Category: Beyond

Indian travel technology company TBO Tek Ltd. is making a significant entry into the North American luxury travel market with the acquisition of Classic Vacations, a US-based luxury travel brand, in a deal valued at up to $125 million.

The announcement was met with strong investor enthusiasm, pushing TBO Tek’s shares up as much as 15% and reaching a six-month high on Indian exchanges. On the NSE, shares rose over 11% to close at ₹1,541.30, while on the BSE, the stock touched an intra-day high of ₹1,591.55, reflecting a 15% gain. Market experts described the acquisition as “transformative,” highlighting its potential to reshape TBO Tek’s growth trajectory.

Classic Vacations, a company with more than 50 years of experience in the luxury travel segment, recorded revenues of $111 million and an operating EBITDA of $11.2 million for the year ending December 2024. Known for its strong relationships with travel advisors and a loyal customer base, Classic Vacations will continue to operate independently, retaining its brand identity while benefiting from TBO Tek’s advanced technology platform and extensive global distribution network. This collaboration is expected to accelerate growth and expand Classic’s global footprint.

The deal is expected to close by early October 2025, following customary regulatory approvals. To finance the acquisition, TBO Tek has arranged a mix of internal and external funding, including an inter-corporate loan of up to ₹350 crore (~$40 million) and a corporate guarantee of $70 million extended to Standard Chartered Bank to support credit facilities for the transaction.

This acquisition aligns with TBO Tek’s strategy to strengthen its presence in the premium outbound travel market, particularly in the US. The company plans to preserve Classic Vacations’ existing awan. customer and supplier relationships while leveraging its own scalable, technology-driven model to boost operational efficiency and market reach.

“TBO’s entry into the premium outbound travel market complements Classic Vacation’s exclusive B2B brand and elite advisor network, built over nearly five decades of success and brand recognition,” said TBO co-founders Gaurav Bhatnagar and Ankush Nijh.

Already established across Asia, the Middle East, Africa, and Latin America, TBO Tek’s move into North America through this acquisition marks a major milestone in its ambition to become a global leader in travel technology.

The Board of Control for Cricket in India (BCCI) has invited bids for the Indian cricket team’s title sponsorship rights following fantasy sports platform Dream11’s withdrawal. The move comes in the wake of India’s new Promotion and Regulation of Online Gaming Act, 2025, which has effectively banned real-money gaming, forcing companies like Dream11 to shut down operations in this segment.

Dream11, alongside My11Circle, had contributed around ₹1,000 crore to the BCCI through team and IPL sponsorship deals. The company had secured the national team’s title sponsorship for $44 million (₹358 crore) for the 2023–2026 cycle but is exiting a year early without facing penalties. The BCCI has acknowledged that the regulatory changes are beyond the company’s control, describing the withdrawal as a necessary compliance move rather than a breach of contract.

The BCCI’s Invitation to Express Interest (IEOI) lays out strict eligibility criteria for prospective bidders. Companies and their group entities must not be involved in online money gaming, betting, gambling, or any similar services, either in India or globally. They are also prohibited from holding investments or ownership stakes in entities offering such services. In addition, companies operating in sectors prohibited under the new gaming law or those considered contrary to “public morals,” such as alcohol, tobacco, or pornography, are barred from participation.

The Board has further ruled out bids from certain brand categories where it already has sponsorship arrangements in place. These include athleisure and sportswear, currently represented by Adidas; banking and financial services, with IDFC First Bank as a key partner; non-alcoholic beverages, featuring Campa Cola; and insurance, represented by SBI Life. Consumer appliances like fans, mixers, and safety locks are also off-limits. The BCCI has also issued a warning against “surrogate branding,” making clear that companies cannot attempt to bypass restrictions by applying through proxy entities or alternate brand names.

Financial requirements have been set to ensure only companies with robust balance sheets can participate in the bidding. To qualify, bidders must demonstrate either a minimum average turnover of ₹300 crore over the past three financial years or an average net worth of at least ₹300 crore during the same period. The last date to purchase the IEOI is September 12, and all bid submissions must be completed by September 16. The BCCI has also reserved the right to amend or cancel the bidding process at any stage without providing a reason.

