Indian domestic software market to hit $100 billion by 2035: Report

New Delhi, (IANS) India's domestic software market is set for massive growth, with projections indicating a five-fold increase over the next decade to reach $100 billion by 2035, a new report said on Tuesday.This growth will be driven by AI-led automation, cost-effective software development, increased adoption by small and medium businesses (SMBs), and expanding government digital initiatives, according to a report by SaaSBoomi and 1Lattice.The software market is currently valued at $20 billion in 2025.The report highlights how India's software market has grown seven times since 2015. However, nearly 75 per cent of the market is still dominated by global players.To achieve the next phase of growth, Indian startups will need to develop homegrown solutions tailored to the country’s unique business and regulatory needs.One of the biggest contributors to this expansion will be enterprise AI and cloud adoption, which is expected to add $35 billion to the market.Notably, digital-first businesses are expected to increase their software spending significantly, from $4.6 billion in 2025 to...

Read More........ → March 29, 2025

Global trade and tariff uncertainties​ can become catalyst for reforms in India: HSBC Research

New Delhi, (IANS): Global trade and tariff uncertainties could become a catalyst for reforms in India over the medium term and for growth results, the reforms must run deep, an HSBC Research report said on Tuesday.Potential US tariffs may have already become a catalyst for reforms like lowering import tariffs, opening up to regional FDI, fast-tracking trade deals, and making the Indian rupee more flexible."And India does not have to look too far for models to emulate. Its success in services exports has demonstrated the power of moving up the value chain, from basic (call centre services) to high-tech (professional services)," said the report.India's goods trade deficit narrowed sharply in February to $14.1 billion, from $23 billion in January.“The trade deficit tends to narrow in February but this time, it narrowed rather sharply to the lowest in more than three years,” the report mentioned.India's goods trade deficit narrowed to $14 billion and the services trade surplus rose to $18.5 billion, putting the overall trade balance in a rare surplus zone in February.A normalisation in...

Read More........ → March 25, 2025

NPCI in talks to remove ‘pull transactions’ on UPI to reduce digital frauds

Mumbai, (IANS): In an effort to curb rising digital frauds, the National Payments Corporation of India (NPCI) is reportedly in early discussions with banks to eliminate ‘pull transactions’ on the Unified Payments Interface (UPI).Most frauds are happening through the pull method, and NPCI is exploring the possibility of removing this feature altogether to reduce fraudulent activities.A 'pull transaction' happens when a merchant sends a payment request to a customer, while a 'push transaction' occurs when a customer directly makes the payment using a QR code or other methods.By removing 'pull transactions', fraud cases could decline, but some bankers fear that genuine transactions may also be affected, potentially lowering efficiency, according to a report by NDTV Profit.However, NPCI, which operates retail payment and settlement systems in India, has not commented on this development yet.The discussions are still at an early stage, and a final decision on implementation has not been made yet, the report said.This development comes at a time when UPI payments are gaining immense popularity...

Read More........ → March 21, 2025

Centre launches ‘5G Innovation Hackathon 2025’ to address societal, industrial challenges

New Delhi, (IANS): The Department of Telecommunications (DoT) on Monday announced the ‘5G Innovation Hackathon 2025’, a six-month initiative aimed at accelerating the development of innovative 5G-powered solutions to address societal and industrial challenges.Open to students, startups and professionals, the programme provides mentorship, funding, and access to over 100 5G Use Case Labs, enabling participants to transform visionary ideas into scalable technologies, according to the Ministry of Communications.Winners will receive significant rewards, including Rs 5,00,000 for the first place, Rs 3,00,000 for the runner-up, and Rs 1,50,000 for the 2nd runner-up.Also, special mentions will be given for Best Idea and Most Innovative Prototype, each receiving Rs 50,000. Ten labs will also be given Certificates of Appreciation for Best 5G Use case and one Certificate for Best idea from Emerging Institute.The hackathon invites proposals focused on key 5G applications such as AI-driven network maintenance, IoT-enabled solutions, 5G broadcasting, smart health, agriculture, industrial automation,...

