India's economic engine is revving up, but navigating the global headwinds requires sharp strategy. The rupee's recent volatility against the dollar underscores the complexities facing Indian businesses, impacting everything from import-export trade to domestic inflation. This week alone, we've seen significant shifts in the IT sector, with major players announcing restructuring and a renewed focus on AI-driven solutions. Meanwhile, the burgeoning startup ecosystem continues to attract substantial funding, despite a cautious global investor sentiment. The government's recent policy announcements on infrastructure development and digitalization are poised to further shape the business landscape, creating both opportunities and challenges for entrepreneurs and established corporations alike. Understanding these market dynamics is crucial for success in today's rapidly evolving Indian economy. Stay informed with Abtak.com for the latest insights and analysis on key sectors including finance, manufacturing, and technology – empowering your business decisions in a dynamic market. Explore the complete business news section now to stay ahead of the curve.
New Delhi: Finance Minister Nirmala Sitharaman on Wednesday said the next-generation GST reforms is a step towards making India Aatmanirbhar and the central government looks at building consensus with states in the coming weeks. The Centre's proposal on GST reforms is based on three pillars-- structural reforms, rate rationalisation and ease of living, she said. During a meeting with GoMs on rate rationalisation, insurance taxation and compensation cess, Sitharaman "emphasised that the proposal by the Central Government is with a vision to usher in the next generation of GST reforms in India's journey towards becoming #AtmanirbharBharat." The three GoMs will over two days deliberate on the Centre's 'next-gen' GST reforms under which tax will be levied at 5 and 18 per cent rates. A special 40 per cent rate has been proposed on 5-7 items, including sin goods. "The Central Government remains committed to building a broad-based consensus with the States in the coming weeks to implement the next generation of GST reforms in the spirit of cooperative federalism," the finance ministry said in a post on X.
New Delhi [India], December 2: The IVCA GreenReturns Summit 2024 commenced today in New Delhi, convening over 400 visionaries, investors, policymakers, and entrepreneurs to chart a transformative path for India's green economy. The Summit is dedicated to aligning India's climate goals with its trillion-dollar economic aspirations for a 'Viksit Bharat,' spotlighting high-impact investment opportunities, addressing funding gaps, and driving actionable solutions for net-zero and climate adaptation. Also Read | Mamata Banerjee Says West Bengal Yet To Get INR 14,000 Crore From Centre for Supply of ...Read More >
Mumbai, Feb 10: The rupee on Monday plunged 45 paise and moved closer to the 88 per US dollar-level, weighed down by the strength of the American currency tariff concerns, but eventually settled at 87.45, up 5 paise, following RBI intervention. The American currency gained in the overseas market after US President Donald Trump's plans to impose 25 per cent tariffs on steel and aluminum imports, along with reciprocal tariffs targeting countries taxing US exports. The move has added jitters over the global trade war with China's reciprocal duties coming into effect, they said. At the interban ...Read More >
New Delhi [India], June 7 (ANI): The Central government has raised financial limits under the General Financial Rules (GFRs) for procurement of scientific equipment and consumables. The simplification of GFRs will reduce delays and enhance autonomy and flexibility for the research organisations. Under the new rules, the Finance Ministry said that Vice Chancelors, Dierectors and academic institutions under specified departments and ministries will be able to make non-Government e-Marketplace (GeM) procurement of scientific equipment and consumables. As per the notification of the Finance Min ...Read More >
The National Investigation Agency (NIA) has filed charges in court against Canada-based gangster-terrorist Satwinder Singh alias Goldy Brar and four others for orchestrating grenade attacks on two Gurugram clubs in December, the agency announced on Saturday. The December 10, 2024 attacks targeted Warehouse Club and Human Club in Sector 29, with investigators linking the violence to a broader conspiracy by the banned Babbar Khalsa International (BKI) to spread communal disharmony across Haryana. The chargesheet names Sachin Taliyan, Ankit, Bhawish and US-based Randeep Singh alongside Brar. All ...Read More >
Former Delhi Chief Minister Arvind Kejriwal announced several pre-election promises targeting auto drivers. These include a ₹10 lakh insurance policy, ₹1 lakh for daughters' marriages, a biannual ₹2,500 uniform allowance, free coaching for their children, and the relaunch of the 'PoochO' ride-booking app. Kejriwal and the AAP are campaigning to secure a third term in the upcoming February elections.Ahead of crucial Delhi assembly polls, Arvind Kejriwal promised several measures for auto dri ...Read More >
