The Indian government's Production Linked Incentive (PLI) schemes across 14 sectors have yielded Rs 1.46 lakh crore in investments, generating over Rs 12.50 lakh crore in sales and 9.5 lakh jobs as of August 2024. Over Rs 4 lakh crore in exports have been achieved, with incentives exceeding Rs 6,753 crore disbursed in the last fiscal year.
Related news
Underlines shift to branded products
Commerce and Industry Minister Piyush Goyal urged industries to reduce protectionism and emphasized dealing with the world from a position of strength. He assured that the government is actively working to protect exporters, especially amid concerns over high tariffs imposed by countries like the US, the UK, and the EU.
India's eight core infrastructure sectors showed a slowed growth of 4.3% in November 2024, down from 7.9% in the previous year. However, monthly production hit a four-month high. Cement production surged 13%, while other sectors saw moderated growth. Core sector growth for April-November was 4.2%.
BSE market capitalisation fell below Rs 400 lakh crore due to foreign fund outflows and disappointing corporate earnings. Major losers included IndusInd Bank and ITC, while NTPC and Tech Mahindra gained. The small-cap index dropped 1.71 per cent. Sector-wise, utilities and IT gained, whereas industrials and auto sectors suffered losses. Mixed performances were seen across the market.
India is poised to become a global economic powerhouse, with reforms such as GST and infrastructure growth driving its rise to the world's fifth-largest economy. ITC Chairman Sanjiv Puri expressed confidence that India could be a developed nation by 2047, with its strategic focus on energy transition and digital transformation.
India's tech sector is projected to become a $300-billion industry in the 2025-26 financial year, with a 6% growth rate. The sector's significant contribution to India's GDP includes a notable increase in tech exports. Employment in the sector saw substantial growth, adding 126,000 jobs in 2024-25, highlighting its critical role in the economy.
India's banking sector is experiencing slow loan growth and margin pressure due to high interest rates. Loan growth is projected to drop significantly, and banks are focusing on retail deposits to strengthen their balance sheets. Despite this, net profits and bad loan ratios show improvement.
Shares of Zomato fell by 12 per cent after a 57.2 per cent drop in its consolidated net profit for the December quarter. This decline also impacted Swiggy's shares, which fell by over 10 per cent. Zomato's revenue increased, but total expenses also surged significantly.
The National Company Law Tribunal (NCLT) ordered disciplinary action against the resolution professional handling Byju's insolvency case due to misconduct. The tribunal reinstated Glas Trust and Aditya Birla Finance to the Committee of Creditors, emphasizing the resolution professional's failure to act with integrity and fairness.
Irdai has proposed a cap on health premium hikes for seniors, limiting increases to 10% without prior approval. Insurers must also seek approval before discontinuing policies for the elderly, and are encouraged to standardize hospital costs, similar to PMJAY. New guidelines mandate transparency in justifying any price hikes for senior citizens' health insurance.