Business
With vision to serve India, Reliance contributes Rs 1,185 cr as CSR in FY22

Diversified conglomerate Reliance Industries has contributed Rs 1,184.93 crore towards supporting a number of need-based and impactful Corporate Social Responsibility initiatives during the fiscal FY22.
The CSR initiatives were spearheaded by Reliance Foundation, the philanthropic arm of Reliance Industries, led by Founder and Chairperson of the foundation Nita M. Ambani.
The works included in areas such as rural transformation, health, education, disaster response along with sports for development initiatives.
Most importantly, its Covid-19 response to support the nation and the people, was rolled out through five missions, continued pivoted and intensified through the year, based on the urgent and emerging needs including Mission Oxygen and Mission Vaccine Suraksha.
The other missions, including Mission Anna Seva, Mission Covid Infra and Mission Employee Care, were strengthened and sustained, based on the emerging pandemic situation.
Through its wide range of initiatives, the foundation managed to reach out to over 5.75 crore people and served as many as 50,600 villages.
During the once in a century pandemic, it produced 1,000 tonne medical oxygen every day exclusively for patients, over 8.5 crore meals distributed among needy ones, over 1.4 crore reusable masks distributed, over 2,000 Covid care beds set up across various locations, provided Covid related advisories to over 44 people, over 27 lakh litre fuels dispensed for emergency response vehicles, among many others.
Providing crucial support to the nation to meet a sudden shortage of medical oxygen for Covid-19 patients, especially during the second wave, Reliance repurposed its factory in Jamnagar in record time to produce liquid medical oxygen. The infrastructure was ramped up to meet the life-saving needs of 100,000 patients on a daily basis, delivered free of cost to various states.
The Jamnagar facility contributed to 11 per cent of India’s total production of medical grade liquid oxygen. Even though Reliance was not a manufacturer of medical-grade liquid oxygen, it became India’s largest producer of this life-saving resource from a single location in order to stand with the country in its hour of need.
Besides, it enhanced India’s covid testing capabilities by developing its own confirmatory tests with 15,000+ daily testing capacity.
In education space, it had set up a Jio Institute Campus at Ulwe, Navi Mumbai, Maharashtra in about 52 acres, which will commence its academic sessions in 2022 itself.
Further, it reached 2.15 crore youth and children through different sports initiatives since the inception of the foundation.
Reliance Foundation scholarship athletes put up outstanding performances at national and international events, winning 28 medals in all. Athletes have their sights set on multiple international events including the Commonwealth and Asian Games. AI enabled technologies deployed to identify footballing talent.
Started in 2016, Reliance Foundation Youth Sports (RFYS) aims to lay a strong foundation for India’s sporting future through the development of sports in schools and colleges.
Further, it supported various other small-and-medium sized entrepreneurs in rural areas by holding their hands in making their endeavour success.
During cyclone Tauktae in 2021, which hit the Arabian Sea in the second week of May and affected the livelihoods of many by damaging property and infrastructure, Reliance Foundation Information Services, through its mobile audio services reached out to more than 435,000 people across states hit by the cyclone with information on heavy rainfall, high wind, high wave, thunderstorm and lightning, pre and post-cyclone cautionary measures on the management of agriculture, livestock and fisheries.
Business
India, Africa must double bilateral trade by 2030: Piyush Goyal

New Delhi, Aug 29: India and Africa must work to double bilateral trade by 2030, focusing on value addition, technology-driven agriculture, renewable energy, and healthcare, Minister of Commerce and Industry Piyush Goyal said on Friday.
Delivering the keynote address at the valedictory session of the CII India Africa Business Conclave here, the minister pointed out that bilateral trade between India and Africa is already fairly balanced — with India’s exports at $42.7 billion and imports at $40 billion.
However, he underlined the untapped potential across regions: “This demonstrates the opportunity we have missed out on over the years, and the scope for expansion today.”
The Minister stressed that India and Africa need not compete in every sector, but rather explore complementarities.
