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New recombinant mpox strain detected in UK and India, WHO urges continued monitoring

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WHO confirmed that two cases of the recombinant strain – combining genomic elements of clades Ib and IIb of the monkeypox virus (MPXV) – have been identified to date: one in the United Kingdom and one in India. Both patients had recent travel histories, and neither experienced severe illness.

No secondary cases were detected following contact tracing.

WHO has published a detailed update on the two cases and the national responses.

Recombination is a natural process that can occur when two related viruses infect the same person and exchange genetic material, producing a new variant.

According to WHO, detailed genomic analysis shows the two individuals “fell ill several weeks apart with the same recombinant strain,” suggesting that additional undetected cases may exist.

What is mpox?

Mpox is an infectious disease caused by the monkeypox virus (MPXV), part of the Orthopoxvirus genus, which also includes the virus that causes smallpox.

It spreads through close physical contact, including sexual contact, and in some cases through contaminated materials or respiratory droplets.

Symptoms typically include fever, swollen lymph nodes, and rash and/or lesions.

Click here for the WHO factsheet on mpox.

Two detected cases

The case in the United Kingdom was detected in December 2025 in a traveller returning from a country in the Asia Pacific region. Initial laboratory testing identified the virus as clade Ib, but whole genome sequencing later revealed that it contained genetic regions from both clade Ib and clade IIb strains. Repeat sequencing confirmed the findings and demonstrated that the virus “can replicate and presents potential for onward transmission.”

In India, a patient who developed symptoms in September 2025 was initially classified as infected with clade II MPXV. However, following updates to global genomic databases, the virus was reclassified as the same recombinant strain identified in the UK. The Indian case represents the earliest known detection of this strain.

“Due to the small number of cases found to date, conclusions about transmissibility or clinical characterization of mpox due to recombinant strains would be premature, and it remains essential to maintain vigilance regarding this development,” WHO said.

Clinical presentations in both cases were consistent with known mpox infections.

Risk assessment unchanged

WHO’s overall risk assessment remains unchanged: the risk is assessed as moderate for men who have sex with men with new and/or multiple partners and for sex workers or others with multiple casual sexual partners, and low for the general population without specific risk factors.

At the same time, WHO cautioned that clade differentiation PCR tests alone “may not reliably identify recombinant MPXV strains,” meaning genomic sequencing is essential for detection.

“All countries should remain alert to the possibility of MPXV genetic recombination,” WHO said, urging continued epidemiological surveillance, sequencing, vaccination of at-risk groups, and infection prevention and control measures.

WHO advised that no travel or trade restrictions are warranted based on current information.

Indian Markets Crash After Budget Disappointment Over STT Hike

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Indian equity markets witnessed a sharp sell-off on Budget Day, with benchmark indices sliding nearly 2 per cent after Finance Minister Nirmala Sitharaman announced a steep hike in Securities Transaction Tax (STT) on futures and options, unsettling investor sentiment in a special Sunday trading session.

The Sensex closed at 80,723, while the Nifty ended at 24,825, down 495 points, marking the steepest Budget Day decline in six years. The fall reflected disappointment over higher trading costs and the absence of immediate growth or sentiment-boosting triggers for the markets.

Sharp Intraday Volatility As Traders Unwind Positions

Markets were far more volatile during the session. The Sensex plunged nearly 3,000 points from the day’s high to hit an intraday low of 79,899.42, while the Nifty slipped to 24,572, before recovering modestly towards the close.

Traders attributed the sharp swings to rapid unwinding of leveraged positions following the STT announcement. The tax on futures trades was raised to 0.05 per cent from 0.02 per cent, while STT on options premium was increased to 0.15 per cent from 0.10 per cent, significantly raising transaction costs in the derivatives segment that drives daily market volumes.

PSU Banks, Metals Drag As Volatility Spikes

The sell-off was broad-based, extending well beyond frontline stocks. The Nifty Midcap 100 fell about 2 per cent, while the Nifty Smallcap 100 dropped nearly 2.7 per cent, underlining the risk-off mood across the market. Investor anxiety surged, with the India VIX jumping nearly 12 per cent, signalling heightened volatility.

Sector-wise, PSU banks were the worst hit, with the Nifty PSU Bank index tumbling close to 6 per cent, followed by metal stocks, which fell around 4 per cent. Banking and financial services indices declined over 2 per cent each. Among individual stocks, Bharat Electronics, Hindalco and ONGC fell about 6 per cent, while IT stocks offered limited relief, with Wipro, TCS and Max Healthcare gaining around 2 per cent each.

Budget 2026 Sets Growth Push With Manufacturing, Infra, Tax Overhaul At Core

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Finance Minister Nirmala Sitharaman on Sunday presented the Union Budget 2026–27, outlining an ambitious growth strategy anchored in manufacturing expansion, infrastructure investment and sweeping tax reforms, while maintaining a tight fiscal framework amid global economic uncertainty.

The Budget, the first to be prepared at Kartavya Bhawan, is built around three stated kartavyas—accelerating economic growth, building people’s capabilities, and ensuring inclusive access to opportunities under the vision of Sabka Sath, Sabka Vikas.

