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India's government presented its 2026 budget, featuring major spending on high-speed rail and domestic manufacturing initiatives. The budget also included an increased tax on derivatives trading, which contributed to a sharp fall in Indian stock markets. Shares of major Indian IT companies like Infosys and TCS fell sharply in a separate selloff, wiping out approximately $22.5 billion in sector value in one week. Domestically, the government is considering a policy to lift the foreign ownership cap in state-owned banks, while the central bank has held interest rates steady. The stock market also experienced volatility after the central bank tightened rules on bank lending for stock market investments.
Major corporate developments included Reliance unveiling a massive $110 billion investment plan focused on artificial intelligence. Meanwhile, reports indicate a leadership struggle within the Tata Group. Air India, owned by Tata, faces delays of up to two years in its fleet upgrade plan due to persistent supply-chain problems and recurring technical issues affecting a significant portion of its planes.
The United States and India announced a new trade agreement, a development covered extensively. The deal lowers the U.S. tariff on Indian goods from 50% to 18%, with India agreeing to stop buying oil from Russia. Indian Commerce Minister Piyush Goyal called the deal 'fair, equitable and balanced.' The announcement sparked protests from Indian farmers and opposition politicians, led to a surge in Indian stock markets and a stronger rupee, and prompted a revision of the White House's official fact sheet. Separately, several major U.S. technology companies, including Alphabet (Google), Apple, and Jabil, are increasing their investments in India, a trend attributed to factors like stricter U.S. visa rules and lower costs for building data centers. This expansion is affecting local real estate markets in tech hubs like Bengaluru. In a separate incident, Air India grounded a Boeing 787 Dreamliner after discovering a potential defect with the plane's fuel control switch, prompting a warning from UK aviation regulators.
8 topics | 122 sources
India's government presented its 2026 budget, which includes major spending on new high-speed rail corridors and initiatives to boost domestic manufacturing. The budget also increased a tax on derivatives trading, which contributed to a sharp fall in Indian stock markets on the day it was announced.
Shares of major Indian IT companies like Infosys and TCS fell sharply, with some dropping as much as 6%. The selloff wiped out about $22.5 billion in market value for the sector in a single week, marking its worst performance in four months.
Air India's fleet upgrade is delayed by up to two years due to persistent supply-chain issues, according to CEO Wilson. The airline has grounded a Boeing Dreamliner jet after a possible defect with a fuel control switch, and the Centre reports that 70% of Air India planes have recurring technical issues.
India's stock market experienced a volatile session, with the BSE index falling after the central bank tightened rules on bank lending for stock market investments. Shares of brokerages also dropped, and some brokers are asking for a six-month delay before these new restrictions take effect. Meanwhile, major Indian companies made significant announcements. Reliance unveiled a massive $110 billion investment plan focused on artificial intelligence. Separately, there are reports of a leadership struggle within the Tata Group, one of India's largest business conglomerates.
India's Enforcement Directorate has seized a Mumbai property belonging to businessman Anil Ambani. This action follows revelations that Ambani discussed business and funds with Jeffrey Epstein before Epstein's arrest, raising questions about the financial dealings of the prominent Indian industrialist.
16 topics | 638 sources
Feb 27
The United States and India sign a trade deal that lowers tariffs and changes oil purchasesThe United States and India have signed a new trade agreement. The deal lowers U.S. tariffs on many Indian goods to 18%. In connection with the deal, India has agreed to stop buying oil from Russia. Indian stocks and the rupee rose after the deal was announced. Some Indian farmers and unions have protested against the trade pact. Separately, the United States has imposed a 126% tariff on solar panel imports from India. The trade deal is seen as a way to improve relations between the two countries. India's trade minister, Piyush Goyal, met with U.S. officials during the negotiations.
Feb 12
Global tech companies are expanding their operations in IndiaSeveral major U.S. technology companies are increasing their investments in India. Alphabet, the parent company of Google, is planning a major expansion there, partly because U.S. visa rules are becoming stricter. Other companies like Apple and Jabil are also expanding their operations or receiving favorable tax treatment for their equipment in India. A key reason for this trend is that building data centers in India is significantly cheaper than in the United States, which is attracting large global tech firms. This expansion is having a noticeable effect on local real estate markets, particularly in tech hubs like Bengaluru, where demand from foreign buyers is pushing up prices for luxury homes.
Feb 14
Nvidia CEO Jensen Huang will not attend an artificial intelligence summit in India next week