G.I.T.A. Tier II cities report

The major metros have reached saturation on infrastructure, talent cost, and expansion capacity, and therefore, the focus must now shift to emerging “urban centres” that offer demographic advantage, regional talent pools, and sector-specific strengths.

Union Finance Minister Nirmala Sitharaman in her Budget Speech for 2026-27 announced the government’s focus on developing India’s Tier-II and Tier-III cities as City Economic Regions (CERs). The Economic Survey also stressed on the significance of Cities as engines of growth.

Growth Interface for Tech Advocacy (G.I.T.A.) aims to catalyse this transition by identifying high-potential cities and mapping technology-led development opportunities suited to each region’s inherent and unique capabilities.

This report highlights eight such cities across India and outlines sector-focused roadmaps that can accelerate their transformation into Regional Economic Centres (RECs).

Each selected city demonstrates unique strengths (Anchors):

• Jaipur — Well placed to become a regional economic hub for Biotech, Biopharma and Pharmatech

• Lucknow — Can use enhanced value of tech quotient in growing quality of human life through health-tech. Besides engineering products from new frontiers of Space and Defence.

• Gwalior — Telecom and Electronic Manufacturing and Research Hub

• Bhubaneswar — Sports and Skilling Regional Hub

• Indore — Food Processing and Agritech Research Regional Hub

• Guwahati — High Aqua Tech and Water Management Research Hub

• Varanasi — Tech Led Spiritual Regional Hub

• Surat — Global sustainability-tech hub

By infusing technology into region-specific sectors such as water systems, Biotech and Healthcare, Data Centres, Food Processing, Sports, Electronics Manufacturing, and Spiritual Tourism, India can create distributed economic hubs that reduce pressure on Tier I cities and support balanced national growth.

“These cities with rightful infusion of policies can enhance overall tech coefficient of their respective States. Through the guiding principle of this macro report, G.I.T.A wishes to trigger an intense Dialogue among the stakeholders to unleash overarching Tech led progression for these states that missed the earlier IT-led growth. Services in Tech-led domains such as Healthcare, Biotech, Agriculture etc will have much bigger economic pie benefitting domain specific GCCs (Global Capability Centers) to gain from these setups,” said Puneet Kumar, Chairman, G.I.T.A.

Chairman of the Advisory Council of G.I.T.A, Santosh Tiwari said, “This report identifies economic potential of these cities based on their inherent strengths and demography. Infusion of technology through short-, medium- and long-term milestones, prescribed here for these 8 cities, can develop the much-desired runway. We will keep including more cities and updating our recommendations for the cities already covered, in subsequent reports.”

Access full report here:

www.linkedin.com/feed/update

About G.I.T.A

Growth Interface for Tech Advocacy (G.I.T.A.) is striving to serve as a national-level catalyst enabling the technological transformation of emerging cities. The interface is a platform to define and help create the technology landscape of developed India by bringing together all the stakeholders — central government, state governments, academia/think tanks and industry — in a collaborative manner.

Visit - gita.net.in.

French Minister Mr. Roland Lescure with IFCCI President Mr. Jean Touboul holding the India-France Economic Report 2026 at the India France CEOs Forum
 

Prepared over the past year by the Indo-French Chamber of Commerce and Industry (IFCCI) in partnership with the Regional Economic Department (SER) of the French Embassy in India, with contributions from Team France, Ministry of Commerce & Industry, the Embassy of India in Paris, Invest India, and in close coordination with the Department for Promotion of Industry and Internal Trade (DPIIT), the India–France Economic Report 2026 reaffirms the strong institutional alignment and strategic depth of the bilateral economic partnership.
 

The report was presented to Mr. Roland Lescure, Minister for Economy, Finance, Industry, Energy and Digital Sovereignty, Government of the French Republic, on the sidelines of the India-France CEOs forum by Mr. Jean Touboul, IFCCI’s President and CEO of Pernod Ricard India.
 

The report features a Special Message each, by the French Minister, Mr. Roland Lescure and Shri Piyush Goyal, Minister of Commerce & Industry, Government of India respectively, and provides a comprehensive analysis of bilateral trade and investment flows, sectoral cooperation, employment generation, and the regional footprint of businesses across both economies.
 

It also highlights that bilateral trade reached approximately €17 billion in 2024, more than doubling over the past decade. France remains among India’s top ten foreign investors, with over €12.8 billion in FDI stock and more than 700 French companies operating in India, collectively supporting over 450,000 direct jobs.
 

Conversely, more than 150 Indian companies are established in France, contributing to employment generation and strengthening India’s industrial and technological presence within the European market.
 

The report highlights the expanding sectoral engagement between the two countries, particularly in civil aviation and aerospace, renewable energy and green hydrogen, urban mobility and infrastructure, digital technologies and AI, automotive manufacturing, and advanced industrial systems.
 

Speaking on the occasion, H.E. Mr. Thierry Mathou, Ambassador of France to India, stated, “The India–France economic partnership has matured into a strategic and future-oriented relationship. Our cooperation today spans innovation, sustainability, digital transformation, and industrial resilience. This report reflects the confidence of French enterprises in India’s long-term growth trajectory and our shared ambition to shape global solutions together.”
 

Mr. Jean Touboul, President, IFCCI, remarked, “The India–France Economic Report demonstrates the structural depth of the India–France economic and trade relationship. Beyond trade volumes, we are witnessing sustained industrial integration, expanding research collaboration, and growing two-way investments that firmly anchor this partnership for the future.”
 

Ms. Payal S. Kanwar, Director General, IFCCI, added, “The India–France Economic Report 2026 captures not only economic metrics but the institutional strength and industrial complementarity of this partnership. The scale of employment supported, the geographic spread of French companies across Indian states, and the increasing Indian footprint in France reflect a forward-looking bilateral relationship.”
 

Regional Footprint and Innovation Ecosystem

The report documents a strong French business presence across Maharashtra, Karnataka, Tamil Nadu, Delhi-NCR, and Gujarat, with growing engagement in emerging states such as Telangana, Andhra Pradesh, Rajasthan, Uttar Pradesh, and Kerala, reflecting deeper regional integration and alignment with state-level industrial policies. It also highlights India’s position as a strategic R&D and innovation hub for French enterprises, hosting advanced engineering centres, digital hubs, and Global Capability Centres serving global markets.

Outlook

As India and France advance toward the India–France Year of Innovation 2026, the report concludes that the partnership is well-positioned for its next phase of growth, driven by sustainability, digital transformation, advanced manufacturing, and strategic industrial collaboration. The full report is available through IFCCI. Please write to contact@ifcci.org.in a copy of the report.
 

About IFCCI
The Indo-French Chamber of Commerce and Industry (IFCCI) is the official bilateral business chamber dedicated to promoting trade and investments between India and France. With a network of over 800 member companies, IFCCI facilitates strategic dialogue, sectoral cooperation, and institutional engagement across key industries.

Union Budget 2026

A central focus for technology and services executives is the Government’s prioritisation of the services sector as a key engine for national growth. In this context, Ankit Agarwal, Vice-Chairman and Non-Executive Director, Invenia-STL Networks, said, “The Union Budget 2026 firmly positions the services sector as a core growth engine of Viksit Bharat, reinforcing its role in driving economic growth, employment and exports.” This framing sets the tone for the broader industry reading of the Budget as a document aimed at delivering sustained structural progress rather than short-term stimulus.

For leaders in digital infrastructure, the Budget’s emphasis on foundational assets such as data centres and cloud capabilities has been welcomed. Reflecting this, Agarwal noted that “A clear emphasis on data centres recognises them as critical enablers of India’s digital growth and its ambitions in artificial intelligence, cloud computing and digital public infrastructure.” He further underscored that incentives aimed at strengthening this infrastructure will support India’s drive to attract foreign investment, enhance domestic innovation and build a credible foundation for future technologies.

From a broader technology strategy perspective, CP Gurnani, Co-Founder and Vice Chairman of AIONOS, interpreted the Budget as signalling a decisive shift toward building strategic technological capability. He said, “Union Budget 2026 signals a decisive shift in how India is approaching technology, from adoption to strategic capability building.” Highlighting the emphasis on AI, semiconductors, cloud and data infrastructure, Gurnani noted that “Leadership in the digital economy is built bottom-up, starting with strong foundations.”

Gurnani emphasised that the Budget links technological ambition with inclusion and competitiveness, saying that aligning AI investments with skills development, workforce readiness and MSME enablement means that “Scale, inclusion and competitiveness must move together.” Notably, he pointed to initiatives such as “Bharat Vistar, which provides farmers local-language, data-driven crop guidance” and “The Centre of Excellence in AI for Education, which promotes research into AI tools for improving the quality of learning.” These examples illustrate how technology policy is being connected to real-world outcomes across sectors and regions.

Leaders in mobility and operational services also saw strategic value in the Budget’s broader agenda. Sriram Kannan, Founder and CEO, Routematic, observed that “Budget 2026 sends a strong signal on where India’s next phase of growth will come from, through sustained public capex, the creation of rare-earth magnet corridors to support EV and advanced manufacturing, and the proposed MSME Growth Fund to help smaller enterprises scale.” He noted that as manufacturing and services deepen in Tier-2 and Tier-3 cities, enterprises will increasingly focus on operational challenges such as employee mobility. Kannan stressed that organised, technology-enabled workforce mobility will be critical to ensure policy measures translate into productivity gains and workforce participation improvements.

The real estate industry responded positively to measures designed to unlock value and broaden investment channels. Hardeep Dayal, President – Commercial, Bhartiya Urban, described the Government’s introduction of dedicated REITs for CPSE assets as “An innovative step for India’s real estate and capital markets.” He explained that by unlocking value from under-utilised government property and recycling capital into new infrastructure, the Government has created “A transparent, market-driven pathway for investment.” Dayal said these reforms are expected to deepen liquidity, broaden the investor base and strengthen commercial real estate markets across India.

Finally, advisory professionals pointed to tax reforms that can support both domestic and global service engagement. CA Nidhi Goyal, Managing Director, Avinav Consulting and Partner, Nivesa Advisors LLP, said the Budget is “Setting a long term vision for India's services sector; expanding its global market share; creating employment, analysing impact arising due to artificial intelligence and tax reforms for services sector such as tax certainty to BPO, clubbing of services under IT services with a common safe harbour margin of 15.5%.” Goyal described these measures as enhancing the appeal of India’s services ecosystem for both domestic and international players.

Taken together, reactions from across sectors indicate that Budget 2026 is being read as a strategic document focused on long-term competitiveness, structural capability building and inclusive growth. By combining digital infrastructure incentives, services tax clarity and capital-market reforms, the Budget sends a consistent signal that India is aiming to strengthen its position as a global hub for services, digital innovation and investment.

Dr. Dhananjay Datar, Chairman, Adil Group of Super Stores, Dubai

Welcoming the Union Budget announced today, he said, “The retail sector holds immense latent potential to significantly strengthen the Indian economy. However, India has very few professionals in this sector, and those who do exist are unable to compete effectively in international markets due to the burden of high taxation. As a solution, the government should reduce the tax burden on professionals and the common public, and encourage NRIs as well as international businesses to invest directly in India’s retail sector.”

He further added, “Despite India’s massive population and the enormous turnover potential of the retail market, the number of professionals in this sector is still inadequate. As a result, Indians go abroad to do business, while large-scale employment generation does not take place within the country, and local wage levels are not as attractive compared to foreign countries. To address this, if the government attracts NRIs and international businesses to the Indian retail sector by offering tax incentives and encouraging foreign direct investment (FDI), it will lead to the creation of new jobs and both direct and indirect employment. Employees will receive better wages, and as the number of professionals increases, competition will reduce product prices, making goods more affordable for the common consumer. Many NRIs run highly successful businesses across the world, but are reluctant to invest in India. This situation needs to change.”

Highlighting the immense untapped potential of India’s retail sector and the highly promising future ahead for the country, Dr. Datar noted that a few years ago India was a buyer’s market, but today it has transformed into a seller’s market.

Hyderabad Home buyers secure your price before the climb

What is TDR?

Transferable Development Rights (TDR) is a planning mechanism used by the government to regulate urban growth. When the government acquires or reserves land for public purposes like roads, infrastructure corridors, or open spaces, it compensates the landowner by issuing development rights. These rights can be traded and used by builders to construct additional built-up area beyond the normally permitted limits.

Under the new Telangana policy, for residential projects above 10 floors, builders are required to purchase TDR from the government. This TDR is applicable to 10% of the total built-up area constructed above the 10th floor.

Importantly, while the policy primarily applies to new projects, ongoing projects may also fall under this rule if they seek:

• plan revisions,

• additional floors,

• extensions, or

• any fresh approvals beyond what was originally sanctioned.

In such cases, the 10% TDR loading on built-up area above the 10th floor becomes mandatory, ensuring compliance with the updated regulations during the approval or revision process.

In simple terms, the taller the building or the more changes a project seeks the higher the additional cost.

Impact of TDR on Hyderabad Real Estate Market

The new policy is expected to have varied impacts across Hyderabad's real estate market, depending on the area. On the whole, North, South, and East Hyderabad will experience limited effects, as fewer high-rise projects are being built in these areas.

However, this policy will have a direct and growing impact on new launches and revised high-rise projects, gradually influencing overall pricing benchmarks across the city.

The policy is likely to hit West Hyderabad the hardest, especially regions like the Financial District, where most high-rise development both new and under-planning, is concentrated.

West Hyderabad: The Impact of TDR

In West Hyderabad, builders are dealing with projects that average 40-50 floors. For new developments, and for ongoing projects seeking additional permissions, the TDR requirement will be particularly significant.

Builders in such cases will need to buy TDR for the upper floors (above the 10th floor), substantially increasing project costs. Over time, this additional cost pressure is expected to reflect in pricing both for future launches and ongoing projects

How We Calculated the Impact (Methodology Explained)

To understand how this policy could affect pricing, we followed a structured, data-backed approach:

• First, we identified key micro-markets across Hyderabad, with a deeper focus on West Hyderabad due to its high-rise density.

• From each micro-market, we studied multiple ongoing and planned residential projects to arrive at an approximate average built-up area per acre and the average number of floors.

• As per the policy, TDR becomes applicable only for construction above the 10th floor, and only on 10% of the total built-up area constructed above the 10th floor. Based on the average height of projects in each micro-market, we estimated the portion of built-up area that falls under this TDR requirement.

• We then applied actual TDR rates for each location, sourced from CBRE market data, to calculate the additional cost builders would need to bear per acre.

• Finally, this additional cost was translated into an approximate per-square-foot price impact, assuming that builders eventually pass on a portion of this cost to end buyers.

All numbers below are approximations, intended to show directional impact rather than exact pricing.

Estimated TDR Impact by Micro-Market (West Hyderabad)

The estimated TDR impact across West Hyderabad’s key micro-markets shows notable variation in both land cost and price implications. The following data outlines the approximate additional cost per acre and corresponding price impact per square foot for each location:

• Kokapet: Additional cost of Rs. 6–7 crore per acre; price impact of Rs. 120–140 per sq. ft.

• Narsingi: Additional cost of Rs. 4–5 crore per acre; price impact of Rs. 100–120 per sq. ft.

• Rajendra Nagar: Additional cost of Rs. 2–2.5 crore per acre; price impact of Rs. 70–90 per sq. ft.

• Nanakramguda: Additional cost of Rs. 15–16 crore per acre; price impact of Rs. 380–420 per sq. ft.

• Nallagandla: Additional cost of Rs. 4.5–5 crore per acre; price impact of Rs. 130–150 per sq. ft.

• Miyapur: Additional cost of Rs. 5.5–6 crore per acre; price impact of Rs. 180–210 per sq. ft.

• Kollur: Additional cost of Rs. 1.2–1.5 crore per acre; price impact of Rs. 35–45 per sq. ft.

• Tellapur: Additional cost of Rs. 4–4.5 crore per acre; price impact of Rs. 120–135 per sq. ft.

• Kukatpally: Additional cost of Rs. 6–6.5 crore per acre; price impact of Rs. 200–230 per sq. ft.

• Neopolis: Additional cost of Rs. 6–6.5 crore per acre; price impact of Rs. 120–140 per sq. ft.

What This Means for Buyers

The takeaway here is simple: TDR costs will increasingly affect future supply.

• New launches will factor this cost upfront

• Ongoing projects that seek revisions or expansion will also face higher costs

• Over time, this will push up benchmark prices across micro-markets

For buyers who are waiting for new launches or later phases, this creates a clear consideration. Buying into existing or already-approved projects today may offer better value, as future supply is likely to enter the market at higher price points due to TDR loading.

Why West Hyderabad is still a Prime Investment Hub

West Hyderabad, particularly the Financial District, is poised to be the epicenter of Hyderabad’s real estate growth. This area already boasts major IT hubs and an influx of multinational companies. Google, Amazon, and Microsoft are setting up their India campuses here, and this region is expected to generate up to 1 lakh job opportunities in the next few years. Rental yields in the Financial District are currently between 4-5%, with the average rent for a 3BHK touching Rs. 80-85K per month. According to Magicbricks’ rental report, rents in the Financial District have grown at a rate of ~18% year-on-year, and over the next five years, they are projected to increase to Rs. 1.5-2 lakh per month.

In conclusion, the TDR policy will undoubtedly lead to higher costs for builders, which will be passed on to buyers. West Hyderabad, with its growing infrastructure and connectivity, remains a prime investment destination in the city.

So, for homebuyers and investors, the message is clear: projects that already have approvals in place offer a time-bound value advantage, while waiting for future launches could mean paying more for the same micro-market.

L&T Finance Ltd., formerly known as L&T Finance Holdings Ltd. (LTF), one of the leading Non-Banking Financial Companies (NBFCs) in India, has recorded its highest ever core Profit After Tax (PAT) of Rs. 760 Crore (before one-time impact of New Labour Code provision), up 21% YoY (Year-on-Year) in the third quarter ended December 31, 2025 (Q3FY26). PAT after one-time impact of New Labour Code stands at Rs. 739 Crore, up 18% in Q3FY26. During the quarter, the retail book size reached Rs. 1,11,990 Crore, up 21% YoY. The consolidated loan book grew by 20% YoY to Rs. 1,14,285 Crore. The Company has recorded the highest ever quarterly retail disbursement of Rs. 22,701 Crore for the third quarter ended December 31, 2025, up 49% YoY. The Company also recorded all-time high disbursements in Two-wheeler Finance at Rs. 3,217 Crore and Farmer Finance at Rs. 2,783 Crore growing 33% YoY and 12% YoY, respectively. Retailisation stood at 98% of overall book as on December 31, 2025.

LTF achieved highest ever Retail disbursements for Q3FY26 at Rs. 22,701 Crore, up 49% YoY

The Company’s Net Interest Margins (NIMs)+Fees sequentially improved by 19 basis points (bps) Quarter-on-Quarter (QoQ) to 10.41% from 10.22% in the second quarter ended September 30, 2025 (Q2FY26). The Rural Business Finance business asset quality improved significantly with 0 Days Past Due (DPD) collection efficiencies reaching 99.7% in December 2025.

The Company’s customer-facing PLANET app, which has emerged as a powerful digital channel for customers, crossed more than 2.20 Crore downloads as of December 31, 2025, comprising more than 18.3 Lakh customers on the rural side. As of December 31, 2025, this channel has done collections of over Rs. 7,700 Crore while servicing over 10 Crore requests and has sourced loans of over Rs. 24,100 Crore.

‘Project Cyclops’ has been implemented in Two-wheeler Finance, Farm Equipment Finance, SME Finance, and Personal Loans. It will be rolled out in Home Loans and Rural Group Loans & MFI in the next financial year. ‘Project Nostradamus’ – Proprietary AI portfolio management engine is live in Beta mode for Two-wheeler. ‘Project Helios’ - Underwriting AI Co-Pilot is live in SME Finance. ‘Project Orion’ - Nostradamus Co-Pilot AI Conversational Assistant for automated portfolio is live in Two-wheeler Finance from December 2025. RAISE’ 25, LTF’s flagship AI conference, which was conducted in November 2025, drew participation of over 4,500 attendees. It brought together global tech leaders, policymakers, innovators, and industry practitioners. On the sidelines of RAISE’ 25, LTF launched an AI startup pitch platform – ‘Pitch Point’, thereby incubating new tech AI entrepreneur ecosystem.

Commenting on the financial results, Mr. Sudipta Roy, Managing Director & CEO, LTF, said, “Q3FY26 for the financial services sector has been defined by a powerful convergence of favourable macro-tailwinds. The implementation of GST 2.0, good monsoons, and a series of repo rate cuts have seen a surge in consumption and created an environment for growth. In Q3FY26, LTF’s focus remained on delivering a standout performance across business segments. We registered the highest ever quarterly disbursements of Rs. 22,701 Crore, up 49% YoY, and the retail portfolio reaching Rs.1,11,990 Crore, reflecting a growth of 21% YoY leading to a PAT of Rs. 760 Crore, up 21% YoY (without the impact of a one-time exceptional item).

In line with our commitment to deliver a sustainable and profitable growth across quarters, we are focused on transforming LTF into a risk-first, tech-first, multi-product retail financier of choice. In line with this, we have been continuously broadening our customer acquisition funnels while sourcing creditworthy customers backed by technology and robust credit guardrails, while keeping a strong focus on collection efficiencies across businesses.

Our proprietary AI driven next-gen digital credit engine ‘Project Cyclops’ is now implemented in Personal Loans in addition to Two-wheeler, Farm Equipment, and SME Finance businesses. It will go live in Home Loans and Loan Against Property and Rural Group Loans and MFI businesses in the new financial year. At LTF, we are no longer just automating processes, we are deploying predictive intelligence at scale. Our portfolio management engine, ‘Project Nostradamus,’ is now live in Beta for Two-wheeler Finance, while ‘Project Helios,’ our AI Underwriting Co-Pilot is live in SME Finance. The recent launch of ‘Project Orion’ – Nostradamus Co-pilot in December 2025 has brought automated conversational intelligence to our portfolio management, ensuring we stay ahead of risk while enhancing customer experience. We remain focused on continuously strengthening our risk and credit frameworks, which will serve us well in times to come.

Furthermore, through our RAISE’ 25 conference and the 'Pitch Point' competition launched as a part of RAISE, we are nurturing a new ecosystem of AI entrepreneurship and thought leadership. We are confident that our focused actions will not only ensure a sustainable and resilient performance in the coming quarters, but also truly transform LTF into a risk-first, tech-first, diversified retail finance company.”

Key Highlights:

Robust Retail Franchise:

The Company’s granular and deep pan-India Retail franchise is led by its strong distribution capabilities, namely, its geographic presence in around 2 Lakh villages from around 2,257 rural meeting centers/branches and 439 branches across urban centers. This extensive geographic presence is also supported by around 14,000 distribution points built over 15 years. In Q3FY26, the Company also launched its first Sampoorna Branch in Ujjain, Madhya Pradesh. The Company also leverages around 2.8 Crore of its customer database to drive a credible cross-sell and up-sell franchise, contributing 40% of the Company’s repeat disbursements share in value and 48% in count during Q3FY26. The Company has a portfolio mix of 59% Urban and 41% Rural. 

Building a diversified retail franchise:

Rural Business Finance:

Q3FY26 disbursements at Rs. 6,740 Crore vs. Rs. 4,599 Crore, up 47% YoY. Book size at Rs. 28,976 Crore vs. Rs. 26,231 Crore, up 10% YoY. Growth driven by heightened focus on improving collection efficiency and macro sectoral trends.

Farmer Finance:

Q3FY26 disbursements at Rs. 2,783 Crore vs. Rs. 2,495 Crore, up 12% YoY. Book size at Rs. 16,671 Crore vs. Rs. 15,075 Crore, up 11 % YoY. GST 2.0 along with a favourable monsoon fuelled robust festive demand resulted in all-time high disbursements.

