Name: India's forex reserves lowest since July 2020
Uploaded: 2022-10-29T12:10:22.000+05:30
Duration: T00M38S
Channel: PTI
Description: The rupee ended 0.25% higher at 82.47 per dollar this week, ending a run of six straight weeks of declines.

Reliance Industries stops using Russian crude at its export-only Jamnagar SEZ refinery ahead of EU fuel sanctions starting January 2026. All future exports from December 1 will be made from non-Russian oil to ensure full compliance.

Reliance stops Russian oil use at its only-for-export refinery to comply with EU sanctions

Reliance Industries stops using Russian crude at its export-only Jamnagar SEZ refinery ahead of EU fuel sanctions starting January 2026. All future exports from December 1 will be made from non-Russian oil to ensure full compliance.

Reliance Industries Ltd has said it has halted the use of Russian crude at its export-only refinery in Jamnagar, Gujarat, as the company moves to comply with European Union sanctions.
Reliance is India's largest buyer of Russian oil, which it processes and turns into fuel, such as petrol and diesel, at its giant oil refining complex at Jamnagar.
The complex is made up of two refineries - one SEZ unit from which fuels are exported to the European Union, the US and other markets, and an older unit that caters to the domestic market.
The European Union - a big market for Reliance - has imposed wide-ranging sanctions targeting Russia's energy revenues, including measures that restrict the import and sale of fuels produced from Russian crude oil. To comply with these, Reliance has stopped processing Russian crude oil at its only-for-exports (SEZ) refinery.
"We have stopped importing Russian crude oil into our SEZ refinery with effect from November 20," a company spokesperson said in a statement on Thursday.
As is the case with any large industrial factory, the refinery must have past raw material (crude oil) inventories, which it is currently processing and turning into fuels. Once the old inventory runs out, newer products will only be made from non-Russian oil.
"From December 1, all product exports from the SEZ refinery will be obtained from non-Russian crude oil," the firm said. "The transition has been completed ahead of schedule to ensure full compliance with product-import restrictions coming into force in January 2026."
Last month, when the US sanctioned Russia's largest oil exporters - Rosneft and Lukoil, the firm had stated that it would meet all applicable restrictions and would adjust its refinery operations to meet compliance requirements.
"We have noted the recent restrictions announced by the European Union, the United Kingdom and the United States on crude oil imports from Russia and export of refined products to Europe. Reliance is currently assessing the implications, including the new compliance requirements," Reliance had said on October 24.
Reliance, which operates the world's largest single-site oil refining complex at Jamnagar in Gujarat, purchased about half of the 1.7-1.8 million barrels per day of discounted Russian crude shipped to India.
The company refines the crude into petrol, diesel and aviation turbine fuel (ATF), a large share of which is exported to regions such as Europe and the United States, at market prices, generating strong margins.
All this may change after US President Donald Trump imposed sanctions on Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil) -- Russia's two largest oil companies that he accuses of helping fund the Kremlin's "war machine" in Ukraine.
Additionally, the European Union has barred the import of fuel made from Russian crude, starting January 2026.
"We will comply with the EU's guidelines on the import of refined products into Europe," Reliance had said.
On Thursday, the firm said the crude oil import in SEZ is a fully segregated facility catering to the production line in SEZ.
"All pre-committed liftings of Russian crude oil as of October 22, 2025, are being honoured, considering all transport arrangements were already in place."
"The final such cargo was loaded on November 12. Any (Russian) cargoes arriving on or after November 20 will be received and processed at our refinery in the domestic tariff area (DTA)," it said. "All operational activities ordinarily incident to such oil supply transactions can be completed, we believe, in a compliant way."
Reliance, which has signed a 25-year deal to buy up to 5,00,000 barrels of crude oil per day (25 million tonnes in a year) with Rosneft, has been cutting Russian imports since the US sanctions.
The company has huge business interests in the US and cannot risk attracting scrutiny.
Reliance, which bought an estimated USD 35 billion worth of Russian oil since the start of the Ukraine war in February 2022, started "recalibration" of its imports soon after the European Union adopted its 18th package of sanctions against Moscow in late July this year.
Recalibration is nothing but moving the import requirement to a different region. And this may get expedited now, industry sources said. Transactions involving the two sanctioned Russian firms need to be wound down by November 21.
Russia currently supplies nearly a third of India's crude imports, averaging around 1.7 million barrels per day (mbd) in 2025, of which approximately 1.2 mbd came directly from Rosneft and Lukoil.
Most of these volumes were bought by private refiners, Reliance Industries Ltd and Nayara Energy, with smaller allocations to state-owned refiners.

The Enforcement Directorate has attached assets worth over Rs 1,400 crore linked to Reliance Group chairman Anil Ambani, taking the total attached assets in the ongoing money laundering case to around Rs 9,000 crore.

ED attaches fresh assets worth over Rs 1,400 cr in case against Anil Ambani's Reliance Group

The Enforcement Directorate has attached assets worth over Rs 1,400 crore linked to Reliance Group chairman Anil Ambani, taking the total attached assets in the ongoing money laundering case to around Rs 9,000 crore.