The exit of Dream11 highlights the financial implications of India’s tightening online gaming regulations. The Promotion and Regulation of Online Gaming Act, 2025 explicitly prohibits companies from offering, promoting, or advertising real-money gaming, dealing a significant blow to fantasy sports platforms that have been key sponsors of Indian cricket in recent years. With this change, the BCCI will now need to court sponsorships from sectors that meet its stricter compliance requirements, potentially reshaping the sponsorship landscape of the sport.

A senior BCCI official, speaking to PTI on condition of anonymity, emphasized that Dream11’s exit would not lead to penalties. “This is a government rule and full compliance is required. In the current scenario, their business is impacted, and we fully understand their plight,” the official said.

The sponsorship shift signals a pivotal moment for Indian cricket’s commercial partnerships. As the regulatory environment tightens, brands across industries will likely assess opportunities in cricket sponsorship with greater caution, while the BCCI adapts its approach to attract partners from sectors unaffected by these restrictions.

Prime Minister Narendra Modi inaugurated Semicon India 2025 at Yashobhoomi, underscoring India’s ambitions to become a key player in the global semiconductor industry. The three-day conference, bringing together over 20,750 participants, including 2,500 delegates from 48 countries, is expected to accelerate investments, innovation, and domestic manufacturing in a sector projected to surpass $1 trillion globally in the coming years.

Addressing global industry leaders and domestic entrepreneurs, PM Modi emphasized that semiconductors are the “digital diamonds” of the 21st century. “The world trusts India, believes in India, and is ready to build the semiconductor future with India,” he said, highlighting the growing confidence of investors in the Indian market.

India’s semiconductor journey has moved rapidly since the launch of the Semicon India program in 2021. By 2025, ten semiconductor projects have been approved, representing more than $18 billion (₹1.5 lakh crore) in investment. Pilot plants, including those of CG Power and Kaynes, have begun operations or are about to start, with test chips from Micron and Tata already in production. Commercial chip manufacturing is expected to commence later this year, signaling a swift translation of policy into operational reality.

For investors, India is now offering a full-stack semiconductor ecosystem, spanning design, manufacturing, packaging, and high-tech devices. The government has simplified regulatory processes through the National Single Window System, reducing paperwork and accelerating project approvals. Plug-and-play semiconductor parks, offering ready access to land, power, transport, and skilled workforce, are further enhancing India’s attractiveness for domestic and global firms.

The sector also benefits from targeted incentives. Production Linked Incentives (PLI), Design Linked Grants, and programs like Chips-to-Startup and the revamped Design Linked Incentive (DLI) Scheme are designed to strengthen domestic capabilities, boost intellectual property development, and support start-ups and MSMEs. India contributes 20 percent of global semiconductor design talent, providing companies access to a large pool of engineers and innovators.

PM Modi also highlighted India’s efforts in critical minerals through the National Critical Mineral Mission, ensuring the domestic supply of key inputs that underpin semiconductor manufacturing. Advanced chip design centers in Noida and Bengaluru are already working on chips capable of storing billions of transistors, ready to power next-generation technologies, including AI, IoT, and immersive digital applications.

States are being encouraged to develop dedicated semiconductor ecosystems, offering investors the opportunity to partner with regional authorities to establish integrated operations. This competitive environment, combined with central policy support, is expected to attract further global investments, create high-value manufacturing jobs, and strengthen India’s position in the global semiconductor supply chain.

Semicon India 2025 runs from September 2–4 and features 150 speakers, 350 exhibitors, country pavilions, and sessions on smart manufacturing, R&D, AI innovation, and workforce development. For India’s semiconductor sector, the event signals both growing investor confidence and a roadmap for achieving self-reliance and global competitiveness.

