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India’s $23 bln plan to rival China factories to lapse after it disappoints

NEW DELHI, March 21 (Reuters) – Indian Prime Minister Narendra Modi’s government has decided to let lapse a $23 billion program to incentivize domestic manufacturing, just four years after it launched the effort to woo firms away from China, according to four government officials. The scheme will not be expanded beyond the 14 pilot sectors and production deadlines will not be extended despite requests from some participating firms, two of the officials said. Some 750 companies, including Apple supplier Foxconn and Indian conglomerate Reliance Industries, signed up to the Production-Linked Initiative scheme, public records show. Firms were promised cash payouts

Gold set for third week of gains on global uncertainties, rate cut hopes

March 21 (Reuters) – Gold was headed for a third straight week of gains on Friday after three consecutive record highs this week, bolstered by the Federal Reserve’s rate cut cues for the year and safe-haven demand amid geopolitical and economic uncertainties. Spot gold eased 0.3% to $3,034.09 an ounce as of 0235 GMT. Bullion reached an all-time high of $3,057.21 per ounce on Thursday and has climbed about 2% so far this week. U.S. gold futures held steady at $3,042.60. “I don’t think we even need to see a trigger per se for gold to hit another record high.

Rupee rises 17 paise to 86.19 against US dollar in early trade

Mumbai, Mar 21 (PTI) The rupee appreciated 17 paise to 86.19 against the US dollar in early trade on Friday, tracking positive domestic equities and fresh foreign fund inflows. Forex traders said the rupee has been gaining as FPIs turned net buyers for the second time during the week with respect to equity and have been buying heavily into debt. At the interbank foreign exchange, the rupee opened at 86.26 against the greenback, then gained some ground and touched 86.19, up 17 paise from its previous close. On Thursday, the rupee stayed firm and appreciated 1 paisa to close at

PFRDA notifies assured pension scheme for central government employees

New Delhi, Mar 20 (PTI) The Pension Fund Regulatory & Development Authority (PFRDA) on Thursday notified operationalisation of the Unified Pension Scheme (UPS) which promises an assured pension of 50 per cent of the average basic pay drawn over the last 12 months prior to superannuation. This follows the UPS notification dated January 24, 2025 by the government for central government employees covered under the National Pension System (NPS). The regulations shall come into effect from April 1, 2025, PFRDA said in a statement. These regulations enable the enrolment of central government employees including an existing central government employee in

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