NATIONAL EXPRESSWAY 2 INDIA
2 Indian nationals arrested in Italy for enslaving 33 countrymen on farms
Two Indian nationals have been arrested for allegedly enslaving 33 Indian farm labourers in Italy's Verona province. The incident follows the tragic death of a Sikh farm worker who bled to death. The suspects, who own two agricultural sector companies with no employees and are allegedly tax evaders, were seized by finance police. They are under investigation for crimes including enslavement and labor exploitation.
India's overall SDG score on national index up in 2023-24 at 71: NITI Aayog report
The SDG India Index 2023-24, released by NITI Aayog on Friday, shows Uttarakhand, Kerala, Tamil Nadu, Goa and Himachal Pradesh emerged as the top performing states in the overall ranking. On the contrary, Bihar, Jharkhand, Nagaland, Meghalaya and Arunachal Pradesh were the laggard states, placed at the bottom of the index.
India needs national legal, social security architecture for gig workers: Congress
Congress is advocating for a national legal and social security framework for gig workers in India, highlighting Karnataka's proposed Gig Workers (Social Security and Welfare) Bill, 2024 as a milestone legislation. The bill aims to establish formal rights and social security for platform-based gig workers, including setting up a welfare fund and board, ensuring worker protection and payment regulations. Congress urges the Union Budget to address the growing gig worker population and provide justice through legislation.
IAF's Su-30 MKIs to be part of 20-nation mega 'Exercise Pitch Black' in Australia
The India Air Force announced that its Su-30 MKI fighter jets will participate in a biennial multinational aerial warfare exercise in Australia starting later this month. The event, known as 'Exercise Pitch Black 24,' will run from July 12 to August 2 and will be its largest edition yet, with 20 countries taking part. According to the Royal Australian Air Force (RAAF), this year's exercise will be the biggest in its 43-year history.
Centriti raises Rs 6 crore in funding round led by Emergent India Ventures
The B2B e-procurement platform works with 120 hotels and restaurants, including Taj Hotels, Oberoi Hotels, Accor Group, Barbeque Nation, and Chai Point in Delhi, Bengaluru, and Jaipur. It plans to expand to Goa, Hyderabad, Kochi, and Chennai in the next couple of years.
Mid-sized cities to emerge as big demand centre for EVs: Report
Lucknow, Thiruvananthapuram, and Gurugram shine in electric car sales growth. Tier 2 cities emerge as pivotal for electric two-wheeler market. Financial support crucial for tier 3 cities' EV growth. Bengaluru and Jaipur lead in EV adoption. Wealthier cities drive electric vehicle growth, while private uptake fuels tier 2 cities' demand.
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What is SEBEX 2, India's new explosive that is one of the most powerful bomb?
India has introduced SEBEX 2, a high-performance explosive with a TNT equivalence of 2.01. Developed under the Make in India initiative by Economic Explosives Limited, SEBEX 2 enhances the effectiveness of various munitions without increasing weight. Certified by the Indian Navy, SEBEX 2, alongside SITBEX 1 and SIMEX 4, demonstrates India's growing capabilities in military technology, offering significant export potential and enhancing global security efforts.
European Space Agency shares mesmerizing image of Ram Setu linking India and Sri Lanka
ESA Ram Setu Image: The European Space Agency released a satellite image of the historic Ram Setu, linking India and Sri Lanka. Spanning 48 km, this limestone shoal bridge holds geological, historical, and mythological significance. Protected as national parks, the shallow waters around the bridge support diverse marine life. The image underscores Ram Setu's cultural heritage and ecological importance, highlighting its unique role in regional history and mythology.
States hike in healthcare expenditure to help meet India's '2.5% of GDP' target
India's expenditure on health, including clean water and sanitation, is on track to reach the target of 2.5% of GDP by 2024-25. States have surpassed the Centre's allocation to achieve a combined effort of 2.13% of GDP. Despite concerns over declining spending on healthcare systems, increased state allocations may help reach the 2.5% target by 2025.
