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Maha govt forms tender committee to set up NBFC for ‘Viksit Maharashtra 2047’ credit need

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Mumbai, Sep 7: In a major move to boost its long-term development plans, the Maharashtra government on Monday constituted a specialised tendering committee to oversee the creation and operationalisation of a dedicated State financial institution.

Registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI), this entity is designed to cater to the state’s massive estimated infrastructure credit requirement of Rs 25–35 lakh crore over the next decade under the ‘Viksit Maharashtra 2047’ blueprint.

According to a Government Resolution (GR) issued by the Finance Department, the newly formed multi-disciplinary committee will drive the selection process for an expert advisory agency.

The procurement will follow a two-stage evaluation process — starting with an Expression of Interest (EoI) for shortlisting followed by a Request for Proposal (RFP) for final selection.

The initiative targets standardising funding channels to support the state’s ambitious Rs 25–35 lakh crore infrastructure push over the coming ten years.

The Maharashtra government hopes the state economy to become $1 trillion by 2029-30 and $5 trillion by 2047.

The state government’s move to raise funds worth Rs 25 to 30 lakh crore needed to achieve ‘Viksit Maharashtra 2047’ vision through NBFC is important due to constraints in raising funds during the volatile market conditions.

“Of the credit need of Rs 25-30 lakh crore, Rs 10-12 lakh crore are proposed for Metro expansion (Mumbai Metropolitan Region at Pune in Nagpur), Coastal Road extensions, Shaktipeeth and Ring Expressways, Vadhavan Port connectivity, Rs 3.5-4.5 lakh crore for Solar/wind generation, pumped storage projects, grid modernisations, and 24×7 rural water supply grids, Rs 3-4 lakh crore for AI Innovation cities, semiconductor clusters, auto/EV manufacturing zones, and logistics parks, Rs 1 lakh crore for island tourism, coastal cruises, fort conservation, and luxury resort hubs and Rs 1.5 lakh crore for the upgradation of smart villages, micro-irrigation networks, and rural cold-chain logistics.”

Stage 1 involves pre-qualification via an EoI response, while Stage 2 will consist of technical presentations and financial bidding under an request for proposal (RFP).

A four-member high level committee has been formed to ensure transparency, neutrality, and statutory compliance under the Companies Act, 2013.

The committee comprises key officials from administrative, legal, and finance sectors to maintain rigorous oversight.

The committee will be chaired by Finance Department Secretary (Financial Reforms) as Chairman/Presiding officer for administrative alignment and financial restructuring approvals, representative of law and judiciary (minimum deputy secretary rank as member (Legal) to provide legal oversight for company incorporation, Memorandum of Association and Article of Association vetting, and Companies Act compliance, expert nominated from RBI Bank or leading public sector bank to bring in specialised domain expertise in banking and NBFC operations and the Finance Department Deputy Secretary as member secretary to manage documentation, official correspondence, and state e-tendering.

The committee has been tasked with clear responsibilities throughout the procurement lifecycle to review and approve pre qualification and eligibility criteria for the expression of interest, open and verify state e-portal EoI submissions, evaluating candidate “Approach Notes”, and conducting technical presentations, finalise a shortlist of advisory firms scoring 70 marks or higher to advance to the RFP phase and oversee RFP technical/financial evaluations, analyse commercial bids, and submit final recommendations to the state government for selecting a single advisory partner agency.

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Govt asks Meta to review Facebook and Instagram recommendation systems

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The Ministry of Electronics and Information Technology (MeitY) has asked technology giant firm Meta to review the content recommendation and ranking systems that power Facebook and Instagram, stepping up regulatory scrutiny of how social media algorithms amplify information in India, according to multiple reports.

In an advisory issued to the company, the ministry had asked Meta to ensure that its recommendation systems do not lead to the disproportionate exposure of users to a single or limited set of narratives and instead provide greater access to diverse, relevant and credible information, according to them.

The ministry also directed Meta to strengthen mechanisms for rapidly identifying, reviewing and escalating content that gains significant reach through recommendation systems when such material has the potential to contribute to public confusion, violence or disruption of public order.

Apart from that, the US-based company has been asked to implement the measures immediately and inform the government of the action taken.

The advisory specifically highlights photographs, videos and graphics related to ongoing public events where the authenticity, timing, location or surrounding circumstances may be unclear.

