Davis has vast experience in accounting, auditing, management, and IT Consultancy, and his company is one of the top 10 audit firms in the Sultanate of Oman. A Fellow of the ICAI, he was co-opted to the International Affairs Committee of the ICAI Council, New Delhi (2007–08). He also served as the Founding Chairman of the Muscat Chapter of the Institute from 2008 to 2009 and is a certified member of the Institute of Certified Fraud Examiners.

A regular columnist for The Times of Oman on tax-related affairs, Davis has co-authored a book on taxation of NRIs and has represented his firm at several global conferences. In recognition of his outstanding global contributions, he was bestowed with the Pinnacle Award — the highest recognition from Crowe Horwath, one of the top ten accounting networks in the world.

Among the top 10 chartered accountants in Kerala, the late CA P A Nair’s name appears in the first position, and it was he who signed the membership certificate of Davis in 1986. The other names include the late T Velu Pillai, K Raghavan Nair, Varma & Varma. Venugopal C Govind, Sreejith Kuniyil, P D Vijayrajan, M V Korah, and S Prabhakaran.

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The event was virtually graced by HE GV Srinivas, Ambassador of India to the Sultanate of Oman, and HE Mahboob Issa Alraisi, Consul General of the Sultanate of Oman in Mumbai. The dignitaries underscored the historic Indo-Omani bilateral relationship and sought to explore strategic trade and investment opportunities under the CEPA framework.

Board Member of the Oman Chamber of Commerce and Industry (OCCI) and Chairman of the Foreign Investment Committee, Abdul Latheef Uppala, emphasised the Sultanate’s investor-friendly regulatory environment and expanding opportunities across logistics, manufacturing, healthcare, and infrastructure sectors.

Davis Kallukaran, Deputy Chairman, Foreign Investment Committee, OCCI, moderated the panel discussion on ‘India–Oman Trade and Investment Opportunities under CEPA. The distinguished panelists included Dr P Mohamed Ali, Founder, Galfar Group; Dr MI Sahadulla, Group Chairman & Managing Director, KIMS Health; Dr Siddeek Ahmed, Chairman & Managing Director, Eram Group; Abdul Latheef Uppala; Sheraz Anwar, Director, Abad Group; and Anirudh Sankar, Senior Official, DGFT Kochi.

The panel deliberated on sector-specific collaboration in infrastructure development, healthcare services, industrial partnerships, export facilitation, and regulatory alignment. It also highlighted practical pathways for strengthening private-sector engagement between both countries.

There were presentations by Dr Yousuf Hamad Al-Balushi, Economic Advisor & Research Analyst, Oman, and  Yarub Nasser Al Siyabi, Specialist at OPAZ. They highlighted priority sectors under Vision 2040 and significant investment potential within Duqm and other strategic economic zones. Technical presentations by experts Dr James Nedumpara, Professor and Head CTIL; Ridhish Rajvanshi, Senior Research Fellow; and Tathagata Choudhury from the Centre for Trade and Investment Law (CTIL) of the Ministry of Commerce and Industry, Government of India; provided clarity on tariff concessions, market access for services, digital trade provisions, and export promotion mechanisms that come under the pact.

Dr P Mohamed Ali, Chancellor of the National University of Science and Technology, Oman, in his message, emphasised the need for continuous engagement on CEPA to understand the terminologies to ensure a quantum jump in bilateral trade, services, and investments.

The seminar concluded with an interactive question-and-answer session followed by a business networking engagement.

The programme was jointly organised by the Federation of Indian Chamber of Commerce & Industry (FICCI), Kerala State Council, the Indo Gulf and Middle East Chamber of Commerce (INMECC), The foreign investment committee of Oman Chamber of Commerce and Industry and the Centre for Trade and Investment law (CTIL) of the Ministry of Commerce and Industry, Government of India.

The Oman delegation was headed by Abdul Latheef Uppala, and it included Ahmed Ali Al Akkak, CEO SEZD; Yaqub Nasser Khamis Al Siyabi from OPAZ; Dr Yousuf Hamad Al Balushi; Al Yaqadhan Al Shukaili from Smart Investment Gateway, Davis Kallukaran; and Jim Joseph, Partner, Audit and Corporate Finance from Crowe Oman.

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OCCI board member and head of the Omani delegation Abdul Latheef Uppala said, “The seminar will highlight trade and investment opportunities under the agreement. It will also enable stakeholders to explore partnerships and expand their global footprint.” Indian Ambassador to Oman HE G V Srinivas, senior Union and State Government officials, office bearers of the Centre for trade and Investment Law under the Central Ministry of Commerce, eminent industrialists and key personalities from the Indian and Omani business fraternity will address the gathering.

“The India–Oman Comprehensive Economic Partnership Agreement (CEPA), signed on December 18, 2025, marks a significant milestone in strengthening bilateral economic ties between India and Oman,” said Dr Davis Kallukaran, Managing Partner of Crowe Oman Auditors and Business Advisors. “The agreement is expected to substantially enhance trade flows, promote investments, and create new avenues of collaboration across key sectors.”