Two-wheeler Finance:

Q3FY26 disbursements at Rs. 3,217 Crore vs. Rs. 2,414 Crore, up 33% YoY. Book size at Rs. 13,913 Crore vs. Rs. 12,676 Crore, up 10% YoY. GST 2.0 & robust festive demand resulted in all-time high disbursements.

Personal Loans:

Q3FY26 disbursements at Rs. 3,574 Crore vs. Rs. 1,642 Crore, up 118% YoY. Book size at Rs. 12,810 Crore vs. Rs. 7,820 Crore, up 64% YoY. Growth in the segment aided by big tech partnerships and focus on continuously broadening customer acquisition channels.

Housing Loans and Loan Against Property:

Q3FY26 disbursements at Rs. 2,879 Crore vs. Rs. 2,475 Crore, up 16% YoY. Book size at Rs. 28,682 Crore vs. Rs. 23,461 Crore, up 22% YoY.

SME Finance:

Q3FY26 disbursements at Rs. 1,550 Crore vs. Rs. 1,249 Crore, up 24% YoY. Book size at Rs. 7,946 Crore vs. Rs. 5,817 Crore, up 37% YoY.

Gold Loan:

Q3FY26 disbursements at Rs. 1,408 Crore. Book size reached Rs. 1,738 Crore. Focus remains on geo-expansion and increasing disbursement from new branches.

About L&T Finance Ltd. (LTF)

L&T Finance Ltd. (LTF) (www.LTFINANCE.com), formerly known as L&T Finance Holdings Ltd. (LTFH), is a leading Non-Banking Financial Company (NBFC), offering a range of financial products and services. Headquartered in Mumbai, the Company has been rated ‘AAA’—the highest credit rating—by four leading domestic rating agencies.  In August 2025, S&P Global Ratings upgraded LTF’s long-term Issuer Credit Rating to “BBB/Stable” from “BBB-/Positive” and short-term issuer credit rating to “A-2” from “A-3.” Fitch Ratings has assigned LTF Long-Term Foreign and Local-Currency Issuer Default Ratings of “BBB-” with a Stable outlook.  It has also received leadership scores and ratings by global and national Environmental, Social, and Governance (ESG) rating providers for its sustainability performance. The Company has been certified as a Great Place To Work® and has also won many prestigious awards for its flagship CSR project—Digital Sakhi—which focuses on women's empowerment and digital and financial inclusion. Under Right to Win, being in the ‘right businesses’ has helped the Company become one of the leading financiers in key Retail products. The Company is focused on creating a top-class, digitally enabled, Retail finance company as part of the Lakshya 2026 plan. The goal is to move the emphasis from product focus to customer focus and establish a robust Retail portfolio with quality assets, thus creating a Fintech@Scale while keeping ESG at the core. Fintech@Scale is one of the pillars of the Company’s strategic roadmap—Lakshya 2026. The Company has over a 2.8 Crore customer database, which is being leveraged to cross-sell, up-sell, and identify new customers.

X: x.com/LnTFinance

Facebook: www.facebook.com/LnTFS

Linkedin: www.linkedin.com/company/lntfinance

Instagram: www.instagram.com/lntfinance

YouTube: www.youtube.com/user/ltfinance

The report lays out solutions that could reduce PM2.5 levels significantly, mitigate business losses and support the creation of new jobs

Air pollution continues to create a significant burden for the economy through reduced productivity, unplanned absences, lower consumer activity, and increasing healthcare expenditure.

This report follows a previous study from 2021 by Dalberg Advisors, Air Pollution in India and the Impact on Business, which quantified the economic losses due to particulate matter (PM2.5) pollution levels in India. The 2021 study estimated these economic losses at USD 95 billion annually, equivalent to 3% of India’s GDP.

Despite recent improvements due to initiatives by national and state governments and city authorities, average PM2.5 levels in many cities remain significantly above national standards.

The new report evaluates high-impact solutions across key economic sectors: transport, industry, agriculture, waste, power, construction, and residential combustion. If implemented effectively, these solutions could:

• reduce PM2.5 levels by ~20% by 2030 from current levels;

• generate USD 220 billion in economic opportunity;

• avert USD 85 billion in business losses by 2030;

• avoid nearly 10 million Disability-Adjusted Life Years (DALYs) annually

• support approximately 1.4 million job transitions and new jobs

Speaking on the launch of the report, Jagjeet Sareen, Partner and India Head, Dalberg Advisors said, “Clean air is not only a public health priority but also an economic imperative. This analysis highlights where targeted investments can deliver measurable returns for businesses, workers, and the broader economy.”

Clean Air Fund’s recent report, The State of Global Air Quality Funding 2025, shows an increase in air quality investments from development finance institutions flowing to South Asia. This growing priority for development donors is an opportunity for South Asian countries to unlock further public and private capital that will deliver economic, health and environmental benefits.

Shirish Sinha, Executive Director of Programmes at Clean Air Fund added, “Asia’s development financial institutions and agencies are some of the biggest players in international public finance, and countries across the continent are working to tackle air pollution. Development donors recognise that funding clean air measures is an opportunity to see multiple returns on investment through climate and health co-benefits, while catalysing private capital in South Asian countries. India has demonstrated significant progress through the National Clean Air Programme. The next step is to scale proven solutions and align clean air more closely with India’s economic and development priorities.”

The report also outlines five enabling actions critical for scale:

1. crowding in private capital;

2. prototyping solutions in priority regions;

3. building a skilled green workforce;

4. strengthening community participation; and

5. investing in digital public infrastructure.

Together, these steps can help position clean air as a driver of growth and resilience. Integrating clean-air action into India’s economic planning can improve public health, enhance productivity, and strengthen long-term competitiveness.

For the full report, see here: dalberg.com/our-ideas/the-business-case-for-clean-air-unlocking-economic-opportunities-for-india/

About Dalberg Advisors

Dalberg Advisors is a strategic advisory firm that combines the best of private sector strategy skills and rigorous analytical capabilities with deep knowledge and networks across emerging and frontier markets. We work collaboratively across the public, private and philanthropic sectors to fuel inclusive growth and help clients achieve their goals.

About Clean Air Fund

Clean Air Fund is a global philanthropic organisation working with governments, funders, businesses and campaigners to create a future where everyone breathes clean air.

Student Gig Trends in 2025

The report, based on platform data spanning metros and fast-rising tier-2 cities, shows that the most common monthly gig earnings fall between Rs. 6,000 and Rs. 15,000, a range that closely mirrors essential student expenses such as rent, food, and commute. TimBuckDo introduces the Gig Survival Index (GSI) to quantify this shift highlighting that for many students, gig income now covers 40–100% of monthly living costs, particularly in tier-2 cities.

Geography of Gigs

Key findings from The Doers’ Report 2025 include:

• Average monthly student gig payout: Rs. 8,000

• Top earning cities: Bengaluru, Mumbai, Delhi NCR, Chennai, Hyderabad, and Pune

• Work format split: 48% on-ground, 32% remote, 20% flexible

• High-demand roles: Telecalling, delivery, social media, event operations, AI-assisted research, and content optimisation

• Top individual earnings: Up to Rs. 1.5 lakh annually by student DOers

Commenting on the findings, Mythri Kumar, Co-founder & CEO, TimBuckDo, said, “What 2025 confirmed for us is that student gigs are no longer transitional, they are foundational. In 2026, we expect this shift to accelerate as AI-powered matchmaking, smarter work design, and deeper employer trust make student gig work faster, safer, and more predictable. Gigs will become seamlessly embedded into student life, not as an interruption to education, but as an enabler of financial independence and real-world readiness. TimBuckDo’s focus in the year ahead is scale with structure, ensuring every opportunity is backed by systems that protect, formalise, and grow student earnings.”

Adding to this, Apoorv Sharma Prasad, Co-founder & COO, TimBuckDo, said, “Opportunity alone is not enough. If student income isn’t formal, protected, and supported by the right systems, it breaks the moment life throws a challenge. In 2025, our focus shifted from just enabling gigs to building the infrastructure that makes student earnings sustainable.”

Beyond income generation, the report highlights TimBuckDo’s evolution into a full-stack student work ecosystem. In 2025, the platform enabled students to formalise income through PAN cards, secure earnings with affordable wellness and insurance coverage, and stretch income through real-world student discounts and travel partnerships.

On the employer side, the report reveals 10–50x application rates per role, repeat hiring behaviour from trusted companies, and increasing demand for large-batch student hiring across sales, delivery, events, and digital roles. Reinforcing its commitment to trust, TimBuckDo also blocked 800+ scam job listings during the year.

With India’s gig workforce expected to reach 24 million by 2030, The Doers’ Report 2025 positions students not as future contributors, but as an active workforce already shaping India’s gig economy.

About TimBuckDo

TimBuckDo is India’s leading student gig and work enablement platform, built exclusively to help students earn early, earn safely, and earn meaningfully. Powered by a nationwide community of over 4.5 lakh students, TimBuckDo connects verified employers with student talent across on-ground, remote, and flexible roles spanning sales, operations, content, events, technology, and customer support. Beyond gig discovery, the platform has evolved into a full-stack student work ecosystem enabling income formalisation through PAN cards, protection through affordable wellness and insurance solutions, and savings via exclusive student benefits and travel partnerships. By combining opportunity with infrastructure, TimBuckDo is helping build India’s next generation of financially independent, work-ready students.

Mr. Ajitesh Korupolu interacting with NRIs in Dubai, UAE

Ajitesh Korupolu’s direct engagement highlights ASBL’s commitment to transparency and education in an often opaque industry. By sharing insights and guiding attendees through the complexities of legal and financial processes, he empowered them to make more informed decisions. The NRI Realty Meets broke barriers and provided attendees practical advice directly from ASBL’s leadership about India’s real estate landscape and how to navigate it, helping simplify the process of real estate investment.

Breaking Industry Norms: Direct Engagement with the CEO

ASBL’s initiative represents a shift in an industry where executives typically remain behind the scenes. Ajitesh Korupolu’s hands-on approach provided attendees with the chance to ask questions directly to the CEO, from property evaluation to financing and legal requirements. These personal, one-on-one interactions helped demystify the home-buying process, making it clearer and more accessible.

Typically, top executives stay distant, attending high-profile events but rarely offering personal guidance. Ajitesh’s engagement at the NRI Realty Meets marked a refreshing change, focusing on transparency and providing direct, real-time interactions with potential investors. ASBL’s engagement with potential investors from across the globe helped promote Hyderabad’s growing real estate appeal. The city’s growth in infrastructure, strategic global investments, and investor-friendly policies make it a top choice for international investors seeking opportunities in both commercial and residential sectors.

A Closer Look at Hyderabad’s Real Estate Market

The NRI Realty Meets also highlighted Hyderabad’s growing attractiveness as a real estate investment hub. The city is rapidly emerging as one of India’s most promising markets, driven by robust infrastructure, business-friendly policies, and high quality of life. As the capital of Telangana, Hyderabad boasts a thriving economy, supported by key industries like IT, pharmaceuticals, education, and aerospace, making it an ideal location for investors.

Hyderabad is becoming a hub for Global Capability Centres (GCCs), accounting for nearly 40% of all new GCC setups in India over the past three years. These companies are expanding their presence while investing heavily in the city’s real estate market, further driving demand in both commercial and residential sectors.

The city’s office leasing market has seen substantial growth, positioning Hyderabad as a prime location for businesses. Global companies such as Amazon, Google, and Microsoft have established large offices here. In Q1 2025, Hyderabad witnessed a 30% year-on-year growth in office leasing, with 2.62 million square feet of office space absorbed, demonstrating the city’s strong appeal to multinational companies.

Additionally, Hyderabad’s transportation infrastructure continues to improve, enhancing connectivity and the overall quality of life for its residents. Major projects like the Outer Ring Road (ORR), Regional Ring Road (RRR), and metro network expansions are making the city more accessible. Hyderabad’s airport is globally recognized, ranking second worldwide for efficiency, improving both business and lifestyle factors.

NRI Confidence and Investment Trends

Knight Frank research indicates that NRI investments in Indian real estate grew by 35% in FY24 and are projected to reach USD 14 billion by 2025. Hyderabad continues to be a top destination for NRI investments, driven by strong growth metrics and the potential for capital appreciation. Suburbs in Financial District, like Kokapet, Tellapur, and Gachibowli have seen 8-12% annual price growth, reflecting investor confidence in the market.

Reports indicate NRIs account for 20% of total real estate investments in India in 2025. Investment activity is high in residential, commercial, and mixed-use developments, with strong returns due to rising rents and capital appreciation. The office leasing market in Hyderabad is also growing significantly, with 4 million square feet of office space absorbed in Q1 2025, driven by global firms expanding their presence.

A Competitive Advantage: Hyderabad vs. Other Indian Metros

Hyderabad’s real estate market offers a competitive edge over other metros like Bengaluru, Mumbai, and Delhi. In terms of travel efficiency, Hyderabad leads these cities, with commuters losing only 85 hours annually during peak hours, compared to Bengaluru’s 117 hours and Mumbai’s 103 hours, as per the TomTom Traffic Index 2025. This travel efficiency enhances the city’s appeal, improving residents’ quality of life.

Hyderabad has shown consistent growth in its real estate market, even amidst fluctuations in other markets. According to ANAROCK, the office leasing sector in India saw a 40% increase in H1 2025, with Hyderabad securing the second-largest share of leased office space, demonstrating the city’s stability and long-term investment potential.

Why NRIs Should Consider Investing in Hyderabad Real Estate

For NRIs seeking to invest in real estate, Hyderabad presents significant opportunities. With its growing infrastructure, thriving economy, and high quality of life, the city is an ideal location for investment. Whether looking to buy a home, purchase an investment property, or diversify a portfolio, Hyderabad offers properties to suit various preferences and budgets.

The NRI Realty Meets have proven to be an excellent platform for educating potential investors on the benefits of investing in Hyderabad. With guidance from industry leaders like Ajitesh Korupolu, NRIs are now better equipped to make informed investment decisions. Hyderabad is not only a great place to live but also a prime location for real estate investment.

ASBL is at the forefront of making these opportunities accessible to global investors, ensuring they can capitalize on the city’s sustained growth. As more NRIs recognize Hyderabad’s real estate potential, the city will continue to attract investments, cementing its position as one of India’s top investment destinations.

Startup Runway Table 

Prominent Attendees and Industry Leaders

The event witnessed participation from several respected leaders and decision-makers, including Mr. Hamid Dakhil, Dr. DJ Zawar, Mr. Puneet Thakur, Mr. Piyush Rathi, Mr. Vishal Dhoot, Mr. Manish K Prahlad, Mr. Ajay Data, Mr. Dheeraj Vijayvargiya, Mr. Adhiraj Mehra, Mr. Deepak Faria Shah, Mr. Jignesh Patel, Ms. Nitika Khurana, and Ms. Rhythm Jain, whose presence added strategic depth and credibility to the discussions.

L to R - Mr Mandhar, Mr Ajay Data, Mr. Hamid Dakhil, Ms. Shwera Choudhary

Strong Funding Momentum

One of the major highlights of the evening was the announcement of approximately Rs. 5 crore in investment interest, collectively expressed by 5–6 prominent leaders in attendance. The interest was directed toward multiple early-stage and growth-stage startups that presented during the event, showcasing strong business fundamentals, scalability, and market readiness.

Startup Runway Table: A Curated Innovation Showcase

A standout feature of the XLR8AR Innovation Jamboree was the Startup Runway Table, a specially curated experiential zone designed to give startups direct visibility with investors, mentors, and strategic partners. Unlike traditional exhibition formats, the runway table allowed founders to present their products, brand stories, and growth vision in an interactive, high-engagement environment.

The runway featured consumer and lifestyle brands such as Namo Jewellers, StepWhere, Esperance Bags, Hoora, Allure, HealthyScoop, and Rangat Jaipur, each demonstrating innovation across design, sustainability, wellness, and customer experience.

In addition, high-potential startups including Greenmanure, Hobnob, Aeyi, Growmyrx.ai, Edulyst, Ecowrap, and Loadmee attracted strong interest from investors and industry leaders for their technology-driven solutions, scalable models, and alignment with future market needs.

The Startup Runway Table played a pivotal role in initiating meaningful conversations, follow-up meetings, and early-stage investment discussions, making it one of the most impactful engagement formats of the evening.

Voices from the Ecosystem

Sharing his experience, MilapSinh Jadeja said, “The diversity and quality of the crowd stood out—networking with leaders from across India and beyond made this one of the most meaningful interactions.”

Vineet Khurana highlighted the maturity of participating startups, stating, “The SME startups showcased strong execution and impressive growth momentum. It’s encouraging to see founders scaling so quickly with such early-stage experience.”

Adding a strategic perspective, Yogesh Choudhary remarked, “It’s not just about capital; it’s about how effectively you leverage the business network around you. That’s where the real value lies.”

Key Highlights and Outcomes

• Strong cross-border collaboration synergies discussed among founders and investors

• Around Rs. 5 crore in co-investment interest announced for startups showcased at the runway and pitch sessions

• Entrepreneurs from multiple regions of India committed to joint collaborations targeted for 2026 expansion, strengthening the national startup ecosystem

The evening concluded with high-energy networking, reinforcing XLR8AR’s mission to create long-term, value-driven partnerships rather than one-time transactional interactions.

Jeet Vijay Joins InnovHer as Co-Founder, Ushering in InnovHer 2.0 and a New Era of Institutional Venture Building

Over the past two years, InnovHer has steadily built credibility as a Tier-2 venture platform—deploying capital, enabling co-investments, facilitating early exits, and positioning Jaipur as an emerging national convergence point for founders and investors. With this transition, InnovHer is sharpening its focus on institutional design, governance rigor, and long-term capital stewardship. The inclusion of Jeet Vijay significantly strengthens this ambition by adding policy depth, national-global perspective, and execution discipline.

A Leader Shaped by Policy, Capital, and Ecosystem Building

Jeet Vijay brings over 18 years of experience across venture capital, private equity, startup policy, and ecosystem leadership. Most recently, he served as the CEO of MeitY Startup Hub, the Government of India’s nodal agency for technology startups. In this role, he operated at the center of India’s innovation architecture—working closely with central ministries, investors, incubators, accelerators, and founders across the country.

His work has spanned national advisory roles, startup funding frameworks, and large-scale ecosystem programs, giving him a rare vantage point on what differentiates activity-driven initiatives from institution building. Beyond domestic policy leadership, Jeet’s international exposure—including collaborations with the University of Texas (USA)—has shaped his understanding of how mature ecosystems integrate universities, capital, and enterprises into long-term economic engines.

Equally significant is Jeet’s strong regional grounding. Hailing from Alwar, Rajasthan, and coming from a business family, he brings first-hand insight into the realities of Tier-2 and Tier-3 India. This perspective aligns closely with InnovHer’s founding belief that regional India requires durable institutions, not episodic programs, to unlock sustainable growth.

Commenting on his decision to join InnovHer, Jeet Vijay said, “Coming from Alwar, Rajasthan, I have always believed that regional India should not just export talent to metros, but build strong institutions at home. Joining InnovHer is my way of contributing back—by bringing policy experience, global exposure, and capital discipline to strengthen startups and SMEs in Rajasthan and other Tier-2 regions. If we want sustainable growth, we must build local economic engines that can compete nationally and globally while remaining rooted in their communities.”

Strengthening InnovHer’s Strategic and Institutional Output

As Co-Founder, Jeet Vijay’s role will focus on sharpening InnovHer’s strategic direction, governance frameworks, and institutional architecture. His presence brings greater rigor to venture selection, capital structuring, and policy alignment—ensuring that InnovHer’s growth is disciplined, auditable, and scalable.

More importantly, his inclusion expands InnovHer’s horizon. With a deep understanding of national policy, global best practices, and regional execution, Jeet strengthens InnovHer’s ability to support startups and SMEs as long-term economic contributors, not merely high-growth bets. This approach is increasingly relevant as India’s next growth cycle is expected to be driven by MSMEs, regional enterprises, and innovation-led local economies.

InnovHer 2.0: Building a Venture Institution from Tier-2 India

InnovHer 2.0 represents a deliberate shift—from a venture platform to a venture institution. The next phase is designed to deliver deeper, more structured support to:

• SMEs seeking capital readiness and sustainable growth pathways

• Startups requiring governance-first scaling frameworks

• Local economies aiming to build durable innovation capacity

With Jeet Vijay joining as Co-Founder, InnovHer reinforces its commitment to institution-grade execution, long-term capital stewardship, and ecosystem accountability. The organization aims to demonstrate that venture institutions built from Tier-2 India can deliver outcomes on par with, or better than, metro-centric models.

A Shared Vision for National Impact

The alignment between InnovHer’s founding leadership and Jeet Vijay is rooted in a shared conviction: India’s most resilient innovation will emerge from regions when supported by strong institutions. InnovHer 2.0 seeks to set a national benchmark by proving that disciplined venture building, policy alignment, and regional grounding can coexist with scale and global competitiveness.

As InnovHer steps into this new chapter, the appointment of Jeet Vijay is not merely a leadership announcement—it is a signal. A signal that InnovHer is building for scale with discipline, for growth with purpose, and for impact with longevity.

The report points to a resilient small business credit environment marked by sustained portfolio expansion, gradual formalisation, wider lender participation and healthy asset quality.  

Key Findings

Strong Credit Growth: Aggregate small business credit exposure reached ₹46 lakh crore, up 16.2% YoY, with active loan accounts rising 11.8% YoY to 7.3 crores. Comprehensive policy initiatives for the MSME sector including implementation of several Government credit schemes have played a pivotal role in sustaining strong credit growth.

Increased Formalization: Sole proprietors form ~80% of credit and ~90% of borrowers. The fastest-growing cohort is “sole proprietors with entity presence,” up 20% YoY, led by LAP. As of Sep’25, 23.3% were new-to-credit and 12% new-to-enterprise, signaling increased formalization.

NBFCs Expanding Market: Private banks lead enterprise lending, closely followed by PSBs while NBFCs gain share among sole proprietors with more than 41% share.

Unsecured Loan Growth: For enterprises, working capital dominates (~57% POS), while term loans fund capex. For sole proprietors, LAP leads, followed by business and CV loans. Unsecured loans grew 31% YoY despite stress concerns.

Credit Momentum in Smaller States & Services: MH, TN, UP, GJ lead by portfolio size, but TS, AP, WB show high growth. Beyond-Top-100 locations now hold a rising share, especially in UP, MP, KA, TN. Manufacturing leads in absolute credit, while services grew 19.6% YoY.

Improved Portfolio Quality: PAR 91–180 fell to ~1.4% (Sep’25) from 1.7% (Sep’23). Enterprises show better risk, but sole proprietors also improved. Very Low/Low Risk borrower share rose between Sep’23–Sep’25, aided by better underwriting and digital data.

Odisha – State in Focus

• Small Business Credit portfolio grew from ₹0.67 lakh crore (Sep’23) to ₹0.96 lakh crore (Sep’25), up 17.2% YoY vs. national 16.2%.

• Aspirational districts’ credit grew >22% YoY, outperforming state and national averages with better delinquency.

• Public Sector Banks dominate (>40% share), while NBFCs rapidly expand in under-penetrated areas.

• Risk profile improving: Very Low Risk share rose from 40.1% (Sep’23) to 47.1% (Sep’25) for small enterprises, creating more lending opportunities for banks.

Sachin Seth, Chairman, CRIF High Mark and Regional Managing Director – CRIF India and South Asia said, “Sole proprietors continue to anchor India’s small business credit ecosystem, accounting for close to 80 percent of the borrower base as of September 2025. At the same time, borrowers with both individual and enterprise credit presence are contributing a steadily rising share of overall credit exposure, and this segment has recorded the strongest growth in exposure over the year. Together, these trends indicate that credit deepening and gradual formalisation are progressing in parallel as small businesses scale.”

