price Support Scheme when market prices fall below MSP, subject to the applicable procurement framework. The government has also provided for procurement of tur, urad and masur under its push for greater self-sufficiency in pulses.

According to the Cabinet release, wheat procurement during 2014-15 to 2025-26 stood at 3,715 lakh metric tonnes, compared with 2,254 lakh metric tonnes during 2004-05 to 2013-14. Procurement across six rabi crops rose to 3,921 lakh metric tonnes during 2014-15 to 2025-26 from 2,302 lakh metric tonnes in the preceding comparable period.

The government said MSP payments to wheat growers amounted to Rs 7.31 lakh crore during 2014-15 to 2025-26, while payments across all six rabi crops stood at Rs 8.36 lakh crore during the period. (ANI)

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Venu Srinivasan seeks probe into Tata Trust, questions Noel Tata

Asianet News Central — Wed, 30 Sep 2026 16:00:24 +0530

Sir Dorabji Tata Trust trustee Venu Srinivasan has sought an immediate inquiry by the Maharashtra Charity Commissioner into alleged governance lapses at the trust, questioning Noel Tata’s perpetual trusteeship and alleging attempts to prevent him from voting on the proposed listing of Tata Sons.

In a letter addressed to the Charity Commissioner and the Deputy/Assistant Charity Commissioner, Greater Mumbai Region, Srinivasan also sought restrictions on Noel Tata’s participation in certain trust and Tata Sons decisions, along with a freeze on changes to the trust’s board pending the inquiry.

Call for Scrutiny

Srinivasan requested scrutiny of Noel Tata’s appointment and continued status as a perpetual trustee, the basis of his chairmanship of Tata Trusts, and the circumstances surrounding Neville Tata’s appointment and Srinivasan’s alleged exclusion from the relevant decision-making process. He also asked the authority to examine the involvement of Sir Dorabji Tata Trust (SDTT) and its trustees in the commercial and strategic affairs of Tata Sons.

Allegations of 'Power Grab' and Exclusion

Detailing his objection to restrictions on his role as a nominee director, Srinivasan wrote: “On September 16, 2026, SDTT circulated Circular Resolution No. 107 seeking to restrain me, in my capacity as a nominee director on the Board of Tata Sons, jointly appointed by SRTT and SDTT, from participating in or voting on the proposed listing of Tata Sons.” SRTT refers to the Sir Ratan Tata Trust.

Srinivasan alleged that the resolution sought to prevent him from exercising independent judgement because his position differed from that of certain other trustees.

“More fundamentally, it was an attempt to effect a power grab within SDTT and, through it, to dictate what Tata Sons should do instead of allowing its Board to objectively evaluate the available alternatives on their merits,” he wrote. He linked the move to his alleged exclusion in November 2025, describing it as part of a continuing effort to suppress differing views and concentrate decision-making within a smaller group of trustees.

Concerns Over Charitable Status and Tax Risks

The letter also raised concerns about the potential impact of the trusts’ involvement in Tata Sons’ commercial affairs on SDTT’s charitable status and tax exemptions. Srinivasan cited Tata Trusts’ September 17 statements on keeping Tata Sons unlisted and a proposal placed by Noel Tata before the Tata Sons board to provide liquidity to the SP Group through monetisation of its shareholding.

According to the letter, the proposal envisaged a buyout in two tranches, a selective capital reduction through the National Company Law Tribunal and various financing sources. Srinivasan alleged that these activities amounted to direct participation by the trusts in identifying, negotiating and seeking implementation of substantial commercial transactions. “The Trustees are therefore exposing the Trust and its charitable corpus to potentially immense fiscal consequences by involving the Trust directly in commercial activities which may not be incidental to its charitable objects,” he wrote.

Citing provisions of the Income-tax Act, 2025, Srinivasan argued that such involvement could put the trust’s tax registration and exemptions at risk, with potentially substantial consequences for its charitable assets. He sought consequential action against the trustees concerned, including suspension or removal, if warranted by the inquiry’s findings.

Interim Relief Sought

The requested interim directions include restraining Noel Tata from exercising voting rights on behalf of SDTT or other shareholding trusts at Tata Sons’ general meetings and requiring him to abstain from board decisions covered by Article 121 of Tata Sons’ Articles of Association. Srinivasan also asked the Charity Commissioner to halt meetings, circular resolutions and other processes concerning SDTT’s administration, management or composition pending an inspector’s inquiry report and further directions.

Tata Trusts' Position

Tata Trusts said in a September 17 statement that it had not agreed to a public listing of Tata Sons and wanted all available alternatives examined. The trusts maintained that preserving the charitable ownership structure was central to the Tata Group’s public purpose.

About Sir Dorabji Tata Trust

SDTT was constituted under a trust deed dated March 11, 1932, for charitable purposes including education, healthcare, research and disaster relief, according to Srinivasan’s letter. (ANI)

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Axis Bank becomes first in India to launch Apple Pay for credit cards

Asianet News Central — Wed, 30 Sep 2026 14:01:14 +0530

Axis Bank Launches Apple Pay

Axis Bank has brought Apple Pay to its credit card customers across Mastercard and Visa networks in India, allowing them to make payments using Apple devices, the bank said in an official statement on Wednesday. With the launch, Axis Bank has become the first Indian bank to offer Apple Pay to its customers, according to the statement. The service will allow eligible customers to make payments at merchant stores, in apps and online using their iPhone, Apple Watch and iPad. Support for Mac will be available soon.

Amitabh Chaudhry, MD & CEO, Axis Bank, said, “We are at a significant inflection point in payments, where technology, intelligent security and changing customer expectations are reshaping how people transact. The introduction of Apple Pay advances this ambition, bringing greater choice and flexibility to our Credit Card customers, with support across the Mastercard and Visa networks. As payments become increasingly embedded in customers’ everyday digital lives, our focus is on bringing together innovation and trust, while making every interaction more intuitive and relevant”.

Secure and Convenient Digital Payments

Axis Bank said its Mastercard and Visa credit card customers can add their cards to Apple Wallet either through the bank's Mobile Banking App or directly through Apple Wallet. Once the card is added to an Apple device, customers can start using Apple Pay. They will also continue to receive the rewards and other benefits offered on their Axis Bank credit cards.

Security and privacy are also a key part of the service. According to the bank's statement, when a credit card is used with Apple Pay, the actual card number is not stored on the device or on Apple servers. It is also not shared by Apple with the merchant. Instead, a unique Device Account Number is assigned to the card. This number is encrypted and securely stored in the Secure Element, an industry-standard certified chip designed to keep payment information secure on the device.

Partners Welcome Apple Pay's India Debut

“India is home to a dynamic and digitally savvy population that continues to embrace a cashless future while expecting the highest standards of security and privacy, and we’re so excited to bring Apple Pay to users in India today,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.

She further added, “Apple Pay makes everyday payments with a card easy, secure, and private — from simply tapping to pay in stores without an extra app, PIN, or OTP to checking out online without repeatedly entering payment information.”

The bank said the service will initially support payments through iPhone, Apple Watch and iPad, while Mac support is expected to be added soon.

Gautam Aggarwal, President, India & South Asia, Mastercard said, “The introduction of Apple Pay for Axis Bank-issued Mastercard credit cardholders ushers in a new era of secure contactless commerce, giving Indian consumers greater confidence and peace of mind with every transaction. Through Mastercard’s tokenization technology, every Apple Pay transaction is protected by a unique, cryptographically secured token, ensuring card details are never shared with merchants, safeguarding consumers against fraud.”

Suresh Sethi, Group Country Manager, India and South Asia, Visa, said, “Apple Pay's launch with Visa and Axis Bank marks a defining moment in India for digital payments. For consumers, this brings together Visa's trusted global network and tokenization, Apple's intuitive experience, and Axis Bank's scale - delivering a simple, secure and seamless way to pay.

The launch brings together Axis Bank's credit card offering across both Mastercard and Visa networks with Apple Pay's payment experience, giving its credit card customers greater choice and flexibility in how they transact. (ANI)

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APMI eyes 10x expansion with new infrastructure for PMS industry

Asianet News Central — Wed, 30 Sep 2026 14:01:05 +0530

The Association of Portfolio Managers in India (APMI) is building industry-level infrastructure, including a fund accounting system and digital onboarding platform, to support the portfolio management services (PMS) industry's next phase of growth and 10x expansion, its Chairman Vikas Khemani said on Wednesday.

Building for 10x Growth

Speaking to ANI on the sidelines of the APMI 3rd Annual Conference 2026 in Mumbai, Khemani said, “Realizing 10x growth is not just about scaling AUM—it's about building scalable infrastructure. APMI is creating an industry-led fund accounting system and a digital onboarding platform by the industry, for the industry”.

Khemani highlighted that achieving 10x growth would require multiple initiatives to work together, including wider investor reach, ease of doing business and a stronger ecosystem. “You don't achieve 10x by one thing. You achieve 10x by, like I said, creating the reach which basically gets you more investment, you're creating the ease of doing business, creating an ecosystem,” he said.

Expanding Investor Outreach

APMI has already started expanding its outreach beyond Mumbai, conducting events in six other cities this year, including Kolkata, Bengaluru, Ahmedabad and Delhi.

Khemani said the next phase would take the industry into Tier-2 and Tier-3 cities, alongside an awareness campaign that the association hopes to launch in the next few months. “So I think idea is to create awareness, idea is to create reach and eventually, you know, once that happens, I think it will grow,” he said.

