Category: BUSINESS

Hyderabad: The United Arab Emirates (UAE) has agreed to partner with Telangana for the development of Bharat Future City as a top global city, the Telangana government said.

UAE Minister of Economy and Tourism Abdulla bin Touq Al Marri met Chief Minister A Revanth Reddy-led ‘Telangana Rising’ delegation, at the World Economic Forum in Davos on Tuesday, January, 20.

Touq Al Marri said his national government would be happy to join hands with Telangana. He suggested that the two governments establish a joint task force of officials from both sides for the speedy implementation of this project, according to a release from the Chief Minister’s Office (CMO) here.

The delegation discussed potential areas of cooperation in the state’s large infrastructure projects, especially the Bharat Future City.

Chief Minister Revanth Reddy outlined the Telangana Rising 2047 vision and the future-defining roadmap to transform the state into a USD 3 trillion economy by 2047.

He threw light on the massive scope for development in the Bharat Future City project — India’s first Net-Zero Greenfield Smart City. Spread over 30,000 acres, the city is envisioned as a multi-sectoral, sustainable urban-industrial hub with dedicated spaces for AI, education, health, industries, residential and entertainment zones.

The Chief Minister explained that global companies like Marubeni and Semcorp are already on board with the project.

Saudi-based company to collaborate on Young India Skills University

He said recently that an MoU was signed with Reliance Group’s Vantara to establish a new zoo in Future City. Meanwhile, Saudi-based industrial conglomerate Expertise has evinced interest in partnering with Telangana’s Young India Skills University (YISU).

Mohammed Ashif, President and CEO of Expertise, met the Telangana delegation. The company, with a major presence in the Middle East, mainly provides plant maintenance in skilled talent-intensive sectors, including petrochemical, oil and gas, fertiliser, steel, cement, water treatment, and power generation verticals.

Chief Minister Revanth Reddy explained that YISU was established with the intention to bridge the gap between education and employment by offering industry-led curricula and hands-on practical exposure.

Industry Minister D Sridhar Babu stated that Telangana is building a future-ready talent base through foundational learning, advanced skilling, apprenticeships, mentorship, and entrepreneurship, aligned with our vision for 2047 and the goal to become a USD 3 trillion economy.

The Saudi company proposed to partner with YISU to cater to its needs of recruiting around 5,000 skilled people per year.

The Telangana government also stated that Google has evinced interest partner with Telangana in solving agriculture and climate change-related issues.

The delegation spoke about the issue of overuse of fertiliser and the need for educating farmers. The Chief Minister said there is a need to work on preventive steps for solving issues related to soil and farming.

New Delhi: India and the European Union are on the cusp of a “historic trade agreement” that would create a market comprising two billion people accounting for almost a quarter of the global GDP, European Commission President Ursula von der Leyen said on Tuesday, January 20.

President of the European Council, Antonio Costa and von der Leyen will be in India from January 25 to 27 to grace the Republic Day celebrations as chief guests and hold summit talks with Prime Minister Narendra Modi.

The two sides are set to announce the conclusion of negotiations on the much-awaited free trade agreement at the India-EU summit on January 27.

In an address at the World Economic Forum in Davos, von der Leyen said Europe wants to do business with the growth centres of today and the economic powerhouses of this century.

“I will travel to India. There is still work to do. But we are on the cusp of a historic trade agreement. Some call it the mother of all deals. One that would create a market of 2 billion people, accounting for almost a quarter of global GDP,” she said in a televised address.

“And, crucially, that would provide a first-mover advantage for Europe with one of the world’s fastest growing and most dynamic continents. Europe wants to do business with the growth centres of today and the economic powerhouses of this century,” von der Leyen said.

“From Latin America to the Indo Pacific and far beyond, Europe will always choose the world. And the world is ready to choose Europe,” she said.

The European Union is India’s biggest trade partner with bilateral trade in goods recording USD 135 billion in the financial year 2023-24. The free trade agreement is expected to significantly enhance trade ties.

The proposed agreement is expected to bring a qualitative change in deepening the overall bilateral ties in a range of sectors as well at a time the world is witnessing trade disruptions in view of Washington’s tariff policy.

Besides firming up the free trade agreement, the two sides are likely to unveil a defence framework pact and a strategic agenda at the summit.

India and the European Union have been strategic partners since 2004.

The ambitious FTA is being firmed up at a time amid increasing concerns over Washington’s trade and tariff policies which have impacted both India and 27-nation EU.

India and the EU are also expected to unveil a joint comprehensive strategic vision that will govern their relationship for the period 2026-2030.

