T Rabi Sankar, RBI Deputy Governor, has been appointed as a part-time member of the 16th Finance Commission, replacing Ajay Narayan Jha. Sankar's term will last until the Commission submits its report or October 31, 2025. The Commission, chaired by Arvind Panagariya, is responsible for recommending the distribution of tax revenues between the Union and the States.
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IndiGo and Bangalore International Airport Ltd. (BIAL) have partnered to establish a dedicated MRO facility at Kempegowda International Airport, Bengaluru, with BIAL allocating 31 acres for the project. This collaboration aims to bolster Bengaluru's status as a premier aviation hub and supports IndiGo's fleet expansion plans, including long-haul operations and new domestic destinations.
Aadhaar cardholders can update their identity and address documents online for free until June 14, 2025, as announced by UIDAI. After this date, updates will require a visit to an Aadhaar Enrolment Centre with a fee of Rs 50. Updating PoI and PoA documents every 10 years ensures accurate records and avoids potential service disruptions.
The Indian government has reduced the basic customs duty on crude edible oils to 10%, a move lauded by SEA and IVPA. This aims to support domestic refiners by discouraging refined palmolien imports. The decision widens the duty gap between crude and refined oils, potentially lowering domestic prices and benefiting consumers.
Maharashtra and Karnataka have become leading destinations for foreign investment in India, attracting 51% of the nation's total FDI during the 2024-25 financial year. Maharashtra topped the list with $19.6 billion, followed by Karnataka with $6.62 billion. This surge is attributed to improved infrastructure, making India an increasingly attractive destination for FDI, which rose by 14% to $81.04 billion.
The Centre has increased financial thresholds for scientific equipment procurement by research institutions, as per revised General Financial Rules. Vice-chancellors and directors can now directly procure instruments up to Rs 2 lakh, while purchase committees can approve up to Rs 25 lakh. Senior authorities can also approve global tenders up to Rs 200 crore, streamlining processes and fostering innovation.
The OECD has downgraded its global economic growth predictions due to the escalating trade war spurred by US tariffs. The revised forecast indicates a slowdown to 2.9% for both 2025 and 2026, impacting the US significantly with reduced growth projections and rising inflation. The organization urges countries to seek agreements to avoid further trade fragmentation.
Zoho cofounder Sridhar Vembu argues that the primary concern with AI and automation isn't job loss, but equitable wealth distribution. He envisions two potential solutions: drastically reduced costs of goods or increased compensation for human-centric roles. Vembu stresses the importance of regulatory oversight to prevent monopolies and ensure automation benefits are widely shared.
Canara Bank is set to eliminate minimum balance requirements for all savings accounts starting June 1, 2025, benefiting a wide range of customers. This move, a first among major public sector banks, removes penalties for not maintaining the Average Monthly Balance (AMB) across all account types, including regular, salary, and NRI accounts.
IndiGo will launch direct daily flights connecting Mumbai and Adampur in Jalandhar. The service starts on July 2, 2025. Adampur becomes IndiGo’s 92nd domestic destination. This new route aims to boost connectivity for business and leisure travelers. It will also strengthen trade between Punjab and Mumbai. The airline focuses on affordable and hassle-free travel.
US stocks edged higher amid trade policy uncertainty, with the S&P 500 nearing its all-time high. Dollar General surged on strong earnings, while the OECD downgraded the US economic growth forecast. Investors are anticipating potential US-China trade talks, and new labor data indicated continued strength in hiring, preceding Friday's employment report.