For 2026–27, the government pegged total expenditure at ₹53.5 lakh crore and non-debt receipts at ₹36.5 lakh crore, with net tax receipts estimated at ₹28.7 lakh crore. The fiscal deficit is projected at 4.3% of GDP, marginally lower than 4.4% in 2025–26, while the debt-to-GDP ratio is expected to ease to 55.6%.

Manufacturing, Infrastructure Take Centre Stage

A major thrust has been placed on scaling up manufacturing across seven strategic and frontier sectors, including biopharma, semiconductors, electronics, textiles, chemicals, capital goods and critical minerals.

The government announced a ₹10,000 crore Biopharma SHAKTI programme, expanded the Electronics Components Manufacturing Scheme to ₹40,000 crore, and unveiled India Semiconductor Mission 2.0 to strengthen domestic design, equipment and materials capacity.

To reduce dependence on imports of critical inputs, dedicated rare earth corridors will be developed in Odisha, Kerala, Andhra Pradesh and Tamil Nadu, covering mining, processing, research and manufacturing.

Public capital expenditure will rise to ₹12.2 lakh crore, alongside the creation of an Infrastructure Risk Guarantee Fund to crowd in private investment. Seven high-speed rail corridors have been proposed as growth connectors, while 20 national waterways will be operationalised over the next five years to promote greener logistics.

Support For SMEs, Textiles And Cities

The Budget proposed a ₹10,000 crore SME Growth Fund to nurture “Champion SMEs”, additional funding for the Self-Reliant India Fund, and schemes to modernise 200 legacy industrial clusters.

An integrated textile programme—including national fibre initiatives, mega textile parks and cluster modernisation—aims to boost exports and employment, particularly in traditional hubs.

Urban development will be driven through City Economic Regions, with ₹5,000 crore per region over five years, and incentives to encourage large municipal bond issuances.

On human capital, the government announced steps to bridge education and employment gaps, expand allied health institutions, establish regional medical hubs for medical tourism, and support creative industries under the “orange economy”.

Tourism and heritage also feature prominently, with 15 archaeological sites, including Adichanallur and Lothal, to be developed as experiential cultural destinations.

Major Tax Reforms Announced

A key highlight is the rollout of a new Income Tax Act from April 2026, aimed at simplifying compliance through redesigned rules and forms.

Personal tax relief measures include tax exemption on interest awarded by Motor Accident Claims Tribunals, rationalisation of TCS on overseas travel and remittances, and automated systems for lower or nil TDS certificates for small taxpayers.

The government also announced a major overhaul of penalties and prosecutions to reduce litigation, along with reforms to advance pricing agreements and safe harbour rules to support India’s IT services sector.

On capital markets, the Budget raised Securities Transaction Tax on futures and options, a move that triggered sharp market volatility on Budget Day.

On the indirect tax front, the Budget focused on tariff simplification, easing customs duties for critical minerals, clean energy inputs, electronics, aviation and nuclear power projects. Customs processes are set to move towards trust-based, technology-driven clearances, with AI-enabled risk assessment and a single digital window by FY26-end.

Fiscal Balance Maintained

Despite the scale of announcements, the Finance Minister reiterated the government’s commitment to fiscal discipline, with borrowing and deficit numbers signalling a calibrated approach to growth spending.

Overall, Budget 2026–27 signals a decisive push towards manufacturing-led growth, infrastructure expansion and tax simplification, while attempting to balance long-term structural reforms with macroeconomic stability.

World News in Brief: IOM warning for Sudan returnees, Nipah virus alert for India, food security in Afghanistan

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They did so despite extensive damage to housing, basic services, vital infrastructure, and an uncertain future. 

The highest number of returns were recorded in Khartoum State, where more than 1.3 million people have made the journey home, followed by nearby Aj Jazirah State, according to IOM’s latest data.

Pockets of security

IOM says the number of returnees is rising, signaling pockets of perceived relative security in parts of the country. 

Overall, 83 per cent of returnees had been internally displaced, while 17 per cent returned from neighbouring countries, including Egypt, South Sudan, and Libya, as well as from the Gulf States. 

However, across areas in Darfur and Kordofan where violence continues to escalate, increased displacement has been recorded.

IOM warns that without adequate resources and renewed efforts toward peace, millions of families will remain trapped in protracted displacement and instability.

WHO: India on alert with two cases of Nipah virus in January

India has confirmed two cases of the sometimes-fatal Nipah virus this month in the eastern state of West Bengal, according to an update by the World Health Organization (WHO). 

This is the seventh documented Nipah outbreak in India and the third in West Bengal, following outbreaks in 2001 and 2007.

The infected individuals are a male and a female nurse working at the same private hospital. As of last week, the male patient is recovering, while the female patient remains in critical condition.

Nipah is a virus transmitted mainly from bats to humans, sometimes through contaminated food or close contact. It can also spread from animals such as pigs to humans, and in some cases between people.

Nipah virus infection can range from asymptomatic illness to severe respiratory disease and fatal encephalitis.

Low transmission risk

 Historically, Nipah outbreaks in the WHO Southeast Asia Region have been limited to Bangladesh and India, occurring sporadically or in small clusters. There have been no known instances of international spread through travel.

