Business News Updates

India's Index of Industrial Production (IIP) rose by 5.9% in May 2024 compared to the same month last year, accelerating from 5% in April. The mining, manufacturing, and electricity sectors grew by 6.6%, 4.6%, and 13.7% respectively. Consumer durable output surged by 12.3%, while capital goods production grew by 2.5%.

The Union Budget 2024-2025 aims to bolster the 'Viksit Bharat' vision for 2047 with a focus on job creation and economic growth. The government plans to enhance infrastructure, public welfare schemes, and fiscal measures. An Axis Securities report highlights the significant job growth from 2014-24 and anticipates continued support for rural challenges.

Union Minister Sarbananda Sonowal, Kerala CM Pinarayi Vijayan, and Karan Adani officially welcomed the first mothership at Vizhinjam Port. The event marked the completion of the first phase of India's first trans-shipment port near Kovalam Beach. The arrival symbolizes a milestone in India's maritime logistics.

NPCI International Payments Ltd has partnered with QNB to introduce QR code-based UPI payments in Qatar. This will benefit Indian travelers by simplifying transactions and enhancing their travel experience. The partnership aims to provide a convenient payment method across various sectors in Qatar.

Minister Hardeep Singh Puri highlighted a significant increase in job creation in India, with 12.5 crore jobs added from 2014 to 2023 compared to 2.9 crore from 2004 to 2014, as per an SBI report. MSMEs have also surpassed the 20 crore employment mark.

As India aims to become the world's third-largest economy, its banking sector shows decade-high performance. RBI Deputy Governor Swaminathan J highlights improvements in auditing processes and financial governance to ensure stability. The Financial Inclusion Index also saw significant growth.

The government will implement the e-Office platform in all attached, subordinate offices and autonomous bodies as part of DARPG's 100-day agenda. Following inter-ministerial consultations, 133 entities were identified for this initiative. Guidelines were issued on June 24.

A State Bank of India study reveals that 12.5 crore jobs were created in India between FY14-FY23, a significant increase from the previous decade. MSMEs registered over 20 crore jobs as of July 2023. Data indicates a shift towards better-paying jobs in the economy.

Paradip Port in Odisha set a new record by handling 41.12 million metric tons of cargo in the first 100 days of the 2024-25 financial year, reflecting a growth of 4.78% over the previous year.

The Uttar Pradesh government has announced a full waiver on road tax and registration fees for strong hybrid and plug-in hybrid electric vehicles, benefiting automakers like Maruti, Toyota, and Honda. This move is part of an EV policy amendment valid until October 2025, aimed at boosting green transportation.

The Indian economy saw the creation of 46.6 million new jobs in 2023-24, increasing total employment to 643.3 million. The Reserve Bank of India's latest data highlights a significant rise in employment across various sectors, with the services sector absorbing most workers moving from agriculture.

India's security market is set to surpass $15 billion by 2029, driven by advancements in biometrics and surveillance. Industry experts highlight a CAGR of over 16% due to evolving technologies. The focus is on IP cameras and IoT integration, with significant growth predicted for video surveillance systems.

Finance Minister Nirmala Sitharaman will present the Union Budget 2024-25 on July 23. The Budget Session of Parliament will run from July 22 to August 12. This budget aims to maintain high economic growth and job creation, supported by a reduced fiscal deficit and substantial RBI dividend.

The Department of Consumer Affairs has urged automobile manufacturers to make repair manuals and videos accessible, supporting third-party repairs and consumer rights. The Right to Repair Portal India was discussed at a meeting with major auto companies and industry representatives.

The Reserve Bank of India (RBI) imposed a Rs 1.32 crore penalty on Punjab National Bank for non-compliance with loan and advance regulations and KYC norms. RBI's inspection revealed PNB sanctioned loans to state corporations against government receivables and failed to retain customer identification records.