The Indian stock market started the week on a positive note, with the Sensex rising over 200 points and the Nifty holding above 24,600. Investor optimism is driven by the upcoming 56th Goods and Services Tax (GST) Council meeting on September 3–4, where major tax reforms are expected.
 

The Council is considering simplifying the existing four-tier GST slab into two rates: 5% for essential and merit goods, and 18% for standard goods. This aims to make many products, including electronics, appliances, hybrid cars, and personal care items, more affordable for consumers.
 

Certain sectors also anticipate specific changes. Garments and tyres may see lower GST rates, boosting these industries and consumer demand. Conversely, tax hikes are being considered for pan masala, gutkha, and cigarettes to increase revenue and discourage consumption.
 

Gold and silver prices have hit record highs, reflecting rising demand and potentially influencing taxation decisions on precious metals. In a related update, the Group of Ministers (GoM) on health and life insurance has agreed in principle to reduce GST on individual life and health insurance policies. The GoM supports exempting these policies from GST but stresses that insurers must pass the tax savings directly to policyholders. States like Karnataka, West Bengal, Kerala, Punjab, and Tamil Nadu emphasize that the exemption should benefit consumers, not insurers.
 

While the reforms aim to boost consumption and improve tax compliance, some states are concerned about potential revenue losses. Kerala has proposed revising the revenue-sharing formula to a 60:40 split, favoring states, instead of the current 50:50. Opposition-ruled states support the slab cuts but seek protections for their finances.
 

Market analysts point to these reforms and India’s stronger-than-expected GDP growth as key drivers of market gains. Strong performances in the automobile and IT sectors, helped by a weakening rupee, add to positive sentiment.
 

As the GST Council meets, investors and consumers alike will closely monitor the outcomes, which could have a significant impact on the Indian economy and markets in the coming months.

The Securities and Exchange Board of India (SEBI) has announced new regulations to strengthen oversight of intraday positions in equity derivatives, effective October 1, 2025. These measures follow the regulator's temporary ban on U.S.-based high-frequency trading firm Jane Street, which was accused of manipulating Indian markets and causing significant losses for retail investors.

Under the new framework, SEBI has set an intraday net position limit of ₹5,000 crore per entity in index options, a substantial increase from the previous end-of-day limit of ₹1,500 crore. Additionally, gross intraday exposure is capped at ₹10,000 crore, applied separately to long and short positions. To enforce compliance, stock exchanges are required to monitor trading through at least four random snapshots during the trading day, including one between 2:45 p.m. and 3:30 p.m., when trading activity typically peaks.

Entities that breach these limits will be subject to scrutiny, with stock exchanges examining trading patterns and seeking explanations for such positions. Any violations on the day of contract expiry will attract penalties, the quantum of which will be decided by the respective stock exchange.

The new rules aim to curb excessive risk-taking and bring more oversight to high-frequency trading activities. SEBI's move reflects a broader push to ensure market stability and investor protection amid growing volumes and complexities in the trading of derivative instruments.

Gold and silver futures on the Multi-Commodity Exchange (MCX) surged to record highs on Monday, driven by global monetary policy expectations, increased central bank buying, and elevated demand for safe-haven assets. 

Gold October futures rose by 2.03%, closing at ₹1,05,937 per 10 grams, while silver futures jumped 2.56% to settle at ₹1,24,990 per kilogram. In retail markets, gold was priced at ₹1,05,000 per 10 grams and silver at ₹1,23,500 per kg, with sharp daily increases of ₹2,000 and ₹6,000, respectively.

Globally, gold hit $3,508.50 per ounce, while silver futures crossed ₹1.24 lakh per kg. The rise is linked to strong global demand, expectations of a US Fed rate cut, and gold now making up 20% of global forex reserves, overtaking the euro.

According to analysts, the upward momentum in precious metals was influenced by a weakening US dollar and growing speculation of a rate cut by the US Federal Reserve. Market data shows a 90% probability of a 25-basis-point rate cut at the Fed’s upcoming policy meeting on September 17, 2025.

