Deep Tech Innovations to Help India Reach $10 Trillion Economy Goal

Bengaluru, March 6 (IANS) As the nation moves towards becoming a $10 trillion economy, India is undergoing a structural shift from a software-led technology ecosystem to one driven by deep-tech innovations, a report said on Thursday.

The government-backed initiatives such as the Rs 10,000 crore ‘Fund of Funds’, India’s Semiconductor Mission (ISM), and the National Deep Tech Startup Policy (NDTSP) demonstrate an increasing commitment to fostering Frontier Tech innovation and commercialisation, according to the report by 3one4 Capital.

Venture capital participation in deep tech is on the rise in the country, with early-stage funds backing scalable, IP-driven startups, and India’s cost advantage and engineering talent offering a unique edge over global markets.

India is a major player in the global semiconductor design space, employing about 20 per cent of the world’s semiconductor design engineers, approximately 125,000 professionals.

National research programmes, university incubators, and corporate R&D investments are strengthening talent retention and development. With strategic skill-building, India is ensuring deep tech growth backed by a strong pipeline of researchers, engineers, and entrepreneurs, the report mentioned.

“India’s deep-tech sector is no longer a niche — it is maturing into an investment-ready, policy-backed, and globally relevant opportunity. While the foundation is strong, scaling deep-tech innovation into commercially successful, globally competitive businesses will require sustained capital, ecosystem collaboration, and patient execution,” said Pranav Pai, Founding Partner and Chief Investment Officer, 3one4 Capital.

With industrial and government stakeholders actively fuelling adoption, India is in a pivotal phase — one where disciplined innovation and long-term commitment will define its leadership in AI, semiconductors, and clean mobility over the next decade, Pai noted.

With 70 per cent of new commercial vehicles in India projected to be EVs by 2030, the key challenges to scale remain charging infrastructure and battery efficiency.

“With $10 billion in government incentives and strategic public-private partnerships, the country is strengthening its fabless design and semiconductor manufacturing ecosystem,” said the report.

—IANS

Private Sector Participation, Public Engagement Key to India’s Nuclear Energy Goals: Minister

New Delhi, March 4 (IANS) Achieving 100 GW of nuclear power by 2047 will require a focused and determined approach, adding around 4 GW annually from now onwards, Union Minister of State (Independent Charge) for Science and Technology, Dr Jitendra Singh, said on Tuesday.

Emphasising that nuclear energy is critical for India’s Net Zero goal by 2070, the minister called for private sector participation, regulatory reforms and sustained public engagement.

Addressing a post-Budget webinar organised by NITI Aayog, Dr Singh highlighted the Union Budget 2024-25’s vision for India’s nuclear power expansion, which sets a target of achieving 100 GW by 2047.

Highlighting the growing energy demand, he stated that India’s electricity needs are expected to increase four to five times by 2047.

While renewable energy sources are expanding, they alone cannot meet the base-load demand, making nuclear power a key component of India’s energy strategy.

Dr Singh acknowledged that legislative amendments to the Atomic Energy Act, Civil Liability for Nuclear Damage Act, and the Electricity Act would be required to enable this participation.

“Opening up the nuclear sector will send a strong policy signal to industry players, boosting investor confidence and encouraging long-term investments,” the minister noted.

He also highlighted that the Nuclear Power Corporation of India Limited (NPCIL), along with its subsidiaries, aims to contribute nearly half of the 100 GW target by leveraging domestic and international partnerships.

Meanwhile, NTPC’s joint venture, Ashwini, has already taken the lead in constructing four 700 MWe PHWRs at Mahi Banswara Rajasthan Atomic Power Plant (MBRAPP).

The launch of a Small Modular Reactor (SMR) R&D Mission, with the objective of developing five SMRs by 2033 was also highlighted by the minister.

These reactors, known for their adaptability, could be deployed in industrial zones, remote areas, and hard-to-abate sectors like cement and steel manufacturing.

The minister also underscored the need for a nationwide awareness campaign to address public concerns regarding nuclear energy.

