New Delhi, July 22 (IANS) Venture Capital (VC) investment in India rose to $3.5 billion across 355 deals in the second quarter of 2025 (Q2 2025) from $2.8 billion across 456 deals in the preceding quarter, a report said on Tuesday.During the period, fintech remained one of the hottest sectors for investment in the nation, said KPMG in its latest ‘Venture Pulse Q2 2025’ report.“India’s venture capital landscape demonstrated resilience in Q2’25, with funding rising despite global uncertainties. Key sectors like fintech, health-tech, and logistics drew strong investor interest, reflecting confidence in India’s innovation potential,” said Nitish Poddar, Partner and National Leader, Private Equity, KPMG in India.The quarter’s performance underscores the country’s growing role in shaping the region’s startup ecosystem, Poddar added.Meanwhile, global venture capital investment declined to $101.05 billion in the quarter from $128.4 billion in Q1 2025.However, despite the drop, the Q2 remained a relatively strong quarter despite ongoing geopolitical conflicts, trade tensions, and macroeconomic uncertainty, the report stated.The focus on VC investors remained largely on large-scale opportunities, especially in the AI and defence-tech space.According to the report, the US dominates global VC investment in AI, attracting deals worth over $1 billion in the space”The US attracted almost 70 per cent of global VC investment during Q2’25. The AI, defence tech, and space tech sectors accounted for the five largest deals, the report highlighted.Defence-tech-focused AI companies also raised funds in other parts of the world.While defence-tech and AI were the hottest sectors of VC investment during the second quarter of the year, fintech also saw a new wave of interest from global VC investors, the report stated.Meanwhile, VC Investment in Europe holds near steady as investors shift focus to larger and late-stage deals.VC investment in Europe held nearly steady at $14.6 billion in Q2’25, down only slightly from $16.3 billion in Q1’25, despite a drop in deal count from 2,358 to 1,733, the KPMG report said.At the same time, VC investment remained very weak in Asia, despite a slight increase in total investment from $12.6 billion in Q1 2025 to $12.8 billion — still the second-lowest total in over a decade.Deal volume in Asia dropped from 2,663 in Q1 2025 to just 2,022 in Q2 2025, the report noted.–IANSaps/na

New Delhi, July 22 (IANS) The production of mobiles in India in value terms has increased by around 146 per cent from Rs 2,13,773 crore in FY 2020-21 to Rs 5,25,000 crore in FY 2024-25, the Parliament was informed on Tuesday.During the same period, exports of mobile phones in value terms has increased by around 775 per cent from Rs 22,870 crore in 2020-21 to Rs 2,00,000 crore in 2024-25.The government’s PLI and national industrial corridor schemes have incentivized domestic manufacturing, leading to increased production, job creation and a boost in exports, Commerce and Industry Minister Piyush Goyal, said in a written reply to a question in the Rajya Sabha.PLI Scheme has encouraged major smartphone companies to shift their production to India. As a result, India has become a major mobile phone manufacturing country.Due to the PLI scheme, there has also been a significant reduction in imports of raw materials in the pharma sector. Unique intermediate materials and bulk drugs are being manufactured in India including Penicillin-G, and transfer of technology has happened in manufacturing of Medical Devices such as (CT scan, MRI etc.).The PLI Scheme for White Goods is aimed at developing a robust component ecosystem for the Air Conditioners and LED Lights industry in India, with the goal of making the country an integral part of global supply chains.Following its launch, India has begun local production of key components such as compressors, copper tubes, heat exchangers, motors, and control assemblies for air conditioners, as well as LED chip packaging, drivers, engines, light management systems, and metallized films for capacitors in the LED segment.This shift is significantly reducing import dependency and strengthening domestic manufacturing capabilities, the minister further stated.The government has also launched Make in India 2.0 initiative which presently focuses on 27 sectors implemented across various ministries/departments and state governments.He further stated that the government has approved 12 new project proposals under the National Industrial Corridor Development Programme (NICDP) with total project cost of Rs 28,602 crore to facilitate manufacturing investments into the country.Besides Atmanirbhar Bharat packages provide investment opportunities under National Infrastructure Pipeline and National Monetization Pipeline, India Industrial Land Bank, Industrial Park Rating System, soft launch of the National Single Window System etc. to promote manufacturing, the minister added.–IANSsps/na