About CRIF High Mark

CRIF High Mark is an RBI licensed credit bureau in India that commenced its bureau operations in March 2011. CRIF High Mark offers Credit Bureau Information and Identification and fraud prevention services. It is India's first full-service credit information company which provides comprehensive credit information for all borrower segments, namely Commercial, Consumer, and Microfinance borrowers. With the databases of individuals and businesses from over 5,000 financial institutions CRIF High Mark provides credit information services and supports millions of lending decisions every month.

CRIF High Mark is part of CRIF S.p.A. a global company headquartered in Bologna, Italy. CRIF is a global company specializing in credit & business information systems, analytics, outsourcing and processing services, as well as advanced digital solutions for business development and open banking. Globally, CRIF operates in 37 countries with more than 10,500 financial institutions and over 600 insurance companies. CRIF's services are used by over 90,000 companies and more than 1,000,000+ consumers.

About SIDBI

Since its formation in 1990, SIDBI has been touching the lives of citizens across various strata of society through its integrated, innovative and inclusive approach for all round development of MSMEs. SIDBI has directly or indirectly through various credit and developmental measures impacted the  myriad Micro, Small and Medium Enterprises (MSMEs) in the country, whether they are traditional, domestic small entrepreneurs, bottom-of-the-pyramid entrepreneurs, or high-end knowledge-based entrepreneurs.

Link to the report: www.crifhighmark.com/media/5971/small-business-spotlight-report_digital.pdf

For more information, please visit:  https://www.sidbi.in/. 

This investment marks A.P. Moller Capital Funds’ first investment in India, highlighting the country’s growing importance as a global hub for renewable energy capital and confidence in its long-term economic fundamentals.

A.P. Moller Capital, drawing on over 120 years of A.P. Moller Group’s industrial heritage and a culture of hands-on value creation, has a strong track record of investing in and scaling renewable energy businesses across Southeast Asia and Africa, including solar, wind and hybrid-power businesses, grid solutions and energy-efficiency assets. Across its funds, A.P. Moller Capital has supported the development of more than 2 GW of renewable and transition-related capacity to date. The broader A.P. Moller Group has been active in India for more than 30 years through its logistics and services businesses, providing a strong foundation of commercial, operational and stakeholder relationships in the country.

Ketan Mehta, MD & CEO, Rays Power Infra

Ketan Mehta, MD & CEO, Rays Power Infra, commented: This partnership with A.P. Moller Capital marks a milestone for Rays Power Infra and reinforces our long-term vision of creating renewable energy infrastructure at scale. Their investment not only validates the strength of our development platform but also accelerates our ability to deliver sustainable, utility-scale solar assets across India

Semih Gökmen, Partner at A.P. Moller Capital, said: “This partnership allows us to deploy long-term capital into a high-quality pipeline in one of the world’s fastest-growing renewable markets. Our operational mindset positions us well to deliver utility-scale renewable capacity responsibly and efficiently. We are pleased to work with Rays Power Infra, whose development strengths complement our investment approach.”

Kim Fejfer, Managing Partner and CEO, A.P. Moller Capital, added: “We are delighted to take this first meaningful step into India’s renewable energy market. India’s energy transition presents one of the most compelling long-term infrastructure opportunities globally, and we see strong policy support and market fundamentals driving unprecedented growth. Building on the A.P. Moller Group’s decades of engagement in India and A.P. Moller Capital’s experience in developing and scaling critical infrastructure businesses, we are well positioned to execute at scale in support of India’s rapidly maturing renewable energy market.”

About Rays Power Infra Limited

Rays Power Infra is engaged in the business of providing utility scale end-to-end renewable energy solutions with a focus on solar energy solutions. We specialize in the development of ‘ready-to-build’ infrastructure for renewable power projects under our Co-Development Business model and providing engineering, construction and procurement (“EPC”) services for renewable power projects. We are among the leading players in the Indian solar industry with a demonstrated track record, along with being one of the pioneers of the Co-Development Business model in India.

The company currently has a diversified renewable energy portfolio of approximately 11,665 MWp, comprising solar, wind, and hybrid projects designed to cater to round-the-clock renewable energy demand. As of July 31, 2025, Rays Power Infra has commissioned ~1,771 MWp of projects across 13 Indian states and two international locations. Additionally, 4029 MWp is  Contracted, 3,565 MWp is under development & 2300 MWp is in advance stages.

Under the Co-Development model, Rays Power Infra manages the complete lifecycle of project development, including land aggregation, STU and ISTS grid connectivity, and all key regulatory and commercial approvals, with projects packaged within Special Purpose Vehicles (SPVs) and subsequently transferred to customers. rayspowerinfra.com.

About A.P. Moller Capital

A.P. Moller Capital is a global institutional fund manager focused on scaling critical infrastructure needs, particularly in Transport, Logistics and Energy Transition. A.P. Moller Capital invests in and develops businesses that support sustainable economic growth and prosperity in its markets of operations, while striving to deliver consistent and attractive investment returns to our investors. A.P. Moller Capital, part of A.P. Moller Group, is authorised by the Danish Financial Supervisory Authority. www.apmollercapital.com

Using a CAGR calculator for investing

CAGR gives you a single, annualised growth number that smooths out the ups and downs of different years to helps you understand at one glance how an investment has performed over a chosen period. Tools like a CAGR calculator online make estimating this metric process simple and accessible for everyday investors.

In this article, we’ll walk through what CAGR means. We’ll also look at how to use a calculator to understand potential long-term growth and how it may support planning.

What CAGR really means

CAGR is a measure that shows how much an investment would have grown each year if it had increased at a steady rate. Markets are not steady, but CAGR helps you see the overall pace of growth over time. It is especially helpful for long-term investments, where returns can vary year to year.

It’s important to remember that CAGR reflects historical performance only. It does not indicate future returns, nor does it guarantee any outcome. Investment values can rise or fall based on market conditions.

Past performance may or may not be sustained in future.

Why a CAGR calculator is helpful

Calculating CAGR manually requires a complex formula. A CAGR online makes the process simple by doing the maths for you. All you need to do is enter three basic inputs:

• Initial investment amount

• Final investment value

• Total investment period

The calculator then shows the annualised growth rate. This makes it easier to compare different investments or to assess how your money has grown over time.

While it is a useful reference point, it should not be the only factor in choosing investments. Other aspects such as risk level, time horizon, personal financial goals, and market volatility also matter.

How to use a CAGR calculator step by step

1. Enter your starting value*

This is the amount you invested at the beginning of the chosen period. For example, if you invested ₹50,000 in 2018, that is your starting value.

*For illustrative purposes

2. Enter the current or final value

This is how much your investment is worth today or at the end of the period you’re checking.

3. Enter the time

This is the number of years that have passed since you made the investment.

4. Review the CAGR result

The result will show the average annual growth rate. This helps you understand how your investment has moved over that period, without focusing on short-term ups and downs.

However, it’s essential to note that CAGR does not reflect market volatility, does not show yearly fluctuations, and should not be taken as a forecast for the future.

CAGR simply provides a way to understand historical growth in a smooth, annualised form.

Using CAGR to support long-term planning

CAGR can be one reference point when you’re thinking about your long-term investment approach. For example, it can help you see how certain investments behaved over longer periods, and whether they aligned with your expectations.

When used along with other tools and information, it can also help you estimate possible outcomes for your investments, while noting that actual performance will depend on market conditions.

Past performance may or may not be sustained in future.

Estimating returns on your SIP

While CAGR can help estimate returns on lumpsum investments, it may not be suitable for SIP investment plans. A Systematic Investment Plan (SIP) allows investors to invest a fixed amount at regular intervals, helping them average out purchase costs and build financial discipline over time. Since SIPs involve multiple cash flows across different dates, the traditional CAGR formula may not capture the true return experience. In such cases, the Extended Internal Rate of Return (XIRR) is often used because it accounts for each instalment’s timing and value. XIRR offers a more realistic measure of returns for irregular cash flows, though it should be interpreted with care as market movements can influence outcomes.

To calculate XIRR in Excel, you need two columns: one for the dates of each cash flow and another for the corresponding amounts. SIP instalments are entered as negative values (outflows), and the redemption or current value is entered as a positive value (inflow). Once the data is arranged, you can use Excel’s built-in XIRR function. The formula is: =XIRR(values, dates)

A few points to keep in mind

• CAGR is backward-looking; it does not predict future performance.

• Two investments with the same CAGR may still have very different levels of volatility.

• A higher historical CAGR does not mean an investment is suitable for every investor.

• Use CAGR as one part of your planning, not the only tool.

• Always consider risks and changes in market conditions.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
This document should not be treated as endorsement of the views/opinions or as investment advice. This document should not be construed as a research report or a recommendation to buy or sell any security. This document is for information purpose only and should not be construed as a promise on minimum returns or safeguard of capital. This document alone is not sufficient and should not be used for the development or implementation of an investment strategy. The recipient should note and understand that the information provided above may not contain all the material aspects relevant for making an investment decision. Investors are advised to consult their own investment advisor before making any investment decision in light of their risk appetite, investment goals and horizon. This information is subject to change without any prior notice.

The content herein has been prepared on the basis of publicly available information believed to be reliable. However, Bajaj Finserv Asset Management Limited does not guarantee the accuracy of such information, assure its completeness or warrant such information will not be changed. The tax information (if any) in this article is based on prevailing laws at the time of publishing the article and is subject to change. Please consult a tax professional or refer to the latest regulations for up-to-date information.

Embassy Greenshore

Spanning ~14 acres and encompassing 1.55 million sq. ft. of saleable area, the development comprises 878 spacious 2, 3, and 4 BHK apartments spread across two phases. Crafted for upper-mid-segment buyers seeking an elevated living experience, Embassy Greenshore introduces a distinct product typology with larger-than-usual configurations rarely available at its price point in the North Bengaluru micromarket. The launch of Phase 1 comprised of 700 units spread over 1.34 million sq. ft. of saleable area. The project witnessed a strong market response, achieving bookings worth ~Rs. 860 crore within five days of the launch.

A key differentiator is the project’s meticulous master planning – ensuring a high degree of privacy with no homes looking into one another and offering residents access to their own ~3-acre central park with dedicated leisure zones and access to multiple amenities spread across the podium. These features, combined with premium finishing standards, position Embassy Greenshore as North Bengaluru’s most compelling “affordable luxury” development – offering an aspirational lifestyle within reach.

Located in proximity to Kempegowda International Airport and key employment hubs, the project benefits from Embassy Springs’ integrated ecosystem of green landscapes, social infrastructure such as Embassy Academy – a CBSE-affiliated school, and connectivity, reinforcing its appeal as a preferred residential destination.

Speaking on the milestone, Reeza Sebastian Karimpanal, Chief Revenue Officer – Residential, Embassy Developments Ltd., said, “The overwhelming response to Embassy Greenshore reflects a growing desire among homebuyers for homes that offer more – more space, more privacy, more refinement. We have intentionally designed larger formats with expansive living spaces, tucked-away walk-in wardrobes, and marble finishes to deliver a sense of everyday luxury rarely seen at this price point. With a thoughtfully crafted masterplan that ensures no homes overlook each other, Embassy Greenshore offers a level of comfort and exclusivity that is genuinely new for this micromarket. Phase 2 of the project, consisting of a premium tower, will be launched by January 2026.”

This achievement follows the recent sell-out of Embassy Paradiso within the same township and is another step in EDL’s focused growth journey, reinforcing its leadership in North Bengaluru’s residential market and signalling a strong start to its next phase of launches.

About Embassy Developments Limited 

Embassy Developments Limited (formerly known as Equinox India Developments Limited and earlier as Indiabulls Real Estate Limited) (“the Company”) is one of India’s leading real estate developers, specializing in the construction and development of residential, commercial, and Special Economic Zone (SEZ) projects across Indian cities. With a strategic focus on Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR), the company also has a presence in Chennai, Jodhpur, Vadodara, Vizag, and Indore. EDL boasts a diversified residential portfolio, offering a well-balanced mix of high-value and high-volume developments across mid-income, premium, and luxury segments. Its portfolio of ready, ongoing, and future residential developments includes branded residences, uber-luxury apartments and villas, exclusive town homes, condominiums, integrated townships, senior living communities, and contemporary homes. Committed to building a resilient ecosystem, the Company actively fosters social, economic, and environmental progress in the communities it serves. The Company is listed on BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE) and holds a long-term debt rating of IVR A- Stable from Infomerics.

Disclaimer

This press release is for informational purpose only and does not constitute a prospectus, offering memorandum or an offer, or a solicitation of any offer, to purchase or sell any securities of Embassy Developments Limited (“Company”) or its existing or future subsidiaries (collectively, the “Group”) in any jurisdiction. ​Any offer or solicitation will be made only by means of definitive offering documents and in accordance with the terms of applicable securities and other laws. This press release should not be considered as a recommendation or advice to any person or investor to invest or subscribe for or purchase any securities of the Group or its existing or future subsidiaries (collectively, the “Group”) and should not be used as a basis for any investment decision. Recipients of this press release should conduct their own independent investigation and diligence, and/or consult their legal, tax, financial or other professional advisors as they deem fit. This press release contains certain forward‐looking statements based on current expectations, projections and assumptions and are subject to risks and uncertainties that could cause actual results, performances or events to differ materially from the results contemplated by the relevant forward-looking statement. These risks and uncertainties include the effect of economic and political conditions in India and outside India, volatility in interest rates and in securities markets, new regulations and government policies, the general state of the Indian economy, any delay in merger and the management’s ability to implement the company’s strategy that might impact the Group 's general business plans, its future financial condition and growth prospects. ​The information contained in this press release is only current as on the date hereof and is not indicative of future results. The Group is under no obligation to update these forward‐looking statements or to inform the recipient of any changes or developments arising after the date of this press release. Moreover, both express or implied press release or warranty is made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this press release. Neither the Group nor any of its directors, officer, employees, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this press release. Furthermore, no person is authorized to give any information or make any press release which is not contained in, or is inconsistent with, this press release. Any such extraneous or inconsistent information or press release, if given or made, should not be relied upon as having been authorized by or on behalf of the Group.​

Estonia Ambassador to India - H.E. Ms. Marje Luup with Estonian Company Saku Brewery and Indian counterpart HS Oberoi Spirits

One of the delegates - Saku Brewery’s Export Manager, Margus Masing, the company’s collaboration with India began through the strong support of KredEx, the Estonian Business and Innovation Agency (EIS), and the Estonian Embassy in India.

“I would like to extend special thanks to the Estonian Business and Innovation Agency, KredEx, and Ambassador Marje Luup, who place great value on the success of Estonia’s food and beverage industry and strongly support the promotion of domestic exports. Thanks to their efforts, the cooperation between Saku Brewery and HS Oberoi Spirits became a reality,” said Masing.

He highlighted that the partnership with HS Oberoi Spirits has progressed very successfully. “Our collaboration with HS Oberoi Spirits has been excellent — the first container of Saku products arrived in India in July, and another order is already awaiting shipment. At the moment, Saku products are available in the Delhi region, but HS Oberoi Spirits is strongly committed to building our brands across India. Our shared goal is to expand into additional cities and regions. India is one of the world’s largest and fastest-growing markets, and we are delighted that Saku products are now available there, with local consumers appreciating our packaging, distinctive flavours, and high quality,” explained Margus Masing.

As per Indian counterpart, HS Oberoi Spirits – the role of Estonia Trade Office and equal zeal from Estonian F&B companies brought Estonia’s historic Saku Brewery to India through its partnership with HS Oberoi Spirits. The collaboration stands as a strong early example of the value that shared heritage, craftsmanship, and open trade can create between the two nations. HS Oberoi Spirits is a strategic import and distribution partner committed to building long-term, value-driven collaborations between global beverage brands and the Indian market.

Hardarshan Singh Oberoi, Founder, HS Oberoi Spirits, said, “We are delighted to support this growing relationship between India and Estonia. Partnerships like these celebrate craftsmanship, culture, and shared ambition — and we look forward to building many more meaningful stories together.”

Manveer Singh Oberoi, Founder, HS Oberoi Spirits, said, “Indian consumers today value authenticity and thoughtful product narratives. Collaborating with Estonia allows us to bring distinctive global experiences to India’s evolving premium beverage landscape.”

Further joint initiatives and category-building programs are expected to be explored in the coming months as both countries work toward expanding commercial and cultural engagement.

Oaktree Capital Invests Rs. 750 Crore in Market of India at SPR City, Boosting Chennai's Largest Township

The funds will accelerate the completion of SPR’s flagship developments:

• The Market of India, and

• The Mall of Madras,

together expected to redefine not only Chennai but also Southern India’s Shopping and Trade Landscape.

This investment is projected to unlock value for 3.5 million sq. ft. of commercial assets, mainly covering:

• Mall of Madras Coming with 6-Screen Cinema & over 300+ Branded Stores

• Market of India comprising 3000+ units serving categories like Gems & Jewellery, Electronincs, Building material, Textile & Acessories, Imported items, Packed foods & Multiple commodities

This investment is a very small fraction of the asset value expected to be unlocked in the next 8–12 months. This funding also allows full repayment of existing Altico Capital debt on the project.

Combined, the two assets will form the largest multi-commodity trade and shopping destination across South Asia (SAARC nations).

As per trends, any commercial place generates direct employment for one person and indirect employment for three people for every 100 sq. ft.

With this analogy, 3.5 million sq. ft. of Market of India and Mall combined will generate direct employment for 35,000 people and indirect employment for over 100,000 people, thus transforming the socio-economic landscape of not only North Chennai but the entire Southern India, in terms of trade and shopping.

Why Oaktree Invested

Oaktree’s decision follows extensive due diligence conducted by leading global advisors including Deloitte (financial & tax), AZB Partners (legal & title), Knight Frank (technical & cost), and Planmaxx (mall advisory & feasibility).

The key factors influencing the investment include:

• Strong asset coverage and high sales visibility

• The rapidly rising prominence of the Perambur Mill area, located just 4 km from Chennai Central — drawing parallels to Mumbai’s Lower Parel mill transformation

• SPR’s leadership in delivering high-rise and integrated township developments in Chennai

SPR has previously raised capital from JM Financial, Piramal, and LIC Housing, all of which have been fully repaid due to the project’s robust revenue generation.

The partnership with Oaktree further enhances SPR’s credibility with institutional investors, lenders, and homebuyers, ensuring timely delivery of the next phase of SPR City. With over 55% of retail space already leased and strong progress across residential and commercial components, SPR City is poised to emerge as the transformative growth hub of North Chennai.

For more details, please visit: www.sprindia.com.

CP Gurnani, Manoj Chugh, & Jagdish Mitra joined Ipsita Kathuria at the 10th Annual TalentNomics Conference: Equity in the Age of Automation

The day was anchored by powerful insights from three of India’s most respected leaders:

• CP Gurnani underscored that the path to AI equity requires deliberate, ethical design. “What can we do to keep our power of curiosity, our power of creative thinking, our power of learning and applying data in our everyday life. Because to me AI is all about training the data, and if AI is all about training the data, then I need to pick up instances where I can power it.”

• The pivotal question from industry veteran Manoj Chugh served as a call to action: “Are we interrupting the bias? If not, we are not doing good.” The core message was that since AI learns from historical, often biased, data, the responsibility lies with human leaders to interrupt these patterns through sponsorship and intentional design.

• Suparna Mitra highlighted the necessity of intentional gender equity strategies in leadership and consumption. “At the Talentnomics India 10th Annual conference, I had the privilege of addressing the good people who had gathered to discuss how the AI revolution will impact gender dynamics. Whenever a new technology comes, the existing norms get re-shaped. The AI revolution does not just belong to the people who work on the technology, but all of those who use the technology. The moral and ethical dimensions need to be examined for us to ensure that the gender gap is balanced, rather than get worsened.”

The Future of Work & The Disruption of Income

The session, 'Work Rebooted – Breaking the Digital Ceiling,' moderated by Lata Singh, dissected the differential impact of AI on the workforce, highlighting the urgent need for task-level reskilling.

• Task-Level Disruption: Jagdish Mitra emphasized that AI disruption occurs at the task level, not just the role level. He noted that while women make up 35% of the IT workforce, nearly 70% of their roles are task-heavy and highly exposed to automation. His guidance: HR teams must champion diversity, and individuals must perform a task-based analysis of their job to identify what to reskill for.

• The Investment Risk of Inequity: Dr. Archana Hingorani connected workforce gender equity to the balance sheet. She argued that ignoring the displacement of women creates systemic market instability and limits the available talent pool, making ignoring gender equity a bad business decision for the investor.

• Owning the AI Ecosystem: Shalaka Verma outlined the three key opportunity domains: Builders of AI, Maintainers of AI, and Users of AI, urging women to seize the early-mover advantage in this transition and actively define their space before others define it for them.

The Infrastructure of Wealth & Wellbeing

These panels addressed how AI impacts the fundamental structures of wealth creation and care, from investments to healthcare access.

• Code to Capital: Reducing the Wealth Gap: The deeply insightful session on the gender wealth gap, led by Soumya Rajan and Anita George, concluded that the gap stems from structural issues and behavioral biases. They affirmed that AI is a powerful 'copilot' capable of de-biasing financial planning and nudging women from mere savers to active investors. Anita George stressed that "Investing is self-care" and emphasized the need for trust, governance, and security in the financial sector to ensure women become true capital creators.

• Rebalancing Care & Rural Healthcare: The sessions highlighted that both urban and rural women face unique barriers to wellbeing. Partha Dey showcased how the shift of services from hospital to home significantly improves access for women. Furthermore, the session on "Beyond the Grid: AI and the Future of Rural Healthcare" with Jyotsna Krishnan & Priyadarshi Mohaparta highlighted how a hybrid "phygital" model using Community Champions (primarily women) can be the viable solution for India’s large rural market, ensuring the entire loop of diagnostics and medicine is closed and reducing time burdens for women caregivers.

• The Human Heart of Empathy: Dr. Dev Brar addressed the limits of AI in mental health, noting: “AI heard my words, but not my silence.” Bhavana Issar also emphasised that while AI can enable wellbeing, it cannot replace the Human touch. Shilpa Ajwani concluded that Human and technical review must go hand in hand to ensure AI works for everyone.

Governance and Guardrails: The Mandate for Equitable AI

The consensus across the conference was that AI is not inherently biased, but rather amplifies the bias already present in the human data it learns from, necessitating strong guardrails.

• Bias Amplification: The session on 'Unbiased by Design' concluded that AI models are inherently prone to perpetuating historical human biases because they learn from flawed data, making simply removing gender labels insufficient. The core consensus of the panel, featuring Kiran Chhabra, Renu Menon, Uma Rani, and Arjun Venkatraman, captured by the motto "Nothing About Us Without Us," is that achieving equitable AI requires active, sustained oversight.

• Policy and Accountability: This includes enforcing mandatory AI audits and governance frameworks to ensure equal error rates across demographic groups, and critically, involving women and underrepresented groups as data stewards to reduce bias at the source of data collection and annotation. As observed by L Venkata Subramanian and Aneesh Patnaik, we need technological solutions, diverse policy input, and active user feedback.

• Societal Movement: Sunaina Kumar emphasized that patriarchal structures are mirrored in digital spaces, and without robust governance, AI risks weakening women's economic security. Ratnesh Jha concluded that fixing this requires a societal "movement," stressing that companies must be held accountable by consumers, and organizations must commit to not allowing bias in their own systemic decisions.

Conclusion: Sponsorship and Concrete Action

The conference underscored that fixing the future starts with fixing the present. The most potent advice from the floor was the need to move from mentorship to sponsorship. Sponsorship is the action—the advocacy and the intentional door-opening—that ensures women are in the rooms where AI decisions are being shaped.

Neeta Boochra, member of the TalentNomics Advisory Board, rekindled the room’s momentum with her vote of thanks, reinforcing that influence must translate into opportunity and conversation into measurable change. The conference's success lay in its commitment to translating high-level dialogue into concrete, actionable steps toward a gender-equitable Digital future.

