Finance
US continues to be largest source of FDI in India: RBI census
The US remains the largest source of FDI in India, followed by Mauritius, Singapore, and the UK. FDI in India increased by 23.3 per cent in 2023-24, supported by valuation gains and fresh inflows. Non-financial companies accounted for nearly 90 per cent of the FDI equity. Foreign subsidiaries in India also showed strong external trade linkages.
TN CM MK Stalin announces bonus, ex-gratia to 2.75 lakh state PSU employees
Tamil Nadu Chief Minister M K Stalin announced bonuses and ex-gratia for 2.75 lakh workers of state PSUs for 2023-24, ahead of Diwali. Profit-making PSUs' workers will receive up to Rs 16,800, while others get a bonus of 8.33%. The initiative will cost Rs 369.65 crore.
Govt releases advance instalment of Rs 1.78 lk cr for state govts amid festive season
The Union Government announced on Thursday the release of Rs 1,78,173 crore as tax devolution to State Governments, which is double the usual monthly allocation of Rs 89,086.50 crore.
FY25 gold bond float target may be cut again to below ₹10,000 cr
The government is considering reducing its gold bond float target for 2024-25 to below ₹10,000 crore, citing unfavourable market conditions and high borrowing costs. The record ₹28,240 crore raised in 2023-24 through gold bonds has triggered a cost-benefit analysis, as investors flock to gold amid geopolitical tensions.
Gross enrolments under Atal Pension Yojana cross 7 crore mark
The Atal Pension Yojana has surpassed 7 crore enrolments, with over 56 lakh members joining in the financial year 2024-25. Marking its 10th anniversary, the scheme aims to provide a universal social security system, especially for the poor and workers in the unorganised sector.
Securitisation volumes likely to reach Rs 60,000 crore in September quarter: ICRA
Loan securitisation in India surged to Rs 60,000 crore in the September quarter. Private sector banks and non-banking financial companies were key contributors. The market is likely to reach Rs 2.1 lakh crore this fiscal year, driven by strong credit demand and the need for deposit growth. Vehicle loans lead in securitisation volumes.
Financial stability could weigh more than macro signals
The Reserve Bank of India faces a triple challenge: geopolitical uncertainty in the Middle East, inflation driven by fluctuating farm output, and softening economic growth. As the Monetary Policy Committee convenes, the focus is on liquidity and deposit crunches rather than merely interest rates.
Finance Minister Nirmala Sitharaman calls for faster cap investment rollout by states
Finance minister Nirmala Sitharaman has urged expenditure secretary Manoj Govil to work with states to speed up capital investment project approvals. Only ₹50,069 crore out of ₹1.5 lakh crore allocated for 2024-25 has been approved so far, highlighting the need for timely execution.
BofA sees India’s forex pile reaching $745 billion in March 2026
India’s foreign-exchange reserves are predicted to reach $745 billion by March 2026. This increase will provide the central bank with more power to manage the rupee. With reserves currently at $692 billion, the Reserve Bank of India aims to build a substantial buffer to handle external risks and currency volatility.
Upcoming decades to be a 'defining era' for Indians to live in: FM
Finance minister Nirmala Sitharaman highlights India's rapid projected growth, predicting a significant rise in living standards within the next five years. With a youthful population driving productivity and consumption, the financial system is strengthening to support economic expansion, while fiscal discipline and strategic reforms ensure sustainable development.
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India to take five years to almost achieve an income feat that earlier took 75 years: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman stated that India's per capita income is projected to increase by $2000 in the next five years. She highlighted the young demographic, which drives consumption growth, and noted the maturity in India's innovation and financial sectors as catalysts for future economic growth.
RBI's overseas reserves deployment income up 52% in June quarter
The Reserve Bank of India's income from reserve assets surged 52% to $4.1 billion in the June quarter, driven by higher returns on bonds and deposits. However, US Federal Reserve rate cuts could affect these gains. Higher commission on dollar sales and valuation gains from gold prices contributed significantly.
GST Rate Cut: Tax on several mass-use products may be reduced
A ministerial panel on GST is considering reducing rates on essential items like medicines and tractors to 5%. Health and term insurance may also see lower rates. The panel, led by Bihar deputy CM Samrat Chaudhary, will finalize these decisions soon. Revenue implications and the number of slabs are key considerations.
A lot more tax money will fill India's coffers soon
After the Goods and Services tax collections for September showed a yearly jump of 6.5 per cent, the experts in this domain have expressed optimism for the collections in the upcoming months, citing the continued festive season and the government's focus to ensure a stable revenue trajectory.
Since withdrawal, 98% of Rs 2,000 notes have been returned: RBI
The Reserve Bank of India (RBI) announced that 98% of Rs 2,000 denomination notes have been returned following its May 2023 decision to withdraw the currency. The value of these notes has significantly decreased to Rs 7,117 crore. The Rs 2,000 notes remain legal tender and can be exchanged at RBI offices.
Lenders have recovered Rs 3.5 lakh cr under IBC: Ravi Mital
Lenders recovered Rs 3.5 lakh crore from stressed assets in the last eight years through the insolvency process. NCLT approved 1,000 resolution plans, with 450 cleared in the past two years. Rs 1 lakh crore was recovered in this period. Recovery is about 84 per cent of the assets' fair value, highlighting the effective implementation of the IBC.