“The CEPA provides significant tariff reductions and improved market access, while reinforcing Oman’s strategic role as a gateway to the GCC region, Central Asia, and East Africa. The agreement opens up promising opportunities in sectors such as IT, Healthcare, Education, Oil & Natural Gas, Food Processing, Logistics, Tourism, and more. It is also expected to catalyse two-way investments and foster stronger economic cooperation between the two nations, Dr Davis added.

Business leaders from both India and the Sultanate of Oman are slated to attend the event.

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India Union Budget was sector diversified and considering the increasing global economic challenges, the India Government has attracted industries, private sector business class and investors to join hands including Public Private Partnerships (PPP) and focusing to reach the target of “Vikasit Bharat” in the year of 2047. The Budget touched from the Micro Industry level (MSME) to the Infrastructure Development level and that will support to make self-sustainable growth of India.

The budget is also supportive for India-Gulf and India-Europe newly signed Agreements in 2026. Accordingly, the budget is emphasizing more on Innovations, MSME and Startups Businesses in villages and cities across India. The budget is targeting to empower young entrepreneurs and create more jobs in different industries and sectors by integrating AI and Engineering Technologies.

Indian Expats are getting benefits from Tax exemptions, decriminalizing the non-declaration of foreign Assets and filing extensions, buying properties and investments in India more easily. The Budget aims to support NRIs to bring their foreign savings to India and this will be helpful for long term growth of India.

NRIs will get more investment opportunities to Indian Stock Markets through RBI regulated Portfolio Investment Scheme (PIS) Account. The Budget has increased the NRI investment limit of each company from 5% to 10% in the Stock Market.. The limit of various investments to India from PROI category Indians has increased to more than doubled. Now Indian expats can invest to India and repatriate easily through the Budget announcement. Indian expats can also own land and houses easily.

India expats will get opportunity to start MSME and STARTUP business in India and Internationally based on the India – Gulf and India – Europe agreements..

Budget is also taken measures to reduce unwanted speculations in the Stock Markets by increasing Securities Transaction Tax (STT) for Futures & Options Traansactions. It was not supportive for Investors and the Indian Stock Markets went down after the Budget Session.

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With the overall GDP valued at USD 4. 18 trillion, India has surpassed Japan to become the world’s fourth-largest economy and is poised to displace Germany from the third rank in the next three years with a projected GDP of USD 7.30 trillion by 2030. The growth momentum is a healthy indicator with the GDP expanding to a six-quarter high in the second quarter of 2025-26, reflecting India’s resilience in the midst of persistent global trade uncertainties. Domestic drivers-led by robust private consumption-played a pivotal role in supporting this growth.

Doing a deep dive of the growth indices its quite obvious that 2025 was India’s “Goldilocks Moment” which is a period characterized by high growth and low inflation. As per the ministry of statistics and program implementation, in the second quarter of the Financial year 2025-26, India’s real GDP grew by 8.2%, up from 7.8% in the first quarter and 7.4% in the last quarter of 2024-25. The Reserve Bank of India has revised the growth forecast for 2026-27 to 7.3%, from its earlier estimate of 6.8%.  The key drivers that would fuel the GDP growth are robust domestic demand, rationalization of GST and Income tax, softer crude oil prices and ongoing economic reforms. The other factors that would influence the economic growth are as follows.

Easing Consumer Price Index Inflation:

Consumer price index (CPI) is the change in the price of a basket of goods and services that are typically purchased by specific groups of households. CPI inflation softened to 0.71% in November 2025 from 4.26% in January 2025. In 2025, India experienced an overall benign inflation environment, wherein the general increase in prices is moderate and slow, with an average of 2.5%. Controlling the CPI inflation and maintaining it within the range of 1% and 3% would boost the confidence of corporates to take long term decisions with respect to investment. This would also enable consumers to rationalize heir spending.

Falling Unemployment Rates

According to the ministry of labour and employment the unemployment rate reduced to 4.7% in November 2025 from 5.2% in October 2025, making it the lowest since April 2025. The key challenge for the government in the ensuing financial year would be to maintain the unemployment rate between 3.0 to 4.5%, facilitating the job seekers to find employment without causing inflation in wages.

Trade Performance:

As per the ministry of Trade and Commerce, in January 2025, Indias foreign trade commenced on a solid footing with total exports (merchandise and services combined) valued at $:74.97 billion, registering a growth of 9.2% over January 2025. The cumulative exports in the first quarter of the financial year 2025-26 reached $: 210.31 billion (up by 5.94%) versus same period last year. These early and mid-year trends were clear indicators of steady export expansion and diversified external demand across various sectors.

