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UK backs Tata EV battery plant with $510 mn

The UK government has announced a major funding boost of $510 million (£380 million) for Agratas, the battery arm of the Tata Group, to build a large electric vehicle (EV) battery plant in Somerset.

The new facility, often called a “gigafactory,” will manufacture batteries for electric cars and is expected to become one of the largest of its kind in the UK. Once fully operational, it will have the capacity to produce enough batteries to power hundreds of thousands of vehicles each year.

A major part of the production will supply Jaguar Land Rover, which is also owned by Tata Group. In the future, the plant could also cater to other carmakers, helping to strengthen the UK’s electric vehicle supply chain.

The funding is part of the UK’s wider plan to move towards cleaner energy and reduce reliance on imports for key technologies like EV batteries. By supporting domestic production, the government aims to make the country more competitive in the fast-growing electric vehicle market.

Officials say the project will also create thousands of jobs, both directly at the factory and indirectly through related industries. It is expected to bring investment into the region and support long-term economic growth.

The Somerset gigafactory is seen as a key step in the UK’s efforts to become a global hub for electric vehicle manufacturing. As demand for EVs continues to rise worldwide, countries are investing heavily in battery production to secure supply chains and stay ahead in the transition to cleaner transport.

For Tata Group, this project marks an important expansion of its global footprint in both the automotive and clean energy sectors. It also reflects the company’s growing focus on electric mobility.

Also Read: Wipro shares jump 3% on buyback buzz

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IMF warns of lasting impact of Iran war

The International Monetary Fund (IMF) has warned that the ongoing Iran war could leave long-lasting damage on the global economy, even if the conflict ends soon.

IMF Managing Director Kristalina Georgieva said the crisis has already disrupted global economic stability and may permanently affect growth. She cautioned that the world should not expect a quick return to normal, as the effects of the war are likely to continue for years.

One of the biggest concerns is the impact on energy supplies. The conflict has disrupted key oil and gas routes, especially around the Strait of Hormuz, a critical channel for global fuel shipments. This has pushed up energy prices, adding to inflation pressures in many countries.

The rising cost of fuel is also affecting food prices and transportation, making daily life more expensive, especially in poorer nations that depend heavily on imports. According to the IMF, these countries are the most vulnerable and could face worsening economic conditions and increased food insecurity.

The war has also shaken investor confidence and disrupted supply chains, slowing down global trade and business activity. As a result, the IMF is expected to lower its global growth forecasts in the coming months.

Georgieva noted that many countries are already seeking financial help to cope with the situation. The IMF estimates that demand for support could range between $20 billion and $50 billion as nations try to manage rising costs and economic uncertainty.

She also warned against protectionist measures like export bans, saying such steps could make the crisis worse. Instead, she urged countries to work together and focus on supporting vulnerable populations.

Also Read: Air India urged to stay focused amid challenges

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RBI plans simpler rules for large NBFCs

The Reserve Bank of India (RBI) has proposed a simpler way to identify and regulate large non-banking financial companies (NBFCs), in a move aimed at improving clarity and strengthening oversight.

In a draft framework released for public feedback, the RBI has suggested that NBFCs with assets of ₹1 lakh crore or more should automatically be placed in the “upper layer.” These are the biggest and most systemically important firms, and they are subject to tighter regulations.

Right now, NBFCs are classified using a mix of factors such as size, risk level and their connections with other financial institutions. This system can be complex and difficult to follow. By introducing a clear asset-based threshold, the RBI hopes to make the process more straightforward and transparent.

Another important change proposed is treating government-owned NBFCs the same as private ones. Until now, many state-run NBFCs were placed in lower regulatory categories. The RBI’s new approach removes this distinction, ensuring that any company—public or private—that meets the size requirement will face the same level of scrutiny.

This shift could bring more large NBFCs under stricter supervision. Companies classified in the upper layer are expected to follow tighter governance norms, improve risk management practices, and may also face requirements such as listing on stock exchanges.