About TalentNomics India

TalentNomics India is a non-profit organisation working to create a world where gender equity is the norm. Since 2016, the organisation has operated leadership development programs for women and convened annual conferences featuring multi-stakeholder dialogues on barriers to equity in work, wealth, wellbeing, and welfare. Through research, advocacy, and collaboration with corporate, government, and civil society partners, TalentNomics India advances systemic approaches to gender equity.

Website: www.india.talentnomics.org

Instagram: www.instagram.com/talentnomicsindia/

LinkedIn: in.linkedin.com/company/talentnomicsindia

Ajitesh Korupolu - Founder & CEO, The ET Now Realty Conclave & Awards 2025 - South Edition

Real Estate: India’s Growth Engine

Ajitesh Korupolu emphasized that real estate is far more than a sector, it is India’s economic engine. Today, it contributes 8.75% to GDP and is projected to reach 13-15% by 2030, making it a US$1 trillion industry. Every 1% of GDP invested in infrastructure generates double the economic returns and over 1.3 million jobs, highlighting the sector’s multiplier effect. Already the second-largest employer after agriculture, real estate supports 71 million jobs, expected to rise to 100 million by 2030, with over 250 industries linked to its demand.

A Clear Income Ladder

Unlike other sectors, real estate construction offers upward economic mobility for India’s workforce. Average monthly wages in agriculture range from Rs. 9,800-Rs. 11,800, and in manufacturing Rs. 16,000-Rs. 20,000. In contrast, construction workers earn Rs.27,000-Rs.35,000, making the sector one of the strongest pathways for income growth and livelihood security.

Market Confidence & Infrastructure Wins

According to the ANAROCK Homebuyer Sentiment Survey (H1 2025), 63% of respondents ranked real estate as their top investment choice, ahead of traditional assets like fixed deposits, gold, and equities. The market has mirrored this sentiment with record office absorption of 79 msf in 2024 and decade-high housing sales and launches. Furthermore, India is set to witness Rs. 17.5 lakh crore (~US$212 billion) in combined investments across real estate, roads, and renewables, marking a 15% year-on-year jump.

Hyderabad’s Urban Advantage

A highlight of the presentation was the Urban Rush Hour Clock. Hyderabad emerged as the metro with the least rush-hour congestion compared to other Indian cities. This advantage translates into time saved for families, higher productivity for businesses, and overall quality-of-life improvements, positioning Hyderabad as one of the most commuter-friendly metros in India.

The Future is Planned Cities

Ajitesh Korupolu outlined a blueprint for the future of Indian cities through planned urban ecosystems. Cities must integrate daily needs, schools, hospitals, shops, and offices within neighborhoods. Cleaner and greener infrastructure with cycling tracks, footpaths, and renewable energy adoption is essential. By designing for walkability, families gain more time together, while local businesses thrive as increased foot traffic boosts retail visibility and sales.

Global and Indian Examples

Real-life global and domestic case studies reinforced his vision:

• Chennai: 100 km of footpaths shifted 29% of trips from cars to walking, cutting 12,000 tonnes of CO₂ annually, the equivalent of removing 2,900 cars.

• Times Square, New York: Roads converted into pedestrian plazas reduced accidents by 40% and boosted retail sales by 11%.

• Nordhavn, Copenhagen: The “five-minute city” concept ensures that schools, cafés, parks, and transit are always within walking distance.

Building Better Together

Closing his address, Korupolu stressed the importance of collaborative governance. Governments, he said, must act as referees, not players, setting broad rules, ensuring property rights, utilities, and dispute resolution while empowering private and community initiatives to design and adapt cities. Competition among private developers is the key to better design, sustainability, and resilience. He noted that while cities like Mumbai once struggled due to infrastructure gaps, today, with metros, roads, and airports catching up, the momentum is shifting in the right direction.

Conclusion

Real estate is central to India’s economic future, its social progress, and its urban livability. From creating millions of jobs and offering higher wages, to enabling sustainable infrastructure and reducing congestion, the sector holds the key to shaping India’s next-generation cities. With Hyderabad already leading the way, India has the opportunity to build cities that are global benchmarks in both growth and quality of life.

Mr. Sanjay Mehta, President - MRAI​
 

India still does not generate enough end-of-life aluminium scrap to meet rising demand for low-carbon metal. Until the domestic scrap pool matures, recycled aluminium sourced through imports remains indispensable for keeping the nation’s 2-million-tonne-plus recycling capacity fully utilised, sustaining competitiveness, and accelerating emissions reduction. A predictable scrap-supply regime strengthens - not threatens - domestic investment by ensuring material stability, rational pricing, and higher capacity utilisation.
 

“India’s secondary aluminium industry is driving the nation’s transition toward circularity, energy efficiency, and global sustainability leadership,” said a spokesperson for the MRAI. “Producing aluminium through recycling uses 95 percent less energy and emits over 90 percent less CO₂ than primary smelting—it’s like importing free electricity into the country.”
 

Recycling generates minimal waste compared with primary production and aligns with NITI Aayog’s Circular Economy Roadmap and Make in India 2.0. The industry empowers MSMEs, operates under BIS and radiation-check standards, and provides safe, high-quality raw material for downstream manufacturing.
By converting this scrap into high-value alloys and exporting them, India earns foreign-exchange surplus while advancing Net Zero 2070 targets. With global demand for green aluminium soaring - led by the EU’s low-carbon markets - India is positioned to become a reliable supplier of sustainable metal.
 

The sector also generates thousands of livelihoods across all skill levels and fosters women’s participation in sorting and quality operations, advancing inclusive and dignified employment in industrial clusters.
 

To sustain this momentum, MRAI urges a progressive and balanced policy framework that reinforces India’s recycling-led growth. Reducing import duty from 2.5% to 0% duty on aluminium scrap will ensure steady feedstock availability for recycling plants and uninterrupted production. A reduction of GST from 18% to 5% or 0% preferably will ease liquidity pressure, encourage formalisation, and enhance competitiveness across the value chain. Further, simplifying TDS on GST provisions will support MSMEs and small recyclers—enabling them to expand, invest, and create green employment at the grassroots level.
 

With stable and forward-looking policies, India’s secondary aluminium industry will continue to power sustainable growth, create green jobs, and strengthen India’s leadership in global circular manufacturing.
 

For more details and media queries: www.mrai.org.in.
 

#MRAI #SecondaryAluminium #CircularEconomyIndia #GreenGrowthIndia #RecyclingIndustry #SustainabilityIndia #LowCarbonAluminium #IMRC2026 #MakeInIndia #GreenJobs #NetZero2070

The Rise of Neighbourhood Retail in Urban India

The idea is simple. People no longer want to drive an hour, hunt for parking, and spend half a day in a mall just to pick up groceries and catch a film. Post-pandemic habits have reinforced this. Shoppers prefer retail that sits closer to home, within a 10–15-minute drive. Knight Frank’s latest study highlights that dense micro-markets are now the primary drivers of retail growth.

These malls usually range between 50,000 and 200,000 sq ft with a high-quality supermarket at the centre, surrounded by a few F&B brands, salons, wellness clinics, a play zone or a small multiplex, plus essential services like banks and pharmacies. It’s enough to keep footfalls steady throughout the week. CBRE data shows retail leasing in India shot up nearly 50% in 2023, and a significant chunk was driven by new malls of this scale. According to a recent report by Cushman & Wakefield, retail leasing in high streets across Delhi-NCR jumped a massive 57% year-on-year in Q1 2025, accounting for 61% of the region’s total leasing activity. Gurugram led the way, followed by Noida and Delhi. Much of it was driven by neighbourhood malls.

Pankaj Jain, Founder and CMD, SPJ Group, says, “Neighbourhood malls are redefining the urban retail landscape by combining convenience with community. He notes that design and layout play an integral role in a retail project's success: "Developers are realising that the format must look and feel different from the boxy malls of the 2000s. Curated is the keyword. People don’t want 200 stores. They want a clean, walkable space where the mix of tenants feels right. With evolving lifestyles and a growing preference for hyperlocal experiences, we are seeing increasing fondness for these formats as they deliver both footfall consistency and a sense of belonging for residents. For developers, this is not just about building retail spaces, but about creating vibrant social hubs that enhance liveability. In our project design, we are particular in designing them for everyday use, but with enough character to become the go-to social spot. That’s how you build loyalty."

Arjun Gehlot, Director, Ambience Malls says "The ability to tailor tenant mix is another edge. As cities like Gurugram continue to evolve, malls here are shaping up as cultural and social hubs that define urban living. The city’s purchasing power now rivals that of Delhi, which makes it an attractive destination for both consumers and brands. This has created a natural pull for top international retailers who now see Indian malls as the most strategic entry point to connect with an aspirational and diverse consumer base. Global fashion and lifestyle names coexisting alongside national brands and even familiar neighbourhood favourites offer a holistic experience that feels both world-class and rooted in community.”

Mr Ishwin Singh Hora, Director, Reach Group says, “The rise of neighbourhood retail isn’t just about convenience — it’s about creating everyday destinations. Our focus has always been on open, easily accessible formats that blend lifestyle, leisure, and daily needs within the community fabric. These compact developments allow for faster construction and leasing cycles, a more relevant brand mix, and a stronger local connect. For us, it’s about making retail more human, more local, and more experiential.”

Nandini Taneja, CEO, Bhumika Enterprises says, “Developers like the economics too. These projects cost less to build, lease out faster, and feature a brand mix that’s better aligned with the needs of the neighbourhood. Add to that the ease of access and shorter construction and leasing turnaround, and you have a far more efficient and community-driven model. The future of urban retail is hyperlocal — we’re creating compact, curated spaces within residential catchments that don’t just enable commerce but also become vibrant community hubs where people meet, shop, and connect.”

Ajendra Singh, VP, Sales and Marketing, Spectrum@Metro, says, "For developers, the case is practical as much as it is strategic. Smaller malls don’t tie up capital for years, and leasing cycles are quicker. More importantly, they tap into a ready-made catchment of residents. Post-pandemic behaviour has made this model stronger. People want F&B and essential retail right next door. For us, it creates value on both sides, our housing projects get a retail anchor, while the mall itself finds tenants faster and delivers steady yields.”

Across India, from Bengaluru’s Whitefield to Mumbai’s suburbs, similar stories are playing out. But NCR’s density and township-led growth may make it the testing ground for the model. Analysts point out that as the region sprawls further outward, compact retail will be the backbone of these self-contained ecosystems.

So while the big malls will always have their place on the weekends, it’s the compact neighbourhood centre that is fast becoming the workhorse of urban retail. In NCR, especially, that shift is visible every time a new township opens, and almost immediately, a neighbourhood mall rises to complete it.

Luxury residences in NCR stand tall as timeless symbols of stability, prestige, and long-term wealth

What gives NCR its enduring edge is the strength of its locations and the quality of life they offer. Gurugram, Noida, Delhi, and hubs such as Dwarka Expressway and Siddharth Vihar have become synonymous with modern luxury, defined by world-class infrastructure, excellent connectivity, and a cosmopolitan way of living. The region’s rapid urban evolution, coupled with strong corporate presence and lifestyle amenities, continues to attract diversified buyers seeking both comfort and capital growth.

Yukti Nagpal, Director, Gulshan Group says, “Luxury real estate in NCR—particularly in the Noida–Greater Noida corridor—has transitioned from being viewed as an indulgence to becoming a strategic wealth creation asset. Today’s discerning buyers, including millennials and global Indians, seek homes that blend timeless design with enduring value. In prime sectors along the Noida Expressway, we’ve consistently witnessed growth in both resale and rental appreciation, reinforcing the confidence that luxury homes here are not just aspirational investments, but enduring financial assets. The narrative has clearly evolved—buyers are no longer acquiring square footage; they are investing in a legacy of lifestyle, location, and long-term security.”

The CBRE-ASSOCHAM report highlights that India’s luxury segment grew 85% year-on-year, with Delhi NCR leading the charge, recording nearly 4,000 luxury unit sales—a threefold annualised jump. Property values in Noida and Greater Noida have mirrored this momentum, rising over 92% in five years, with Greater Noida alone seeing a 98% price increase, signalling strong capital appreciation potential for investors.

Prateek Group in the Noida-Ghaziabad region exemplifies this balance, setting benchmarks for refined living and steady long-term appreciation. With its projects like Prateek Grand Begonia in Siddharth Vihar, Ghaziabad, the project offers a rare combination: a desirable lifestyle today and a resilient, wealth-building asset for tomorrow. On the other hand, Prateek Canary in Noida’s Sector-150 stands as a benchmark of aspirational living, designed for families who wish to pass down not just a home, but a symbol of refined luxury and timeless elegance. Its low-density design, resort-style club amenities, and expansive balconies overlooking lush greens reflect a deep understanding of modern, multi-generational lifestyles.

Yash Miglani, Managing Director, Migsun Group, says, “The luxury segment in Noida-Greater Noida has emerged as a safe harbour for wealth creation. Unlike speculative markets, NCR’s top micro-locations are witnessing end-user-led demand, ensuring sustainable growth. What’s noteworthy is that luxury buyers are increasingly end-users themselves—professionals who value design, comfort, and community living while being mindful of long-term capital appreciation. That combination makes this market incredibly resilient.”

According to JLL, the luxury housing market in Delhi NCR continues to demonstrate remarkable growth. In the first half of 2025, sales touched 5,168 units, reflecting an 8.5% increase compared to the same period in 2024. Gurugram emerged as the dominant contributor, accounting for 91% of NCR’s luxury sales and securing 65% of high-end home transactions across India’s top seven cities. Within Gurugram, corridors like Southern Peripheral Road and Dwarka Expressway alone drove 61% of luxury sales, underscoring the importance of prime micro-markets.

Saurab Saharan, Group Managing Director, HCBS Developments says, “The narrative of Gurugram’s luxury real estate is inseparable from the rise of Dwarka Expressway. Today, it stands out as a prime destination for buyers seeking a blend of refined living and long-term investment security. As developers, we’ve observed a growing preference for smart, secure, and amenity-rich residences along this corridor. Coupled with the rapid development of social infrastructure, Dwarka Expressway is not just enhancing lifestyle standards but also strengthening capital appreciation potential. From our perspective, this corridor will remain a catalyst for Gurugram’s luxury market, driving both premium living and sustainable wealth creation.”

Rising interest from HNIs and NRIs, combined with a growing preference for tangible, high-value assets, has kept demand consistently high. Branded, well-positioned developments continue to outperform expectations, delivering strong capital appreciation alongside attractive rental yields.

Ajay Tyagi, Chief Sales Officer, Better Choice Realtors, says, “Gurugram’s luxury market has transitioned from being aspirational to asset-based. The confluence of infrastructure expansion, corporate hubs, and international-standard developments ensures sustained demand. Besides, investors today are keenly aware that a premium address in Gurugram, be it along Golf Course Extension Road or Dwarka Expressway, delivers both prestige and predictable ROI. Hence, we foresee luxury here becoming a serious portfolio component, not just a lifestyle statement.”

Thus, beyond offering world-class living experiences, premium properties in Gurugram, Noida, and emerging hubs like Dwarka Expressway and Siddharth Vihar provide investors with a reliable store of value. The market continues to draw discerning buyers who are not just seeking a home, but a long-term asset that combines capital security with an elevated lifestyle. In this way, luxury real estate in NCR remains a compelling avenue for those looking to preserve and grow wealth over decades.

Diwali has given a fresh thrust to otherwise dipping sales in Indian realty sector, from Luxury to holiday homes, everything saw a major increase in demand

Sales Momentum Peaks Across NCR and Metros
According to ANAROCK Research, about 102,000 housing units were sold across the top seven cities during the festive quarter of 2024. This year, industry trackers indicate a 20–25% year-on-year jump, led by Delhi-NCR, Bengaluru, and Hyderabad. Knight Frank India reports that NCR recorded the sharpest 24% annual increase in housing prices during July–September 2025 — the highest among major cities — cementing its position as India’s most dynamic property market. IBRF, a Delhi-based research firm, also reported a major increase in sales of around 15-20% in the luxury market and with new inventory being launched for mid-segment buyers in regions like Yamuna Expressway, Wave City (NH-24, Ghaziabad) and in Greater Noida, this segment itself saw a surge of over 25% during the Diwali festive season.
 

The buying spree is being driven by policy stability, strong sentiment, and festive enthusiasm. Developers say enquiries are translating into quicker bookings, especially for ready or near-possession homes.
 

Policy Boost: Repo Stability and GST Sentiment Spur Demand
Two macro triggers are fuelling this momentum — repo rate stability and the sentiment around GST rationalisation. The Reserve Bank of India’s decision to maintain a steady rate environment, coupled with expectations of future cuts, has boosted buyer confidence. Renewed discussions on GST relief for under-construction homes have also lifted sentiment.
 

“Low interest rates and positive economic cues, including the recent repo rate stability and GST relief sentiment, have encouraged fence-sitters to act,” says Yukti Nagpal, Director, Gulshan Group. “This year’s festive cycle has outperformed expectations, with sales and bookings already up by around 20-30% compared to the same period last year. The luxury segment, particularly in Noida-Greater Noida, is dominating festive demand. Homebuyers are stepping into this segment with confidence, aided by flexible payment plans and improved financing options. We’re also seeing faster decision-making and bulk festive bookings both by investors and buyers; a sharp shift from the cautious approach seen in previous festive seasons. Overall, this festive cycle reflects a maturing market where aspiration, financial prudence, and lifestyle priorities are harmoniously driving India’s real estate momentum.”
 

Bhupindra Singh, COO, RISE Infraventures, says, “This festive season, Delhi-NCR’s real estate market has seen a noticeable rise in sales and bookings, particularly in mid and premium housing segments. Developers attribute this growth to festive sentiment, well-timed project launches, and attractive pricing. The recent GST cuts on key construction materials like cement, bricks, and ready-mix concrete are expected to lower construction costs by 3–5%, potentially easing home prices slightly for buyers. Combined with festival-driven enthusiasm, these measures are encouraging end-users and investors to act promptly. Overall, the festive season and favorable GST reforms are driving strong demand, giving new and upcoming projects a boost in Delhi-NCR.”
 

Luxury Leads the Festive Momentum
Luxury and upper-mid housing have emerged as the clear winners this season. Transaction values have surged, reflecting buyers’ shift towards larger, amenity-rich homes backed by rising incomes and lifestyle aspirations.

“This festive season has brought renewed optimism to the real estate sector, with strong momentum across enquiries and bookings,” says Rajjath Goel, MD, MRG Group. “We’ve seen a clear revival in buyer confidence, supported by favourable repo rate cues and expectations around policy rationalisation. Homebuyers today are making more decisive purchase decisions, recognising real estate as a secure and appreciating asset. Interestingly, demand for premium and upper mid-segment housing has strengthened, driven by aspirations for spacious, well-designed homes with modern amenities. There’s also a visible rise in NRI participation, with festive offers and new launches serving as key catalysts. Overall, the season is setting a positive tone for sustained growth in the residential segment, especially in markets like Gurugram and Dwarka Expressway.”

A spokesperson for Bayside Corporations (BCS), a leading luxury holiday home seller, stated, “This festive season has seen an encouraging rise in both serious enquiries and confirmed sales, especially in the holiday home and second-home segments. Destinations like Goa and Kasauli have emerged as sought-after choices amongst affluent buyers looking for leisure-driven investments and weekend retreats. We’re witnessing a distinct trend of clients seeking well-managed, resort-style homes that blend lifestyle with long-term appreciation potential. Demand for such homes has remained robust during the holiday season, reaffirming faith in India's high-end leisure housing market.”
 

NRI Interest and the Emotional Quotient
Developers note a visible spike in NRI-led demand, fuelled by global uncertainty and the rupee’s relative stability. Festive launches tied to auspicious periods continue to attract overseas buyers.
 

“This festive season, we’ve witnessed a significant uptick in both enquiries and conversions. The sentiment is distinctly upbeat, driven by a combination of softer repo rate signals and expectations of GST rationalization,” says Shaurya Garg, Director - Marketing & Sales, Northwind Estates. “Buyers today are far more confident, seeing real estate as a stable long-term asset amid market volatility. Interestingly, luxury housing is leading this momentum; a clear reflection of rising disposable incomes and the desire for larger, amenity-rich homes. Another noticeable trend is the surge in NRI interest, with festive launches acting as a strong trigger for premium investments. As developers, we anticipate responding with thoughtfully designed, premium projects that match these aspirations. Overall, the festive quarter, thus, is shaping up as both emotionally charged and strategically growth-oriented for the industry.”
 

Sustainability and Smart Buying
"This Diwali, NCR's property market is witnessing fresh vigor as developers launch competitive prices, favorable sale terms, and well-designed projects that emphasize sustainability and integrated eco-systems," says Nandini Taneja, CEO, Bhumika Enterprises. "Yet, buyers need to evaluate the fundamentals: verifying developer credentials, financial backing, construction quality, timely delivery, and RERA compliance to make a safe investment. Simultaneously, with repo rates marginally lower, the real benefit is through margin money; hence, home loans are especially attractive for investors. Combining this with the development of emerging micro-markets, this festive season presents a perfect time to invest in properties with clear titles and good long-term prospects."
 

Outlook: Festive Momentum to Continue
Analysts expect the current momentum to carry into early 2026, led by NCR, Mumbai, and Bengaluru. The festive surge has underscored a maturing market — one where aspiration and affordability are aligned, and where lifestyle, liquidity, and long-term fundamentals define India’s next phase of real estate growth.

Shiv Bidani Co-founder- National Finance Olympiad

But the journey of GST has been anything but smooth. With its ups and downs over the past eight years, the Indian government is now implementing Next-Gen GST Reforms in 2025. These reforms are designed to simplify the tax system further and make life more affordable for the common man. But will the benefits really reach you, or will this just be another step in the government’s long-term economic strategy? Let us break it down. 

1. Simplified Tax System: What’s Changed?
One of the biggest changes with the 2025 GST reforms is the shift to a simplified two-slab tax system: 5% and 18%. Previously, the system had multiple slabs ranging from 0% to 28%. This reduction in the number of tax slabs aims to make the taxation process easier for businesses and consumers alike.

This also means that the everyday items we can’t live without, like soap, toothpaste, and packaged foods, well, the good news is that their GST has been slashed to either 5% or even 0%. That means, in simple terms, these essentials could cost you less, which makes a real difference when you are managing your household budget.

When it comes to medicines and medical devices, the GST has been brought down from 12% to 5% or Nil. For anyone who relies on regular medication, this is huge. It makes life-saving drugs and healthcare products much more affordable and accessible, especially for those who need them most.

2. Will the Price Reductions Actually Reach You?
Although the GST reforms promise to bring down prices, there’s still a big question: Will we actually see those savings at the checkout?

Here’s the thing — businesses are the ones in the middle. The government can lower taxes, but it’s really up to the businesses whether they’ll pass on those savings to you or keep them for themselves. In the past, we've seen some price cuts trickle down, but not always. So, while the tax cuts are there, whether you feel them in your wallet depends on how quickly and fully businesses adjust their prices.

This isn’t just limited to a few sectors. Whether you’re shopping for a car, a phone, or even your groceries, the experience can be a bit hit or miss. For example, when the GST on cars and two-wheelers was reduced from 28% to 18%, we were all expecting lower prices. But many car manufacturers didn’t immediately lower their prices, and some didn’t pass on the full benefit to customers. As a result, consumers didn’t feel that reduction in their pockets right away.

A LocalCircles study found something similar with essential food items. Even though GST cuts were implemented, many consumers reported not noticing a difference in prices at the store. Why? Because sometimes, manufacturers or retailers choose to keep prices steady or adjust them slowly, which delays the savings reaching the customer.

Key Insight: While the GST reforms are a step in the right direction, the real benefit will depend on how businesses adapt and whether they pass the reductions on to customers quickly and uniformly.

