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BUSINESS AND ECONOMY - December 2018

Dec 2018

Sep 08, 2025

India Reaffirms Commitment to WTO - Centred, Fair Trade System at SCO Trade Ministers' Meeting

India reaffirmed its commitment to an open, fair, and inclusive multilateral trading system with the World Trade Organization (WTO).
At the Shanghai Cooperation Organisation (SCO) Trade Ministers' Meeting held in Vladivostok, India also stressed the scope to leverage the SCO's collective strengths for shared prosperity.
The Commerce and Industry Ministry said the country highlighted the need for export diversification, reducing dependency, and building resilient supply chains.

PNB Signs MoU with Rajasthan Govt. for Rs 21,000 crore Financial Assistance

Public sector bank Punjab National Bank signed a MoU with the government of Rajasthan. The objective of this understanding is to facilitate an investment of Rs. 21,000 crore under the state government's 'Rising Rajasthan' initiative.

Sep 07, 2025

Adani Power, Druk Green Power to set up a 570 MW hydro power project in Bhutan

Adani Power Ltd. and Druk Green Power Corp. Ltd. (DGPC), Bhutan's state-owned generation utility, have signed the Shareholders Agreement (SHA) for setting up a 570 MW Wangchhu hydroelectric project in Bhutan.
An in-principle understanding on the Power Purchase Agreement (PPA) has also been signed.
The developers have also signed the Concession Agreement (CA) for the project with the Royal Government of Bhutan.
These agreements will pave the way for Adani Power and DGPC to initiate the implementation of the peaking run-of-river Wangchhu hydroelectric project on a BOOT (Build, Own, Operate, Transfer) model.

Voluntary HUID-Based Silver Hallmarking Begins in India

India has introduced Hallmarking Unique Identification (HUID)-based hallmarking for silver jewellery and articles on a voluntary basis, marking a significant upgrade in how consumers verify the purity and authenticity of silver products.
The move by the Bureau of Indian Standards (BIS) aims to bring silver jewellery in line with the already established gold hallmarking system, using a digitally traceable format that empowers buyers and safeguards consumer interests.

Ashwini Vaishnaw inaugurates state-of-the-art advanced lithium-ion battery plant in Haryana

Union Minister of Electronics and Information Technology Ashwini Vaishnaw inaugurated TDK Corporation's Advanced Technologies Lithium-ion (Li-ion) Battery Manufacturing Plant at Sohna, Haryana.
The state-of-the-art plant will produce about 20 crore (200 million) battery packs every year, covering nearly 40% of India's annual requirement of 50 crore packs. With a huge scope for expansion, the facility is poised to strengthen the country's electronics manufacturing ecosystem.

Sep 06, 2025

Citibank Appoints JPMorgan Veteran as Asia Pacific Co-head

US-based Citibank on Wednesday said it has appointed Kaustubh Kulkarni as co-head of its investment banking coverage for Japan, Asia North and Australia, and Asia South. Kulkarni will serve alongside Jan Metzger, who is the head of Asia Pacific Banking, Capital Markets and Advisory.
He will join in December, subject to necessary approvals, and will be based in Singapore.
Prior to this, Kulkarni was with JP Morgan as the US-based bank's senior country officer for India and vice chair of Asia Pacific region.

UPI Limit Increased to Rs. 10 Lakh for Select Transactions

Starting September 15, 2025, the National Payments Corporation of India (NPCI) will implement revised UPI transaction limits for specific high-value payment categories.
The per-transaction limit has been increased to Rs. 5 lakh, and the 24-hour aggregate limit raised to Rs. 10 lakh for several services, including insurance, capital markets, government tax payments, and credit card payments—a significant step in expanding UPI's role in India's digital financial ecosystem.

India-EFTA Trade Pact to Begin October 1, 2025

India's free trade agreement (FTA) with the European Free Trade Association (EFTA) bloc will officially come into force on October 1, 2025. The deal not only promises major economic benefits but also, for the first time in India's trade history, introduces legally binding sustainability provisions covering environment, labour, and human rights.