The Enforcement Directorate (ED) has attached fresh assets worth more than Rs 1,400 crore as part of a money laundering probe related to Reliance Group chairman Anil Ambani and his companies, official sources said.
The federal investigative agency had earlier attached properties worth Rs 7,500 crore in this case.
The latest provisional attachment order has been issued under the Prevention of Money Laundering Act (PMLA) for the assets located in various parts of the country, the sources said.
A response from the Reliance Group is awaited.
Sources said the assets worth over Rs 1,400 crore have been attached as part of the latest order. This brings the total attachment in this case to about Rs 9,000 crore, the sources said.

India’s state-run oil firms have signed a landmark one-year deal to import 2.2 million tonnes of LPG from the US Gulf Coast in 2026, marking a major shift in sourcing strategy and a move to balance trade ties with Washington.

India signs 1-year deal to import 2.2 million tonnes of LPG from US

India&rsquo;s state-run oil firms have signed a landmark one-year deal to import 2.2 million tonnes of LPG from the US Gulf Coast in 2026, marking a major shift in sourcing strategy and a move to balance trade ties with Washington.

Indian state-run oil companies have signed a one-year deal to import cooking gas LPG from the United States in 2026, marking a push by New Delhi to expand energy purchases from Washington. The move is seen as an attempt to narrow India's trade surplus with the US - a sticking point for President Donald Trump, who has slapped a 50 per cent tariff on Indian goods entering America.
"Indian PSU oil companies have successfully concluded a one-year structured contract to import around 2.2 million tonnes of LPG from the US Gulf Coast for the contract year 2026," an official statement said on Monday.
The quantity contracted is close to 10 per cent of India's annual LPG imports and marks the first such structured US LPG contract for the Indian market. While India is either self-sufficient or has surplus production in most fuels like petrol, diesel and jet fuel, it imports about 65 per cent of its LPG consumption of 31 million tonnes.
In 2024, about 90 per cent of the 20.4 million tonnes of LPG imports came from UAE, Qatar, Kuwait and Saudi Arabia. It sporadically imported cargos from the US but this is the first time it has entered into a structured contract.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) will import about 48 very-large gas carriers of LPG in 2026. The supplies will be made by super majors Chevron, Phillips and TotalEnergies Trading SA.
India has offered to raise energy imports from the US as part of the bilateral trade deal that has been under discussions for the past couple of months. New Delhi buys about 8 per cent of its crude oil - the raw material for making petrol and diesel - from the US.
In the first half of 2025, India imported about 271,000 barrels per day (bpd) of US crude, up 51 per cent from 180,000 bpd in H1 2024. Scope for raising crude imports from the US is limited given that shipments take 45 days sea voyage to reach Indian shores - a period during which ships can make six sorties from the Middle East.
Oil Minister Hardeep Singh Puri took to X to announce the LPG deal. "A historic first! One of the largest and the world&rsquo;s fastest growing LPG markets opens up to the United States," he said.
&nbsp;
<blockquote class="twitter-tweet">
A historic first! One of the largest and the world&rsquo;s fastest growing LPG market opens up to the United States. In our endeavour to provide secure affordable supplies of LPG to the people of India, we have been diversifying our LPG sourcing. In a significant development,&hellip;
&mdash; Hardeep Singh Puri (@HardeepSPuri) <a href="https://twitter.com/HardeepSPuri/status/1990264405108670828?ref_src=twsrc%5Etfw">November 17, 2025</a></blockquote>
&nbsp;
&nbsp;
"In our endeavour to provide secure affordable supplies of LPG to the people of India, we have been diversifying our LPG sourcing. In a significant development, Indian PSU oil companies have successfully concluded a 1 year deal for imports of around 2.2 MTPA LPG, close to 10 per cent of our annual imports - for the contract year 2026, to be sourced from the US Gulf Coast - the first structured contract of US LPG for the Indian market," he said.
This purchase is based on using Mount Belvieu as the benchmark for LPG purchases, he said adding a team from the three PSUs had visited the US and engaged in discussions with major US producers over the last few months, which have been concluded now.
He touted poor Ujjwala consumers - who make up for a third of all LPG users in the country - receiving cooking gas cylinders at just Rs 500-550 while the actual cost was over Rs 1,100. "Government of India incurred the cost of over Rs 40,000 crore last year in order to ensure our mothers and sisters did not feel the burden of rising international LPG prices."
The price of LPG for non-Ujjwala users currently is Rs 853 per 14.2-kg cylinder. For the US contract, the pricing shift - using Mount Belvieu as a benchmark - brings greater transparency and global linkage into India&rsquo;s procurement model.
For consumers, this diversification strengthens the ability to shield households from global price spikes. "The Minister emphasised that this new sourcing arrangement for 2026 is another step in strengthening India&rsquo;s energy security while ensuring affordable access to clean cooking fuel for millions of households," the statement added.

Delhi Police have strengthened security at Pragati Maidan ahead of the India International Trade Fair, with multi-layered checks, heavy deployment and traffic restrictions following the Red Fort blast that killed 13.

India International Trade Fair begins at Pragati Maidan amid tight security

Delhi Police have strengthened security at Pragati Maidan ahead of the India International Trade Fair, with multi-layered checks, heavy deployment and traffic restrictions following the Red Fort blast that killed 13.