Read More........ → March 19, 2025

Improvement in air quality with decline in pollution levels in India: World Air Quality Report

New Delhi, (IANS) The World Air Quality Report 2024 by Swiss air quality technology company IQAir reveals a positive trend in India’s air quality, despite ongoing challenges.According to the report, India now ranks as the fifth most polluted country globally in 2024, a notable improvement from its third-place ranking in 2023.The country also recorded a 7 per cent decline in PM2.5 concentrations, which dropped from 54.4 micrograms per cubic metre in 2023 to 50.6 micrograms per cubic metre in 2024.While 13 of the world’s 20 most polluted cities are in India, including Byrnihat, Delhi, and Faridabad, this decline signals a step in the right direction for addressing air pollution.Delhi, which remains the most polluted capital city in the world, saw little change in its air quality, with an annual PM2.5 concentration of 91.6 micrograms per cubic metre in 2024, almost identical to 92.7 in 2023.Despite these challenges, India’s progress in reducing air pollution is noteworthy. The decline in PM2.5 levels indicates that the country is making strides in combating air pollution, thanks to various...

Read More........ → March 18, 2025

Indian retail market set to reach Rs 190 lakh crore by 2034 as consumption surges

Mumbai, (IANS): India, the fastest-growing major economy, is set to become the third-largest by GDP by 2030, driving a Rs 190 lakh crore retail market by 2034, according to a report released on Thursday.Consumption in the country has been expanding at a pace ahead of other large economies. The Indian retail market is growing and this expansion has outpaced overall consumption, highlighting the sector’s resilience and strong momentum, according to the report by Boston Consulting Group (BCG) and the Retailers Association of India (RAI).India’s retail market has grown from Rs 35 lakh crore to Rs 82 lakh crore in the last decade, witnessing a 9 per cent growth."It is expected to be Rs 200 lakh crore in the next decade and will offer diverse opportunities which are all at scale and need very different operating models to deliver a winning proposition. There is an opportunity for multiple trillion-rupee turnover retailers by 2035," BCG Managing Director and Senior Partner, Abheek Singhi, said.Affluent households are projected to triple by 2030, creating significant opportunities in premium...

Read More........ → March 11, 2025

Flexible workspace sector in India reaches all-time high gross leasing volume | MorungExpress | morungexpress.com

New Delhi, (IANS) India’s flexible workspace sector registered an all-time high gross leasing volume (GLV) of 12.4 million square feet (MSF) in 2024, a report showed on Monday.This marks a 57.5 per cent year-on-year growth, reflecting the surging demand for agile, new age and cost-effective office solutions across key cities, according to Cushman & Wakefield’s office data.Flexible workspace sector includes business centres, coworking centres and managed offices.Flexible workspace sector’s gross leasing volume now accounts for 14 per cent of India’s total office leasing (89 MSF), underscoring its growing significance in the commercial real estate landscape.Among India’s top flexible workspace markets, Bengaluru led with 3.4 MSF of leasing volume, nearly doubling its previous year’s tally.Mumbai, meanwhile, recorded a 3 times growth in GLV, reaching 1.9 MSF, a testament to rising demand in India’s financial capital.Delhi NCR at 2.3 MSF GLV, Hyderabad at 1.6 MSF GLV, and Pune at 1.6 MSF GLV, also emerged as strong flexible workspace hubs, said the report.With new companies (GCCs) entering...

Read More........ → March 09, 2025

India and China agree to resume air travel after nearly five years

FILE PHOTO: Travellers push trolleys with their luggage at the departure area of the Indira Gandhi International Airport in New Delhi, India, December 14, 2022. REUTERS/Anushree Fadnavis/File PhotoBEIJING/NEW DELHI (Reuters) -India and China have agreed to resume direct air services after nearly five years, India’s foreign ministry said on Monday, signalling a thaw in relations between the neighbours after a deadly 2020 military clash on their disputed Himalayan border.Both sides will negotiate a framework on the flights in a meeting that will be held at “early date”, the ministry said after a meeting between India’s top diplomat and his Chinese counterpart.Tensions soured between the two nations after the 2020 clash, following which India made it difficult for Chinese companies to invest in the country, banned hundreds of popular apps and severed passenger routes, although direct cargo flights continued to operate between the countries.Relations have improved over the past four months with several high-level meetings, including talks between Chinese President Xi Jinping and Indian...

