Former Karnataka Chief Minister S M Krishna passed away at his residence in Bengaluru early Tuesday morning, his family said.
Following the lacklustre growth numbers in the second quarter (Q2FY25), economists believe the upcoming Union Budget for 2025-26 should focus on reforms that will stimulate consumption, manufacturing and spur employment. India's growth unexpectedly slowed to 5.4 per cent in the second quarter, due to low capital formation, weak consumption, besides adverse weather impact.
All eyes will be on whether Sitharaman provides the much-expected tax relief for the middle class, leaving more money in their hands, as there is tax buoyancy
Former Leader of Opposition (LoP) in the Delhi Assembly, Vijender Gupta, has been chosen as the new Speaker of the Vidhan Sabha. Gupta, a BJP MLA from Rohini, vowed to immediately table 14 CAG reports allegedly withheld by the previous Aam Aadmi Party (AAP) government upon taking charge. His election is a foregone conclusion due to the BJP's majority in the Assembly.
The supplementary demands for grants include a gross additional spending of over Rs 2 lakh crore, which would be matched by savings of over Rs 1.21 lakh crore.
India's Parliament is set to begin its Budget session on Friday, with opposition parties poised to demand a discussion on the alleged mismanagement of the Maha Kumbh festival in Prayagraj, where 30 pilgrims died in a stampede. The opposition also accused the government of politicising parliamentary committees and pushing its agenda through its majority. The session will start with President Droupadi Murmu addressing both houses of Parliament. Finance Minister Nirmala Sitharaman will present the Union Budget on Saturday for the eighth consecutive time.
Shaktikanta Das will demit the office on Tuesday after completing six years as the 25th Governor of the Reserve Bank of India. Revenue Secretary Sanjay Malhotra will replace him as the 26th Governor. He was appointed as the Governor on December 12, 2018, after the abrupt exit of Urjit Patel.
While this will incur a revenue loss amounting to 0.2 per cent of GDP, it will provide a strong boost to consumer sentiment and spending, points out Rajani Sinha.
Finance Minister Nirmala Sitharaman on Saturday announced six new schemes and increased the subsidised Kisan Credit Card (KCC) loan limit to Rs 7 lakh from Rs 5 lakh, targeting everything from unemployment to crop productivity enhancement across the country. Presenting her eighth budget speech in Parliament, Sitharaman positioned agriculture as "the first engine of growth" and unveiled the Prime Minister Dhan-Dhaanya Krishi Yojana, a flagship program targeting 100 agri-districts grappling with low productivity, moderate crop intensity, and below-average credit parameters.
'As the Budget has taken some measures to spur growth, similar action from the MPC may be expected.'
Users should be aware of "fake emails" sent in the garb of a government e-notice, said the Indian Cyber Crime Coordination Centre (I4C) in a public advertisement.
What does this mean for you? Ramalingam Kalirajan explains.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
'We are not incentivising the old tax scheme. These taxpayers will also shift to the new regime after comparison.'
India SME Forum, an organisation for small and medium businesses, has called for creating a dedicated fund of Rs 5000 crore for the export capacity development, promotion, and marketing of Micro, Small & Medium Enterprises (MSMEs) in its Budget recommendation. The forum for MSMEs with over 98,000 members said that to enhance India's global competitiveness and increase its market share in global exports, it was "crucial to increase the number of active exporters and enable at least 3-4 lakh first-time micro, small, and medium exporters while supporting them in promoting Indian products globally."
Sports budget raised by over Rs 350 crore, Khelo India gets biggest share
She also holds the distinction of delivering the longest budget speech at two hours and forty minutes in 2020.
In FY24 alone, 1.34 million fraud cases were reported, amounting to losses of Rs 1,087 crore.
EPS has had its way on most things, alliance-wise. A week earlier, he reiterated that he would not re-admit OPS and Sasikala Natarajan back in the party. It was a message not just to detractors in the AIADMK. It was even more so for the BJP leadership in Delhi. Even more important for the AIADMK was their demand for accepting EPS as the chief ministerial candidate of any alliance that the party would form, observes N Sathiya Moorthy.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
Implications for capital gains, wealth taxes, and investment strategies require careful consideration, notes Anil Rego, founder and CEO, RightHorizons.