Enhancing Efficiency and Investor Protection

Khemani said APMI was also rolling out initiatives to help distributors, investors and portfolio managers become more efficient and compliant. These include digital onboarding and compliance-related platforms, with the association having more than 23,000 distributor partners.

Prioritizing Product Suitability

On investor protection, he said suitability remained important as PMS adoption expands. “Suitability is not a concern of only this industry. Suitability applies to every financial product or any product for that matter, especially the financial products,” Khemani said.

He further added that APMI was investing in educating its distributor network on sales processes and suitability. “If you end up selling a product which is not suitable to your client, it will backfire you eventually”.

Stance on AI and Superintelligence

On superintelligence, Khemani said the technology was still evolving, with firms incorporating it into investment processes and onboarding. “We don't know what are the risks of AI, what are the opportunities of AI,” he said, adding that the industry would need to continue learning as the technology develops. (ANI)

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Coimbatore poised to become a major GCC hub by 2032, says report

Asianet News Central — Wed, 30 Sep 2026 14:01:03 +0530

Tamil Nadu’s Coimbatore city has the potential to scale its Global Capability Center (GCC) ecosystem from more than 75 GCCs today to nearly 200 GCCs by 2032, according to a joint report by EY and the Confederation of Indian Industry (CII).

The report outlined a development roadmap for the city to participate in the country's next wave of GCC expansion.

The report noted that Coimbatore could add approximately 125 GCCs over the next six years by building on its established industrial foundation, engineering talent base, and workforce stability.

The report also highlighted that the city possessed an urban population of 3.8 million, an active technology workforce exceeding 300,000 professionals, 137 engineering colleges, and an annual output of over 30,000 STEM graduates. It housed more than 75 operational GCCs as of 2026, with several centers already expanding their operations beyond 1,000 employees.

Beyond a 'Second-Tier City'

Manoj Marwah, Partner and GCC Markets Leader at EY India, noted that the regional hub had outgrown traditional classifications. "Coimbatore has in many ways moved beyond the conventional definition of a second-tier city," Marwah said. "The fact that some GCCs have scaled to over 1,000 employees demonstrates the potential to build and sustain larger mandates."

"The next phase is about replicating this success across the ecosystem, deepening engineering ownership and building globally relevant capabilities," Marwah added. "With coordinated execution, the city could emerge as one of India's most distinctive GCC destinations by 2032."

The '5R Growth Framework'

The report detailed a five-pillar "5R Growth Framework" designed to drive this trajectory. The model incorporated Resilience through Metro+1 expansion mandates, Replicate by leveraging current operational setups to draw industry peers, Regionalize by assisting South Indian companies in creating internal centers, Role-led growth through engineering specialisation, and Ramp-up pathways to enlarge existing corporate mandates.

A Vision for a Competitive Ecosystem

Underlining the operational shift toward higher-value functions, V Noushad, Chairman of CII Coimbatore Zone and Managing Director of Walkaroo International Pvt Ltd, pointed to changing enterprise preferences. "As global enterprises increasingly seek talent, resilience and specialized capabilities beyond traditional metro locations, Coimbatore is well placed to play a larger role in India's GCC story," Noushad said.

"Our ambition is not just to attract more GCCs, but to help create a globally competitive ecosystem that delivers long-term economic value for the city," Noushad stated. "The 5R framework outlined in this report provides a practical roadmap to that end."

Key Advantages for Expansion

The report mentioned that current setups retained room to shift from basic execution toward global engineering centers, centers of excellence, and product ownership units.

It identified competitive Grade A office rentals, lower attrition rates compared to primary metros, Tamil Nadu's payroll-linked GCC incentive scheme, and innovation platforms such as SNS iHub as key operational advantages supporting the city's expansion goals. (ANI)

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Private capex to hit Rs 3.2tn in FY27, but credit growth still lags

Asianet News Central — Wed, 30 Sep 2026 13:31:06 +0530

India’s private sector investment cycle has yet to translate into a strong credit growth cycle, despite fresh project loan sanctions rising 18 per cent year-on-year in FY26, with infrastructure, especially power, continuing to attract a major share of bank funding, according to a report by Kotak Institutional Equities.

The Reserve Bank of India’s (RBI) latest bulletin projected capital expenditure by India’s private corporate sector to increase to Rs 3.2 trillion in FY27 from Rs 2.6 trillion in the previous fiscal.

According to RBI data cited by Kotak, fresh project loan sanctions to the private sector by banks and financial institutions were around 3 per cent of total loans in FY26, unchanged from FY25. Pending disbursements accounted for around 2 per cent.

Private Capex Yet to Trigger Strong Credit Cycle

Kotak said fresh project loan sanctions rose 18 per cent year-on-year in FY26, bringing them closer to levels seen during the peak of the FY2010-11 period. However, this has not yet resulted in a strong private capital expenditure-led credit cycle.

“Credit growth, driven by an exciting phase of private capex, is yet to be seen. Infrastructure (mainly power) remains a preferred destination for bank funding,” the brokerage said.

Sectoral and State-wise Sanction Trends

Infrastructure accounted for around 50 per cent of total project sanctions in FY26, broadly in line with the trend seen between FY17 and FY25. In recent years, infrastructure sanctions have mainly been driven by projects in the power and roads and bridges sectors. However, sanctions for roads and bridges declined sharply in FY26.

At the same time, sanctions for chemical and fertiliser projects, along with construction projects, have increased in recent years.

Maharashtra and Gujarat continued to receive the largest share of private-sector project sanctions, while Rajasthan and Tamil Nadu also recorded a notable improvement.

Focus on Project Type and Size

Historical data showed that mega projects costing more than Rs 50 billion received less than Rs 1 trillion in sanctions after FY14. This was significantly lower than the Rs 2.4 trillion recorded in FY10 and Rs 1.8 trillion in FY11.

Kotak also noted that greenfield projects continued to account for a major share of project sanctions.

Credit Growth Outlook Cautious

The brokerage said risks to credit growth remain tilted to the downside from current levels. Overall credit growth is around 18 per cent year-on-year, supported by a sharp recovery in corporate lending.

However, Kotak said the recovery in project sanctions is not yet strong enough to significantly change the overall credit growth trajectory. “Our analysis suggests that the improvement remains insufficient to materially alter the overall growth trajectory at this stage,” the brokerage house said. (ANI)

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Passenger vehicle sales to see robust 20% growth in September: Report

Asianet News Central — Wed, 30 Sep 2026 13:30:54 +0530

Passenger vehicle (PV) sales in the domestic market are likely to register robust growth of around 20 per cent year-on-year in September, supported by better affordability, new product launches, adequate financing availability and inventory build-up with dealers, according to a Nuvama report.

The report expects wholesale growth to continue in September 2026, with passenger vehicle and commercial vehicle volumes likely to grow in double digits year-on-year. Exports are also expected to remain positive for most original equipment manufacturers (OEMs), led by growth across Africa, Latin America and Asia.

It stated, “PV industry volumes likely to log robust double-digit growth in Sep-26 (approx. 20 per cent YoY in domestic market)”

Segment-wise Growth Trends

The report also mentioned that the broader auto market is likely to see different growth trends across segments.

Commercial and Two-Wheeler Vehicles

Commercial vehicle volumes are expected to grow by more than 15 per cent year-on-year in the domestic market in September, supported by positive trends in e-way bills and freight rates.

It highlighted that the two-wheeler volumes are likely to grow in the mid-single digits during the month. The segment is expected to benefit from adequate financing availability and inventory build-up with dealers. The report also added that positive export growth for mass-market two-wheeler manufacturers is expected, led by demand from Africa, Latin America and Asia.

Tractor Volumes to Decline

In contrast, tractor industry volumes are likely to decline by more than 10 per cent year-on-year in September.

The report shared that the fall is expected mainly because of a high base, particularly in the West and South regions, where state-level subsidies and an early festive season supported volumes last year. Terms of trade also remain adverse for tractors, mainly due to fuel inflation.

Long-Term Outlook: FY26-28E

Looking ahead, it noted that domestic passenger vehicle growth is expected to remain stronger over FY26-28E, with the segment projected to record a 13 per cent compound annual growth rate (CAGR). Two-wheelers are expected to grow at 7 per cent CAGR, while medium and heavy commercial vehicles (MHCVs) are expected to grow at 6 per cent CAGR. In comparison, tractor growth is expected to remain moderate at a 2 per cent CAGR over FY26-28E.

Overall, September is expected to remain a strong month for passenger vehicles, with affordability, new products, financing availability and dealer inventory supporting demand, while tractors are likely to face pressure from a high base and segment-specific factors. (ANI)

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SEBI to ease compliance, enable innovation for portfolio managers

Asianet News Central — Wed, 30 Sep 2026 13:01:07 +0530

Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey on Wednesday said regulation for portfolio managers must evolve with the industry's growth, with the market regulator seeking to reduce unnecessary compliance friction while enabling innovation without compromising investor protection.

Regulation Must Evolve with Industry Growth

“As an industry matures, regulation too must mature,” Pandey said at the APMI Annual Conference 2026 in Mumbai. “Regulation cannot remain focused only on prescribing safeguards, it must also enable innovation, remove unnecessary friction, and make compliance easier without compromising investor protection,” he added.

Pandey said this approach had guided SEBI's comprehensive review of portfolio managers' regulations, which was approved by the SEBI board last week. He said the exercise was not about making limited amendments but involved looking at the regulatory framework afresh after seeking feedback from stakeholders.