3. Impact on Local Businesses and Employment
Beyond just affecting prices for consumers, the GST reforms also aim to give a boost to small businesses (MSMEs). By making tax filing simpler and cutting down on compliance costs, these changes are especially helpful for sectors like handicrafts, small manufacturing, and agriculture. Lower GST rates on raw materials mean these businesses can cut their costs, too.

With reduced GST on things like cement, iron, and farming equipment, local businesses can lower their operational costs. As a result, they become more competitive and can offer lower prices on goods and services. So, you could see your everyday purchases becoming more affordable.

When businesses save on costs, they can ramp up production, which boosts demand. And as demand increases, it could lead to more job opportunities especially in rural and semi-urban areas, where small businesses are the backbone of the economy. 

Take the reduction of GST on tractors and irrigation tools from 12% to 5% which is expected to lower farming costs. This could result in cheaper farm produce, thus benefiting consumers while also making farming more sustainable.

4. Long-Term Benefits: Economic Growth and Household Savings
The government’s goal with these reforms is not just to lower immediate costs, but to also stimulate long-term growth. The logic behind reducing taxes on essential goods is that by making life more affordable, families will have more disposable income, which they can either save or spend on other goods and services. This increased demand can stimulate economic growth.

According to the Ministry of Finance, GST collections have hit record highs, showing steady growth. This reflects not just stronger compliance but also an uptick in economic activity. As more businesses come under the formal GST system, the tax base expands, which means more funds are available to support public services and welfare initiatives.

While the GST reforms of 2025 have the potential to significantly benefit the common man, especially through price reductions on essentials, the true success will depend on how businesses, consumers, and government agencies adapt. The common man must stay informed, not just about GST rates but also about how these changes affect the prices of goods and services in their daily life.

To truly understand and take advantage of these reforms, financial literacy is key. With better knowledge of taxes, savings, and how these reforms will impact various sectors, consumers can make informed decisions, thus ensuring that the full benefits of GST reach their pockets. The reforms are a step forward, but only through awareness can the common man fully realize their potential.

Ms. Bharti Aggarwal, Director, Signature Global (India) Ltd.

With NRI interest in Indian real estate rising rapidly, these programmes focused on understanding their latest preferences, effectively addressing the challenges they face when buying property in India, and developing better ways to meet their specific requirements.

Led by Signature Global’s Director, Ms. Bharti Aggarwal, the programme gave attendees a chance to interact directly with the company’s leadership and learn about its current and upcoming projects. Building on the success of its global investor initiatives, Signature Global plans to set up a dedicated NRI support team to assist NRI homebuyers and better understand their needs and preferences.

Reflecting on the successful Investor Programme, Ms. Bharti Aggarwal, Director, Signature Global (India) Ltd., said, "The opportunity to connect directly with our NRI customers in Jersey City was a profound and invaluable experience. At Signature Global, our focus is always on creating homes that reflect our customers' global aspirations. These discussions clearly highlighted that the priorities of our overseas clientele are location, reliability, and innovation. My commitment is to swiftly incorporate these fresh insights into our upcoming projects, making sure they reflect the high standards our customers truly want. Looking ahead, we are dedicated to strengthening our relationship with our international market by intensifying our outreach and ensuring our projects meet their changing needs and expectations.”

During the engagement session, overseas clients received a detailed presentation on some of Signature Global’s most sought-after projects, including the recently launched Cloverdale SPR, which has already generated strong interest among NRI homebuyers. Other flagship projects, such as Deluxe DXP and Titanium SPR, were also showcased, highlighting the company’s diverse offerings and commitment to high-quality standards.

Direct interactions gave participants a detailed view of Signature Global’s portfolio and allowed the company to gain valuable insights into the expectations of NRI buyers. The conversations further provided a clearer grasp of what international investors prioritize when purchasing in India, covering their choices for residence dimensions, floor plans, and essential facilities.

Through initiatives like this, Signature Global continues to strengthen its bond with NRI investors, showcasing its commitment to transparency, a customer-centric approach, and unwavering excellence. By actively engaging with global buyers and integrating their suggestions, we seek to deliver properties that not only satisfy but surpass expectations, cementing our position as a reliable and innovative real estate developer in India.

Shilpa Kumar (MD, BII India) and Priya Shah (Founder, Theia Ventures)

With a focused investment thesis, Theia Ventures Fund I aims to back 18–20 early-stage startups developing differentiated technologies to decarbonize critical sectors such as heavy industry, manufacturing, material science, mobility, and supply chains. The firm typically invests between $500,000 and $1 million, with over 50% of the corpus reserved for follow-on investments. The team brings a strong track record in energy transition investments, with prior proprietary investments in companies such as Exponent Energy, AltM Bio, Octolife, and Metastable Materials.

Through Fund I, Theia Ventures invested in Sarla Aviation, an Accel-backed electric air taxi company, and recently led a pre-seed round in Climitra Carbon, a biocoal company catering to the steel industry, run by a Stanford GSB, IIT-Bom & IIT-Dhanbad team. The fund has also signed on two additional companies in precision fermentation (biotech) and AI-based energy data modelling, with further investments expected to be announced in early 2026. The final close of the fund is expected by the end of the current financial year.

Priya Shah, Founder & Managing Partner of Theia Ventures, said, "We are thrilled to officially announce Theia’s first close and to partner with BII as our anchor investor, as well as other incredible stakeholders. Theia’s objective remains clear: to unlock much-needed, early stage capital towards Indian companies building transformative technologies to disrupt the energy status quo. Petroleum or coal-based products and processes are now being rapidly replaced by cleaner fuels and energy sources, which presents a huge opportunity for startup innovation and growth, particularly in emerging sectors such as carbon removal, novel materials, data centres, clean mobility, renewable energy and biotech. It’s fantastic to see international capital flowing into India to support talented founders building bold solutions that will shape the future." 

Shilpa Kumar, Managing Director and Head of Asia at BII, said: "Through our partnership with Theia, we are delighted to support early-stage companies developing unique climate technologies that can protect the planet and vulnerable groups in India. The climate emergency affects every aspect of life. Our investment will help accelerate technology development to reduce emissions and enhance climate resilience among low-income groups. This is aligned with our goal of contributing to India’s clean energy transition."

India’s forward-looking energy strategy continues to power economic growth, particularly in areas such as renewables.  India has become the world’s 3rd-largest solar energy producer, with renewables now powering over 50% of the country’s total installed electricity generation capacity of 484.82 GW.

About Theia Ventures

Theia Ventures is an early stage, thematic venture capital fund based in India, which invests in technology companies that are disrupting the energy status quo. It aims to support founders as a first cheque, and help them scale up throughout their operating journey.

About British International Investment

British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good. Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development. The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.

Mark your calendars! #SUTRA2025 returns on Oct 8-9, New Delhi
 

As one of the world’s fastest-growing economies, India has launched flagship programs that are reshaping agriculture and trade. The National Mission on Sustainable Agriculture (NMSA) and Bharatiya Prakritik Krishi Paddhati (BPKP) have already reached 4.7 million farmers across 26 states, promoting climate-resilient, low-input natural farming. The Soil Health Card Scheme has benefited over 230 million farmers, while DAY-NRLM has brought 80 million rural women into inclusive supply chains.

Echoing this commitment, Mr. Jagjeet Singh Kandal, Country Director, IDH India, said, “SUTRA 2025 reflects India’s emergence as a hub for sustainable trade and inclusive growth. Sustainability is no longer peripheral; it is now central to business, government, and communities. This summit aims to create a collaborative space where challenges are openly addressed, solutions are co-created, and partnerships are forged to scale impact from farm to boardroom. The focus is to ensure that growth in trade and agriculture is not only economically rewarding but also environmentally responsible and socially just.” 

Eminent speakers and panelists include Shri Rohit Kansal (Additional Secretary, Ministry of Textiles, Government of India), Mr. Sougata Niyogi (CEO – Oil Palm Business, Godrej Agrovet), Ms. Sapna Nauhria (Industry Director, Microsoft), Mr. Shiv Shivakumar (Operating Partner, Advent International), Ms. Marije Boomsma (Global Director Strategy & Insights, IDH), Mr. Sudhakar Desai, (CEO, Emami-Agrotech & President, IVPA) Dr. Arpita Mukherjee (Professor, ICRIER), Ms. Sagarika Bose (Regional Head – CSR, India and APAC, SAP) among others. Together, they will deliberate on scaling regenerative agriculture, unlocking climate finance for smallholder farmers, and advancing gender empowerment across supply chains.

The two-day summit will feature 13 thematic sessions on responsible sourcing, regenerative agriculture, climate resilience, gender empowerment, decent work, and living incomes. A dedicated Sustainability Experience Centre will showcase innovative solutions driving responsible production and sourcing transitions. With a mix of high-level policy dialogues, industry-driven sessions, and collaborative showcases, SUTRA 2025 will provide a platform to shape actionable solutions that align India’s priorities with global sustainability goals.

With India at the forefront of shaping resilient and responsible supply chains, SUTRA 2025 promises to be a pivotal moment for building partnerships that chart the course towards a greener, fairer, and more inclusive future. 

About IDH
IDH seeks to transform markets through collaborative innovation, convening and investment in inclusive and sustainable solutions that enable businesses to create value for people and planet. To achieve this, IDH brings together coalitions of committed stakeholders from across global value chains towards joint visions and program agendas for sustainable trade in key agricultural, manufacturing, apparel and commodity value chains. In 15 years of operation, IDH has mobilised private sector investment and support to test and innovate new business models designed to create better jobs, better incomes, a better environment, and gender equity for all.
 

For more info, visit idh.org/contact/india.

Anoop Kumar Saxena, CEO of Vicat In India Operations

This progressive and visionary reform, led by Hon’ble Prime Minister Shri Narendra Modi Ji and Hon’ble Finance Minister Smt. Nirmala Sitharaman Ji, will directly benefit millions of individual home builders, infrastructure developers, and consumers across the country. It is also expected to significantly accelerate India’s low-cost housing schemes and infrastructure growth, while creating a more competitive environment for the cement industry.

Mr. Anoop Kumar Saxena, CEO, Vicat In India Operations, said, “The reduction of GST on cement from 28% to 18% is a bold step that lays the foundation for a stronger and more self-reliant India. At Bharathi Cement and Kalburgi Cement, we remain fully committed to supporting this movement by ensuring a reliable supply of superior quality products in the market. From 22nd September, we will be passing on the complete benefit of this GST reduction to our customers across both our brands – Bharathi Cement in the South and Vicat Cement in Maharashtra.”

Mr. Manish Sharma, Chief Operating Officer, Vicat In India Operations, added, “Our invoices will reflect the GST change from 28% to 18% for cement sales across India. We have already advised all our dealers and channel partners to reduce cement prices accordingly and ensure that the full benefit is passed on to customers. This reform will not only help home builders but also contribute to India’s journey of becoming the world’s third-largest economy.”

With this decisive step by the Government of India, Vicat in India reiterates its commitment to being a responsible partner in the nation’s growth story, while continuing to deliver superior quality products backed by global expertise and eco-friendly practices.

About Vicat Group

Founded in France in 1853, Vicat Group is behind many of the world’s landmark constructions and is widely recognized for its eco-friendly approach. Operating in 12 countries, Vicat’s core businesses include cement manufacturing, ready-mix concrete, and building aggregates, supported by a workforce of 10,000 employees worldwide. In India, Vicat operates through Bharathi Cement Corporation Limited and Kalburgi Cement Private Limited, delivering superior quality cement and contributing to the nation’s infrastructure and housing growth.

Mohit Kamboj, CEO, Aspect Global Ventures and Former National President, IBJA outlines reforms, consumer assurance, and future opportunities for India in bullion markets
 

One of the most significant structural changes this year has been the reduction of import duties 6% on refined gold and 5.35% on gold doré. This reform, hailed as the most consequential in a decade, has curbed smuggling, encouraged legal imports, and strengthened transparency in the retail ecosystem. Alongside, regulatory measures such as hallmarking of 9K gold and the extension of HUID-based hallmarking to silver are reinforcing consumer trust by ensuring product quality and minimizing disputes.
 

Institutional infrastructure is also maturing. The India International Bullion Exchange (IIBX) has expanded into silver and gold futures, providing exporters and jewellers with vital hedging tools while gradually positioning India as a participant in global price discovery. If participation deepens, IIBX could be a critical lever in shifting India’s role from a price taker to a price influencer on the global stage.
 

“India has already made path-breaking reforms that put the bullion industry on a transparent and resilient basis. If we persist with disciplined policy implementation, hallmarking, risk management, and extended use of infrastructure such as IIBX, India can not only withstand global pressures but also emerge as a reliable leader in bullion markets worldwide,” said Mohit Kamboj, CEO, Aspect Global Ventures and Former National President of the India Bullion and Jewellers Association (IBJA).

Key words: Mohit Kamboj, Aspect Global Ventures, Aspect Bullion & Refinery, Mohit Kamboj Bharatiya

Flipkart, India’s homegrown e-commerce marketplace, today announced a major expansion of its pan-India supply chain infrastructure ahead of its flagship festive event, The Big Billion Days. With the addition of new fulfilment centres (FCs) and last-mile hubs across key states such as Uttar Pradesh (Varanasi, Agra, Ghaziabad), Bihar (Patna), Haryana (Manesar), and Tripura (Agartala), Flipkart is deepening its regional presence, enabling faster festive deliveries, and creating thousands of jobs while powering the rapid growth of quick commerce in India.

Battery operated vehicle at Flipkart's Malur FC

This year’s expansion spans 35 lakh sq. ft., covering 21,000+ pincodes nationwide.

Facilities for all, including Large, Non-Large & Grocery:

• The new operational Varanasi Center is spread across 2.0 lakh sq. ft., generating 3600 direct and indirect job opportunities.

• The newly operational Patna Fulfilment Center, a 4.5 lakh sq. ft. cornerstone facility, serves more than 1,000 pincodes and has created over 1,100 direct and indirect jobs.

• Flipkart is now operating in a Regional Distribution Center (RDC) in Manesar, one of India’s largest state-of-the-art facilities. Spread over 140 acres, the RDC will create over 10,000 direct and indirect jobs, contributing significantly to local employment. The center is expected to cater to a wide range of products, including parcel goods, white goods, and furniture, adapting its assortment dynamically to meet customer requirements and market trends.

• Flipkart expanded its footprint in the Northeast with its first grocery fulfillment center in Agartala, Tripura. Spread over 35,000 square feet and equipped with a daily dispatch capacity of 5,000 orders per day.

In addition to Varanasi, Patna, Manesar, Ranchi, Ghaziabad, Agra and Agartala, Flipkart has gone live with new facilities in Guwahati, Singur, and Saidham, to name a few, strengthening last-mile reach ahead of the festive season. With these additions, Flipkart’s network now comprises over 100 fulfilment centers nationwide, collectively capable of processing millions of festive orders with speed and precision.

Hemant Badri, Senior Vice President and Head of Supply Chain, Customer Experience & Re-Commerce, Flipkart Group, said, “Flipkart’s supply chain blends the scale of large fulfilment centers with the agility of hyperlocal hubs, creating a hybrid network that serves every corner of Bharat. This festive season, our expanded infrastructure spanning 35 lakh sq. ft. across Varanasi, Patna, Manesar, Ranchi, Ghaziabad, Agra and Agartala not only strengthens delivery speed and reliability for millions of customers but also generates inclusive job opportunities at scale. 2.2 lakh+ seasonal job opportunities have been created with a strong focus on women, PwD and first-time workforce hiring. From metros to Tier-2 and Tier-3 cities, our focus remains on delivering convenience, strengthening regional economies, and building a future-ready supply chain powered by technology and inclusivity.”

Complementing its large-scale fulfillment centers, Flipkart is also scaling its quick commerce backbone through nearly 400 new micro-fulfilment centers and dark stores across 19 cities. This network underpins Flipkart Minutes, which has doubled order volumes every 45 days since launch, enabling faster-than-ever delivery of essentials and festive products.

As part of its festive readiness, Flipkart has created over 2.2 lakh additional seasonal job opportunities across warehousing, logistics, and last-mile delivery roles. This includes opportunities for persons with disabilities (PwDs) and other segments of society across its supply chain. With inclusive hiring, tech-led skilling through the Supply Chain Operations Academy (SCOA), and partnerships with social organisations, Flipkart is strengthening both festive operational capacity and India’s broader employment ecosystem.

Ekart, in partnership with NReach Online Services Limited, has launched on-ground health camps under its Suraksha wellness program to support over 6,000 warehouse associates across 21 supply chain facilities. Timed ahead of the festive season and Big Billion Days, the camps offer essential screenings, including blood tests and diabetic, kidney, liver, and cardiac assessments, enabling early health insights for frontline employees. This builds on Suraksha’s broader impact, which has supported 1.7 lakh associates in 2025 and facilitated over 18 lakh minutes of doctor consultations last year. The initiative reflects Ekart’s commitment to caring for the people who help deliver India’s festive joy.

With these expansions, Flipkart reaffirms its role as a pan-India enabler of festive e-commerce and quick commerce, ensuring that The Big Billion Days 2025 brings faster, smarter, and more joyful shopping experiences for customers across the country.

About the Flipkart Group

The Flipkart Group is one of India’s leading digital commerce entities and includes group companies Flipkart, Myntra, Flipkart Wholesale, Cleartrip, and super.money.

Established in 2007, Flipkart has enabled millions of sellers, merchants, and small businesses to participate in India's digital commerce revolution. With a registered user base of more than 500 million, Flipkart’s marketplace offers over 150 million products across 80+ categories. Today, there are over 1.4 million sellers on the platform, including Shopsy sellers.

With a focus on empowering and delighting every Indian by delivering value through technology and innovation, Flipkart has pioneered services such as Cash on Delivery, No Cost EMI, Easy Returns, and UPI payments. Beyond shopping, Flipkart continues to create jobs, empower entrepreneurs, and strengthen India’s digital economy.

Industry experts deliberate on the future, and role of Indian steel at Metalogic PMS’ 8th annual conference

Steel plays a vital role in construction, infrastructure, automotive, and defence, together accounting for over 90% of India’s steel consumption. As these sectors are rapidly evolving, demanding advanced grades of steel, innovation in steelmaking is becoming crucial to enabling this transformation. The demand from the smaller and emerging sectors requiring smaller or specific order quantities has added a new market dimension for the steel industry. Steel as a commodity is now emerging as a “just in time” product. Apart from the opportunities in steel making, the conference also deliberated on the cost concerns of the steel makers, geo-political trade distortions, raw material availability matters and practical ways to further enhance steel consumption.

The event was graced by the esteemed presence of prominent industry leaders - Mr. Abhyuday Jindal, Managing Director, Jindal Stainless; Ms. Sminu Jindal, Managing Director, Jindal SAW Ltd.; Mr. Vinod Gupta, ED Commercial, SAIL; Mr. V.R. Sharma, Vice Chairman of Naveen Jindal Group; and Ms. Preiti Patel, Chief Strategy & Growth Officer, TATA Projects.

While addressing the conference Managing Director, Jindal Stainless, Abhyuday Jindal, said, “The future of our industry will continue to be defined by two uncompromising pillars—quality and sustainability-led growth. We must prioritise quality and mainstream sustainable solutions to build infrastructure that is stronger, safer, and lasts longer. The journey will continue to demand collaboration across the value chain, so that the entire ecosystem works towards this common goal."

Ms. Sminu Jindal, MD, Jindal SAW, and Founder-Chairperson of Svayam highlighted, “To make India more self-reliant, it will be extremely important for us to invest in steel and different loads of steel to be made in India, so that we are less dependent on its import. Equipment is currently very low; despite this equipment manufacturers exist in India who actually do a very good quality job. Quality brings me to the cruciality of sustainability.”

She further concluded by stating that, “India is at a threshold where it's talking about making the best of steel, yet doing it sustainably is a double challenge that we all have to accept. Steel is strength, steel is stability and steel is the spirit of self-reliance in India. So, let's take a pledge to make in steel and make in India".

India’s crude steel output hit 55 million tons mark in just 4 months of this fiscal year 2025-26 (Apr-Jul), registering annual growth of 10.7% while finished steel output hit 51.4 million tons mark registering 8.5% hike on y-o-y basis.

Monica Bachchan Duvvuri, Founder & CEO of Metalogic PMS mentioned, “Steel is backbone of key consuming sectors including construction, infrastructure, automotive, defence etc. Our mission is to bring the industry together and address challenges, spark new ideas and encourage consumption.”

India’s steel sector, under the National Steel Policy (NSP), has set an ambitious target of enhancing production capacity to 300 million tonnes and raising domestic per capita steel consumption to 160 kg per person by 2030. Further it is being anticipated that the production capacity would touch 400 million tons by 2035 requiring over 550 million tons of iron ore. According to Metalogic PMS, in FY25 the per capita consumption of steel stands at ~108 kg per person, highlighting the significant growth potential that lies ahead when the same figures would cross 200 kg per person.

Metalogic PMS is a leading market intelligence firm and a prominent industry conference platform for the industry.

Chandragupt Prakash Mangal, Managing Director, Mangalam Worldwide Limited

At the core of MWL’s strength is its vertically integrated ecosystem, covering melting, rolling, bright bar finishing, and seamless pipe and tube manufacturing. The company has four advanced production facilities across Gujarat - Unit I at Halol for melting with AOD refinement, Unit II at Changodar for rolling, Unit III & IV at Kapadvanj for bright bars and seamless pipes. The company has built a fully integrated stainless-steel ecosystem delivering approximately 190,000 MT annually.

MWL’s stainless steel portfolio includes continuous cast billets and forging ingots, hot rolled and forged bars, bright bars (round, square, hex), and seamless pipes & tubes for critical applications such as cleanrooms, heat transfer, and precision engineering. All products meet leading global standards including ASTM, ASME, DIN, JIS, and GOST, and carry certifications like ISO 9001:2015, PED, CE, BIS, and IBR.

Mr. Chandragupt Prakash Mangal, Managing Director, Mangalam Worldwide Limited said, “At MWL, our vision is not just to manufacture stainless steel, but to engineer solutions that empower industries across the world. With our fully integrated ecosystem, global reach, and strong focus on quality, we are committed to being a reliable partner in building the future of industrial innovation and sustainability.”

MWL reported a strong financial performance in Q1 FY26 with Profit After Tax (PAT) at Rs. 10.13 crore, a 68.40% increase from Rs. 6.01 crore in Q1 FY25. Total income grew 21.37% year-on-year to Rs. 279.41 crore, compared to Rs. 230.21 crore in the same period last year. Adjusted EBITDA stood at Rs. 19.72 crore, up 53.04% from Rs. 12.88 crore in Q1 FY25.

Backed by over 80 years of legacy under Mangalam Group, MWL combines traditional business ethics with modern engineering. Guided by its philosophy “A Step Ahead,” the company continues to invest in technology, sustainability, and supply chain resilience to support the evolving needs of global industries.  

For more information, please visit:

Website: mangalamworldwide.com  

LinkedIn: www.linkedin.com/company/mangalamworldwide/

About Mangalam Worldwide Limited

Mangalam Worldwide Limited, established in 1995, is a fully integrated stainless steel manufacturer, with operations ranging from scrap melting to the manufacturing of seamless pipes and tubes. The company also produces stainless steel (SS) billets, ingots, flat bars, round bars, bright bars, as well as seamless pipes & tubes, heat exchanger tubes and U-tubes. Its infrastructure includes steel melting shops, rolling mills, peeling unit with finishing machines and Seamless Pipes & Tubes unit, spread across four plants located in Halol (Unit I), Changodar (Unit II), and Kapadvanj (Unit III & IV), Gujarat. Together, these facilities cover over 1,25,000 square meters and have a total installed capacity of more than 1,90,000 MTPA. With a skilled workforce of 750+ people, Mangalam Worldwide is well-positioned to meet the growing demand for stainless steel products, including billets, ingots, bars, and seamless pipes & tubes.