“A much more vigorous and sustained public outreach program is necessary to dispel fears and highlight nuclear power as a safe and clean energy source,” he said, urging collaboration among government agencies, private players, and environmental groups. –IANS na/vd

93% Women Entrepreneurs Show Strong Financial Discipline, 81% Operate Independently

Mumbai, March 5 (IANS) About 93 per cent of women entrepreneurs exhibit a strong financial discipline, actively managing their finances, keeping meticulous records, and ensuring timely payments, a new report said on Wednesday.

Women entrepreneurs believe that financial awareness and smart decision-making are vital to the success of their businesses. According to the report by NeoGrowth, 81 per cent of women business owners operate independently, without relying on others. This trend is especially prominent among those over 40 years of age, who have built confidence over time.

However, younger entrepreneurs, particularly those in the 21-30 age group, tend to seek support from their families or peer networks as they grow their businesses.

Nearly 70 per cent of women started their businesses out of self-motivation and aspiration, rather than financial necessity. Only 22 per cent began their ventures due to financial challenges, while 12 per cent took over family businesses.

Women entrepreneurs are not only transforming their businesses but also positively impacting their families, communities, and the economy at large, the report said. An impressive 98 per cent of women business owners said their businesses have positively influenced their families, with 61 per cent reporting an improved standard of living and 54 per cent gaining more confidence and financial independence.

These businesses are also making a broader societal impact. Many women entrepreneurs have empowered other women towards financial independence, inspired their employees to start their own ventures, and served as role models for young girls to pursue education.

“It is heartening to witness how women in India are exploring business ownership, and driving inclusive growth like never before,” said NeoGrowth Managing Director & CEO Arun Nayyar.

He added that the women-led businesses are not just creating economic value but also redefining leadership by showcasing a meticulous approach to business management, fostering workplace empathy, and driving a positive work culture.

Women entrepreneurs are also increasingly gaining respect and recognition in society. About 90 per cent of them reported seeing a positive shift in how society perceives them because of their businesses.

Cities like Kolkata, Hyderabad, and Ahmedabad are particularly noted for fostering an environment of respect and encouragement for women-led businesses, said the report that surveyed 3,000 women across the country.

Nearly all the women surveyed also reported integrating new technology into their businesses to enhance customer engagement, improve productivity, and optimise costs. –IANS pk/rvt/

Coal Production From Captive, Commercial Mines Rises 32.5% to 167.4 Million Tonnes

New Delhi, March 5 (IANS) The total coal production from captive and commercial mines in the country for the financial year 2024-25 has jumped by 32.53 per cent to 167.36 million tonnes (MT) as of February 2025 from 126.28 MT during the same period of the previous financial year, according to official data released on Wednesday.

Coal dispatch has also witnessed a significant surge, with total dispatch for the financial year reaching 170.66 MT, surpassing the 128.45 MT recorded in the previous year. This marks a 32.86 per cent year-on-year growth, ensuring a stable and uninterrupted coal supply to key sectors such as power, steel, and cement, according to a Coal Ministry statement.

Bhaskarpara Coal mine of M/s Prakash Industries Limited has also commenced coal production on February 15, 2025, with a Peak Rated Capacity (PRC) of 15 MT, the statement said.

Commercial mining was introduced as part of the economic reforms process to attract more investment and better technology in the mining sector.

The Ministry of Coal has now launched roadshows for the 12th round of commercial coal mine auctions, expected to commence in the second week of March. The latest roadshow was launched in which the Ministry of Coal engaged with stakeholders. The event follows the successful roadshows held earlier in Kolkata and Mumbai for further reinforcing the government’s commitment to enhancing domestic coal production and ensuring energy security.

Last month a total of 70 bids were received for 20 coal mines out of 27 blocks put on auction in the 11th round of commercial coal auctions.

The Ministry of Coal successfully auctioned nine mines in November 2024. These mines are expected to generate an annual revenue of around Rs 1,446 crore, likely to attract a capital investment of around Rs 2,115 crore, and create 19,063 employment opportunities.

The nine mines hold a combined geological reserve of approximately 3,998.73 million tonnes. The cumulative Peak Rated Capacity (PRC) of these mines stands at 14.10 MTPA, excluding partially explored coal mines, according to the official statement.

