Business

State Contributes 21% to India’s BioEconomy, Over 10% to GSDP Bengaluru, February 23: Karnataka’s BioEconomy is projected to reach USD 39.2 billion in 2025, marking a significant rise from previous years and reaffirming the state’s leadership in the biotechnology sector at the national level, according to an official report released on Monday.The Karnataka Innovation and Technology Society under the Department of Electronics, IT, Biotechnology and Science and Technology unveiled the Karnataka BioEconomy Report 2025 in collaboration with the Association of Biotechnology Led Enterprises. The report was released by IT Minister Priyank Kharge.According to the findings, Karnataka currently contributes around 21 per cent to India’s...

Odisha Positioned for Transformative Growth in Critical Minerals New Delhi, February 23: Odisha’s critical minerals sector is projected to expand sharply over the next seven years, with its total value expected to rise from USD 8 billion in 2025 to between USD 18 billion and USD 20 billion by 2032, according to a new study by the Net Zero Energy Transition Association.The projections were unveiled during the Global Cleantech Expo Odisha 2026, highlighting what industry stakeholders describe as a structural shift in the state’s mining and value addition ecosystem.Processing and Manufacturing to Gain Strategic Share The study outlines a significant transformation in Odisha’s mineral value chain. In 2025, mining accounts for 40 percent...

Economic Survey Projects Strong Growth Across Agriculture, Industry and Services Raipur, February 23: Chhattisgarh’s economy is projected to maintain steady momentum in the financial year 2025-26, with Gross State Domestic Product at constant prices estimated to grow by 8.11 percent, according to the state’s Economic Survey Report.The report was presented in the Assembly on Monday by State Planning, Economics and Statistics Department Minister OP Chaudhary.GSDP at Constant Prices to Reach Rs 3.58 Lakh Crore As per the advance estimates, the state’s GSDP at constant prices with base year 2011-12 is expected to rise to Rs 3,58,293 crore in 2025-26. This compares with Rs 3,31,402 crore recorded in FY25, reflecting an 8.11 percent...

From Back Offices to Strategic Powerhouses India’s Global Capability Centres, commonly known as GCCs, are undergoing a structural transformation from cost optimization hubs to global growth engines, marking a decisive shift in the country’s economic trajectory. A report published by The Hindu on Monday highlighted how these centres are now integral to corporate strategy, innovation, and intellectual property creation for multinational companies.Nearly 58 percent of GCCs in India are investing heavily in Agentic AI, systems capable of reasoning and executing complex tasks. The focus has moved beyond experimentation, with enterprises scaling AI deployment across core operations.Enterprise AI and Advanced R&D Take Center Stage Indian...

Women Emerge as Key Beneficiaries of Make in India Initiative Women have emerged as the biggest beneficiaries of the Make in India initiative, Union Minister Ashwini Vaishnaw said on Monday, highlighting the large-scale job creation and skill development driven by the manufacturing push.The IT Minister stated that the flagship programme has generated employment and provided training at an unprecedented scale, strengthening India’s manufacturing ecosystem across sectors.Apple Ecosystem Generates 10 Lakh Jobs, 70% Direct Workforce Women According to Vaishnaw, the Apple ecosystem alone has created at least 2.5 lakh direct jobs in India, with nearly 70 per cent of these positions filled by women. In addition to direct employment, the...

Regulatory Clearance Covers Full Biological Inputs Portfolio New Delhi, February 23 BioPrime AgriSolutions on Monday announced that it has received regulatory approval from the Union Ministry of Agriculture for its entire portfolio of biostimulant products, spanning 20 formulations.The approval has been granted by the INM Biostimulant Cell under the ministry and covers both foliar and granular applications. With this clearance, the Pune-based company joins a select group of firms in India that hold regulatory compliance for a broad range of biological agricultural inputs.The approved formulations include products based on humic and fulvic acids, seaweed, botanicals, and amino acids.Leadership Calls It a Strategic Milestone Chief...

