Wipro is investing $200 million in its venture arm, Wipro Ventures, to boost its portfolio by supporting early to mid-stage startups. The investment aims to foster technological innovation and collaboration globally, driving progress and creating value for all stakeholders in sectors like financial services, healthcare, energy, and manufacturing.
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India's manufacturing sector saw its slowest growth in December 2024, with the PMI at 56.4 due to softer increases in factory orders and production. Despite this, buying levels and employment continued to expand. Manufacturers remained optimistic about 2025, although concerns about inflation and competitive pressures tempered their outlook.
The Centre is preparing a 23-point template for reforms and deregulation to simplify business operations, focusing on areas like land, labor, utilities, and permits. A taskforce led by cabinet secretary TV Somanathan is considering single window clearance, reducing inspections, and extending permit validity. Proposed changes aim to ease land use regulations, flexible labor laws, and better working conditions for women.
Niti Aayog CEO BVR Subrahmanyam emphasized that India must reduce tariffs for its own benefit, regardless of external pressures. He highlighted the need for India to prioritize openness to global markets and finalize trade agreements with major economies like the EU and UK. Deregulation at both central and state levels is also crucial for integrating into global supply chains.
Union finance minister Nirmala Sitharaman's eighth budget speech highlights agriculture as a growth engine, launching various initiatives like the Prime Minister Dhan-Dhaanya Krishi Yojana and missions for pulses and cotton self-sufficiency. Despite this, the budget's focus on incremental changes and reduced agriculture allocation raises concerns about addressing deeper sectoral challenges.
The IRS has started the 2025 tax filing season, advising early submission due to potential processing delays from staffing adjustments. Refund processing timelines include 21 days for electronic and eight weeks for paper filings, with the 'Where's My Refund' tool providing status updates.
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.
Nokia has settled a patent dispute with Amazon over video technologies used in Amazon's streaming services and devices. The settlement resolves all ongoing litigation between the two companies. Nokia had accused Amazon of violating its patents for video compression and content delivery in October 2023. Details of the settlement remain confidential.
Tata Group plans to create over 500,000 manufacturing jobs in the next five years through investments in factories and projects producing batteries, semiconductors, electric vehicles, and more. New plants are being constructed in various Indian states, boosting employment and highlighting significant opportunities in AI and the manufacturing sector.
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.
The Confederation of Indian Industry (CII) urges the government to streamline regulatory approvals through a national single window system, integrate all central ministries, and simplify frameworks to boost ease of doing business. Key proposals include time-bound approvals, faster dispute resolution, and improved land access.