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Maha govt approves GCC policy to create 4 lakh high skilled jobs

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Mumbai, Sep 30: The Maharashtra Cabinet chaired by Chief Minister Devendra Fadnavis on Tuesday approved the Global Capability Centre (GCC) policy to establish the state as a leading hub of GCCs in the country leveraging its diverse industrial base, financial leadership and technological expertise.

The policy proposes to establish 400 new GCCs, create four lakh high skilled jobs by integrating industry driven curricula, fostering cutting edge research, and equipping the workforce with advanced digital and technical skills.

It aims to promote GCC-led research, foster multinational collaborations, attract high value and knowledge intensive investments, develop world class business districts and a robust digital data bank.

The policy aims to propel tier-2 and tier-3 cities such as Nashik, Nagpur and Chhatrapati Sambhajinagar into the global GCC landscape, creating new economic hubs and fostering balanced technology driven growth.

The policy will remain in effect for five years (Financial Year 2029-30) from the date of notification or until the next policy comes into effect.

The state government plans to set up dedicated GCC parks equipped with future ready infrastructure, walk to work design and plug and play offices.

The state government will promote cluster development, especially specialised GCC units, within flagship initiatives such as Innovation City and Maharashtra Global Med Zone.

The state government proposes to provide one time capital subsidy of Rs 10 crore for small units with investment of Rs 50 crore, Rs 20 crore for medium units with investment of Rs 100 to 250 crore, and Rs 50 crore for large units with investment of Rs 250 to 300 crore.

The interest subsidy of Rs 25 crore per unit will be given for five years and power tariff subsidy of Rs 20 lakh per unit per annum for five years, pay roll subsidy up to Rs 50,000 for three years for 100 employees per GCC and stamp duty exemption for one time.

In addition, the state government will provide exemption in electricity duty.

The state government proposes to give reimbursement towards rent, green certification, patent filing and research and development grants.

The government will provide non-fiscal incentives to facilitate GCC establishment, including industry status, additional floor space index with premium concessions, critical infrastructure fund, zoning relaxation, single window clearance, approvals for right of way, open access and property to related freebies.

According to the policy, the state government will establish Maharashtra GCC Growth Council, which will serve as a combined think-tank and advisory group, ensuring the policy remains aligned with regional economic priorities, global business trends and industry specific workforce requirements.

To ensure effective execution, one per cent of the overall policy budget of Rs 10 crore per year whichever is lower, will be earmarked for policy promotion, capacity building, stakeholder outreach and impact monitoring.

Business

Indian Railways launches online excess luggage booking with ticket reservations

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New Delhi, July 31: Passengers travelling by train can now book and pay for excess luggage online while reserving their tickets, as Indian Railways on Friday rolled out a new digital facility aimed at making the travel process more convenient.

The service integrates excess luggage booking with the online ticket reservation system, eliminating the need for passengers to visit parcel offices separately before boarding.

Previously, travellers carrying baggage beyond the free allowance had to complete a separate booking process at railway parcel counters, often leading to additional paperwork and long queues.

The online excess luggage booking facility is available only to passengers holding confirmed tickets and is restricted to travel classes where carrying luggage beyond the free allowance is permitted upon payment of the prescribed charges.

Passengers travelling in AC First Class, AC 2-Tier, First Class, Sleeper Class and Second Class can avail of the service.

However, those travelling in AC 3-Tier and AC Chair Car will not be eligible, as the maximum permissible baggage limit in these classes is the same as the free luggage allowance.

Under the existing baggage rules, AC First Class passengers are entitled to carry up to 70 kg free of charge and can carry a maximum of 150 kg after paying excess luggage charges.

Passengers in AC 2-Tier and First Class are allowed 50 kg free, with a maximum permissible limit of 100 kg.

Sleeper Class passengers can carry 40 kg free and up to 80 kg in total, while Second Class passengers have a free allowance of 35 kg and a maximum limit of 70 kg.

In contrast, AC 3-Tier and AC Chair Car passengers can carry up to 40 kg, which also serves as the maximum permissible limit.

Indian Railways has clarified that passengers carrying baggage beyond the free allowance but within the prescribed maximum limits will be required to pay applicable excess luggage charges.