These early and mid-year trends demonstrated steady export expansion and diversified external demand   However the share of merchandise exports and its growth to the total exports needs to show significant improvement in the next financial year, in order to fuel the overall economic growth. Merchandise exports expanded to US$ 38.13 billion in November, 2025 compared to US$ 36.43 billion in January 2025, with a growth of 4.7%, whereas the service sector exports registered a growth of 8.65%. More focus on broadening the scope of the merchandise exports with impetus on electronic and engineering goods would be the key in this direction. India had broadened its global footprint by strengthening the trade partnerships with countries like United Kingdom, New Zealand, Oman and Jordan recently. Merchandise exports to these markets would play a pivotal role in boosting the nation’s overall foreign trade.

Rationalize Imports:

Concrete and positive policy measures are warranted to rationalize the imports in order to reduce the Current Account Deficit of the nation. Gold which is ideally a non-essential commodity accounts for 13% of the total imports of the country, which is second to Petroleum, which accounts for 31%. While petroleum is a highly essential commodity that meets the nation’s energy needs, gold hardly adds value to the economy. Curbs on the import of gold is highly warranted as it’s a drain on the foreign exchange reserves, resulting in higher current account deficit and weakening of Indian rupee.

Author is a member of the Loka Kerala Sabha

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During this meeting, several tax policies aimed to foster economic integration and supporting development paths in the GCC countries were reviewed. The meeting also included a presentation of successful experiences in the tax field implemented by some GCC countries.

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By Albin Joseph

After a series of economic slowdowns, two of the world’s major economies, namely Japan and the United Kingdom, have plunged into recession recently. Japan has been displaced from its position as the third largest economy by Germany. The United Kingdom fell into recession at a critical juncture when the elections are just a few months away. This poses severe challenges to Prime Minister Rishi Sunak, whose primary commitment to the nation was to promote the overall economic growth of the kingdom.

A recession is defined as two consecutive contractions in the Gross Domestic Product (GDP) of a country. If there is a dip in GDP growth for a continuous six months, then it’s termed a Recession; Japan’s economy contracted by 0.4% and that of the UK by 0.3% in the last three months of 2023. There was a steady decline in the economies of these two nations throughout the course of 2023. From July to September 2023, Japan’s economy witnessed a de-growth of 3.3%, and the UK’s economy had a slump of 0.1%. Going by these numbers, it’s obvious that these two economies are under the grip of Recession.

The cost of living in the UK has risen considerably, major sectors like manufacturing and construction have not been performing well, and the British Pound has been on a weakening trend against the US Dollar during the past six months. During 2023, the UK’s economy grew by a meagre 0.1%, which is the weakest growth ever since the 2009 financial crisis. All eyes are set on the next UK budget that UK Finance Minister (Chancellor of the Exchequer) Jeremy Hunt is to present in a couple of weeks. The budget is expected to bring in concrete measures to curb inflation and propel overall economic growth.

Japan was relegated to fourth place in terms of GDP which totaled $4.2 trillion in 2023, whereas Germany assumed third place with its GDP estimated at $:4.5 trillion. A weaker Japanese yen is the major reason attributed to the slump in Japan’s economic growth. Moreover, there has been a slowdown in business, which leads to a lack of wage increments and layoffs. This lead to a fall in domestic demand, which made people curtail their expenses and hold on to their earnings.

A decline in population growth and an ageing population have affected the overall GDP, as well as the productivity of Japan. Traditionally, both Japanese and German economies were powered by small and medium-scale industries that were renowned for their high productivity. Of late, Japan’s productivity took a beating because of its shortage of qualitative labour, whereas Germany managed to keep its productivity intact by endorsing immigration, which led to overall population growth as well. By immigration, Germany’s population grew to 85 million in 2023. This not only made up for the low birthrate in Germany but also fueled the overall growth in GDP. Japan could overcome its labour shortage by endorsing immigration, but the country has its own reservations in the formulation of policies on this front.

Though this recession wouldn’t last long, it’s quite obvious that whenever major economies plunge into recession, it will have a ripple effect across the world, at least in the short run. The Euro zone has revised its growth forecast for 2024 from 1.2% to 0.8%, and it remains to be seen whether other countries will follow suit.

The author is a Member of Loka Kerala Sabha

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World’s largest hybrid gold meet at the Armani Hotel, Burj Khalifa attracts 100 plus countries participation.

IBMC International showcased its unique “Industries Integrated International Trade Flow System” for Global Gold Industry Projects and Trades.

DUBAI:

The UAE has emerged as the global hub for sustainable gold and bullion markets, with the 5th Global Gold Convention bringing the global gold industry on a single platform for collaborations, investments, joint ventures, and a novel integrated trade flow system with global best practices.

The 5th edition of the Global Gold Convention 2023, the world’s largest hybrid gold conference, was held in Dubai at Armani Hotel, Burj Khalifa, on December 12, 2023, with the theme “UAE, The Global Hub for Sustainable Gold and Bullion Markets’.