While three of these coal mines are in Jharkhand, there are two each in Odisha, Chhattisgarh and Madhya Pradesh.

Since the inception of commercial coal mining in 2020, a total of 113 coal mines have been auctioned successfully, with a production capacity of 257.60 million tonnes per year. Upon operationalization, these mines will immensely contribute to enhancing domestic coal production and in making the country self-reliant in the coal sector.

Collectively, these mines are expected to generate an annual revenue of Rs 35,437 crore, a capital investment of Rs 38,641 crore and provide employment for 3,48,268 people in coal-bearing regions. –IANS sps/dpb

Bombay HC Stays FIR Order Against Ex-SEBI Chief, 5 Others

Bombay HC stays FIR order against ex-SEBI chief, 5 others Mumbai, March 4 (IANS) The Bombay High Court on Tuesday put a four-week hold on a special court’s order which had directed the Anti-Corruption Bureau (ACB) to file an FIR against former SEBI Chairperson Madhabi Puri Buch and five other officials.

The special court had issued the order following allegations of stock market fraud and regulatory violations, but the High Court noted that the order was issued “mechanically, without proper examination of the details or assigning specific roles to the accused”.

Justice Shivkumar Dige, in his ruling, pointed out that the special court’s decision on March 1 did not “delve into the specifics of the case or identify clear wrongdoing by the accused”.

The High Court’s ruling came after petitions were filed by Buch and other officials involved, including three current SEBI directors — Ashwani Bhatia, Ananth Narayan G, and Kamlesh Chandra Varshney — and two BSE officials — Managing Director and CEO Ramamurthy and former Chairman Pramod Agarwal.

The petitioners argued that the special court’s order was both illegal and arbitrary and sought to have it quashed.

SEBI, in its statement, had criticised the application filed in the ACB Court, referring to it as frivolous and highlighting that the officials involved were not in their respective positions at the time of the alleged incidents.

SEBI further claimed that the application was made by a “habitual litigant and emphasised that the ACB Court’s order did not allow them to present their side of the story”.

The court believed there was prima facie evidence pointing to regulatory lapses and possible collusion, and it ordered an impartial inquiry to take place under the supervision of the court.

In response, the Bombay High Court has temporarily stayed the special court’s order, allowing more time to examine the matter before further legal action is taken. –IANS pk/na/dpb

Credit Card Spending in India Sees 14 PC Growth at Rs 1.84 Lakh Cr in Jan

Credit card spending in India sees 14 pc growth at Rs 1.84 lakh cr in Jan Mumbai, March 4 (IANS) Total credit card spending in India reached Rs 1,84,100 crore (Rs 1,841 billion) in the month of January, marking a strong 14 per cent growth (year-on-year), a report showed on Tuesday.

The total credit card transaction volume in January 2025 stood at 430 million, reflecting a 31 per cent year-on-year growth, despite a 1 per cent month-on-month (MoM) decline due to the high base of December 2024.

The slowdown in transaction volume is attributed to increased caution driven by rising delinquencies, according to the report by Asit C Mehta Investment Interrmediates Ltd.

“Although the credit card data saw a moderation at an industry level in terms of new card dispatches, card spendings and transaction per card but the leading banks such as HDFC and SBI saw higher card dispatches and consequently leading to market share gain,” said Akshay Tiwari, AVP-Equity Research Analyst.

The number of outstanding credit cards stood at 109 million, declining by 1.2 million cards from December 2024. The average spending per card decreased slightly by 1 per cent (on-month) to Rs 16,911, though it registered a marginal 1 per cent YoY increase.

The average spend per transaction was Rs 4,282, showing a 15 per cent YoY decrease, reflecting evolving consumer behaviour and macroeconomic conditions.

Leading banks continued to strengthen their presence in the credit card segment. HDFC Bank increased its market share from 20.2 per cent to 21.5 per cent over the past year through aggressive customer acquisition strategies.

SBI recovered from a dip in market share to 18.8 per cent, adding 240,000 new cards in January alone. ICICI Bank improved its share from 16.3 per cent to 16.6 per cent, showed the report.

A key highlight of the month was the Reserve Bank of India (RBI) lifting its 10-month embargo on Kotak Mahindra Bank’s credit card issuance in February 2025.

