Author: NNI Editor

A woman at work in a semi-mechanised match manufacturing unit at Kovilpatti in Tuticorin district. | Photo Credit: RAJESH N One of the drivers of Viksit Bharat will be manufacturing. One of the pillars of Viksit Bharat is ‘nari (women)’. However, women are missing from the factory floors. The share of women in India’s formal manufacturing sector fell from 20.9% in 2015-16 to 18.9% in 2022-23 (1.57 million out of 8.34 million formal workers). What is even more striking is that of all the women working in manufacturing, Tamil Nadu alone is employing 41%.In informal manufacturing, women form 43% of…

Gensol Engineering’s promoters treated the listed company as a proprietary firm, diverting corporate funds to buy a high-end apartment in The Camellias, DLF Gurgaon, splurging on a luxury golf set, paying off credit cards, and transferring money to close relatives, SEBI revealed in its interim order. At the core of SEBI’s findings is an alarming pattern of fund diversion by Gensol’s promoters — Anmol Singh Jaggi and Puneet Singh Jaggi — pointing to governance failures within the company. At the heart of the controversy is the alleged misutilisation of term loans availed by Gensol Engineering Ltd (GEL) from IREDA and…

‘It is clear that the U.S. tariff initiative is only its opening gambit’ | Photo Credit: Getty Images/iStockphoto President Donald Trump’s announcement of reciprocal tariffs has come as a shock, though it is not a surprise. The new tariffs consist of two parts: the existing commodity-wise import tariff and an additional reciprocal country-wise common tariff for all goods. The resultant tariffs are country-wise as well as commodity-wise. The reciprocal tariffs announced are now on hold and limited to 10% for 90 days, except for China.Calculation of reciprocal tariffs The calculation of the reciprocal country-wise tariff is based on the following formula: U.S.…

Geneva-based World Trade Organization revised sharply its global merchandise trade volume growth forecast for 2025 on Wednesday – from a continued expansion it had expected when the year dawned – to a decline by 0.2%, amid fears over the U.S. tariff developments.The volume of world merchandise trade is expected to decline by 0.2% under current conditions, which would be nearly three percentage points lower than what would have been expected under a low tariff baseline scenario, it said. Trade could shrink even further, to 1.5% in 2025, if the situation deteriorates, it said in the Global Trade Outlook and Statistics…

Bangladesh has restricted import of yarn from India through its land ports through an order dated April 13.India exported cotton yarn worth $ 1.6 billion in 2024 and manmade fibre (MMF) yarn worth nearly $ 85 million. A substantial volume of yarn goes through land.On April 25, India rescinded its 2020 order that permitted transhipment of goods from Bangladesh through its Land Customs Stations to third countries, citing congestion at its ports.According to Siddhartha Rajagopal, Executive Director of Cotton Textiles Export Promotion Council, close to 32 % of yarn exported to Bangladesh is by land. The restrictions imposed on the…

Punjab National Bank (PNB), on the occasion of it’s 131st Foundation Day introduced 34 New Products to enhance digital services, inclusive banking and customer servicesSpeaking on the occasion, M. Nagaraju, Secretary, Department of Financial Services (DFS), commended PNB for its innovative product offerings, highlighting their significant contribution to deepening financial inclusion and enhancing customer experience. He also appreciated the bank’s proactive initiatives in promoting cyber awareness among citizens, reinforcing its commitment to secure and responsible banking.Ashok Chandra, MD & CEO, PNB, said, “PNB has been a cornerstone in India’s development, offering credit across every sector and ensuring financial inclusion throughout the nation. Our…

Spend management company Zaggle Prepaid Ocean Services on Wednesday said it has secured a third-party application provider approval from the National Payments Corporation of India (NPCI) that will enable it to offer UPI-based payment solutions directly through its platform. The TPAP license enables it to offer a comprehensive financial suite that combines payments, expense management, tax-saving tools and value-added financial services within a single interface. The platform will also offer a suite of embedded financial services, from discovery of credit line on UPI, personal loans and fixed deposits to mutual fund investments, Zaggle said in a release. Published – April 16,…

The Digital Lenders Association of India (DLAI) which was recently given approval as the Self Regulatory Organisation (SRO) of the fintech sector has announced the change of its name as the Unified Fintech Forum (UFF). “The name change reflects the diverse mix of its member institutions within a dynamic fintech environment,” the industry body said in a statement. UFF comprises around 120 members representing both regulated and unregulated firms engaged in digital financial services. UFF represents the larger fintech ecosystem, reflecting the sector’s expansion and integration, with the objective of fostering a more coherent and inclusive fintech landscape in India, it said.UFF has also announced…

Wipro on Wednesday reported a 26% year-on-year increase in Q4 net profit to ₹3,570 crore.Revenue grew 1% to ₹22,504 crore. IT services revenue slid 2.3% to $2,596.5 million.Wipro’s FY25 revenue slid 0.7% to ₹89,090 crore while net income for the year rose 19% to ₹13,140 crore.The company said its ‘large deal engine’ was working well and witnessed growth during the last 12-month period. The tech firm claimed it was seeing continuous momentum in large deals signing 63 large deals for the full year valued $5.4 billion, a 17.5% YoY growth with 17 large deals in Q4 alone with a value…

Agnishwar Jayaprakash, Founder and CEO, Garuda Aerospace with a drone. | Photo Credit: BIJOY GHOSH Garuda Aerospace, a drone start-up, said it has raised ₹100 crore in its Series B funding round from Venture Catalysts (VCAT), at a valuation of $250 million. The fresh funds are expected to enhance the company’s capabilities in producing drone systems. The funds will also be allocated to scaling up its current production facility and fast-tracking the completion of a cutting-edge R&D and testing centre dedicated to advanced defence drone design, the firm said.Agnishwar Jayaprakash, Founder and CEO, Garuda Aerospace, said, “This Series B funding will only…