The EU and India had first launched negotiations for the free trade agreement in 2007, before the talks were suspended in 2013 due to a gap in ambition. The negotiations. The negotiations were relaunched in June 2022.

The proposed Security and Defence Partnership (SDP) will facilitate deeper defence and security cooperation between the two sides.

The SDP will bring interoperability in the defence domain and it will open up avenues for Indian firms to participate in the EU’s SAFE (Security Action for Europe) programme, The SAFE is the EU’s Euro 150 billion financial instrument designed to provide financial support to member states to speed up defence readiness.

At the summit, India and the EU are also set to launch the negotiations for a Security of Information Agreement (SOIA). The SOIA is expected to boost industrial defence cooperation between the two sides.

New Delhi: Italian super luxury automaker Automobili Lamborghini on Tuesday, January 20, said its sales in India declined marginally to 111 units last year, as compared to 113 units sold in 2024.

Overall, the company delivered 10,747 units worldwide in 2025.

Lamborghini India delivered a total of 111 cars in 2025, underscoring the brand’s continued resilience and strong market relevance despite a challenging luxury automotive environment, it said in a statement.

The year was marked by a robust performance in the super SUV segment, which recorded a strong 17 per cent year-on-year growth, reaffirming the increasing demand for Lamborghini’s SUV portfolio in India, it added.

This growth reflects the strong customer response to the brand’s hybridisation journey and its ability to align performance with evolving consumer preferences, further strengthening Lamborghini’s position in the Indian market, with close to 800 Lamborghini cars now on Indian roads, the company stated.

“Despite challenging market conditions, we are very proud of the results achieved in 2025, which confirm Lamborghini’s ability to stand out even in a complex global environment,” Stephan Winkelmann, Chairman and CEO of Automobili Lamborghini, said.

The performance reflects the automaker’s capacity to interpret market dynamics and to make strategic choices that respond concretely to customers’ expectations, he added.

In 2025, the EMEA (Europe, the Middle East, and Africa) region continued to be the company’s leading market with 4,650 vehicles delivered.

The Americas followed, closing the year with 3,347 units delivered, while the Asia Pacific (APAC) region recorded 2,750 vehicle deliveries, it stated.

New Delhi: Widespread misconceptions about the benefits of EV ownership remain a barrier in India’s transition to electric mobility despite strong awareness of electric vehicles (EVs) as a category, according to a new nationwide study conducted by Ola Electric.

The study reveals that while pure play EV manufacturers enjoy brand recall, a majority of consumers significantly underestimate the economic and functional advantages of EVs.

Most respondents believe electric two-wheelers are only 20-50 per cent cheaper to run than petrol vehicles, whereas real-world data shows that EV running costs can be up to 90 per cent lower depending on cell tech, fundamentally altering the economics of daily mobility.

The study highlights that range anxiety and long-term confidence, rather than upfront cost, are the primary barriers to EV adoption.

A majority of consumers believe EV range is limited to 100-150 km, even though some electric scooters and motorcycles from leading manufacturers deliver a range of up to 300 km, and up to 500 km on a single charge, respectively, it said.

However, awareness around the performance and range of EVs remains poorly understood across the nation.

“Importantly, these belief gaps persist deep into the category. Even consumers actively considering an EV continue to underestimate both range and savings, indicating that misinformation is not limited to early-stage awareness, but remains unresolved until the point of purchase,” it said.

The findings point to a critical work required in how the EV category has grown in India, from being perceived as “slightly cheaper alternatives” to petrol vehicles with risk in longevity, to being understood as a structurally superior mobility solution with dramatically lower running costs, longer real-world range, and engineered reliability.

It is critical to understand that quality of living aspects like AQI are possible only with large-scale EV adoption, the study noted.

In order to address these belief gaps, the study highlighted the need for EV manufacturers to double down on category building across all consumer touchpoints, from advertising and retail experiences to ownership and service communication.

Davos: The World Economic Forum (WEF) announced on Monday, January 19, that Iran’s Foreign Minister, Abbas Araghchi, will not be attending the 2026 annual meeting in Davos-Klosters, Switzerland.

The WEF said that it was “not right” for the Iranian government to be represented in the forum, with the massive death toll following the protests that shook the Islamic Republic.

“Although he was invited last fall, the tragic loss of lives of civilians in Iran over the past few weeks means that it is not right for the Iranian government to be represented at Davos this year,” WEF said in a post on X.

