After the Indian government asked Samsung to pay $601 million (approximately Rs 5,174 crore) in back taxes and penalties for allegedly evading import duties on some key telecom equipment, the South Korean giant on Tuesday said the company fully complies with the laws of the land and is currently "assessing legal options".

The tax demand amounts to a significant portion of Samsung’s net profit in India, which was $955 million last year.

Samsung’s network division, which imports telecom equipment, had allegedly been under scrutiny for "misclassifying critical transmission components used in mobile towers".

The company reportedly imported and sold these telecom components to Reliance Jio.

Reliance Jio, however, was yet to comment on reports.

India’s milk production has increased by 63.56 per cent over the past 10 years from 146.3 million tonnes in 2014-15 to 239.2 million tonnes during 2023-24, with an annual growth rate of 5.7 per cent, while world milk production is growing at 2 per cent per annum, according to information tabled in Parliament on Tuesday.

Per capita availability of milk in the country has increased by 48 per cent in the last decade with more than 471 gm/person/day during the year 2023-24 as against the per capita availability of 322 gram/ person/ day in the world, Minister of State for Fisheries, Animal Husbandry and Dairying, S.P. Singh Baghel, said in a written reply in the Lok Sabha.

India has ranked first in milk production since 1998 and now contributes to 25 per cent of global milk production.

India’s office leasing market broke previous records in 2024 at 81.7 million square feet (MSF), 19 per cent increase from 2023 and its highest-ever leasing in a calendar year, a report showed on Tuesday.

The IT/ITES sector constituted the largest share, accounting for 42 per cent of total leasing demand, up from 28 per cent in 2023, according to the report by real estate data analysis platform CRE Matrix and CREDAI.

“It was the overall business sentiment and a strong demand for flexible workspace models which powered India’s office leasing to record levels,” the report mentioned.

Bengaluru, Hyderabad, and Mumbai led the market, collectively accounting for 62 per cent of the demand and recording a 20 per cent year-on-year growth.

South Korea will work to facilitate the growth of the critical mineral recycling industry, with a goal of achieving a 20 percent recycling rate of key critical minerals by 2030, the industry ministry said on Tuesday.

The Ministry of Trade, Industry and Energy announced the plan as part of a broader government initiative aimed at stabilising supply chains.

Under the plan, the ministry will work to foster the growth of the critical mineral recycling industry by streamlining related regulations, creating industrial clusters and expanding infrastructure for companies in the sector, reports news agency.

Through such efforts, the country aims to recycle 20 percent of strategic critical minerals essential for advanced industries, like batteries and semiconductors, by 2030.

Hotel transactions in 2024 reached approximately Rs 2,900 crore in India and interestingly, tier 2 and 3 cities accounted for 50 per cent of the transactions, predominantly involving unbranded midscale properties, a report showed on Tuesday.

The investment landscape saw diverse participation, with high-net-worth individuals (HNIs), family offices, and private owners contributing 51 per cent of the investment volume, according to a JLL report.

In Q4 2024, the Indian hospitality sector demonstrated strong growth, with the top six markets experiencing year-over-year increases in both average daily rate (ADR) and revenue per available room (RevPAR).

Hyderabad emerged as the standout performer, recording the highest RevPAR growth at 23.3 per cent, primarily driven by a significant increase in ADR.

Deloitte on Tuesday announced a significant scaling of its Global Artificial Intelligence (AI) Simulation Centre of Excellence (CoE) in India, which is part of its global investment of $3 billion in Generative AI (GenAI) through FY30.

Launched first in Bengaluru to serve Deloitte’s global network, the Simulation CoE aims to accelerate clients’ decision-making processes, mitigate potential risks, and maximise their return on investment (ROI).

It will power next-generation capabilities such as 5G, 6G, Internet of Things, Industrial Metaverse, Space Tech, Physical Robotics and Nanotech.

Using real-time insights, the CoE seeks to develop advanced visualisations, simulations and scenario modelling, digital twins and multi-agent systems.

South Korea's consumer sentiment worsened in March amid deepening concerns about growth momentum due to weak domestic demand and slowing exports, the central bank said on Tuesday.

The composite consumer sentiment index stood at 93.4 this month, down 1.8 points from that of February, according to the survey conducted by the Bank of Korea (BOK).

This marked the first decline in three months, as the index had dropped to a two-year low of 88.2 in December, mainly due to President Yoon Suk Yeol's surprising martial law declaration, but rebounded to 91.2 in January and further rose to 95.2 in February, reports news agency.

A reading above 100 means optimists outnumber pessimists, while a reading below the benchmark means the opposite.

In a big boost for local manufacturing, the country is set to witness its electronics exports surpass Rs 3 lakh crore for the first time this fiscal (FY25), driven by smartphones.

As per latest industry data, electronics exports reached Rs 2.87 lakh crore in the 11 months in FY25 (April-February), an impressive growth of 35 per cent from Rs 2.11 lakh crore in the same period last fiscal (FY24).

At Rs 1.75 lakh crore, smartphones continue to be the top contributor to electronics exports growth in the April-February period, according to industry data. It constitutes a 54 per cent jump over the corresponding figure for the same period of FY2023-24.

India's business activity ended FY25 on a strong note, with the manufacturing sector posting a robust expansion in sales and production during March, driven by a rising demand for goods. Hiring, too, increased during the month, according to the HSBC Flash India survey released on Monday.

The HSBC Flash India Composite Output Index was stable at 58.6 in March compared to February's final reading of 58.8. The latest figure was above its long-run average of 54.7 and continued to indicate a strong growth.

The HSBC Flash India Manufacturing PMI increased from 56.3 in February to 57.6 in March, signalling a notable improvement in operating conditions that was broadly aligned with the average for FY25. Three of its five main sub-components — output, new orders and stocks of purchases — rose since last month, the survey showed.

Led by global capability centres (GCCs), the year 2024 marked a watershed year for the banking, financial services and insurance (BFSI) sector in India's commercial real estate, which leased 13.45 million square feet (sq ft), claiming a 17.4 per cent share of the annual leased space, a report showed on Monday.

Notably, the BFSI segment leased 31 million sq ft office space in the three-year period of 2022-2024, higher than even the 29 million sq ft leased in the previous six-year period of 2016-2021, according to a report by JLL.

Global BFSI firms accounted for a significant 59.0 per cent share of space leased by the BFSI sector in the last three years.

India's strong talent pool, digitisation push, financial inclusion, and consumption potential are key drivers of the BFSI sector's growth.