Lucknow, July 22 (IANS) Uttar Pradesh Chief Minister Yogi Adityanath on Tuesday said that agriculture continues to be the largest source of employment in the state, with nearly three crore farmers dependent on it. The Micro, Small and Medium Enterprises (MSME) sector follows next, employing around 1.65 crore people, he said.Speaking at the 36th Foundation Day of the Uttar Pradesh Agricultural Research Council, the Chief Minister stressed that agriculture must become a source of prosperity, not a reason for migration.“This is possible only when farmers benefit from the latest research in the sector,” he said.He underlined that UP’s development is essential for India’s progress. “If every person makes honest efforts in their respective fields, no force can stop India from becoming a developed nation,” he said.Yogi also inaugurated an agricultural exhibition, released booklets and newsletters, and addressed a national seminar titled ‘Developed Agriculture — Developed Uttar Pradesh 2047’.The Chief Minister said UP must scale up research and development based on the state’s unique soil and climate. “All such possibilities are there in UP. Prime Minister Modi has set a target to make India a ‘Viksit Bharat’ by 2047. Every state must contribute to this vision,” he said.He added that the central government aims to make India a 5 trillion dollar economy, and UP has set a target of becoming a 1 trillion dollar economy by 2029. “We are blessed with fertile land and abundant water resources. UP is perhaps the only state in the world where over 86 per cent of the agricultural land is irrigated,” he said.UP currently has four state-run agricultural universities, with a fifth one coming up. In addition, the central government also runs institutions in the state, along with over 15 dedicated to agricultural research. A network of 89 Krishi Vigyan Kendras (KVKs) also supports farmers on the ground.However, the CM expressed concern that only 25-30 per cent of farmers in the state can effectively implement modern scientific research in their practices. “This needs to change if we want to fully realise UP’s agricultural potential,” he said.Although UP has only 11 per cent of India’s cultivable land, it produces over 20 per cent of the country’s food grains. “Given the state’s fertile soil, water resources, and climate, this output can be tripled — provided we commit ourselves to advancing research and development in agriculture,” he added.The Chief Minister emphasised that nations that invested in research and development were the ones that advanced. “We have the capacity not just to feed India, but the world. There is tremendous potential in agriculture, horticulture, and vegetable cultivation — especially with region-specific research aligned with nature and the environment,” he said.Looking ahead, the CM said UP has developed a Vision 2047 roadmap and is working on short, medium, and long-term plans. “We must also focus on milestones for 2027, 2029, and 2035. Agricultural universities and research institutes should begin work in this direction,” he said.CM Yogi also highlighted the state’s collaboration with Israel in setting up Centres of Excellence. “Israel provided us technical support and trained our scientists. We must now focus on scaling this initiative. If Israel can do it, why can’t our own universities? How long will we see farmers migrate out of agriculture?” he said.He also warned about the impact of climate change, noting that 15-16 districts in UP have received below-average rainfall this season. “This is the time for heavy rains, but they haven’t arrived. We must prepare to deal with such changes in climate through research-based strategies,” he added.–IANSskp/

New Delhi, July 22 (IANS) India and US are currently negotiating a bilateral trade agreement (BTA) which has not been signed as yet, as the government takes care of all the sensitivities associated with the free trade agreement (FTA) and ensures that India’s interests are protected, the Parliament was informed on Tuesday.Minister of State for Commerce and Industry, Jitin Prasada, stated this in a written reply to the Lok Sabha. “Every FTA is unique and is based on specific dynamics of trade and is aimed at maximising benefits for both nations. India and US are negotiating a Bilateral Trade Agreement which has not been signed as yet,” he added.“The government of India takes care of all the sensitivities associated with the FTA and ensures that India’s interests are protected. The FTA comes into force after signing and ratification by both the countries,” he added.Intense discussions are currently on to reach an interim trade deal between New Delhi and Washington before the August 1 deadline.On the India-UK trade deal, the minister informed that Prime Ministers of India and UK have announced the successful conclusion of India-UK FTA negotiations on May 6. 2025.“The FTA with the UK is a modern, comprehensive and landmark agreement which seeks to achieve deep economic integration along with trade liberalisation and tariff concessions. The FTA ensures comprehensive market access for goods, across all sectors, covering all of India’s export interests,” said Prasada in his reply.The FTA seeks to promote good regulatory practices and enhance transparency that are in sync with India’s own focus on domestic reforms to enhance the ease of doing business.Meanwhile, Commerce and Industry Minister Piyush Goyal will accompany Prime Minister Narendra Modi to London for the signing of the free trade agreement between India and the UK this week.At the invitation of UK Prime Minister, Keir Starmer, PM Modi will undertake an official visit to the United Kingdom from July 23 to 24. This marks his fourth visit to the UK.The agreement opens up massive export opportunities for India’s labour-intensive sectors such as textiles, marine products, leather, footwear, sports goods and toys, gems and jewellery, and other important sectors such as engineering goods, auto parts and engines, and organic chemicals, the statement said.–IANSna/