“Investors are increasingly allocating funds to gold and silver as uncertainty persists in global markets,” said Manav Modi, Analyst – Commodity and Currency, Motilal Oswal Financial Services.

“Global uncertainty due to higher U.S. trade tariffs and weakness in the rupee continues to support prices of gold and silver,” noted Manoj Kumar Jain of Prithvifinmart Commodity Research.

“Silver hit a record high in the domestic markets, largely driven by industrial demand in clean energy and electronics, with speculative interest pushing prices sharply higher. The US Geological Survey’s proposal to classify silver as a critical mineral has created additional momentum,” said Trivesh D, Chief Operating Officer at Tradejini. 

Global central banks have also played a significant role in supporting gold prices. Recent data suggests that gold now constitutes approximately 20% of global official foreign exchange reserves, overtaking the euro. The increase is attributed to ongoing de-dollarisation and reserve diversification efforts by central banks across Asia, the Middle East, and Latin America.

Goldman Sachs has projected that gold prices may rise further, with estimates suggesting levels could reach $4,000 per ounce by mid-2026, subject to the continuation of current macroeconomic trends.
In the Indian context, rising investment demand has contributed to the rally, while traditional silver consumption in manufacturing and artisanal sectors has declined. Bullion traders report subdued demand from industrial users and silverware manufacturers due to elevated price levels.

IT Minister Ashwini Vaishnaw, along with senior government officials, met online gaming industry leaders on September 1 to discuss the implications of the newly enacted Promotion and Regulation of Online Gaming Act, 2025. The law, which received presidential assent in August following one of the swiftest legislative moves in recent memory, bans all forms of real-money gaming while creating a central regulatory framework to oversee permissible formats such as e-sports and online social games.

During the meeting, officials emphasized the importance of ensuring a smooth transition for companies impacted by the ban and securing consumer interests during the phase-out process. Industry representatives said they are winding down real-money operations and coordinating with payment intermediaries to ensure users’ wallet balances are safe. Platforms like Dream11, MPL, PokerBaazi, and Zupee have paused deposits and are focused on enabling withdrawals to safeguard customer funds.

The sudden regulatory overhaul has already caused significant disruption across the industry. Mobile Premier League (MPL) has announced plans to lay off 60 percent of its staff in India, while other platforms have halted their flagship real-money operations. The ban is expected to displace thousands of workers, with more than 2,000 professionals already looking for employment as the sector reshapes itself. These developments have cast uncertainty over what was projected to be a multi-billion-dollar industry by the end of the decade.

The Act establishes a National Online Gaming Commission to regulate and promote non-cash gaming, though questions remain over the finer points of enforcement. Industry groups, such as the All India Game Developers Forum, have warned of compliance confusion, particularly around hybrid formats that blur the line between skill-based e-sports tournaments and social gaming experiences. It is still unclear whether a new regulatory authority will be created or if existing agencies will assume this role.

Despite the disruption, the government views the law as a crucial step to curb the harmful effects of real-money gaming, which Vaishnaw likened to substance addiction. He stressed that players are victims rather than offenders, and the ban aims to reduce financial exploitation while bringing long-overdue regulation to a rapidly growing sector.

Some industry observers see potential opportunities in the new framework. With real-money games removed from the market, traditional gaming developers and e-sports platforms expect a surge in interest and investment. The hope is that the shift will fuel innovation, diversify India’s gaming ecosystem, and strengthen its reputation as a hub for creative game development rather than cash-driven competition.

As the dust settles, the industry faces a period of recalibration. The government’s challenge now lies in balancing strict consumer protections with fostering growth in e-sports and social gaming, which could redefine the future of digital entertainment in India.

The much-anticipated Grand Indian Festival, presented by the Nita Mukesh Ambani Cultural Centre (NMACC) as part of India Weekend at Lincoln Center’s Damrosch Park, has been abruptly postponed just days before its scheduled run from September 12 to 14, 2025. While organizers have attributed the decision to “unforeseen circumstances,” cultural observers point to escalating U.S.–India trade tensions as a backdrop that may have influenced the move.