WHO says India has demonstrated its capacity to manage previous outbreaks well and public health measures are currently being implemented.

As of 27 January, no additional cases have been detected. The national government has deployed an outbreak response team to West Bengal to work closely with state authorities.

For Nipah, no licensed vaccine or treatment is currently available, making early detection and prevention essential.

$100 Million initiative launched to strengthen food security in Afghanistan

In Afghanistan, the UN food agency (FAO) and the Asian Development Bank (ADB) are implementing a $100 million initiative to bolster food and nutrition security and restore agricultural livelihoods for more than one million vulnerable people over the next two years.

Backbone of the economy

Although agriculture remains the backbone of Afghanistan’s rural economy, it continues to face challenges such as low productivity, restricted market opportunities, and repeated natural disasters. 

The project will reach over 151,000 households – that’s just over a million people – including returnees, host communities, and disaster-affected families. 

With millions of Afghans already facing mounting pressures and at risk of slipping into deeper acute food insecurity and malnutrition, there is an urgent need for sustained investment that goes beyond emergency response to strengthen long-term resilience.

In 2026, 17.4 million people are projected to face acute food insecurity, including 4.7 million classified as being in the emergency phase – just one away from famine conditions. 

FAO has supported about 5.6 million people since 2022. 

Through its partnership with ADB, millions more rural households will gain the tools and resources needed to produce food, safeguard livestock, and secure their families’ nutrition.

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PHDCCI Seeks Creation Of Critical Minerals Dept, Calls For Aggressive Resource Diplomacy

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The PHD Chamber of Commerce and Industry (PHDCCI) has urged the Centre to establish a dedicated Department of Critical Minerals and adopt a policy of “aggressive mineral diplomacy” to safeguard India’s economic interests amid mounting global supply-chain risks.

At a brainstorming session hosted by the chamber, industry experts underscored the urgency of developing a complete value chain for critical minerals—covering exploration, extraction, refining, value addition, and marketing—similar to the integrated strategy followed by China under its National Mission framework.

Anil Chaudhary, Senior Member of the Minerals & Metals Committee at PHDCCI and former Chairman of SAIL, lauded the government for shortlisting 30 critical minerals but insisted that coking coal be added to the list.

“India has been importing 90 per cent of the coking coal requirement, worth $15 billion, every year, which is likely to double in the next 10–12 years,” Chaudhary cautioned.

He further noted that critical mineral supplies are increasingly vulnerable to geopolitical tensions and trade restrictions, adding that India must build strategic partnerships with smaller, resource-rich nations such as Congo, Mozambique, Afghanistan, and several Latin American countries to cut reliance on China.

Speakers at the event also pressed for stronger coordination among ministries, stockpiling of key minerals, and the creation of buffer inventories, akin to how the United States manages its oil and gas reserves. They emphasised simplifying regulations and offering incentives to private players for exploration, extraction, and downstream processing.

Deepak Bhatnagar, Secretary General of the Pellet Manufacturers’ Association of India, advocated a mission-driven approach for the sector.

“We need a holistic and time-bound mission-mode approach for the development of critical minerals, on the lines of Mission Agni started by former President Dr APJ Abdul Kalam,” he said.

Linking the minerals strategy to India’s clean energy ambitions, Abhinav Sengupta, Associate Director at PricewaterhouseCoopers, pointed out that renewable technologies and electric vehicles (EVs) are far more resource-intensive than their conventional counterparts.

“The energy transition will be critical mineral-intensive, as EVs are six times more mineral-intensive than conventional vehicles due to batteries, and solar PV and onshore wind are around three times more mineral-intensive than conventional sources,” Sengupta explained.

Experts agreed that without a structured policy framework and international partnerships, India’s renewable energy, defence, and advanced manufacturing goals could face major hurdles.

They urged the government to adopt a comprehensive national mission integrating technology-led exploration, resource diplomacy, and private sector collaboration to secure India’s long-term mineral security and industrial competitiveness.

World News in Brief: Gaza aid crisis latest, deadly floods in India and Pakistan, funding cuts exacerbate Somalia drought

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In an alert from the World Food Programme (WFP), the agency said that half a million people “are on the brink of famine”, a claim backed up by multiple humanitarian agencies. The latest worrying data is showing widespread acute malnutrition.

A ceasefire is the only way to scale up aid deliveries, the UN agency insisted. It explained that although teams are doing everything they can to deliver food assistance, only 47 per cent of the daily target amount is getting in.

No meals, no bread

Unless the fighting stops, organized aid distributions and WFP-supported hot meals and bakeries can’t restart, the agency stated.

The UN relief agency for Palestine refugees, UNRWA, reported on Monday that instead of being able to prepare for the start of a new school year, children in Gaza are instead searching for water and queuing for food while their classrooms have “turned into crowded refuges”.

Three years of schooling has now been lost, the agency stressed in a tweet.

UN chief expresses ‘deep sorrow’ over deadly flash floods in India and Pakistan

UN Secretary-General António Guterres on Monday expressed his deep sorrow at the tragic loss of life due to flash floods in India and Pakistan in recent days, with many still missing and forecasts showing the possibility of further flooding and landslides ahead.