Mitul Mehta, Co-founder of National Finance Olympiad

Redefining Socioeconomic Progress
The Vision places heavy emphasis on education, healthcare, and broad-based financial inclusion. Its success hinges not just on technological advancements but on deep-rooted human capital development.

The Financial Literacy Gap: A National Challenge
Despite progress, India faces a pervasive deficit in financial literacy. As of recent data, only about 27% of Indian adults demonstrate basic financial literacy, trailing the global benchmark of roughly 42%. Disparities amongst demographies are stark—women hover around 21%, and rural residents at 24%, significantly behind their urban and male counterparts. The consequences are palpable: an underwhelming 5% of Indians invest in the stock market, compared to 15–20% globally, while just 18% invest in mutual funds versus 65% globally.

When Low Knowledge Meets High Risk
As fintech and smartphones democratise financial access, the lack of literacy casts a dangerous shadow. The year 2024 alone saw Indians lose over Rs. 22,845 crore—a staggering 206% year-on-year increase—to financial cyber fraud. Over 36 lakh such incidents were reported.

From scams that target trust to outright deception, digital fraud has become both sophisticated and pervasive. In Greater Gurugram, for example, 40% of cyber fraud cases in the first half of 2025 were linked to investment bait schemes, though enhanced awareness and law enforcement have helped significantly reduce losses—from Rs. 155 crore in 2024 to Rs. 80 crore in 2025. 

Why Financial Literacy Matters

• Empowerment Through Awareness: Financially literate citizens are better equipped to manage their money, select suitable financial products, and shield themselves from scams.

• Boosting Inclusion & Equity: Literacy enables underserved populations to step into formal finance, cutting reliance on informal credit while enhancing fairness and reducing poverty.

• Economic Multiplier: Broader engagement in savings, banking, and investment deepens liquidity, stimulates capital flows, and strengthens financial intermediation.

• Consumer Stability: Savvier financial behaviour supports sustained consumer demand, diminishes default risks, and enhances macroeconomic resilience.

Educational Reform: NEP 2020 and 2025 Onward
India’s National Education Policy (NEP) 2020, along with its anticipated evolution post-2025, aims to integrate life skills—including financial literacy—into school curricula. This early exposure approach mirrors success stories in countries like Norway and Sweden, where financial clarity among youth lays the groundwork for lifelong fiscal responsibility.

A National Imperative
Financial literacy is not just a personal asset—it’s a pillar of national progress. By embedding financial education into foundational learning and raising public awareness, India can build a financially informed, empowered, and self-reliant citizenry. In turn, this will accelerate economic stability and elevate the nation toward its Vision 2050 goals.

While SMICC’s operations are exclusively focused on the Indian market, the international rating by CareEdge Global reflects the company’s growing scale, diversified product portfolio across geographies, and robust risk management practices. The rating also takes into account SMICC’s adequate capitalization, supported by timely and regular capital infusions from its parent, SMFG, as well as its diversified funding base, experienced leadership team, and healthy liquidity position.

Commenting on the development, Mr. Pankaj Malik, Chief Financial Officer, SMFG India Credit, said, “We are pleased to receive the ‘CareEdge A/Stable’ rating from CareEdge Global, which validates our strong fundamentals and reinforces the trust placed in us by our stakeholders. This recognition reflects our consistent efforts to build a scalable, inclusive, and a resilient financial services platform aligned with SMFG’s global vision. We remain committed to responsible growth, prudent risk management, and delivering long-term value.”

This international rating further strengthens SMICC’s position in India’s fast-evolving retail credit landscape and marks a significant milestone in its journey as a key pillar of SMFG’s Asia Multi-Franchise Strategy.

About SMFG India Credit

SMFG India Credit Co. Ltd., a leading NBFC - Investment and Credit Company (NBFC-ICC) registered with the Reserve Bank of India and a wholly owned subsidiary of SMFG, has been operating in India since 2007. Together with its subsidiary, SMFG India Home Finance Co. Ltd. also known as SMFG Grihashakti, the company has established a pan-India presence, across 670+ towns and 70,000+ villages through 1000 branches and 25,000+ employees offering lending products to underserved & unserved retail and small business borrowers. By doing so, it has introduced people to formal credit. SMFG India Credit along with SMFG Grihashakti offers a comprehensive range of lending solutions, including SME financing, commercial vehicle and two-wheeler loans, home loans, home improvement loans, loans against property and shares, personal loans, and rural livelihood advancement loans etc.

About Sumitomo Mitsui Financial Group (SMFG)

SMFG is one of the largest global banking and financial service groups, offering a diverse range of financial services including commercial banking, leasing, securities and consumer finance and is headquartered in Japan. SMFG is listed on the Tokyo and New York (via ADR) Stock Exchanges and has a market capitalization of approximately US$97.5 billion (as of 30th June 2025). SMFG is one of the global systemically important banks (G-SIBs) and has high credit ratings of A1 by Moody's Investors Service and A- by Standard & Poor's.

The refreshed PERSOL logo marks a new chapter across 13 APAC markets

The rebrand retires the Kelly name after years of successful collaboration, bringing all PERSOLKELLY-branded businesses under one scalable, region-wide identity. It offers clients and jobseekers a more seamless experience — while preserving the trusted local teams and relationships that remain at the heart of our success.
 

With Asia Pacific having contributed an impressive 60% of global economic growth last year[1], PERSOL is well positioned to continue bridging the region's workforce needs with high quality employment opportunities. From automation and demographic shifts to rising demand for skillsets in technology and sustainability, the way we work is changing, and PERSOL is designed to help organisations and professionals respond with clarity and confidence.
 

"Over the years, we've built trusted client relationships and deep local expertise under the PERSOLKELLY name, expanding our business across the APAC region to help businesses and professionals meet emerging workforce challenges," said Francis Koh, Chief Executive Officer, PERSOL APAC.
 

"Becoming PERSOL reflects how far we've come — and where we're going. It unifies our strengths under one brand, allowing us to scale smarter, deliver consistently, and innovate faster," he added.

Rethinking Work: AI, Skills and Shifting Expectations
Employers and job seekers are navigating a time of unprecedented disruption. Work is changing rapidly — with automation, AI, green industries and borderless talent transforming how and where people work. Employers now face mounting pressure to hire flexibly, build long-term capability, and compete for emerging skillsets across markets.

PERSOL's refreshed brand reflects a clear response to this shift. Its services span agile hiring, digital-first recruitment, reskilling support and regional talent mobility — giving clients a future-ready talent strategy designed for speed, scale, and sustainability.

From Legacy to Future-Focused Workforce Transformation
Although the brand name has changed, PERSOL's mission remains rooted in local partnerships. Since introducing the PERSOL brand in 2016 in Japan — followed by PERSOLKELLY across Asia-Pacific, the leading HR Solutions company has accelerated its regional growth and presence.

The brand change enhances PERSOL's ability to connect local insight with regional scale — helping organisations and professionals navigate a workforce landscape defined by transformation, technology, and talent mobility.

Its services are designed to address a broad spectrum of labour market needs — from tackling youth underemployment in Malaysia, supporting agile and digital hiring in Singapore, to enabling tech talent pipelines in Australia.[2] The rebrand strengthens PERSOL's ability to connect these local insights to a broader regional strategy — helping businesses and professionals adapt to the forces reshaping the world of work.

"Becoming PERSOL and unifying our business across Asia-Pacific means we can deliver smarter, more consistent solutions across borders — while staying responsive to the unique needs of each market," said Francis Koh.

More information on PERSOL's expanded services is available at www.persolapac.com. For background on the company's history and presence in Asia Pacific, view the full factsheet here.


Note to Editor: All statistics referenced in this release are sourced from the PERSOL APAC Industry Insight Report Feb 2025, which explores workforce trends, hiring challenges, and talent strategies across Asia Pacific. The full report is available for download at: www.persolkelly.com/industry-insights

(1) PERSOL APAC Industry Insight Report Feb 2025, p. 3.

(2) PERSOL APAC Industry Insight Report Feb 2025, pp.12–15 (MY & SG) and pp.6, 19, 32 (AU).

About PERSOL in APAC

PERSOL is Asia-Pacific's leading Staffing and HR solutions partner, operating across 13 markets with deep local insight and regional scale. With more than 140 offices and decades of experience, we deliver integrated workforce solutions that are tailored, tech-enabled, and designed for the dynamic world of work.
 

We combine human expertise with smart technology to help organisations solve workforce challenges, unlock potential, and stay ahead of change. From recruitment and talent management to workforce strategy and advisory, our collaborative approach puts your goals at the centre.
 

In 2025, we came together under the PERSOL name - reflecting our bold vision for the future of work and our Group's Vision: 'Work and Smile'. Whether you're building teams, growing careers, or transforming how work gets done, we're here.

Rising India’s luxury housing segment

According to a joint report by CBRE-ASSOCHAM, India’s luxury housing segment witnessed an 85% year-on-year (YoY) growth in the first half of 2025, with nearly 7,000 high-end residential units sold across the top seven cities. Leading the luxury surge, Delhi-NCR clocked sales of approximately 4,000 luxury units during January–June 2025, contributing 57% share to the total luxury segment. The region also recorded a threefold increase in sales compared to the same period last year, the report said.

With rising disposable incomes, the appetite for premium homes has grown wider. NRIs are returning with global benchmarks, professionals are upgrading their lifestyle; there’s a clear shift toward real estate that delivers both comfort and capital appreciation. For many, a luxury home is no longer a milestone purchase—it’s a strategic one.

Yukti Nagpal, Director, Gulshan Group, says, “The concept of luxury has gone beyond mere possessions. With more disposable income and clearer expectations, buyers seek homes where they can experience comfort, convenience, and a certain ease in everyday living. In NCR, micro-markets like Noida-Greater Noida Expressway are seeing massive traction due to their superior infrastructure, proximity to business hubs, and access to prime facilities, aligning with what buyers look for. At Gulshan, we curate residences that are aspirational yet rooted in practicality; where every detail, from layout to location, enhances quality of life.”

Data from JLL showed, India’s housing market is witnessing a decisive tilt toward premium homes, with properties priced above Rs 1 crore accounting for 62% of all residential sales during the first half of 2025. These homes are being snapped up not just in Delhi or Mumbai, but in tier 2 cities too. For this new class of affluent buyers, luxury housing is where aspiration meets asset-building.

Saurabh Saharan, Group Managing Director, HCBS Developments, says, “In Gurugram, Dwarka Expressway’s rise as a premium residential zone is no accident. With its strategic location connecting Delhi and Gurugram, infrastructure upgrades, and proximity to IGI Airport, this stretch has become a magnet for luxury homebuyers. As developers, we’ve noticed an increasing shift towards smart, secure, and amenity-rich homes in this corridor. What’s especially driving the market now is a new wave of millennial buyers with rising disposable incomes, who want more than just shelter. They’re seeking larger homes, spacious layouts, and modern amenities that match their lifestyle. This shift is pushing the demand for premium, future-ready homes, and we believe Gururgam will sustain its real estate market where homes meet these aspirations.”

Dr. Vishesh Rawat, VP & Head of Marketing, Sales & CRM, M2K Group, says, “In sectors like Sector 104 along the Dwarka Expressway, we’re seeing a very distinct kind of luxury demand, which is quiet, thoughtful, and deeply lifestyle-driven. Affluent buyers here want homes that feel like a retreat but still stay connected to the city’s pulse. But what’s equally driving interest is the investment potential. With soaring property prices, strong sales momentum, and non-stop infrastructure development, this corridor is anticipated to deliver impressive ROI in the coming years. Hence, we foresee that luxury, for this segment, is about balance not excess.”

Vikas Dua, Founder and Director, Chintamanis Group, says, “Gurugram continues to lead NCR’s luxury housing evolution, driven by a clientele with high disposable income that values brand legacy, prime addresses, and architectural statement. Branded residences, especially along corridors like the Dwarka Expressway, are being viewed as generational assets. The demand here is as much emotional as it is financial, turning Gurugram’s billionaire belt a proven destination for enduring value."

Simultaneously, Tier-2 cities like Dehradun, Chandigarh, Jaipur, Indore, and Lucknow have become the new luxury hubs. As per MagicBricks, the average capital appreciation across Tier-II cities stands at 17.6%, outpacing the national capital’s 11.10%. Driven by NRI investments, second-home aspirations, and retirement planning, luxury is now becoming a nationwide aspiration rooted in quality living and future-readiness.

Harvinder Singh Sikka, Chairman, Sikka Group, says, “The appetite for luxury homes in Tier 2 cities like Dehradun is unprecedented. With increased reverse migration, buyers are looking for elevated living without the chaos of metros. They demand panoramic views, green architecture, and modern amenities bundled into a lifestyle offering. Thus, the aspirational curve has shifted upward, and Tier 2 luxury now competes with metro-grade sophistication.”

Therefore, the future of luxury housing in India lies in its ability to evolve with the buyer. With disposable incomes rising and lifestyles becoming more global in taste, developers who focus on detail, design, and experience will be the ones leading the next chapter of India’s luxury housing story.

Highlights of L&T Finance Ltd.'s financial performance for the quarter ended June 30, 2025

Debut Investment Grade Credit Rating has been assigned to LTF by international rating agencies (S&P Global Ratings and Fitch Ratings). S&P Global Ratings has assigned LTF “BBB-” long-term and “A-3” short-term issuer credit rating. The outlook on the long-term rating is Positive. Fitch Ratings has assigned LTF long-term foreign and local currency Issuer Default Ratings (IDR) of “BBB-” with a Stable outlook. These long-term ratings are investment grade and are at par with India’s Sovereign Credit Rating. This will enable the Company to tap global capital markets, further diversify its liability franchise, and deepen investor base.

‘Project Cyclops’, in-house developed proprietary credit underwriting engine by LTF, has been rolled-out for SME Finance and its advanced version is implemented in Two-wheeler Finance.

The Company’s customer-facing PLANET app, which has emerged as a powerful digital channel for customers, crossed more than 1.86 Crore downloads as on date, comprising more than 16.7 Lakh downloads on the rural side. As of date, this channel has done collections of over Rs. 4,800 Crore while servicing around 7.85 Crore requests and has sourced loans of over Rs. 15,500 Crore. The Company has launched a revamped customer-centric website and the next-generation PLANET 3.0.

Commenting on the financial results, Mr. Sudipta Roy, Managing Director & CEO, LTF said, “In a challenging quarter, our Company remained focused on outcomes and achieved a resilient performance while showcasing our ability to manage market headwinds. This performance is on the back of our commitment to sourcing creditworthy customers backed by technology and robust credit guardrails, while keeping a strong focus on collection efficiency across businesses. Our impetus remains on risk calibrated business growth with a sharp focus on a strong asset quality, laying the foundation for a sustainable and predictable growth going forward.

In the quarter, we achieved the highest-ever consolidated book of over Rs. 1 Lakh Crore milestone and added a secured high yield product to our loan portfolio i.e., Gold Loan. Our company has been assigned a debut investment grade credit rating of “BBB-/Positive” by S&P Global Ratings and “BBB-/Stable” by Fitch Ratings. This rating will serve as a foundation for further diversifying our liability franchise by accessing financing opportunities across the global capital markets. Our AI-driven next-gen digital credit engine, ‘Project Cyclops’ is starting to yield early dividends in our Two-wheeler finance business, and during the quarter, ‘Project Cyclops’ was scaled up in Farm business and launched in the SME finance business. We remain focused on continuously strengthening our risk and credit frameworks, which will serve us well in times to come.”

Key Highlights:

Robust Retail Franchise:

The Company’s granular and deep pan-India Retail franchise is led by its strong distribution capabilities namely, its geographic presence in around 2 Lakh villages from around 2,089 rural meeting centers/branches and 407 branches across urban centers. This extensive geographic presence is also supported by over 13,000 distribution points built over a decade. The Company also leverages over 2.6 Crore of its customer database to drive a credible cross-sell and up-sell franchise contributing 35% of the Company’s repeat disbursements share in value and 49% in count during Q1FY26.

Building a diversified retail franchise:

Rural Business Finance

Q1FY26 disbursements at Rs. 5,618 Crore vs. Rs. 5,773 Crore, down 3% YoY. Book size at Rs. 26,616 Crore vs. Rs. 25,887 Crore, up 3% YoY. 

Farmer Finance

Q1FY26 disbursements at Rs. 2,200 Crore vs. Rs. 1,903 Crore, up 16% YoY. Book size at Rs. 15,756 Crore vs. Rs. 14,204 Crore, up 11% YoY

Two-wheeler Finance

Q1FY26 disbursements at Rs. 2,128 Crore vs. Rs. 2,621 Crore, down 19% YoY. Book size at Rs. 12,331 Crore vs. Rs. 12,025 Crore, up 3% YoY

Personal Loans

Q1FY26 disbursements at Rs. 1,942 Crore vs. Rs. 1,178 Crore, up 65% YoY. Book size at Rs. 9,383 Crore vs. Rs. 6,667 Crore, up 41% YoY

Housing Loans and Loans Against Property

Q1FY26 disbursements at Rs. 2,780 Crore vs. Rs. 2,245 Crore, up 24% YoY. Book size at Rs. 26,464 Crore vs. Rs. 19,961 Crore, up 33% YoY

SME Finance

Q1FY26 disbursements at Rs. 1,273 Crore vs. Rs. 978 Crore, up 30% YoY. Book size at Rs. 6,964 Crore vs. Rs. 4,471 Crore, up 56% YoY

During the quarter, LTF launched a Business Loan campaign with the tagline, ‘Aapke Business Ka Game Changer’ featuring Indian cricketer Jasprit Bumrah. The campaign highlighted how the Business Loan is offered through a digital application process for quick and efficient funding, it has a rapid disbursal providing timely capital, and an app-based withdrawal facility offering flexible cash flow management.

About L&T Finance Ltd. (LTF)

L&T Finance Ltd. (LTF) (www.LTFINANCE.com)), formerly known as L&T Finance Holdings Ltd., (LTFH) is a leading Non-Banking Financial Company (NBFC), offering a range of financial products and services. Headquartered in Mumbai, the Company has been rated ‘AAA’ — the highest credit rating for NBFCs — by four leading rating agencies. It has also received leadership scores and ratings by global and national Environmental, Social, and Governance (ESG) rating providers for its sustainability performance. The Company has been certified as a Great Place To Work® and has also won many prestigious awards for its flagship CSR project – “Digital Sakhi”- which focuses on women's empowerment and digital and financial inclusion. Under Right to Win, being in the ‘right businesses’ has helped the Company become one of the leading financiers in key Retail products. The Company is focused on creating a top-class, digitally enabled, Retail finance company as part of the Lakshya 2026 plan. The goal is to move the emphasis from product focus to customer focus and establish a robust Retail portfolio with quality assets, thus creating a Fintech@Scale while keeping ESG at the core. Fintech@Scale is one of the pillars of the Company’s strategic roadmap - Lakshya 2026. The Company has over 2.6 Crore customer database, which is being leveraged to cross-sell, up-sell, and identify new customers.

Facebook: https://www.facebook.com/LnTFS

LinkedIn: https://www.linkedin.com/company/lntfinance/
Instagram: https://www.instagram.com/lntfinance/
YouTube: https://www.youtube.com/user/ltfinance
X: https://x.com/LnTFinance

Rewari: A Growing Hub for Affordable, Well-Connected Urban Living

Rewari’s strategic location provides seamless access to NH-48 and key industrial hubs, enhancing its appeal as a residential and investment hotspot. The town’s improved connectivity through road and rail, along with upcoming infrastructural developments, positions it as a natural fit for the expanding affordable housing segment.

“With the developments in Rewari, we are not just building homes — we are building futures. Our focus is to empower families with a better lifestyle without financial strain,” said Vikas Garg, Joint Managing Director, Ganga Realty. “Rewari is set to become a vital part of the affordable housing growth story, contributing to that transformation.”

Rewari’s ascent as a residential hotspot is being amplified by strong grassroots awareness and community engagement. With growing interest from homebuyers in Tier-2 and Tier-3 markets, the spotlight is now on real stories and real needs — making authentic, on-ground visibility more crucial than ever. By aligning the narrative with local aspirations and showcasing real value, the housing movement in Rewari is gaining momentum where it matters most.

Neeraj K. Mishra, Executive Director, Ganga Realty, added, “We have observed a rising demand for organized, value-driven housing in Tier-2 locations. Rewari’s evolving landscape blends quality, accessibility, and long-term growth potential.”

As Rewari continues to attract attention, it sets the stage for a new chapter in urban development, reaffirming the commitment to inclusive, future-ready housing solutions.

Sachet Kumar, LTF's fraud awareness mascot, provides essential fraud prevention tips 

The initiative will deliver vital information to a wide spectrum of target groups, ensuring that diverse populations have the knowledge and tools to navigate financial decisions confidently and securely. LTF will specifically focus on reaching and benefiting rural women, senior citizens, both rural and urban youth, self-employed individuals, salaried professionals, and students with this initiative.

The campaign will address a broad range of essential financial topics, providing practical guidance and promoting responsible financial behaviour. Key themes include RBI-mandated customer rights, account operation guidelines, and loan management education amongst others. Furthermore, the Company will promote essential aspects such as safeguarding digital banking and online transactions, especially in rural communities, and combating digital fraud.

Mr. Raju Dodti, Chief Operating Officer at LTF, said, "At L&T Finance Ltd., we recognise the critical importance of financial literacy in empowering individuals and building a financially secure society. This initiative reflects our commitment to providing accessible and practical knowledge across diverse communities, enabling them to navigate the evolving financial landscape with confidence and resilience. By leveraging a multi-channel approach and engaging content, we aim to reach out to about 6.5 Crore individuals so they can make informed decisions and protect themselves from frauds.”

To maximise the reach and effectiveness of the initiative, LTF will employ a strategic multi-channel approach, integrating owned and digital platforms with community engagement. This will involve establishing a dedicated online page for financial literacy on the corporate website, deploying timely awareness campaigns through push and in-app notifications, engaging diverse audiences through targeted and interactive social media content, delivering concise and actionable information directly to customers via SMS and WhatsApp messaging, and expanding reach and impact through on-the-ground activations facilitated by the Digital Sakhi program, ensuring information reaches even the most remote communities.

In addition, the Company will effectively utilise LTF’s established risk awareness mascot, ‘Sachet Kumar,’ and its widely recognised campaign tagline, ‘Jaankar Baniye Savdhaan Rahiye,’ to deliver crucial messages on financial fraud prevention in a memorable and impactful way. LTF will also employ visually engaging comic strips to illustrate complex fraud scenarios and prevention techniques in an easy-to-understand format; publishing informative articles that provide detailed explanations of specific financial topics, offering valuable resources for those seeking deeper knowledge; and developing dynamic and informative videos to enhance understanding of complex financial concepts through clear visuals and concise explanations.

About L&T Finance Ltd. (LTF)

L&T Finance Ltd. (LTF) ( www.LTFINANCE.com ) formerly known as L&T Finance Holdings Ltd., (LTFH) is a leading Non-Banking Financial Company (NBFC), offering a range of financial products and services. Headquartered in Mumbai, the Company has been rated ‘AAA’ — the highest credit rating for NBFCs — by four leading rating agencies. It has also received leadership scores and ratings by global and national Environmental, Social, and Governance (ESG) rating providers for its sustainability performance. The Company has been certified as a Great Place To Work® and has also won many prestigious awards for its flagship CSR project – “Digital Sakhi”- which focuses on women's empowerment and digital and financial inclusion. Under Right to Win, being in the ‘right businesses’ has helped the Company become one of the leading financiers in key Retail products. The Company is focused on creating a top-class, digitally enabled, Retail finance company as part of the Lakshya 2026 plan. The goal is to move the emphasis from product focus to customer focus and establish a robust Retail portfolio with quality assets, thus creating a Fintech@Scale while keeping ESG at the core. Fintech@Scale is one of the pillars of the Company’s strategic roadmap - Lakshya 2026. The Company has around 2.6 Crore customer database, which is being leveraged to cross-sell, up-sell, and identify new customers.