Read More........ → February 10, 2025

India’s fruit and vegetable exports surge 47.3 pc in last 5 years

New Delhi, (IANS): The financial assistance schemes of Agricultural and Processed Food Products Export Development Authority (APEDA) have helped India’s fruit and vegetable exports surge by 47.3 per cent in the last five years, according to the government.According to the Ministry of Commerce and Industry, the exports of fresh fruits and vegetables reached 123 countries in FY2023-24.In the last three years, Indian fresh produce entered 17 new markets, some of which are Brazil, Georgia, Uganda, Papua New Guinea, Czech Republic, Uganda and Ghana, etc.This has been achieved through a host of measures such as participation in international trade fairs, actively pursuing market access negotiations and organising buyer seller meets, etc, according to the ministry.The Department of Commerce, through APEDA, provides financial assistance to its member exporters of APEDA from across the country, for export promotion of its Scheduled products, including for fruits and vegetables, under Agriculture and Processed Foods Export Promotion Scheme of APEDA for the 15th Finance Commission Cycle (2021-22...

Read More........ → February 06, 2025

Adani Group’s ‘foray into industrial 5G’ is a complete failure

Two and a half years after acquiring the spectrum at auction, the Indian conglomerate has yet to make use of its airwavesReports this week suggest that Adani Group is considering surrendering it 5G mmWave spectrum after failing to turn its dream of deploying private 5G networks into reality.According to the reports, the Department of Telecommunications (DoT) has sent multiple requests to the company asking how it intends to use the currently idle spectrum, as well as penalising it for failing to meet minimum rollout targets.Adani Group purchased the spectrum for $27 million at India’s first 5G auction back in 2022. At the time, Adani said it would use the 400MHz of 26GH (also known as mmWave) spectrum to deploy private 5G networks for its own digital subsidiaries, as well as offering it to enterprise and industrial customers.As part of the deal, Adani was obligated to begin offering commercial services using the spectrum within a year.“The Adani Group’s foray into the industrial 5G space will allow our portfolio companies to offer a set of new add on services that capitalises on all...

Read More........ → February 05, 2025

India’s non-fossil, fuel-based energy capacity reaches 217.62 GW: Centre

New Delhi, (IANS): India’s total non-fossil, fuel-based energy capacity has reached 217.62 GW (as of January 20), and addressing regulatory, financial and infrastructural challenges world be crucial this year towards meeting the clear energy goals, the government said on Wednesday.With continued policy support, increased investment, and a focus on emerging technologies, India is well-positioned to achieve its ambitious renewable energy targets and solidify its status as a global leader in the clean energy transition, according to a statement by Ministry of New and Renewable Energy.In 2024, the country made significant strides in solar and wind energy installations, policy advancements, and infrastructural improvements, setting the stage for ambitious targets in 2025.With a commitment to achieving 500 GW of non-fossil fuel-based energy capacity by 2030, India is emerging as a global leader in clean energy.The year 2024 saw a record-breaking 24.5 GW of solar capacity and 3.4 GW of wind capacity added, reflecting a more than two-fold increase in solar installations and a 21 per cent rise...

Read More........ → January 28, 2025

USA to end restrictions on India's nuclear entities

(Image: IIT Delhi)The USA is finalising the necessary steps to remove long-standing regulations that have prevented civil nuclear cooperation between India's leading nuclear entities and US companies, National Security Advisor Jake Sullivan has said.India and the USA signed a civil nuclear cooperation agreement (also known as a 123 Agreement) in 2008, after India - which is not a signatory of the international Nuclear Non-proliferation Treaty (NPT) - reached a safeguards agreement with the International Atomic Energy Agency. Kovvada, in Andhra Pradesh, was earmarked for the construction of six AP1000 pressurised water reactors as long ago as 2016, but contractual arrangements have yet to be finalised."Although former President Bush and former Prime Minister Singh laid out a vision of civil nuclear cooperation 20 years ago, we have yet to fully realise it," Sullivan said during a speech at the Indian Institute of Technology Delhi. "But as we work to build clean energy technologies, to enable growth in artificial intelligence, and to help US and Indian energy companies unlock their innovation...

