Business
`India on the verge of capex recovery’

India is on the verge of a new capital expenditure cycle recovery with the central government spending big on infrastructure, said Prabhudas Lilladhar, a financial services player.
In its latest report, Prabhudas Lilladher said there will be a big capex cycle recovery in India in the coming few years as the private sector capex is showing signs of revival.
Even though the Central government is spending big on infrastructure, there has not been industry led capex cycle, the report added.
According to Prabhudas Lilladher, the FY23 budget has increased the capex plans of the Centre by 10.6 per cent to Rs 12.2 trillion.
The National Infrastructure Pipeline (NIP) worth Rs 11,000 billion and resolve to provide amenities like roads, drinking water and housing will keep the Centre’s capex high.
The productivity linked incentive (PLI) worth Rs 2,000 billion across 14 sectors and benefits from China plus one in Specialty chemicals, Textiles and others will revive capex, the report added.
Similarly capex by the steel, cement, textiles, oil and gas and other sectors will push the capex higher.
According to the report, a strong demand in 2Q of the current fiscal is expected given early Diwali and sustained pent upAdemand from urban middle class in discretionary segments.
3Q will benefit from improvement in margins given that cost pressures are abating as most Agri commodities (led by Palm Oil) have corrected to March levels and crude has softened from recent highs by 30-40 per cent.
In addition, prices of steel, aluminium, copper and others have seen corrections of 52 per cent, 38 per cent and 25 per cent from the peak.
Global supply chain seems to be in better shape and semiconductor shortage appears to be ebbing now.
“We expect strong growth in corporate profitability in 2Q and 3Q which would support markets. Any revival of rural demand would be an icing on the cake,” Prabhudas Lilladher report notes.
However, the rural demand has failed to pick up so far despite strong prices as higher costs for inputs, deficient rains in large states and a volatile environment is impacting the sentiments.
Decline in acreage in key crops like paddy and oilseeds can impact food inflation in coming quarters.
Festival demand from urban middle class is expected to remain strong, which will enable good 2Q and 3Q will show benefits of correction in commodities.
Crime
Kerala HC judge files complaint of theft at his residence, police probe on

Kochi, 27 June: The Kochi police have received a theft complaint from Kerala High Court Judge, Justice A. Badharudeen, according to officials on Friday, stating that six sovereigns of gold were missing from his residence.
The complaint, which was filed on Thursday, mentions that the gold has been stolen from the judge’s bedroom. The police have registered an FIR under Section BNS 305.
What has surprised many is that the thief has decamped with gold from a high-security guarded house located in the heart of the commercial capital of the state.
The judge registered the complaint with the Kalamassery police under which his residence falls.
After the preliminary probe, the police are now planning to prepare a list of those who need to be spoken to, as this incident occurred in the bedroom of the senior judge.
More details are awaited.
The incident has raised concerns regarding the security situation in the state. The Congress-led UDF has been accusing the state government of failing to curb the crimes.
It has been found that Kerala is a haven for organised gangs hailing from neighbouring states who specialise in robbing homes, and the cases against non-Keralaite thieves are also on the increase.
According to information prepared by the home department, which was placed before the Assembly last year, it showed 192 cases of theft involving non-Keralites were registered in 2021, and the numbers have been steadily increasing. This rose to 360 in 2022.
In 2023, the number increased further to 519, and by September 2024, a total of 307 such cases were registered. But the image of the Kerala Police got a boost when over 1,350 thieves during this period were put behind bars.
However, with regards to the case being registered in the burglary at the home of a judge, the police appear to have a tough job ahead.
Likewise, with other crimes also on the increase, the Ernakulam Police have come out with a directive to landlords who are seeking to rent out their properties. The police have urged the landlords to get a police clearance certificate from the prospective tenants from their local police station where they stayed.
National
Thackeray brothers will jointly hold one anti-Hindi protest: Sanjay Raut

New Delhi, June 27: Amid plans to hold two protests against imposition of Hindi in schools in Maharashtra, senior Shiv Sena (UBT) leader Sanjay Raut on Friday announced that there would be only one demonstration and the two Thackeray brothers would participate in it together.
Even though there has been no formal announcement on this till now by the Maharashtra Navnirman Sena (MNS) or the Shiv Sena (UBT), but Sanjay Raut’s post on X, in which he has also put up a picture of the two cousins together with a photograph of the late Bal Thackeray in the background, has fuelled speculation of rapprochement between Uddhav and Raj Thackeray and the possibility that they might hold the protest jointly.
Earlier, close to Raj Thackeray’s birthday Uddhav Thackeray had also hinted at a rapprochement between them but nothing concrete had come out of it.
On Thursday MNS chief Raj Thackeray announced the change in morcha date to July 5 instead of July 6 to protest the imposition of Hindi in Marathi and English-medium schools for classes 1 to 5 in Maharashtra.
This was done as the auspicious Ashadhi Ekadashi falls on July 6 when the devotees fast for the day and walk all the way to Pandharpur to pay tribute to the presiding deity Vitthal.
Significantly, Uddhav Thackeray on Thursday extended his party’s support to a morcha organised on July 7 in Mumbai by The Tribhasha Sutra (Three language formula) committee.
Raut’s post is significant because even though both the brothers and their parties had declared that they would not allow the imposition of Hindi, they had announced two different protests.
Insiders from both the parties said that efforts are on to fight as one, in order to avoid a split in the Marathi speaking people opposing the imposition of Hindi.
Now, it remains to be seen whether Sanjay Raut’s post was his own initiative or whether it had the blessings of the leaders of both the parties and the two estranged brothers have finally decided to come together for a cause close to their heart and fight for it jointly.
Business
Make GIFT IFSC more competitive to attract foreign investments: FM Sitharaman

New Delhi, June 27: GIFT International Financial Services Centre (IFSC) should be developed as a prominent gateway for global capital flows into India to feed the needs of high-growth sectors over the next two decades, Finance Minister Nirmala Sitharaman has stressed.
She underscored the importance of developing GIFT City into a dynamic smart city, equipped with integrated, modern, and sustainable living infrastructure, and stated that establishing such world-class amenities is essential to attracting top-tier talent from both domestic and international markets.
During her visit to IFSC at GIFT City in Gandhinagar, the Finance Minister reviewed the progress and interacted with key market participants.
While commending the GIFT IFSC’s role in enhancing India’s global financial standing and acknowledging its impact on reshaping international financial engagement by Indian companies and individuals, she stressed on fast-tracking the reforms in next few years itself, to enable growth to align with the vision of ‘Viksit Bharat’ by 2047
Reiterating GIFT IFSC’s core mandate for focussing on bringing foreign capital into India through structured and well-regulated channels, FM Sitharaman also laid emphasis on the importance of Indian financial sector regulators to take initiatives for identifying aspirational needs of GIFT IFSC in this direction.
The Finance Minister indicated that the twin advantages of India pertaining to technology and availability of a very large domestic market and its financing needs must be leveraged to gain competitive advantage.
Given India’s status as a major gold importer, she stressed on the need to scale up operations at the India International Bullion Exchange (IIBX) by expanding stakeholder participation and strengthening price discovery, thereby positioning GIFT IFSC as a global bullion hub.
She also interacted with MDs and CEOs, chairpersons, founders and CFOs from banking, insurance, capital markets, funds industry, finance companies, payment services providers, aircraft and ship leasing firms, fintech firms, ITFS platform providers and foreign universities.
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