PM Says Reforms Will Continue, Hails Climate Action; Subsidy Likely For Using Inland Waterways

In I-Day Speech, PM Says Government Committed To Major Reforms To Strengthen Nation

Prime Minister Narendra Modi has said his government is deeply committed to "major reforms", emphasising that the process of reforms is not driven by compulsion, but by the intention to strengthen the nation, Business Standard reported.

In his Independence Day address from the Red Fort, Modi said his government has chosen the path of reforms to bring about a change in the lives of the poor, middle class, deprived people, urban population and youth. Citing the example of the banking sector, Modi said his government has implemented multiple reforms to strengthen the sector which has led Indian banks to secure their place among the selected strong banks in the world. Read more 

PM Modi Says India Has Achieved Climate Change Targets Well Before 2030 

Prime Minister Narendra Modi has said India is the only country in the G20 grouping that has achieved its climate change targets ahead of the deadline, Business Standard reported.

In his Independence Day speech, he said only India had accomplished its Paris Accord targets ahead of time among the G20 countries. India has reduced the emissions intensity of its GDP by 33 per cent between 2005 and 2019. “In the renewable energy sector we have surpassed our set target. The target which we had set for renewable energy by 2030 was completed in 2021-22. We had talked about 20 per cent blending in ethanol, that as well we have completed five years ahead of time,” the PM said. More here

Centre Likely To Promote Goods Movement By Inland Waterways With Subsidies 

The government could offer financial support for the movement of goods on inland waterways, as part of its efforts to promote greater use of the country's network of rivers, canals and backwaters to move cargo, the Economic Times reported quoting officials.

The government is readying a scheme to incentivise parcel movement on the Ganga, Brahmaputra and Barak rivers in the first phase. A discount of up to 35 per cent on the invoice value for transporting goods is expected to be offered by a subsidiary of state-run Shipping Corporation of India, with the government reimbursing the company for the loss of revenue, they said. More here

Binance Registers With FIU To Meet India Terms Against Money Laundering 

Global crypto exchange Binance has registered itself as a reporting entity with the Financial Intelligence Unit India (FIU-IND) over six months after receiving a show-cause notice from the finance ministry for non-compliance with the country's anti-money laundering law, Business Standard reported.

Binance, one of the largest cryptocurrency exchanges in the world, is set to resume operations in India with the registration. “Recognising the vitality and potential of the Indian VDA (virtual digital assets) market, this alignment with Indian regulations allows us to tailor our services to the needs of Indian users. It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India’s continued VDA evolution,” said Richard Teng, chief executive officer (CEO), Binance, on the company’s blog. More here 

Over 5 Lakh Homes Not Delivered As Projects Stalled Over 8 Years: Survey

One in five under-construction homes totalling to over 5 lakh units have not been delivered as 1,981 projects across 44 cities are stalled in the last 8 years, the Economic Times reported quoting listed data analytics firm PropEquity.

The number of stalled units have increased by 9 per cent to 5,08,202, from 4,65,555 units in 2018. The remaining 4 under-constructed homes have been delivered after substantial delay of 3-4 years. According to the data, 1,636 projects totalling 4,31,946units in 14 tier I cities and 345 projects totalling 76,256 units in 28 tier II cities have been stalled. Greater Noida in tier I with 74,645 units and Bhiwadi in tier II with 13,393 units top the list. More here 

US Court Slaps US$ 96 Million Penalty On Sterlite Technologies 

A US court has slapped Vedanta Group-backed optic fibre manufacturer Sterlite Technologies (STL) with damages of US$ 96 million (around Rs 806 crore) for trade-related rights infringements involving American rival Prysmian, the Economic Times reported.

STL, in a statement, said it will "aggressively" challenge the verdict. The company, in which mining group Vedanta led by Anil Agarwal holds a 25 per cent stake posted a loss of Rs 82 crore in the first quarter of fiscal 2025, on revenue of Rs 1,140 crore. After a three-year battle, a South Carolina jury, on August 9, found that Sterlite was in illegal possession of Prysmian's trade secrets including customers, new products and manufacturing expansion plans. More here