Prime Minister Narendra Modi on Wednesday exhorted global investors to take bets on the Indian shipping sector, pointing out that this is the “right time” for such a move.

The Prime Minister also met a select chief executives of global majors, including DP World and APM, at a specially convened meeting on the sidelines of the India Maritime Week 2025 held here.

“For all of you hailing from different countries, this is the right time to work in the Indian shipping sector and also expand (your presence),” Modi said during a public address before the closed-door meeting with CEOs.

Modi listed several targets being chased by India in the maritime sector over the next few years, and underlined the importance of the global community in the same.

“You all are an important partner who will help us achieve all our aims. We welcome your ideas, innovations and investments,” Modi said.

He said that India allows 100 per cent foreign direct investment in the shipping and ports sector, and also provides incentives under the “Make In India, and Make For The World” vision.

Addressing an audience, including leaders of various companies, the Prime Minister affirmed India’s commitment to strengthening the supply chain resilience at a global level.

He also said that India is engaged in creating world-class mega ports, and cited the work undertaken on the Vadhavan Port to the north of the financial capital, which entered the top-10 firms in the world on the first day.

The government is also looking to grow the capacity at 12 major ports by four times and increase India’s share in containerised cargo at the global level.

Later, Modi held a meeting with top CEOs of shipping sector companies from across the world.

As per people in the know, he met AP Moller-Maersk Chairman Robert Maersk Uggla, DP World Group Chairman Sultan Ahmed bin Sulayem, Mediterranean Shipping Company Chief Executive Soren Toft, Adani Ports and SEZ Managing Director Karan Adani and French company CMA-CGM’s Senior Vice President Ludovic Renou.

The participation from over 85 countries in the IMW sends a strong message, Modi said, noting the presence of CEOs of major shipping giants, startups, policymakers, and innovators at the event.

The Prime Minister also thanked Port of Singapore (PSA) for the nearly Rs 8,000 crore investment in the Jawaharlal Nehru Port Authority’s fourth terminal, pointing out that this is also the largest FDI in the port sector in India.

Modi said more than 150 new initiatives have been launched under the ‘Maritime India Vision’, resulting in nearly doubling the capacity of major ports, a substantial reduction in turnaround time, and a new momentum in cruise tourism.

—PTI

The deadline to file Income Tax Returns (ITR) for most taxpayers, including salaried individuals, pensioners, and small businesses not requiring audit, ends today, September 15. Those who miss the due date face penalties, interest charges, and loss of certain tax benefits.

Penalties for late filing

If the return is not filed by the deadline, taxpayers can still file a belated return until December 31. However, under Section 234F of the Income Tax Act, late filing attracts penalties.

• For income up to Rs5 lakh: penalty is capped at Rs1,000.
• For income above Rs5 lakh: penalty increases to Rs5,000.
  

Additionally, if any tax remains unpaid, Section 234A imposes an interest of 1% per month (or part thereof) until the return is filed.

Consequences of missing deadline

• Loss of certain tax benefits: Belated filers cannot carry forward specific losses such as business or capital losses.
• Restrictions on tax regime change: Taxpayers lose the option to switch between old and new tax regimes after the deadline.
• Refund delays: Those eligible for refunds will face delays compared to timely filers.
  

Steps to file before time runs out

• Gather documents: Form 16, Form 26AS, Annual Information Statement (AIS), bank interest certificates, and proofs of investments or deductions.
• Use the e-filing portal: File immediately to avoid last-minute portal congestion.
• Verify your return: Ensure the ITR is verified electronically or physically for it to be considered valid.
  

India’s economy recorded a sharp growth of 7.8% in the April-June quarter (Q1) of 2025-26, surpassing the earlier estimate of 6.5% and outpacing China’s 5.2% growth in the same period. The figure also marks a notable rise from the 6.5% growth in the corresponding quarter last year, making it the fastest expansion in the last five quarters.

Strong performance across key sectors

According to data released by the National Statistical Office (NSO), the surge was driven primarily by the services sector, which expanded 9.3% compared to 6.8% a year ago, and the agriculture sector, which rose 3.7% against 1.5% last year.

The construction sector, however, witnessed a slowdown, growing 7.6% compared to 10.1% in the same quarter of the previous fiscal.

RBI’s earlier forecast

Earlier this month, the Reserve Bank of India (RBI) had projected a more modest Q1 growth of 6.5%, with overall real GDP growth for 2025-26 expected at 6.5%. RBI Governor Sanjay Malhotra attributed the positive outlook to favorable conditions, including a good monsoon, lower inflation, and strong government capital expenditure.

He said, “The above normal southwest monsoon, lower inflation, rising capacity utilisation and congenial financial conditions continue to support domestic economic activity. The supportive monetary, regulatory and fiscal policies, including robust government capital expenditure, should also boost demand. The services sector is expected to remain buoyant, with sustained growth in construction and trade in the coming months.”

India remains fastest-growing major economy

With China reporting 5.2% growth in April-June, India has retained its position as the world’s fastest-growing major economy. The latest figures highlight resilience in the face of external pressures, including recent US tariffs on Indian imports.