Biz Updates: ‘Innovation City’ in Maharashtra on the lines of GIFT City, ED raids in bank fraud case

New Delhi| Maharashtra will establish ‘Innovation City’ on the lines of GIFT City of Gujarat. Chief Minister Devendra Fadnavis announced this. He stressed the need for efforts to maintain state leadership in India’s start-up ecosystem. Speaking at a forum on startups and technology in Mumbai, he said the initiative will create a hub for technology and innovation that will provide fertile ground to startups, especially in emerging sectors like artificial intelligence (AI).

“The way GIFT City has been built, our aim is to develop Innovation City in Maharashtra at an even faster pace”, Fadnavis said Gujarat International Finance Tech-City (GIFT City) is India’s first international financial services center under the Special Economic Zones Act.

The Financial and Technology Center between Ahmedabad and Gandhinagar is designed to attract businesses from India and abroad. Highlighting Maharashtra’s achievements, Fadnavis said the state has more than 25,000 startups and remains a leader in “investment and valuation”.

ED raids Kolkata, Howrah in Rs 6,000 crore bank fraud case
The Enforcement Directorate (ED) conducted simultaneous raids at three different locations in Kolkata and Howrah in a Rs 6,000 crore bank fraud case. He said that searches were conducted at the residence and office of a businessman. “During the investigation of the case, we detected several fake companies and agencies, which were allegedly involved in the crime”, the officer said. This person is the director of one such agency and we are conducting a search operation to find out the connection of fraud and misappropriation of funds In December, ED had arrested Concast Steel and Power promoter Sanjay Sureka in this case. The agency had seized Rs 1,000 crore from him.

Startup India made the country one of the most vibrant startup ecosystems: PM
Prime Minister Narendra Modi on Thursday described it as a transformative event on the ninth anniversary of Startup India, saying the initiative has made India one of the largest and most vibrant startup ecosystems globally.

He said that this is a historic initiative, which has redefined innovation, entrepreneurship and development. He described the event as “very close to his heart” and said it has emerged as a powerful way to advance youth empowerment. “Over the past nine years, this transformational program has empowered countless young people, and turned their innovative ideas into successful startups”, he said on X

He said that from technology-driven solutions to rural innovations, healthcare advancements to biotechnology breakthroughs, fintech to edtech, clean energy to sustainable technology, Indian startups are addressing global challenges as well as creating employment opportunities. Are creating. The PM said that startups are trying to move the country towards self-reliance. He said that his government has left no stone unturned in encouraging the culture of startups.

Finance Minister met the President of Singapore, discussed strategic partnership
Finance Minister Nirmala Sitharaman met Singapore President Tharman Shanmugaratnam in New Delhi and discussed the comprehensive strategic partnership during the bilateral meeting. “I am honored to meet President of the Republic of Singapore Tharman Shanmugaratnam”, the Finance Minister said in a post on X.

India values its comprehensive strategic partnership with Singapore. This presidential visit will strengthen our bilateral relations, marking its 60th anniversary India-Singapore relations were elevated to a comprehensive strategic partnership during Prime Minister Narendra Modi’s visit to Singapore in September 2024. The President has also been accompanied by Second Finance Minister and Transport Minister Chi Hong Tat.

“The two leaders discussed a comprehensive strategic partnership during the talks, highlighting areas such as fintech, digital technology, semiconductor ecosystem and skill development”, the Finance Ministry said in another post on X. Both sides expressed confidence in expanding trade and investment relations in the coming decades The Singapore President arrived in India on Tuesday night on a five-day visit, the visit aims to further boost bilateral relations in various fields.

Kutch Copper Limited joins International Copper Association
Adani Group company Kutch Copper Limited has joined the International Copper Association as its new member. Washington, D.C. The International Copper Association is a non-profit trade association based in. Which represents half of the world’s copper producing companies. In which 33 countries in six continents are members.

AUM of Passive Mutual Fund increased by 24 per cent to Rs 11 lakh crore
Passive funds are growing rapidly in the mutual fund industry. The folio of investors of passive funds, including index funds and exchange traded funds, has increased by 37 percent in 2024. Total Asset Under Management (AUM) has increased by 24 per cent to cross Rs 11 lakh crore. According to the Association of Mutual Funds in India, fund houses launched 122 passive schemes in 2024. Among the major companies, Nippon India Mutual Fund has 1.46 crore folios and AUM of Rs 1.65 lakh crore in passive funds. The ETF accounts for 55 per cent of its trading volume. Arun Sundaresan, ETF head, Nippon India, said passive funds provide exposure to different parts of the market, making them the right label products. Nippon India launched 8 passive funds in 2024. It now has 24 ETFs and 21 index funds.

RBI’s emphasis on cross border transactions in rupees
RBI has announced liberal norms to increase the use of rupee for cross-border transactions. This decision has been taken at a time when the rupee is falling. RBI has signed agreements with the central banks of UAE, Indonesia and Maldives for transactions in rupees.

Textile exports up 11.6% to $11.3 billion
Textile exports from the country increased by 11.6 per cent year-on-year to reach $11.31 billion in the April-December period of the current financial year. According to the Apparel Export Promotion Council, exports have increased due to rapid growth in markets like America, UK and Germany.

Purpose of connecting more people with stock market: SEBI
SEBI chief Madhabi Buch said the regulator wishes to bring more and more people into the Indian stock market so that they can take adequate advantage of wealth creation opportunities. Many steps are being taken for this, which also includes the use of Artificial Intelligence.