As the years passed, joblessness in the region increased.
The 2023-2024 figures showed that the size of the industry, excluding those having an annual turnover of Rs 20 crore, could be Rs 30,652 crore, assuming no tax evasion.
GST, net of refunds, now yields close to 20 trillion to both the Centre's and states' exchequer.
Defence expenditure was pegged at 1.4 per cent of GDP in the Budget for 2025-26 but it may widen, depending on tensions between India and Pakistan.
In 2024, Pakistan shelled out $10.2 billion in defence spends.
'When Prime Minister Modi met President Trump, they agreed to initiate a bilateral trade dialogue.' 'It makes sense to give these negotiations a chance.'
'But I don't think the government is in a great hurry to sign the BTA.'
The Archaeological Survey of India informed the JPC that 280 protected monuments have been listed as Waqf properties.
Among the cities that have fully implemented their projects are Agra, Varanasi, Madurai, Coimbatore, Udaipur, Pune, Surat, and Vadodara
Uttar Pradesh, Gujarat and Odisha budgets maintain revenue surpluses despite welfare schemes while Rajasthan and West Bengal face high debt, fiscal deficits and low capital outlay.
Schemes like the Mukhyamantri Majhi Ladki Bahin Yojana strain fiscal resources amid rising unemployment and prices of food items.
Businesses across the country may soon be required to issue electronic invoices, or e-invoices, directly to consumers for the sale of goods and services. The Goods and Services Tax (GST) Council, in its forthcoming meeting on Monday, is expected to discuss extending the e-invoicing mandate to cover business-to-consumer (B2C) transactions. Currently, e-invoicing is compulsory for businesses with a turnover of Rs 5 crore and above, but only for their business-to-business (B2B) transactions.
Full exemption for all health insurance premiums and reinsurance or a reduction in the GST rate from 18% to 5% on health insurance services is likely.
Amid a debate on the basis of a monetary policy stance, one may be curious enough to know how non-food retail inflation has behaved over the years in India. Let the eager souls catch a glimpse of facts. In the past 10 years, non-food inflation came down below 4 per cent on two occasions - pre-Covid period of 2019-20 and now in the first four months of the current financial year (FY25).
The government is planning to introduce legislative changes to the Foreign Exchange Management Act (Fema) regulations, with a focus on easing the pathway for inflows from a foreign portfolio investor to transition seamlessly into foreign direct investments (FDI) once the FPI surpasses the 10 per cent ownership threshold in a company. This move stems from multiple requests by foreign investors seeking to streamline the reporting requirements that arise when their stakes in Indian firms cross the 10 per cent mark.
The suspected undisclosed income in these cases could reach as much as Rs 15,000 crore.
International Monetary Fund (IMF) Deputy Managing Director (MD) Gita Gopinath has condemned the "terrible and disturbing" incident of rape and murder of a trainee doctor in Kolkata. "Personally, it is terrible to have any event of this kind. It is disturbing," she told Business Standard in New Delhi.
The Unified Pension System (UPS), approved by the Union Cabinet on Saturday, is "fiscally prudent" as it will be funded within the Centre's fiscal projections, according to T V Somanathan, the Cabinet Secretary-designate. Speaking to Business Standard immediately after the Cabinet nod, former finance secretary Somanathan, who headed the committee set up in March 2023 to review the National Pension System (NPS), said the UPS will not postpone pension expenditure as it will be contributory and financed each year.
About 1.2 trillion tax evasion cases have been detected and as many as 59,000 entities identified for verification in order to ascertain whether they are fake.
As on April 1, income tax arrears have increased to Rs 43 trillion from Rs 24 trillion on April 1, 2023.
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