Business

New Delhi, February 23: Nearly 70 per cent of jobs in India are now based outside major metropolitan areas, with Tier-3 cities emerging as the largest employment hubs, according to a new report released on Monday by staffing firm Quess Corp.The study highlights a significant decentralization of employment, with Tier-3 cities accounting for 40 per cent of total jobs and Tier-2 cities contributing 29 per cent. In comparison, Tier-1 metropolitan cities account for 31 per cent of employment.Tier-3 and Tier-2 Cities Drive Workforce Expansion The report indicates that employment growth is increasingly concentrated in rapidly expanding urban centers such as Coimbatore, Indore, Surat, Vadodara, Noida, and Lucknow. These cities are...

New Delhi, February 23HFCL Ltd has joined a research consortium funded by the Department of Telecommunications and led by Indian Institute of Technology Delhi to advance hollow core fiber technology for next generation communication networks.The initiative focuses on developing cutting edge hollow core fiber solutions that can power future ready telecom and digital infrastructure, including 6G and quantum communication systems.Focus on Hollow Core Fiber Technology Hollow core fiber is a new class of optical fiber designed to significantly reduce latency and energy consumption compared to conventional fiber. Unlike traditional optical fibers that guide light through solid glass cores, hollow core fiber enables light to travel...

Bright Smiles, Bright Futures Program to Strengthen Preventive Oral Care in Schools Chandigarh, February 23: Colgate-Palmolive (India) Limited has partnered with the Haryana government to roll out a large-scale oral health education initiative aimed at benefiting 57 million school children across the state.The initiative will be implemented under the company’s flagship Bright Smiles, Bright Futures (BSBF) program, which currently reaches more than 10 million children annually across different states in India.Focus on Preventive Oral Hygiene and Structured Learning Haryana Chief Minister Nayab Singh Saini stated that the collaboration is expected to promote preventive oral hygiene practices among students and contribute to their...

DGFT Caps RoDTEP Rates at 50% With Immediate Effect New Delhi, February 23: The government has reduced the rate of duty benefits under the Remission of Duties and Taxes on Exported Products scheme, commonly known as RoDTEP, by half with immediate effect. The move has triggered concern across the exporting community, which has urged authorities to review the decision.In a notification issued on Monday, the Directorate General of Foreign Trade announced that RoDTEP benefits will now be restricted to 50 per cent of the notified rates and value caps. The revised rates come into force immediately.Refunds under the RoDTEP scheme currently range from 0.3 per cent to 3.9 per cent. With the latest revision, exporters will receive only half...

New Delhi, February 23: Union Commerce and Industry Minister Piyush Goyal on Monday underscored that quality must become the defining pillar of India’s manufacturing and export ecosystem if the country is to achieve its long-term economic aspirations.Addressing the first National Quality Conclave virtually, organized by the Department for Promotion of Industry and Internal Trade in partnership with the Quality Council of India, the minister called for a unified national commitment to excellence across sectors.“Zero Defect, Zero Effect” to Guide India’s Growth in Amrit Kaal Goyal emphasized that Prime Minister Narendra Modi’s vision of “zero defect, zero effect” should steer India’s economic journey during the Amrit Kaal and support...

Finance Minister Flags Regulatory Gaps and Customer Harm Finance Minister Nirmala Sitharaman on Monday sharply criticized banks for mis-selling financial products, particularly insurance, and urged them to concentrate on their core banking functions.Nirmala Sitharaman said banks are devoting excessive time to selling insurance products that customers may not require, highlighting how such practices have fallen between regulatory jurisdictions.“Banks should concentrate on their core business. My main concern has always been that you are spending more time on selling insurance when it is not required, and conveniently, it fell between the RBI and Irdai,” she told reporters after her customary post-Budget address to the Central Board...

New Delhi, February 23Drug maker Lupin on Monday announced that it has received approval from the European Commission for its biosimilar Ranluspec, used in the treatment of several serious eye conditions.The approval follows a recent positive opinion from the Committee for Medicinal Products for Human Use, clearing the way for commercialization across the European Union.Ranluspec Approved for Multiple Retinal Conditions Ranluspec is a biosimilar version of ranibizumab and is indicated for the treatment of:Neovascular or wet age-related macular degeneration Macular edema following retinal vein occlusion Diabetic macular edema Proliferative diabetic retinopathy Choroidal neovascularizationThe approval strengthens Lupin’s...

