Congress targets govt, SEBI on Jane Street ‘market manipulation'
Congress head of social media department Supriya Shrinate said Jane Street had in 2024 admitted in a US court it made $1 billion in India in 2023 from the Indian options market by exploiting 'inefficiencies'. 'By 2024, that amount grew to $2.3 billion, which was 11.2% of all the money it made around the world. But SEBI didn't act on this information, it was only in February 2025 that SEBI issued a mild warning, a cautionary letter to Jane Street, warning against its questionable trading patterns. But the firm continued its manipulative trades till as late as May 2025,' Shrinate said.
Criticising SEBI, she said its 'report shows that 93% of retail investors lost money in derivatives trading between FY2021 and FY2024'. 'In FY2024 alone, 91.1% of traders lost Rs 52,400 crore,' she said. She said instead of protecting small investors, SEBI turned a blind eye to 'rampant fraudulent activities'.
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The Wire
25 minutes ago
- The Wire
India Poised to Become Global Air Cargo Hub – ACFI & ASCELA Insights Chart Roadmap for 2030 in its Knowledge Paper
ACFI signs MoU with TIACA and will be signing MoU's with Government Of Madhya Pradesh and Tripura New Delhi, Delhi, India (NewsVoir) Air Cargo Forum India (ACFI) and ASCELA Insights today released the knowledge paper titled 'India's Air Cargo Horizon – Seizing Global Reroutes, Regional Dominance and Resilience', which unveils a transformative vision to position India as a global air cargo hub. The knowledge paper was released today at the 4th ACFI Annual Conclave in New Delhi. With India's air cargo volumes projected to triple to 10 million metric tonnes per annum (MTPA) by 2030, the paper highlights the sector's rapid evolution, driven by the e-commerce boom, policy momentum, greenfield infrastructure and rising demand for high-value cargo, such as pharmaceuticals and perishables. As part of the strategic roadmap for the air cargo industry, ACFI is proud to announce landmark partnership with The International Air Cargo Association (TIACA) that will significantly bolster both regional connectivity and global knowledge sharing. Also, soon ACFI will be signing MoU's with Government of Tripura and Government of Madhya Pradesh. Speaking at the launch, Mr. Sanjiv Edward, President, ACFI, said, 'The Indian air cargo sector is at a pivotal inflection point and undergoing rapid transformation. At this crucial juncture, this knowledge paper outlines the strategic roadmap until 2030, infrastructure requirements, policy reforms, and the initiatives by the air cargo industry to achieve the ambitious target of 10 MTPA of air cargo volumes set by the Ministry of Civil Aviation, Government of India. This paper has laid down a clear action plan for all stakeholders of the industry. India is uniquely positioned to redefine global cargo corridors. With bold policy reforms and strategic investments, we can build a resilient, digitised, and world-class logistics ecosystem.' Shri. Piyush Srivastava, Sr. Economic Advisor, Ministry Of Civil Aviation said, "Air infrastructure today faces key global dichotomies—demand is rapidly growing in the Eastern Hemisphere, while critical services like manufacturing and MRO remain concentrated in the West. This imbalance is bound to shift. As demand grows, supply will follow. It's not just about 'Made in India'; it's about 'Make in India'—a strategic priority for us moving forward.' He further added, "The Aviation sector is highly sensitive to global geopolitical shifts. While events like the Red Sea crisis have offered temporary advantages for the Indian air cargo system. But prolonged airspace closures over Pakistan and over three years of the ongoing Ukraine-Russia conflict, have significantly disrupted operations and increased costs. These challenges are not only unpredictable but inevitable. The only sustainable path forward lies in embracing technology, innovation, and disruption.' Speaking at the launch, Dheeraj Rastogi, Principal Commissioner Customs, Delhi, 'India's customs operations have undergone a significant transformation—from early digitization efforts to the integration of advanced technologies such as artificial intelligence, blockchain, and risk-based segmentation,' stated Mr. Dheeraj Rastogi. These innovations have contributed to a substantial reduction in transaction costs and improved the overall efficiency of cargo processing.' He further added, 'Currently, 52% of air cargo is cleared on the same day, with average clearance time at Delhi Air Cargo reduced from 41 hours to 35 hours. The department remains committed to maintaining a fine balance between revenue mobilization, national security, trade facilitation, and legal compliance. Given the increasing complexities introduced by e-commerce, a collaborative, data-driven approach between industry stakeholders and regulatory authorities is imperative. Our collective goal must be to build a seamless, AI-enabled ecosystem that supports India's emergence as a global leader in air cargo logistics.' According to Mr. Glyn Hughes, Director General, TIACA, 'With TIACA representing the entire air cargo supply chain and ACFI representing the Indian air cargo industry, it is crucial we work together so that the world can receive Indian exports efficiently and bring the best practices achieved in other countries. Globally, every year, goods worth US$9 trillion are transported through air cargo, accounting for one-third of global trade. India is at the heart of the growing global trade, and we will work toward making air cargo an integral part of