The IEA cautions that concentrated critical mineral mining could disrupt global supplies and prices, urging diversification. Executive Director Fatih Birol advises India to incentivize electric vehicles to reduce reliance on oil imports, highlighting the economic benefits of EVs. He also lauded India's successful green energy transition, noting the significant shift in investment towards clean energy sources.
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IndiGo has solidified its commitment to expanding its long-haul operations by confirming an order for 30 additional Airbus A350 wide-body aircraft. This doubles their initial order, bringing the total to 60 A350s with an option for 40 more.
American labour unions are resisting Artificial Intelligence. They want transparency and legal protection for workers. Unions fear job losses due to AI automation. Some unions have secured AI usage agreements. A lawsuit against Google and Character.AI is proceeding in the US. It alleges an AI chatbot's role in a teenager's suicide. This raises concerns about AI accountability.
The Mumbai consumer commission has directed Flynas, a Saudi-based budget airline, to compensate a passenger Rs 1.25 lakh for losing her baggage during a trip from Istanbul to Mumbai via Riyadh. The commission criticized the airline's lack of effort in tracing the lost bag and failure to attend the hearing, deeming their conduct as "mala fide negligence."
TotalEnergies will back Adani Green's expansion, despite previous reservations, as announced by CEO Patrick Pouyanne after meeting with Minister Piyush Goyal. TotalEnergies has already invested $5 billion in India and aims to expand its energy business, particularly through US exports.
India's Ministry of Heavy Industries has launched the “Scheme to Promote Manufacturing of Electric Passenger Cars in India” (SPMEPCI) to attract EV manufacturing investments. The scheme offers reduced customs duties on imported EVs for approved applicants who meet minimum investment and localization targets.
OpenAI has broadened its AI for Impact Accelerator in India, granting $150,000 in technical assistance to 11 nonprofits. These organizations are developing AI tools for healthcare, education, and agriculture. The program, aligned with IndiaAI Mission, aims to democratize AI access and address socio-economic challenges, with plans for further expansion and initiatives in the region.
WestBridge Capital divested a 12.4% stake in Aptus Value Housing Finance for Rs 1,906 crore through an open market transaction via WestBridge Crossover Fund LLC. The sale reduced WestBridge Capital’s holding to 16.19%. SBI Mutual Fund, Axis Mutual Fund, Morgan Stanley Asia Singapore, and Eastbridge Group collectively acquired a 3.35% stake for Rs 514.64 crore. Aptus Value Housing Finance shares closed 9.
India's top oil suppliers, including Saudi Arabia, Russia, Iraq, and the UAE, have boosted production, directing most of the additional output to India, raising their collective market share to 78%. This surge, exceeding OPEC+'s planned increase, has led to competitive pricing, particularly from Saudi Arabia, impacting global crude prices and intensifying competition for India's growing market.
The OECD projects India's economy to expand by 6.3% in 2025-26 and 6.4% in 2026-27, remaining the fastest-growing G20 economy despite global uncertainties. While private consumption and investment are expected to remain strong, export growth may moderate due to weaker global demand and trade policy uncertainty.
Indian equities experienced a significant surge in May, propelled by strong performances in defence stocks and microcaps. The Nifty 50 rose by 1.71%, while the Nifty Microcap 250 soared by 12.10%. Investor optimism was further fueled in June by a surprise rate cut from the RBI, boosting rate-sensitive sectors.