The UNDRR (UN Office for Disaster Risk Reduction) was the Sustainability Partner for the convention.

The Convention, designed as the world’s largest hybrid conference, saw participation by more than 100 countries, ministers, diplomats, regulators, industry leaders, mines, refineries, jewellers, traders, import-export companies, banking, insurance, and logistics companies from across the world, paving the way for collaboration, business promotion, expansion, and diversification.

More than 200 trade delegates and visitors participated physically apart from virtual participation from 100+ countries, in the most sought-after exclusive Global Gold Conference from the region.

Global Gold Convention was organised by IBMC International, UAE-based Economic, Industry & Corporate Advisors and eMarketplace Service Providers which is connected with 100+ countries and integrated with 30+ Sectors.

The event was inaugurated by HE Humaid Ben Salem, Chairman of International Chamber of Commerce & Industry (ICC UAE) and Secretary General, Federation of UAE Chambers of Commerce & Industry (UAE Chambers).

The Convention was held against the backdrop of high volatility in global gold prices and the UAE becoming the most attractive and most preferred global gold trade hub.

The theme Sustainability has been chosen in line with the UAE hosting the COP28 Conference on Sustainability,” said Mr. Sajith Kumar P.K., Group CEO and Managing Director, IBMC International Group.

In his address, Mr. Sajith Kumar said the “UAE is emerging as the Global Hub for Sustainable Gold and Bullion Markets and IBMC’s “Industries Integrated International Trade Flow System” is set to support the entire Gold Industry stake holders from Gold Mining, Exports, Imports, Refineries, Gold Retail Markets, Jewellery Manufacturing Units and Re-exports”.

Mr. Jeffrey Rhodes, industry expert and Founder & Managing Consultants, Rhodes Precious Metals Consultancy DMCC, who delivered the special industry address on Cop28UAE, said : “The Global Gold Convention 2023 was an excellent event that gave participants the opportunity to express a wide range of views and opinions about the bullion market, including the impact of COP28 on the global gold industry. This included the efforts being made by many companies, including Gold Clean Processing Initiatives to turn the ecological tide and help push the artisanal and small scale gold sector in the right carbon neutral direction with new technology to eliminate the use of toxic chemicals such as mercury in the gold recovery process, while dramatically improving gold yields.”

The Convention offered the participants a comprehensive platform to showcase the entire gamut of gold trade and business and explore potential investment and partnership opportunities through networking, interactive sessions and industry-focused panel discussions.

The high-profile Diplomatic Conclave proved a major draw and beneficial to the participants, with the diplomats presenting the opportunities in the mining, refining, trading, and jewellery manufacturing sectors in their respective countries.

Mr. Anoop P. S., Group CBO and ED, delivered the welcome speech. Mr. Venu V. K., Director, IBMC Trade Flow Ventures, and Ms. Monika Agarwal, Partner of IBMC International, were also present at the convention.

The highlight of this year’s Convention was the recently launched, and first of its kind from the UAE, Industries Integrated International Trade Flow System (IBMC Trade-Flow System) by IBMC International which extended its corporate listing due diligence to all the participating companies in the Convention. Each participant company qualified for corporate listing to get international reach as the first step of due diligence activities out of the five steps in the IBMC Trade-Flow System.  Corporate Listing will help each company attract investment partners, technology partners, and trade partners for expanding their projects and trades to 100+ countries that are connected to the IBMC Trade-Flow System.

UAE-based IBMC International Group is a leading Economic, Industry & Corporate Advisory and eMarketplace Service Provider (IBMC Trade-Flow System) which is connected to 100+ countries and integrated with 30+ sectors. It is an internationally recognized private institution pioneering in professional areas of industry innovations, business, and joint venture strategies.

IBMC International is the recipient of the region’s highest recognitions, such as the Sheikh Khalifa Excellence Award (SKEA) in the Professional Sector, instituted by the Abu Dhabi Chamber of Commerce & Industry, the Corporate Social Responsibility (CSR) Label Award from the Dubai Chamber of Commerce and Industry, and a United Nations (UN)-shortlisted company for Sustainable Development Goals.

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The Industries Integrated International Trade-Flow System, a pioneering private sector initiative in the UAE for Global Economic Empowerment, supporting projects and trade.

International Trade Flow System to bolster non-oil sector diversification for SMEs, corporates and MNCs.

To launch Global Multi-Asset Exchange (Stocks, Commodities, and Currency) project, a new model focusing on increasing trade.

ABU DHABI:

IBMC, the UAE-based financial services consultancy and eMarket Place Trade Flow Service Providers, has launched an innovative Integrated International Trade-Flow System, an innovative platform connecting 100+ countries and 30+ sectors to empower economies, industries and corporates supporting their projects and trades.

The project was launched as part of IBMC Vision 2025 at a ceremony held at Emirates Palace, Abu Dhabi, in the presence of ministers, diplomats, senior representatives of MNCs, large corporate entities, and invited guests from industries.

