Finance
India unincorporated club swells 12.7%
The number of unincorporated enterprises in India increased by 12.7% year-on-year to 73.4 million between October 2023 and September 2024, with women ownership of businesses rising. These enterprises created 10% more jobs, generating a gross value added of ₹18 lakh crore, as reported by a government survey.
Chhattisgarh secures Rs 15,184 crore investment proposals
Chhattisgarh attracted ₹15,184 crore in investment proposals at a New Delhi investors' meet. Renew Power led with an ₹11,500 crore proposal for green energy projects. Other commitments came from sectors like EV manufacturing, semiconductors, and IT, promising job creation and industrial diversification.
Electricity distribution companies continue to remain a burden on state finances: RBI
The Reserve Bank of India reported that DISCOM losses reached Rs 6.5 lakh crore, impacting state finances. The RBI recommends improving efficiency, reducing losses, and aligning tariffs with costs. Privatization and unbundling are also suggested. States are showing fiscal discipline, with a gross fiscal deficit contained at 2.91 percent of GDP. Capital outlay increased, indicating investment in infrastructure.
Single Window System grants Rs 4.81 lakh approvals
India's National Single Window System has processed 7.1 lakh applications, granting 4.81 lakh approvals for various services, including FDI. The country has attracted $991 billion in FDI since 2000, with 67% coming in the last decade. Production-linked incentive schemes have generated ₹1.46 lakh crore in investments and 9.5 lakh jobs.
Funds devolved to states under 15th Finance Commission higher: Finance Minister
Finance Minister Nirmala Sitharaman announced increased devolution of funds to states under the 15th Finance Commission, exceeding the previous commission's allocation. She highlighted the Scheme for Special Assistance to States for Capital Investment, with increased 'Untied Funds' and additional support for disaster-affected states' infrastructure reconstruction, supplementing NDRMF funds.
Net direct tax collection grows 16.45% to Rs 15.82 lk cr so far this fiscal: Govt data
India's net direct tax collections surged by 16.45% to over Rs 15.82 lakh crore this fiscal year, fueled by robust growth in both corporate and non-corporate tax segments. Gross direct tax collections also jumped by 20.32% to Rs 19.21 crore, while refunds increased by 42.49% to Rs 3.38 lakh crore. Non-corporate tax collections witnessed particularly strong growth.
CBDT launches campaign to intimate taxpayers on mismatch in ITR filed and AIS
The Income Tax Department is reaching out to taxpayers and non-filers via SMS and email regarding mismatches between their reported transactions in the Annual Information Statement (AIS) and their Income Tax Returns (ITRs) for FY 2023-24 and 2021-22. This campaign encourages filing revised or belated ITRs and allows taxpayers to provide feedback on their AIS information.
India is scanning more QR codes! UPI becomes top transaction mode in rural, semi-urban India: Report
A new report reveals UPI's dominance in rural India. Many people want to save and learn about finances. Traditional banking remains relevant. The report emphasizes financial inclusion through technology. It also addresses the gender gap in financial literacy. A collaborative approach is needed for sustainable growth.
India's fiscal deficit will be 4.8 pc in FY25, below budget estimate of 4.9 pc: CareEdge Ratings
India's fiscal deficit is projected at 4.8% of GDP for FY25, slightly below the budgeted target, driven by strong GST and income tax collections. While capex may fall short, robust services exports and stable remittances are expected to keep the current account deficit manageable at 0.9% of GDP. Real GDP growth is estimated at a healthy 6.5%.
India must do more to tax its super-rich, France's Piketty says
French economist Thomas Piketty urged India to increase taxes on its super-rich, citing rising inequality. He proposed a wealth tax and inheritance tax, potentially generating significant revenue. India's chief economic adviser opposed the idea, while recent data revealed substantial growth in billionaire wealth.
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Modi govt consistently hiked capex: MoS Finance
India's infrastructure spending has seen a significant boost under the Modi government, targeting Rs 11.11 lakh crore for the current fiscal year. This investment aims to improve connectivity and contribute to India's goal of becoming a developed nation by 2047, with a projected USD 30 trillion economy and increased per capita income.
NARCL has acquired 22 accounts with an exposure of Rs 95,711 cr
The secretary, department of financial services (DFS), M. Nagaraju, chaired review meetings Thursday with stakeholders, including representatives from Public Sector Banks, the Insolvency and Bankruptcy Board of India (IBBI), the Ministry of Corporate Affairs (MCA), and the National Asset Reconstruction Company Limited (NARCL).
Govt seeks Parliament nod for Rs 44,143 crore extra spending in FY25
The government is seeking parliamentary approval for an additional ₹44,143 crore in spending for the current fiscal year. This includes increased allocations for agriculture, fertilisers, and defense. The extra expenditure is not expected to impact the fiscal deficit target due to anticipated savings in other areas like capital expenditure.
Govt seeks parliament nod for extra spending of Rs 86,730 for FY25
The Indian government has requested parliament's approval for additional spending of Rs 86,730 crore ($10.22 billion) in the current fiscal year. Of this, Rs 44,183 crore will be net new spending, while the remainder will be covered by reshuffling existing expenses.
Tax refunds up by 46.31% to Rs 3.08 lakh crore in FY 2024-25: Finance Ministry
The Finance Ministry announced a significant boost in tax refunds for the financial year 2024-25, with Rs 3.08 lakh crore issued between April 1 and November 27, marking a 46.31% increase from the previous year. The Income Tax Return portal handled a record 900 filings per second, processing over 1.62 crore ITRs in a single day.
Ajay Seth gets additional charge as Revenue Secretary
Economic Affairs Secretary Ajay Seth has been given the additional charge of Revenue Secretary, following Sanjay Malhotra's appointment as RBI Governor. This ensures policy continuity during the ongoing budget preparation and the upcoming GST Council meeting, which will address key issues like rate rationalization and concessions for the insurance sector.
