India's like-for-like gross Goods and Services Tax (GST) revenue growth slowed to a five-year low of 5.57 per cent in FY26, reaching Rs 23.32 trillion, primarily driven by a significant surge in import revenues.
'Whether you will bring this down and cause hurt to senior citizens, who are probably living on that little interest rate that they earn out of it... But equally, if I just look at the kitty of the National Small Savings Fund, it is from that same kitty that I'm borrowing.'
Pakistan has received the second and final tranche of USD 1 billion from Saudi Arabia, completing a USD 3 billion aid package aimed at boosting its foreign reserves, the state bank said.
The conflict may disrupt Budget 2026-2027 projections, squeezing revenues and raising subsidies, prompting fiscal adjustments and potential reforms, echoing lessons from the Covid-era shock, points out A K Bhattacharya.
External Affairs Minister S Jaishankar has emphasised India's commitment to safe maritime transit and condemned attacks on merchant shipping amidst the ongoing West Asia conflict and global energy market disruptions.
Andhra Pradesh is spearheading an ambitious initiative to establish a fully integrated beach sand minerals, rare earth, and titanium ecosystem, aiming to attract over 50,000 crore in investments over the next decade. This move is part of India's broader strategy to reduce its reliance on China for strategic minerals and permanent magnets, with the state preparing a comprehensive rare earth policy and planning specialised industrial clusters.
rediffGURU T S Khurana answers readers' personal income tax queries
The Indian government has increased the export duty, or windfall tax, on diesel to Rs 55.5 per litre and on aviation fuel (ATF) to Rs 42 a litre, effective immediately, to boost domestic availability and prevent exporters from exploiting global price differences.
Under FAME-II, automakers provided subsidies to electric vehicle (EV) customers at the time of purchase, with the understanding that the government would reimburse the firms later.
The Israeli Finance Ministry has warned that the ongoing war with Iran could cost Israel an estimated NIS 9.4 billion (USD 3 billion approximately) per week under current restrictions on economic activities.
The IndiaAI Mission, under MeitY, has selected 10 Indian AI startups for its Global Acceleration Programme, aimed at fostering international growth and innovation.
For India, much is at stake: Crucial energy supplies traversing the Strait of Hormuz, the fate of its 10 million citizens living and working in West Asia -- who send generous remittances home -- and its major trade links with the region.
Calling such reports baseless, Finance Minister Nirmala Sitharaman said there was no such move under consideration.
Rising stressed debt and past exposures like Reliance Capital, Yes Bank push EPFO to frame exit rules for its portfolio.
A 25-year-old woman, allegedly a key drug trafficker in Delhi, has been detained under the PIT-NDPS Act and will be moved to a Chennai prison to disrupt her network.
The Parliamentary Standing Committee on Finance has asked the finance ministry to spell out a clear legal strategy, including options such as a "golden share" or indirect control structures, to maintain strategic oversight in public sector entities if state ownership falls below 51 per cent.
The Bangladesh Cricket Board (BCB) is attempting to repair strained relations with the BCCI after pulling out of the T20 World Cup in India, seeking to revive India's white-ball tour in September.
A senior official from the Union Ministry of Finance died and three others were injured after a BMW allegedly struck his motorcycle in Delhi. Police are investigating the incident.
Haryana's Chief Minister Nayab Singh Saini reviewed the progress of the Haryana AI Development Programme (HAIDP), a Rs 474-crore initiative developed with the World Bank, focusing on AI skilling, startup incubation, and ethical AI governance.
The Indian government has reduced excise duty on petrol and diesel to mitigate the impact of rising global crude prices, triggered by geopolitical tensions in the Middle East. This move aims to provide relief to consumers and oil companies amidst volatile international oil markets.
Samrat Choudhary's appointment as Bihar's Chief Minister marks a significant milestone for the BJP, ushering in a new era of leadership in the state's political landscape.
HDFC Bank reports a 12% credit growth for the March quarter, alongside the unexpected resignation of its chairman, Atanu Chakraborty, due to ethical concerns.
The Indian government has waived customs duty on critical petrochemical products until June 30 to ensure supply stability and provide relief to consumers amid disruptions caused by the crisis in West Asia.
The Indian government has maintained the interest rates on small savings schemes, including PPF and NSC, for the eighth consecutive quarter, starting April 1, 2026.
Pakistan's Deputy Prime Minister and Foreign Minister Ishaq Dar sustained a hairline fracture in his shoulder after a fall during a reception for his Egyptian counterpart. Despite the injury, he continued with scheduled meetings throughout the day.
Amidst global energy market volatility driven by the West Asia crisis, Russia has proposed increasing its crude oil and natural gas supplies to India, strengthening bilateral energy ties and aiming for USD 100 billion in annual trade by 2030.
Finance Minister Nirmala Sitharaman stated that it is premature to comment on the tariff changes announced by the United States, adding that the commerce ministry is currently reviewing the situation.
The Employees' Provident Fund Organisation (EPFO) has decided to maintain the interest rate on employees' provident fund (EPF) deposits at 8.25 per cent for the fiscal year 2025-26, marking the second consecutive year at this rate.
Only 2.5 per cent of the equity in Jio Platforms will be offloaded through the OFS route -- meant for secondary share sale.
India's privatisation push, once projected as a cornerstone of economic reform, has suffered another setback, with the Centre set to call off the IDBI Bank stake sale, highlighting the political and structural constraints shaping the country's disinvestment policy, experts say.
Prime Minister Narendra Modi convened the Cabinet Committee on Security to address the impact of the West Asia conflict on Indian citizens, focusing on safeguarding them from the conflict's effects and ensuring the smooth flow of essential supplies.
Lenders are actively monitoring gold price volatility, prompting them to ask borrowers for additional gold collateral or partial principal repayment when loan-to-value (LTV) thresholds are breached, particularly for loans disbursed in February.
Revenue collection next financial year may be affected, and, along with this, subsidies on food and fertilisers can go up if the war in West Asia drags for long, according to experts.
We know what Mrs Sitharaman and Mr Chaudhary (who may soon be moving out of the finance ministry to head to Lucknow to take charge as president of the Bharatiya Janata Party's Uttar Pradesh unit) look like, but who are the others in these photographs?
Atanu Chakraborty has resigned as chairman of HDFC Bank, citing ethical concerns, marking an unusual departure and prompting the appointment of an interim chairman.
The Indian government has imposed penalties totalling nearly 20 crore on various companies for non-compliance with Corporate Social Responsibility (CSR) norms over the past three financial years, as revealed in the Rajya Sabha.
HDFC Bank has launched an independent review by external law firms following the abrupt resignation of Chairman Atanu Chakraborty, who cited 'ethical concerns and practices within the bank' as the reason for his departure.
The government has sharply reduced excise duty on petrol to 3 and diesel to zero, offering major relief to consumers. Here's how the price cut will impact fuel rates and inflation.
With inflation comfortably below the Reserve Bank of India's (RBI's) 4 per cent median target and likely to undershoot its 3.7 per cent projection for 2025-26 (FY26), there is room for the monetary policy easing cycle to be sustained, the Finance Ministry said on Monday. The comments, featured in the ministry's Monthly Economic Review for June 2025, assume significance ahead of the Monetary Policy Committee (MPC) meeting of the Reserve Bank of India (RBI) scheduled to begin from August 5.
Sitharaman took charge of the Finance Ministry on May 31, 2019, and has steered the economy through the COVID-19 pandemic and geopolitical turmoil, making India the fastest-growing major economy in the world.
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