New Delhi, July 22 (IANS) The production-linked incentive (PLI) schemes have realised actual investment of Rs. 1.76 lakh crore till March 2025 across 14 sectors, which has resulted in incremental production/sales of over Rs. 16.5 lakh crore and employment generation of over 12 lakhs (direct and indirect), the Parliament was informed on Tuesday.To date, 806 applications have been approved under PLI schemes across 14 sectors. These schemes have incentivized domestic manufacturing, leading to increased production, job creation and a boost in exports, said Minister of State for Commerce and Industry, Jitin Prasada, in a written reply to the Lok Sabha.The pharmaceuticals sector has witnessed cumulative sales of Rs 2.66 lakh crore which includes exports of Rs 1.70 lakh crore achieved in the first three years of the scheme.The scheme has contributed to India becoming a net exporter of bulk drugs (Rs 2,280 crore) from net importer (-1,930 crore) as was the case in FY 2021-22. It has also resulted in significant reduction in gap between the domestic manufacturing capacity and demand of critical drugs.Under the PLI Scheme for medical devices, 21 projects have started manufacturing of 54 unique medical devices, which include high end devices such as Linear Accelerator (LINAC), MRI, CT-Scan, Heart Valve, Stent, Dialyzer Machine, C-Arm, Cath Lab, Mammograph, MRI Coils, etc, the minister informed the House.The production of mobiles in value terms has increased by around 146 per cent from Rs 2,13,773 crore in 2020-21 to Rs 5,25,000 crore in 2024-25 as per industry association and DGCIS.During the same period, exports of mobile phones in value terms has increased by around 775 per cent from Rs 22,870 crore in 2020-21 to Rs 2,00,000 crore in 2024-25, he added.“Cumulative incentive amount of Rs 21,534 crore have been disbursed as on 24.06.2025 under PLI Scheme for 12 sectors, namely Large Scale Electronics Manufacturing (LSEM), IT Hardware, Bulk Drugs, Medical Devices, Pharmaceuticals, Telecom & Networking Products, Food Processing, White Goods, Drones & Drone Components, Specialty Steel, Textile products and Automobiles & Auto components, the minister highlighted.–IANSna/

New Delhi, July 22 (IANS) Air India on Tuesday said it has completed precautionary inspections on the fuel control switch (FCS) locking mechanisms of all Boeing 787 and Boeing 737 aircraft in its fleet. The airline stated that no problems were found during the checks, which were conducted in line with safety directives issued by India’s aviation regulator DGCA earlier this month.“Air India has completed precautionary inspections on the locking mechanism of Fuel Control Switch (FCS) on all Boeing 787 and Boeing 737 aircraft in its fleet,” the airline said in a sttaement.The inspections come in the aftermath of a tragic Air India Boeing Dreamliner crash in Ahmedabad last month, in which 260 people lost their lives.A preliminary report by the Air Accidents Investigation Bureau (AAIB) revealed that the aircraft’s engines had shut down just seconds after take-off due to fuel supply being cut off.This led to renewed concerns about the functioning of the engine fuel cut-off switches, which transitioned from ‘Run’ to ‘Cutoff’ unexpectedly.Following the fatal Ahmedabad crash and the DGCA’s directive issued on July 14, Air India and its low-cost subsidiary Air India Express initiated immediate voluntary inspections.These began on July 12 and were completed within the time limit set by the regulator.“In the inspections, no issues were found with the said locking mechanism. Air India had started voluntary inspections on 12 July and completed them within the prescribed time limit set by the DGCA. The same has been communicated to the regulator,” the airline added.The Boeing 737 aircraft, which were also inspected, are part of the Air India Express fleet, the company said.With the inspections now complete, both Air India and Air India Express have informed the DGCA and fully complied with the safety directive.“Air India remains committed to the safety of passengers and crew members,” the airline said in a statement.Meanwhile, several international carriers, including Emirates, are also conducting similar checks on their Boeing aircraft as a precaution, even though the FAA has not issued any new airworthiness directive.The American regulator has assured global aviation authorities that the fuel control switch design remains safe.–IANSpk/na

