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The Bengaluru-headquartered company’s plan marks an attempt to nearly double a pipeline that has stood at about ₹16,600 crore, with management betting that public transport expansion and defence procurement will support multi-year growth. Rail and metro projects are expected to account for the largest share of the order flow, while defence and aerospace are being positioned as higher-value engines for future revenue.

The target comes as BEML’s three core businesses — rail and metro, defence and aerospace, and mining and construction — are being reshaped by government capital spending, local manufacturing mandates and the need to expand urban transport networks. The company, a Schedule A enterprise under the Ministry of Defence, has supplied metro coaches, passenger railway coaches, high-mobility vehicles, trailers, military wagons and mining equipment across its operating history.

Urban rail is the clearest growth driver. BEML has supplied more than 1,650 metro cars and is among the key domestic rolling-stock makers for metro corporations. Bengaluru Metro has emerged as a major customer, with BEML delivering the first driverless-ready train set for the Blue Line in June and continuing deliveries for the Pink Line. The Blue Line, linking Central Silk Board and KR Pura along the Outer Ring Road, is intended to serve one of Bengaluru’s busiest technology and business corridors once commercial operations begin after testing.

The company also holds a top-up order worth ₹414 crore from Bangalore Metro Rail Corporation for six additional driverless metro trainsets, raising the project scope to 66 trainsets comprising 396 cars. The order is tied to Phase 2 of the city’s metro expansion and strengthens BEML’s position in communications-based train control rolling stock, where metro operators are gradually moving towards higher levels of automation.

High-speed and semi-high-speed rail have added another layer to the company’s growth story. BEML has secured work linked to Vande Bharat sleeper trainsets and an Integral Coach Factory contract worth about ₹866 crore for high-speed trainsets. These projects are strategically important because they move BEML into technologically demanding segments where design, testing, safety certification and execution discipline will matter as much as manufacturing scale.

Defence orders are also providing support. The company secured a ₹590 crore contract for trawl assemblies from the Ministry of Defence in April, adding to a portfolio that includes ground-support vehicles, high-mobility vehicles, trailers, pontoon bridge systems and armoured recovery vehicles. BEML says it has supplied more than 8,500 high-mobility vehicles, over 3,200 trailers and military wagons, and more than 330 pontoon bridge systems to defence services.

Management is seeking to convert that installed base into repeat orders while moving into more sophisticated defence and marine systems. Partnerships with Bharat Forge, Data Patterns, STX Engine and Dragflow point to a strategy of widening technology access in areas such as advanced defence systems, marine engines and dredging solutions. The challenge will be to translate memoranda and strategic tie-ups into executable contracts with predictable margins.

BEML’s ambitions are being helped by a policy environment that favours domestic procurement, import substitution and local value addition. Its own disclosures highlight high levels of indigenisation in several product lines, including defence products, high-mobility vehicles and railway products. Metro cars remain a more demanding segment, where local content is rising but complex components and systems integration continue to require careful supply-chain management.

Execution remains the central risk. A larger order book does not automatically translate into stronger earnings if deliveries are delayed, input costs rise or contract terms compress margins. Rolling-stock projects can involve long testing cycles, penalty clauses and dependence on civil works progress by metro operators. Defence contracts also involve strict acceptance protocols and staggered delivery schedules, making cash-flow management critical.

Competition is another factor. BEML faces domestic and global rivals across rail and defence manufacturing, including companies with deeper private-sector execution flexibility or established international technology partners. Metro corporations and rail agencies have become more demanding on cost, localisation, energy efficiency and delivery timelines, forcing suppliers to invest steadily in design, tooling and quality systems.

Financially, the company is entering the expansion phase with investor interest tied closely to order visibility. BEML shares have benefited from defence and rail announcements, though valuation expectations remain sensitive to quarterly execution and margin delivery. The December quarter showed revenue growth, but the larger test will be whether the expanding pipeline can be converted into sustained earnings rather than headline order wins.

Musk responded on X to a post claiming that India’s birth rate had fallen below replacement level, writing that the trend had appeared “among those most educated” many years earlier. His comment drew attention because the Tesla and SpaceX chief has repeatedly argued that declining birth rates pose a long-term risk to economies, innovation and social stability.

The viral post said India’s fertility rate had fallen from 2.3 to 1.9 over a decade and cited Delhi’s rate at 1.2, among the lowest in the country. Official demographic data broadly support the decline, though the claim that the fall below replacement level has happened for the first time needs qualification. India’s total fertility rate stood at 1.9 in 2024, the same level recorded for 2023, meaning the country has already been below the conventional replacement threshold.