Sep 05, 2025

Maharashtra Approves Longer Working Hours in Private Sector

The Maharashtra cabinet, led by Chief Minister Devendra Fadnavis, has approved amendments to labour laws that will increase the maximum daily working hours for private sector employees. This decision, aimed at attracting investments, creating jobs, and protecting workers' rights, aligns Maharashtra with states such as Karnataka, Tamil Nadu, Telangana, Uttar Pradesh, and Tripura, which have already adopted similar reforms.

Department for Promotion of Industry and Internal Trade (DPIIT) and ICICI Bank Join Hands to Boos...

In a significant move to nurture the startup ecosystem, the Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with ICICI Bank to extend targeted support to DPIIT-recognised startups across India. The partnership, formalized in September 2025, is hosted under the Startup India initiative and is designed to offer startups a structured engagement programme involving accelerator access, mentorship, pilot opportunities, and ecosystem integration.
Under this MoU, ICICI Bank will launch a comprehensive Startup Engagement Programme that will be hosted on the Startup India portal. The programme will be aligned with Startup India's broader communication and outreach efforts to ensure widespread visibility and participation.

Union Cabinet Approves Scheme to Promote Critical Mineral Recycling in Country

The Union Cabinet, chaired by Prime Minister Narendra Modi approved a Rs. 1,500 crore Incentive Scheme to develop recycling capacity in the country for the separation and production of critical minerals from secondary sources.
This scheme is part of the National Critical Mineral Mission (NCMM), which is aimed at building the domestic capacity of and supply chain resilience in critical minerals.
The Scheme will have a tenure of six years from FY 2025-26 to FY 2030-31.

Sep 04, 2025

Govt. Launches First Biofoundry Network with 21 Facilities across India

Science and Technology Minister Jitendra Singh unveiled India's first Biofoundry Network, a pan-India initiative comprising 21 bio-enabler facilities aimed at accelerating biomanufacturing, reducing import dependence, fostering start-up growth and creating jobs.
The initiative aligns with the country's ambition of building a $300 billion bioeconomy by 2030, up from $165 billion in 2024.
The launch, led by the Department of Biotechnology (DBT) and the Biotechnology Industry Research Assistance Council (BIRAC), coincided with the first anniversary of the BioE3 Policy — Biotechnology for Environment, Economy and Employment.

Semicon India 2025 at Yashobhoomi

Prime Minister Narendra Modi inaugurated Semicon India – 2025 (the 4th edition) at Yashobhoomi in New Delhi. The three-day Conference focused on advancing a robust, resilient, and sustainable semiconductor ecosystem in the country. It featured sessions on the progress of the Semicon India Programme, smart manufacturing, innovations in Research and Development and artificial intelligence, investment opportunities, state-level policy implementation, among others. The Prime Minister also participated in the CEOs' roundtable.
Over 20 thousand attendees, including more than two thousand 500 delegates from over 48 countries, participated in the conference. It also included six countries' round table discussions, country pavilions and dedicated pavilions for workforce development and start-ups, among others.

Tata Electronics and C-DAC sign MoU to Boost Domestic Semiconductor Design, IP Ecosystem

Tata Electronics and Centre for Development of Advanced Computing (C-DAC), a premier R&D organisation of the Ministry of Electronics and Information Technology (MeitY), signed a Memorandum of Understanding (MoU) to advance the development of indigenous electronics and semiconductor solutions, including the Design IP ecosystem.
The agreement marks a significant step forward for Tata Electronics and C-DAC in jointly building indigenous semiconductor design capabilities, thus strengthening the foundation for India's technological sovereignty.
The MoU was signed by Randhir Thakur, CEO and Managing Director, Tata Electronics, and E. Magesh, Director General, C-DAC, in the august presence of Minister of Information & Broadcasting, Railways, and Electronics & Information Technology, Ashwini Vaishnaw, at SEMICON India 2025 being held at Yashobhoomi, New Delhi.

GST 2.0: Council Approves Two-slab Structure

Household items such as hair oil, toilet soap bars, shampoos, toothbrushes, etc. will cost less, while the tax on personal health and life insurance will be brought down to nil with the Goods and Services Tax (GST) Council approving a complete overhaul of the GST regime.
In its 56th meeting, the GST Council, chaired by Finance Minister Nirmala Sitharaman, approved limiting slabs to 5 per cent and 18 per cent, effective from September 22.
The new structure will replace the existing four-tier system. However, there is a special 40 per cent rate on luxury and "sin" goods.

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