Apart from weight restrictions, the Railways also enforces size limits for luggage carried inside passenger coaches.

Trunks, suitcases and boxes measuring up to 100 cm × 60 cm × 25 cm are generally permitted inside compartments.

However, passengers travelling in AC 3-Tier and AC Chair Car coaches must adhere to a smaller size limit of 55 cm × 45 cm × 22.5 cm.

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IBM partners Sarvam to strengthen India’s sovereign AI ecosystem

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New Delhi, July 31: IBM and homegrown AI startup Sarvam have partnered to accelerate the development and adoption of sovereign artificial intelligence (AI) technologies in India, with a focus on government agencies, public sector organisations and regulated enterprises, according to a statement on Friday.

Under the partnership, the two companies will jointly demonstrate and pilot sovereign AI technologies for use cases such as citizen services, grievance redressal, document processing and administrative workflows.

The collaboration combines IBM Sovereign Core, the company’s sovereign-by-design AI software platform, with Sarvam’s India-first sovereign AI stack, which includes reasoning models and multilingual language and voice AI developed and trained in India.

The combined offering is designed to help organisations deploy AI while maintaining greater control over data, governance, security and compliance in line with India’s regulatory and operational requirements.

In addition, the initiative aims to accelerate sovereign AI adoption through innovation pilots, solution accelerators, technical advisory services and knowledge-sharing programmes.

The IBM GovTech AI Innovation Center in Lucknow will serve as a joint incubation and demonstration hub where government departments, public sector organisations and enterprises can evaluate practical sovereign AI applications and address technical, operational and governance requirements before scaling deployments.

“Sovereign AI is not simply about where AI runs. It is about giving organisations control over how AI is governed, deployed and operated,” said Sriram Raghavan, General Manager, IBM Software, India and Software Innovation Lab.

He said IBM Sovereign Core provides an enterprise-grade platform designed to help governments and regulated enterprises scale AI while addressing governance, security and compliance requirements.

Pratyush Kumar, Co-Founder of Sarvam, said sovereign AI must work within the systems governments and enterprises already rely on while supporting large-scale operations.

“Our stack puts models, voice and language technologies on top of it, so a citizen can access a benefit or resolve a grievance in their own language, on a phone call,” Kumar said.

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Business

Markets open subdued as IT, pharma stocks offset banking weakness

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Mumbai, July 30: Domestic equity benchmarks opened on a subdued note on Thursday amid mixed global cues, as gains in information technology and pharma stocks were offset by weakness in banking and realty shares.

Sensex opened at 77,638.86, down 15.74 points or 0.02 per cent, while Nifty opened at 24,249.55, lower by 0.65 points.

Among the sectoral indices, Nifty IT was the top gainer, rising 1.39 per cent, followed by Nifty Pharma, Nifty Healthcare, Nifty MidSmall IT & Telecom, and Nifty Auto, which gained up to 0.54 per cent.

In contrast, Nifty Realty declined 0.80 per cent, followed by Nifty Chemicals, which was down 0.45 per cent, while Nifty Private Bank fell 0.42 per cent.

According to market experts, the Indian market continues to indicate a potential breakout trend, although several global headwinds are limiting the upside momentum.

“The spike in Brent crude prices to near $90 following the escalation of the US-Iran conflict is a strong headwind for markets,” they said.

Experts noted that the US Federal Reserve’s decision to keep interest rates unchanged, though widely expected, turned out to be negative for equities as the decision was split 9-3, with three members voting for a rate hike to curb inflation.

However, they believe the Indian market could remain relatively resilient.

Weakness in global chip stocks has prompted foreign portfolio investors (FPIs) to shift allocations, with FPIs turning net buyers in Indian equities so far in July.

Brent crude — the international oil benchmark — declined 1.75 per cent to $89.15 per barrel, while US West Texas Intermediate (WTI) crude fell 1.47 per cent to $83.21 per barrel.

Asian stocks traded mixed. Major indices such as the Nikkei, Hang Seng, and KOSPI were up 0.72 per cent, down 0.02 per cent, and lower by 0.57 per cent, respectively.

US stocks ended lower, with the S&P 500 declining 1.52 per cent, while the Nasdaq ended down 1.74 per cent.

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