Commerce Ministry Reviewing US Tariff Decision New Delhi, February 23: Union Finance Minister Nirmala Sitharaman said on Monday that it is too early to assess the impact of the recent tariff changes announced by the United States, noting that the commerce ministry is currently examining the developments.Her remarks follow renewed trade tensions after the US Supreme Court ruled against sweeping import tariffs imposed earlier by the administration of Donald Trump.Subsequently, President Trump announced a 10 per cent tariff on imports from all countries, including India, effective February 24 for a period of 150 days. A day later, he stated that the tariff would be raised to 15 per cent.When asked about the likely implications of...

Government Targets Higher Foreign Tourist Arrivals Through Airport Upgrade Colombo, February 23 Sri Lanka is moving ahead with plans to expand Jaffna International Airport as part of a broader effort to increase foreign tourist arrivals and strengthen economic activity in the Northern Province.Civil Aviation Minister Anura Karunathilake said the airport expansion is aimed at supporting larger passenger aircraft and improving services for visitors traveling to the northern region."Currently, only flights with limited seating capacity could land at Palaly. We hope to develop the runway to land bigger passenger flights," the minister said, outlining the government's vision to upgrade infrastructure at the airport.Runway Development...

30th Welcomhotel Launched Near Chandigarh International Airport Kolkata, February 23 ITC Hotels Limited on Monday announced the opening of a 113 room Welcomhotel in Mohali, Chandigarh, marking the brand’s 30th Welcomhotel property and expanding its footprint in the tricity region of Chandigarh, Panchkula, and Mohali.The new property is strategically located near Chandigarh International Airport and is being operated under a management contract. The hotel is positioned to cater to rising demand for premium hospitality services across both business and leisure segments in the region.Designed for Business and Leisure Guests The Welcomhotel in Mohali offers contemporary rooms and suites, along with multiple dining venues. The property...

New Delhi, February 23: Union Cooperation Minister Amit Shah on Monday said the newly launched cooperative ride hailing platform Bharat Taxi will ensure a minimum base rate per kilometer for drivers and return 80 per cent of profits to them, positioning the service as a worker owned alternative to existing aggregators.Addressing taxi and auto drivers from Delhi NCR and Gujarat during a 40 minute town hall, Shah said traditional ride hailing companies had avoided setting a minimum fare floor to maximize corporate profits, leaving drivers without income security."I asked all three companies whether they had set a minimum base rate for their drivers. They said no," Shah said. "We will not do this. Whatever business you do, your minimum...

Seoul, February 23: South Korean and Brazilian business leaders have proposed a new roadmap to deepen bilateral cooperation in advanced manufacturing, strategic minerals, agriculture, and lifestyle industries during a high-level business forum in Seoul.The proposals were presented at the Korea-Brazil Business Forum, organized on the occasion of Brazilian President Luiz Inacio Lula da Silva’s three-day state visit to South Korea. The event brought together leading industry representatives from both nations to explore expanded economic engagement.Business Leaders Call for Investment-Led Partnership The Federation of Korean Industries and the Brazilian Trade and Investment Promotion Agency jointly outlined measures aimed at...

Finance Minister Criticises Sale of Unnecessary Insurance Products by Banks New Delhi, February 23: Finance Minister Nirmala Sitharaman on Monday strongly criticised banks for mis-selling financial products, particularly insurance, and said such practices amount to a violation under the Bharatiya Nyaya Sanhita.Addressing reporters after her customary post-Budget interaction with the Central Board of the Reserve Bank of India, Sitharaman said banks must focus on their core responsibilities instead of aggressively selling non-banking products.She expressed concern that banks are devoting excessive time to selling insurance products, often when they are not required. According to her, this issue has persisted partly because it falls...

Merchant Payments Segment Emerges as Key Revenue Driver in Digital Ecosystem Merchant payments are increasingly becoming the most attractive segment within India’s digital payments landscape, with Paytm maintaining a clear edge in revenue intensity and profitability, according to a February 23 report by Bernstein.The brokerage highlighted that merchant acquiring offers structurally stronger monetization compared to consumer payments. This advantage is driven by higher take-rate instruments such as credit cards and online payment gateways, device-led revenue streams, and the ability to cross-sell credit products.In contrast, consumer payments, particularly peer-to-peer UPI transactions, continue to face monetization challenges. Take...