Revised Framework for Portfolio Managers

The revised framework has four broad objectives -- development of the PMS industry, ease of compliance, consolidation and simplification of the regulatory framework, and removal of redundant provisions. The framework will also widen the investment possibilities available to portfolio managers as investor needs become more diverse.

Under a new route, “portfolio managers can construct portfolios using direct plans of mutual funds, including ETFs, index funds, and specialized investment funds. The minimum ticket size will be rupees 25 lakh,” he said.

Introducing Independent Fund Managers (IFMs)

SEBI is also introducing Independent Fund Managers (IFMs), allowing investment professionals and entrepreneurial talent to operate in association with an established portfolio manager. Registered portfolio managers will, however, continue to remain responsible for the activities of the independent fund manager.

PMS Industry Sees Significant Expansion

Pandey said the PMS industry had expanded significantly, with assets under management reaching about Rs 9.2 lakh crore by August 2026, from around Rs 1.4 lakh crore at the end of FY16, suggesting a growth of 20 per cent annually. The number of registered portfolio managers has risen from around 200 a decade ago to more than 530, while discretionary PMS clients have grown nearly fivefold to around 2.2 lakh.

“Technology can augment investment judgment, it cannot outsource accountability,” Pandey said, stressing that accountability for portfolios must ultimately remain human and identifiable.

Future Focus: Coordination and Risk Management

During the Q&A, Pandey said inter-regulatory coordination would be critical as the financial ecosystem expands. “Inter-regulatory coordination is not merely something that can take place on the side—it is essential,” he said.

He also noted that 9.5 per cent of Indian households are currently invested in the stock market, while 20 to 30 per cent are looking forward to it. However, cautioning against trying to predict every risk, he said, “Risk is that for which you are never prepared... don't try to predict it, because eventually every prediction fails”. (ANI)

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India's IT firms face muted Q2 growth amid AI deflation: Report

Asianet News Central — Wed, 30 Sep 2026 12:31:30 +0530

India’s large IT companies are expected to report another muted quarter in Q2FY27 as AI-led deflation and weak demand weigh on growth, while mid-tier firms are likely to outperform on market-share gains and stronger execution, according to a report by Kotak Institutional Equities.

AI Impact and Market Dynamics

AI investments remain at an early stage for most companies, with enterprises largely focused on using the technology to cut costs and improve productivity rather than generate new revenue.

Additionally, the growing adoption of open-source and open-weight AI models could intensify pricing pressure for IT services companies, the report said. While these models could create incremental opportunities for service providers, Kotak expects “gross deflation of ~7% and net deflation of 3.5% for companies.”

Kotak further stressed, AI-led deflation is now becoming visible in the base business, while challengers are offsetting some of the pressure through market-share gains and stronger execution. Incumbents, meanwhile, are largely focused on defending their existing revenues.

“We expect muted growth for tier 1 IT companies in a seasonally strong quarter. AI deflation and, to a lesser extent, weaker macro will contribute to weak growth,” it said adding, “Mid-tiers will outperform once again,” it said.

Profitability and Margin Outlook

Regarding profitability, Kotak expects margins for large IT companies to remain broadly stable or decline marginally on a year-on-year basis, depending partly on the timing of wage revisions across companies. “Margins—steady for now, pressure points building Margins depend on wage revision cycles, which have been inconsistent across companies.”

However, for all large companies, it expects a marginal decline to stable margins on yoy comparison.

According to Kotak, rupee depreciation has so far helped offset some of the pricing pressure and supported margins. The rupee depreciated 0.8 per cent quarter-on-quarter and 8.4 per cent year-on-year during the quarter.

“We expect stable to improving margins for mid-tier companies,” it said, adding, “The translation of rupee depreciation into net profit may not be immediate for many companies due to cash-flow hedging.”

ERD Sector Outlook

Apart from IT firms, engineering research and development (ERD) companies are expected to report lacklustre growth, the report noted. (ANI)

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Das urges Global South to use collective voice for greater influence

Asianet News Central — Wed, 30 Sep 2026 12:30:22 +0530

Countries of the Global South should use their collective economic strength to protect their interests against unilateral actions by major global powers and secure greater influence in areas such as trade, climate finance and technology transfer, Principal Secretary-2 to the Prime Minister, Shaktikanta Das said.

Addressing the launch of the India and Emerging Economic Order Forum (IEOF), jointly set up by the Delhi School of Economics and Research and Information System for Developing Countries (RIS), on Tuesday, Das said individual developing countries often have limited influence in international economic negotiations, but their collective voice could become a powerful force.

Enhancing Bargaining Power through Cooperation

“Greater cooperation among global South nations can enhance their bargaining power in areas such as trade, climate finance, technology transfer, supply chain integration, and reform of the global financial institutions,” Das said.

“These countries can use their collective voice at various global platforms to protect their interest vis-a-vis unilateral action by large global powers,” he added.

Shifting Economic Centre of Gravity

Das said the economic centre of gravity of the world was shifting eastwards while the Global South was steadily increasing its footprint in the global economy and geopolitics. He said these shifts would have a lasting impact on global business and trade.

He noted that emerging market and developing economies had expanded their combined economic output from about USD 7.3 trillion in 2000 to over USD 48.8 trillion in 2025.

Challenges for Developing Economies

However, Das flagged poverty, debt vulnerabilities, infrastructure gaps, climate change, food and energy insecurity and limited access to technology as continuing challenges for developing economies.

He also pointed to rising protectionism and growing difficulties in accessing major consumer markets and technologies.

Three-Pronged Approach for Job Creation

Calling job creation one of the most pressing challenges, Das proposed a three-pronged approach comprising investment in physical infrastructure and human capital, a transparent and business-friendly regulatory and legal environment, and mobilisation of private investment for innovation, industrialisation and employment.

He also called for greater trade diversification and deeper participation in global supply chains as developing countries face increasing tariff and trade barriers.

Energy Security and Diversification

On energy security, Das said the recent conflict in the Middle East had highlighted the vulnerability of energy-importing developing economies to price shocks. He said diversification towards renewable energy and biofuels, along with greater technology and knowledge sharing, could strengthen energy security.

India's Economic Resilience and Lessons

Turning to India, Das said the economy remained resilient, supported by domestic demand, industrial and services activity and improving labour market conditions.

He also said India needed to reduce its dependence on imported oil and gas and highlighted the government's National Offshore Exploration in Deep Waters programme to boost domestic hydrocarbon exploration.

Das also advocated deeper local-currency financing through bond markets, stronger financial infrastructure and regulatory reforms, saying these could improve economic resilience and reduce external vulnerability. He cited India's government securities market and growing corporate bond market as areas from which other developing economies could draw lessons.

Context: BRICS Summit and Global South

His remarks come weeks after India hosted the 18th BRICS Summit in New Delhi on September 12-13, where strengthening the voice of the Global South and reforming global governance were among the central themes.

The New Delhi Declaration adopted at the summit called for a more representative and fairer international order and a reformed multilateral system, while BRICS leaders committed to strengthening economic, financial and development cooperation. (ANI)

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Govt notifies new CAFE norms for passenger vehicles from April 2027

Asianet News Central — Wed, 30 Sep 2026 11:30:53 +0530

The government has notified new Corporate Average Fuel Economy (CAFE) norms for passenger vehicles, targeting a 16.7 per cent improvement in fuel efficiency over five years as India seeks to promote cleaner technologies, alternative fuels, electric vehicles and hybrids in the automobile sector.

New Norms Framework and Timeline

The new norms, notified by the Ministry of Power, will come into effect from April 1, 2027 and remain applicable until March 31, 2032. They will apply to new passenger vehicles manufactured or imported for sale in India, according to a release by the Ministry of Power.

Under the new framework, the fuel-consumption benchmark will be tightened progressively every year, from 3.996 litres per 100 km in 2027-28 to 3.3273 litres per 100 km in 2031-32, representing an improvement of around 16.7 per cent over the period.

The government has also increased the reference weight used for the norms from 1,082 kg to 1,229 kg, or around 13.6 per cent. The revised target line will provide relatively softer targets for lighter vehicles while placing greater fuel-efficiency requirements on heavier vehicles.

Incentives and Technology Recognition

The framework is designed to give automobile manufacturers greater flexibility in choosing technologies to meet the targets. It recognises renewable and low-carbon fuels, including ethanol-blended petrol, biofuels and compressed biogas (CBG), through the introduction of a Carbon Neutrality Factor.

The list of recognised fuel-conservation technologies has also been expanded from four to 12, with a concession of 1 gram of CO2 per km for each eligible technology, subject to a maximum of 9 grams of CO2 per km.

Super Credits for Cleaner Vehicles

Battery electric vehicles, range-extended electric vehicles, plug-in hybrids, strong hybrids and flex-fuel vehicles will receive volume derogation factors, or “super credits”, in fleet-average calculations. The move is intended to encourage manufacturers to accelerate deployment of cleaner vehicle technologies.

Compliance and Flexibility

The new framework will also allow manufacturers to meet obligations through specified two-year or three-year compliance blocks. Companies exceeding their targets can carry forward credits, while those with compliance gaps can use eligible credits, trade credits with other manufacturers or purchase credits through a buyout mechanism administered by the Bureau of Energy Efficiency.