New Delhi, July 22 (IANS) India is expected to expand close to its trend growth in FY26, supported by better consumption demand on recent monetary easing, income tax reductions, good monsoon rains, and the prospect of continued lower oil prices, according to a report on Tuesday.The Standard Chartered global outlook report expects India to clock steady GDP growth of 6.6 per cent in FY26 compared to 6.5 per cent in FY25. While strong macro fundamentals provide the cushion, the bank also flags that India is not immune to tariff risk and the outcome of trade talks with the US and the EU will be key to growth prospects.The confidence on India’s growth outlook comes even as the bank has lowered its 2025 global growth forecast slightly to 3.1 per cent from the 3.2 per cent earlier amid still-elevated trade policy uncertainty.Anubhuti Sahay, Head of India Economic research, expects improvement in real purchasing power in FY26. However, she also said, “While urban demand is expected to stay supported on countercyclical measures, urban households may partially use the benefits from lower rates and tax cuts to deleverage and boost savings.”“A combined fiscal deficit sustainably below 7 per cent of GDP is an important criterion for a rating upgrade, as highlighted by S&P when it upgraded India’s sovereign rating outlook to positive in 2024. FY26 will be the first year when combined fiscal deficit will be below 7 per cent of GDP. We also see a high probability of it staying below 7 per cent on a medium-term basis,” Sahay added.Overall, globally, the report sees growing downside risks to the US economy in H2 2025, after greater resilience than expected in H1. The inflationary impact of US tariffs is likely to constrain Fed monetary easing, with scope for one more 25bps rate cut in 2025, although there is a risk of a bigger 50 bps move at the September meeting.China’s trend growth is likely to slow. While the worst of the US-China trade war appears to be over, with China’s dominance of rare-earths production proving to be an effective bargaining tool, China’s economy remains vulnerable to higher effective tariffs. Export growth, a key source of growth since COVID-19, could slow meaningfully by the end of 2025, the report added.–IANSsps/na

New Delhi, July 22 (IANS) India’s housing market is witnessing a strong shift towards premium properties, with 62 per cent of all residential sales in the first half of 2025 coming from homes priced above Rs 1 crore, a new report said on Tuesday.This marks a significant jump from 51 per cent during the same period previous year — showing growing buyer preference for high-end housing, according to data compiled by JLL.The demand for homes in the Rs 3–5 crore range rose by 14 per cent, while homes priced over Rs 5 crore saw 8 per cent growth compared to H1 2024.This growing tilt towards premium housing has also impacted new project launches. In the first half of 2025, the number of homes priced over Rs 1 crore more than doubled compared to the same period previous year.In Q2 2025 alone, nearly 70,000 homes were sold across India’s top seven cities — registering a 7 per cent growth compared to the previous quarter.Bengaluru, Mumbai, Pune, and Delhi NCR led the way, each recording over 10,000 unit sales. Together, these cities contributed to nearly 77 per cent of the sales in Q2.The high-end housing segment saw strong quarterly growth. Homes priced over Rs 5 crore recorded a 42 per cent jump in demand compared to Q1 2025, while the Rs 3–5 crore category rose by 28 per cent.There’s also a growing trend of buyers purchasing newly launched properties. In Q2 2025, about 29 per cent of homes sold were launched in the same quarter, a post-pandemic record.This shows growing trust in top developers who are delivering on promises and offering attractive investment options.Dr. Samantak Das, Chief Economist and Head of Research at JLL India, said the rise in luxury housing reflects increasing buyer affluence and evolving lifestyle needs.Siva Krishnan, Senior Managing Director at JLL, highlighted that despite fewer new project launches overall, premium housing launches soared, especially in Kolkata, Chennai, and Bengaluru.“A total of 1.54 lakh homes were launched in H1 2025, with a significant share being in the high-end category,” Krishnan stated.Home prices also continued to rise across India’s seven major cities during Q2 2025, the report said.Delhi NCR recorded the highest year-on-year (YoY) growth in property prices at 17 per cent, followed by Bengaluru at 14 per cent.These price increases are due to higher construction costs and steady demand. Looking ahead, experts believe that the recent reduction in the repo rate and falling inflation may make home loans cheaper and boost housing demand.“With better infrastructure, increased urbanisation, and higher consumer spending, the residential market is expected to remain strong,” the report added.–IANSpk/na