Gold prices hit a fresh record high of Rs 84,900 per 10 grams in the national capital on Friday, driven by robust domestic demand and strong global cues, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity continued its ascent for the third straight session, jumping by Rs 1,100 to hit a new peak of Rs 84,900 per 10 grams.
Net NPAs increased to Rs 36,260 crore in the December quarter from Rs 34,843 crore in September and Rs 33,116 crore in December 2023, observes Tamal Bandyopadhyay.
Conditions attached by RBI ensure it won't take off, contend experts.
During his first Union Budget in July 2014, former finance minister Arun Jaitley announced the setting up of an institution called 3P India, with an allocation of Rs 500 crore. The intention was to mainstream public-private partnerships (PPPs) in India. The plan was to bring together the capacities of the government and private sector to push PPP projects.
The government on Friday doubled the limit of Mudra loan amount under the Pradhan Mantri Mudra Yojana (PMMY) to Rs 20 lakh from Rs 10 lakh under a new 'Tarun Plus' category to promote entrepreneurship in the country.
The December meeting of the Reserve Bank of India's (RBI's) six-member Monetary Policy Committee (MPC) will start on Wednesday even as there is no clarity on whether Governor Shaktikanta Das, the chair of the panel, will continue in office after his term ends next week. The outcome of the meeting will be announced on Friday by Das at 10 in the morning.
Both life insurance and medical insurance premiums are subject to an 18 per cent GST rate.
The Union Budget 2025-26, while promising a new framework for smoother mergers and acquisitions (M&As), has plugged a major loophole on carry-forward losses for a total of eight assessment years between amalgamating company and amalgamated company from the date of loss instead of date of the merger. For all mergers effected on or after April 1, 2025, the losses can be carried forward only for the residuary period (counting from the date of loss).
From the 30-share blue-chip pack, Adani Ports jumped over 5 per cent. NTPC, Tata Steel, Bajaj Finserv, Zomato, Bajaj Finance, Tata Motors, State Bank of India, IndusInd Bank and Maruti were among the other big gainers. From the 30-share pack, Hindustan Unilever, Titan, Tata Consultancy Services, Infosys and UltraTech Cement were the other laggards.
The 63-year-old has been admitted in a private ward of the hospital.
'Going forward, the encouragement would be to move to the new tax regime.'
He drew the roadmap of India's economic reform, unshackled it from the licence raj and pulled it back from the brink when even its gold reserve was pledged.
Sir Osborne Smith was the first governor of the Reserve Bank, serving from April 1, 1935, to June 30, 1937.
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 Budget for 2024-25 should focus on employment generation, besides promoting the manufacturing sector, economists attending the pre-Budget consultation meeting with Finance Minister Nirmala Sitharaman here on Wednesday said. The meeting was attended by National Co-convenor Swadeshi Jagran Manch Ashwani Mahajan, Director and Chief Executive of the Institute for Studies in Industrial Development (ISID) Nagesh Kumar, and TCA Anant among others.
'The increase in the limit for TDS on interest to Rs 1 lakh will ensure greater cash flow in the hands of senior citizens.'
To tap Indian civil aviation market's growth potential, the government on Saturday announced a modified regional air connectivity scheme UDAN (Ude Desh ka Aam Naagrik) to connect 120 new destinations, airport projects in Bihar and upgradation of infrastructure for air cargo in the Union Budget.
She added that the government has extended the PM Garib Kalyan Anna Yojana for five years which is benefiting 80 crore people of the country.
In a significant policy shift aimed at boosting agri-productivity and rural prosperity, Finance Minister Nirmala Sitharaman on Saturday announced six new agricultural schemes while increasing the subsidised Kisan Credit Card loan limit to Rs 5 lakh from the existing Rs 3 lakh, benefiting 7.7 crore farmers, fishermen, and dairy farmers.