LinkedIn: https://www.linkedin.com/company/lntfinance/
Instagram: https://www.instagram.com/lntfinance/
YouTube: https://www.youtube.com/user/ltfinance
X: https://x.com/LnTFinance

Facebook: https://www.facebook.com/LnTFS

This alliance marks a significant step in SLIC’s mission to broaden insurance outreach, leveraging MML’s strong presence and customer base. Established in Kozhencherry, Kerala in 1949, MML became an RBI-registered NBFC in 2002. Today, it operates 307 branches across India, with 85 branches concentrated in Kerala and others located in Odisha, Maharashtra, Delhi, and Tamil Nadu.

Serving over 1.3 million customers and acquiring an average of 5,764 new clients monthly, MML primarily caters to the middle and upper-middle class segments.

“We are thrilled to partner with Muthoot Mercantile,” said R. Radhakrishnan, President of Shriram Life. “This collaboration allows us to deliver reliable insurance solutions to a wider audience. In Kerala, we aim to support the growing focus on financial well-being while expanding our footprint in regions where insurance awareness is gaining momentum.”

He added, “MML’s deep-rooted presence and loyal customer base make it an ideal partner. Together, we can strengthen our distribution network and make meaningful strides in bridging the protection gap.”

The partnership is designed to bring personal protection solutions to Kerala and other regions where MML maintains a strong customer connection.

“This initiative is designed to extend insurance solutions to a wide segment of the Muthoot Mercantile customer base. It also empowers us to deliver a diverse portfolio of high-quality life insurance products to our valued clients,” said Richi Mathew, Managing Director of Muthoot Mercantile. “With Shriram Life’s trusted legacy and proven expertise in serving diverse customer segments, this partnership brings meaningful protection to more families across India.”

About Shriram Life Insurance Company

Shriram Life Insurance is committed to serving India’s underserved families needing financial protection. With a network of 478 branches across the country, the company offers a range of affordable products including term, endowment, ULIPs, and annuities—tailored for rural and urban middle-class customers. SLIC maintains an average individual policy size of Rs. 25,346 and a non-single premium ticket size of Rs. 24,112, significantly below the industry average. With 14.4 lakh in-force policyholders and Rs. 13,207 crore in Assets Under Management (AUM), the company drives financial inclusion by serving households earning Rs. 4–15 lakh annually, despite challenges in this segment.

Experts participating in the panel discussion 'India @2030' organized by Chandigarh University Uttar Pradesh

The panel also explored how AI will impact employment in the coming years. Speakers highlighted that AI-based jobs are likely to witness a 40 percent rise over the next five years. According to the India Skills Report 2024, the AI industry in India is expected to reach USD 28.8 billion by the end of 2025. Additionally, as per a report by ServiceNow and Pearson, AI is projected to generate 2.8 million new jobs in India by 2028. Under the Uttar Pradesh government's newly launched UP AI City Project, a target has been set to create 50,000 direct and indirect jobs over the next five years, reflecting the promising future of AI in India.

Dr. Ajay Yadav, Registrar, Chandigarh University, Uttar Pradesh said, "It is a proud moment for us to host the first business school panel discussion at Chandigarh University Uttar Pradesh in the presence of esteemed dignitaries. This institution is not merely a project—it is a dream to create one of the finest educational spaces in India, with an investment of over ₹2,500 crore. Our vision is to build an iconic learning environment in the state capital region—one that parallels global standards and fulfills the aspirations of students who otherwise seek education abroad. We look forward to continued support and collaboration from academia and industry alike as we shape this dream into reality."

The Chief Guest, Prof. Manuka Khanna, Pro Vice-Chancellor, University of Lucknow said, "It was a delight to visit Chandigarh University Uttar Pradesh and witness the energy and vision shaping this emerging institution. The integration of AI across disciplines, coupled with a strong focus on skill development and incubation, reflects the future of higher education. Initiatives like these will empower students with real-world capabilities and position India as a global hub for innovation and talent. As the National Education Policy gains momentum, such models will play a vital role in transforming the educational landscape."

According to the Stanford AI Index 2024, India ranks first globally in AI skill penetration and has recorded a 263 percent growth in this sector since 2016. Moreover, India has now emerged as the world’s third-largest startup ecosystem, having generated over 1.6 million jobs through 1.57 lakh startups. These statistics indicate that India is becoming a global power in AI skills, innovation, and entrepreneurship.

While speaking on the role of AI in the finance and commerce sectors, speakers pointed out how AI is making processes such as data analysis, customer service, fraud detection and investment advisory faster, more accurate, and more secure than ever before. AI-powered chatbots and automated tools are not only improving customer experience but also enhancing critical functions like risk management and credit scoring. This is making banking and financial services more transparent and efficient.

Speakers also emphasized that cyber fraud has become a major challenge in the digital era, and AI is proving to be an effective tool in combating it. AI-based systems can identify suspicious transactions in real-time. Thus, AI technology is playing a significant role not only in economic and educational development but also in strengthening cybersecurity. The event was graced by Prof. Manuka Khanna, Pro Vice Chancellor of Lucknow University as the chief guest, and by special guests including Prof. Neel Mani Verma, former Vice Chancellor of BBAU Lucknow, Prof. Amarendra Pratap Singh from IGNTU Amarkantak, and Mr. Ambarish Srivastava, Senior Consultant, TCS Lucknow.

During the discussion, experts also stressed that aligning education with innovation, industry needs, and the vision of Digital India can not only make Indian youth globally competitive but also help India become economically self-reliant and prosperous. The discussion underlined that long-term thinking and an inclusive approach in education policies are essential to ensure that every section of society is integrated into the mainstream of economic development.

In the first session, titled "Future of Education and Economy," in-depth discussions were held on changes in education and the future of the economy. The session was moderated by Prof. Alka Singh from the Faculty of Business and Commerce, Chandigarh University UP. Key speakers included Prof. Manuka Khanna, Pro Vice Chancellor, University of Lucknow; Prof. Neel Mani Verma, former Vice Chancellor, Babasaheb Bhimrao Ambedkar University, Lucknow; Prof. Amarendra Pratap Singh, Professor, Indira Gandhi National Tribal University, Amarkantak; and Mr. Ambarish Srivastava, Senior Consultant, Tata Consultancy Services, Lucknow.

This session saw a deep exchange of ideas on India's new education policy, technology-driven education systems, the relationship between industry and academia, and the role of education in economic growth. A key thought that emerged was that adopting innovation and industry-oriented vision in education systems can make India’s economy stronger and more inclusive.

In the second session titled "Roadmap to a $7 Trillion Economy", the speakers discussed the necessary steps to take India’s economy to the next level. This session was moderated by Prof. Ashutosh Bajpai from the Faculty of Business and Commerce, Chandigarh University UP. Key speakers included Prof. Manoj Agrawal, Professor, Department of Economics, Lucknow University; Prof. Saurabh, Dean, Siddharth University, Kapilvastu; and CA Anurag Pandey, Chairman of the Lucknow Branch of ICAI. All the speakers, being experts in their respective fields, shared valuable insights on the role of education, policy and investment in India’s economic advancement.

Mr. Ambrish Kumar Srivastava, Senior Consultant, TCS said, "With nearly 60% of our population under the age of 35, India has a vast talent pool ready to be empowered through technology-driven education. Chandigarh University Uttar Pradesh is leading this transformation by integrating AI across disciplines and building a future-ready curriculum. Its strong industry collaborations and focus on innovation are preparing students for diverse roles—from fintech and manufacturing to defence—making them truly industry-ready."

CA Anurag Pandey, Chairman, Lucknow Branch of ICAI said, "Financial discipline, tax reforms, and a strong regulatory framework are crucial for sustainable national growth. As financial professionals, we play a vital role in shaping this journey. I appreciate Chandigarh University Uttar Pradesh’s beautiful campus and its commitment to practical, industry-aligned education. With a strong focus on AI and global collaborations, the university is empowering students with the skills needed to become future-ready professionals."

About Chandigarh University Uttar Pradesh (Lucknow)
Envisioned to foster a culture of sustainability and empower future global leaders, Chandigarh University, Uttar Pradesh, immerses 21st-century learners in a personalised and experiential learning experience, integrating an AI-powered academic model and a multidimensional, futuristic perspective on education. Our Uttar Pradesh campus carries forward the venerable legacy of more than a decade of Chandigarh University, Punjab, which has established itself as India's No. 1 Private University and a torchbearer of groundbreaking pedagogy and research-driven innovation. The AI-augmented new campus offers a broad spectrum of industry-driven futuristic academic programs encompassing data-driven insights, virtual reality experiences, real-world simulations, corporate mentorship, international perspective, interdisciplinary research, cultivation of entrepreneurial spirit, and professional competencies.

For more information, please visit www.culko.in.

Indian growth story is fuelled by IT: NSE’s Ashish Chauhan tells Kailash Adhikari

“With two crore to three crore IT jobs in India which no one in the world has the capability and expertise for these jobs, today India is the world’s IT capacity centre. 2000- 3000 global IT companies have their IT base in India.”

Chauhan was in a Governance Now podcast with Kailash Adhikari, Managing Director, Sri Adhikari Brothers.

In 1994, he said, during the IT (information technology) programming boom NSE set up India’s first digital public infrastructure enabling trading through satellite. This brought huge confidence among the Indian public and engineers. Later, during Y2K (Year 2000) many small companies would get their engineers to NSE to showcase India’s capabilities and they also bagged big contracts. That was the time of IT dawn when India took a huge leap forward, he added. “Today technology is our fuel and India is the IT capital of the world. Technology has brought biggest shift and change in the world.”

Watch the full conversation in our latest episode: youtu.be/F1Gdv3x8ROY

Today, there are two crore to three crore IT jobs in India and no one in the world has the capability and expertise to do these jobs. India is the world’s IT capacity centre with 2000- 3000 global IT companies having their base here. Indian technology companies like TCS today has over 7 lakh employees while Infosys has more than 5 lakh employees, he said.

Chauhan iterated that when it comes to technology, it has played a huge role in India’s growth story. Today, India is the world leader in Technology.

“When it comes to Technology India is the world leader. Technology has played a huge role in India’s growth story. A society that adopts IT will progress.”

While speaking on India’s service economy Chauhan said India is a powerhouse of service sector with a well established services sector ecosystem. He said the service sector does not require any inputs unlike the manufacturing sector which is dependent on raw material.

Further speaking on India’s resilient economy Chauhan explained that India’s total exports today stand at $700 - $800 billion with almost the same amount it imports. This he said, includes net services of $200 -$250 billion and $125-$150 billion of remittances. “So our balance of payments is in surplus since last 4-5 years. This is the reason for our strength and abilities as we are frugal and produce high quality work in cost effective manner.” 

“Now with iPhones going to be manufactured in India, servers and electronic chips too will be made in India. Be it Microsoft or Google, they get their AI work done from our people. 80% of Microsoft windows parts are manufactured in India. We have the best and most capable engineers and manpower and we deliver the best practises at affordable rates. Today we have good roads and logistics,” he said adding that as many as 1000- 200000 technology experts from 3000 big global companies today are working in India.

He further added that as compared to earlier, today the waves of technology are occurring at faster speed and will generate much more wealth in the world in the next 50 years.

He termed the coming era of technology as ‘Capitalism without Capital’ and said technology does not require heavy infusion of capital like manufacturing.

Responding to a question on NSE launching SME Exchange and its role in future Chauhan, who is the former MD and CEO of Bombay Stock Exchange said, in 1994, India did not have more than 10 lakh investors, today we have 11 crore investors from Ladakh to Andamans and Nicobar, Arunachal Pradesh to Dibrugarh to Jorhat to Dwarka. Out of 19400 Pin Codes in India, only 28 Pin Codes do not have investors. India’s entrepreneurs are the trust and strength of NSE 25% investors are women and every 1 out of 5 households today (11 Cr people) are investing in NSE.

He further said that said that any businessman, entrepreneur or industrialist who wants to grow can come to NSE and find their partners in big or small companies. He added that 600 companies that have raised capital in the last 10 years have now entered the main board. ‘These companies have earned the trust of investors. Indian’s are very hardworking and the world is taking note of that’ he said.

Chauhan noted that Markets bring transparency in the system and act as disinfectant. “The stock market capital of Rs 3. 80 lakh Cr in 1994, today stands at Rs 4.40 lakh Cr. This never happens in a low per capita income country and here India is an outlier. This is created by the trust that investors have in the transparency of the markets.’’

“NSE acts as a catalyst for Indian economy. NSE receives more than Rs 2000Cr worth orders daily within 6 hours. Within 100 microseconds we respond and shares traded are reflected in investors accounts the very next day” said Chauhan, who is also known as the father of modern financial derivatives in India.

Meet Collection Industry Leaders

This landmark summit, taking place on 12th June 2025 at The Lalit, Mumbai, brings together the full spectrum of stakeholders—banks, NBFCs, fintechs, regulators, legal experts, and field recovery professionals—onto one stage. It is not just a conference; it is a call to action for the entire ecosystem to shape the future of collections through innovation, compliance, and empathy.

Where Strategy Meets Execution—and Empathy

The Bharat Collection Summit is designed around five key themes that reflect the industry's pressing priorities and bold ambitions:

• Digital Reinvention of Collections: How AI, automation, and advanced analytics are building faster, smarter, and more personalized recovery systems.

• Compliance, Regulation & Responsible Recovery: Adapting to evolving frameworks while maintaining transparency and borrower-centric practices.

• Empowering Last-Mile Recovery: Enabling field agents and frontline teams with the right tools, training, and technology.

• The Power of a Unified Ecosystem: Driving collective progress by aligning lenders, agencies, and policymakers.

• The Collection Journey Ahead: Reimagining collections as a strategic lever for national growth and financial stability.

Backed by Industry Pioneers

Two key partners are powering this movement:

• Spocto X, the Presenting Partner, is leading the way in AI-powered, ethical, and end-to-end collections transformation.

• YuCollect, the Collections Infrastructure Partner, is redefining operational transparency, compliance, and scalability with a vast network across India’s collection agencies and lenders.

Together, they underscore the summit’s mission to not just reflect industry change—but drive it.

A Stage of Titans

The event will feature top voices from across India’s leading financial institutions, including senior leaders from HDFC Bank, SBI, ICICI Home Finance, Aditya Birla Finance, Bank of Baroda, Union Bank, Axis Bank, Kotak Mahindra Bank, Tata Capital, and more. Whether it’s unveiling future-ready strategies or sharing on-ground innovations, this summit provides a rare front-row seat to how the best minds in the industry are reshaping collections.

Who Should Attend?

The summit is designed for all professionals who touch the collections value chain—from decision-makers to doers:

• CXOs, CROs, and Heads of Collections

• National and Regional Recovery Managers

• Fintech Founders, Product Leaders & Strategy Heads

• Field Supervisors and Last-Mile Teams

• Regulatory and Legal Experts

• Technology Providers & Consultants

If you are shaping, transforming, or executing collections—you belong in the room.

A Benchmarking Moment for India

As the collections landscape moves toward a tech-first, compliant, and customer-focused paradigm, the Bharat Collection Summit stands as a benchmarking moment—setting the tone for what collections should look like in the coming decade. It celebrates not only the evolution of systems and structures but also the resilience of the people who drive them.

With participation from India’s top lenders, groundbreaking fintechs, and progressive regulators, this is more than just an industry gathering. It is a tribute to the transformation already underway and a platform to co-create what comes next.

Join us on 12th June 2025 at The Lalit, Mumbai.
Register now: thebharatcollectionsummit.com/

Going beyond conventional ease-of-doing-business rankings, PRISM provides a data-driven, multi-dimensional evaluation of investment attractiveness based on Cost, Speed, Ease of Doing Business, and Ease of Living. Developed through extensive insights from over 100 CXOs across industries, it offers a holistic, investor-centric roadmap for driving economic growth.

Bridging the Gap Between Rankings and Real Investments

India has made significant progress in improving its business environment, climbing from 142nd in 2015 to 63rd in the World Bank’s Doing Business Report 2020. However, BRAP (Business Reform Action Plan) rankings have not always aligned with actual investment inflows, revealing the need for a more nuanced evaluation model:

• Andhra Pradesh, ranked 1st in BRAP 2019, placed 8th in private investments.

• Karnataka, India’s top private investment recipient in 2019-20, was ranked 17th in BRAP.

• Telangana, Tamil Nadu, and Punjab, labelled "Top Achievers" in BRAP 2020, ranked 10th, 13th, and 14th in private investments​.

This disconnect underscores the limitations of regulatory rankings as standalone indicators of investment attractiveness.

Expert Endorsements: A Call for a More Holistic Approach

Shri Amitabh Kant, G20 Sherpa, Government of India, emphasized the importance of evolving beyond traditional ease-of-doing-business measures:

"Ease of Doing Business must evolve to incorporate the Speed of Doing Business, Cost of Doing Business, and Ease of Living. Investors today seek more than just ease of entry—they require tailored solutions, sector-specific support, and forward-thinking regulatory mechanisms. PRISM provides a strategic roadmap to address these needs.”​

Echoing this sentiment, Kanishk Maheshwari, Co-Founder & MD, Primus Partners, stated, "Investors evaluate multiple factors beyond ease-of-doing-business rankings. Cost efficiencies, logistics infrastructure, and policy consistency play a defining role. PRISM is designed to capture these realities, offering policymakers a results-oriented tool to enhance regional competitiveness."​

A Comprehensive Framework for Investment Competitiveness

PRISM integrates nine key factors and 64 sub-factors, categorized into four dimensions that directly influence investment decisions:

• Cost of Doing Business – Covers land costs, labor expenses, logistics, and regulatory compliance burdens.

• Speed of Doing Business – Examines approval timelines, regulatory efficiency, and infrastructure readiness.

• Ease of Doing Business – Focuses on transparency, government engagement, and industry collaboration.

• Ease of Living – Assesses social infrastructure, environmental sustainability, and workforce quality​.

Empowering Policymakers with Actionable Insights

PRISM offers a data-backed, actionable roadmap to help governments and policymakers:

• Benchmark regions against real investor expectations.

• Identify key bottlenecks affecting investment inflows.

• Implement targeted interventions for improving business ecosystems.

• Strengthen policy frameworks for long-term investment sustainability.

With global competition for investments intensifying, PRISM equips governments with the necessary insights to attract, retain, and expand investments—ensuring sustained economic growth and regional competitiveness.

About Primus Partners Pvt Ltd

Primus Partners is a leading management consulting firm specializing in policy, technology and economic advisory. With a strong presence across India, the firm provides strategic insights and innovative solutions to drive sustainable growth for both public and private sector clients.

For more information, visit: www.primuspartners.in.

The announcement rightly acknowledges the need for formalization and financial inclusion of gig workers. It could help bridge the gap by enabling access to formal credit, insurance, and government welfare schemes. Currently, only 8% of gig workers have access to health insurance, and less than 2% contribute to retirement funds (NITI Aayog, 2022). Integrating this policy with financial literacy programs, microcredit solutions, and pension schemes such as Pradhan Mantri Shram Yogi Maan-Dhan (PMSYM) can ensure long-term economic security for this workforce.
 

For the policy to have a lasting impact, it must also address the intersection of the gig economy with India’s youth employment landscape. With over 62% of India’s population in the working-age group (15-59 years) and a median age of 29 years by 2030, structured skill development is essential. Young workers, particularly those from low- and middle-income segments, often lack career guidance and face a mismatch between acquired skills and industry demands. 
 

In this context of the digital nature of work profiles (characteristic of industry 4.5 and 5.0), the flexibility allowed by digital interfaces, creating pathways for gig workers to join formal employment, and the flexibility to move back and forth will be crucial. After all, gig work should serve as a stepping stone to formal employment for those who seek stability and career progression while also being a viable, sustainable career path for those who prefer flexibility and autonomy. Some ideas worth considering include recognizing the skills of gig workers, such as those under the Recognition of Prior Learning scheme and recognizing and promoting gig work as work-based learning in formal education. Singapore’s Skills Future initiative provides lifelong learning credits to workers, enabling continuous skill development and career adaptability.
 

The government needs to maintain a delicate balance between providing social security benefits and not overregulating through the current labour laws, as the latter can limit the sector’s USP—flexibility and growth.
 

Further, investment in AI-driven reskilling programs and apprenticeships aligned with emerging job markets is imperative. For example, a 2023 NASSCOM report indicates that over 50% of Indian companies struggle to find workers skilled in AI, robotics, and cybersecurity. The World Economic Forum (2023) highlights that by 2025, 97 million new jobs will emerge globally in automation and digital sectors, many requiring adaptable skill sets. Tailoring training programs to meet these demands can enhance job readiness and economic productivity.
 

Collaboration with industry leaders and businesses can help. Employers should be encouraged to add minimum remuneration and skilling standards. Policies should incentivize companies to invest in gig worker training and offer learning stipends for gig workers to encourage participation in upskilling programs. More collaboration could encourage portable benefits models, such as those in France and the Netherlands, allowing gig workers to accumulate social security benefits regardless of their employer. Additionally, fostering collaboration among gig platforms, banks, and skilling institutions can ensure affordable access to credit, insurance, and continuous learning opportunities.
 

In conclusion, formalizing gig workers through identity cards is a commendable move, but its impact can be realized only if it is integrated with financial and skilling initiatives from both the public and private sectors. By aligning market needs with youth aspirations, the country can unlock the full potential of its human capital and position itself as a global leader in the future digital and industrial economies. 
 

Byomkesh Mishra, Co-founder, Medha and Akhand Tiwari (Partner, MicroSave Consulting, (MSC).

Sanjiv Bajaj, Jt. Chairman & MD, BajajCapital

Here’s a deep dive into the biggest takeaways from the budget—and why they matter to you.

Insurance Sector Reforms: A Giant Leap Toward Inclusion

For years, India’s insurance penetration has lagged behind global standards. This year’s budget takes a transformative approach to change that, especially in rural areas and microinsurance markets.

1. Bigger Foreign Investments in Insurance: The government has increased the Foreign Direct Investment (FDI) limit in the insurance sector from 74% to 100%, ensuring greater capital inflow, innovation, and competitive pricing in the industry. This move is expected to attract billions in foreign investment, strengthening the Indian insurance market.
 

2. Massive Tax Benefits for Micro & Rural Insurance: To make insurance more affordable and accessible, the budget introduces tax exemptions and GST cuts:

• 100% Tax Deduction on premium income for insurers offering microinsurance (Rs. 2 lakh cover or below) in rural areas

• GST Slashed to 0% for small-ticket life, health, and general insurance policies in rural regions (previously 18%)

• Higher Tax Deductions for Rural Policyholders:

• Additional Rs. 50,000 deduction under Section 80C for policyholders in rural areas

• Rs. 25,000 extra deduction under Section 80D for health insurance

3. Direct Government Subsidies to Reduce Premiums: The government is taking bold steps to financially support policyholders:

• Viability Gap Funding (VGF): Government will cover 30-50% of premium costs for life, health, and crop insurance

• Interest-Free Loans: Insurers expanding to rural India can avail 0% interest loans

• Premium Support for New Policyholders: First-time microinsurance buyers will receive Rs. 1,500 as a government subsidy per policy

4. Revamped & New Government Insurance Schemes: Major insurance programs have expanded their coverage:

• PM Jeevan Jyoti Bima Yojana (PMJJBY) & PM Suraksha Bima Yojana (PMSBY):

• Premium slashed by 20% for Below Poverty Line (BPL) families

• Coverage increased from Rs. 2 lakh to Rs. 3 lakh

• Kisan Suraksha Bima Yojana (NEW): Life & health insurance for farmers at subsidized rates

• Crop Insurance Expansion (PMFBY): 60% premium subsidy for small & marginal farmers, now covering post-harvest losses due to climate change

5. Digital & Distribution Boost for Rural Insurance: Technology is being leveraged to bridge the insurance gap:

• ‘One-Stop Digital Insurance Platform’ for easy access & claim processing

• Common Service Centers (CSCs) to serve as rural insurance enrollment hubs

• Higher Commission for Rural Insurance Agents (30% increase) to drive deeper market penetration

6. Special Focus on Women & Gig Workers

• Mahatma Gandhi Women Insurance Scheme: Rs. 5 lakh life & health cover for self-help group (SHG) members

• Interest-Free Microloans for women buying insurance

• Gig Workers’ Insurance: Delivery agents, drivers, and farm laborers to receive government-backed accident & life insurance

The Expected Impact

• Insurance penetration to rise from 25% to 50% in rural India by 2030

• Lower insurance costs for individuals, farmers, and small businesses

• Stronger financial security against health, accident, and livelihood risks

Income Tax Reforms: More Money In Your Pocket

This year’s budget puts more cash in the hands of individuals and businesses, simplifying the tax system while offering major relief to the middle class and MSMEs.