The proposal could impact several large financial entities and corporate groups, potentially increasing compliance responsibilities for them. However, regulators believe this is necessary to maintain stability in the financial system, especially as NBFCs play a growing role in lending and financial services.

Also Read: India urged to cut West Asia energy dependence

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Air India urged to stay focused amid challenges

Natarajan Chandrasekaran has asked employees of Air India to stay focused and work better as the airline goes through a tough phase. His message comes after the resignation of CEO Campbell Wilson.

At a recent internal meeting, Chandrasekaran told staff to concentrate on their work and improve how things are done. He said that while challenges are there, employees should focus on what they can control and try to perform better.

Air India is currently facing several issues. Rising fuel prices, global tensions and changes in flight routes have made operations more difficult. These factors have also increased costs for the airline.

N Chandrasekaran reminded employees to stay realistic and careful about spending. He stressed the need to manage costs properly while continuing efforts to improve services. He also assured staff that the Tata Group remains committed to supporting the airline.

Since returning to the Tata Group in 2022, Air India has been trying to rebuild its operations. The airline has expanded, upgraded systems and worked on improving its services. However, the journey has not been easy, and it continues to face pressure.

The recent exit of CEO Campbell Wilson has added to the uncertainty. The airline is now looking for new leadership to guide it through the next phase of its transformation.

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Dubai flight cap hits Indian airlines

Dubai’s decision to limit foreign airlines to just one flight a day is set to disrupt travel plans and hit Indian airlines hard. The temporary restriction, in place until May 31, comes at a time when passenger demand is usually high.

The move follows rising tensions in the Middle East, which have already affected flight routes and schedules across the region. Under the new rule, airlines that earlier operated multiple daily flights to Dubai will now have to scale back sharply.

Indian carriers are expected to be among the worst affected. Routes between India and Dubai are some of the busiest, with airlines like Air India, IndiGo and SpiceJet running several flights daily. Cutting these down to one flight per airline means fewer seats and potential revenue losses.

Airline officials say the timing is especially difficult, as the summer travel season typically sees a surge in passengers, including families, workers and tourists heading to the Gulf. With fewer flights available, ticket prices could rise, making travel more expensive.

The Federation of Indian Airlines has raised concerns over the decision and urged the government to step in. It has also suggested that India consider similar restrictions on UAE carriers if the issue is not resolved soon.

This adds to the challenges already faced by Indian airlines. Many flights are taking longer routes due to restrictions over Pakistani airspace, leading to higher fuel costs and operational strain.

Also Read: Reliance caps fuel sales at ₹1,000 per pump

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World Bank raises India growth forecast to 6.6%

The World Bank has increased India’s growth forecast to 6.6% for the current financial year, up from its earlier estimate of 6.3%.

The revision shows confidence in India’s economy, which continues to perform well compared to other major countries. The growth is mainly being driven by strong demand within the country, including higher spending by consumers and continued government investment.

India remains one of the fastest-growing large economies in the world. Better business activity, stable policies, and ongoing infrastructure development are helping support this growth.

However, the World Bank has also warned about possible risks. Global tensions, especially in West Asia, could affect oil prices. Since India imports a large amount of oil, higher prices may increase costs and put pressure on the economy.

Inflation is another concern, as rising food and energy prices could impact household spending. Global uncertainty may also affect trade and investment.

Despite these challenges, India is in a relatively strong position. A stable banking system, good foreign exchange reserves, and steady policies are expected to help the country handle external pressures.

Also Read: Bengaluru airport tests ‘face as passport’ travel system

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Bengaluru airport tests ‘face as passport’ travel system

Air travel could soon become much easier, as Bengaluru’s Kempegowda International Airport has tested a new system where passengers can use their face instead of showing documents.

In this trial, travellers moved through different airport checkpoints using facial recognition. Instead of showing a passport or boarding pass again and again, their identity was verified digitally. This made the process quicker and more convenient.

