India business news: Modi on AI safeguards, ethanol excise exemption, World Bank growth forecast

Prime Minister Narendra Modi on Thursday urged states to use artificial intelligence with care. Prime Minister Narendra Modi flagged rising threats like cyber fraud and drug abuse. Prime Minister Narendra Modi also cautioned about El Nino risks. Prime Minister Narendra Modi asked states to step up water conservation to reduce possible disruption.

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The Centre has also moved to avoid extra tax on fuel blending. Official notifications said higher ethanol-blended petrol grades are now exempt from central excise duty. The step aimed to stop double taxation when ethanol is mixed with petrol. It covered higher ethanol-petrol blends under the updated duty treatment.

World Bank India growth forecast

The World Bank said India is set to stay the fastest-growing major economy. The World Bank projected 6.6 per cent growth in fiscal year 2026-27. The estimate marked slower growth than recent years. The report compared it with 7.2 last year and 7.7 per cent earlier.

Union Shipping Minister Sarbananda Sonowal said three Indian seafarers were confirmed dead. The seafarers were onboard the Palau-flagged MT Settebello. The crew members were first reported missing after a US military strike. The incident took place off the Oman coast, and bodies were located.

AI-171 crash judicial probe demand

The Federation of Indian Pilots (FIP) repeated its call for a judicial probe into the AI-171 crash. The pilots body also asked authorities not to release any interim investigation report. FIP said an early report could add confusion. FIP warned it may fuel speculation around the probe.

LG Electronics India revenue plan

LG Electronics CEO Lyu Jae-cheol said the company is targeting higher sales by 2030. LG planned to double combined revenue from three global south markets. India was among the key markets named. Lyu Jae-cheol said LG is accelerating momentum to meet the stated target.

Stock markets and rupee amid US-Iran tensions

Benchmark indices Sensex and Nifty ended lower on Thursday after choppy trading. Investors stayed cautious as US-Iran tensions rose. Reports also pointed to foreign institutional investor outflows. The rupee also weakened sharply, falling 60 paise to close at 95.85 against the US dollar.

Gold price in Delhi amid West Asia tensions

Gold prices in Delhi fell for a second day on Thursday as sentiment stayed weak. Gold declined by Rs 2,100 to Rs 1.53 lakh per 10 grams. Traders linked the mood to tensions in West Asia. Silver prices were unchanged in the national capital during the session.

The day’s business updates ranged from policy signals to market moves. Prime Minister Narendra Modi focused on AI risks and water conservation needs. The Centre adjusted excise duty rules for ethanol blends. The World Bank set out a slower growth path. Markets, the rupee, and gold reflected global tensions and cautious trade.

With inputs from PTI