Indian rescue services responded to a deadly flood on Friday which reportedly killed at least 60 after it crashed through a village in the Himalayas while in remote villages of northwestern Pakistan, torrents of water killed more than 300, according to news reports.

Hundreds were also injured, Pakistani authorities reported. Buner district was the worst hit, with more than 200 deaths reported there, said the provincial disaster management authorities.

Standing in solidarity

“The Secretary-General offers his sincere condolences to the victims’ families and stands in solidarity with those affected by this disaster,” said the statement issued by his Spokesperson.

UN country teams in India and Pakistan have also been placed are at the disposal of authorities although no request for assistance has been made so far.

Impacts of Somalia drought made worse by funding cuts: OCHA

In Somalia, severe drought and funding cuts are undermining lifesaving assistance there, the UN aid coordination office, OCHA, said on Monday.

Because of the reduction in the amount of support for aid work, food assistance has declined, health centres are closing and malnutrition is high, the UN agency warned.

OCHA said that 4.6 million people now face high levels of food insecurity while two million more are at risk from funding cuts.

Funding cuts mean ‘lives lost’

Without scaled-up support, “lives will be lost and progress reversed” across the east African nation, where cash shortfalls have left one million people without food assistance every month.

The global trend seeing less humanitarian assistance has curtailed vital support for healthcare across Somalia. So far this year, it has impacted at least 150 medical facilities and left hundreds of thousands of Somalis without the medical care they need.

OCHA noted that because of the cuts, the number of people being targeted for assistance in Somalia has had to be reduced by a staggering 72 per cent.

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UN chief ‘deeply saddened’ as Air India crash claims lives of over 200 on board

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The plane – a Boeing 787-8 Dreamliner – crashed into a medical college about a mile from the city’s main airport reportedly killing five students and injuring around 50 who have been hospitalised.

The full extent of deaths and injuries on the ground has yet to be established but one British-Indian passenger on the plane miraculously survived the crash, reportedly telling journalists that there had been a loud noise around 30 seconds after take-off.

Heartfelt condolences

In a statement issued by his Spokesperson, Secretary-General António Guterres extended his heartfelt condolences to the families of the victims and to the people and Government of India, and to other countries who have lost citizens during the disaster.

He wished a swift and full recovery to all those injured as a result of the tragedy.

According to news reports, there were 169 Indian nationals, 53 Britons, seven from Portugal and one Canadian on the flight.

Officials at the crash site reported that the jet had continued to skid after crash landing, dragging along the ground before bursting into flames. Hundreds of police and emergency workers remain at the scene, combing through the wreckage for survivors. 

President of the UN General Assembly Philémon Yang said in a social media post that his thoughts were with all the victims and those impacted by the disaster, adding, “may they find strength and solace during this difficult time.”

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UN Secretary-General urges military restraint from India, Pakistan

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In a note to correspondents issued by his spokesperson on Tuesday, Secretary-General António Guterres called for military restraint from both countries.

“The world cannot afford a military confrontation between India and Pakistan,” the note said.

On Monday, the Secretary-General had warned that the tensions between the two South Asian neighbours had reached “their highest in years.”

He offered his good offices to both governments to help defuse tensions and promote diplomacy, stressing that “a military solution is no solution.”

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‘Step back from the brink’, Guterres urges India and Pakistan

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Addressing journalists outside the Security Council at UN Headquarters in New York, Mr. Guterres expressed deep concern over deteriorating relations between the two South Asian neighbours, saying they had reached “their highest in years.”

He reiterated his condemnation of the 22 April terror attack in the Pahalgam area of Jammu and Kashmir, which killed at least 26 civilians and injured many more.

“Targeting civilians is unacceptable – and those responsible must be brought to justice through credible and lawful means,” Mr. Guterres said.

“It is also essential – especially at this critical hour – to avoid a military confrontation that could easily spin out of control.”

The Security Council is due to meet behind closed doors later on Monday to discuss the rising tensions between the two nations.

UN ready to help de-escalate

He offered his good offices to both governments to help defuse tensions and promote diplomacy, stressing that “a military solution is no solution.”

“Now is the time for maximum restraint and stepping back from the brink,” he said.

Mr. Guterres also praised both countries for their long-standing contributions to UN peacekeeping operations and expressed hope that their shared history of cooperation could form the basis for renewed dialogue.

“The United Nations stands ready to support any initiative that promotes de-escalation, diplomacy, and a renewed commitment to peace,” he said.

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India’s Index of Industrial Production Records Growth of 2.9% in February 2025

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The Quick Estimates of the Index of Industrial Production (IIP) for February 2025 show a growth rate of 2.9%. This is a decrease from the 5.0% growth recorded in January 2025. The IIP is an important indicator of the industrial performance of the country, and these estimates are compiled based on data received from various source agencies, which collect information from factories and establishments.

In February 2025, the growth rates for the three main sectors of the economy are as follows: Mining at 1.6%, Manufacturing at 2.9%, and Electricity at 3.6%. The overall IIP stands at 151.3, which is an increase from 147.1 in February 2024. The indices for the Mining, Manufacturing, and Electricity sectors are 141.9, 148.6, and 194.0, respectively.