The ministry said the framework provides greater regulatory clarity, technology choice and flexibility, while supporting the passenger vehicle sector's transition towards greater energy efficiency and lower fuel consumption. (ANI)

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India's rice industry eyes growth via value-added products: IREF

Asianet News Central — Wed, 30 Sep 2026 11:01:04 +0530

Value-added rice products, including convenience foods, bran oil, protein and husk-derived industrial materials, could open new growth opportunities for India’s rice industry by helping businesses earn more from each tonne of grain, according to the Indian Rice Exporters’ Federation (IREF). The Bharat International Rice Conference (BIRC) 2026, scheduled for October 23–25 at Bharat Mandapam in New Delhi, will examine these opportunities and identify promising products based on an IREF–EY assessment.

“The next opportunity is not simply to export more tonnes of rice, but to earn more value from each tonne. A miller, an exporter and an ingredient manufacturer will need different pathways,” said Rajeev Setia, President, Basmati, speaking on behalf of IREF.

Expanding into Convenience Foods

Rice noodles and convenience foods represent one potential growth area. According to Grand View Research estimates cited in the IREF press release, the global rice-noodle market is projected to expand from USD 6.4 billion in 2024 to USD 11 billion by 2030, adding approximately USD 4.6 billion in annual market value. Asia-Pacific accounted for 63.4 per cent of market revenue in 2024, providing a starting point for businesses exploring product development and market entry, the release said.

Value from Rice Bran Oil

For rice millers, bran oil offers an opportunity to generate additional value from processing. The global rice-bran-oil market is forecast to grow from USD 4.8 billion in 2023 to USD 6.3 billion by 2030, according to Grand View Research estimates. Separately, NITI Aayog’s 2024 edible-oil report estimated India’s rice-bran-oil potential at 1.9 million tonnes, including 8.5 lakh tonnes that remained untapped at the time.

Tapping into Specialised Ingredients

Specialised ingredients such as rice protein, rice flour and functional starches will also feature in the conference discussions. The global rice-protein market is projected to rise from USD 168.5 million in 2023 to USD 281.4 million by 2030, an increase of approximately 67 per cent, the release said, citing Grand View Research. The conference will examine customer specifications, processing requirements and the commercial viability of producing these ingredients.

Industrial Applications of Rice By-products

Opportunities also extend to industrial uses of rice by-products. The global rice-husk-ash-based silica market is projected to more than double from USD 640.6 million in 2025 to approximately USD 1.41 billion by 2033, with rubber and tyres accounting for 40 per cent of revenue in 2025, according to estimates cited in the release. The release pointed to Goodyear’s announcement on using silica derived from waste rice husk ash in its 2025 European truck-racing tyres as an example of industrial adoption.

BIRC 2026: From Potential to Profit

“At BIRC 2026, we want to distinguish attractive market forecasts from businesses that can actually be built-identifying the products, buyers, investment requirements and partnerships that can turn potential into commercial growth,” Setia said.

The IREF–EY assessment will compare demand, achievable margins, investment requirements, processing yields, market access and export potential. It will also assess the share of global growth Indian businesses could realistically capture and profitability after processing costs. The conference session, “Beyond Raw Rice: The Next Billion-Dollar Opportunity,” will cover premium and speciality rice, ready-to-cook and ready-to-eat products, and better utilisation of rice by-products. Additional opportunities under discussion will include sake, ethanol and bioenergy. (ANI)

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RBI may hike interest rates by 100 bps by H1 2027, says BofA

Asianet News Central — Wed, 30 Sep 2026 11:00:51 +0530

The Reserve Bank of India (RBI) may raise interest rates by a total 100 basis points through the first half of 2027, with Bank of America (BofA) Securities bringing forward its forecast for the first rate hike to October from December.

BofA Revises Rate Hike Forecast

In its latest India Viewpoint report, BofA Securities said it expects the RBI to raise the repo rate by 25 basis points at its October 7 monetary policy meeting. It expects another 75 basis points of hikes thereafter, taking the projected terminal rate to 6.25 per cent.

The brokerage had earlier forecast a total 50-basis-point increase. “Our bigger forecast shift is arguably the quantum of hikes, as we are raising our total quantum of hikes from 50bp earlier, to 100bp now,” BofA said.

Rationale Behind the Forecast

BofA said the RBI has less reason to wait as domestic growth remains resilient, while inflation risks are becoming broader. It pointed to oil prices staying around USD 100-110 per barrel for most of September, along with rising risks of fuel price increases and food-related supply pressures.

The brokerage expects the RBI to deliver 50 basis points of rate hikes in the fourth quarter of 2026 and another 50 basis points in the first half of 2027. It also expects the central bank to change its monetary policy stance in December. “the RBI will switch the stance in December to one of calibrated tightening”, the report said.

Economic Drivers: Growth and Inflation

BofA said strong economic growth is reducing the need for the RBI to maintain accommodative monetary conditions. Non-food credit growth stood at 17.8 per cent year-on-year in September, while investment demand is expected to remain healthy in the second quarter of FY27.

The report also flagged increasing inflation risks, saying food inflation is becoming more broad-based and wholesale inflation is increasingly spreading to other sectors. Tradables inflation rose to 5.9 per cent in August 2026, it said.

Potential Scenarios and Risks

According to the report, the RBI could raise interest rates by more than 100 basis points if real GDP growth remains around 7 per cent and headline inflation stays close to 5.5 per cent. In such a scenario, front-end rates could rise above 6.5 per cent, BofA said.

However, a major slowdown in economic growth could lead to fewer rate hikes or no hike, the report said. This could happen if growth falls below 7 per cent and moves towards 6 per cent on a forward-looking basis.

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Pienomial launches 'Made in Bharat' AI model AT0M for businesses

Asianet News Central — Wed, 30 Sep 2026 11:00:30 +0530

Pienomial has launched AT0M, an artificial intelligence model that businesses can own, train and run entirely on their existing hardware, aiming to automate routine decisions while keeping data within their own systems, the company said in a release.

What is AT0M?

The company described AT0M as a Made in Bharat model designed for small, repeated business decisions, such as routing requests to the appropriate team, determining whether an alert requires attention and assessing the severity of a reported problem. Unlike AI models that generate free text, AT0M selects responses from options defined by developers. This allows organisations to automate routine cases while referring uncertain or high-stakes decisions to a person for review, the release said.

“Because it never generates free text, every response stays within the options the developer defined,” the release stated.

Ownership and Control

Pienomial said organisations own the model outright, with no per-seat or per-token charges. The model trains and runs within their environment, without requiring data to leave their systems.

“Most business decisions are small, well-defined, and repeated thousands of times a day. They don't need a giant hosted model. They need something reliable that you own and control. That's what AT0M is,” said Sanat Mohanty, CEO of Pienomial.

Technical Specifications and Use Cases

According to the company, AT0M runs as a single executable with no network dependencies and supports computing platforms including Intel Xeon, Apple Metal and NVIDIA CUDA. The company said the model could serve organisations where data must remain on premises, including banks, government agencies, and healthcare and life sciences companies.

Performance and Benchmarks

AT0M belongs to a category the release calls “System One” AI, which makes structured decisions for software rather than generating text.

In company-run testing on the public typed-decisions benchmark, AT0M matched reference answers on 78.9 per cent of 2,000 decisions, the release said, citing a reported score of 74 per cent for TypeSafe's Jev. Pienomial also said AT0M produces reproducible responses and recorded a response time of under 16 milliseconds in a hosted test using an NVIDIA T4 graphics processing unit. (ANI)

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India, Qatar to fast-track FTA, Bilateral Investment Treaty talks

Asianet News Central — Wed, 30 Sep 2026 10:31:00 +0530

India and Qatar have agreed to accelerate engagement on a Bilateral Investment Treaty and Free Trade Agreement (FTA), while advancing Qatar’s USD 10 billion investment commitment and plans to establish a Qatar Investment Authority (QIA) office in India, as per a statement by the Ministry of Finance.

Boosting Bilateral Trade and Investment

The Ministry announced via its official X account that Finance Minister Nirmala Sitharaman met Qatar’s Minister of State for Foreign Trade, Ahmad bin Mohammed Al-Sayed, on the sidelines of the Asian Infrastructure Investment Bank (AIIB) 2026 Annual Meeting in Doha.

According to the Ministry, Qatar’s Minister of State for Foreign Trade highlighted investment opportunities in India’s ports, airports, highways and power sectors, while pointing to opportunities for Indian companies in Qatar across food security, pharmaceuticals, petrochemicals, education, healthcare and start-ups.

The Ministry further noted that both sides also discussed the “implementation of the USD 10 billion Qatari investment commitment and establishment of a QIA office in India,” and “expressed keen interest in completing the Bilateral Investment Treaty with Qatar, for which they decided on accelerated engagement, as well as the Free Trade Agreement (FTA) negotiations.”

Further, Sitharaman stressed the need to restore normal trade between India, Qatar and other Gulf countries, including through unimpeded maritime navigation and commerce through the Strait of Hormuz.

Sitharaman Highlights India’s Economic Growth

Separately, Sitharaman addressed the Qatari Businessmen Association (QBA) Business Roundtable in Doha, where the Indian side highlighted the country’s economic growth and investment opportunities.

India’s real GDP growth accelerated to 7.8 per cent in the first quarter of FY26, while investment grew 11.9 per cent, demonstrating the resilience of the economy amid global uncertainty, the ministry said.

The Ministry further said, “The recent upgrade by Japan Credit Rating (JCR) of India’s long-term issuer rating from BBB+ to A- was also highlighted as a reflection of confidence in India’s ongoing structural reforms,” adding the country recorded its “highest-ever” annual gross FDI inflow of USD 94.53 billion in FY26, the highest in the past 15 years.