New Delhi, Jun 5 (PTI) Fintech firm BimaPay Finsure on Thursday said it has entered into corporate insurance financing and aims for Rs 20 crore in premiums in 2025-26. Launching the pilot phase with insurance partners, BimaPay said the initiative will allow businesses to pay premiums in easy equated monthly instalments (EMIs) instead of bearing the burden of full upfront costs. Also Read | Who Is Pinaki Misra? From Age to Family Background and Net Worth, Here's All About BJD Leader With Whom Mahua Moitra Reportedly Married. The company aims to finance over Rs 20 crore worth of premiums by t ...Read More >
NEW DELHI, June 3 (Reuters) - Prime Minister Narendra Modi's high-profile attendance at a global airlines conference this week underscores how much India is banking on a boom in aviation to support wider development goals, but headwinds to its ambitions are gathering force. Undeterred by the uncertainty gripping the aviation sector globally due to trade tensions and shaky consumer confidence, India's biggest airlines are ploughing ahead with orders for new planes, following record deals two year ...Read More >
New Delhi [India], June 7 (ANI): The Central government has raised financial limits under the General Financial Rules (GFRs) for procurement of scientific equipment and consumables. The simplification of GFRs will reduce delays and enhance autonomy and flexibility for the research organisations. Also Read | PM Narendra Modi To Visit Odisha on June 20 To Attend BJP Govt's First Anniversary Function, Says State Minister Suresh Pujari. Under the new rules, the Finance Ministry said that Vice Chancelors, Dierectors and academic institutions under specified departments and ministries will be abl ...Read More >
Mumbai: Two days ahead of the Maharashtra government formation, top sources have said that Eknath Shinde's Shiv Sena is likely to be allotted eight portfolios including the Urban Development Ministry. Sources also said that Ajit Pawar's NCP will retain the Finance Ministry. Sources have further said that there is no dispute between Shiv Sena and the BJP over the Chief Minister's which is yet to be revealed by the Mahayuti alliance. Meanwhile, reports are doing the rounds that Sena wants swearing in of its ministers on December 5 itself, along with oath taking of Chief Minister and Deputy Chie ...Read More >
New Delhi, Dec 3 (PTI) Finance Minister Nirmala Sitharaman will commence customary pre-Budget consultations with various stakeholders beginning Friday. As part of the process, she will meet eminent economists on December 6 to seek their inputs regarding upcoming Budget amid seven-quarter low GDP print of 5.4 per cent recorded in the second quarter of the current financial year. It will be followed by a meeting with farmer associations and agriculture economists and stakeholders in MSME sector scheduled for December 7, sources said. Union Budget 2025-26 is likely to be tabled in Parliament o ...Read More >
HYDERABAD: Union Coal & Mines Minister G Kishan Reddy on Saturday said that MP Eatala Rajender deposed before Justice PC Ghose Commission on Kaleshwaram not as a BJP leader but as former finance minister in the BRS government. During an informal chat with reporters, he said: "Rajender did nothing wrong and that's why he has the courage to appear before the Commission of Inquiry (CoI). He spoke the truth and explained to the Commission what had happened during the BRS regime." "Rajender, in fact, has asked the Commission to take action against former chief minister K Chandrasekhar Rao," he ad ...Read More >
Bengaluru: Fugitive liquor baron Vijay Mallya approached the Karnataka High Court on Wednesday seeking direction to banks to provide details of the total amount recovered against loans obtained by him, United Breweries Holdings Limited (UBHL, now in liquidation). Considering the plea, the High Court has issued notices to concerned banks in this regard. The bench headed by Justice R. Devadas passed the order issuing notices to banks, and recovery officers and adjourned the matter till February 19. Senior counsel Sajan Poovayya appearing for Vijay Mallya submitted to the court that the loan a ...Read More >
Katra: Prime Minister Narendra Modi visited Jammu and Kashmir on Friday to inaugurate multiple rail projects, including the world's highest Chenab Rail Bridge, the Anji Khad Bridge, and the Katra-Srinagar Vande Bharat Express, as part of the Udhampur-Srinagar-Baramulla Rail Link. These railway projects directly connect Jammu and Kashmir to the rest of the country. The Udhampur-Srinagar-Baramulla Rail Link is an all-weather railway corridor designed to provide seamless connectivity to the region through the rail network. During his visit, PM Modi reviewed the Chenab bridge, world's highest ra ...Read More >
