Business

Budget Revision Proposal Under Active Review by Public Investment Board Numaligarh, Assam, February 24: The cost of the three-fold capacity expansion of Numaligarh Refinery Ltd, the largest refinery in the Northeast, is likely to increase by nearly Rs 5,900 crore, taking the overall project outlay to around Rs 34,000 crore, according to company officials.The company has submitted a proposal to the government seeking approval to revise the budget of the Numaligarh Refinery Expansion Project from Rs 28,026 crore to Rs 33,901 crore. The proposal is currently under active consideration by the Public Investment Board.The expansion, being executed as a brownfield project, is a significant step in strengthening refining capacity in the...

Funding Package Targets Low-Income Households and Underserved States The Asian Development Bank on Tuesday signed a senior secured debt financing package of up to USD 108 million, approximately INR 983 crore, with Aavas Financiers Limited to expand access to affordable housing loans and business credit in underserved regions of India.The financing aims to support low-income households seeking home loans and micro, small, and medium-sized enterprises requiring capital to grow operations. The initiative is designed to strengthen formal credit access in lagging states and improve financial inclusion.Concessional Financing Through CANPA The package includes concessional debt financing of USD 8 million in Indian rupee equivalent through...

India’s retail lending portfolio expanded sharply in the third quarter of FY26, reaching ₹162.7 lakh crore, marking an 18.1 per cent year on year growth, according to a report released on Tuesday by CRIF High Mark.The report shows that the retail credit ecosystem continues to deepen, supported by rising originations, improved asset quality, and broader participation across geographies and borrower segments. Active loan accounts stood at 690 million during the quarter, reflecting sustained credit demand.Asset Quality Strengthens as Portfolio at Risk Declines The improvement in asset quality was visible in the Portfolio at Risk metric. Loans overdue between 31 to 180 days declined to 3.1 per cent in Q3 FY26, compared with 3.6 per cent...

5.5 Crore Smart Meters Installed Under ₹3.03 Lakh Crore RDSS New Delhi, February 24: India has installed nearly 5.5 crore smart electricity meters under the Revamped Distribution Sector Scheme, marking a significant milestone in the country’s push to digitize power distribution and modernize DISCOM operations.Union Minister Shripad Yesso Naik said the large-scale rollout is part of a broader reform strategy aimed at improving operational efficiency and financial sustainability across distribution companies.Launched in 2023, the Revamped Distribution Sector Scheme carries an outlay of Rs 3,03,758 crore for a five-year period from FY 2021-22 to FY 2025-26. The scheme focuses on reducing Aggregate Technical and Commercial losses...

Submarine cable systems, the backbone of the global digital economy, are facing mounting pressure from natural disasters, geopolitical tensions and surging data demand, according to Anil Kumar Lahoti, Chairman of Telecom Regulatory Authority of India.Addressing a conference on Subsea Cables and Digital Cloud Infrastructure organized by Broadband India Forum in New Delhi on Tuesday, Lahoti called for a multi-pronged strategy that blends technical innovation, operational resilience and policy reforms to safeguard critical digital infrastructure.Submarine Cables: Backbone of the AI-Driven Digital Economy Describing submarine cable systems as central to the digital economy in the age of Artificial Intelligence, Lahoti emphasized that up...

Corporate Travel Emerges as Key Growth Driver for MakeMyTrip New Delhi, February 24: MakeMyTrip on Tuesday announced that its corporate travel segment has crossed USD 1 billion in gross bookings in 2025, marking a significant milestone for the Nasdaq-listed travel services provider.The company said gross bookings across its corporate platforms, Quest2Travel, MyBiz, and Happay, exceeded the USD 1 billion mark during the year. The segment now contributes more than 10 per cent to the company’s overall bookings, reinforcing its position as a key growth driver within the broader business.Strong Enterprise and SME Client Base Headquartered in Gurugram, MakeMyTrip currently serves a corporate client base of 500 large enterprises. This...

New Delhi, February 24: LAT Aerospace, founded by Deepinder Goyal and former Zomato COO Surobhi Das, has acquired Gurugram-based defence robotics startup Sharang Shakti, marking its formal entry into indigenous defence capability development.The acquisition is aimed at building shared in-house technology across sensing, autonomy, navigation, guidance, and control systems, which the company intends to deploy across both defence and civilian aviation platforms over time.First Strategic Move Into Defence Announcing the development on X, Goyal described the acquisition as LAT Aerospace’s first concrete step toward developing indigenous defence capabilities alongside its longer-term civil aviation ambitions.“LAT Aerospace has acquired...