During the interaction, Sitharaman discussed emerging economic opportunities in both countries and encouraged Qatari businesses to actively explore trade and investment partnerships with India to further strengthen bilateral economic ties. (ANI)

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Piyush Goyal calls on US firms to expand presence in India's market

Asianet News Central — Wed, 30 Sep 2026 10:30:39 +0530

Commerce Minister Piyush Goyal has called on US manufacturers to expand their presence in India, partner with Indian SMEs and co-invest in advanced manufacturing to help build resilient supply chains between the two countries.

Taking to his official X account, Goyal said he addressed a business roundtable convened by the National Association of Manufacturers (NAM), which brought together representatives of small and large manufacturers from across the US.

“Addressed a Business Roundtable convened by the National Association of Manufacturers (NAM), bringing together representatives of small & large manufacturers from across the US,” the post read.

Highlighting the momentum in India-US economic ties, the Commerce Minister pointed to India’s expanding industrial base and skilled workforce as he invited American manufacturers to explore investment and partnership opportunities in the country.

“Highlighted the strong momentum in India-US economic ties, along with India's expanding industrial base & skilled workforce,” he said.

Goyal also called on US companies to deepen their presence in India by partnering with domestic small and medium enterprises and investing jointly in advanced manufacturing.

“Invited American manufacturers to explore opportunities to deepen their presence in India, partner with Indian SMEs, and co-invest in advanced manufacturing to build resilient supply chains that create value for both economies,” he added.

India-US Trade Deal Nears Completion

Earlier, Goyal said the India-US trade deal was almost “done and dusted,” adding that the two sides would execute the pact once Washington gives India the right competitive advantage over its rivals in the American market.

Separately, a senior US State Department official told ANI that the India-US trade deal was “90 per cent completed,” with only the final details remaining to be worked out. The official described the trade deal as the “most sticking point” in bilateral ties, while noting that its conclusion could potentially “unleash another level” of India-US relations.

Factors Affecting Conclusion

External Affairs Minister S Jaishankar has also said that the proposed trade agreement is at an advanced stage, however, he stressed, changes in the US tariff landscape and the ongoing Section 301 process as factors affecting the timing of its conclusion. Section 301 of the US Trade Act of 1974 allows the US Trade Representative (USTR) to investigate trade practices it considers unfair or burdensome to US commerce and take trade action in response. (ANI)

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Sensex up, Nifty 50 down amid volatile crude prices, global yields

Asianet News Central — Wed, 30 Sep 2026 10:00:28 +0530

The Nifty 50 opened lower on Wednesday while the Sensex gained 0.18 per cent, as investors remained cautious amid volatile crude prices and concerns over global yields, with analysts expecting the market's near-term direction to depend on oil prices and key technical levels.

At the time of filing this report, Nifty 50 was down 36.70 points, or 0.16 per cent, at 22,679.50, after opening at 22,665.00, while the BSE Sensex gained 131.57 points, or 0.18 per cent, to 72,660.64, after opening at 72,441.15. The Nifty had closed at 22,716.20 on Tuesday, declining 64.05 points for its second consecutive session.

Global Market Influence

US equities ended lower for a second straight session as rising Treasury yields weighed on valuations. The Dow fell 0.26 per cent, the S&P 500 0.16 per cent and the Nasdaq 0.09 per cent. The 30-year Treasury yield crossed 5.6 per cent, its highest since 2002.

Analyst Outlook on Nifty

“The bond sell-off has raised borrowing costs across the economy and pressured richly valued equities and crypto,” said Devarsh Vakil, HSL Prime Research.

Hemang Gor, Senior Research Analyst – Derivatives & Technical Research, Axis Direct, said that the market's undertone remained subdued while the Nifty traded below 22,800. “Bias is cautiously positive, but the undertone stays subdued while the Nifty trades below 22,800,” Gor said. He added the index could find support around 22,500, with a break below that level potentially taking it towards 22,200. On the upside, 22,900 would be the first hurdle, followed by 23,100.

Gor said progress in US-Iran talks and easing crude prices and bond yields could help the index stabilise, while another spike in either could keep selling pressure intact.

Sectoral Action and Key Stocks

Brent crude was trading below USD 100 at USD 96.59, up 0.44 per cent. Among sectoral indices, Nifty Media gained 1.37 per cent, followed by Oil & Gas at 1.15 per cent and PSU Bank at 1.11 per cent. IT rose 0.85 per cent, while Metal fell 0.54 per cent and Financial Services ex-Bank declined 0.30 per cent.

Among Nifty 50 stocks, TCS gained 1.78 per cent, followed by Tech Mahindra and HCLTech, while BSE, Max Healthcare and Adani Ports were among the major losers.

Expert View on Market Concerns

Market Analyst Vipin Dixena said the Indian market was attempting a modest recovery, helped by a somewhat supportive global backdrop and moderation in crude from recent highs. However, he flagged continued foreign institutional investor selling as the bigger concern. “The bigger concern for me remains FII selling,” Dixena said.

He identified 22,600-22,570 as a crucial support zone for the Nifty. If the index holds this range, the current recovery could extend towards 22,850-23,000, while a decisive break below 22,570 could open the way towards 22,380 and eventually 22,200. (ANI)

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

SBI Research calls for amending Article 21 for fair education rights

Asianet News Central — Wed, 30 Sep 2026 09:30:59 +0530

SBI Research has proposed amending Article 21 of the Constitution to support a right to free and fair educational opportunity, while calling for statutory status for the National Testing Agency (NTA) as part of wider reforms needed to strengthen India's higher education system, according to its latest report.

The report said the proposed right should protect students from fraud, discrimination and unreasonable barriers to education. It also suggested that reforms to state public service commission examinations should form part of the broader changes. “We propose whether Article 21 of Indian constitution can be amended to support a right to free and fair educational opportunity. “Free” should mean freedom from fraud, discrimination and unreasonable barriers,” the report said.

Growth in India's Higher Education

The report comes as India's higher education system has expanded significantly over the past decade. The number of universities, colleges and standalone institutions reached 64,756 in FY24, up from FY14 levels, while student enrolment crossed 4.5 crore, with girls accounting for nearly half of the total. The number of teachers also rose to 17.32 lakh, SBI Research said.

Reforming the National Testing Agency

The report also proposed replacing the NTA's current structure as a society under the Societies Registration Act with a statutory body created through an Act of Parliament. It said the agency had conducted more than 240 examinations for over 5.4 crore candidates by July 2024, and proposed clearer legal responsibilities, permanent expertise and independent review.

SBI Research said lessons from China's Gaokao, one of the world's largest examinations, could be adapted in areas including logistics, implementation and scale. It also proposed stronger controls over question-paper custody, independent review, candidate appeals and public accountability.

Policy Gaps and Recommendations

The report flagged several gaps that could require policy attention. The share of higher education in total government expenditure has remained around 1 per cent, down from 1.6 per cent in FY18, while 34 per cent of sanctioned teaching positions across centrally funded institutions are vacant. SBI Research suggested increasing the expenditure share to 1.5 per cent and filling vacant positions.

It also called for faster expansion of vocational training, noting that only 30.7 per cent of Indians aged 15-29 received or were receiving vocational training in 2025, despite a rise from 7.1 per cent in 2018. (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 Prices Today, September 30: Check Precious Metals Rates in Delhi, Mumbai, Bengaluru and More

Deevika NM — Wed, 30 Sep 2026 08:05:52 +0530

Gold and silver prices remain in focus on Wednesday, September 30, 2026, as buyers and investors track the latest movement in precious metals. Domestic bullion prices have been under pressure amid changes in global market conditions, with a stronger US dollar, elevated bond yields and expectations around US monetary policy influencing investor sentiment.

The precious-metals market has seen notable volatility in recent sessions. Gold prices have moved lower from their recent elevated levels, while silver has also witnessed significant fluctuations. Global developments, currency movements, interest-rate expectations and demand from investors and industries continue to influence the prices of both metals.

For consumers planning to purchase jewellery, coins or bullion, city-wise rates are particularly important because retail prices can differ between markets. The figures below provide the latest indicative rates for 22-carat and 24-carat gold, along with 999-purity silver across six major Indian cities.

City-Wise Gold and Silver Rates - September 30

City	22K (10g)	24K (10g)	Silver (1kg)
Delhi	Rs 1,36,550	Rs 1,48,950	Rs 2,40,000
Mumbai	Rs 1,36,400	Rs 1,48,800	Rs 2,40,000
Kolkata	Rs 1,36,400	Rs 1,48,800	Rs 2,40,000
Chennai	Rs 1,36,400	Rs 1,48,800	Rs 2,40,000
Bengaluru	Rs 1,36,400	Rs 1,48,800	Rs 2,40,000
Hyderabad	Rs 1,36,400	Rs 1,48,800	Rs 2,40,000

The latest market data indicates that gold has faced renewed selling pressure, with global factors weighing on the precious metal. Reports point to higher US yields and a stronger dollar among the factors affecting bullion sentiment.

Silver has also remained volatile. The latest available data puts silver at around the Rs 2.40 lakh-per-kg level, following considerable movement during September.

It is important to note that these are indicative market rates and should not be treated as the final jewellery purchase price. The amount charged by a jeweller can be higher after adding making charges, GST, wastage and other applicable costs. Buyers should therefore confirm the prevailing rate and final invoice with their jeweller before making a purchase.