Read More........ → January 16, 2025

M&M 11th most valuable automobile manufacturer in world: Anand Mahindra

Mumbai, (IANS) Mahindra & Mahindra (M&M) is the 11th most valuable automobile manufacturer in the world, leaping over many competitors and erstwhile technology collaborators, its Chairman Anand Mahindra said on Wednesday.In a New Year address to the employees of Mahindra Group, he said that among companies that were part of the NIFTY50 in 2002, M&M has had the highest compounded annual share price growth rate till date, and in just the past year, has soared 77 per cent.“For the fourth straight year, we were included in the Dow Jones Sustainability Index’s World Index as the highest-ranked automotive OEM,” Anand Mahindra wrote.Most notable among other businesses, Mahindra Susten exceeded its plans for the year, with a cumulative win pipeline of 3.3GWp, over 60 per cent of its targeted capacity.“Last Mile Mobility continued its leadership position in the electrification of India’s 3W market, Mahindra Finance’s loan book swelled to over Rs 1.1 lakh crore and tractor business expanded its dominant position in India amid tough competition,” the company’s Chairman informed.On...

Read More........ → January 02, 2025

Electronics sector in India projected to create 12 million jobs by 2027

New Delhi, (IANS) The electronics sector in the country is projected to create 12 million jobs by 2027 — 3 million direct and 9 million indirect roles, a report said on Saturday.Direct employment opportunities are likely to include employment for nearly 1 million engineers, 2 million ITI-certified professionals, and 0.2 million specialists in fields like AI, ML and data science, while non-technical roles are expected to contribute 9 million indirect jobs, highlighting the sector’s immense potential to fuel economic growth, according to the report by TeamLease Degree Apprenticeship.The electronics industry has an ambitious goal of achieving $500 billion in manufacturing output by 2030. To meet this target, the sector must grow five-fold over the next five years, bridging a $400 billion production gap.Currently, domestic production stands at $101 billion, with mobile phones contributing 43 per cent, followed by consumer and industrial electronics at 12 per cent each, and electronic components at 11 per cent.Additionally, emerging segments like auto electronics (8 per cent), LED lighting...

Read More........ → December 31, 2024

FDI flow into India from Gulf countries surges to $24.54 bn in 12 years

New Delhi, (IANS) FDI flows into India from the Gulf Cooperation Council countries between September 2013 to September 2024 surged to over $24.54 billion, which is an 8-fold increase compared to the corresponding figure of $3.046 billion FDI that came from these countries during the period between April 2000 and September 2013, according to data compiled by the Commerce and Industry Ministry.The figures also show that as much as 89 per cent of the FDI flows into India from the GCC countries came in the last 10 years, reflecting the strengthening economic ties between India and the Gulf region.With Kuwait currently chairing the Gulf Cooperation Council (GCC), Prime Minister Narendra Modi’s visit to the emirate is expected to bolster India's engagement with the influential bloc, comprising Bahrain, Oman, Qatar, Saudi Arabia, the UAE, and Kuwait.PM Modi on Saturday afternoon arrived in Kuwait, becoming the first Indian Prime Minister to visit the Gulf nation in 43 years.He said the Kuwait Investment Authority has invested more than $10 billion in India, reinforcing the financial ties between...

Read More........ → December 26, 2024

40 Indian startups secure over $787 million in funding this week

New Delhi, (IANS) In a significant week for the Indian startup ecosystem, nearly 40 startups secured more than $787 million in funding as the economy remained resilient amid the geo-political conditions.These deals included 16 growth-stage deals and 23 early-stage ones.This is a massive jump from $250 million raised cumulatively across 18 deals last week.Cloud kitchen unicorn Rebel Foods led the funding with $210 million led by Temasek in a mix of primary and secondary share sales. Rebel Foods is planning for a public listing by next year.Fintech startup Mintifi raised a total of $180 million in its Series E round led by TVG and Prosus. Mintifi plans to deploy the fresh capital to expand its footprint across key sectors.Meanwhile, CarDekho SEA, the Southeast Asia business unit of digital automotive solutions provider CarDekho Group, raised its first external funding round of $60 million.The round was led by prominent growth and private equity investors Navis Capital Partners (Navis) and Dragon Fund. Following this round, the cumulative fundraise now stands at more than $100 million.Haber,...