Within the manufacturing sector, 14 out of 23 industry groups have shown positive growth compared to February 2024. The top contributors to this growth include the “Manufacture of basic metals” with a growth of 5.8%, “Manufacture of motor vehicles, trailers and semi-trailers” at 8.9%, and “Manufacture of other non-metallic mineral products” at 8.0%. Specific items within these groups, such as flat products of alloy steel, auto components, and various types of cement, have significantly contributed to this growth.

According to the use-based classification, the indices for February 2025 are as follows: 152.3 for Primary Goods, 115.5 for Capital Goods, 159.9 for Intermediate Goods, and 191.3 for Infrastructure/Construction Goods. The growth rates for these categories compared to February 2024 are 2.8% for Primary Goods, 8.2% for Capital Goods, 1.5% for Intermediate Goods, 6.6% for Infrastructure/Construction Goods, 3.8% for Consumer Durables, and a decline of 2.1% for Consumer Non-Durables. The main contributors to the growth of IIP this month are Infrastructure/Construction Goods, Primary Goods, and Capital Goods.

The Quick Estimates for February 2025 have been compiled with a weighted response rate of 89%. Additionally, the indices for January 2025 have undergone the first revision, while those for November 2024 have been finalized based on updated data. The response rates for these revisions are 94% for January and 95% for November.

 

US Semiconductor Tariffs: India Faces Limited Immediate Impact

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The U.S. decision to impose tariffs on semiconductors is unlikely to significantly impact India in the short term, as the country is not a major chip exporter to the U.S., industry experts said Thursday.

With India already imposing zero import duties on semiconductors, the country faces no immediate trade retaliation concerns, said Ashok Chandak, president of the India Electronics and Semiconductor Association (IESA).

Most of India’s upcoming semiconductor manufacturing and assembly facilities cater to global brands, and its growing domestic demand will be met primarily through local production.

In the long run, Indian chipmakers are expected to remain competitive, as the U.S. tariff applies uniformly to all exporting nations, Chandak noted.

The Trump administration’s decision to impose tariffs of 25% or more is expected to reshape the global semiconductor industry, affecting costs, supply chains, and innovation.

The new tariffs will significantly increase the cost of chips imported into the U.S., particularly from dominant manufacturing hubs like Taiwan, South Korea, and China. These additional costs will likely be passed on to consumers, driving up prices for smartphones, laptops, electric vehicles, and industrial electronics.

Tech giants such as Apple, NVIDIA, and Tesla could see rising production costs, potentially squeezing profit margins or forcing them to raise consumer prices, according to IESA.

To mitigate risks, companies may explore alternative supply chains or invest more in domestic chip production. However, semiconductor fabrication plants are among the most capital-intensive projects, requiring $10 billion to $25 billion per site.

“Companies must weigh multiple factors before making investment decisions, including workforce availability, tax policies, regulatory frameworks, and environmental considerations,” IESA stated.

India’s Wholesale Price Inflation Rises to 1.84% in September

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India’s wholesale price inflation (WPI) climbed to 1.84% in September, driven primarily by rising prices of food articles and select manufacturing sectors, according to government data released on Monday.

The inflation rate in September marked an increase from 1.31% in August and 2.04% in July. The month-over-month change in the WPI index was a modest 0.06% compared to August.

The rise in WPI was largely fueled by higher prices of food articles, food products, motor vehicles, machinery, and equipment. The WPI for primary articles rose by 0.41%, reaching 195.7 in September, up from 194.9 in August. Notable increases were observed in the prices of minerals (1.83%), non-food articles (1.31%), and food articles (0.86%).

Conversely, the prices of crude petroleum and natural gas fell by 5.74% in September compared to the previous month. The fuel and power index declined by 0.81% to 146.9 in September, despite a 1.34% rise in electricity prices. The price of mineral oils dropped by 1.72%, while the coal index remained steady at 135.6.

In the manufacturing sector, the index for manufactured products increased by 0.14% to 141.8 in September. Key groups contributing to this rise included the manufacture of food products, non-metallic mineral products, and electronic goods, while the prices of basic metals, textiles, motor vehicles, and chemical products saw declines.

The WPI food index, which tracks prices of both food articles and manufactured food products, rose from 193.2 in August to 195.3 in September. The annual inflation rate based on the WPI Food Index surged to 9.47% in September, up sharply from 3.26% in August.

The Wholesale Price Index measures price changes in goods traded in bulk by wholesale businesses with other companies.

India’s Ship Recycling Industry To See 10% Growth by 2028: Report

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India’s ship recycling industry is poised for substantial expansion, with an expected compound annual growth rate (CAGR) of 10% by 2028, positioning it as a key player in the global market. According to a report by CareEdge Ratings, India accounted for 33% of the global gross tonnage (GT) dismantled in 2023, placing it second only to Bangladesh, which handled 46% of global ship dismantling.

The industry is projected to grow to 3.8-4.2 million GT by 2025, up from an estimated 2.3-2.6 million GT in 2024. A major contributor to this growth is India’s robust infrastructure, particularly the Alang-Gujarat facility, one of the world’s largest ship recycling hubs with over 140 recycling yards.

