Budget 2025 expectations: Finance Minister Nirmala Sitharaman is expected to increase fund allocations for the RoDTEP and RoSCTL schemes by nearly 10% each in Budget 2025-2026. This aims to address export demands and extend benefits to SEZs and export-oriented units, amid counters to challenges and tariff war opportunities.
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Bajaj Auto reported a 1% decline in total sales, with 3,23,125 units sold in December 2024 compared to December 2023. Domestic two-wheeler sales dropped 19%, though exports increased by 15%. Total commercial vehicle sales grew by 16% to 50,952 units over the previous year's figures.
Shaktikanta Das, concluding his six-year term as India's central bank governor, navigated the RBI through a pandemic and digitization, defying initial skepticism. Despite lacking formal economic training, he prioritized financial stability, built up forex reserves, and fostered a modern digital payments system. His successor, Sanjay Malhotra, inherits a strong foundation but faces global market uncertainties.
India is poised to become a global economic powerhouse, with reforms such as GST and infrastructure growth driving its rise to the world's fifth-largest economy. ITC Chairman Sanjiv Puri expressed confidence that India could be a developed nation by 2047, with its strategic focus on energy transition and digital transformation.
Public sector banks (PSBs) in India have seen their gross non-performing assets (GNPA) ratio fall to a historic low of 3.1% as of September 2024. This improvement is attributed to the 4R strategy, recapitalization efforts, and reforms. PSBs' profitability has surged, with net profits reaching ₹1.4 lakh crore in FY24.
The US Federal Reserve could cut rates three or four times this year if inflation data cooperates, with a first cut possible before July, a senior bank official said Thursday. Asked about the timing of cuts, Waller said if the data came in as he expected, it was "reasonable" to think rate cuts could come in the first half of the year.
Adani Enterprises reported a 97% drop in quarterly profit, significantly impacted by its coal trading unit and foreign exchange loss. Revenue fell almost 9% to Rs 22,850 crore. This comes amid allegations of the chairman and his nephew's involvement in a $250 million bribery scheme.
Tech Mahindra reported a 93% increase in net profit for the December quarter, reaching Rs 983 crore, aided by a low base in the corresponding period last year. Revenue from operations grew by 1.4% to Rs 13,286 crore. The company secured new deals worth $745 million and continued its hiring drive.
A US court directed Bank of America to pay $540.3 million to the Federal Deposit Insurance Corporation. This order was regarding underpaid deposit insurance assessments. The dispute was about payments from 2013 to 2014. The FDIC initially sued the bank for a larger sum. The judge dismissed some claims due to the delay.
DeepSeek, a Chinese AI app, has achieved the top spot in Apple's App Store productivity category, surpassing ChatGPT. Founded by Liang Wenfeng, DeepSeek’s R1 AI model is noted for its efficiency and low cost. It’s gaining global attention for its strong performance and has been praised by industry leaders, though some remain skeptical about its development costs.
The Gauhati High Court has ruled that fruit pulp and juice-based carbonated drinks fall under the lower 12% GST slab instead of the higher 28%. This ruling benefits manufacturers like X’SS Beverage by classifying these drinks based on their essential fruit juice content rather than their carbonation.