With gold and silver prices continuing to respond to global economic developments, currency movements and changing expectations around interest rates, consumers are keeping a close watch on daily bullion rates across major Indian cities.

Zerodha CEO questions 2% CSR rule, suggests higher corporate tax

Asianet News Central — Wed, 30 Sep 2026 08:31:02 +0530

Zerodha CEO Nithin Kamath has questioned whether the mandatory 2 per cent corporate social responsibility (CSR) spending requirement is the most effective way to create social impact, suggesting that a higher corporate tax rate could instead allow the government to allocate resources more evenly.

In a post on X, Kamath said the focus should shift from the amount companies spend on CSR to the long-term impact created by that spending. “At Zerodha, we've allocated ~10% of our profits towards what we call ‘investing for the future,’ mostly through the @RainmatterOrg. The keyword for me is investing,” Kamath said.

Challenges with the Current CSR Model

Geographical Imbalance and Lack of Expertise

He argued that many businesses may not have the expertise or resources to determine which projects can generate the greatest social impact, potentially leading companies to focus on projects in areas where they operate. Kamath said this could contribute to CSR spending being concentrated in states such as Maharashtra, Gujarat and Delhi, while areas that may have greater needs receive less funding.

Focus on Short-Term Metrics vs. Long-Term Impact

He also raised concerns about how CSR outcomes are measured, saying businesses can have a bias towards short-term targets even though social problems often require longer-term efforts. “For example, planting X lakh trees makes for a great CSR target. But what matters is whether the species planted are native and whether those trees survive for, say, 10 years,” he said. Similarly, he said building a school may be easy to measure, but the more important outcome is whether children are actually learning.

Risk of Misused Funds

Kamath also flagged the possibility of CSR spending becoming focused on deploying a prescribed budget rather than solving social problems. “The more the goal becomes deploying a budget rather than solving a problem, the greater the risk of money being wasted or misused,” he said.

An Alternative: Higher Corporate Tax

As an alternative, Kamath suggested that corporate tax could be increased to 27 per cent from 25 per cent, with the government allocating the additional funds to areas where they could create greater impact. “In theory, this could spread resources more evenly across the country rather than concentrating them wherever profitable companies happen to be,” he said.

The 'Anchoring' Effect of the 2% Rule

However, Kamath further pointed to what he described as an unintended “anchoring” effect of the 2 per cent requirement. Companies may treat 2 per cent as a target rather than a minimum, he said, even when they might otherwise choose to spend more during profitable periods.

“Maybe the real question shouldn't be how much companies spend on CSR. It should be how much long-term impact the money creates,” Kamath said.

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

US to exchange 40 million crude barrels from SPR for supply stability

Asianet News Central — Wed, 30 Sep 2026 08:30:52 +0530

The US Department of Energy (DOE) has issued a request for proposals (RFP) to exchange up to 40 million barrels of crude oil from the Strategic Petroleum Reserve (SPR), as part of the country's commitment to support global oil supply stability and address short-term disruptions.

Part of Global Commitment

The latest action is part of the 172-million-barrel SPR release previously announced by President Donald Trump in coordination with an overall 400-million-barrel commitment by International Energy Agency (IEA) member nations, the DOE said in a post on X.

The crude will be sourced from the SPR's Big Hill and Bryan Mound sites, with deliveries under awarded exchanges scheduled for November and December 2026.

"With today's actions, the United States continues to lead the coordinated efforts to stabilize oil markets for the benefit of Americans and people around the world," US Secretary of Energy Chris Wright said.

Exchange Mechanism and Benefits

The latest solicitation will allow participating companies to borrow the crude and return the 40 million barrels with additional premium barrels, meaning the exchange is intended to provide immediate supplies to the market while increasing the SPR's longer-term inventory without cost to taxpayers.

Wright said the United States and Japan were delivering on their commitments, while urging other participating European countries to fulfil their pledged releases. "These exchanges will also ensure America's Strategic Petroleum Reserve continues to be refilled, while saving taxpayers more than $3 billion," Wright said.

Building on Previous Success

The DOE said the latest move builds on five previous solicitations that collectively awarded more than 133 million barrels across four completed exchanges.

According to the department, earlier exchanges demonstrated the SPR's ability to quickly supply crude during emergency situations while achieving a 25 per cent premium in returned barrels, allowing the reserve to expand while saving taxpayers billions of dollars.

The DOE said the exchanges are being carried out under its authority to provide crude to companies during short-term supply disruptions while ultimately receiving more oil back than was released.

About the Strategic Petroleum Reserve

The SPR, which has an authorised storage capacity of 714 million barrels, holds emergency crude in underground salt caverns at four sites along the US Gulf Coast and serves as a key tool for responding to petroleum supply disruptions. (ANI)

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

Trump, Tech CEOs meet at White House to set AI safety standards

Asianet News Central — Wed, 30 Sep 2026 07:30:59 +0530

The whose-who of the Tech world were in attendance on Tuesday at the White House as US President convened a meeting to set in place responsibilities for tech companies to follow when it came to development of frontier AI. The first of which is a new term that will define the technology-Super-Intelligence.

Led by Trump the meeting saw the presence of Google CEO Sundar Pichai, Anthropic CEO Dario Amodei, Meta CEO Mark Zuckerberg, Greg Brockman of OpenAI, Elon Musk, CEO XAI and Jensen Huang, CEO of Nvidia. Trump and the AI czars signed a set of voluntary safety standards as calls continue to mount for firmer guardrails on the frontier technology.

Tech Leaders on AI Safety and Future

The participating companies agreed to meet regularly to establish standards and best practices to improve the safety of their systems even as the US administration ponders on codifying the 'morally binding agreement' into laws or regulations.

Anthropic CEO, Dario Amodei said, “If we do this right, we work with the President and everyone here, we can win safely."

“We want to give the American people and our customers' confidence that the technology works in the way that we intend,” Meta CEO Mark Zuckerberg said. Zuckerberg said the companies agreed to “multiple layers of auditing and controls,” including internal evaluations and external audits.

Elon Musk said he expects an evolution in the nature of jobs as AI and robots transform the nature of work environments. "I think the most likely outcome, and it's probably worth looking at the most likely outcome, is one which is incredibly beneficial. If you could look into the future, it is the future you would want," Musk said.

Nvidia CEO Jensen Huang committed to continue the path of development while keeping safety concerns paramount. Huang, who has in the past dismissed fears of a doomsday conspiracy involving super-intelligence believes the technology is essential for the future of humanity. "There's no conflict between innovation, technology and safety. We are going to have to create new technologies to advance the capabilities of AI, but we're also creating new technologies that have bent the safety of AI," he said.

White House Details Four-Layered Safety Framework

According to the statement issued by the White House the commitments start with every company that is training and deploying frontier models having robust internal processes and controls to ensure that their technology behaves as intended and that any issues are promptly identified and resolved.

Four layers of controls and audits by the frontier labs have been agreed to. Implement robust internal controls to monitor the capabilities and alignment of its models during training and deployment around areas like cybersecurity, biosecurity, and chemical threats, and to ensure that its models do not hack or access technical systems in unintended ways.

Empower an internal team to ensure all of the controls, monitoring, and detection are operating as intended, and that any issues are remediated.

Partner with an independent external auditor or evaluator to carry out independent assessments of whether the controls, monitoring, and detection are operating as intended.

Designate an independent committee of the board of directors to oversee and receive reports from the teams operating the controls and the internal and external auditors and evaluators, as well as to ensure any issues identified are remediated.

The White House said that implementing these controls and audits is critical to ensuring a safe future for everyone, and each of the tech companies are committed to doing this.

President Trump Hails 'Very Special' Meeting

"The one thing that we all have in common is we love our country and we love the world, and we want to make sure it's a safe place, and what we're talking about today will make it a better place," the US President said at the end of the lunch meeting with tech CEOs.

"They're the smartest people in the world. And we had a great meeting today. Every one of them. We had a great, really a great, great meeting. It was something very, very special. I'd say, it looked like a group of about 40, but whatever it was. And they love our country and they love the world and they came together and they did something that few people really, it's almost like a constitution in a way," he added.

Tuesday's meeting follows calls by tech czars to slow the pace of frontier AI development or risk losing control. With this agreement the guardrails are well in place but as the technology continues to push forward the proof of commitment will lie in what super intelligence can achieve in the near future.

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

Tata Sons to merge units, shed NBFC status to avoid mandatory listing

Asianet News Central — Wed, 30 Sep 2026 00:30:36 +0530

In a move to preserve Tata Sons Private Limited (TSPL) as an unlisted private entity, Tata Trusts—which holds a 66% controlling stake—has proposed merging operating companies Tata Electronics Systems Solutions (TESS) and Tata Consulting Engineers (TCE) into TSPL. The reorganisation aims to alter the group holding company's asset structure, stripping it of its NBFC classification.

Tata Sons' Strategy to Shed NBFC Status

Weighing in on the regulatory shift, advocate and corporate law expert HP Ranina told ANI that if it becomes an operating company and ceases to derive a major portion of its income from investments or hold major investments, it will cease to be an NBFC. “Once the merger takes place, the company will only have to inform the RBI that it no longer falls within the RBI’s guidelines for a non-banking financial company and, therefore, should be deregistered."

According to Tata Trusts, the structure restores an operating model for TSPL, generating direct business revenues alongside its holding role. Post-merger, projected operating revenues as of March 31, 2026, will reach Rs 1,05,043 crore (64.3% of total income), compared to Rs 40,072 crore in income from financial assets.