He highlighted areas such as agriculture, food security, cooperative and self-help group movements, education, skill development, capacity building, research and development, innovation, start-ups, healthcare, pharmaceuticals, and renewable energy, which provide vast opportunities for mutual benefit.
Goyal highlighted the immense potential for collaboration in the automobile sector. He noted that while Africa imports nearly $20 billion worth of motor vehicles annually, India currently supplies only about $2 billion of this demand.
He underlined that Indian automobiles are globally competitive, both in terms of cost and quality, with manufacturing standards on par with the best in the world.
He said that Indian manufacturers can play a vital role in meeting Africa’s growing demand for passenger vehicles, commercial vehicles, two and three-wheelers, and affordable electric mobility solutions.
This opens up a wide delta of opportunity for African nations to access reliable, fuel-efficient, and environmentally sustainable vehicles at competitive prices, while India can, in return, benefit from greater imports of African resources such as critical minerals, petroleum products, and agricultural commodities.
This balanced exchange would help both regions expand trade, generate employment, and build long-term industrial partnerships, he added.
Highlighting complementarities, the Minister observed that Africa could support India in areas such as critical minerals and petroleum products, while India could support Africa in food security, technological upgradation, manufacturing, and services.
He mentioned that India is cost-competitive in services like architecture, engineering, IT, AI and telecom, while also offering potential in medical tourism.
Referring to India’s close bond with Mauritius, Goyal assured the Indian Ocean island nation continued support in addressing inflationary pressures in essentials such as milk products, edible oils, and rice.
“It is this spirit of friendship and cooperation that defines India’s engagement with Africa,” he said.
Goyal also recalled India’s support to Africa during the Covid-19 pandemic, when medicines, vaccines and pharmaceutical products were provided at affordable costs, unlike the highly-priced alternatives from developed nations.
He further said that India’s Unified Payments Interface (UPI) could help bring down transaction costs and strengthen Africa’s financial systems.
Calling the Global South the true voice of the developing world, Goyal urged African nations to work with India at multilateral platforms like the WTO to create common objectives and influence global decision-making.
He emphasised collaboration in agriculture technologies, renewable energy, generic medicines, critical minerals, and youth partnerships, noting that the young populations of India and Africa will define the future.
Business
India, Japan can diversify trade basket, open new frontiers with renewed efforts: PM Modi

Tokyo, Aug 29: Hailing the robust India-Japan economic and trade partnership, Prime Minister Narendra Modi on Friday said with renewed efforts, both nations can diversify their trade basket, make it more balanced, and open up new frontiers as well.
In an interview with Japanese newspaper The Yomiuri Shimbun, the Prime Minister said we must aim bigger and remain ambitious.
“The synergies across governments, businesses and people can create scale and speed in our economic partnership. As the world’s leading economies, we have been contributing to each other’s growth, competitiveness and dynamism,” PM Modi told the publication.
Japan has been a trusted partner in India’s infrastructure development across generations. The country has also been a leading source of foreign direct investment (FDI) for India in key sectors, including automobiles, electronics, telecom, chemicals, finance, and pharmaceuticals.
According to PM Modi, the number of Japanese firms in India has grown steadily to around 1,500, while more than 400 Indian companies operate in Japan.
“Clearly, this is only the beginning — the real potential is much higher,” he noted.
“We maintain important trade relations, but it has not yet reached the levels envisaged under our CEPA (Comprehensive Economic Partnership Agreement)… The 20th century saw Japan emerge as a major partner in India’s infrastructure development. I am confident that the 21st century will see Japan as a major partner in India’s innovation, manufacturing, and global value chains,” the Prime Minister emphasised.
On semiconductors, PM Modi told the publication that India’s semiconductor sector is on the cusp of transformation.
“We have put in place a comprehensive regulatory and policy framework, backed by incentives, to build a strong semiconductor and display ecosystem. Already, six semiconductor units are taking root in India, with four more on the way. By the end of this very year, ‘Made in India’ chips will be in the market, a clear demonstration of India’s design and manufacturing capabilities,” the Prime Minister said.
Japanese companies, with their technological strengths and global leadership, can play a pivotal role in this journey, he said, adding that a strong beginning has already been made.