India’s position in the global maritime sector is critical. Alongside Bangladesh, Pakistan, and Turkey, the country dominates more than 90% of global ship recycling activity. While contributions from other nations have been inconsistent, India has remained a steady leader in this field.

Market Insights and Future Potential

According to Sajni Shah, Assistant Director at CareEdge Ratings, several factors suggest a significant increase in ships entering the recycling market from 2025 onwards. These include the cooling-off of the Baltic Dry Index (BDI), stabilizing scrap prices, and a rise in obsolete ships. Additionally, countries with advanced infrastructure and green recycling capabilities are expected to capture a larger share of the global market in the future.

Despite the promising outlook, the industry faces challenges, particularly with fluctuating scrap prices. Prices for heavy melting scrap in Bhavnagar surged from Rs 28,800 per tonne in August 2020 to Rs 54,400 in April 2022, driven by supply chain disruptions and increased steel demand post-pandemic. By December 2023, prices had settled at Rs 39,900 per tonne, stabilizing between Rs 36,000 and Rs 44,000 per tonne throughout 2023.

The industry also grapples with safety and regulatory issues. For instance, in Bangladesh, ship recycling is often hazardous, with workers and nearby communities exposed to toxic materials that threaten their health and livelihood. This highlights the urgent need for stricter regulations and improved safety standards across the sector.

India’s ship recycling industry is set for impressive growth in the coming years, bolstered by strong infrastructure and increasing global demand. However, the industry’s long-term success will depend on implementing stringent regulations and ensuring the safety of workers and the environment. A balanced approach that prioritizes both economic development and sustainability will be key to unlocking the full potential of India’s ship recycling sector.

India’s Forex Reserves Decline Slightly But Stay Above $700 Billion

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India’s foreign exchange reserves remained above $700 billion for the second straight week, according to data from the Reserve Bank of India (RBI) released on Friday. As of October 4, the reserves stood at $701.18 billion, marking a decline of $3.71 billion from the previous week.

India’s forex reserves, which are at an all-time high, rank as the fourth-largest globally, following China, Japan, and Switzerland. The reserves had surged by nearly $35 billion over the past seven weeks, demonstrating robust growth.

According to the RBI’s Weekly Statistical Supplement, the decline in reserves was primarily due to a reduction in Foreign Currency Assets (FCAs), which fell by $3.51 billion to $612.6 billion. Gold reserves also dipped slightly by $40 million, bringing them to $65.76 billion. Special Drawing Rights (SDRs) dropped by $123 million to $18.43 billion, while the reserve position in the International Monetary Fund (IMF) saw a marginal decrease of $71 million, standing at $4.3 billion.

Despite geopolitical uncertainties, investor confidence in India’s economic potential remains high. Last week, India’s forex reserves exceeded $700 billion for the first time, reaching $704.89 billion, marking the largest weekly increase since mid-July 2023, with a surge of $12.59 billion.

India has now joined an exclusive group of countries with over $700 billion in reserves, alongside China, Japan, and Switzerland. Foreign inflows into India this year have exceeded $30 billion, underscoring the country’s attractiveness to global investors.

Looking forward, experts predict continued growth in India’s forex reserves, which will further solidify the nation’s economic position on the global stage. A strong forex reserve not only boosts investor confidence but also strengthens India’s ability to attract foreign investments and support domestic trade and industry.

Industry analysts also highlight that the combination of strong forex reserves and a sound monetary policy is providing reassurance to both the business community and international investors, even in the face of global geopolitical challenges.

Strategic Surge: Indian Auto Sector Sees Record 32 Deals Worth $1.9 Billion In Q3

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The Indian auto sector recorded a remarkable $1.9 billion across 32 deals in the third quarter of 2023, marking the highest level of quarterly deal activity since the fourth quarter of 2021, according to a report by Grant Thornton Bharat. This surge in deals highlights a significant recovery for the sector, driven by strong investments in technology, mergers and acquisitions (M&A), and an increased focus on global partnerships.

The growth was largely propelled by three high-value deals totaling $300 million, a sharp increase compared to the previous quarter, which saw only one $100 million deal. The most notable investment was WestBridge Capital’s $200 million infusion into Rapido, a clear sign of the growing investor confidence in the sector.

Mergers and acquisitions in the auto sector saw a considerable boost, with six deals worth $74 million in Q3, representing a 20% rise in deal volumes and a 30% increase in value compared to Q2. This uptick reflects the sector’s ability to recover from the global pandemic and signals an increasing focus on international collaborations. Notably, outbound M&A activity grew, with two key deals centered on auto components and electric vehicle (EV) infrastructure, indicating a shift towards technological innovation and global expansion.

Increased Focus on Auto-Tech and Components

The report also pointed to a growing investor interest in auto-tech and auto-component subsectors. This shift towards technological advancement, particularly in EVs and automation, resulted in a 30% increase in deal values compared to the previous quarter. The industry’s recovery, following a 67% decline in Q2, underscores its resilience and adaptability to shifting market demands.

