In a significant move aimed at enhancing agricultural productivity and ensuring food security for the middle class, the Union Cabinet, led by Prime Minister Narendra Modi, has approved a budget allocation of ₹1,01,321 crore for two key schemes: the PM-Rashtriya Krishi Vikas Yojana (PM-RKVY) and the Krishonnati Yojana. The cabinet meeting, held on Thursday, outlined a series of initiatives designed to bolster farmers’ income while promoting sustainable agricultural practices across the nation. Focus on Agricultural Productivity The PM-RKVY scheme will prioritize enhancing agricultural productivity through several focused measures. Union Minister Ashwini Vaishnaw emphasized the importance of Soil Health and Fertility,…
Author: Krishna.Jangid
Vardhman Group chairperson, SP Oswal, one of India’s largest textile conglomerates, became the latest high-profile victim of cyber fraud, losing ₹7 crore in an elaborate scam. The incident has shocked the business community and highlighted the growing threat of cybercrime, even against the most affluent and security-conscious individuals. Authorities have since arrested two suspects in connection with the case, marking a significant development in one of the largest cybercrime-related seizures in Indian history. The Cyber Fraud Scheme According to the Ludhiana Police, the scam began with a phone call to Oswal from individuals posing as officials from the Central Bureau…
The transfer of non-news TV station licenses from Viacom18 Media, a division of Reliance Industries and owned by Mukesh Ambani, to Star India has received formal approval from the Indian government. The National Company Law Tribunal (NCLT) and the Competition Commission of India (CCI), among other regulatory organizations, have been closely monitoring the merger of major media entities, and this permission is a significant step in finalizing the agreement. Merger of India’s two media giants On August 30, 2024, the NCLT approved the merger of Viacom18 Media and Star India, initiating the process of merging Reliance Industries’ media holdings with…
For the third straight session, gold prices in India surged, reaching a record high of ₹78,300 per 10 grams on Friday. This increase comes as jewelers across the nation continue to increase their buying amid strong demand driven by the festive and wedding seasons. The All India Sarafa Association reported that this rise marks an increase of ₹50 from the previous day’s closing price of ₹78,250. Silver Prices Climb ₹500 Silver also experienced a significant uptick, with rates jumping ₹500 to ₹94,500 per kilogram. The demand for silver surged due to fresh purchases by industrial units and coin makers. On…
Securities and Exchange Board of India (SEBI) has approved the much awaited initial public offering (IPO) of Hyundai Motor India Ltd (HMIL), one of the nation’s top automakers. With a valuation of more than $3 billion, this IPO is expected to break the previous record held by LIC and become the biggest in Indian history. With Hyundai’s strategic aims in mind, this development is likely to profoundly impact both the home and international markets. Hyundai’s Journey to the Top of India’s Auto Market When Hyundai first entered the Indian market in 1996, its success was fueled by reasonably priced hatchbacks…
Six domestic investment banks are the subject of an inquiry by India’s securities regulator, the Securities and Exchange Board of India (SEBI), regarding their handling of small and medium-sized businesses’ (SMEs’) initial public offerings (IPOs). The excessive costs these banks demand to manage SME initial public offerings (IPOs) are the regulator’s main concern. These fees have reportedly reached 15%, which is far higher than the 1-3% range found in larger IPOs. Probes Target SME IPO Practices As a part of a larger initiative to address malpractices in the SME sector of India’s burgeoning IPO market, SEBI launched the probe earlier…
SpiceJet, a struggling Indian airline, has received ₹3,000 crore through a Qualified Institutional Placement (QIP) from global investors such as Goldman Sachs, Nomura Singapore, and Societe Generale. This action is anticipated to save the cash-strapped airline by allowing it to handle financial issues, restructure liabilities, and expand its fleet in India’s thriving aviation sector.Despite recent operational challenges, the QIP was oversubscribed, with 87 local and foreign institutions expressing trust in the airline’s future, indicating renewed hope for the company’s revival. SpiceJet has secured an additional ₹736 crore from a prior fundraising round, strengthening its financial base. Bet on India’s Aviation…
On September 25, in Goa, the Group of Ministers (GoM) on Goods and Services Tax (GST) rate rationalization is scheduled to meet. The timing of this meeting is significant since talks on possible changes to tax rates and slabs are picking up steam. With four tiers in the existing GST structure (5%, 12%, 18%, and 28%), the decision of this conference might have a big impact on Indian consumers and enterprises. Fitment Committee Tasked with Gathering Data The GoM convened in August to discuss the potential effects of changing the tax rate. A fitment committee was charged by the panel,…
Industrialist Anil Ambani’s flagship company, Reliance Infrastructure Ltd., is about to see a major financial makeover. The company made an announcement about raising ₹6,000 crore, of which its promoters will contribute ₹1,100 crore. This indicates a significant effort to improve the capital structure of the company. Furthermore, two well-known investment businesses from Mumbai, Fortune Financial & Equities Services and Florintree Innovations LLP, would contribute ₹1,910 crore in a preferential issuance intended to increase the company’s net value to about ₹12,000 crore and significantly lower its debt. Promoters and External Investors Drive Fundraising Effort The promoters, via Risee Infinity Private Limited,…
Ernst & Young (EY) India is in the center of a growing scandal following the untimely death of 26-year-old Anna Sebastian Perayil, a new hire in the audit and assurance division, who was purportedly killed by extreme stress at work. The scandal gained momentum after Rajiv Memani, the chairman of EY India, sent a private email that was posted online against explicit instructions to keep it private. The Incident: What Happened? In March 2024, Anna started working in EY’s Pune branch. Anita Augustine, her mother, said that the heavy workload and unfavorable working conditions her daughter was subjected to were…