Delhi Police has beefed up security in and around Pragati Maidan, where the India International Trade Fair is set to begin on Friday, an official said.
The security has already been tightened in the national capital after a blast near Red Fort killed 13 people and injured over two dozen people on Monday evening.
The 14-day trade fair, scheduled to be held from November 14 to 27, is expected to draw nearly 60,000 visitors daily, prompting multi-layered checks, enhanced surveillance and traffic restrictions around the venue.
A senior police officer said that additional personnel, traffic police and specialised units have been deployed across the exhibition grounds.
Anti-sabotage teams, Quick Reaction Teams and dog squads are conducting routine sweeps, while CCTV monitoring has been expanded to manage high footfall, especially over the weekends.&nbsp;
All the entry and exit points have been placed under strict access control to prevent any security lapse.
The Delhi Traffic Police said diversions and parking restrictions will remain in force throughout the fair period. Commuters have been advised to use public transport.
"The force is leaving no stone unturned to keep the city secure in the aftermath of the explosion near Red Fort. Units across the capital have been directed to maintain maximum vigil, conduct random checking and increase patrolling around crowded places, markets and transport hubs," said the officer.&nbsp;

Equity markets opened lower on Tuesday with Sensex down 55 points at 83,923.48 and Nifty slipping 40.95 points to 25,722.40, pressured by foreign fund outflows and weak Asian cues.

Stock markets decline in initial trade on foreign fund outflows, weak Asian peers

Equity markets opened lower on Tuesday with Sensex down 55 points at 83,923.48 and Nifty slipping 40.95 points to 25,722.40, pressured by foreign fund outflows and weak Asian cues.

Equity benchmark indices Sensex and Nifty were trading lower in early trade on Tuesday amid persistent foreign fund outflows and weak trend in Asian markets.&nbsp;
The 30-share BSE Sensex dropped 55 points to 83,923.48 in early trade. The 50-share NSE Nifty dipped 40.95 points to 25,722.40.
From the Sensex firms, Power Grid, Eternal, HCL Tech, Maruti, Tata Motors and Infosys were among the major laggards. However, Bharti Airtel, Titan, Reliance Industries and Mahindra &amp; Mahindra were the gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,883.78 crore on Monday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 3,516.36 crore in the previous trade.
"FIIs renewed selling is constraining the rally in the market. During the last four days FIIs have sold equity worth Rs 14,269 crore. This is an indication that they will continue to sell on rallies. Higher valuations in India and muted earnings growth are restraining FIIs who are more focused on cheaper markets with better earnings growth," V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index quoted lower while Hong Kong's Hang Seng index traded in positive territory. US markets ended mostly higher on Monday. Global oil benchmark Brent crude dipped 0.20 per cent to USD 64.76 a barrel.
On Monday, the Sensex inched up by 39.78 points or 0.05 per cent to settle at 83,978.49. The Nifty eked out a marginal gain of 41.25 points or 0.16 per cent to end at 25,763.35.

Amazon plans to cut around 30,000 office jobs, nearly 10% of its corporate staff, as it trims costs and boosts investment in artificial intelligence.

Amazon to lay off 30,000 office workers amid AI-driven cost cuts

Amazon plans to cut around 30,000 office jobs, nearly 10% of its corporate staff, as it trims costs and boosts investment in artificial intelligence.

Amazon will lay off tens of thousands of office workers as the e-commerce and tech giant trims costs amid ramped-up investments in artificial intelligence, according to US media reports.
Some 30,000 positions will be cut in a belt-tightening move expected to begin on Tuesday, multiple news outlets reported.
The reduction will represent nearly 10 percent of the approximately 350,000 office jobs at Amazon but is reported not to affect the distribution and warehouse workforce that makes up the majority of the company's more than 1.5 million employees.
Seattle-based Amazon did not reply to AFP queries regarding the planned cuts reported by the Wall Street Journal, New York Times and other outlets citing anonymous sources.
Amazon shares ended the formal trading day up slightly as word of the potential cost-cutting move spread.
Amazon chief executive Andy Jassy has lauded the potential of AI to streamline workplace operations, from engaging with customers online to making offices more efficient.
"Our conviction that AI will change every customer experience is starting to play out," Jassy said during Amazon's last quarterly earnings call.
Amazon will next report earnings on Thursday, and is among the tech titans under pressure to show the merit of huge investments in AI.
"AWS will be under pressure to both show revenue acceleration and operating margin improvement in light of its massive AI investments," Emarketer principal analyst Sky Canaves said, referring to Amazon Web Services cloud computing unit.
Amazon will also likely be pressed for details about a recent AWS outage.
Popular internet services ranging from streaming platforms to messaging services to banking were offline for hours last week due to an outage in Amazon's crucial cloud network, illustrating the extent to which internet life depends on the tech titan.
The disruption affected streaming platforms, including Amazon's Prime Video service and Disney+, as well as Perplexity AI, the Fortnite game, Airbnb, Snapchat and Duolingo.
Mobile telephone services and messaging apps Signal and WhatsApp were affected in Europe, according to Downdetector.
People also reported problems reaching websites including Amazon's own e-commerce shop.
Some banks such as Lloyd's were also impacted, and pointed to Amazon Web Services (AWS) cloud computing platform as the source.
Amazon said it identified the "trigger of the event" as an issue involving the Domain Name System (DNS), which acts as an internet address book directing data traffic.
AWS leads the cloud computing market, followed closely by Microsoft Azure, with Google Cloud in third place.
Businesses, governments and consumers worldwide rely on their infrastructure for online activities.