The system will enable Gulf countries to boost growth in the non-oil sector and empower SMEs, large and medium-sized corporates and MNCs to explore international markets using the best-in-class industry practices.  A streamlined five-step compliance procedure has also been  prescribed to enhance international trust for attracting global partners and investors.

The Industries Integrated International Trade-Flow System has over 15 corporations empaneled from more than 15 industry sectors.

As part of its Vision 2025, IBMC will also launch a global multi-assets exchange (stocks, commodities and currency), a unique model from the UAE, designed to increase exports, imports and re-exports by utilizing highly compliant stock and commodity exchange platform, enabling dual listing and commodity listing.

The Chief Guest, H.E. Humaid Ben Salem, Secretary General of the Federal Chambers of Commerce and Industry and Chairman, International Chamber of Commerce and Industry officially inaugurated IBMC’S Industries International Trade-Flow System in the presence of   H.E. Sheikh Khaled bin Ahmed Al Hamed, Group Chairman of IBMC International; Mr. Sajith Kumar P.K., Group CEO & Managing Director of IBMC; and H.E. Hon. Henry Jons Amuli MP, Minister for Commerce and Industry, Papua New Guinea, and diplomats and special guests.

Papua New Guinea was the first country to launch into the Industries Integrated International Trade-Flow System from the gold industry.

HummingbirdEV USA was the first corporation from the EV Industry, followed by SUSTAINOLOGY UAE for Carbon Credit.

The Industries Integrated International Trade-Flow System will prepare corporates in the Gulf countries to understand international norms and procedures for using the upcoming Exchange, thus enhancing their international business capabilities.

“For the past five years, IBMC has continuously worked towards supporting businesses of all classes, from startups to MNCs and listed companies, through various corporate awareness and empowerment programs and systems. This aligns with the changing economic scenario in the Gulf economies, focusing on non-oil growth in the post-Covid pandemic times to expand their markets internationally,” said Mr. Sajith Kumar, Group CEO & MD, the Strategist, Investment Manager & International Compliance Officer.

“We are proud to introduce yet another innovative system to the global economies, industries, and corporates to empower them in the global open markets,” said HE Sheikh Khalid Bin Ahmed Al Hamed, Group Chairman, industrialist, and influential UAE National in the UAE’s private sector.

Another initiative is the creation of sectoral companies. This initiative supports industries by adhering to the best industry practices and international standards, providing additional assistance to economies in empowering their industries with updated practices and policies.

HE Humaid Ben Salem, Secretary General of UAE Chambers and Chairman of ICC UAE, expressed his support for the initiative.

“Having successfully concluded five years of visionary planning, IBMC is now entering the implementation phase by launching the Industries Integrated International Trade-Flow System, a pioneering system from the private sector in the UAE,” said Mr. Sajith Kumar.

The projects under the IBMC Vision have been started jointly under the leaderships of HE Sheikh Khalid Bin Ahmed Al Hamed, and Mr. Sajith Kumar P.K. The projects have been structured and implemented with a highly professional international team under the leadership of Mr. Sajith Kumar.

The IBMC Vision 2022 Project Structuring Phase, a five-year endeavor, commenced in 2017 and culminated successfully in December 2022. This project was dedicated to bolstering the diversification of the non-oil sector in the Gulf countries, primarily through the UAE. Its overarching aim was to extend significant opportunities from the Gulf region to the global business community, including traders and investors. IBMC adopted a strategic and innovative approach to empower a wide spectrum of businesses, ranging from startups and SMEs to multinational corporations. It sought to provide diverse opportunities for business, trade, and investment diversification. The project was propelled by a series of major and creative steps, including initiatives focused on industry awareness, corporate empowerment, and economic enablement.

IBMC’s Trade Flow emerged as a prominent portal that facilitated connections within the global business class during EXPO 2020 through the pavilions of respective countries. During EXPO 2020, IBMC actively supported participating countries in hosting economic forums, industry events, and industry roundtable discussions, aiming to attract business class, traders, and investors to their respective nations.

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NEW DELHI:

A prolonged period of heavy rainfall is expected to persist in southern Peninsular India until July 8, according to the India Meteorological Department (IMD). The agency has further predicted significant rainfall in various states, including Uttarakhand, Himachal Pradesh, Goa, Gujarat, Karnataka, Kerala, and others, reports said.

The IMD has forecast extremely heavy rainfall in four districts of Maharashtra, namely Satara, Pune, Ratnagiri, and Raigad, on July 6. In response to the anticipated conditions, a ‘red alert’ has been issued for Ratnagiri and Raigad, while an ‘orange’ alert has been issued for ten districts, including Nashik, Palghar, Thane, Pune, and Kolhapur.