The report further highlighted the growing concentration of high-value deals. The top two investments in the quarter accounted for 55% of total private equity (PE) deal value, reflecting increased investor confidence in the auto sector’s long-term potential. The average deal size also jumped to $25 million, up from $18 million in the second quarter, showcasing the rising interest in larger, more strategic investments.

The Indian auto sector’s record deal activity in Q3 reflects its growing attractiveness as an investment destination. With a strong focus on innovation, global partnerships, and long-term growth, the industry is poised for sustained expansion. As the sector continues to embrace technological advancements and alternative fuel solutions, its role in the global automotive landscape is set to grow even further.

The resurgence of the Indian auto industry, despite pandemic challenges, highlights its potential for value creation and its pivotal position in the broader economic recovery.

Indian Startups Raise $93 Million Despite Slower Week Amid Funding Dip

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BENGALURU, Oct 5, 2024: In a relatively quiet week for Indian startups, 21 companies raised nearly $93 million across 16 deals, signaling a significant drop compared to the $461 million raised by 29 startups just a week prior. This week’s tally included four growth-stage deals and 12 early-stage fundings.

Agriculture supply chain startup Waycool secured Rs 100 crore (approximately $12 million) in debt financing from Grand Anicut. The company specializes in purchasing fresh produce, including dairy, directly from farmers and supplying it to retailers and restaurants.

In fintech, Basic Home Loan raised $10.6 million (Rs 87.5 crore) in a Series B round led by Bertelsmann India Investments (BII) and CE-Ventures. The funding will help the platform expand its reach in the home loan market.

Millet-based snack brand Troo Good attracted Rs 72 crore in funding, led by Oaks Asset Management, with participation from Puro Wellness and V Ocean Investments, according to Entrackr.

Among the 12 early-stage deals, Mstack, a chemical manufacturing platform, led the way with a significant share of the $59.05 million raised. Drone technology company IG Drones secured $1 million in its first funding round, led by India Accelerator and angel investors.

Meanwhile, mental health startup LISSUN raised $2.5 million from RPSG Capital Ventures and other investors.

Geographically, startups from Bengaluru and Delhi-NCR dominated the funding scene, each securing seven deals. Mumbai, Hyderabad, and Chennai also saw activity.

Broader Funding Trends

In the third quarter of 2024 (July-September), domestic startups raised more than $4 billion, driven by multiple transactions over $300 million and $200 million. The period saw 85 growth and late-stage deals totaling $3.3 billion, while 207 early-stage deals accounted for $754.26 million.

From January to September, India’s tech startup ecosystem garnered $7.6 billion in funding, producing six new unicorns. The IPO market also witnessed a surge, with 29 tech companies going public in 2024 (year to date), up from 15 in the same period last year, according to Tracxn.

Despite this week’s slowdown, the broader landscape remains resilient, with the potential for continued growth in the Indian startup ecosystem.

60 Killed, 100 Injured in Moscow Terror Attack on Mall, India Condemns

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Indian Prime Minister Narendra Modi extended solidarity with Russia and condemned the terrorist attack that claimed over 60 lives and injured several others. “We strongly condemn the heinous terrorist attack in Moscow. Our thoughts and prayers are with the families of the victims. India stands in solidarity with the government and the people of the Russian Federation in this hour of grief,” PM Modi stated in a post on social media.

The attack unfolded at a concert hall in Moscow on Friday, where terrorists opened fire on the crowd, resulting in more than 60 fatalities and over 100 injuries. The assailants also set fire to the venue in a brazen act of violence.

ISIS has reportedly claimed responsibility for the attack which saw the gunmen storming the Crocus City Hall in Moscow at around 8 p.m. (local time) at a concert of rock band Piknik that was about to begin.

The attackers, who had not attempted to take hostages or make any statements but shot people indiscriminately, have barricaded themselves inside the burning building. The toll is expected to go up, the Investigative Committee of Russia (ICR) was quoted by the media as saying.

The United States said it had warned earlier in March about a possible terrorist attack targeting “large gatherings” in Moscow, the White House said Friday, hours after the attack. “Earlier this month, the US government had information about a planned terrorist attack in Moscow — potentially targeting large gatherings, to include concerts” and Washington “shared this information with Russian authorities,” National Security Council spokeswoman Adrienne Watson said.

Watson said the administration of US President Joe Biden was complying with a long-standing “duty to warn” policy, in which the United States alerts nations or groups when it receives intelligence of specific threats to kidnap or kill multiple victims.

Russian Foreign Ministry spokeswoman Maria Zakharova said, “The Russian Foreign Ministry is receiving phone calls with condolences from ordinary citizens from all around the globe following the horrible tragedy at the Krokus City Hall venue in Moscow. They are expressing the strongest condemnation of this bloody terrorist attack, transpiring right before the eyes of the entire world.”

 

 

Jaishankar on 3-nation tour to Singapore, Philippines, Malaysia

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India’s External Affairs Minister Dr. S Jaishankar is set to undertake a diplomatic tour to Singapore, the Philippines, and Malaysia from March 23 to 27, aiming to bolster bilateral ties.

According to a statement from the Ministry of External Affairs (MEA) issued on Saturday, the visit to these Southeast Asian nations will serve as a platform for discussions on shared regional concerns.