The latest figures mark a sharp departure from long-running anxieties about population growth. India, with an estimated population of more than 1.4 billion, overtook China as the world’s most populous country in 2023. Yet the fertility trend now points to a slower population expansion in the coming decades, with regional variation likely to shape labour supply, welfare planning and state-level fiscal priorities.

Delhi’s total fertility rate of 1.2 highlights the depth of the shift in urban centres, where higher education levels, later marriage, higher housing costs, career pressures and rising aspirations have contributed to smaller families. Several southern and western states have also remained below replacement level for years, while parts of northern and central India continue to record comparatively higher fertility.

Only a small group of states remains above the replacement threshold. Bihar, Uttar Pradesh, Madhya Pradesh, Rajasthan, Chhattisgarh and Jharkhand continue to report fertility levels above 2.1, keeping national population momentum alive even as most states move towards smaller family norms. The divergence has implications for political representation, public finance and migration, particularly as lower-fertility states age faster while higher-fertility states continue to add younger workers.

Demographers distinguish between a falling fertility rate and immediate population decline. India’s population will continue to grow for some time because of demographic momentum: a large base of people in reproductive age groups will keep births high even when the average number of children per woman falls. The larger policy issue is not a sudden fall in population, but the speed at which the age structure changes.

Musk’s intervention reflects a view he has voiced across countries, including Japan, South Korea, China and several European economies, where low fertility has triggered concerns about shrinking workforces and mounting pressure on pension and health systems. His comment on India stands out because the country has long been seen as a counterweight to ageing economies, with a large young population expected to support growth.

India’s demographic advantage remains substantial, but the window is not permanent. A lower fertility rate can help families invest more in each child’s education and health, while also reducing pressure on land, housing and public services. At the same time, it places greater urgency on job creation, women’s workforce participation, skilling, healthcare and pension coverage before the population ages more visibly.

Education plays a central role in the fertility shift. Women with greater access to schooling and employment tend to marry later and have fewer children. Urbanisation has reinforced the trend by raising the cost of child-rearing and changing family expectations. The pattern is not unique to India, but its scale is significant because of the country’s population size and uneven development across regions.

The decline also complicates older political narratives around population control. States that achieved lower fertility earlier have argued that they should not be penalised in future federal arrangements, while states with higher fertility still face pressure to improve education, healthcare and women’s economic participation. Any future delimitation of parliamentary seats is likely to bring these tensions into sharper focus.

Public health indicators add another layer to the debate. Lower fertility often accompanies improvements in child survival, maternal health and access to contraception. However, uneven access to quality healthcare, nutrition and education means the benefits are not distributed equally. Rural families, poorer households and marginalised communities may face different constraints from urban professional families choosing to have fewer children.

India’s policy challenge is therefore more complex than simply reversing a fertility decline or celebrating it. The country must prepare for a future in which some regions face ageing and labour shortages while others continue to supply young workers. That will require better migration planning, stronger urban infrastructure, more reliable social security and greater investment in human capital.

The response came after the won slipped past psychologically important levels against the dollar, intensifying concern among policymakers over inflation, capital flows and financial stability. Finance Minister Koo Yun-cheol convened senior economic officials and signalled that Seoul would act quickly if market moves became excessive, while the Bank of Korea and financial regulators kept watch on trading patterns across currency, bond and equity markets.

The won traded around the 1,520 range against the dollar after touching levels not seen for years, reflecting a mix of domestic and external pressures. Higher energy import costs, a strong dollar, portfolio outflows and demand for overseas investments have combined to weaken the currency despite South Korea’s current account surplus and continued strength in key export sectors.

Authorities are seeking to draw a line between normal market adjustment and disorderly moves that could spill into inflation expectations or funding conditions. Their measures are focused on sharper surveillance of foreign exchange transactions, closer coordination among financial agencies and readiness to respond to speculative flows that amplify one-way bets against the currency.

Seoul has avoided announcing broad capital controls, mindful of its ambition to deepen market access and secure developed-market recognition from global index providers. Instead, officials are relying on targeted stabilisation tools, verbal intervention and coordination with major institutional investors to smooth dollar demand. The National Pension Service remains central to those efforts because of the scale of its overseas investment activity and its potential impact on dollar-won liquidity.

The currency’s slide has complicated the Bank of Korea’s policy choices. Inflation rose to 3.1 per cent in May, the highest level in more than two years, pushed up by petroleum products and international travel costs. A weaker won increases the local-currency cost of imported fuel, food and raw materials, raising the risk that price pressures remain above the central bank’s 2 per cent target for longer than expected.

Rate policy now sits at the intersection of slowing growth, currency stability and household debt risks. A rate increase could support the won and restrain inflation, but it would add pressure on consumers and businesses already facing tighter financing conditions. Holding rates steady could protect domestic demand, but might leave the currency exposed if dollar strength persists or foreign investors continue to rebalance away from won assets.