US sanctions on Russia’s top oil firms Rosneft and Lukoil may force Reliance Industries to recalibrate imports, while state refiners continue via intermediaries.

US sanctions on Russian firms to hit Reliance; PSUs likely to keep buying Russian oil via traders

US sanctions on Russia&rsquo;s top oil firms Rosneft and Lukoil may force Reliance Industries to recalibrate imports, while state refiners continue via intermediaries.

US sanctions against two of Russia's largest oil companies are expected to impact Reliance Industries' crude imports from Russia, while state-run refiners may continue purchases through intermediary traders for now.
Industry sources said public-sector units are assessing compliance risks but are unlikely to halt Russian crude flows immediately as they buy almost all of their needs from traders, mostly European (who are out of the sanctions net).
Billionaire Mukesh Ambani's Reliance Industries Ltd - India's largest buyer of Russian crude, accounting for roughly half of the country's 1.7 million barrels per day of imports from Moscow - may however have to recalibrate its imports as it buys crude oil directly from Russia's Rosneft, they said.
Reliance had in December 2024 signed a term deal with Russia's Rosneft - now sanctioned - to import as much as 500,000 barrels per day of Russian oil for 25 years.
It also buys oil from intermediaries.
The company did not immediately respond to an email sent for comments.
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) imposed further sanctions on Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil) - Russia's two largest oil companies that the Trump administration accuses of helping fund the Kremlin's "war machine" in Ukraine.
The two companies together export 3.1 million barrels of oil per day.
Rosneft alone is responsible for 6 per cent of global and nearly half of all Russian oil production.
India became the largest purchaser of Russian crude since Moscow's 2022 invasion of Ukraine, capitalising on steep discounts that followed Western buyers' withdrawal.
Russian oil is bought both by private sector firms - Reliance Industries Ltd and Rosneft-backed Nayara Energy - and state-owned refiners Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL), Mangalore Refinery and Petrochemicals Ltd and HPCL-Mittal Energy Ltd (HMEL).
State-owned refiners do not have any term or fixed quantity deal with either Rosneft or Lukoil and typically buy Russian oil through tenders.
In these tenders, oil traders, mostly European or ones based in Dubai and Singapore, who had purchased oil from Russian entities, participated.
These traders have not been sanctioned by the US, sources said adding European Union sanctions too had not targeted these traders.
And even if some traders shy away from picking Russian volumes, Moscow is capable of overnight resurrecting new ones with Dubai registration, sources said, adding these traders can buy oil from Russian firms and sell to refiners such as those in India and China.
"The measures by the Trump administration are 'half-hearted'," a source involved in the business said.
"For months, US President Donald Trump has resisted pressure from US lawmakers to impose energy sanctions and even now the ones who do bulk of the trade are out of its net."
Another source said the markets are somehow not buying into Trump's latest sanctions.
"If sanctions were so impregnable, international oil prices would have jumped at least USD 5-10 per barrel on news of such large volumes going out of the market.
Instead what we saw was just a USD 2 per barrel increase, implying the market believes not all of the oil that is exported from Russia is going anywhere."
Nayara Energy, in which Rosneft holds a 49.13 per cent stake, is the other big private sector buyer of Russian oil.
The company, which operates a 20 million tonnes a year oil refinery at Vadinar in Gujarat, has already been sanctioned by the European Union and it may have to recalibrate its purchases, sources said.
Nayara did not respond to an email seeking comments.
Kesani Enterprises Company Limited - a consortium led by Mareterra and Russian investment group United Capital Partners (UCP) - holds another 49.13 per cent stake in Nayara.
Sources said the Indian government has not so far given any instruction to refiners on stopping or reducing Russian oil imports.
They said Trump's recent comments on India agreeing to stop all purchases of Russian oil (with no such commitment being made by New Delhi) may have got to do with the European Union (EU) sanctions on import of fuel made from Russian oil.
The EU has banned import of fuels refined from Russian crude with effect from January 21 next year.
Reliance, whose one of the two refineries is only-for-export, refines Russian crude into fuels like petrol and diesel, some of which is exported to the EU.
MRPL also exports to the EU.
From January, such exports will have to stop and in a way Reliance and MRPL will have to cut Russian oil purchases if they have to continue to export to EU, they said adding Nayara has already stopped fuel exports to EU after being sanctioned.
With three big buyers of Russian oil recalibrating their purchases, Russian flows will reduce by January and this is something that Trump may be using as a bargaining chip to beat around his point, they added.

LG Electronics India made a strong stock market debut, listing over 50% above its IPO price, following high investor demand and a fully subscribed OFS.

LG Electronics India lists on NSE with a gain of over 50% at Rs 1,710.10/ share

LG Electronics India made a strong stock market debut, listing over 50% above its IPO price, following high investor demand and a fully subscribed OFS.