This tour follows closely on the heels of Minister Jaishankar’s recent visit to Japan, where efforts were made to strengthen the Special Strategic and Global Partnership between the two nations.

Jaishankar’s previous visit to Singapore in October 2023 was focused on deepening the Strategic Partnership between the two nations, during which he held meetings with President Tharman Shanmugaratnam and Foreign Minister Vivian Balakrishnan.

S Jaishankar

In November 2023, then Malaysian Foreign Minister Zambry Abdul Kadir visited India at Jaishankar’s invitation to co-chair the sixth India-Malaysia Joint Commission Meeting in New Delhi.

Furthermore, in June 2023, Jaishankar and Secretary for Foreign Affairs of the Philippines, Enrique A. Manalo, chaired the fifth meeting of the Joint Commission on Bilateral Cooperation in New Delhi. Discussions during this meeting encompassed various regional and global issues of mutual interest, as highlighted by the MEA.

Both India and the Philippines stressed their commitment to a free, open, and inclusive Indo-Pacific region during these discussions, emphasizing the importance of resolving disputes peacefully and upholding international law.

 

India bans 18 OTT Platforms due to obscene content

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In a decisive move, the Indian government has announced the prohibition of 18 over-the-top (OTT) platforms due to their dissemination of obscene, vulgar, and in some cases, pornographic content. This action follows repeated warnings issued by the Ministry of Information and Broadcasting, as disclosed by Union Minister Anurag Thakur.

Among the targeted platforms, one app alone had accrued over 10 million downloads, with two others surpassing 5 million downloads on the Google Play Store.

Collaborating with various intermediaries, the Ministry orchestrated the blocking of these 18 OTT platforms, alongside disabling access to 19 websites, 10 apps (7 on Google Play Store, 3 on Apple App Store), and 57 associated social media accounts within the country.

The Union Minister for Information & Broadcasting, Youth Affairs and Sports, Shri Anurag Singh Thakur briefing the media on Cabinet decisions in New Delhi on March 13, 2024. (PIB)

The decision, executed under the purview of the Information Technology Act, 2000, was made in consultation with relevant government ministries/departments and domain experts in media, entertainment, women’s rights, and child rights.

The Minister reiterated the platforms’ obligation to refrain from promoting obscenity, vulgarity, and abuse disguised as “creative expression.”

  • The banned OTT platforms include:
    Dreams Films,
    Voovi, Yessma,
    Uncut Adda,
    Tri Flicks,
    X Prime,
    Neon X VIP,
    Besharams,
    Hunters,
    Rabbit,
    Xtramood,
    Nuefliks,
    MoodX,
    Mojflix,
    Hot Shots VIP,
    Fugi,
    Chikooflix, and
    Prime Play.

Highlighting the objectionable nature of the content, Minister Thakur pointed out its depiction of nudity, sexual acts, and demeaning portrayals of women, often within inappropriate contexts such as teacher-student relationships and incestuous scenarios.

Furthermore, the content contained sexual innuendos and explicit scenes devoid of thematic or societal significance, leading to violations of various legal statutes including sections of the IT Act, IPC, and the Indecent Representation of Women (Prohibition) Act, 1986.

The Minister also noted the extensive use of social media by these platforms to disseminate trailers, specific scenes, and links to attract audiences, accumulating over 3.2 million followers across their social media accounts.

While implementing this ban, the government reiterated its commitment to nurturing the growth and advancement of the OTT industry.

CAA comes into effect, Minorities from Pakistan, Bangladesh, Afghanistan to get India Citizenship

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The Union Home Ministry on Monday, March 11, 2024, notified the rules for the Citizenship Amendment Act (CAA), providing for granting citizenship to people of certain faiths facing persecution in neighbouring countries like Pakistan, Bangladesh, and Afghanistan and it applies to those who moved to India before 2015.

An MHA spokesperson announced that immigrants eligible for citizenship under the CAA must submit their applications online through a dedicated web portal. The CAA, a key component of the BJP’s 2019 Lok Sabha manifesto, facilitates citizenship for non-Muslims, particularly Hindus, Sikhs, Jains, Buddhists, and Parsis who migrated to India before December 31, 2014, due to religious persecution in neighboring countries.

Despite protests from the Muslim community and opposition parties, the CAA was passed by Parliament in December 2019. Home Minister Amit Shah reaffirmed that the CAA would be implemented before the upcoming Lok Sabha elections in April/May.

Shah emphasized that the CAA, which excludes Muslims because they do not face religious persecution in their home countries, aims to provide citizenship rather than revoke it. He assured Indian Muslim citizens that the bill would not affect their citizenship status and urged the opposition not to politicize the issue along communal lines.

According to Shah, the CAA seeks to grant citizenship retroactively from the immigrants’ entry into India, closing legal proceedings against them and safeguarding their business interests. Expired passports and visas of eligible minorities will not be considered illegal.

Shah highlighted the decline of minority populations in Pakistan and Bangladesh due to persecution, leading many to flee to India. He attributed the necessity of the CAA to the failure of the Nehru-Liaqat pact in safeguarding minority rights in these countries after India’s partition based on religious lines.