Market pressure has also been shaped by South Korea’s stock market boom and its role in global technology supply chains. The country’s chipmakers and artificial intelligence-linked companies drew heavy investor interest, but sharp gains have also encouraged profit-taking and portfolio reallocation. When offshore investors sell equities or hedge exposure, demand for dollars can rise, adding to currency volatility.

Exporters have not provided the same level of support to the won that authorities might have expected during previous cycles. Companies with large overseas revenues have been cautious about converting dollar earnings, partly because of expectations of further currency weakness and partly because global investment plans require foreign currency holdings. That has deepened the imbalance between dollar demand and supply.

South Korea’s external position remains stronger than the currency’s movement alone suggests. The economy continues to benefit from semiconductor exports, sizeable foreign reserves and a sophisticated financial system. Yet the won has become more sensitive to swings in global risk appetite, partly because households, pension funds and institutional investors have increased overseas securities purchases over the past several years.

The government’s challenge is to calm markets without appearing to defend a fixed exchange-rate level. Officials have framed their intervention as an effort to prevent excessive volatility rather than reverse market fundamentals. That distinction matters because heavy-handed action could invite criticism from trading partners and undermine Seoul’s commitment to market liberalisation.

The United States and South Korea have already discussed currency stability, with both sides describing excessive volatility in the won as undesirable. Those consultations add a diplomatic layer to Seoul’s response, especially as South Korea balances foreign exchange concerns with large investment commitments abroad and shifting trade policy under Washington’s current tariff regime.

As an innovative driver of global payment solutions, Epay made a powerful international impression by showcasing its robust product matrix and vertical industry solutions. Amidst this prestigious gathering of top-tier global decision-makers, Epay emerged as a focal point of the event, drawing significant industry attention with its specialized sector expertise and deep compliance capabilities.

Throughout the event, the Epay booth buzzed with high-energy discussions as a steady stream of industry leaders and representatives gathered for consultations. Against the backdrop of an evolving global trade landscape, the strategic synergy and bidirectional flow between high-growth markets in Europe and the Asia-Pacific region emerged as a primary focus for many attending businesses.

On the floor, Epay’s expert team provided in-depth, tailored consultations for fintech peers, social media platforms, digital marketing agencies, and B2B trading enterprises. Addressing complex pain points such as global pan-entertainment payouts and cross-border supply chain fund flows, the team demonstrated Epay’s core global collection and payout capabilities alongside its flexible API solutions, precisely empowering businesses to expand internationally.

Furthermore, the Epay team engaged in deep-dive strategic dialogues with local commercial banks, international clearing organizations, and financial experts from various countries. Moving forward, Epay remains dedicated to expanding robust local payment networks, leveraging its forward-looking vision to power the global digital economy.

Hashtag: #EPay

The issuer is solely responsible for the content of this announcement.

About Epay

Forging Ahead, Driving Digital Growth
The curtain has fallen, but a new journey has just begun. For Epay, the conclusion of this international expedition marks the starting point for a new chapter in empowering global growth.

Standing at the forefront of the global digital economy, Epay remains committed to security as its foundation and innovation as its driving force, continuously building a compliant and rock-solid fintech infrastructure. Looking ahead, Epay will continue to dissolve geographical and financial barriers, marching alongside visionaries worldwide. We look forward to leveraging an even more forward-looking ecosystem to safeguard the global expansion of cross-border enterprises.

With past milestones honored and the future ahead, we look forward to seeing you at our next stop—ChinaJoy in Shanghai!

The exemption, effective from 1 April 2026, covers interest income and capital gains arising from the sale, exchange or transfer of specified government securities by eligible foreign institutional investors and the Bank for International Settlements. President Droupadi Murmu signed the Income-tax Ordinance, 2026 while Parliament was not in session, amending the new direct tax framework that took effect at the start of the financial year.

Foreign investors had been subject to long-term capital gains tax of 12.5% on listed bonds held for more than 12 months and withholding tax of 20% on interest from government securities. By removing the tax burden for eligible investors, the Centre is seeking to improve post-tax returns and make rupee debt more competitive at a time when global funds are weighing currency risk, oil-market volatility and geopolitical uncertainty.

The policy shift comes as the rupee has weakened by more than 5% this year, pressured by crude prices and sustained foreign selling in equities. The currency recovered after the announcement of measures aimed at attracting foreign currency inflows, but traders continued to watch oil prices, reserve levels and the central bank’s market operations for signs of durable support.

Reserve Bank of India kept the policy repo rate unchanged at 5.25% and announced steps to encourage dollar inflows, including support for foreign-currency borrowing by public sector entities, incentives for non-resident deposits and a longer window for exporters to repatriate proceeds. The central bank also revised its growth forecast to 6.6% and raised its inflation estimate to 5.1%, underlining the pressure created by imported energy costs.