Shares of LG Electronics India Ltd on Tuesday made a stunning market debut, listing with a premium of over 50 per cent, against the issue price of Rs 1,140 per share.
The stock started trading at Rs 1,715, surging 50.43 per cent from the issue price on the BSE. Later, it zoomed 52.31 per cent to Rs 1,736.40.
At the NSE, the stock made its market debut at Rs 1,710.10, registering a premium of 50 per cent.
The company's market valuation stood at Rs 1,12,380.95 crore during the morning trade.
The initial public offering of LG Electronics India Ltd received 54.02 times subscription on the final day of bidding on Thursday, driven by overwhelming participation from institutional buyers.
The Rs 11,607-crore IPO had a price band of Rs 1,080 to Rs 1,140 per share.
This is the second South Korean company to tap the Indian stock market, following the listing of Hyundai Motors India Ltd in October last year.
The IPO was entirely an Offer-For-Sale (OFS) of 10.18 crore shares, representing about 15 per cent stake, by the South Korea-based parent.
LG Electronics India is a leading player in major home appliances and consumer electronics. The company's products are sold to both B2C and B2B customers in India and abroad. It also provides installation, repair, and maintenance services for all its products.
The company manufactures and sells products, including washing machines, refrigerators, LED TV panels, inverter air conditioners, and microwaves. It has manufacturing units at Noida, Uttar Pradesh and Pune, Maharashtra.&nbsp;

Prime Minister Narendra Modi highlighted India’s investment opportunities in mobiles, semiconductors, and electronics, emphasizing reforms, digital growth, and the launch of the Made in India 4G Stack at the India Mobile Congress.

PM Modi pushes Make in India, highlights 4G Stack launch and digital growth at India Mobile Congress

Prime Minister Narendra Modi highlighted India&rsquo;s investment opportunities in mobiles, semiconductors, and electronics, emphasizing reforms, digital growth, and the launch of the Made in India 4G Stack at the India Mobile Congress.

One GB of wireless data in India costs less than a cup of tea, Prime Minister Narendra Modi said on Wednesday as he showcased the country's rapid digital growth to renew his pitch for Make in India across sectors - from mobiles to semiconductors and electronics.
Speaking at the inauguration of the India Mobile Congress in New Delhi, he said India's democratic setup, the government's welcoming approach and ease of doing business policies have helped the country attain an image of an investor-friendly destination.
"Our success in digital public infrastructure is a testament to how committed the government is to a digital-first mindset," he said. "This is the best time to invest, innovate, and make in India." India has the world's second-largest telecom market, the second-largest 5G market, the manpower, mobility and mindset to lead, he said.
The country recently launched its Made in India 4G Stack. With this, India has joined the list of just five countries in the world that possess this capability, he said.
In terms of user data consumption, we are among the leading countries in the world. "This means that digital connectivity in India is no longer a privilege or a luxury; it is an integral part of Indian life." Listing tremendous progress made by India in the digital space in the last decade, he said, "1 GB of wireless data in India is cheaper than the cost of one cup of tea." "The country that once struggled with 2G, today has 5G reaching almost every district," he said.
He briefly mentioned data sovereignty, saying the world is generating more data than ever before, making issues of storage, security, and sovereignty critically important.
The Prime Minister had announced on August 15 that this year would be a year of big changes and big reforms.
"We are increasing the pace of reforms," he said without elaborating.
Just last month, Goods and Services Tax (GST) rates were rationalised, making common-use items from shampoo to television sets cheaper.
India, he said, offers immense opportunities in the manufacturing of semiconductors, mobiles, and electronics.
Industry, innovators and startups need to step up now, he said.
On government actions to support digital push, Modi said the government is supporting the startup ecosystem with Telecom Technology Development Fund and Digital Communications Innovations Square. The government is also financing test beds for technologies like 5G, 6G, advanced optical communications, and tera-hertz to enable product development.
"India Mobile Congress and India's success in the telecom sector reflect the strength of the Atmanirbhar Bharat vision," he said, recalling how the idea of 'Make in India' was once frowned upon by skeptics who doubted India's ability to produce technologically advanced products, citing delays of decades in adopting new technologies during earlier regimes.
The country which once struggled with 2G now has 5G coverage in nearly every district, he said, adding that electronics production has increased sixfold since 2014, mobile phone manufacturing has grown twenty-eight times, while its exports have surged by 127 times.
Over the past decade, the mobile phone manufacturing sector has generated millions of direct jobs. He cited recent data from a major smartphone company showing that 45 Indian firms are now part of its supply chain, creating approximately 3.5 lakh jobs&mdash;just from one company.
"India recently launched its Made-in-India 4G stack, marking a major indigenous achievement. With this, India has now joined the list of five countries globally with this capability," he said, calling it a significant step towards digital self-reliance and technological independence.
He stated that through the indigenous 4G and 5G stack, India will not only ensure seamless connectivity but also deliver high-speed internet and reliable services to its citizens.
On the day of the 4G stack launch, nearly one lakh 4G towers were activated simultaneously across the country, enabling over two crore people to become part of India's digital movement, he said, emphasising that many of these areas were remote and previously lagging in digital connectivity, and now internet access has reached all such regions.
The Prime Minister said cyber security is being accorded equal priority in the country. Laws against cyber frauds have been made stricter, accountability has been enhanced, and grievance redressal mechanisms have been improved.
"India leads with a mindset focused on expanding industry and investment," he said, underscoring how the country's democratic setup, the government's welcoming approach, and ease of doing business policies have established India as an investor-friendly destination.
He cited India's successful digital public infrastructure as proof of the government's digital-first mindset.
"This is the best time to invest, innovate and make in India," he said. "From manufacturing to semiconductors, mobiles to electronics, and startups across sectors, India is brimming with possibilities and energy." He urged attention to global supply chain disruptions across mobile, telecom, electronics, and the broader technology ecosystem, stating that wherever global bottlenecks exist, India has the opportunity to offer solutions.
He cited the example of semiconductor manufacturing, where capacity was previously concentrated in a few countries, and the world now seeks diversification. India, he said, has taken significant steps in this direction, with work underway on 10 semiconductor manufacturing units across the country.
The Prime Minister stated that in electronics manufacturing, global companies are seeking trusted partners who can deliver both scale and reliability. The world also needs dependable partners for the design and manufacturing of telecom network equipment, he said posing a compelling question - why can't Indian companies become reliable global suppliers and design partners? Modi remarked that in mobile manufacturing, components such as chipsets, batteries, displays, and sensors must increasingly be produced within the country.