The system was tested across the entire journey, from check-in to boarding. Passengers could enter the airport, pass through security, and board their flight without needing physical documents at each step.

The project is being developed with support from airlines and global aviation bodies, and builds on India’s existing Digi Yatra system. While Digi Yatra is currently used for domestic flights, this new trial aims to bring similar convenience to international travel.

One of the key features of the system is data security. Passengers have control over their personal information, and it is only shared when needed. The process is designed to be safe as well as fast.

The biggest benefit of this technology is saving time. It can help reduce long queues at airports and make the travel experience smoother, especially during busy hours.

If rolled out widely, this system could change how people travel, making the entire process almost paperless.

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Rupee rises to 92.41, gains 10 paise vs dollar

The Indian rupee strengthened slightly on April 10, rising by 10 paise to trade at 92.41 against the US dollar in early market hours.

The currency had closed at 92.51 in the previous session and opened on a firmer note, supported by some positive domestic factors. Market participants said recent steps taken by the Reserve Bank of India (RBI), along with improved liquidity conditions, helped the rupee gain ground at the start of the day.

However, despite this early rise, experts remain cautious about the rupee’s outlook. Global factors continue to weigh on the currency, especially rising geopolitical tensions and uncertainty in international markets. These issues are making investors more careful and limiting strong movements in the rupee.

Another key factor affecting the rupee is crude oil prices. Since India imports a large portion of its oil needs, higher crude prices can increase demand for dollars, putting pressure on the rupee. This continues to remain a concern for traders.

In addition, recent regulatory measures by the RBI, including steps related to banks’ dollar positions, have influenced short-term movements in the currency.

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Gold slips ₹10 to ₹1.51 lakh, silver falls ₹2,000

Gold and silver prices fell on Friday, April 10, 2026, due to weak global signals and cautious mood in the market.

Gold prices saw a small drop of about ₹10, trading near ₹1,51,470 per 10 grams in India. Silver prices, however, fell more sharply by around ₹2,000 per kilogram, trading close to ₹2.54–2.55 lakh per kg.

The fall in prices is mainly due to uncertainty in global markets. Ongoing geopolitical tensions and mixed economic signals have made investors cautious. This has reduced demand for precious metals in the short term.

On the Multi Commodity Exchange (MCX), both gold and silver opened lower, reflecting weak sentiment. Experts say that while gold is usually considered a safe investment during uncertain times, its price can still move up or down based on global factors like the US dollar, crude oil prices, and overall investor mood.

In Indian cities, prices of 24K, 22K, and 18K gold also saw slight declines. Silver prices followed the same trend across markets, giving some relief to buyers.

Analysts believe that the recent fall is also due to profit booking, as prices had risen earlier. Investors are now booking gains, which is adding pressure on prices.

Even though prices have fallen, experts say gold may remain strong in the long term because global risks and inflation concerns still exist. However, in the short term, prices may continue to fluctuate depending on international developments.

Also Read: Sensex jumps 820 points, Nifty above 24,050

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Vietnam joins emerging market ranks

Vietnam is set for a major milestone in its financial journey. Starting September 21, 2026, the country’s stock market will be upgraded from a frontier to a secondary emerging market by FTSE Russell, a leading global index provider. The decision follows recent reforms that make it easier for foreign investors to buy and sell Vietnamese stocks.

The upgrade will gradually include Vietnamese companies in FTSE’s global equity indices over the next year, ensuring the market can absorb new capital without sudden shocks. Analysts expect this change to bring billions of dollars in investment, boosting liquidity and strengthening the overall market.

Key reforms behind the upgrade include a global broker model allowing international investors to trade without local accounts, and the removal of a prefunding requirement, which previously made foreign investment cumbersome. About 32 large companies are likely to be included first, offering global investors exposure to Vietnam’s top industrial and financial firms.

Vietnam’s elevation puts it alongside larger Asian markets like India, China, and Indonesia, increasing its visibility and credibility on the global stage.

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