This move allows Kotak to re-enter the market, potentially reshaping the competitive landscape in the coming months. Kotak’s market share currently stands at 4.6 per cent, reflecting the impact of the previous restriction.

Despite short-term fluctuations in transaction volume and spending, the credit card industry continues to exhibit strong long-term growth. —IANS na/

India’s power consumption crossed 131.5 billion units in Feb

New Delhi, March 4 (IANS): India’s power consumption increased to 131.54 billion units (BU) in February this year, from 127.34 BU in the same month last year, according to official figures. 

The highest supply in a day to meet peak power demand also rose to 238.14 GW during the month compared to 222 GW in February 2024.

The peak power demand touched an all-time high of about 250 GW in May 2024. The previous all-time high peak power demand of 243.27 GW was recorded in September 2023.

According to government estimates, peak power demand is expected to touch 270 GW in the summer of 2025.

The power demand is expected to rise in March, which is expected to be hotter than usual, according to the latest IMD projections. February has already recorded the highest temperatures for the month since 1901.

India is the fastest growing major economy of the world, which has led to a sharp rise in electricity consumption as well. The challenge is to meet the energy needs of high economic growth and electricity consumption of about 1.3 billion people.

According to the Central Electricity Authority (CEA), the projected All-India peak electricity demand for the year 2026-27 is 277.2 GW and the electrical energy requirement is 1907.8 BU, while for 2031-32, the figures are 366.4 GW and 2473.8 BU respectively, as per the 20th Electric Power Survey (EPS) demand projections.

Coal is the largest source of power generation in India even as the country is taking rapid strides to transition to renewable energy which includes solar, wind, hydroelectric power and biomass. Besides steps are also being taken to increase nuclear power generation.

With the dawn of 2025, India is firmly on track to meet its ambitious target of achieving 500 GW energy capacity from non-fossil fuels by 2030 as the country rounded off 2024 with 214 GW installed green energy capacity, according to figures compiled by the Ministry of New and Renewable Energy.

Between April and November of 2024 alone, India added nearly 15 GW of renewable energy capacity, almost double the 7.57 GW added during the same period last year.

India crossed the 200 GW milestone of total installed Renewable Energy capacity in September 2024. The total installed non-fossil fuel capacity has further increased to 214 GW in November 2024 which is an increase of over 14 per cent as compared to the 187.05 GW in the same period last year.

 

–IANS

NMDC’s Iron Ore Production Increases to 40.49 Million Tonnes in April-February

New Delhi, March 4 (IANS): Government-owned mining major NMDC has reported a 17.85 per cent increase in iron ore production in February this year to 4.62 million tonnes (MT) from 3.92 MT recorded in the same month of the previous year.

The cumulative iron ore production in the April-February period rose to 40.49 MT over 40.24 MT in the year-ago period, the filing said.

However, the company’s iron ore sales slightly declined to 3.98 MT during the month compared to 3.99 MT in February 2024.

The sale of iron ore in February was at 3.98 MT, over 3.99 MT in the last February fiscal.

Hyderabad-headquartered NMDC is the country’s largest iron ore mining company. The PSU alone caters around 20 per cent to the country’s demand for the key steel-making raw material.

The company’s cumulative production for the year up to February 2025 reached 40.49 MT, reflecting a slight increase of 0.62 per cent compared to the same period last year, while sales for the same period stood at 40.20 MT, marking a marginal decline of 0.69 per cent compared to the previous year.

NMDC is India’s single largest iron ore producer, presently producing about 35 million tonnes of iron ore from three fully mechanized mines, two located in Chhattisgarh and one in Karnataka. The Government of India holds a 60.79 per cent stake in the company.

“The 18 per cent boost in production output represents a strong operational momentum. Consistent growth of this kind results from an efficient mining ecosystem,” Amitava Mukherjee, Chairman and Managing Director (Additional Charge), said.

“We have lined up an expansion plan in the next financial year and are exploring new opportunities. We are confident that our efforts will continue to propel self-reliance in India,” he said.

He said NMDC was committed to building a 100-million-tonne iron ore mining capacity by 2030.

“The company has announced a massive capital expenditure plan to achieve the target,” the statement said.

