Author: News Desk
The Reserve Bank of India (RBI) has approved the transfer of ₹2,68,590.07 crore as surplus to the central government for the financial year 2024-25. This was announced following the 616th meeting of the Central Board of Directors held on May 23, 2025, under the chairmanship of RBI Governor Sanjay Malhotra. Highest-Ever Dividend This surplus marks the highest-ever dividend payout by the RBI. It exceeds the ₹2.1 lakh crore transferred in FY24 and is significantly higher than the ₹87,416 crore transferred in FY23. The FY25 payout represents a 27.4% increase from the previous year. Based on Revised Capital Framework The amount…
Lathika Pai, a prominent startup mentor and former Microsoft executive, has filed a civil suit in Delhi High Court seeking ₹35.3 Cr in damages from Microsoft India and Microsoft Corporation. She claims she was forced to resign in July 2024 due to workplace intimidation, retaliation, and a hostile environment—constituting what she describes as constructive dismissal. Case Transferred to Bengaluru Court The suit, initially filed in the Delhi High Court, has been transferred to the city civil court in Bengaluru. Named in the case are Microsoft India, its president Puneet Chandok, HR head Arun Kakatkar, and three legal and compliance officers…
Despite nearly 200 years of British colonial rule over India, an Indian-origin family now stands as the wealthiest in Britain. Gopichand Hinduja and his family have once again claimed the top spot on The Times Rich List 2025, surpassing even the British monarchy in personal wealth and influence. Hinduja Family Wealth Surpasses ₹33 Lakh CroreThe Hinduja family leads the list with assets worth ₹33.67 lakh crore. They have surpassed the Reuben brothers, David and Simon, by a margin of ₹8,000 crore. The family owns the global conglomerate Hinduja Group, which operates across sectors including commercial vehicles, lubricants, banking, and cable TV. Legacy…
In 2025, the technology sector is experiencing significant layoffs, with leading companies like Microsoft, Google, Amazon, and CrowdStrike cutting thousands of jobs. This trend is driven by slowing revenue growth, ongoing economic uncertainty, and the increasing influence of artificial intelligence (AI) on conventional work processes. According to Layoffs.fyi, more than 61,000 tech employees have lost their jobs this year across over 130 companies. Microsoft’s Largest Layoff Since 2023Microsoft announced the elimination of 6,000 positions on May 13, marking its biggest workforce reduction since 2023. The layoffs affect various departments and regions, including nearly 2,000 employees in Washington state. The company…
A common cotton bag widely used in Indian households has been listed as a luxury souvenir on the American retail site Nordstrom, priced at Rs 4,228 (about $48). Marketed by the Japanese brand Puebco, this “Indian Souvenir Bag” is promoted as a quirky, upcycled accessory for travelers and those who appreciate Indian culture. However, for most Indians, the bag is instantly recognizable as the familiar cloth tote once given free at sweet shops or snack counters. The bag is decorated with colorful Hindi phrases such as “Ramesh Special Namkeen,” “Anita Confectionary Works,” and “Chetak Sweets,” replicating the logos and packaging…
Foxconn, Apple’s major contract manufacturer, is investing $2.56 billion in its Devanahalli facility in Karnataka as part of Apple’s plan to diversify its supply chain away from China. Despite former US President Donald Trump’s public opposition to Apple manufacturing in India, Apple CEO Tim Cook is moving forward with plans to make India a key production hub for iPhones destined for the US market. Large-Scale Campus Under Construction for 30,000 WorkersThe Devanahalli plant covers 300 acres, with construction well underway for dormitories to house approximately 30,000 employees. This will be India’s largest residential facility dedicated to factory workers, set for…
Speaking at the Rising Northeast Investors Summit in New Delhi on May 23, 2025, Adani Group Chairman Gautam Adani announced a fresh ₹50,000 crore investment commitment across the Northeastern states over the next 10 years. This comes in addition to the ₹50,000 crore investment pledged in Assam just three months ago. Backing the ‘Act East’ Vision Adani credited Prime Minister Narendra Modi’s vision — particularly his “Act East, Act Fast, Act First” mantra — for transforming the region. Since 2014, the Northeast has seen ₹6.2 lakh crore in investments, a doubling of road networks to 16,000 km, and an increase…
Pakistan sources its military equipment primarily from three nations: China, Netherlands, and Turkey. While China’s dominance in Pakistan’s arms imports is well known, the Netherlands has surprisingly emerged as the second-largest supplier after China, surpassing Turkey. Between 2020 and 2024, around 5.5% of Pakistan’s imported weapons came from the Netherlands. Most of these are naval weapons, including mine hunters and patrol vessels, originally supplied in the 1990s and through deals renewed in later years. Jaishankar Begins European Tour with Visit to NetherlandsIndian External Affairs Minister Dr. S. Jaishankar began his six-day, three-nation European tour on May 19, with the Netherlands…
Gulf First Commercial Brokers, a brokerage firm formerly operating in Business Bay’s Capital Golden Tower, unexpectedly vacated its offices, leaving behind empty spaces and unanswered questions. Until recently, the firm employed around 40 staff members and actively reached out to clients for forex investment opportunities. Now, their suites remain deserted with disconnected phone lines and evidence of a rapid exit. Investors Face Financial LossesSeveral investors, including expatriates from India, have reported significant financial losses linked to Gulf First’s sudden disappearance. Mohammad and Fayaz Poyyl from Kerala said they invested $75,000 through the firm. Fayaz shared that initial small deposits were…
Bangladesh has scrapped a $21 million (approximately ₹180 crore) defence agreement signed in 2023 with Kolkata-based Garden Reach Shipbuilders & Engineers (GRSE) for an 800-tonne ocean-going tug. The contract, signed under India’s $500 million line of credit for defence cooperation, included the design, construction, and delivery of a 61-metre-long tug within 24 months. Context of the DealThe tug, capable of reaching speeds of at least 13 knots under full load, was to be supplied to the Bangladesh Navy. The agreement had marked a milestone in India-Bangladesh defence cooperation and was finalized during Indian Navy chief Admiral Dinesh K Tripathi’s visit…