Canara Bank has got exemption from the Centre to hold stake beyond the 30% upper limit under the Banking Regulation Act in joint ventures Canara Robeco Asset Management Company and Canara HSBC Life Insurance Company. The bank, which owns 51% each in the two JVs, had approached the government seeking permission to divest 13% in the asset management entity and 14.5% in the insurer, by way of initial public offers, Canara Bank said in a filing on Wednesday. The Centre, on the recommendation of the Reserve Bank of India, has decided that the provisions of sub-section (2) of Section 19 of the Bank ...Read More >
New Delhi, December 4: In a significant move to enhance customer experience and protect citizens, the Lok Sabha on Wednesday passed the Banking Laws (Amendment) Bill, 2024, which allows bank account holders to have up to four nominees in their accounts. The higher number of nominees aims to reduce unclaimed deposits in banks. Finance Minister Nirmala Sitharaman said that depositors will have the option of successive or simultaneous nomination facility, while locker holders will have only successive nominations. Another sweeping change relates to redefining 'substantial interest' for directors ...Read More >
New Delhi [India], February 7 (ANI): Around 30 Bihar MPs from BJP, JD(U), and other parties of NDA met Prime Minister Narendra Modi in Parliament on Friday. The MPs felicitated the Prime Minister for the Budget announcements for their state. With Assembly elections scheduled for November this year, Bihar received significant attention in the Budget. Finance Minister Sitharaman announced the expansion of Patna Airport, the establishment of four new greenfield airports, and the construction of a brownfield airport at Bihta. Notably, Bihar was mentioned multiple times in Sitharaman's Budget spe ...Read More >
New Delhi, May 23 (PTI) The GST Council is likely to meet soon to discuss rate simplification and rationalisation and the future of compensation cess, according to a source. "There are three or four different aspects relating to making GST simpler. We will take up the issue of compensation cess, rate rationalisation and simplification," the source said. The GST Council, chaired by Union Finance Minister and comprising state counterparts, in its meeting in December last year, did not take up the GoM reports on rate rationalisation and rate reduction in health and life insurance. The two GoMs ...Read More >
Haryana chief minister Nayab Singh Saini on Saturday hit out at the Aam Aadmi Party (AAP) government in Punjab, alleging that it had not done any meaningful work for the welfare of people. Saini further claimed that the Bhagwant Mann government in Punjab "no longer enjoys public support" and that in the June 19 Ludhiana West assembly bypoll, "people will decide in the right direction". He accused the Mann government of not implementing central policies, such as the Ayushman Card scheme which co ...Read More >
Mumbai, Dec 3 (PTI) Maharashtra's caretaker Chief Minister Eknath Shinde on Tuesday visited a private hospital in Thane for a "check-up," two days before a new CM is sworn in at an open ground ceremony in south Mumbai. Even as it is not known yet who would take oath as chief minister at Azad Maidan on the evening of December 5, preparations are in full swing for the ceremony, to be attended by Prime Minister Narendra Modi, about 2,000 VVIPs and some 40,000 supporters. Shinde, who had been staying at his private residence in Thane for the last few days, visited the hospital in the morning. "I ...Read More >
Bengaluru: Ex-Karnataka Chief Minister and former External Affairs Minister SM Krishna died here early on Tuesday, leaving behind a rich legacy of statesmanship and public service that saw the 92-year-old leader scale all heights of political achievements. Suave, sophisticated and a man with enviable academic credentials, Somanahalli Mallaiah Krishna started off his political innings as an independent MLA from Maddur in 1962, stunning a then Congress veteran in the elections, and went on to become the state's CM and later the country's External Affairs Minister. Tributes poured in for the fo ...Read More >
New Delhi, January 31: The unveiling of the Economic Survey on Friday sets the stage for Finance Minister Nirmala Sitharaman to present the Union Budget for 2025-26 in Parliament on Saturday (February 1), which is expected to continue the government's policy of giving a big push to economic growth with equity. The government has prioritised improving the quality of life in rural areas to ensure equitable and inclusive development, according to the Economic Survey 2024-25. The survey highlights financial inclusion as a key focus, with rural households and small businesses getting easier access ...Read More >
HYDERABAD: Refuting the allegations of the Opposition BRS that the Congress government failed to stop the Andhra Pradesh government's proposed Godavari-Banakacherla project, Irrigation Minister N Uttam Kumar Reddy on Friday declared that "we are ready for any kind of fight" against AP's project. Speaking to reporters here, Uttam said that the state government has already written letters to Jal Shakti Minister CR Patil and Union Finance Minister Nirmala Sitharaman opposing the project. "After our representation, Union Minister CR Patil in a letter assured us that the G-B project will be exami ...Read More >