‘SANKALP’ Theme Drives Third Budget of Vishnu Deo Sai Government Raipur, February 24: Chhattisgarh Finance Minister OP Choudhary on Tuesday presented a Rs 1.72 lakh crore annual budget for the financial year 2026-27 in the state assembly, outlining a roadmap centered on inclusive growth, faster infrastructure development, and enhanced investment activity.This is the third budget of the Vishnu Deo Sai government. While the first budget was framed around the theme ‘GYAN’ covering Poor, Youth, Food and Women, and last year’s budget was based on ‘GATI’ focusing on Good Governance, Accelerating Infrastructure, Technology and Industrial Growth, the 2026-27 budget has been introduced under the theme ‘SANKALP’.According to the Finance...

New Delhi, February 24: The government has appointed Nidhi Chhibber as the additional charge Chief Executive Officer of NITI Aayog following the completion of BVR Subrahmanyam’s three year term on Tuesday.Chhibber currently serves as Director General of the Development Monitoring and Evaluation Office under NITI Aayog. She will assume the additional responsibility after Subrahmanyam concluded his tenure as CEO.Nidhi Chhibber’s Administrative Background A 1994 batch IAS officer from the Chhattisgarh cadre, Chhibber has held several key administrative positions during her career.At present, she leads the Development Monitoring and Evaluation Office, where she oversees the monitoring and evaluation of major central government schemes...

Amaravati, February 24: In a major boost to renewable energy capacity and investment activity, the Government of Andhra Pradesh has approved the development of a 200 MW solar power park by Yashaswa Power LLP, a group company of Clean Max Enviro Energy Solutions Pvt Ltd, which is currently launching a ₹3,100 crore initial public offering on the main board.₹1,200 Crore Investment to Power Sri Sathya Sai District The project involves an investment of ₹1,200 crore and will establish a 200 MW AC and 300 MWp DC solar park across Beechiganipalle and adjoining villages in Parigi Mandal of Sri Sathya Sai district.Spread over nearly 1,200 acres of predominantly private land, the facility is designed to generate approximately 445 million units...

Mumbai, February 24: The Maharashtra government on Tuesday presented supplementary demands amounting to ₹11,995.33 crore in the state legislative assembly, with a significant allocation directed towards energy, labour, industries, and mining sectors.Chief Minister Devendra Fadnavis, who also holds the finance portfolio, tabled the supplementary budgetary demands on the second day of the ongoing Budget session. The state’s annual Budget for 2026-27 is scheduled to be presented on March 6.What the Supplementary Demand Covers A supplementary demand refers to an additional budgetary grant sought by the government during a financial year. It is presented over and above the approved annual budget to address unforeseen, additional, or new...

New Delhi, February 24: The government on Tuesday clarified that the recently reduced rates and value caps under the Remission of Duties and Taxes on Exported Products scheme do not apply to agricultural and processed food exports.The clarification comes a day after duty benefit rates under the RoDTEP scheme were halved with immediate effect, triggering concern across the exporting community. Industry representatives had expressed disappointment and urged a reconsideration of the decision.DGFT Notification Exempts ITC HS Chapters 01 to 24 In a notification issued under Notification No 60 dated February 23, 2026, the Directorate General of Foreign Trade stated that the reduced RoDTEP rates and value caps are not applicable to export...

Domestic Macroeconomic Stability Lifts MSME Sentiment Despite Global Risks New Delhi, February 24: The year-on-year analysis of the MSME Business Confidence Index for the October-December 2025 quarter shows a clear improvement at both composite and sectoral levels, even as global risks persist. According to the latest outlook survey released by the Small Industries Development Bank of India, the domestic macroeconomic environment has played a decisive role in strengthening business sentiment.The survey indicates that the availability of working capital finance and overall finance recorded the strongest gains over the past year. Sales performance and the broader business environment also improved, pointing to resilient demand...