Mumbai, July 22 (IANS) Nine years after the launch of the Insolvency and Bankruptcy Code (IBC), India has managed to resolve debt worth more than Rs 26 lakh crore, either directly or indirectly, a new report said on Tuesday.Out of the total amount, around Rs 12 lakh crore of debt was resolved through about 1,200 cases of stressed borrowers after they were admitted to the National Company Law Tribunal (NCLT), as per data compiled by Crisil Ratings.However, a bigger impact of the IBC has been in creating fear among defaulting borrowers, which helped settle nearly 30,000 cases involving Rs 14 lakh crore of debt even before these cases could be formally admitted by the NCLT.Since its launch in 2016, the IBC has replaced the earlier debtor-friendly system with a creditor-in-control approach.This major shift has made IBC more successful compared to earlier debt recovery methods like the Debt Recovery Tribunal (DRT), Lok Adalats, and SARFAESI.Data shows that the average recovery under the IBC has been 30-35 per cent, which is much higher than 22 per cent under SARFAESI, 7 per cent under DRT, and just 3 per cent through Lok Adalats.Experts say that the flexibility given to creditors under IBC — including the power to replace managements and restructure loans — has helped resolve even smaller and mid-sized distressed assets in recent years.In fact, about 60 per cent of all IBC resolution approvals in the last three years were for smaller cases, although they accounted for only 40 per cent of the total debt.According to Mohit Makhija, Senior Director at Crisil Ratings, about one-fourth of the total resolved debt since 2016 was handled under IBC.He said IBC has not only given the highest recovery rates but also contributed to almost half of the total recoveries.With growing investor interest in infrastructure and manufacturing assets, Makhija believes IBC will continue to be the preferred route for lenders.–IANSpk/na

New Delhi, July 22 (IANS) Minister of State for Finance, Pankaj Chaudhary, stated in Parliament that the State Bank of India (SBI) has classified Reliance Communications Limited (RCOM), along with Promoter Director Anil D. Ambani, as “Fraud” in accordance with the Reserve Bank of India’s Master Directions on Fraud Risk Management and the bank’s board-approved policy on Classification, Reporting & Management of Frauds. The bank is now in the process of filing a complaint with the Central Bureau of Investigation (CBI), the minister informed. “On June 24, 2025 the bank has reported the classification of fraud to the RBI, and is also in the process of lodging a complaint with the CBI, the minister said in a written reply to a question in the Lok Sabha.Further, on July 1, 2025, as part of disclosure compliance, the Resolution Professional of RCOM has informed the Bombay Stock Exchange regarding fraud classification by the bank, the minister said in a written reply.“The credit exposure by SBI in the aforesaid account includes, fund based – principal outstanding amount of Rs. 2,227.64 crore along with the accrued interest and expenses with effect from August 26, 2016 and non-fund based Bank Guarantee of Rs. 786.52 crore,” the minister revealed.RCOM is undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 (IBC). The resolution plan was approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT), Mumbai on March 6, 2020, and NCLT approval is awaited, Chaudhary further stated.The bank has also initiated Personal Insolvency Resolution Process under IBC against Anil Ambani and the same is being heard by NCLT, Mumbai, he added.The Bank had earlier classified the account and promoters Anil D Ambani as “Fraud” on Nov 10, 2020 and filed a complaint with the Central Bureau of Investigation (CBI) on Jan 5, 2021. However, the complaint was returned in view of the “status quo” order dated Jan 6, 2021 by the Delhi High Court, the minister further stated.Meanwhile, the Supreme Court Judgement dated March 27,.2023 in Civil Appeal No. 7300-7307 of 2022 (State Bank of India & Others Vs Rajesh Agarwal & Others) mandated that lenders provide borrowers with an opportunity to represent before classifying their accounts as fraud. Accordingly, the fraud classification in the account was reversed by the bank on September 2, 2023, he explained.The fraud classification process was re-run, and the account was again classified as “Fraud” after following the due process as per RBI circular dated July 15, 2024, the minister added.–IANS