Strategic Alliance to Strengthen Data Residency and Regulatory Compliance Mumbai, February 23: Larsen & Toubro-Vyoma, the digital infrastructure and sovereign cloud business of the L&T Group, has entered into a strategic partnership with Lexlegis.ai to deploy its Legal AI platform on a sovereign cloud infrastructure in India.The collaboration aims to combine L&T-Vyoma’s sovereign, AI-ready cloud environment with Lexlegis.ai’s legal intelligence capabilities, creating a secure and compliant technology solution for enterprises and institutions that manage sensitive legal and regulatory data.Legal AI to Be Hosted on Sovereign Cloud Lexlegis.ai is a legal intelligence platform built on judgment-led artificial intelligence, offering...

1,250 Manufacturing Sites Inspected Under Risk Based Framework Mumbai, February 23: The Central Drugs Standard Control Organisation has completed audits of more than 90 per cent of cough syrup manufacturers across the country, as part of an intensified quality compliance drive. A senior official said the regulator expects to resolve existing manufacturing concerns by the next production season.Speaking at the 11th Global Pharmaceutical Quality Summit in Mumbai, Drugs Controller General of India Sanjiv Singh Raghuvanshi confirmed that the inspections covered nearly the entire segment of cough syrup producers operating in India.1,300 Manufacturers Identified, Majority Audited According to Raghuvanshi, there are over 1,300...

Mumbai, February 23: Indian equity benchmarks ended higher on Monday, with the 30 share BSE Sensex and the 50 share NSE Nifty posting solid gains amid improved global cues. The rally was largely driven by strength in PSU banks, auto, and financial stocks after the US Supreme Court ruled against the Trump administration’s reciprocal tariff policy, lifting investor sentiment.Sensex and Nifty Close Firm After Intraday Surge The 30 share BSE Sensex advanced 479.95 points, or 0.58 percent, to settle at 83,294.66. During the session, the index climbed as much as 671.44 points, or 0.81 percent, to touch an intraday high of 83,486.15.Market breadth, however, remained negative on the BSE, where 2,435 stocks declined, 1,894 advanced, and 168...

Wins Package 1 Contract from Himachal Pradesh Power Corporation New Delhi, February 23: Patel Engineering Ltd has been declared the lowest bidder by Himachal Pradesh Power Corporation Ltd for the development of Package 1 of the Renuka Ji Dam project in Himachal Pradesh. The contract is valued at ₹910.08 crore, including GST.The project is located in the village of Dadahu in the Sirmaur district of the state. According to the company, the construction work is scheduled to be completed within 30 months.Scope of Work: Construction of Three Major Diversion Tunnels Under Package 1, Patel Engineering will undertake the construction of three diversion tunnels. Each tunnel will have a diameter of 9.5 meters.The lengths of the tunnels are...

Hyderabad, February 23: Olectra Greentech Ltd on Monday announced that it has received a Letter of Intent from Telangana State Road Transport Corporation for the supply of 1,085 electric buses under the PM E-DRIVE initiative. The order has been awarded through Evey Trans Pvt Ltd.The deployment of these electric buses in Hyderabad is expected to further strengthen the city’s clean, efficient and sustainable public transport ecosystem.Major Boost for Electric Mobility in Hyderabad The large-scale procurement marks a significant step in expanding electric public transportation in Telangana’s capital. The buses will operate across Hyderabad, reinforcing the state’s push towards greener mobility solutions under the PM E-DRIVE programme...

Coaching Institute Accused of Misrepresenting UPSC Civil Services Results New Delhi, February 23: The Central Consumer Protection Authority has imposed a penalty of ₹15 lakh on Delhi based Vajirao and Reddy Institute for publishing misleading advertisements related to the UPSC Civil Services Examination 2023 results.The action follows findings that the institute claimed credit for candidates who cleared the examination, even though many of them had enrolled only for mock interview sessions and not for comprehensive preparation across all stages.Claims of 645 Selections Under Scrutiny Shortly after the UPSC CSE 2023 results were declared on April 16, 2024, the institute stated on its official website that it had secured over 645...