It calls for additional context where old or unrelated visuals are presented as current, where footage has been selectively edited or where unverified claims are made regarding emergencies, police action or other official measures.

Additionally, this marks the latest escalation in the government’s scrutiny of Meta’s moderation and recommendation systems.

Earlier in August, government officials questioned Meta executives over content recommendation algorithms, deepfakes, synthetic media and safeguards against unlawful content.

Meta has separately tightened content and advertising safeguards following concerns related to child sexual exploitation material.

The company said earlier this month it deployed new AI-driven advertising review systems and removed 5.3 million pieces of child sexual exploitation content in India during January-June 2026, with more than 98% detected proactively.

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Sensex, Nifty open flat amid mixed global cues

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Domestic equity benchmarks opened on a flat note on Monday tracking mixed global cues and momentum from last week’s gains.

Sensex opened at 74,849.30, up 120.03 points or 0.16 per cent, while Nifty began trading at 23,150.85, up 4.70 points or 0.02 per cent.

Sectorally, Nifty PSU Bank led gains and rose over 1 per cent, followed by Nifty Oil & Gas which surged 0.6 per cent.

In contrast, Nifty Private Bank, Nifty IT and Nifty Chemicals dropped up to 1 per cent.

Market experts said momentum from Nifty’s 2.8 per cent surge last week and good results from banking majors after better-than-expected IT earnings could keep the market resilient.

“However, escalation of tensions in Hormuz and consequent surge in Brent crude to $109 will act as a strong headwind,” according to them.

They further said that attractive large-cap valuations and rupee appreciation turned FII stance slightly positive, though unlikely to sustain at high crude prices. Large-caps outperforming mid and small-caps is likely to continue, with stock-specific action on Q2 results.

For Nifty, immediate support is placed at 22,950–23,000, while resistance is seen at 23,250–23,300, the experts said and added that RSI strengthened to 52.81 above its average of 34.70, while PCR stood at 1.08.

In the previous session on October 16, FIIs turned net buyers after 15 straight sessions of selling, buying equities worth about Rs 1,166 crore, while DIIs ended their 45-session buying streak with net sales of around Rs 3,661 crore.

On commodities, Brent crude traded nearly 2 per cent lower at around $107.76 per barrel, while US WTI declined about 1 per cent to $100.43.

In Asia, markets were mixed. Japan’s Nikkei traded 0.84 per cent lower, while Hong Kong’s Hang Seng and South Korea’s KOSPI rose up to 0.83 per cent. Indonesia’s Jakarta Composite fell over 5 per cent.

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India-EFTA trade pact opens new opportunities for Norwegian investment across key sectors

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India’s strong economic growth trajectory and the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA) are creating significant opportunities for Norwegian investors, particularly in manufacturing, renewable energy, infrastructure, financial services and the digital economy, according to industry insights.

With GDP growth projected to remain around 6.5 per cent annually through 2030, India is widely expected to become the world’s third-largest economy by the end of the decade, according to EY India report.

Analysts attribute this outlook to strong domestic consumption, rising investments, ongoing infrastructure development and reforms aimed at improving the ease of doing business.

The India-EFTA TEPA, which came into effect in October 2025, is being viewed as a major milestone in India-Norway economic relations.

The agreement seeks to promote trade liberalisation, facilitate investment flows and deepen cooperation in areas such as innovation, sustainability and advanced technologies.

The pact includes investment commitments of $100 billion over 15 years and is expected to support the creation of one million direct jobs in India, aligning with the country’s broader goals of expanding manufacturing capacity and strengthening its position in global value chains.

Industry experts believe the agreement creates a strong framework for Norwegian companies to expand their presence in India by combining Norway’s expertise in technology, sustainability and capital-intensive industries with India’s large market and growth ambitions.

Several sectors have been identified as priority areas for collaboration, including manufacturing, renewable energy, oil and gas, maritime services, seafood processing, information and communication technology (ICT), fintech and financial services. These industries are expected to benefit from increasing bilateral cooperation under the TEPA framework.

The rapid expansion of India’s digital economy and digital payments ecosystem is also creating opportunities for Norwegian companies seeking exposure to one of the world’s largest and fastest-growing consumer markets.

At the same time, India’s policy measures aimed at attracting foreign investment are expected to provide a supportive environment for long-term investors, as per the report.

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