Major Investment Boost During Singapore Visit Singapore/Lucknow, February 24: The Uttar Pradesh government has signed a memorandum of understanding with Air India SATS Airport Services Pvt Ltd to invest ₹4,458 crore in two major aviation service projects at the upcoming Noida International Airport.The agreement was formalised on Sunday during Chief Minister Yogi Adityanath’s ongoing visit to Singapore. Officials said the deal marks a key investment outcome on the second day of the tour, which is focused on attracting global capital to Uttar Pradesh.Advanced Cargo Campus to Position Jewar as Logistics Hub Under the MoU, AISATS will develop an advanced cargo campus at the airport in Jewar, located in Gautam Buddh Nagar district...

Salary Growth in India Set to Edge Higher in 2026 Salaries in India are projected to rise by 9.1 per cent in 2026, slightly higher than the 8.9 per cent growth recorded in 2025, according to a report released on Tuesday by Aon plc. The findings point to a steady compensation outlook as organizations recalibrate talent strategies amid regulatory and market shifts.The report indicates that salary increases will vary across industries, with certain sectors expected to outpace the national average.Real Estate, Infrastructure and NBFCs to See Strongest Salary Hikes The real estate or infrastructure sector is projected to offer the highest salary growth at 10.2 per cent, followed closely by non banking financial companies at 10.1 per...

Lucknow, February 24: Uttar Pradesh Chief Minister Yogi Adityanath held a substantive meeting with Singapore’s Minister for Manpower and Minister in-charge of Energy and Science and Technology, Dr. Tan See Leng, along with Mr. Kong Wy Mun, Chief Executive Officer of Singapore Cooperation Enterprise, to deepen collaboration between the two sides.During the engagement, the Chief Minister witnessed the signing of a Memorandum of Understanding between Invest UP and Singapore Cooperation Enterprise. The agreement establishes a strategic partnership aimed at strengthening institutional capacity and enhancing policy frameworks in Uttar Pradesh.Strategic Partnership for Capacity Building and Policy Development The MoU focuses on...

IBM Stock Sees Sharpest Drop Since 2000 Shares of IBM recorded their steepest single-day decline in more than 25 years on February 24, after fresh concerns emerged over how artificial intelligence could disrupt one of the company’s most stable revenue streams.The stock tumbled 13.2 per cent to close at $223.35, marking its biggest one-day fall since October 18, 2000. The sharp correction comes as investors reassess the long-term impact of AI on enterprise software and IT services businesses.So far this year, IBM shares have declined approximately 25 per cent, reflecting mounting uncertainty over how quickly AI-driven automation could reshape traditional IT models.Anthropic’s AI Tool Sparks Sell-Off The latest sell-off was...

FY26 Revenue Growth Accelerates to 6.1 Percent Mumbai, February 24: The Indian technology industry is projected to reach USD 315 billion in revenue in FY26, reflecting a growth rate of 6.1 percent, according to industry body Nasscom.The growth marks a marginal acceleration compared to FY25, when revenues rose by 5.9 percent. Nasscom also revised its FY25 revenue estimate upward to USD 297 billion from the earlier projection of USD 282.6 billion.Despite prevailing challenges, the industry is expected to sustain steady momentum into FY26, supported by expanding digital adoption and emerging technology demand.Tech Sector Remains a Net Job Creator Nasscom President Rajesh Nambiar stated that the Indian tech industry continues to...

₹556 Crore, Including Interest, Returned Within 24 Hours Chandigarh, February 24: Haryana Chief Minister Nayab Singh Saini informed the Assembly on Tuesday that the entire amount involved in the fraud linked to state government accounts at the IDFC First Bank branch in Chandigarh has been fully recovered and credited back to the government.Addressing the House, the Chief Minister stated that a total of ₹556 crore, including ₹22 crore as interest, was returned to the government account within 24 hours.He also revealed that the involvement of four to five employees of the bank’s Chandigarh branch has come to light.“No one, whether a bank employee, a private individual, or a government official, will be spared in this case,” Saini...

Zinc Prices Gain Rs 2.80 in March Contracts New Delhi, February 24: Zinc prices moved higher in futures trading on Tuesday, with the March contract rising by Rs 2.80 to settle at Rs 329 per kg on the Multi Commodity Exchange.The uptick reflects a measured recovery in zinc futures, even as traders maintained a cautious stance due to the absence of fresh market-moving triggers.MCX Zinc Futures See Moderate Activity On the Multi Commodity Exchange, zinc contracts for March delivery advanced Rs 2.80, marking a gain of 0.86 percent to reach Rs 329 per kg. The contract recorded a trading volume of 3,728 lots during the session.The movement in zinc futures indicates selective participation, with traders showing interest at lower price...