Gold Imports Rise to USD 50 Billion in April to December New Delhi, February 23: Finance Minister Nirmala Sitharaman on Monday said that the recent surge in gold prices is largely driven by significant purchases by central banks across the world. She added that while India’s gold imports are being closely monitored by the government and the Reserve Bank of India, they have not reached alarming levels.During the April to December period last year, India’s gold imports in value terms rose by around USD 1 billion on an annual basis, touching USD 50 billion. The country remains a net importer of gold to meet domestic demand, both for investment and jewellery purposes.Sudden January Spike Under Analysis Reserve Bank of India Governor...

Torrent Group Expands into Healthcare Diagnostics with Reference-Led Model New Delhi, February 23: Torrent Group on Monday announced its formal entry into the diagnostics sector, marking a significant diversification move by the Gujarat-based conglomerate.The group has commenced operations of what it describes as the country’s largest National Reference Laboratory in Navi Mumbai. The launch signals the beginning of its diagnostic services business, structured around a reference-led operational model.1 Lakh Sq Ft National Reference Laboratory Operational in Navi Mumbai The newly inaugurated National Reference Laboratory spans over 1 lakh square feet and is designed to support 15 diagnostic disciplines. It offers more than 3,500 test...

New Delhi, February 23Auto component major Samvardhana Motherson International has commissioned a new manufacturing facility in Sanand, Gujarat, dedicated to producing exterior lighting systems for the automotive segment.The newly operational plant has been established as a joint venture with Marelli and will exclusively manufacture advanced exterior lighting systems, marking a strategic expansion of the group’s automotive component portfolio.Joint Venture with Marelli to Strengthen Automotive Capabilities The Sanand facility represents a focused investment aimed at enhancing the company’s technological and production capabilities in the fast-evolving automotive lighting space.“This strategic investment strengthens our ability...

Mumbai, February 23: Bharti Airtel on Monday announced plans to invest ₹20,000 crore over the next few years to scale up its digital lending operations through its Non Banking Financial Company subsidiary, Airtel Money Limited.The capital infusion signals a major push by the telecom major into India’s rapidly expanding financial services sector, as it seeks to address the country’s widening credit gap through technology driven lending.Investment Structure and Capital Allocation Under the proposed ₹20,000 crore investment plan, Bharti Airtel will contribute 70 per cent of the total capital. The remaining 30 per cent will be infused by the promoter group through Bharti Enterprises Limited.The phased investment is aimed at...

Mumbai, February 23: The Securities and Exchange Board of India has announced a comprehensive review of the regulatory framework governing Portfolio Management Services. SEBI Chairman Tuhin Kanta Pandey said the regulator will reassess the SEBI Portfolio Managers Regulations, 2020 to ensure they remain relevant and aligned with evolving market conditions.Speaking at an event at the National Institute of Securities Market near Mumbai, Pandey stated that the objective is to keep the framework effective, adaptable, and responsive to changing dynamics in the capital markets.SEBI PMS Regulations 2020 Under Review Pandey indicated that certain aspects of the six-year-old regulations require rationalisation. The proposed review follows...

Jyoti Structures Advances Power Infrastructure with 400 kV Line Energization in Ahmedabad New Delhi, February 23: Engineering firm Jyoti Structures has successfully energized key 400 kV transmission lines in Ahmedabad, marking a significant milestone in its ongoing power infrastructure project.According to the company, the transmission line connecting Torrent Power Grid Limited Pirana to Power Grid Corporation of India Limited Ahmedabad Circuit 1 was energized at 17:15:45 hours on February 19, 2026.Later the same day, the line from Power Grid Corporation of India Limited Pirana to Power Grid Corporation of India Limited Ahmedabad was energized at 19:20 hours.The company described the energization of these sections as a major step...

Managed Investments Industry Set to More Than Double by 2030 India’s managed investments industry is projected to expand sharply over the next five years, with assets under management expected to touch Rs 455 lakh crore by March 2030, according to a report released by Crisil Intelligence on Monday.The report estimates that total assets across mutual funds and alternative investment funds stood at Rs 212 lakh crore as of March 2025. This represented nearly 64 per cent of India’s GDP at the time.By March 2030, the industry’s asset base is projected to account for nearly 73 per cent of the country’s projected GDP, reflecting a structural deepening of capital markets and a steady financialization of household savings.Managed Funds...