IMD has indicated the possibility of isolated, exceptionally heavy rainfall in the Konkan, Goa, and Ghat regions of central Maharashtra on July 6, along with Gujarat on July 7 and 8 in the western region.In response to the heavy rain forecasted for Goa, the state’s Education Department has declared a one-day holiday for schools. Consequently, schools from Std I to XII will remain closed on Thursday to ensure the safety of students and staff in light of the anticipated weather conditions.

The meteorological department has issued a ‘red alert’ for the districts of Amreli, Bhavnagar, and Anand in Gujarat on July 7, indicating the likelihood of severe rainfall in those areas. Additionally, an alert for extremely high rainfall has been issued for Kutch and Jamnagar districts in Gujarat on July 8.

According to the IMD, the northwestern region can expect isolated heavy rainfall on July 9 in areas including Jammu-Kashmir, Himachal Pradesh, Uttarakhand, Punjab, and Haryana. The weather department has issued a ‘yellow alert’ for most districts of Uttarakhand and Himachal Pradesh on July 9, indicating the potential for heavy rainfall.

In Jammu and Kashmir, a ‘red alert’ has been issued for Rajouri district, while several other districts have been placed under an ‘orange alert’. Similarly, an ‘orange alert’ has been issued for most districts of Bihar on July 9, signifying the likelihood of significant rainfall. These alerts help in preparing and ensuring the safety of residents in the face of anticipated weather condition

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The new HDFC Bank entity will have around 120 million customers — that’s greater than the population of Germany. It’ll also increase its branch network to over 8,300 and boast of a total headcount of more than 1,77,000 employees. The tie-up of HDFC Bank Ltd. and Housing Development Finance Corp. creates a lender that ranks fourth in equity market capitalisation, behind JPMorgan Chase & Co., Industrial and Commercial Bank of China Ltd., and Bank of America Corp., according to data compiled by Bloomberg. It’s valued at about $172 billion.

The total business of the merged entity stood at ₹ 41 lakh crore at the end of March 2023. With the merger, the net worth of the entity would be over ₹ 4.14 lakh crore. The combined profit of both entities was to the tune of about ₹ 60,000 crore at the end of March 2023. It will have combined asset of over ₹ 18 lakh crore. The combined shares of the HDFC twins will have the highest weighting on the indices at close to 14 per cent, much higher than the present index heavyweight Reliance Industries with a 10.4 per cent weightage.

HDFC surges ahead of banks including HSBC Holdings Plc and Citigroup Inc. The bank will also leave behind its Indian peers State Bank of India and ICICI Bank, with market capitalisations of about $62 billion and $79 billion, respectively, as of June 22.

India’s No. 1 Private Sector Bank & India’s No. 1 Home Loans Company have merged to join the ranks of the world’s leading financial institutions.

On this momentous occasion, we rededicate ourselves to serve those who made this milestone possible – You, our Customer.#HDFCBank… pic.twitter.com/0IUzP9L2Oc

— HDFC Bank (@HDFC_Bank) July 1, 2023

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Shrugging off the weak global market trend, benchmark indices have risen for three consecutive sessions, with the BSE Sensex gaining close to 1500 points and moving past the 64,400 mark for the first time ever.

On Friday, both Sensex and Nifty 50 clocked 0.8% gains and scaled lifetime highs of 64,475.72 points and 19,123.20 points, respectively. The rally from the March lows has helped benchmark indices gain nearly 13%, and money managers see this momentum sustaining in the near term.

A comeback of FII faith in the Indian market is one of the key driving forces of the current market rally. Inflows from foreign portfolio investors into equities crossed $10 billion in the current financial year. French asset management firm Amundi recommends foreign investors consider a dedicated allocation to Asian assets, particularly India and China due to the growth advantage.

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PARIS:

India’s Finance Minister Nirmala Sitharaman held talks with UAE’s Minister of Industry & Advanced Technology and COP28 President-Designate HE Dr. Sultan Ahmed Al Jaber, on the sidelines of Summit for a New Global Financing Pact in Paris on June 23. Both Ministers exchanged views on synergising common efforts at G20 India and COP28 by prioritising concerns of the developing world in the global climate policy dialogue.

Ms. Sitharaman highlighted the need to collaborate both through G20 and COP forums in catalysing global action for ensuring availability of credible, predictable, and additional climate finance for developing countries.

French President Emmanuel Macron opened the Summit for a New Global Financial Pact in Paris that seeks to find financial solutions to the interlinked global goals of tackling poverty, curbing planet-heating emissions and protecting nature.

In his opening remarks, Macron told delegates that the world needs a “public finance shock” – a global push of innovation and financing – to fight these challenges, adding the current system was not well suited to address the world’s challenges.  “Policymakers and countries shouldn’t ever have to choose between reducing poverty and protecting the planet,” Macron said.

Ugandan climate campaigner Vanessa Nakate took the podium after Macron and asked the audience to take a minute of silence for people who are suffering from disasters. She criticised the fossil fuel industry, saying they promise development for poor communities but the energy goes elsewhere and the profits “lie in the pockets of those who are already extremely rich”.