it. TIACA, with its global memberships, would be able to act as a support to the Indian air cargo industry in the fields of digitalisation, enhanced usage of modern technology, including AI and adoption of other global standards.' Together with the Ministry of Civil Aviation, ACFI is shaping a forward-looking roadmap to meet the growing demands of domestic and international logistics. These partnerships reflect ACFI's unwavering commitment to building a resilient, efficient and globally competitive air cargo ecosystem that supports India's economic aspirations. Key findings of the knowledge report • Capacity Concentration: 82% of air cargo is currently handled by just six airports (Delhi, Mumbai, Bengaluru, Hyderabad, Chennai and Kolkata), amplifying concentration risk and operational inefficiencies. • Growth Enablers: Digitisation, strategic airport locations in India, integrated multimodal corridors (PM Gati Shakti), and emerging connectivity in tier-2 cities. • Regulatory Gaps: Scalability of the sector is hindered by fragmented clearance systems, high dwell times (almost 12 hours for exports and 48 hours for imports) and limited transhipment readiness. • Investment Heatmap: High potential in cold-chain operations, Sustainable Aviation Fuel (SAF) production, automation and freighter fleet expansion. The secondary airports have the potential to play a critical role. The Government of India's initiative to significantly enhance air connectivity across India will give the required boost to the air cargo sector. At present, these secondary airports are underutilised due to poor infrastructure and limited airline networks. The report highlights the strategic action areas to triple air cargo handling to 10 MTPA by 2030. These strategic actions include: • Creation of transhipment hubs with 24x7 clearance and zero rescreening • National Unified Digital Clearance Window and Cargo Command Centres • Freighter acquisition incentives and plug-and-play terminals across regional hubs • ESG integration via green infrastructure, SAF blending, and inclusive workforce practices Global Inspiration, Local Action: Drawing on best practices from Singapore, Frankfurt and Dubai, the report advocates for modular warehousing, predictive slot allocation, and unified cargo community systems to manage rerouted and time-sensitive freight. The paper serves as a call to action for industry, government, and private stakeholders to forge collaborative pathways and enhance India's role in international trade and economic growth. Here are the key highlights of the Knowledge Report Key Highlights of the Knowledge Report India's Air Cargo Horizon: Seizing Global Reroutes, Regional Dominance and Resilience Indian Air Cargo Industry • Target: 10 MTPA by 2030 (from 3.71 MTPA in FY-2025) • Growth Drivers: • E-commerce boom • Greenfield airports (e.g., Jewar, Navi Mumbai) • Digitised customs, Unified Logistics Interface Platform integration • High-value cargo (pharma, perishables, electronics) Infrastructure & Operational Bottlenecks • 82% of cargo is handled by just 6 airports (Delhi, Mumbai, Bengaluru, Hyderabad, Chennai, Kolkata) • Secondary airports are underutilised due to poor infrastructure and limited airline networks • High dwell times: 12 hours (exports), 48 hours (imports) • Lack of dedicated transhipment zones and automation Privatisation & Policy Reforms • Rs. 6–7 lakh crore investment needed for Sustainable Aviation Fuel and infrastructure • Key initiatives: • Krishi UDAN 2.0 (50% freight subsidy for agri-perishables) • 100% FDI allowed in air cargo • SUGAM (Sustainable Green Airports Mission) • Dedicated air freight corridors and cargo subsidiaries (e.g., Air India) Regulatory & Governance Gaps • Cargo rescreening and high clearance times increase costs • Fragmented digital systems and inconsistent state regulations • Only ~10% transhipment share at Delhi vs. ~40% at global hubs • Limited SAF (Sustainable Aviation Fuel) production and adoption Building Rerouting Resilience • India lacks integrator hubs like Singapore (DHL South Asia) or Frankfurt (CargoCity South) • Best practices from global hubs: • Zoned infrastructure • 24/7 customs with fast lanes • Real-time digital coordination (ACCS, CCS) • Modular warehousing and predictive slot allocation Strategic Roadmap to 10 MTPA • Single-window digital clearance platform • Transshipment hubs with zero rechecks • Multimodal integration with Gati Shakti corridors • Plug-and-play cargo terminals and standalone cargo airports • IoT enabled cargo visibility and National Cargo Command Centres • Friegth acquisition incentives • National air cargo training alliance Accelerating ESG in Air Cargo • SAF blending targets: 1% by 2027 → 5% by 2030 • ESG Challenges: • High SAF cost (2.5x jet fuel) • Fragmented cold-chain • Low female workforce participation (<10%) • Limited automation and skilled talent • ESG Drivers: • Green airport infrastructure (solar, EVs, LEED) • CORSIA-linked emissions reporting • DE&I initiatives (e.g., IATA's '25 by 2025') Emerging Cargo Hubs • Navi Mumbai – Focus: Pharma, Perishables, Jewellery Potential: Multimodal Transhipment Hub • Jewa (Noida) – Focus: Electronics, Apparel Potential: Cold chain, IGI integration • Hyderabad - Focus: Pharma, Aerospace Potential: Dedicated Pharma infra Chennai - Focus: Leather, FMCG Potential: Cold chain, E-commerce • Guwahati - Focus: Tea, Perishables Potential: Gateway to North East (Disclaimer: The above press release comes to you under an arrangement with Newsvoir and PTI takes no editorial responsibility for the same.). PWR This is an auto-published feed from PTI with no editorial input from The Wire.