Read More........ → December 19, 2024

Ericsson wins multi-billion 4G, 5G deal from Bharti Airtel for India ops

New Delhi, (IANS): Telecommunications giant Ericsson on Wednesday said it has been awarded a multi-billion, 4G and 5G extension deal by Bharti Airtel for its India operations.As part of the multi-year deal for 4G and 5G RAN products and solutions, Ericsson will deploy centralised RAN and Open RAN-ready solutions for network transformation, which will help customers with wider coverage and the enhanced capacity on the network.Ericsson will also undertake the software upgrade of its current deployed 4G radios thereby enhancing the customer experience, it said in a statement.“This deployment will enable us to further improve the speed, reliability, and coverage of our network, ensuring an exceptional experience for our customers,” said Randeep Sekhon, CTO, Bharti Airtel.As a global leader in 5G, Ericsson currently powers 170 live 5G networks in more than 70 countries. The company has been a trusted connectivity partner for Airtel for over 25 years, supporting every generation of mobile communications.Andres Vicente, Head of Ericsson South-east Asia, Oceania and India, said that this partnership...

Read More........ → December 13, 2024

India Showcases Footwear and Leather Sector Strength at DIFLEX, 2024, Eyes $350 mn UAE Trade Target

Dubai, India’s leather and footwear industry aims to expand its presence in the UAE market as it makes a strong showing at DIFLEX 2024, with 43 manufacturing exporters participating in the region’s largest leather products and footwear exhibition, currently underway at Festival Arena, Dubai Festival City.Leading the Indian delegation, R. Selvam IAS, Executive Director of the Council of Leather Exports (CLE), announced that trade volume with the UAE has nearly doubled from its previous level of $162 million, with projections to reach $350 million in the coming years. “The growth reflects the sector’s expanding footprint in the Middle East and African markets,” he said.Addressing domestic consumption, Selvam noted that India’s per capita footwear consumption is expected to double from the current 1.9 pairs to 4 pairs per annum by 2030, creating additional demand for 2.2 billion pairs. The country currently consumes 2.5 billion pairs annually, with an anticipated need for an additional 2 billion pairs by 2030.BG Krishnan, Consul (Trade and Commerce) at the Consulate General of India in...

Read More........ → December 12, 2024

IMF sees India driving growth in Asia-Pacific region

New Delhi, (IANS) India remains the world’s fastest-growing economy with investment and private consumption driving growth, according to the IMF’s latest Regional Economic Outlook for Asia-Pacific.The IMF, in its World Economic Outlook report released on October 2, had retained India’s gross domestic product (GDP) growth forecasts at a robust 7 per cent and 6.5 per cent for FY25 and FY26, respectively.While growth in Asia is expected to slow down in 2024 and 2025 — reflecting fading support from the pandemic recovery and factors like ageing — short-term prospects were more favourable than expected in April, the regional economic outlook report said.IMF said that the growth for the Asia Pacific region in 2024 has been revised up marginally by 0.1 percentage point to 4.6 per cent, primarily reflecting the robust performance early in the year. With this, the Asia and Pacific region are expected to contribute roughly 60 per cent to global growth this year.However, “the outlook is subject to sizable economic and geopolitical uncertainties,” the report states.A blog post released by IMF along...

Read More........ → November 13, 2024

IPL 2025 mega auction to be held in Jeddah on November 24-25

Mumbai, (IANS) The Indian Premier League (IPL) 2025 mega auction is scheduled to take place on November 24 and 25 in Jeddah, Saudi Arabia. This year's auction marks the second consecutive year that the event will be held overseas, following the 2024 auction in Dubai.Notably, the timing of the auction coincides with the third and fourth days of the first Test between India and Australia in Perth.Unlike the regular player auctions held annually, the mega auction is a grand event that occurs every three years, spanning two days instead of the usual single day. The ten IPL franchises strategise to build their squads for the upcoming three seasons from 2025 to 2027.A remarkable total of 1,574 players have registered for the auction, comprising 1,165 Indian players and 409 overseas talents, said BCCI. This diverse pool of players includes participants from various countries, including Italy, Canada, the Netherlands, Scotland, the USA, and the UAE, although Full Member nations excluding Pakistan are represented.The auction will take place at the Abady Al Johar Arena, also known as the Benchmark...

Read More........ → November 06, 2024