Economies have been battered by successive crises in recent years, including COVID-19, Russia’s full-scale invasion of Ukraine, spiking inflation, debt, and the spiralling cost of weather disasters intensified by global warming.

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WASHINGTON

Internet giant Google is investing $10 billion in India’s digitisation fund, its CEO Sundar Pichai has told Prime Minister Narendra Modi, a step that will recognise India’s leadership on fintech and will support small and large businesses in India, the US and around the world. Pichai met Prime Minister Modi here on Friday and also announced the opening of Google’s global fintech operation centre in the Gujarat International Finance Tec-City (GIFT) in Gandhinagar.

“It was an honour to meet Prime Minister Modi during the historic visit to the US. We shared with the Prime Minister that Google is investing $10 billion in India’s digitisation fund,” Pichai said.

Pichai and Modi have shared a rapport ever since the IIT-Kharagpur graduate took the reins at Google, with the pair meeting once before in New Delhi, last year. During that visit, Mr. Pichai said he looked forward to continuing strong partnerships and supporting India’s G20 presidency to advance open internet that works for all.

The Alphabet boss added that he was looking forward to the progress India will make with the additional $10 billion, adding a few ideas of his own.

“That includes our efforts to build a single, unified AI model that will be capable of handling over 100 Indian languages across speech and text – part of our global effort to bring the world’s 1,000 most-spoken languages online and to help people access knowledge and information in their preferred language. We’re also supporting a new, multidisciplinary centre for responsible AI with IIT Madras,” he said.

Prime Minister Modi also met Amazon CEO Andrew Jassy and Boeing’s David L Calhoun in Washington, on the third and final day of his visit. He left the States for Egypt at the end of the day, concluding a groundbreaking trip.

“The most important takeaway is the PM’s passion for India’s development. He does have a specific interest in aviation, in aerospace. It is a big vision,” Boeing’s CEO Calhoun told ANI in an interview. He emphasized the importance of India playing a significant role not only for the country but also for the broader region broadly in aviation and aerospace.

Amazon CEO Jassy expressed his commitment to generating additional employment opportunities in India after his meeting with Modi. “[We’re] very interested in helping create more jobs, helping digitise more small and medium size businesses and helping more Indian companies and products be able to be exported all around the world,” said Jassy.

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Benchmark Sensex spurted 418 points to settle at more than six-month high while Nifty closed above the 17,700 mark on Tuesday amid optimism in the global markets and positive domestic macroeconomic data points.

Buying in index majors Reliance Industries and ITC also added to the optimism in equities. Climbing for the second straight session, the 30-share BSE Sensex jumped 418.45 points or 0.67 per cent to settle at 63,143.16. During the day, it advanced 452.76 points or 0.72 per cent to 63,177.47.

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DUBAI:

Mukesh “Micky” Jagtiani, the Founder and Chairman of The Landmark Group, has passed away on May 26, according to the company. It said in an emailed statement that the businessman passed aay peacefully, surrounded by his loving family.

“Micky Jagtiani leaves behind a formidable legacy of a leading family-owned business conglomerate in the GCC region and beyond, that he founded and managed for several decades. Renowned for his exceptional leadership, unwavering customer-centric approach, and deep market understanding, his visionary spirit and strategic foresight helped the Landmark Group and its brands become a household name in the community,” the statement read.

His colleagues and peers remember him as a warm and friendly man who genuinely cared for people. In its statement, the Landmark Group reiterated this. “He will always be known for his inspiring leadership and even more so, for his humility and genuine concern towards all the lives he touched,” the statement added.

The statement further delved on Jagtiani’s visionary leadership. “From its humble beginnings with a single store in Bahrain in 1973, Micky Jagtiani was the driving force in shaping the conglomerate’s extraordinary journey. His acumen enabled the Landmark Group to emerge as the region’s foremost retail and hospitality conglomerate, with over 2,200 stores in 21 countries across the Middle East and Africa, as well as the Indian Subcontinent, and Southeast Asia.”

Jagtiani is survived by his wife Renuka; his children Aarti and Savitar, Nisha and Kabir, and Rahul; his grandchildren Samar, Nikhil, Yohan and Aliya. The statement said he will be loved and missed by his beloved Landmark Group community.

“He leaves behind enduring friendships, partnerships, and bonds with the Group’s senior management, the industry and wider community, whose lives he touched profoundly.”

The company also added that they remain “committed to carrying forward his spirit and ensuring the continuing success of his ambitions and dreams.”

It has been announced that a public condolence gathering is scheduled to take place on May 29, 2023.

Jagtiani started his business in Bahrain before moving to Dubai in 1990 during the Gulf war. Starting with a children’s brand and footwear shop, the group then branched into retail, hospitality, entertainment, medical and beauty.