The India Weekend was intended to be a dazzling showcase of Indian classical traditions, contemporary culture, music, art, cuisine, and fashion, making it one of the most ambitious cross-cultural celebrations New York had seen this year. The festival’s cancellation underscores how diplomatic rifts and economic disputes are increasingly spilling over into cultural spaces.

In a statement, organizers said, “It is with deep regret that we share that the NMACC India Weekend in New York, scheduled to open on September 12, 2025, has been postponed due to unforeseen circumstances.” Nita Ambani, Founder and Chairperson of NMACC, assured that this was “not a cancellation, only a pause,” promising that the event would return “with renewed joy, pride, and purpose.”

Cultural Celebration Meets Geopolitical Headwinds

The postponement comes amid heightened tensions between Washington and New Delhi, with the U.S. imposing tariffs as high as 50% on Indian goods in response to India’s continued purchase of discounted Russian oil. The trade rift has led to strained diplomatic ties, with both nations stepping back from negotiations. Former Finance Secretary Subhash Garg dismissed U.S. President Donald Trump’s accusations that India is “profiteering” from Russian crude, calling the claims “political theatre.”

“No one can trade at those tariff levels,” Garg told NDTV. “But India should never formally close the door—one must always hope sanity prevails.”

According to a senior Commerce Ministry official cited by The Indian Express, India has insisted it will not return to the negotiating table until Washington rolls back the additional tariffs. Against this backdrop, large-scale cultural projects involving cross-border sponsorships, visas, and logistics have become riskier.

A World-Class Lineup

The India Weekend was expected to bring together some of India’s most prominent performers and personalities, including Shankar Mahadevan, AP Dhillon, and dance maestro Shiamak Davar, alongside cricket legends Sachin Tendulkar and Rohit Sharma. The event was also set to feature yoga sessions by Eddie Stern, devotional chants by Pratish Mhaske, and sitar recitals by Rishab Rikhiram Sharma. Food icon Vikas Khanna and motivational speaker Gaur Gopal Das were scheduled to deliver culinary and spiritual experiences, while the U.S. premiere of The Great Indian Musical: Civilization to Nation, directed by Feroz Abbas Khan, was to be the centerpiece of the festival.

Months in the making, the India Weekend had been designed to showcase India’s cultural richness on an international stage, celebrating both ancient traditions and modern artistry. The event promised immersive experiences, from curated art exhibitions to Indian haute couture, making it a major attraction for global audiences, celebrities, and cultural leaders.

Disappointment and Refunds

For many, the news has been a significant disappointment. Dr. Navin Shah, a Maryland-based urologist who had planned to attend with his family, expressed his dismay. “My family and I were excited and were supposed to attend shows on all three days. It would have been a unique opportunity to enjoy and witness India’s rich culture and heritage,” he said.

NMACC has announced full refunds for all ticket holders and pledged to announce new dates once the event is rescheduled.

The government has appointed Dr. Urjit Patel, former Reserve Bank of India governor and noted economist, as India’s Executive Director (ED) at the International Monetary Fund (IMF). The appointment, approved by the Appointments Committee of the Cabinet, is effective for three years from the date Patel assumes charge or until further orders, whichever is earlier, according to a notification dated August 28.

Patel will take over a post that has been vacant since April 30, following the early termination of Krishnamurthy Subramanian’s tenure, which ended six months before its scheduled completion. Subramanian, a former chief economic advisor to the finance ministry, reportedly faced allegations of impropriety relating to the promotion of his book, including potential violations of internal IMF protocols. As India’s ED, Patel will serve on the IMF’s executive board, deliberating on the national, regional, and global impact of member countries’ economic policies, approving financing to address balance-of-payments challenges, and overseeing the Fund’s capacity-building programs.