India urges Russia to return its citizens recruited by Russia's army after 2 were killed
India has urged Russia to repatriate Indian citizens recruited by its army after two were killed in the Ukraine war. Foreign Secretary Vinay Kwatra confirmed the government's serious approach to the issue. The Indian foreign ministry is coordinating with Russian authorities for the return of the deceased's remains. Previously, India disrupted a human trafficking network that sent Indians to Russia under false job promises. Similar issues have arisen with Sri Lanka and Nepal, whose citizens were also lured into fighting in Ukraine.
CII: Continuity in reforms will make India developed Nation
The Confederation of Indian Industry (CII) believes that continuity in policy reforms under Prime Minister Narendra Modi's leadership will drive India towards becoming a developed nation. The CII president, Sanjiv Puri, stated that with a strong growth rate of 8.2% for 2023-24, the new government can implement further reforms to capitalize on global opportunities and strengthen the Indian economy's fundamentals. The CII is eager to collaborate with the new government to accelerate the nation's development journey.
Suspended board of Jaiprakash Associates moves NCLAT, challenges insolvency proceedings
Jaiprakash Associates' suspended board challenged NCLT's order for insolvency proceedings, with the matter listed before NCLAT. NCLT admitted ICICI Bank's plea on June 3, appointing Bhuvan Madan as Interim Resolution Professional. Despite JAL's claims of liquidity crunch and asset-rich status, NCLT upheld the insolvency decision. The tribunal also dismissed JAL's objections regarding debt restructuring and asset transfers.
Trai reviewing norms for inactive landline and mobile connections, seeks feedback
The telecom regulator is seeking input on defining inactive landline and mobile connections as part of a discussion paper for a revised national numbering plan. It also seeks industry suggestions on reusing numbering resources from inactive connections.
India VIX cools off 30% to sub-20 levels as market gets back lost ground
India VIX fell below 20 on Wednesday amidst election outcome favoring NDA with a comfortable majority. Modi 2.0 government held its last cabinet meeting amid positive market sentiments.
SBI investors lose Rs 1 lakh crore as PSU bank tanks 13%
SBI shares plunged by 13%, wiping out Rs 1.07 lakh crore from market cap amid a broader sell-off in PSU bank stocks, impacted by lower-than-expected victory margins in the Lok Sabha elections. Expert views remain mixed, with bullishness on private banks.
PSU bank stocks tumble up to 20% as early counting trends lower than exit poll predictions
PSU bank stocks dropped up to 20% on BSE as BJP-led NDA led in early election trends, defying exit polls. Central Bank, Union Bank, Canara Bank, PNB, and others saw significant declines. Analysts favor private banks like ICICI and HDFC amid political uncertainty. Shares of the State Bank of India cracked 19%. Meanwhile, Punjab National Bank, Bank of Baroda, Canara Bank, and Bank of Maharashtra also shed between 17-20%.
Delhi-Meerut and Peripheral Expressways toll rates to increase from today; Check revised rates here
Starting Monday, toll rates on the Delhi-Meerut Expressway (DME) and Eastern Peripheral Expressway (EPE) will increase by 5%. After the revision, four-wheelers will pay between Rs 45 and Rs 160, and heavy vehicles will be charged between Rs 40 and Rs 250, depending on the distance traveled. Currently, the toll is Rs 2.19 per km on the 135 km-long expressway, with no toll for traffic between Delhi and Ghaziabad.
Highway builders want infra loans provision pared to 2%
"By increasing the provisioning from 0.4% to 5%, project viability will be the biggest impediment as interest cost will increase which is turn will increase the cost of the project both for the investor as well as the government," the National Highways Builders Federation (NHBF) said in its submission to the National Highways Authority of India, the finance ministry and the Reserve Bank of India.
Hope for 20,000 homebuyers! Suraksha Group set to take over Jaypee Infratech in a boost for Noida's Wish Town project
Suraksha Group, having had its resolution plan for Jaypee Infratech Limited (JIL) approved by the NCLAT, is set to take control of the company following a meeting next week. This development brings the group closer to restarting construction on nine stalled projects in Noida's Wish Town and other areas, offering renewed hope to 20,000 buyers who invested in flats 15-20 years ago.