1. Revised Tax Slabs: Lower Rates for Higher Savings

The government has slashed tax rates, offering much-needed relief to taxpayers.

• Effectively, income up to Rs. 7 lakh remains tax-free under the new tax regime.

• Middle-class earners will save significantly with these rate cuts.

2. Standard Deduction & Tax Rebates Increased

• Standard Deduction for Salaried Individuals increased to Rs. 60,000 (was Rs. 50,000)

• Rebate u/s 87A increased to Rs. 7 lakh (was Rs. 5 lakh)

3. Relief for Home Buyers & Renters

• HRA Deduction increased by 25% for salaried employees

• Interest Deduction on Home Loan (Section 24B) raised to Rs. 3 lakh (was Rs. 2 lakh)

4. Major Benefits for Startups & MSMEs

• Corporate tax rate for new MSMEs reduced to 15% (was 22%)

• Tax holiday for startups extended till 2027

5. Digital Taxation & Compliance Made Easier

• No penalties on minor GST filing errors for small businesses

• Tax Refund Processing within 15 days for online IT returns

• Faceless Tax Assessment further simplified

The Big Picture: Why This Budget is a Game Changer

This year’s budget is not just about policy changes—it’s about empowering millions of Indians.

• Lower tax burden means more disposable income for individuals

• Affordable insurance ensures financial protection for rural India

• MSMEs & startups get major tax relief, fueling entrepreneurship

• Simplified tax processes make compliance easier for businesses

This is not just a budget—it’s a blueprint for a financially stronger, more inclusive India.

As India navigates global disruptions while striving to achieve its growth objectives on the path to its centennial milestone as an independent nation in 2047, ABP Network, the country's leading multi-language news network, launched the fourth edition of ABP Network's Ideas of India 2025 in Mumbai. The two-day long summit was hailed by masses for discussing global movement towards 'Humanity's Next Frontier', and witnessed the convergence of inspiring ideas from the foremost icons leading the charge to make our nation a 'force for good'.

ABP Network Ideas of India 2025

The summit hosted over 30 thought-provoking sessions with over 50 esteemed speakers exploring India's role in global socio-cultural, economic and scientific evolution and its future as a global stabilizer in geopolitical affairs. Through the two days, the initiative witnessed the convergence of ideas flowing from policy makers, International experts, social activities, spiritual thinkers, entrepreneurs, business leaders, investors, film stars and celebrities, sports icons, and musicians from all over India who share soul stirring perspectives and stories for people to reflect and action.

Union Minister of Commerce & Industry, Piyush Goyal emphasized the strong India-U.S. partnership, calling the two nations "force multipliers" rather than competitors. Addressing U.S. tariffs, he reassured that India’s industry is resilient and optimistic about bilateral trade. On Tesla and ‘Make in India’, he said, "It would be great if Tesla manufactures in India. Moving towards electric mobility is beneficial, and if it aligns with national interest, it’s even better."

Dr. Shashi Tharoor, Author, Politician, and Former International Diplomat, highlighted the paradox of India’s growth story, where economic expansion coexists with rising unemployment and social crises. He pointed out that the desperation of people from Punjab and Gujarat to migrate reflects a deeper crisis rather than mere aspiration. Emphasizing the plight of migrants, he called for investment, employment, and entrepreneurship to ensure migration is a choice, not a necessity. He condemned the demeaning deportation of illegal immigrants, advocating for dignity in repatriation. Tracing India’s historical migration, he noted how Indian laborers and professionals have shaped global economies, citing the resilience of past generations. On India-Canada relations, he took a firm stance against Khalistani extremism, calling for stricter action.

Prof. Ashwani Mahajan, Author, Columnist, and National Co-convenor of Swadeshi Jagran Manch, and Dr. Ashima Goyal, Economist and Member of India’s Monetary Policy Committee, addressed India’s economic transformation, poverty reduction, and job market shifts. Prof. Mahajan dismissed negative global narratives on India’s poverty, calling them a conspiracy to undermine progress, while Dr. Goyal highlighted that poverty has dropped from 30% to 5%, a historic achievement. She emphasized India’s stable, high growth rate averaging 8.3% over three years, leading to a 10% rise in job creation. On youth unemployment, she pointed out that job seekers often refuse opportunities, preferring government jobs for their security. Discussing freebies, Dr. Goyal warned that excessive welfare spending limits infrastructure investment, while Prof. Mahajan criticized "Revdi Culture" for bankrupting states like Andhra Pradesh and Punjab.

Discussing the developments in United States since Donald Trump assumed office, Ambassador Kurt Volker, said, “For Donald Trump, unpredictability is deliberate tactics to create uncertainty and he likes to shock people by saying provocative things to make people react.” He further added, “For Trump, to end the war one has to stop Russia which no one was doing. He also wants Ukraine to pay back to United States for the help it offered.” On India, he said, “India is a rising power that comes across a friendly state with shared values. President Trump personally likes Prime Minister Narendra Modi but that doesn’t stop his transnationalism.”

Speaking in the session “The Science of Ageing- The Yearning for Immortality”, Dr. (Prof.) Venki Ramakrishnan, Nobel Prize-winning Biologist, and Former President, The Royal Society, said, “One stark reality is that wealth plays a role in longevity as rich people tend to live 10 to 15 years longer than the poor. We now understand why exercise, a good sleep cycle, and other healthy habits help slow aging. Avoiding social isolation and maintaining a sense of purpose is crucial. Early health screenings, such as for diabetes, can make a significant difference in ageing.”

Speaking on the topic ‘Transforming India with AI: Why We Need More Data’, Dr. Manish Gupta, Senior Director at Google DeepMind, said, “India is not a poor country anymore, and we must take bold steps in developing our foundational AI models. AI is accelerating progress on a range of critical problems, from drug discovery and plastic pollution to structural biology. Innovations like AlphaFold are helping us solve complex scientific challenges faster than ever before.”

Dr. Goutam Chattopadhyay, Senior Scientist at NASA's Jet Propulsion Laboratory and Visiting Professor at Caltech was speaking in the session, ‘Transforming India with AI: Why We Need More Data’, when he confirmed, “NASA is not keeping Sunita Williams in space. Sunita Williams’ return was delayed due to a technical glitch, but on March 19, they will be safely back home.” He added, “ISRO and NASA are collaborating on a project right now. ISRO is doing great and executing successful missions. Astronomy truly opens up your vision to the universe and it is a big mystery that we are trying to solve.”

In a mega sporting panel, Viswanathan Anand, 5-time World Chess Champion, Padma Vibhushan, Padma Bhushan, Padma Shri and Arjuna Awardee; Geet Sethi, 9-Time World Champion of Billiards/Snooker and Founder of Olympic Gold Quest; Prakash Padukone, All England Open Badminton Champion, Padma Shri and Arjuna Awardee; Leander Paes, Indian Olympic Medalist, Grand Slam Winner, International Tennis Hall of Fame member, and Entrepreneur, Founder of Flying Man Ventures discussed the next frontiers of sports in India.

Leander Paes said, "I am concerned about tennis. Our association is currently facing the Supreme Court. We should learn from what the BCCI has done for cricket and follow its model of establishing hundreds of cricket clubs in every region of India. We start scouting for talent quite late. As a nation, if we embrace sports science and incorporate DNA testing to assess young athletes whose abilities align with geographical genetics, I believe we can truly make a difference.”

Geet Sethi added, “The reason why we are not producing Olympic level sportspersons is that sports in India don’t have the money for the talent to be nurtured. Socioeconomics, genetics, and subconscious self-belief are the three things which will drive India to sporting excellence.” 

Prakash Padukone said, “We have abundant talent in the country, but many previously lacked opportunities. Over the last 15 years, this has changed significantly. The sports federations must be professionalized. Talent is not the issue, nor is funding a problem now. The government is doing its part, and people are receiving support, but it is crucial that sports federations become more involved. These federations need to operate like corporations. Federations control the sports. It is their responsibility to encourage and promote sports.” 

Viswanathan Anand, said, "In India, I work to identify talent and provide them with all the resources they need. Winning medals will inspire more people to take up sports as a career option. When sports become a mass movement in our country, that's when true transformation will happen. Currently, we are competitive in sports but often miss out narrowly. We shouldn’t be satisfied with these close misses; that's how we will grow as a sporting nation. In India, federations should be reformed to become more accommodating and spontaneous. Many chess players have started their own academies.”

ABP Network's Ideas of India 2025, centred around the theme ‘Humanity’s Next Frontier’, will bring together thought leaders and innovators to explore the challenges and opportunities posed by India’s rise in a rapidly evolving world. In the face of climate change, geopolitical conflicts, and technological advancements such as AI, the summit delved into India’s role as both an ancient civilisation and a demographic powerhouse in shaping the future. The two-day summit gathers a confluence of ideas from global thought leaders, intellectuals, and change makers, covering transformative possibilities in science, medicine, social contracts, and global leadership, with experts from diverse fields offering bold visions for a better, more sustainable world for all.

The Mumbai Chapter of The Alumni Association, N.C.E Bengal & Jadavpur University, one of India's oldest alumni associations, will hold its 16th National Conference titled ‘Indian @ 2030: Energy, Economy, Employment’. This day-long symposium brings together thought leaders from academia and business and economics in India to discuss the key issues affecting India's progress and its aspirations to become a global force by the end of the decade.

The organizing team of the 2023 Jadavpur University Alumni Association (Mumbai) National Conference, featuring Padma Vibhushan Dr. R. Chidambaram as the Chief Guest

LTIMindtree CEO and Managing Director Debashis Chatterjee, an alumnus of Jadavpur University and one of India's leading IT leaders, will be the Chief Guest at the Conference. Oil and Gas Industry veteran Pankaj Kumar, Director of Production of ONGC, India's largest oil and gas company, will deliver the keynote address. The Conference will also feature three panels to address issues surrounding Energy, Economy, and Employment. These sessions will feature some of the best minds in India from academia, business, and economics.

This year's conference is expected to draw nearly 200 people, including alums of Jadavpur University, academicians, policymakers, business executives, and alums of other top universities throughout the country.

Commenting on the 2025 National Conference, Dibyendu Chakraborty, Chairman of the Conference Committee, said, “India must generate employment opportunities, particularly for its youth, to fortify its economic base. Modern economic and production activities depend heavily on energy, with energy and economic growth intertwined in a complex way. As the economy expands, so does the demand for energy. This year's conference, titled 'India@2030: Energy, Economy, Employment', will explore these interconnections between energy, economic development, and employment.” 

A number of organisations from across the country and overseas have pledged to support the event as donors. The list includes ONGC, Siemens, Zurich Risk Management Services, Halliburton, Sulzer, Adani Welspun Exploration Limited, Askara OilField Services, TGT Diagnostics, ADEC, JSW Cement, Hal Offshore, JNK India, OOMS India, Krishna Chemicals, DNV Engineering, Carlton Industrial Engineering, Saltech Technology, 3X Engineering, Aska Equipment, Pyramid Technical Services, Lizmontagens India, and Nav Srijan Yuva Sansthan, among others.

Rudranath Banerjee, President of Mumbai Alumni Association, thanked the donors for their support and said, "Our donors have been extremely generous, and we are grateful for their kind support. This will enable us to reach our goals of supporting various educational welfare programs for meritorious but needy students in Mumbai and at Jadavpur University, Kolkata. We offer a large number of scholarships and stipends to these students and engage in student assistance programs through the Jadavpur University Alumni Association Bombay Branch Trust. The Mumbai Alumni started this Trust in 1980. The Trust is primarily focused on promoting educational programs. Over the last couple of decades, we have disbursed more than Rs 70 lakhs for educational purposes to fulfil our commitment to advancing education through our Trust."

The Mumbai Branch of the Alumni Association of N.C.E Bengal and Jadavpur University was established in 1956 to provide an umbrella under which alumni could meet, interact, and socialise. In the years that followed, the objective was expanded to include knowledge sharing and charitable activities to benefit society as a whole. More than 350 active members in the Mumbai branch are connected to various core and knowledge-based industries, professional organisations, and Government agencies.

Jadavpur University, Kolkata is one of India’s most prestigious public research institutions. It is renowned for its academic excellence, progressive ethos, and commitment to intellectual freedom. Established in 1955, the University traces its origins to the National Council of Education (NCE), which was founded in 1906 as part of India’s Swadeshi movement to promote indigenous education. Over the decades, it has evolved into a globally recognised centre for higher learning, research, and innovation, consistently ranking among the country’s top universities.

In 1921, former students of the university initiated a movement to establish the National Council of Education Alumni Association (NCE Alumni Association). When the university moved to its present campus in 1924, the NCE Alumni Association moved along with that. The Association celebrated its 100th anniversary in 2021, marking an important milestone for its alumni around the globe.

IVCA Conclave 2025 Concludes with Key Discussions on Secondary Markets, Private Credit, and Growth Investing

The first day of the conclave set the stage with critical discussions on India's investment climate, regulatory developments, and capital allocation strategies. Dr V Anantha Nageswaran, Chief Economic Adviser to the Government of India, provided a macroeconomic perspective on India’s transformation into a global investment hub, while Shri Jayant Sinha, Senior Advisor, IVCA Climate and Sustainability Council, emphasised the importance of long-term strategic planning in India’s evolving investment landscape.

The second day of the conclave opened with an insightful discussion led by Shri K Rajaraman, Chairperson, International Financial Services Centres Authority (IFSCA), on the evolution of GIFT City into a global financial hub. He highlighted how regulatory reforms since 2019 have unified governance across financial sectors, enabling seamless capital movement and reducing reliance on foreign jurisdictions for bond issuance and credit access. The ecosystem now hosts over 30 international banks with assets exceeding $78 billion, offering specialised financial products such as acquisition financing and infrastructure funding.

This was followed by a presentation by Dr Dipesh Shah, Executive Director (Development), IFSCA, highlighting the role of GIFT City in positioning India as a global financial hub.

One of the key highlights of the day was the Panel Discussion: Navigating the Secondary Surge - Unlocking Value in India’s Evolving Investment Landscape, where industry leaders explored the growing momentum of secondary transactions. The discussion focused on LP and GP-led secondaries, valuation strategies, and regulatory considerations shaping this burgeoning market. The panel provided valuable insights into how secondaries are increasingly becoming a preferred liquidity avenue in a constrained deal-making environment.

The day also saw the launch of the IVCA-Praxis Report on Growth Investing, which revealed that private investments in India reached $60 billion across 1,595 deals in 2024, with an average deal size of $38 million. Growth stage investments accounted for $10 billion across 388 deals, marking a record high volume with 150+ additional growth deals compared to 2023. The report highlighted that $600 billion in growth funding is required for Indian companies, presenting a massive opportunity for investors. While fundraising from growth-focused funds declined to $3.2 billion, its share of overall fundraising reached a five-year high of 29%. Public market exits drove 60% of overall exit value, emphasising the growing role of IPOs in unlocking value for investors.

With alternative investment structures gaining prominence, the Panel Discussion: CAT III Funds - Navigating the Investment Landscape examined the role of hedge funds and structured products in India’s financial ecosystem. The panel discussed regulatory frameworks, innovation in fund strategies, and the risk-return profile of these vehicles. Bhautik Ambani, CEO, AlphaGrep Investment Management, stated, “One of the things that CAT III funds offer, which PMS or mutual funds cannot, is superior risk-adjusted returns. No other asset class in India today provides the flexibility to generate better returns with the level of risk taken. CAT III funds provide solutions that other platforms simply cannot.”

Another significant discussion revolved around India’s private credit landscape. The Panel Discussion: Private Credit - Expanding from Niche to Norm in India highlighted the surge in private credit investments, evolving deal structures, and the increasing role of domestic and global investors in this space.

Rubin Chheda, Managing Director, Neo Asset Management, stated, “Private credit in India remains niche, accounting for just 1.3-1.4% of total bank and corporate debt exposure-far behind the U.S., where it constitutes 11-12% of the overall debt market. While the U.S. sees highly structured deals with leverage up to 6x, in India, leverage is typically limited to 3-4x. Unlike global markets where leveraged buyouts (LBOs) dominate, India's private credit landscape is constrained by regulatory structures that limit capital movement across entities, making deal structuring more complex.”

Anant Khatri, Executive Director (Private Credit Investments), Avendus, emphasized, “Private credit plays a crucial role in sectors where traditional lending models don’t work. Real estate, for instance, requires custom financial solutions based on location, sales velocity, and pricing viability. Over the past 15 years, private credit has transitioned from being dominated by specialized NBFCs to large alternative investment funds. It provides much-needed short-term capital to bridge funding gaps.”

Monu Jain, Partner, Credit, Aavishkar Capital, remarked, “Blended finance is emerging as a powerful tool to attract private capital at lower risks and costs. Public capital, including funds from development finance institutions and multilateral agencies, acts as catalytic capital through grants, concessional loans, and guarantees. ESG-focused private credit remains niche within a niche. While over $700 billion has been allocated globally to sustainability finance in the past decade, private credit makes up just $50 billion. The biggest challenge is the perception that sustainable private credit investments compromise either risk or return.”

As capital markets continue to evolve, the Panel Discussion: Balancing Liquidity and Market Dynamics - The Exit Equation examined exit strategies, IPO trends, and consolidation within sectors as key drivers shaping liquidity. Experts discussed the role of public markets in enabling investor exits and the challenges posed by market volatility.

The conclave concluded with the IVCA Alternate Capital Excellence Awards 2025, recognising outstanding contributions and achievements in the private capital industry.

Supporting IVCA Conclave 2025 as the Lead Sponsors were Aavishkar Capital, Cooley, IC Universal Legal Advocates & Solicitors, Iron Pillar, Nishith Desai Associates, Nuvama Asset Management, and Sundaram Alternates. The Co-Sponsors included Madison India Capital, Neo Asset Management, Oman India Joint Investment Fund, and Playbook.

Over two days, the IVCA Conclave 2025 facilitated in-depth conversations on India’s investment landscape, regulatory shifts, and emerging financial trends, reaffirming its position as a leading platform for stakeholders in the alternative investment space.

About the Indian Venture and Alternate Capital Association (IVCA)
The Indian Venture and Alternate Capital Association (IVCA) is a not-for-profit, apex industry body promoting the alternate capital industry and fostering a vibrant investing ecosystem in India. IVCA is committed to supporting the ecosystem by facilitating advocacy discussions with the Government of India, policymakers, and regulators, resulting in the rise of entrepreneurial activity, innovation, and job creation in India and contributing towards the development of India as a leading fund management hub. IVCA members are the most active domestic and global VCs, PEs, funds for infrastructure, real estate, credit funds, limited partners, investment companies, family offices, corporate VCs, and knowledge partners. These funds invest in emerging companies, venture growth, buyout, special situations, distressed assets, and credit and venture debt, among others.

Malabar Gold & Diamonds to enter the New Zealand market with a NZD 75 million investment
 

With the entirety of Malabar Gold & Diamonds’ international operations based out of the Malabar International Hub in the UAE, the signing of CEPA between the UAE & New Zealand will enable the brand to further streamline their business operation as it relates to expanding their retail presence into the 14^th global country of operation.
 

“As a globally recognized jewellery retailer managing its international operations from the UAE, the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and New Zealand significantly bolsters our efforts to enter this new market. This agreement not only allows us to strengthen economic ties but also provides us with an opportunity to introduce our products and services to a whole new audience. By capitalizing on the opportunities presented by this bilateral trade agreement, Malabar Gold & Diamonds marks a significant milestone in our overarching vision to become the world's number one jewelry retailer,” commented Mr. M.P Ahammed, Chairman of Malabar Group.
 

In the initial phase of its expansion into New Zealand, Malabar Gold & Diamonds will invest NZD 75 million to establish its presence in the region. This significant investment will see the launch of three world-class showrooms, bringing the brand’s exceptional jewellery collections and renowned craftsmanship to New Zealand’s discerning customers.
 

"It's encouraging to see the CEPA already driving increased trade and investment between our two countries," said New Zealand Trade Commissioner to the United Arab Emirates and Consul General to Dubai & Northern Emirates, Mr. Ahmad Zakkout. “We're excited to continue fostering investment and business opportunities between New Zealand and the United Arab Emirates," he continued.
 

“New Zealand is a market brimming with potential, offering us an exceptional opportunity to connect with a diverse customer base that appreciates the artistry, quality, and authenticity synonymous with Malabar Gold & Diamonds,” commented Mr. Shamlal Ahamed, Managing Director – International Operations, Malabar Gold & Diamonds. “As the UAE stands as one of the world’s premier jewellery trading hubs and the base of our international operations, the provisions in CEPA that promotes UAE-NZ trade opens a more efficient and streamlined pathway into the market. With a legacy built on trust, transparency, and customer satisfaction, this expansion into New Zealand represents a transformative step in redefining the region’s jewellery landscape.”
 

“While our global growth has been rapid, it has always remained firmly aligned with our ESG (Environmental, Social, and Governance) principles. With a 100% track record of strict compliance with local regulations, our expansion into New Zealand will uphold our commitment to operating as a model organization that prioritizes responsibility and sustainability in every aspect of its business. This is in line with the trade and development chapter charted out in the CEPA,” said Mr. Abdul Salam K.P, Vice Chairman of Malabar Group.
 

In addition to introducing its signature collections & services to jewellery lovers in New Zealand, Malabar Gold & Diamonds will continue its commitment to sustainability and ethical practices. The new showrooms will adhere to the brand’s globally recognized standards of ethical sourcing, eco-friendly processes, and social welfare initiatives.
 

ESG (Environmental, Social & Governance) initiatives have been a key component of Malabar Group’s operations throughout the years, with a focus on Health, Housing, Hunger Eradication, Women empowerment, Education and Environment. The group ensures that all stakeholders continue to benefit from the growth of the business and contributes 5% of their profit to CSR/ESG initiatives in the same country of operation.

Malabar Gold & Diamonds was established in 1993 and is the flagship company of Malabar Group, a leading diversified Indian business conglomerate.
 

With an annual turnover of $6.2 billion, the company currently ranks as the 6^th largest jewellery retailer globally and today has a strong retail network of 375 outlets spread across 13 countries in addition to multiple offices, design centers, wholesale units, and factories spread across India, Middle East, Far East, the USA, the UK, Canada & Australia. The group, owned by more than 4,000 shareholders, has more than 22,000 professionals from over 26 countries working towards its continued success. Malabar Gold & Diamonds also features an online store www.malabargoldanddiamonds.com providing customers the opportunity to purchase their favorite jewelry at any time and on any day from the comfort of their homes.
 

The group also operates MGD – Lifestyle Jewellery, a retail concept offering trendy and light weight jewellery that represents the independent and the modern woman through its designs and collections.
 

ESG (Environmental, Social & Governance) has been the primary commitment of the group since its inception. The key ESG focus area of Malabar Group are Health, Housing, Hunger Free World, Education, Environment and Women empowerment. Integrating the principles of responsibility and sustainability into its core business, Malabar Group periodically strengthens its ESG goals to remain a socially conscious and responsible organization. The group contributes 5% of its profit to such initiatives in the same country of operation.