Patel, who currently chairs the National Institute of Public Finance and Policy in New Delhi, returns to policy circles nearly seven years after his unexpected resignation as RBI governor in December 2018. Named as Raghuram Rajan’s successor, Patel was the first governor to implement monetary policy decisions through the Monetary Policy Committee following its creation in October 2016. He also guided the central bank’s adoption of a flexible inflation targeting framework, reducing average consumer price index inflation to 3.3 per cent in 2017 and four per cent in 2018, down from 6.7 per cent in 2014.

His tenure at the RBI, which began as deputy governor in January 2013, was marked by tensions with the government over key policy issues. Disagreements included the RBI’s economic capital framework, with the finance ministry arguing that the central bank was holding excessive reserves, and the management of the country’s insolvency and bankruptcy code. Patel’s February 2018 circular on the resolution of stressed bank assets, later struck down by the Supreme Court, became a flashpoint for legal and political scrutiny. In his memoirs, Patel highlighted the challenges posed by perceived interference in the RBI’s independence and described the weakening of bankruptcy laws as creating disorder in debt recovery processes.

Despite the controversies, Patel’s return to a prominent international economic role underscores the government’s recognition of his expertise. As India’s representative on the IMF board, he is expected to influence global discussions on fiscal policy, monetary stability, and financial sector reforms, while strengthening the country’s voice in multilateral economic governance.

The Pradhan Mantri Jan Dhan Yojana (PMJDY) has completed 11 years, facilitating the opening of 560 million bank accounts with total deposits of ₹2.68 trillion, Union Finance Minister Nirmala Sitharaman said on Thursday. Launched on August 28, 2014, by Prime Minister Narendra Modi, the scheme aims to provide universal access to banking for unbanked adults, promoting financial inclusion and economic participation.

In her message marking the milestone, Sitharaman highlighted PMJDY’s role in channeling benefits under Direct Benefit Transfer (DBT), while also offering credit facilities, social security, and encouraging savings and investments. “Financial inclusion is a key driver of economic growth and development. Universal access to bank accounts enables the poor and marginalised to participate fully in the formal economy and benefit from its opportunities,” she said.

The programme has significantly promoted digital banking through the issuance of over 380 million free RuPay debit cards. The volume of digital transactions surged to 221.98 billion in 2024-25, up from 23.38 billion in 2018-19, while Unified Payments Interface (UPI) transactions jumped to 185.87 billion from 5.35 billion during the same period. RuPay card transactions at points of sale and e-commerce platforms also rose to 938.5 million from 670 million in 2017-18.

Sitharaman noted that 67% of PMJDY accounts were opened in rural or semi-urban areas, and 56% were held by women, underlining the scheme’s focus on empowering underprivileged and remote communities. “The Jan-Dhan-Aadhaar-Mobile (JAM) trinity, with PMJDY at its core, has proven to be a diversion-proof mechanism for subsidy delivery. Welfare benefits are transferred directly into the bank accounts of the underprivileged, eliminating intermediaries and delays,” she said.

Each PMJDY account comes with zero balance requirements, a free RuPay debit card with accident insurance coverage of ₹2 lakh, and an overdraft facility of up to ₹10,000 to provide a safety net during emergencies. During 2024-25, a total of ₹6.9 trillion was credited into accounts under various DBT schemes, with the average deposit per account standing at ₹4,768 as of August 13, marking a 3.7-fold increase compared to 2015.

Union Minister of State for Finance Pankaj Chaudhary added that the government has achieved near saturation in bank account coverage. “The Prime Minister, in his 2021 Independence Day speech, announced that every household should have a bank account and every adult should have insurance and pension coverage. Continuous saturation drives across the country have led to near-universal banking access, alongside rising insurance and pension coverage,” he said.

Over the past decade, PMJDY has emerged as a cornerstone of India’s financial inclusion efforts, integrating millions of Indians into the formal banking system, boosting digital transactions, and providing crucial financial security to vulnerable populations. Its impact is especially notable in rural areas, where access to banking and formal financial services has expanded significantly, driving broader economic participation and empowering communities across the country.