Tata Trusts faces internal rift among trustees over board appointments at Tata Sons, with factions aligned to Noel Tata and Mehli Mistry reportedly clashing ahead of the next board meeting.

Power struggle in Tata Trusts: Trustees clash over board appointments

Tata Trusts faces internal rift among trustees over board appointments at Tata Sons, with factions aligned to Noel Tata and Mehli Mistry reportedly clashing ahead of the next board meeting.

Tata Trusts, which exerts decisive influence over India's most valuable conglomerate through its about 66 per cent stake of Tata Sons, finds itself in the midst of infighting among its trustees over board appointment and governance issues.
Sources said the Trusts is said to be vertically split with one section aligned with Noel Tata, who was appointed chairman of the Trusts following the death of Ratan Tata. The other grouping of four trustees is led by Mehli Mistry, who has ties with the extended Shapoorji Pallonji family, which owns about 18.37 per cent of Tata Sons.
Mehli reportedly feels he has been kept out of the loop on key matters.
Sources said the flashpoint is said to be board seats at Tata Sons, which controls the 156-year-old group that spans around 400 companies, including 30 listed firms.
The dispute has its roots in a meeting of six trustees of the Tata Trusts, the umbrella group representing several charitable trusts, including the Sir Dorabji Tata Trust and Sri Ratan Tata Trust.
The meeting on September 11 was convened to consider the reappointment of former defence secretary Vijay Singh as a nominee director on the Tata Sons board.
There are seven trustees of the Tata Trusts, including Singh. Singh did not attend the September 11 meeting as his nomination was on the agenda.
Following the death of Ratan Tata in October 2024, Tata Trusts introduced a policy requiring annual reappointment of nominee directors on the Tata Sons board once they turn 75. At the September 11 meeting, the reappointment of 77-year-old Vijay Singh - a director since 2012 and trustee since 2018 - was proposed by Trusts Chairman Noel Tata and Venu Srinivasan (chairman emeritus of TVS Group).
However, the four other trustees - Mehli Mistry, Pramit Jhaveri, Jehangir HC Jehangir, and Darius Khambata - opposed the move, leading to the resolution's rejection.
Following the rejection, the four trustees sought to nominate Mehli Mistry to the Tata Sons board, but Noel Tata and Venu Srinivasan opposed the move, emphasising the need for a transparent process aligned with Tata&rsquo;s values. Subsequently, Vijay Singh voluntarily resigned from the Tata Sons board.
Another meeting of the Board of Tata Trusts is scheduled for October 10, but the agenda is not known.
When contacted, Tata Trusts, Tata Sons and Venu Srinivasan declined to comment.
Comments from Mehli Mistry could not be obtained as calls and messages remained unanswered.
Sources said that with the infighting among trustees of Tata Trusts threatening to impact the functioning of the over USD 180 billion conglomerate, the intervention of the government has become necessary.
"The primary question in front of the government, considering how significant and important the Tata Group is to the country's economy, is whether it can let an individual take control of it. The infighting among trustees of Tata Trusts has an impact on Tata Sons," a source said.
The development comes at a time when the deadline set by the RBI for public listing of Tata Sons, classified as an upper-layer shadow bank, expired on September 30, although the company has applied for "for voluntary surrender of the Certificate of Registration as a CIC (Core Investment Company) and to continue as an 'unregistered CIC'. The application is under examination by the RBI.
Some within the group feel that the four trustees led by Mehli Mistry have been trying to undermine Noel Tata's leadership in Tata Trusts.
The matter of listing Tata Sons under the RBI mandate is secondary at the moment compared to the threat of the Tata Group falling into the hands of a few individuals, another source noted.
Tata Trusts Chairman Noel Tata and Tata Sons Chairman N Chandrasekaran, along with some trustees of the Tata Trusts are likely to meet union cabinet ministers, reports say.

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The rupee ended 0.25% higher at 82.47 per dollar this week, ending a run of six straight weeks of declines.