NEW DELHI, Dec 13 (Reuters) - India should do more to tax its super-rich given its high levels of inequality, French economist and author Thomas Piketty said on Friday. The writer of the best-selling book "Capital in the 21st Century" called on India to follow through on a July pledge by finance ministers from the Group of 20 major economies to cooperate on effectively taxing the world's largest fortunes. "India should be active in taxing the rich," Piketty said at an event organised by Delhi-b ...Read More >
New Delhi: The GST Council will soon decide on having fewer and lower rates as the review work is almost complete, Finance Minister Nirmala Sitharaman said on Tuesday. Currently, Goods and Services Tax (GST) is a four-tier tax structure with slabs at 5, 12, 18 and 28 per cent. Luxury and demerit goods are taxed at the highest bracket of 28 per cent, while packed food and essential items are in the lowest 5 per cent slab. The Council, chaired by Sitharaman and comprising her state counterparts, has set up a group of ministers (GoM) to suggest changes in GST rates as well as reduce slabs. "To ...Read More >
New Delhi, Dec 12 (PTI) Gross non-performing assets (NPAs) of public sector banks (PSBs) have declined to a decade low of 3.12 per cent at the end of September 2024 from a peak of 14.98 per cent in March 2018 on the back of measures like the 4Rs -- recognition, recapitalisation, resolution, and reform -- taken by the government, the finance ministry said on Thursday. Since 2015, the government implemented a comprehensive 4Rs strategy of recognising NPAs transparently, resolution and recovery, recapitalising PSBs, and reforms in the financial system to address the challenges faced by PSBs, it ...Read More >
Lucknow: Days after the chairman of 16th Finance Commission Arvind Panagariya said that Uttar Pradesh, like many other states, had demanded increase in state's share from existing 41% to 50%, state finance minister Suresh Khanna said that such a demand has been raised by other states too and it is justified as UP has being doing better on several parameters.The UP govt's thrust before the 16th Finance Commission was on UP's share in central taxes which should be 20.47% against 17.93% it got in 15th Finance Commission, the finance minister told TOI.Sources said that even if UP does not get the ...Read More >
Andhra Pradesh is reviewing government files and will explore if it is possible to cancel a power supply contract linked to the Adani Group, whose billionaire founder has been indicted in the United States, a top official told Reuters. U.S. authorities have charged Gautam Adani and seven others with agreeing to pay bribes of $265 million to unnamed Central government officials to obtain solar power-supply contracts in Odisha, Tamil Nadu, Chhattisgarh, Andhra Pradesh and the federal territory of Jammu and Kashmir, between 2021 and 2022. Also read: Fitch takes negative rating actions on Adani ...Read More >
Adani Ports, Adani Enterprises, Shriram Finance, UltraTech Cement, and Cipla were the top gainers on the Nifty. Benchmark indices Nifty and Sensex extended morning gains driven by strength in public sector banks ahead of the RBI MPC meet outcome on Friday. Heavyweight stocks like HDFC Bank and Reliance Industries also contributed to the rally on December 3. Broader markets also showed strength with mid- and small-cap indices rising 0.7 percent each. At noon, the Sensex was up 538.04 points or 0.67 percent at 80,786.12, and the Nifty was up 153.45 points or 0.63 percent at 24,429.50. About 2, ...Read More >
Bengaluru, Dec 3 (PTI) The Karnataka High Court on Tuesday quashed a criminal case registered against former state BJP president Nalin Kumar Kateel for allegedly extorting money and pressuring business entities to buy electoral bonds. Justice M Nagaprasanna passed the order while allowing the petition filed by Kateel. Also Read | CII Partnership Summit 2024: S Jaishankar Calls for Stronger Global Partnerships as India Faces Growing Challenges. The FIR was registered by the Bengaluru police based on a complaint lodged by Adarsh R Iyer, a city-based activist. The FIR was also registered agai ...Read More >
New Delhi [India], December 12 (ANI): A nearly 26 per cent rise in FDI to USD 42.1 billion during the first half of the current fiscal year 2024-25 helped India's gross foreign direct investment (FDI) inflows reach an impressive USD 1 trillion since the start of this century. India has achieved a remarkable milestone in its economic journey, with gross foreign direct investment (FDI) inflows reaching an impressive USD 1 trillion since April 2000. This landmark achievement was helped by a nearly 26 per cent rise in FDI during the first half of 2024-25. Ministry of Commerce and Industry in a ...Read More >