Reuters India Business

By Tanvi Mehta NEW DELHI (Reuters) -India’s cabinet has approved a scheme to spend 109 billion rupees ($1.3 billion) on incentives for the adoption of electric vehicles in its efforts to curb pollution and move towards cleaner fuels. The PM Electric Drive Revolution in Innovative Vehicle Enhancement, or PM E-DRIVE, scheme will give subsidies worth …

India approves $1.3 billion incentive scheme for electric vehicles Read More »

(Reuters) – India led the way in global adoption of cryptocurrencies for the second straight year as investors braved the country’s tough regulatory stance and steep trading taxes, a report from blockchain analytics company Chainalysis showed on Wednesday. The report, which tracks adoption across four sub-categories in 151 countries, showed India ranked high on usage …

India leads in crypto adoption for second straight year, report shows Read More »

By Haripriya Suresh BENGALURU (Reuters) – The market size of India’s global capability centres (GCCs) is likely to grow to $99 billion-$105 billion by 2030 from $64.6 billion in fiscal 2024, according to a report by IT industry body Nasscom and consulting firm Zinnov released on Wednesday. India’s GCCs have evolved from low-cost outsourcing hubs …

India’s global centre market to grow to $105 billion by 2030, says Nasscom-Zinnov report Read More »

By Nimesh Vora and Jaspreet Kalra MUMBAI (Reuters) – Indian importers are exploring options strategies to hedge against currency risks amid muted volatility in the rupee, moving away from outright forwards that have become expensive, traders said. Premiums, which reflect the interest rate differential between the United States and India, have surged as the Federal …

Indian importers favour FX options as rupee holds steady, premiums soar Read More »

By Jaspreet Kalra and Siddhi Nayak MUMBAI (Reuters) – India’s central bank will stick to its plan to ask lenders to set aside more funds for digitally linked deposits, despite the industry’s plea for a lower buffer to avoid a hit to their liquidity, three sources familiar with the matter told Reuters. In July, the …

Exclusive-India cenbank to stick to higher digital deposit buffer proposal, sources say Read More »

By Anushree Ashish Mukherjee (Reuters) – Gold prices held firm above the $2,500 level on Tuesday as market participants positioned themselves ahead of U.S. inflation data for further clues on the depth of interest rate cuts by the Federal Reserve next week. Spot gold rose 0.3% to $2,512.38 per ounce by 14:03 p.m. ET (1803 …

Gold holds firm above $2,500 level as US inflation data looms Read More »

BENGALURU (Reuters) -India’s SpiceJet said on Tuesday that Carlyle Group’s commercial aviation investment and servicing unit will write off $40.2 million of the airline’s lease arrears and convert $30 million of its arrears into equity. The conversion, at 100 rupees ($1.19) per share of SpiceJet, is a 56% premium to its close on Monday. The …

India’s SpiceJet says Carlyle Aviation will write off $40 million of lease arrears Read More »

NEW DELHI (Reuters) – Carmaker Volkswagen Group’s Skoda sees an opportunity to launch plug-in and mild hybrid cars in India to expand its fuel choice offering to consumers and reduce emissions, a Skoda Global executive said in New Delhi on Tuesday. (Reporting by Aditi Shah; Writing by Shivam Patel; Editing by Andrew Heavens)

NEW DELHI (Reuters) – India will formulate a green steel policy and will consider government procurement for decarbonised steel, Steel Secretary of India Sandeep Poundrik said at an event on Tuesday. The ministry will also consider incentivising smaller steel players in green steel production, he added. (Reporting by Neha Arora in New Delhi; Editing by …

India will create green steel policy, steel secretary says Read More »