The Iranian Foreign Minister will not be attending Davos.
Although he was invited last fall, the tragic loss of lives of civilians in Iran over the past few weeks means that it is not right for the Iranian government to be represented at Davos this year. pic.twitter.com/NRjbqAoqe9

— World Economic Forum (@wef) January 19, 2026

The meeting from January 19 to 23 will be attended by world leaders from government, civil society, business and academia to address global issues and make decisions.

Meanwhile, Iran had come under international scrutiny after a crackdown on the anti-national protests left at least 4,029 Iranians dead, according to the Associated Press.

Mere hours before the WEF made the announcement, US Republican Senator Lindsey Graham had criticised the organisers for inviting the country’s representative.

“I am sure an invite to the Iranian Foreign Minister to attend the World Economic Forum in Davos will be a morale booster to the protestors who are dying in the streets to attain the liberties and freedoms Europe takes for granted – maybe not. For those in charge of these programs, what the hell are you thinking?” he said.

“Inviting the Iranian Foreign Minister to speak now would be akin to inviting Hitler to a world event after Kristallnacht. This decision gives tone deaf a new meaning,” the Senator added.

I am sure an invite to the Iranian Foreign Minister to attend the World Economic Forum in Davos will be a morale booster to the protestors who are dying in the streets to attain the liberties and freedoms Europe takes for granted – maybe not. For those in charge of these…

— Lindsey Graham (@LindseyGrahamSC) January 19, 2026

After Iran’s invitation was pulled, Senator Graham thanked the Davos group, praising them for not allowing the “mouthpiece for the terrorist regime” to speak at the conference.

New Delhi: HDFC Bank on Tuesday, January 20, said it plans to disburse Rs 20 crore under the FY26 edition of the Parivartan Startup Grants programme for supporting social impact-driven innovations.

The programme will support 10 strategic initiatives across priority sectors including climate innovation, agriculture and sustainable livelihoods, manufacturing and MSME innovation, financial inclusion, and gender diversity and inclusion, along with emerging areas including AI and deep technology.

It follows an incubator-led, portfolio-based model, under which partner incubators lead programme design, startup outreach, evaluation, mentoring, monitoring, and impact reporting, it said.

“Parivartan Startup Grants has evolved as a benchmark in the industry that works closely with institutions to support innovation addressing clearly identified social and environmental challenges,” HDFC Bank Deputy Managing Director Kaizad Bharucha said.

The focus is on further deepening sector engagement, strengthening ecosystems, and building institutional capacity to enable startups receive sustained and structured support, he said.

Since its inception in 2017, Parivartan Startup Grants programme has supported about 500 startups, including 87 startups in FY25 alone, through partnerships with more than 130 incubators across India, it said.

Cumulatively, the programme has deployed over Rs 85 crore in grant funding, with nearly 40 per cent of supported startups originating from Tier II and Tier III cities, it added.

Tokyo: Asian shares were mostly lower Tuesday after US markets were closed for Martin Luther King Jr. Day, a national holiday.

US future were down sharply after most European benchmarks sank on Monday. Oil prices were flat.

World shares took a hit after US President Donald Trump threatened to slap a 10% extra tariff on imports from eight European countries, provoking a backlash from important trading partners that invest heavily in the US.

Tokyo’s benchmark Nikkei 225 lost 1.1% to 52,988.24 after Prime Minister Sanae Takaichi called a snap election for Feb. 8.

The yields on Japan government bonds have been surging after Takaichi indicated she planned to dissolve parliament and hold an election, aiming to capitalize on her strong public opinion ratings. She also has proposed temporarily suspending the food tax.

Expectations that Takaichi will take a renewed electoral mandate to raise government spending have revived worries over Japan’s national finances, pushing the yield sharply higher, while prices of such investments declined. The yield on the 40-year government bond surged to a record 4% on Tuesday, while yields on other long-term bonds also have surging to decades-high levels.

Chinese markets also declined. Hong Kong’s Hang Seng edged down less than 0.1% to 26,552.57, while the Shanghai Composite fell 0.3% to 4,101.62.

In South Korea, the Kospi gained 0.3% to 4,921.42, while Australia’s S&P/ASX 200 lost 0.6% to 8,818.10.

Taiwan’s Taiex edged 0.1% higher and the Sensex in India was unchanged.

This week will bring more corporate earnings in the US and an update on inflation preferred by the Federal Reserve for making policy decisions.

The US Federal Reserve’s next policy meeting is in two weeks. It’s expected to keep its benchmark interest rate unchanged, as it strives to balance a slowing jobs market with inflation, which remains above the Fed’s 2% goal. The Bank of Japan has a monetary policy board meeting ending later this week.