India's forex reserves lowest since July 2020

India's forex reserves lowest since July 2020n

The rupee ended 0.25% higher at 82.47 per dollar this week, ending a run of six straight weeks of declines.

The Reserve Bank of India's weekly statistical supplement showed that India's foreign exchange reserves fell to $524.52 billion in the week through Oct. 21 to remain at their lowest since July 2020. The rupee hit a record low of 83.29 per dollar in that turbulent week, and traders said the RBI had intervened in both the spot and forward markets to contain the slide.
The country's reserves were $528.37 billion at the end of the previous week that ended October 14.
The rupee ended 0.25% higher at 82.47 per dollar this week, ending a run of six straight weeks of declines.
Also Watch| <a href="https://www.editorji.com/business-news/rupee-to-nosedive-to-84-50-against-dollar-by-this-year-end-1666262583160">Rupee to nosedive to 84.50 against dollar by this year end?</a>

RBI reduces interest rate by 25 basis points to 5.25% to boost economic growth, with inflation at historic low of 0.25% and Q2 GDP rising to 8.2%. Rate cut aims to make loans cheaper amid rupee depreciation.

RBI trims policy interest rate by 25bps to 5.25pc, loans to get cheaper

RBI reduces interest rate by 25 basis points to 5.25% to boost economic growth, with inflation at historic low of 0.25% and Q2 GDP rising to 8.2%. Rate cut aims to make loans cheaper amid rupee depreciation.

Shrugging off concerns over the depreciation of rupee, the RBI on Friday cut interest rate by 25 basis points to 5.25 per cent in a bid to further bolster economic growth, which rose to a six-quarter high of 8.2 per cent in the second quarter of the current financial year.
The development is expected to make advances, including housing, auto and commercial loans cheaper.
Announcing the fifth bi-monthly monetary policy for the current fiscal, RBI Governor Sanjay Malhotra said the Monetary Policy Committee (MPC) has unanimously decided to cut the short-term lending rate or repo rate by 25 basis points to 5.25 per cent with a neutral stance.
The rate cut comes on the back of the consumer price index (CPI) based headline retail inflation ruling below the 2 per cent lower band mandated by the government for the last three months.
India's retail inflation dropped to a historic low of 0.25 per cent in October 2025, marking the lowest level since the Consumer Price Index (CPI) series was introduced.
Besides, the Indian economy has clocked better-than-expected GDP growth of 8.2 per cent in the second quarter.
However, the rupee declined to historic low and crossed 90 against a dollar earlier this week making imports costlier, raising fears of rise in inflation. Rupee has depreciated by about 5 per cent so far this year.
The RBI has sharply raised growth projection to 7.3 per cent from earlier 6.8 per cent for the current financial year. The central bank has been tasked by the government to ensure that CPI- based retail inflation remains at 4 per cent with a margin of 2 per cent on either side.
Based on the recommendation of the MPC, the RBI reduced the repo rate by 25 bps each in February and April, and 50 basis points in June amidst easing retail inflation.
The retail inflation is trending below 4 per cent since February this year. It eased to historic low in October, aided by an easing of food prices and favourable base effect.

The Indian rupee plunged to a new intra-day low of 90.25 against the US dollar due to FII outflows, strong dollar demand by banks, and uncertainty over India-US trade talks.

Rupee slumps to all-time low of 90.25 against US dollar in intra-day trade

The Indian rupee plunged to a new intra-day low of 90.25 against the US dollar due to FII outflows, strong dollar demand by banks, and uncertainty over India-US trade talks.

The rupee plummeted to a new low of 90.25 against the greenback in the intra-day session on Wednesday, falling 29 paise from its previous close, amid FII outflows and sustained buying of dollars by banks.
A decline in the domestic equity markets and the absence of an India-US trade deal put further pressure on the local unit, according to forex traders.
At the interbank foreign exchange, the rupee opened at 89.96 against the greenback and slipped to an all-time intra-day low of 90.25, down 29 paise from its previous close.
On Tuesday, the rupee settled 43 paise down at an all-time closing low of 89.96 against the US dollar, largely owing to continued short-covering from speculators and sustained importer demand for the American currency.
Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, said, "The rupee slipped below the 90-mark for the first time, pressured by the absence of a confirmed India-US trade deal and repeated delays in timelines. Markets now want concrete numbers rather than broad assurances, leading to accelerated selling in the rupee over the past few weeks."
"Record-high metal and bullion prices have further worsened India's import bill, while steep US tariffs continue to strain export competitiveness," he said.
"The rupee has been weakening with the Government of India and the Reserve Bank of India (RBI) wanting to help exporters and may have kept the dollar well bid in the past few days," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. Nationalised banks purchased dollars at higher levels consistently on Tuesday, he said.
The MPC meeting starts on Wednesday and the interest rate decision will be declared on December 5 ahead of the Fed interest rate outcome on December 10. "A rate cut by the RBI could invite further selling of the rupee," Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.18 per cent lower at 99.17. Brent crude, the global oil benchmark, was trading 0.03 per cent lower at USD 62.43 per barrel in futures trade.
On the domestic equity market front, Sensex was down intra-day by 277.23 points, or 0.33 per cent, to 84,861.04 points. Nifty, too, was trading lower by 111.70 points, or 0.43 per cent to 25,920.50.
Foreign Institutional Investors sold equities worth Rs 3,642.30 crore on Tuesday, according to exchange data.