Bypassing Mandatory Listing Requirements

Under RBI criteria, a firm is classified as an NBFC if over 50% of its income derives from investments or if investment assets exceed total assets. CIC status requires group company investments to constitute at least 90% of aggregate net assets. Post-merger, TSPL will fall outside both thresholds, bypassing upper-layer NBFC listing requirements.

Addressing concerns over whether merging operating entities to avoid mandatory listing constitutes regulatory evasion, Ranina explained, "If a company’s primary income ceases to arise from investments, it stops being classified as a Non-Banking Financial Company. Once the merger goes through and Tata Sons becomes an operating entity, it only needs to inform the RBI for de-registration. No prior permission is necessary." However, the transaction must still comply with the RBI’s Non-Banking Financial Companies – Voluntary Amalgamation Directions, 2025, including obtaining a prior No-Objection Certificate.

Internal Friction and Legal Precedents

The proposal follows sharp friction between Tata Trusts and the TSPL board. In September 2026, after the RBI rejected TSPL’s request to drop its "Upper Layer" NBFC status, the board voted 4-1 to proceed with listing steps and extend N. Chandrasekaran’s term as Executive Chairman. Noel Tata, representing Tata Trusts, voted against both measures.

Trusts' Veto on Leadership Appointments

Clarifying the legal framework governing leadership appointments, Ranina emphasised, "Under the Articles of Association, it is stipulated that there must be an affirmative vote of the majority of the trustees who are nominated as directors. Unless the affirmative vote is given by the directors who are nominees of Tata Trusts, the appointment cannot go through. The Supreme Court decided this point three years ago, holding that the affirmative vote requirement is entirely valid."

Shareholder Power in Corporate Restructuring

Furthermore, Ranina highlighted that shareholder majority remains absolute on corporate restructurings, discounting minority objections, and said, "Directors have no power to decide this; it is a decision of the shareholders. At the AGM, the Trusts hold 66 per cent voting rights and can pass the resolution. Holders of an 18.37 per cent stake in a private company have no legal power to object or demand board representation."

Tata Group entities hold roughly 13% of TSPL. Tata Trusts has formally written to the board to approve the proposal, engage with the RBI, and honor trust resolutions to keep TSPL private. (ANI)

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

Centre's Special Campaign 6.0 to target cleanliness, reduce pendency

Asianet News Central — Tue, 29 Sep 2026 22:30:39 +0530

The Centre will launch Special Campaign 6.0 from October 2 to October 31, 2026, focusing on Swachhata and the reduction of pendency across government activities.

According to the Ministry of Commerce & Industry release, the annual exercise will also centre on the management of records, the utilisation of office space, and the disposal of electronic waste generated in government offices. The nationwide initiative seeks to institutionalise cleanliness practices within administrative operations and ensure the time-bound disposal of pending references.

The Ministry noted that a central priority during the month-long drive will be the handling of electronic waste. "A key area of emphasis during Special Campaign 6.0 will be the effective collection, segregation and scientific disposal of e-waste," the release stated.

Three-Phase Execution Plan

The government planned the campaign across three structured phases to execute the targets systematically.

Preparatory Phase

The preparatory phase, running from September 15 to September 30, focuses on identifying operational targets across departments. These targets include pending references from Members of Parliament, state governments, and inter-ministerial communications, including cabinet notes. "The preparatory phase also includes review of files and records, recording and weeding of files, closure of e-files and identification of scrap and other redundant materials for disposal," the release said. This initial period also covers references from the Prime Minister's Office, Parliamentary Assurances pending for more than three months, alongside Public Grievances and Appeals.

Implementation Phase

The implementation phase will commence on October 2 and conclude on October 31, where administrative units will execute targeted field tasks. "During the Implementation Phase from 2 to 31 October 2026, offices under the Department will undertake cleanliness activities, ensure scientific disposal of e-waste and other redundant materials, and take time-bound action for disposal of pending references," the Ministry noted.

Evaluation Phase

The final evaluation phase will take place from November 16 to November 30, assessing outcomes across Ministries and Departments.

Building on Past Success: Special Campaign 5.0

The latest initiative follows quantifiable gains achieved during the preceding drive. In Special Campaign 5.0, the Department of Commerce reviewed 88,385 physical files and weeded out 46,255 physical files. This systematic review freed up 36,005 square feet of office space across facilities. The Department also generated approximately Rs 70 lakh through the disposal of scrap and redundant materials, while cleaning 277 administrative sites.

"Special Campaign 6.0 builds on these efforts with continued emphasis on cleanliness, reduction of pendency, record management, scientific e-waste disposal and efficient utilisation of government office space," the release said. (ANI)

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

Tata Sons listing would change group's 150-yr model: Noel Tata

Asianet News Central — Tue, 29 Sep 2026 21:01:28 +0530

A public listing of Tata Sons would fundamentally change the Tata Group's long-term investment and social-development model, as the holding company would have to balance its existing purpose with the expectations of public investors seeking financial returns, Tata Trusts Chairman Noel Tata has said.

The Tata Trusts-Sons Symbiosis

Speaking at the Republic Summit, Noel Tata talked of the relationship between Tata Sons and Tata Trusts, which holds around 66 per cent of Tata Sons. He said the Trusts' role as a philanthropic organisation is separate from its role as the group's controlling shareholder, but the two are connected through Tata Sons. “So the roles are separate. Tata Sons is the engine that continues to increase the value of the corpus of our trusts,” Noel Tata said.

He said the corpus of the Trusts has grown at around 20 per cent annually over the last 30-35 years, with dividends from Tata Group companies providing the Trusts with the income needed for philanthropy. “And their role is really to keep making sure that our income stays ahead of inflation, so that our spending power keeps going up year by year by year, and we do that through the companies, through the dividends that finally end up coming to the Trusts, and which gives us the power to spend from the Trust,” he said.

Noel Tata said the philanthropic side of the Trusts focuses predominantly on health and education, along with some skill development.

Conflict Over Listing and Leadership

The comments come at a time when Tata Sons is facing questions and debate over its future structure, leadership and possible listing. The issue around Tata Sons' listing and leadership intensified in September 2026 after the Reserve Bank of India rejected Tata Sons' application to remove its “Upper Layer” NBFC status, keeping the company's obligation to list unchanged.

Following this, the Tata Sons board voted 4-1 to reappoint N Chandrasekaran as Executive Chairman for a third five-year term and decided to initiate steps to comply with the listing requirement. Noel Tata, representing Tata Trusts, voted against the decision, with Tata Trusts holding a 66 per cent stake in Tata Sons Private Limited (TSPL).

Tata Trusts has opposed the reappointment and public listing, calling the board's decision illegal. The Trusts have also proposed a strategic reorganisation of TSPL that would result in the holding company ceasing to be classified as an NBFC or Core Investment Company (CIC), with the stated aim of changing its regulatory position and keeping Tata Sons private.

'Purpose vs Profit': Why Trusts Oppose Listing

The Trusts have proposed a restructuring of Tata Sons that would bring operating businesses into the holding company. In his remarks, Noel Tata said the proposal involves bringing “a couple of our operating businesses, part of Tata Electronics” into Tata Sons. He said this would restore an earlier structure in which Tata Sons had both operating and investment businesses. Tata Consultancy Services was earlier a division of Tata Sons before it was demerged and listed in 2004, he noted.

Explaining why Tata Trusts wants to avoid a public listing, Noel Tata said the change could create a conflict between the group's long-term purpose and the expectations of public investors. “We believe that it will fundamentally change the way the company, as a group, has been run over the last 150 years,” he said.

He said Tata Sons has historically invested in projects based on what the country needs, while the Trusts also have a mandate to support social development. Noel Tata referred to the philosophy associated with JRD Tata, saying: “What India needs.” He said this approach could become more difficult to maintain if public investors enter the holding company and expect their investments to grow on a quarter-by-quarter basis. “How do we manage these two contradictions in a way?” Noel Tata asked, referring to the group's long-term purpose and the expectations of investors seeking financial returns. “Our companies, we believe that the operating companies are not public companies, and they manage that contradiction. They don't have to manage the contradiction because they're there to give a return to the people who have invested in them,” he said.

The issue is particularly significant because of Tata Sons' ownership structure. Tata Trusts holds around 66 per cent, while the Shapoorji Pallonji Group holds 18.37 per cent and Tata Group companies hold around 13 per cent.

An Alternative Solution Proposed

Noel Tata said the Trusts have already sent Tata Sons a possible solution that, in their view, fits within existing RBI guidelines and could allow the company to avoid listing. “We would like Tata Sons to review and, if necessary, modify and engage with the RBI, as we believe that this is a solution which would enable us to avoid listing.”

He said the proposal is aimed at bringing operating businesses back into Tata Sons, creating a structure that combines operating and investment activities. (ANI)

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

Tata Sons dispute: Shareholder majority is absolute, says expert

Asianet News Central — Tue, 29 Sep 2026 21:00:24 +0530

In the high-stakes battle at the Bombay House, shareholder majority remains absolute and minority objections do not hold legal firepower against the Tata Trusts and its governing Articles of Association, an expert has said.

Speaking with ANI in Mumbai, corporate law expert HP Ranina talked of key legal challenges surrounding the chairman’s extension, RBI listing mandates, and minority shareholder rights and said shareholder majority remains absolute.

