Business

Equity Threshold Raised to ₹7,500 Crore Per Subsidiary New Delhi, February 24: The Union Cabinet on Tuesday approved a proposal to raise the equity investment threshold for Power Grid Corporation of India Limited from ₹5,000 crore to ₹7,500 crore per subsidiary. The move is aimed at enabling the state-owned transmission major to participate in capital-intensive power transmission projects.The decision was cleared by the Cabinet Committee on Economic Affairs at its first meeting held at the Prime Minister’s new office, Seva Teerth, under the chairmanship of Narendra Modi.Enhanced Delegation Under Maharatna Guidelines Briefing reporters after the meeting, Information and Broadcasting Minister Ashwini Vaishnaw said the CCEA approved...

500 MW Solar Module Supply Order Awarded by Domestic IPP Waaree Energies Ltd announced on Monday that it has secured an order to supply 500 MW of solar modules from a reputed domestic solar power developer engaged in the business of an Independent Power Producer.In a regulatory filing dated February 23, 2026, the company stated that it received the order for the supply of 500 MW of solar modules from a reputable customer operating as a solar power developer and IPP.The contract is a one time order for the financial year 2026 to 27. Waaree Energies will supply the entire 500 MW capacity within the timeline specified in the agreement. The order has been awarded by a domestic entity.The development further strengthens the company’s...

Kolkata-Based Realty Major Diversifies into Value Fashion Segment Kolkata, February 24: Kolkata-based real estate group Srijan Group on Tuesday announced its foray into organized fashion retail, marking a strategic diversification into India’s rapidly expanding consumer segment.The group is launching its new retail brand, “Srijan Style,” with a committed investment of over ₹500 crore over the next three to four years. The entire capital outlay will be funded through internal accruals, according to Srijan Realty Director Keshav Agarwal.Phased Expansion Plan Targets 50 Stores by FY27 Under a structured rollout strategy, the company plans to open 10 stores in the first quarter of operations. The expansion roadmap aims to scale up to 50...

AI to Form Foundation of India’s Growth by 2047 New Delhi, February 24: India is rapidly strengthening its position in the field of artificial intelligence, with experts asserting that AI will be central to the country’s ambition of becoming a developed nation by 2047.Speaking about the India AI Impact Summit 2026 held in the national capital last week, Binay Kumar Singh, Director of the Dr. Syama Prasad Mookerjee Research Foundation, said that as India approaches 100 years of Independence in 2047, artificial intelligence will serve as a strong foundation for shaping the nation’s future.He emphasized that modern technology, particularly AI, cannot be overlooked in the development journey. According to him, the summit demonstrated...

Major Boost to Aviation Infrastructure in Kashmir Valley New Delhi, February 24: The Union Cabinet on Tuesday approved the expansion of the civil enclave at Srinagar International Airport at an estimated cost of Rs 1,677 crore, marking a significant step towards strengthening aviation infrastructure and regional connectivity in the Kashmir Valley.The decision was taken by the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, and was announced by Information and Broadcasting Minister Ashwini Vaishnaw during a media briefing in the national capital.Notably, this was the first Cabinet meeting held at the Prime Minister’s new office, Seva Teerth.Project Scope: New Terminal, Expanded Apron and Parking...

₹275 Increase in MSP Aims to Ensure 61.8% Return Over Production Cost New Delhi, February 24: The Union Cabinet on Tuesday approved an increase in the Minimum Support Price for raw jute by ₹275 to ₹5,925 per quintal for the 2026-27 marketing season.The decision was taken by the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, during its first meeting held at the Prime Minister’s new office, Seva Teerth.The revised MSP is designed to ensure a return of 61.8 per cent over the all-India weighted average cost of production.MSP Fixed at 1.5 Times Production Cost Benchmark Addressing reporters after the meeting, Information and Broadcasting Minister Ashwini Vaishnaw said that the MSP for raw jute for the...

Mumbai, February 24: India’s benchmark equity indices closed sharply lower on Tuesday, logging their steepest decline in four sessions as heavy selling in banking, infrastructure and information technology stocks weighed on sentiment. Fresh concerns over United States trade policy unsettled global markets and dampened investor confidence.The 50 share Nifty ended at 25,424.65, down 288.35 points or 1.12 per cent. The Sensex settled at 82,225.92, falling 1,068.74 points or 1.28 per cent.US Tariff Concerns Trigger Risk Aversion Market sentiment remained under pressure after US President Donald Trump threatened to impose new tariffs, raising fears of renewed trade tensions.Over the weekend, Trump announced temporary global tariffs of...

Indian Rupee Closes 6 Paise Lower Amid Trade Uncertainty and Weak Equities Mumbai, February 24: The Indian rupee traded in a tight band on Tuesday before closing 6 paise lower at 90.95 against the US dollar on a provisional basis, pressured by a firm greenback and rising global crude oil prices.The local currency opened at 90.91 in the interbank foreign exchange market and moved within a narrow range of 90.91 to 90.97 during the session. It finally settled at 90.95, down from its previous close of 90.89 on Monday, when it had gained 5 paise.RBI Intervention Suspected as Rupee Holds Above 91 Mark Market participants indicated that possible intervention by the Reserve Bank of India helped contain sharp volatility. Traders suggested...

New Terminal at Srinagar Airport to Handle 10 Million Passengers Annually New Delhi, February 24: The Cabinet Committee on Economic Affairs has approved the development of a civil enclave at Srinagar Airport, with an estimated project cost of Rs 1,677 crore.The project will cover a total area of 73.18 acres, with the new terminal building set to be constructed over 71,500 square meters, according to an official release.Capacity to Manage 2,900 Peak Hour Passengers Announcing the decision after the Cabinet meeting in the national capital, Information and Broadcasting Minister Ashwini Vaishnaw confirmed the approval of the project.The upcoming terminal building will be designed to handle 2,900 passengers during peak hours. On an...

India’s aviation industry is poised for a significant financial turnaround in 2026-27, with net losses expected to shrink by nearly one-third as passenger traffic regains momentum, according to a report released on Tuesday by ICRA.Net Losses Seen Declining to Rs 110-120 Billion in FY27 The report projects that the industry’s net losses will decline to Rs 110-120 billion in 2026-27, compared with the current estimated losses of Rs 170-180 billion. The improvement is expected to be supported by a recovery in domestic air travel demand and a gradual stabilisation in the operating environment.Domestic passenger traffic is forecast to grow by 6-8 per cent in 2026-27, reaching an estimated 175-179 million passengers. This marks a return...

Engagement with Singapore Deputy Prime Minister Gan Kim Yong Uttar Pradesh Chief Minister Yogi Adityanath held a high-level interaction with Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry of Singapore, during his official engagement.The discussions focused on strengthening institutional cooperation between Uttar Pradesh and Singapore, with emphasis on enhancing investor confidence and expanding collaboration across trade and infrastructure sectors. Both sides exchanged views on creating a more structured and forward-looking engagement framework aimed at accelerating bilateral economic ties.Dialogue with Coordinating Minister for National Security K. Shanmugam The Chief Minister also met K. Shanmugam...

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...