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Sohan Roy, founder chairman and CEO of Aries Group, speaking at the company’s silver jubilee celebrations.

DUBAI:

Non-Resident Indian businessman Sohan Roy, founder chairman and CEO of Aries Group, announced the “silver jubilee gift” for employees and their families. As a marine engineer-turned-businessman and filmmaker, Roy has emphasised the invaluable contribution of the employees and their supportive families to the company’s growth and success.

Headquartered in Sharjah, Aries Group of Companies is marking its 25th anniversary with a Dh13.4million reward for its employees and their families. In addition, the parents of 25 employees were flown into the UAE for the grand silver jubilee celebrations. “As we reflect on the past 25 years, we are grateful for the commitment and efficiency of our employees and their families who have supported them,” said Dr. Roy.

Dr. Roy said the company has devised a mechanism to give away the reward to families of employees who have completed a minimum of five years with the group over a prescribed time period.

The invitation to the parents to attend the silver jubilee celebrations in Dubai and to tour the emirate was a token of appreciation for the dedication and hard work of the employees who have been with the company for three or more years.

The parents of 25 employees of Aries Group were specially flown in to the UAE for the silver jubilee celebrations.

“We believe the success of any business is linked to its employees’ happiness. Initiatives such as inviting parents to the event and offering financial rewards to the whole family are a testament to this commitment. We are sure such initiatives will strengthen the bond between the employees and their families and foster a sense of pride in being part of the Aries Group family,” Dr. Roy said.

Founded on 28th March 1998, Aries Group was started with its flagship unit, Aries Marine, and then eventually grew to become one of the largest multinational conglomerates in the Middle East with 59 companies operating in 25 countries across the world.

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NEW DELHI:

The Supreme Court-appointed panel of experts examining India’s regulatory mechanism in an investigation linked to the Hindenburg allegations has given a clean chit to the Adani Group and has said it appears there was no regulatory failure on the part of market regulator SEBI.

The experts’ committee comprising domain experts has also said there was no price manipulation on the part of the Adani Group and that the conglomerate had taken necessary steps to comfort retail investors. The mitigating measures taken by the group had helped in building confidence in the stock and the stocks are stable now, the panel said.

“At this stage, taking into account the explanations provided by SEBI, supported by empirical data, prima facie, it would not be possible for the committee to conclude that there has been a regulatory failure around the allegation of price manipulation,” the panel said in the report submitted to the Supreme Court.

It also said there is a need for an effective enforcement policy that is “coherent and consistent” with the legislative position adopted by SEBI or Securities and Exchange Board of India.

The Supreme Court had appointed the committee of domain experts alongside the investigation that SEBI was conducting into Hindenburg’s allegations against the Adani Group.

The committee, which recently submitted its findings to the Supreme Court, said SEBI had found out some entities had taken a short position before the Hindenburg report and had profited after the price crashed following the report.

The committee found no pattern of artificial trading or wash trades among the same parties multiple times.

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NEW DELHI: 

India’s wholesale-price base inflation (WPI) for the first time in almost three years turned negative in April, as overall prices eased. The WPI inflation fell -0.92 per cent in April, as compared to a rise of 1.34 per cent in March, the Ministry of Commerce & Industry stated in a release on Monday. The WPI inflation has fallen into negative for the first time since July 2020.

The food index climbed 0.17 per cent year-on-year (YoY), against 2.32 per cent in March, meanwhile, fuel and power index jumped 0.93 per cent from 8.96 per cent last month.

The country’s WPI inflation has been easing continuously for the last 11 months after it jumped to a 20-year high of 16.63 per cent in May last year.

The decline in the rate of inflation in April was primarily contributed by the fall in prices of basic metals, food products, mineral oils, textiles, non-food articles, chemical & chemical products, rubber & plastic products and paper & paper products, the Commerce Ministry said.

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MUMBAI:

Benchmark indices were trading higher in the afternoon session with Nifty above 18400.The Sensex was up 369.32 points or 0.60 per cent at 62,397.22, and the Nifty was up 99.60 points or 0.54 per cent at 18,414.40. About 1,799 shares advanced, 1,422 shares declined, and 155 shares were unchanged.

Nifty Bank index rose 0.5% led by Bandhan Bank, Bank of Baroda, IDFC First Bank.

Asian stocks started cautiously on Monday as investors braced for a China policy rate decision and economic data this week, while awaiting a host of U.S. Federal Reserve officials to speak to vindicate market pricing of rate cuts this year.

Early action was sluggish following a report on Friday showed U.S. consumer sentiment slumped to a six-month low in May and long-term inflation expectations jumped to the highest since 2011, boosting the U.S. dollar and Treasury yields.

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MUMBAI:

Tata Motors, Bajaj Auto, Power Grid Corporation, Hero MotoCorp and Britannia Industries were among major gainers on the Nifty, while losers were Cipla, Adani Enterprises, Divis Labs, Sun Pharma and Tata Consumer Products.

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