NMDC recorded a 29.04 per cent jump in its consolidated net profit to Rs 1,896.99 crore in the October- December quarter of the current financial year as compared with Rs 1,470.09 crore in the same quarter of 2023-24. Revenue from operations increased 21.4 per cent year-on-year to Rs 6,567.83 crore in the third quarter of 2024-25.

–IANS

Reliance Shares Slide as Delhi HC Overturns Arbitral Award Ruling

Reliance shares slide as Delhi HC overturns arbitral award ruling Mumbai, March 4 (IANS) Shares of Reliance Industries Limited continued to slide on Tuesday, following a ruling from the Delhi High Court that reversed a previous judgment.

Amid the legal uncertainty, the company’s shares dropped by as much as 1 per cent, reaching Rs 1,159.55 per share during the intra-day trade.

This ruling concerns an arbitral award won by Reliance, along with BP Exploration (Alpha) Limited and NIKO (NECO) Limited, in a dispute with the government over alleged gas migration from ONGC’s blocks in the KG-D6 area.

In the original case, the government accused the consortium of causing gas migration, which led to a demand for compensation of $1.55 billion.

On May 9, 2023, a single-judge bench of the Delhi High Court dismissed the government’s appeal, upholding the arbitral award in favour of the consortium.

However, the government did not accept the ruling and filed an appeal with a division bench of the Delhi High Court.

The division bench reversed the earlier decision, which significantly impacted Reliance’s share price.

Following the court’s decision, the Ministry of Petroleum and Natural Gas issued a letter of demand to Reliance, BP Exploration, and NIKO, raising the claim amount to $2.81 billion.

This new figure includes additional calculations related to the gas migration issue, representing a sharp increase from the original demand.

Reliance Industries has announced that it is actively challenging the division bench’s ruling and has sought legal advice to pursue the matter in higher courts.

Over the past year, Reliance’s stock has fallen by 22.45 per cent or Rs 345.45 on the National Stock Exchange (NSE).

Meanwhile, the stocks of Reliance Group companies experienced a sharp drop on March 3, wiping out over Rs 40,000 crore from their market capitalisation.

The combined market valuation of these companies fell by Rs 40,511.91 crore, reducing it to Rs 17.46 lakh crore on Monday. –IANS pk/na/vd

LG Group Chairman visits India to seek new growth opportunities

Seoul, March 4 (IANS) LG Group Chairman Koo Kwang-mo visited India as part of the company’s broader strategies to seek new growth opportunities in the populous South Asian country, the company said on Tuesday.

During his four-day stay in India, Koo met with employees and business leaders to evaluate the company’s competitiveness across the value chain, from research and development (R&D) to manufacturing and distribution, according to LG Group.

While touring LG Electronics Inc.’s production facilities in New Delhi and LG Soft India, LG’s largest overseas software research centre in Bengaluru, Koo emphasized the importance of the Indian market in LG’s long-term vision, reports Yonhap news agency.

He described the country as a key player in driving the company’s “second leap” in a rapidly changing era and strengthening its presence.

With a population of 1.4 billion, India presents vast potential for consumer-focused companies, drawing intense competition from global industry leaders.

“India is not just a key market for LG but also a land of immense opportunity for global companies,” Koo said. “Leveraging our deep understanding of customers and our strong market position, we will seek to collaborate with the people of India to become the nation’s most trusted brand and drive our growth for the next era.”

LG Group first entered the Indian market in 1996 with the establishment of LG Soft India, followed by expansions from LG Chem Ltd. (1996), LG Electronics (1997) and LG Energy Solution Ltd. (2023).

In particular, LG Electronics has expanded its presence through advanced technology and localization strategies, with its home appliances like air conditioners and washing machines gaining popularity. It operates two production facilities in the country and is considering a new one to meet increasing market demand.

Additionally, LG Electronics has been seeking an initial public offering (IPO) on the Indian financial market.

After finishing his schedule in India, Koo travelled to Dubai in the United Arab Emirates (UAE), a key strategic hub for LG’s Middle East and Africa operations. There, he reviewed the company’s business performance in the region and discussed its long-term strategic direction.

–IANS