Reliance Industries announced that Star Television Productions Ltd has officially merged with Jiostar, following the media consolidation with Disney’s India business, forming one of the country’s largest entertainment platforms.

Reliance completes merger of Star Television Productions with Jiostar

Reliance Industries announced that Star Television Productions Ltd has officially merged with Jiostar, following the media consolidation with Disney&rsquo;s India business, forming one of the country&rsquo;s largest entertainment platforms.

Reliance Industries has completed the merger of Star Television Productions Ltd (STPL), a subsidiary of the company, with Jiostar, according to regulatory updates.
On November 14, 2024, Reliance had intimated about the scheme of arrangement for the merger of STPL with Star India, now known as Jiostar India, another subsidiary of the company.
"Jiostar has, on November 30, 2025 at 6:09 pm (IST), informed the Company that the said scheme has become effective from November 30, 2025, and STPL stands merged with Jiostar," Reliance Industries Ltd informed in a regulatory filing.
STPL owns the &lsquo;STAR&rsquo; brand and licenses it to group companies.
JioStar is the joint venture created after the merger of the media business of Reliance and the India business of global media giant Walt Disney in November 2024. The combined company was valued at USD 8.5 billion.
It is the country's leading media and entertainment platform and had reported revenues of Rs 7,232 crore in the September quarter along with a profit after tax of Rs 1,322 crore.
It had launched JioHotstar after the merger of two leading OTT platforms -- JioCinema and Disney+ Hotstar -- in February this year.

Moody’s Ratings projects India’s GDP will expand 7% in 2025 and 6.4% in 2026, making it the fastest-growing economy among emerging markets and across the Asia-Pacific region.

India to lead emerging market growth with 7pc GDP rise in 2025: Moody’s

Moody&rsquo;s Ratings projects India&rsquo;s GDP will expand 7% in 2025 and 6.4% in 2026, making it the fastest-growing economy among emerging markets and across the Asia-Pacific region.

Moody's Ratings on Friday said with a 7 per cent GDP expansion in 2025 and 6.4 per cent in the next year, India will lead growth among emerging markets and across the Asia Pacific region.
Moody's also said that India's domestic growth drivers underpin its economic resilience amid global uncertainty.
Although the Indian rupee has continued to weaken against the dollar, most rated companies have active currency risk management or strong financial buffers, while investment-grade entities have demonstrated access to international capital markets.
"India will lead growth among emerging markets and across the region, with GDP growing 7 per cent in 2025 and 6.4 per cent in 2026," Moody's Ratings said.
Its projected average GDP growth in APAC (Asia-Pacific) will remain steady at 3.4 per cent in 2026 compared with 3.3 per cent in 2024 and expected growth of 3.6 per cent in 2025.
On a weighted average basis, emerging markets will drive GDP growth in the region, with average growth of 5.6 per cent, compared to average growth of 1.3 per cent in advanced markets, Moody's said.

Indian benchmark indices extended gains on Thursday, with Nifty reaching an all-time high amid hopes of a US Fed rate cut, strong foreign fund inflows, and positive global market trends.

Nifty hits record high after 14 months; Sensex nears all-time peak

Indian benchmark indices extended gains on Thursday, with Nifty reaching an all-time high amid hopes of a US Fed rate cut, strong foreign fund inflows, and positive global market trends.

Stock market benchmark indices extended their previous day's rally in early trade on Thursday, with the Nifty hitting its fresh record high amid favourable global trends on growing hopes of a US Fed rate cut and foreign fund inflows.
The 30-share BSE Sensex advanced 313.38 points to 85,922.89 in early trade. The 50-share NSE Nifty rallied 90.25 points to hit an all-time high of 26,295.55. The broader index had earlier scaled its record intra-day high of 26,277 on September 27, 2024.
From the Sensex firms, Bajaj Finance, Bajaj Finserv, ICICI Bank, Larsen &amp; Toubro, Asian Paints and Mahindra &amp; Mahindra were among the biggest gainers. However, Eternal, Kotak Mahindra Bank, UltraTech Cement and Maruti were among the laggards.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index were trading in positive territory. US markets ended higher on Wednesday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 4,778.03 crore on Wednesday, according to exchange data. Domestic Institutional Investors (DIIs) also purchased stocks worth Rs 6,247.93 crore in the previous trade.
"Expectation of a rate cut by the Fed and a possible Russia-Ukraine peace accord have improved sentiments for equity markets globally," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
Brent crude, the global oil benchmark, dipped 0.48 per cent to USD 62.83 per barrel.
"Global equity markets have extended their gains, buoyed by growing expectations of interest-rate cuts by the US Federal Reserve. Major US indices &mdash; including the S&amp;P 500, Dow Jones, and Nasdaq &mdash; posted another session of solid advances as softer Treasury yields and renewed policy optimism strengthened risk appetite. This upbeat sentiment has carried into today&rsquo;s global trade, with Asian markets opening higher," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
On Wednesday, the Sensex jumped 1,022.50 points or 1.21 per cent to settle at 85,609.51. The Nifty zoomed 320.50 points or 1.24 per cent to end at 26,205.30.

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