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India.com
4 minutes ago
- India.com
‘You are not the owners?': Bombay high court rejects PIL of ‘cultural theft' allegation against luxury brand Prada for copying Kolhapuri chappal design
The Bombay High Court on Wednesday dismissed a petition that was filed against the famous Italian fashion brand Prada. The petition claimed that Prada had used the design of Kolhapuri chappals (traditional Indian sandals) without permission. The case was brought by five lawyers, who said Prada copied the design in their spring/summer collection and was selling sandals that look just like Kolhapuri chappals for Rs. 1 lakh per pair. Court questions the petitioners A bench of Chief Justice Alok Aradhe and Justice Sandeep Marne asked the petitioners why they had filed the case. The judges said, 'You are not the owners of the Kolhapuri chappals. So what is your connection to the issue? What public interest are you protecting?' The court explained that only someone who is directly affected, like the official owner or registered holder of the GI (Geographical Indication) tag for Kolhapuri chappals, has the legal right to file such a case. What the petition said? The petition claimed that Kolhapuri chappals are protected under the Geographical Indications Act, which means their name and design cannot be copied without permission. But the court said that only the registered owners of the GI tag can take legal action to protect the product. It is to be noted that the Kolhapuri Chappal, registered under Application No 169 in Class 25 (Footwear), was officially granted Geographical Indication status on May 4, 2009. It was renewed in 2019 and is valid until 2029. The petition described it as a 'handcrafted footwear, produced using traditional methods passed down over generations in the region of Maharashtra.' The petitioners said that making a pair of Kolhapuri chappals is a skilled and time-consuming craft. It usually takes about four to five weeks to complete just one pair. The process involves careful, detailed work by artisans, many of whom have been carrying forward this 800-year-old traditional art in India. The petition also stated that Prada's use of a similar design was not just copying, it was hurting Indian culture. It referred to Article 29(1) of the Indian Constitution, which protects the right of communities to preserve their unique cultural heritage. The lawyers argued that Kolhapuri chappals are more than footwear as they are a symbol of Indian tradition and craftsmanship. In addition to asking the court to stop Prada from using the design, the petition also asked for compensation. They said the global brand's actions had caused both reputational and financial harm to the Indian artisans who create these chappals by hand. Final Decision The court said it would give a detailed written order later, but for now, it has dismissed the case. The judges made it clear that just being concerned citizens is not enough to file such a petition, especially when the actual product owners had not come forward.
Hans India
4 minutes ago
- Hans India
Vanya Steels to invest Rs 100 cr in 10 MW green power plant
Bengaluru: Vanya Steels Pvt Ltd, a subsidiary of A-One Steel Group, on Tuesday announced that it is investing approximately Rs 100 crore to set up a cutting-edge 10 MW captive power plant at its Koppal facility in Karnataka. Using advanced Waste Heat Recovery Boiler (WHRB) technology, the project will convert industrial waste heat into clean electricity, marking a significant milestone in sustainable manufacturing for the region, according to a statement. 'The WHRB-based captive power plant will repurpose residual heat from the steelmaking process—energy traditionally lost to the environment—into a reliable source of green power,' A-One Steel Group said. 'This will reduce dependence on grid electricity, lower operational costs, and cut carbon emissions, advancing both environmental goals and energy security,' it added. The plant is expected to be commissioned by July 31, 2025. The project advances the 'Make in India' mission by generating employment for 60 people at the Koppal location, the statement further said. Once operational, the 10 MW facility will rank among Karnataka's leading industrial-scale waste heat utilisation projects in the steel sector. 'This initiative reflects our unwavering commitment to building a greener, more resilient future for Indian steel,' Krishan Kumar Jallan, founder and chairman of A-One Steel Group, said.
Economic Times
4 minutes ago
- Economic Times
Fixed income market outlook: why short-term bonds may outperform in 2H 2025
Synopsis India's bond market is evolving amid geopolitical tensions, softening inflation, and stable currency trends. Axis MF's July 2025 outlook favors short-term corporate bonds over long-duration G-Secs, citing better yields and risk-reward. Investors are advised to stay tactical with duration and focus on selective credits for 2H 2025. In a world grappling with geopolitical uncertainties and changing interest rate dynamics, India's bond market stands at a crucial juncture. ADVERTISEMENT According to the Fixed Income Market Outlook (July 2025) report by Axis Mutual Fund, abundant liquidity, falling inflation, and a shallow rate cut cycle are shaping a nuanced bond market strategy for the months geopolitical tensions between Israel and Iran have driven global investors towards safer assets like bonds and gold. In the US, 10-year Treasury yields slipped by 17 basis points to 4.23%. Meanwhile, Indian 10-year government bond yields inched up by 3 basis points to settle at 6.32%, largely due to abundant banking liquidity and moderating inflation trends. The Reserve Bank of India (RBI) conducted a ₹84,975 crore VRRR (Variable Rate Reverse Repo) auction to manage excess liquidity. Overnight rates are currently trading below the Standing Deposit Facility (SDF), prompting the central bank to maintain short-term policy interventions. India's headline inflation fell to 2.8% in May 2025, thanks to easing food prices and an expected above-normal monsoon. Analysts expect inflation to stay around or below 3% in the near term. Industrial production slowed to 1.2% in May, with the mining and electricity sectors dragging overall growth. However, India posted a robust current account surplus of 1.3% of GDP in Q4FY25—the strongest in over 15 years—driven by resilient service exports and front-loaded goods shipments ahead of US tariffs. ADVERTISEMENT The rupee remained broadly stable against the US dollar, as the greenback weakened against most major currencies. While bond markets have benefited from a strong rally over the past 12 months, analysts now expect the upside to be limited, particularly for long-duration government bonds. With much of the rate-cut-driven rally already priced in (10-year yields have already fallen by 70–75 bps over the last year), experts predict that yields will likely remain range-bound between 6% and 6.40% for 10-year G-Secs in the coming months. ADVERTISEMENT The report emphasizes a clear tactical shift towards short-duration bonds. Several factors support this view: Surplus system liquidity and subdued credit growth favor short-end corporate bonds. A shallow rate cut cycle and limited OMO (Open Market Operations) purchases further restrict long-duration bond rallies. Corporate bonds with maturities of 1 to 5 years are expected to outperform long bonds from a risk-reward standpoint. AAA-rated corporate bonds maturing within 3 to 10 years are likely to offer yields between 6.50% and 6.75%, providing incremental gains of 50–100 basis points. Globally, while tariff uncertainties between the US and its trading partners are easing, negotiations remain ongoing. The US Federal Reserve is expected to resume its rate-cutting cycle soon, with two cuts likely in 2025 as growth slows and labor market data weakens. However, the Fed's cautious approach keeps markets volatile. ADVERTISEMENT Given the current environment, investment experts recommend: Maintaining allocations to short- to medium-term bond funds. Gradually adding duration during yield spikes. Favoring government securities (G-Secs) in long-term portfolios while increasing exposure to 1–5-year corporate bonds for better near-term returns. With the bulk of the bond rally behind us, the report advises investors to focus on short-term corporate bond funds and tactical gilt funds. Selective credits also remain attractive due to improving macro fundamentals and corporate profitability. ADVERTISEMENT In short, the fixed-income space continues to offer opportunities—but disciplined portfolio allocation, duration management, and selective sector exposure will be critical for capturing returns in 2H 2025. (Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. 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