Chairman's Extension and Affirmative Vote

Clarifying the legal framework governing the reappointment and extension of Tata Sons' chairman, N. Chandrasekaran, Ranina emphasised that the company's Articles of Association mandate an affirmative vote from the majority of directors nominated by Tata Trusts. "Under the Articles of Association, it is stipulated that there must be an affirmative vote of the majority of the trustees who are nominated as directors," Ranina said. "Unless the affirmative vote is given by the directors who are nominees of Tata Trusts, the appointment cannot go through. The Supreme Court decided this point three years ago, holding that the affirmative vote requirement is entirely valid."

RBI Listing Mandate and Regulatory Status

Asked whether merging operating entities into Tata Sons to avoid the Reserve Bank of India’s (RBI) mandatory listing for upper-layer NBFCs constitutes regulatory evasion, Ranina explained that regulatory status depends strictly on asset composition. "If a company’s primary income ceases to arise from investments, it stops being classified as a Non-Banking Financial Company," Ranina noted. "Once the merger goes through and Tata Sons becomes an operating entity, it only needs to inform the RBI for de-registration. No prior permission is necessary."

Shareholder Power vs. Director Authority

On the question of whether Tata Trusts, holding nearly 66 per cent equity, can force structural restructurings onto a resistant board, Ranina asserted that major corporate shifts rest entirely with shareholders rather than directors. "Directors have no power to decide this; it is a decision of the shareholders," Ranina stated. "At the AGM, the Trusts hold 66 per cent voting rights and can pass the resolution. Directors are not the ultimate decision-makers on mergers."

Minority Shareholder Rights

On claims regarding regarding minority protections and exit rights, Ranina highlighted that private limited companies operate under distinct legal parameters. "This argument was rejected by a three-judge Supreme Court bench," Ranina said. "Holders of an 18.37 per cent stake in a private company have no legal power to object or demand board representation."

Ranina said that Tata Trusts' nominee directors must act in strict alignment with collective trust instructions rather than personal discretion.

Shareholding Structure

In Tata Sons’ shareholding structure, Tata Trusts hold around 66 per cent, while the Shapoorji Pallonji Group owns 18.37 per cent. Tata Group companies together hold around 13 per cent in Tata Sons. These include Tata Motors Passenger Vehicles, Tata Steel, Tata Chemicals, Tata Power, Indian Hotels, Tata Consumer Products and Tata Investment Corporation.

Recent Developments and Board Disagreement

The issue around Tata Sons' listing and leadership intensified in September 2026 after the Reserve Bank of India rejected Tata Sons' application to remove its “Upper Layer” NBFC status, keeping the company's obligation to list unchanged. Following this, the Tata Sons board voted 4-1 to reappoint N Chandrasekaran as Executive Chairman for a third five-year term and decided to initiate steps to comply with the listing requirement. Noel Tata, representing Tata Trusts, voted against the decision, with Tata Trusts holding a 66 per cent stake in Tata Sons Private Limited (TSPL). Tata Trusts has opposed the reappointment and public listing, calling the board's decision illegal. The Trusts have also proposed a strategic reorganisation of TSPL that would result in the holding company ceasing to be classified as an NBFC or Core Investment Company (CIC), with the stated aim of changing its regulatory position and keeping Tata Sons private. (ANI)

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

India's SAF readiness at 52%, needs ecosystem support: Boeing report

Asianet News Central — Tue, 29 Sep 2026 20:31:03 +0530

Boeing and the Roundtable on Sustainable Biomaterials today released a comprehensive report assessing India’s readiness for Sustainable Aviation Fuel adoption, offering an evidence-based roadmap for the country’s next phase of development. The report rates India’s overall SAF readiness at 52 per cent, reflecting moderate but advancing preparedness as the nation shifts from early-stage efforts toward broader adoption. Developed by RSB, the assessment evaluates preparedness across nine dimensions: feedstock, production capacity, policy and regulation, supply chains and logistics, market demand, investment and financing, research and development, technology readiness, and enabling infrastructure and services.

India's SAF Targets and Potential

India has set SAF blending targets of 1 per cent by 2027, 2 per cent by 2028, and 5 per cent by 2030 and has committed to participate in the International Civil Aviation Organization’s Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) from 2027. Under a 5 per cent blending scenario in 2030, SAF demand for both domestic and international aviation is projected at approximately 720 million litres (about 0.6 million tons per year). This compares with an estimated production potential of 14–33 million tons per year.

The report highlights both strengths and opportunities in India’s SAF journey amid rising aviation demand. It underscores that realising the country’s potential will depend not only on production capacity but also on coordinated development of the broader enabling ecosystem. Boeing, aligned with industry goals, remains committed to supporting airline customers and policymakers in India and globally in meeting emissions-reduction targets by helping build a robust SAF ecosystem.

Stakeholder Perspectives on India's SAF Journey

“As one of the world’s fastest-growing aviation markets, India has an important role in enabling sustainable aviation and pursuing a deliberate and well-researched path to SAF adoption is key,” said Salil Gupte, president of Boeing India & South Asia. “This report is valuable because it confirms exactly where India has the foundational capacity to enable SAF adoption and because it identifies specific opportunities ahead.”

RSB Executive Director Bettina Paschke added that “India’s Sustainable Aviation Fuel opportunity is substantial. This assessment gives stakeholders a common evidence base from which to act, and RSB looks forward to continuing to convene and support the collaboration needed to translate India’s potential into sustainable impact.”

The report emphasises that coordinated action among government, industry, financiers, and other stakeholders will be essential to advance the SAF market in India. (ANI)

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Sitharaman, AIIB President discuss India projects, expansion in Doha

Asianet News Central — Tue, 29 Sep 2026 20:01:46 +0530

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman met Asian Infrastructure Investment Bank (AIIB) President Zou Jiayi on the sidelines of the AIIB Annual Meeting 2026 in Doha, Qatar, where both leaders discussed the robust pipeline of the bank's projects in India.

According to the Ministry of Finance on X, the bilateral discussions centered on cooperation, operational expansion, and institutional priorities.

During the interaction, both leaders also evaluated options for expanding the multilateral institution's global presence, including operations within India.

India's Support and AIIB's Operational Momentum

The engagement opened with mutual acknowledgements of recent milestones. President Zou congratulated the Union Finance Minister on the successful conduct of the BRICS Leaders' Summit held in New Delhi. In response, Sitharaman conveyed India's appreciation for the multilateral development institution's operational momentum, congratulating the bank on its strong performance in the first half of the year.

Sitharaman also conveyed India's formal backing for the multilateral lender's upcoming fiscal roadmap. "India's support for the Bank's 2027 budget plans and focus areas for scaling up operations," the Finance Minister said.

Turning to ongoing and future portfolio activities, the AIIB chief recalled her previous on-ground evaluations in the country. "Recalling her last visit to project sites in Delhi and Meerut, President AIIB said that the bank will continue financing projects for people, urban development and environmental protection," the Ministry noted.

Expanding Scope for Future Development

Addressing future operational priorities, Sitharaman proposed widening the lender's conventional asset scope to align with emerging developmental requirements across sectors. "AIIB could further expand beyond physical infrastructure financing to include newer infrastructure that focuses on AI, MSMEs, and skilling," the Ministry stated.

Focus on MSMEs and Skilling

Elaborating on the domestic industrial landscape, the Minister emphasized the strategic role of smaller enterprises and the precise nature of institutional interventions required. "MSMEs are the backbone of India's economy, and assistance for AI adaptability and manpower training can help MSMEs," the Finance Minister noted.

Upholding Regional Centrality

The meeting concluded with a policy observation on the governance architecture and regional orientation of the multilateral institution going forward. "The Bank's regional centrality should continue to remain a defining institutional characteristic and an important anchor of its mandate," Sitharaman reiterated. (ANI)

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RBI panel warns states on Q4 borrowing surge, cites higher cost risk

Asianet News Central — Tue, 29 Sep 2026 20:01:23 +0530

States concentrating a large part of their annual market borrowing in the January-March quarter could push up borrowing costs for all states, an RBI-appointed committee has said, calling for borrowings to be spread more evenly through the year.

The observation was made in the “Report of the Advisory Committee on Ways and Means Advances to State Governments”, released by the Reserve Bank of India (RBI). The committee noted that some states tend to raise a large share of their annual market borrowing during the final quarter of the financial year. States have cited reasons such as higher expenditure in the second half of the year, the need to utilise borrowing permission received from the Centre, and maintaining adequate cash at the start of the next financial year.

Costs of Concentrated Borrowing

However, the committee said this approach comes with costs. “This may push up the borrowing cost for all the states during the fourth quarter due to excess supply of State Government Securities in the market,” the report said. It added that such borrowing patterns can also leave states sitting on large idle cash balances towards the end of the financial year.

Recommendations for Balanced Borrowing

“The Committee, therefore, recommends that the states may consider spreading out their market borrowings throughout the year,” the report said. The panel also backed the RBI's Benchmark Issuance Strategy introduced from financial year 2026-27 for state government borrowing, noting that a majority of states have already adopted it and recommending that the remaining states do so at the earliest.

Broader Cash Management Concerns

The report also flagged broader cash management concerns among states. It said some states maintain large precautionary cash balances while continuing to borrow from the market, resulting in what it described as “negative carry” - where the cost of borrowing is higher than the return earned on idle funds.

According to the report, states' average investments in Intermediate Treasury Bills and Auction Treasury Bills stood at about Rs 3 lakh crore in 2025-26, compared with Rs 3.05 lakh crore in 2024-25. The committee said states should improve cash management and avoid using market borrowing merely to meet short-term mismatches when RBI liquidity facilities are available.

(ANI)

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