Three MoUs Signed with Universal Success Group on Day One of Singapore Visit Singapore/Lucknow, February 23: On the first day of his Singapore visit, Uttar Pradesh Chief Minister Yogi Adityanath secured three Memoranda of Understanding worth ₹6,650 crore with Universal Success Group, marking a significant push toward infrastructure expansion and employment generation in the state.According to officials, the proposed investments span group housing, a logistics park, and a hyperscale data centre. Together, these projects are expected to create more than 20,000 jobs while strengthening Uttar Pradesh’s industrial base and urban infrastructure.Focus on Policy Stability and Industrial Growth During his interactions with investors, the...

Foreign Media Hails New Delhi Event as Largest AI Summit to Date The India AI Impact Summit 2026, held in New Delhi last week, is being described by foreign media as the most significant artificial intelligence gathering ever hosted in the Global South and the largest AI summit in the world so far.An article published by South Africa’s Independent Online highlighted the event as a turning point in global AI discourse. It noted that this was the first global AI summit of its scale to be organised outside the traditional power centres of the Global North, following earlier events such as the UK AI Safety Summit, the AI Seoul Summit, and the France AI Action Summit.Democratizing AI and Bridging the Global Divide According to the...

Small-Cap Earnings Surge Outpaces Mid and Large Caps in Q3 FY26 Indian companies sustained strong earnings momentum in the third quarter of FY26, with small-cap firms emerging as the clear outperformers, according to a report released by Equirus Securities on Monday.Small-cap companies reported a robust 22% year-on-year rise in earnings, significantly ahead of mid-caps at 15% and large caps at 14%. The data points to a broad-based recovery in corporate profitability across market capitalisation segments, signalling that earnings growth is no longer confined to large companies.Revenue, EBITDA and PAT Beat Expectations Across companies under coverage, revenue expanded 10% year-on-year in Q3 FY26. Operating performance also...

Sri Lanka’s AI Future Linked to Regional Partnership New Delhi, February 23: Sri Lanka’s path to participating in the global artificial intelligence race lies in partnering with a fast-growing nation, with India emerging as the most viable option, according to an article published in the Colombo Telegraph.The article, authored by Dr. W.A. Wijewardena, argues that Sri Lanka is unlikely to align with the two dominant powers in the AI race, the United States and China. Instead, it suggests that Sri Lanka should strategically position itself alongside India, which is described as a rising force in artificial intelligence development.“India is rapidly developing its AI capabilities, and it is likely to become part of a three-member...

New Delhi, February 23: The Reserve Bank of India on Monday clarified that there is no systemic risk to the Indian banking system following the disclosure of a ₹590 crore fraud at the Chandigarh branch of IDFC First Bank. The central bank reiterated that it does not comment on individual banks or regulated entities but confirmed that it is closely monitoring the situation.RBI Monitoring Situation, No Broader Financial Stability Concern Speaking at a joint press conference after the meeting of the central board of directors in the national capital, RBI Governor Sanjay Malhotra addressed concerns surrounding the fraud.Responding to queries regarding the ₹590 crore fraud reported at IDFC First Bank, the governor stated that the...

IDFC First Bank Stock Crashes Following Fraud Revelation New Delhi, February 23: Shares of IDFC First Bank plunged by 20 percent on Monday after the lender disclosed a ₹590 crore fraud involving accounts linked to the Haryana government.The stock tumbled 19.99 percent to ₹66.85 on the BSE, hitting its lower circuit limit as investors reacted sharply to the development.The disclosure came a day after the bank informed exchanges that the fraud had been committed by its employees and others in accounts held by the Haryana government.Haryana Government De-Empanels Two Banks In response to the alleged fraudulent opening of accounts, the Haryana government de-empaneled both IDFC First Bank and AU Small Finance Bank from undertaking any...

The Hartford Launches Global Technology Centre in Hyderabad, Expands AI and Digital Capabilities Telangana IT Minister Inaugurates 160,000 Sq Ft Facility in Financial District Hyderabad, February 23: Telangana IT and Industries Minister D Sridhar Babu on Monday inaugurated the Global Technology Centre of US insurance major The Hartford in Hyderabad, marking the company’s formal entry into India.The 160,000 square feet facility is located in the Financial District of Hyderabad’s IT corridor and represents The Hartford’s first operational presence in the country.Centre to Scale Up to 1,200 Employees According to the state government, the centre is expected to expand to a headcount of nearly 1,200 over the coming years. The facility...