The tax relief is aimed at deepening overseas participation in government securities after the inclusion of rupee bonds in major global debt benchmarks. Fully accessible route bonds have already been added to J. P. Morgan’s emerging market debt index and Bloomberg’s emerging market local currency index, widening the pool of passive and active investors that can allocate funds to sovereign debt. A separate decision on inclusion in broader global bond benchmarks is being watched by investors because it could influence medium-term flows.

Debt inflows have remained more resilient than equity flows, but the scale has not been sufficient to offset pressure from the current account and stock-market exits. Foreign investors have pulled large sums from equities this year, while government debt has continued to attract selective buying. Higher hedging costs and expectations of currency weakness have limited enthusiasm among some global investors despite the comparatively attractive yield on rupee bonds.

Market participants expect the tax exemption to help long-only funds, pension funds, sovereign investors and reserve managers that focus on net returns after tax. The measure could also support liquidity in benchmark government securities and reduce borrowing costs at the margin if foreign demand rises. For the Centre, a broader investor base would help absorb a large borrowing programme without placing excessive pressure on domestic banks and insurance companies.

The effect may still depend on factors beyond tax policy. Currency stability, inflation expectations, oil prices, fiscal credibility and the central bank’s approach to liquidity will shape overseas appetite. Investors that hedge currency exposure must still account for hedging costs, while those that remain unhedged face the risk of rupee depreciation wiping out yield gains.

The announcement forms part of SKYWORTH Solar’s newly unveiled global growth strategy, revealed at the 2026 SNEC Exhibition and Global Customer Summit in Shanghai, where the company introduced its new positioning as a “Global Smart Energy Ecosystem Leader” and outlined plans to accelerate expansion across key international markets.

Thailand has emerged as one of SKYWORTH Solar’s strategic markets in Southeast Asia, driven by rising energy demand, increasing electricity costs for businesses, and growing momentum behind renewable energy adoption.

The opening of the company’s Thailand office at Empire Tower in Bangkok strengthens SKYWORTH Solar’s local presence. It enables the company to provide customers and partners with enhanced support across consultation, project execution, after-sales service, supply chain coordination and project delivery.

“Thailand represents a significant growth opportunity for SKYWORTH Solar as businesses increasingly seek reliable and cost-effective clean energy solutions,” said Wanfei Qu, Chief Investment Officer of SKYWORTH Group, CEO and Director of SKYWORTH Solar. “Our strategy is built on the principle of ‘Global Vision, Local Execution’, combining global expertise with strong local partnerships to support Thailand’s energy transition and long-term sustainability goals.”

As part of its expansion plans, SKYWORTH Solar signed a 100MW C&I solar project MOU with CapSolar, supporting the growing demand for rooftop solar solutions among commercial and industrial businesses.

The company is also strengthening its local ecosystem through investments in project development, financing partnerships and service capabilities. This includes a strategic banking collaboration with ICBC Thai and access to a US$500 million investment fund to support solar project development and deployment in Thailand and other international markets.

One example of SKYWORTH Solar’s growing footprint in Thailand is its 3MW rooftop solar project at UMC Steel Plant in Chonburi Province. The project is expected to generate approximately 4.4 million kWh of clean electricity in its first year, helping reduce energy costs while supporting the facility’s sustainability objectives.

The developments in Thailand were highlighted as part of SKYWORTH Solar’s broader global strategy unveiled at SNEC 2026. The company announced plans to expand its solar, energy storage, and integrated smart energy solutions across Europe, Southeast Asia, the Middle East, and Africa, in response to increasing global demand for renewable energy technologies.

As governments and businesses accelerate their decarbonisation efforts, SKYWORTH Solar aims to support customers through a combination of advanced technology, flexible business models and localised service capabilities.

For more information about SKYWORTH Solar and its clean energy solutions, please visit https://www.skyworth-pv.com.
Hashtag: #SKYWORTH

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About SKYWORTH

SKYWORTH Solar, the cutting-edge PV brand under SKYWORTH Group, is a global leader in providing comprehensive one-stop solar solutions. Comprehensive end-to-end services are provided, encompassing consulting, design, and product O&M, all supported by a portfolio of self-developed solutions.

As a leading global renewable energy developer, service provider and energy solutions provider, SKYWORTH is actively shaping the future of energy. With a strong presence in EPC services and one-stop product solutions, SKYWORTH delivers high-quality, reliable, and innovative energy solutions. SKYWORTH ‘s commitment to originality and excellence has earned widespread recognition in international markets such as Germany, Italy, the UK, Brazil, and Senegal.