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[ad_1] Trump has time and again said that it would be ‘very unfair’ if Tesla were to set up a manufacturing base in India. (AI image) Elon Musk-led Tesla is not interested in manufacturing electric cars in India, Heavy Industries Minister Kumara Swamy said on Monday. The minister added that Tesla is only keen to set up showrooms in India.Interestingly, US President Donald Trump has time and again said that it would be ‘very unfair’ if Tesla were to set up a manufacturing base in India. Musk is Trump’s advisor and was a big donor to Trump’s presidential campaign in 2024. Tesla has shown progress towards its Indian market entry by securing showroom locations and advertising over 25 job positions in the country.Kumara Swamy announced that the government has finalized and notified guidelines for the Scheme to Promote Manufacturing of […]

[ad_1] The FDA inspection revealed concerning issues, including fungal growth on food items. Expired goods and fungus on food - that’s what has led to Zepto warehouse in Dharavi facing an operating license suspension. The Food & Drug Administration department has suspended the operating licence of a Zepto warehouse in Dharavi after discovering major food safety violations. During an FDA inspection, the facility was found to be operating in unhygienic conditions."Expired items were also kept along with others at the facility. They have since destroyed those products," said Anupama Patil, assistant commissioner (Food), according to a TOI report.What were the top violations by Zepto’s warehouse?The FDA inspection revealed concerning issues, including fungal growth on food items, storage near stagnant water pools, and expired products on the premises.Additionally, several items were discovered placed on damp, unsanitary flooring.The temperature-controlled storage facilities failed […]

[ad_1] Asia's factory activity declined in May, hit by weak demand from China and the ongoing impact of US tariffs, according to private surveys released Monday, signaling a slowdown in the region's economy.Manufacturing operations in Japan and South Korea experienced ongoing decline during May, while concerns about US President Donald Trump's automobile tariffs cast uncertainty over export prospects.Further economic concerns emerged as China's official survey revealed continued manufacturing decline in May, marking two consecutive months of contraction in the largest Asian economy.Analysts said that slow progress in trade talks with the US is keeping businesses cautious about increasing production or investment."It's hard to expect a pick-up in Asia's manufacturing activity any time soon with countries in the region slapped with quite high 'reciprocal' tariffs," Toru Nishihama, chief emerging market economist at Dai-ichi Life Research Institute told Reuters."With domestic demand weak, […]

[ad_1] Geo-political tensions are once again on the rise and comments from Trump administration on EU and China are also keeping market participants on edge. (AI image) Gold price prediction today: Investors face uncertainty regarding their gold investment decisions due to multiple factors affecting market sentiment. The ongoing geopolitical conflicts, coupled with evolving US-China trade negotiations, have created ambiguity in the precious metals market. What is the gold rate prediction for this week and what should investors do? Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd shares his outlook on gold prices:Gold prices slipped from a two-week high after US President Donald Trump postponed the implementation of 50% tariffs on EU imports to July 9, easing immediate trade tensions and reducing safe-haven demand. This delay came after the EU requested more time for negotiations, leading to […]

[ad_1] Mumbai: RBI is expected to cut the its benchmark rate by 25 basis points for the third successive time and continue with its supportive liquidity stance when the monetary policy committee concludes its three-day meeting on June 6. Economists say slowing growth and contained inflation leave room for further easing in monetary policy.India's GDP growth slowed to 6.5% in FY25 from 9.2% the previous year, though the March quarter saw a better-than-expected print of 7.4%. Inflation, meanwhile, remains within the RBI's 4% target. In April, RBI reduced its repo rate - the rate at which it lends to banks - by 25bps (100bps = 1 percentage point) to 6%."We do believe that given the rather benign inflation conditions and the liquidity situation which has been made very comfortable through various measures of RBI, the MPC would go in for […]

[ad_1] Xi Jinping, US President Donald Trump China "firmly rejected" the US's "bogus charges and unreasonably" allegations of violating an agreement to reduce substantial trade tariffs between the two economic powerhouses.Following discussions between senior officials in Geneva last month, both nations had agreed to a 90-day temporary reduction in their significantly high tariffs.However, US commerce secretary Howard Lutnick told "Fox News Sunday" that Beijing was "slow-rolling the deal".In response on Monday, Beijing stated that the US "has made bogus charges and unreasonably accused China of violating the consensus, which is seriously contrary to the facts"."China firmly rejects these unreasonable accusations," declared its commerce ministry in an official statement.US President Donald Trump claimed last week that China had "totally violated" the agreement, without providing specific evidence.The Chinese commerce ministry maintained that it "has been firm in safeguarding its rights and interests, […]

[ad_1] Campbell Wilson, Air India Tata Motors shed its "taxi" image after the acquisition of UK's JLR when it started to churn out world class cars. Vistara's merger into Air India could prove to be a similar moment for Air India as the Maharaja has crossed more than half way of the transition to become a much better airline that was promised when Tatas took over AI and AI Express in Jan 2022. In a freewheeling interview, AI MD & CEO Campbell Wilson discusses the airline's revamp, the IndiGo wet lease controversy and regulatory challenges. Excerpts:Why has revamping of old planes, especially wide bodies, taken longer than anticipated?We are getting the ordered new planes, including Boeing 737 MAX for AI Express and will get a B787 & Airbus A350 for AI this fiscal. So, they are coming. But they are […]

[ad_1] MUMBAI: Bank lending to non-banking finance companies slowed sharply in April, with outstanding loans to the sector falling by Rs 25,512 crore to Rs 16.1 lakh crore. At the end of March 2025, bank credit to NBFCs stood at Rs 16.4 lakh crore, marking a modest growth of 5.7% in FY25.This was significantly lower than the overall bank credit growth of 11% during the year, to Rs 182 lakh crore, indicating a cooling in lending appetite toward shadow banks.The slowdown in credit to NBFCs was part of a broader trend. Lending to large industries also moderated in April. The share of loans to large corporates declined to 15% of total bank credit, down from 16% at the end of March 2024. In comparison, housing loans now account for a larger share at 16.6%, underlining the shift in bank lending […]

[ad_1] Goods and Services Tax (GST) NEW DELHI:Goods and services tax (GST) collections rose 16.4% to Rs 2,01,050 crore in May, the fastest pace of expansion since Oct 2022, on the back of a jump in taxes on imports.Latest data estimated that during May (for transactions in April), GST collections from imports rose 25.2% to Rs 51,266 crore, while the mop-up from domestic sources, which is almost three-fourths of the overall kitty, was 13.7% higher at just under Rs 1.5 lakh crore.Imports during April had shot up 19% to nearly $65 billion due to a spike in crude oil and fertiliser shipments, among other things. "A 16% growth in GST collections shows a renewed upward momentum after few months of growth in the range of 11% to 12%. If the growth continues in this range for next couple of months, […]

[ad_1] NEW DELHI: India’s aviation sector is witnessing strong growth, supported by enhanced connectivity, improved airport infrastructure, and emerging potential in sustainable aviation fuel (SAF) development, the International Air Transport Association (IATA) said on Sunday.Speaking at a media briefing during the World Air Transport Summit (WATS) in Delhi, Amitabh Khosla, IATA’s Country Director for India, Nepal & Bhutan, said, "We are also seeing significant increase in the airport infrastructure, so it gives a good foundation, a base on which India will build further."Khosla also pointed to India’s potential in Sustainable Aviation Fuel (SAF) production, citing the country’s standing as a major ethanol producer. "We understand from our discussions with some of the oil companies in the country that we are looking at India SAF production coming about in 2026," he said.India, he noted, has the capabilities to become a key […]