FY24 GDP growth at 8.2 pc great news for India: Panagariya
Arvind Panagariya, the chairman of the 16th Finance Commission, praised India's GDP growth rate of 8.2% for the fiscal year 2023-24, calling it "great news for India." However, the National Statistical Office (NSO) reported that India's economy grew at a four-quarter low of 7.8% in the March quarter. The GDP growth rate for the fiscal year 2023-24 surpassed the 7% recorded in the previous fiscal year. ICRA Chief Economist Aditi Nayar noted a sequential slowdown driven by investment activity, while PHDCCI President Sanjeev Agrawal highlighted the growth as a reflection of efforts towards "Viksit Bharat by 2047."
Rules eased for Green H2 producers in SEZs
India Tuesday exempted solar and wind energy plants located in a special economic zone, or export-oriented units for production of green hydrogen and its derivatives that are also in the same zone, from buying modules and turbines from the approved list of models and manufacturers.
India’s $48 bn input subsidy for power and agri raises hackles
WTO members, including the US and UK, have raised questions about India's $48 billion farm input subsidies for 2022-23, which have been attributed to inflation and rising fertilizer costs. India explained that these subsidies are mainly for power, irrigation, and fertilizers and that the information had been duly notified to the WTO. The US claimed that this amount is more than twice the value of all trade-distorting support notified by India in 2021-22.
RSIIL bags two projects worth Rs 4,900 crore from MSRDC to develop connecting Pune
Roadway Solutions India Infra Ltd has won two infrastructure projects totaling Rs 4,900 crore from MSRDC. The projects are to enhance connectivity around Pune. The company is the lowest bidder for the Access Controlled Pune Ring Road project valued at Rs 2,251 crore, and the Expressway Connector project from Jalna to Nanded. These contracts have boosted the company's order book to over Rs 11,000 crore, expanding on the ongoing work on the Vadodara Mumbai Expressway.
Create joint culture: CDS Gen Chauhan to armed forces as govt looks at rolling out theatre commands
Chief of Defence Staff Gen Anil Chauhan emphasized the significance of theatre commands, marking a milestone in India's military preparedness and warfighting capabilities. He urged the armed forces to foster a joint culture and embrace "jointness 2.0", aiming for integrated operations and optimal resource utilization amidst evolving security challenges.
NCLT allows IL&FS Transportation Networks to offload shares in an expressway project
The National Company Law Tribunal (NCLT) has granted permission to IL&FS Transportation Networks to sell its shares in Moradabad Bareilly Expressway to Roadstar Infra Investment Trust. The transfer involves 3,21,40,691 equity shares, representing a 14.5% stake. The transaction, approved by IL&FS's new board and ITNL Board in October 2023, received no objection from Union Bank of India. The tribunal allowed IL&FS to proceed with the sale as per the terms of the share purchase agreement with Axis Trustee Services Limited and Roadstar Investment Managers.
'Freaking brilliant': 'Pushpa 2' actor Rashmika Mandanna lauds India's progress under PM Modi
Actress Rashmika Mandanna recently commended India's rapid infrastructural progress over the past decade, particularly citing the Mumbai Trans Harbour Link (MTHL). She emphasized its transformative impact, reducing a two-hour journey to just 20 minutes. She lauded the country's remarkable growth over the past decade.
UPI’s rural push; India as software IPO destination
Happy Wednesday! The country’s central bank wants more rural users to log into Unified Payments Interface (UPI). This and more in today’s ETtech Morning Dispatch.
India's transaction trends: ePayment riches leave circulation of currency poorer
India's transition to digital payments is effectively curbing the traditional outflow of currency from its banking system, as evidenced by the sharpest decline in the growth of currency in circulation (CIC) since demonetisation in FY24. The Reserve Bank of India's (RBI) decision to phase out Rs 2,000 banknotes from circulation last year further contributed to this trend.
Soon travel time between Mumbai and Pune to come down to just 2 hours. Here is the latest update
Mumbai-Pune commuters face prolonged travel woes as the crucial cable-stayed bridge, part of the Rs 6,695 crore missing link project, encounters delays. The bridge, initially set for July completion, may extend to March, hindering the anticipated half-hour travel time reduction, as per Mumbai Mirror. Challenges including wind, visibility, and COVID-19 hinder progress. Nonetheless, completion promises smoother travel, bypassing the treacherous ghat section and cutting travel time by 30 minutes.
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