Germany’s DAX lost 1.3% to close at 24,960.33 and the CAC 40 in Paris fell 1.9% to 8,101.96. Britain’s FTSE 100 declined 0.4% to 10,190.26.

Among US stock futures, the S&P 500 was down 1% early Tuesday, while the contract for the Dow Jones Industrial Average was down 0.9%.

Trump said Saturday that he would charge a 10% import tax starting in February on goods from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland because of their opposition to American control of Greenland. The European countries targeted by Trump blasted his threat to raise tariffs, saying they “undermine transatlantic relations and risk a dangerous downward spiral.”

In other dealings early Tuesday, US benchmark crude oil rose 4 cents to $59.38 per barrel. Brent crude, the international standard, added 12 cents to $64.06 a barrel.

The US dollar slipped to 157.98 Japanese yen from 158.14 yen. The euro rose to $1.1658, inching up from $1.1645.

Davos: Anticipating sustained growth in its food delivery business, a top Swiggy executive said the company has yet to tap 85-90 per cent of the market in India, and there are no plans for global expansion yet, given the huge potential available back home.

Speaking to PTI here on the sidelines of the World Economic Forum Annual Meeting, Swiggy’s Food Marketplace CEO Rohit Kapoor said India still represents a fairly large opportunity for change, as there is nothing on the cards right now for global expansion.

And opportunities are there, not just in food but also in multiple other businesses across the country, he said.

In food, particularly, we have been guiding the markets to an 18-20 per cent growth rate year-on-year, and I think trends are holding up to that even if you look at our last quarter numbers, he said.

Asserting that the food penetration level in India is way below not just Western numbers but even some Southeast Asian and Asian countries, he said this creates a huge headroom.

“I think the work cut out there is not just to grow food delivery, which roughly grows about two times the food market, but the entire food sector can grow a lot if the entire ecosystem and the government come together,” he said.

Asked about the size of the untapped market in India, he said it’s probably about 10-12 per cent of India that has ever used food delivery, which means 85-90 per cent has not.

“And then we have the emerging consumer class that will soon join the market,” he said.

New Delhi: The Delhi High Court on Monday, January 19, quashed the 2016 income tax notices to NDTV founders Prannoy Roy and Radhika Roy and asked the department to pay Rs 1 lakh to each of them as token cost.

A bench of Justices Dinesh Mehta and Vinod Kumar observed that authorities subjecting Prannoy Roy and Radhika Roy to reassessment proceedings for the second time “practically for the same issue” was arbitrary and without jurisdiction.

“The facts of the present case speak volumes as to how the proceedings are arbitrary and contrary to the statutory provisions, besides being against the fundamental principles of adjudicatory process,” the bench said, allowing the petitions of the Roys.

“Impugned notice(s) dated 31.03.2016 issued to the petitioner(s), so also any consequential order(s) or proceedings pursuant thereto are quashed. No amount of cost can be treated enough for these cases, however, we cannot leave these cases without imposing any. Hence, we impose a token cost of Rs 1,00,000/- per case upon the respondents to be paid to each of the petitioners,” ordered the court.

The income tax notice pertained to the reassessment of the petitioners’ income for the year 2009-10 on account of certain “interest-free” loans received by them from RRPR Holding Private Limited, the promoter entity of NDTV.

The petitioners were then shareholders and directors of RRPR.

The first round of reassessment proceedings were initiated in 2011 and ended in 2013.

On March 31, 2016, notices were issued for reassessment again on the basis of a complaint.

The High Court stayed the proceedings before the assessing officer in 2017.

In the judgment, the court observed that no new fact was revealed by the “so called complaint” and the assessing officer was aware of the facts when the order was passed in 2013.

It said the current case has not made any addition to the factual backdrop of the issue.

“Specific issue in relation to the loan received by the petitioner from RRPR had been raised, books of accounts of RRPR had been summoned/examined, and explanation was sought from the petitioner. No addition was made,” the court stated.

“The respondents cannot justifiably trigger the proceedings under Section 147/148 of the (Income Tax) Act of 1961 all over again. Hurling the reassessment proceedings in such a situation hits the very root of fair adjudicatory process. Initiation of reassessment proceedings in such circumstances leads to unnecessary harassment of an assessee on the one hand and gives rise to unpredictability/uncertainty, if not anarchy, on the other,” it added.

The court held that the reassessment proceedings fell foul of fundamental and constitutional rights guaranteed under Article 14 (right to equality), Article 19(1)(g) [Freedom to Practice Profession, Occupation, Trade or Business] and Article 300A (Persons not to be deprived of property save by authority of law) of the Constitution of India.