Time of India
26 minutes ago
- Time of India
India to boost rare earth magnet production to counter China's supply curbs: G Kishan Reddy
Union Minister for Coal and Mines G Kishan Reddy on Saturday said that the Central Government has decided to begin the production of rare earth magnets in Hyderabad, as part of its broader push for self-reliance in critical technologies. Speaking to ANI, the minister said, "The Central Government has decided to produce rare earth magnets in Hyderabad. Our Mining Ministry's NFTSM institute is working diligently, along with various industries, to manufacture the necessary machinery." Reddy further added that the government will soon showcase its capabilities in manufacturing permanent magnets. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Brain tumor has left my son feeling miserable; please help! Donate For Health Donate Now Undo "Within the next 3-4 months, they will showcase their efforts in manufacturing permanent magnets. This initiative involves collaboration between the industry, mining, and other ministries, and has been discussed with Prime Minister Narendra Modi. The Central Government is working seriously towards the production of rare earth magnets," he said. Highlighting India's shift in sourcing strategy, the minister noted that India was previously entirely dependent on China for rare-earth permanent magnets. Live Events "We were 100 per cent dependent on China for rare earth permanent magnets, but recently China denied supplying to us," Reddy said. China had announced in April 2024 that it would impose export controls on certain rare earth-related items, triggering a global supply shortage, including in India. In the light of rare earth magnet production, on Friday, Pankaj Mohindroo, Chairman of India Cellular and Electronics Association (ICEA), welcomed the central government initiatives to ramp up rare earth magnet production in India, particularly the incentives the latter is earmarking for. Finance Minister Nirmala Sitharaman announced the setting up of the Critical Mineral Mission in the Union Budget for 2024-25 on July 23, 2024. The Union Cabinet in January 2025 approved the launch of the National Critical Mineral Mission (NCMM) with an expenditure of Rs 16,300 crore and an expected investment of Rs 18,000 crore by Public Sector Undertakings.
Time of India
26 minutes ago
- Time of India
Nimisha Priya death sentence in Yemen: Congress urges PM Modi's ‘immediate intervention'; calls for ‘utmost priority'
NEW DELHI: Congress leader K C Venugopal on Saturday wrote to Prime Minister Narendra Modi urging his immediate intervention to save Nimisha Priya, an Indian nurse from Kerala, who is scheduled to be executed in Yemen on July 16. In a letter, Venugopal appealed to the Prime Minister to take urgent diplomatic steps with Yemeni authorities to halt the execution. "While efforts have been made by the Action Council and her family to negotiate with the victim's family to accept 'blood money' (diyah), which could potentially spare her life, these negotiations have faced significant challenges, due to ongoing civil war and other internal disturbances," he wrote. He added, "Given the complexity of the situation, I request you to intervene in this matter with utmost priority, imploring all possible diplomatic measures with the Yemeni authorities and ensure that the death sentence be cancelled." Nimisha Priya, 37, was convicted in 2018 for the murder of a Yemeni national and has been on death row since the country's Supreme Judicial Council upheld her sentence in November 2023. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Most Beautiful Women In The World Undo Yemen permits resolution of such cases through diyah, or blood money, but the ongoing civil conflict in the country has made negotiations difficult. Her husband, Tomy Thomas, recently met Kerala Governor Rajendra Arlekar and said both central and state governments, as well as the Ministry of External Affairs (MEA), were making efforts. 'I am in contact with Nimisha. It is possible to send text and voice messages to her. The Central government, State government and the MEA have been making efforts, and we expect a positive response,' he told ANI. The Congress appeal follows a similar call from Communist Party of India MP Sandosh Kumar, who wrote to external affairs minister S Jaishankar. Kumar said Nimisha's case 'has not only shaken the conscience of the public but also raised serious concerns about the lack of legal safeguards and the humanitarian dimensions of her ordeal.' MEA spokesperson Randhir Jaiswal had earlier confirmed that the government is 'aware of the sentencing' and is 'extending all possible help' in the matter.