“By combining India’s scale and capabilities with Japan’s advanced technologies, we can build a resilient and trusted semiconductor value chain,” PM Modi stressed, adding that this collaboration will support the technological ambitions of both our countries and enhance global supply chain security.
“I see semiconductor cooperation emerging as a major pillar of the India–Japan partnership. After all, in this digital century, chips are not just about computers, they are about competitiveness, credibility and confidence in the future,” he mentioned.
Some Japanese companies are positioning their production bases in India as hubs for third-country markets such as Africa.
According to PM Modi, India has seen multi-faceted reforms which make manufacturing in India easier than ever before.
“We have removed compliance burdens, rolled out incentives and ensured a large skilled workforce for companies to set base in India. Many global companies, including those from Japan, are setting up their production in India not only to cater to our domestic market, but also for the world,” he highlighted in his response.
Japanese automaker Suzuki Motor Corporation this week announced it will invest Rs 70,000 crore in India over the next five to six years. The investment will be used to increase production, introduce new car models, and protect its leadership position in the world’s third-largest automobile market.
“Just a couple of days back, I was at the Suzuki plant in India where we flagged off electric vehicles to be exported to a hundred countries, including Japan,” said PM Modi.
Business
Indian equity indices decline sharply over US tariff concerns

Mumbai, Aug 28 : The Indian equity indices fell sharply to end the session nearly one per cent lower on Thursday — a day after the 50 per cent US tariffs on Indian goods came into effect.
Sensex ended the session at 80,080.57, down 705 points or 0.87 per cent. The 30-share index started the session in negative territory at 80,754 against last session’s closing of 80,786.54 amid selling across the sectors. The Index further extended the losing momentum to hit an intra-day low at 80,013.02 following the implementation of US tariffs on Indian goods.
Nifty settled at 24,500.90, down 211.15 points or 0.85 per cent.
“Domestic equities ended lower as pessimism took hold following the implementation of tariffs on Indian goods, dampening investor sentiments. While the cotton import duty exemption briefly lifted hopes of policy support to counter tariff impacts, triggering a short-lived intraday recovery, investor mood remained fragile, with large caps declining and mid and small caps underperforming amid risk-off sentiment,” said Vinod Nair, Head of Research, Geojit Investments Limited.
Most sectors, including Auto, IT, FMCG, and Metals, traded in the red as investors turned to profit-booking from recent gains, while consumer durables outperformed, likely supported by GST rationalisation and expectations of festive demand, Nair added.
HCL Tech, TCS, Power Grid, Infosys, Hindustan Unilever, HDFC Bank, ICICI Bank, Bharati Airtel, Mahindra and Mahindra, Trent, Tata Motors, Sun Pharma, NTPC, BEL, Eternal and SBI were the top losers from the Sensex pack. While Titan, L&T, Maruti Suzuki, and Axis Bank were top gainers.
The majority of sectoral indices settled in negative territory amid selling pressure. Nifty Fin Services dropped 312.30 points or 1.20 per cent, Nifty Bank fell 630.10 points or 1.16 per cent, Nifty Auto declined 136.80 points or 0.54 per cent, Nifty FMCG closed 574.05 points or 1.02 per cent, and Nifty IT slipped 574.45 points or 1.59 per cent.
Broader indices followed suit as well. Nifty Small Cap 100 dipped 254.25 points or 1.45 per cent, Nifty Midcap 100 fell 718.70 per cent or 1.45 per cent, and Nifty 100 closed 235 points or 0.93 per cent lower.
Rupee traded weakly as selling pressure in capital markets deepened, with FII flows continuing to remain negative amid persistent concerns on India’s growth outlook and fiscal deficit.
“The imposition of a 50 per cent US tariff has raised uncertainty over exports, weighing on overall sentiment, until there is clarity on alternatives either through negotiations with the US or by striking trade agreements with other nations — investors are likely to stay cautious,” said Jateen Trivedi of LKP Securities.
The rupee is expected to remain under pressure with a near-term range of 87.25–88.25, he added.
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