The government's subsidy burden for FY25 is projected to exceed budget estimates, reaching nearly Rs 4.1 to Rs 4.2 lakh crore due to higher food and fertiliser costs. Despite efforts to rationalise subsidies, fertiliser subsidies alone may exceed budget due to increased import costs and a stronger US dollar.
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IndianOil chairman Arvinder Singh Sahney stated that recent US sanctions on Russian oil exports will not impact India's energy security. India diversifies its crude procurement from multiple sources such as the Gulf, Africa, and the Americas. Additionally, new suppliers like Brazil and Guyana are emerging, ensuring supply stability. IndianOil posted a 64% drop in net profit in the recent quarter.
India's forex reserves surged $15.27 billion to reach $653.97 billion, the sharpest weekly gain in over three years, as of 7 March. This rebound comes after months of volatility and an 11-month low, highlighting the RBI's active management to stabilize the Rupee.
India's net direct tax collections for the fiscal year have increased by 13.13% to over Rs 21.26 lakh crore, driven by higher advance tax collections. Corporate tax collections rose by 12.54%, while non-corporate tax collections, including personal income tax, surged by 20.47%. Meanwhile, the Securities Transaction Tax (STT) saw a nearly 56% increase.
Telangana government signed an agreement with ITServe Alliance. The goal is to create 30,000 IT jobs in smaller towns. This will boost the state's IT sector. The government will provide infrastructure. ITServe Alliance will bring in its member companies. This partnership aims to develop local talent and reduce migration to Hyderabad.
US stocks surged following President Trump's temporary tariff exemption on key tech products, boosting tech-heavy indices. The Dow, S&P 500, and Nasdaq all experienced significant gains, with tech giants like Apple and Nvidia leading the rally. European and Asian markets also responded positively, driven by renewed confidence in the tech sector and strong Chinese export data.
Global stock markets declined as US President Trump's higher tariffs on key trading partners triggered retaliatory actions from Canada and China. The sensex fell below 73,000, and Nifty dropped for the 10th consecutive session. Safe haven investments rose while oil prices fell, impacting international benchmarks.
Small businesses in India's manufacturing, trade, and services sectors employed over 12 crore workers between October 2023 and September 2024, adding more than one crore employees since 2022-23, according to the Annual Survey of Unincorporated Sector Enterprises. The number of establishments grew by 12.8%, with significant contributions from the services sector. Female-owned enterprises and internet usage also saw notable increases.
Indian markets experienced a significant downturn in April, with BSE-listed companies losing Rs 11.30 lakh crore due to escalating US-China trade tensions and subsequent tariff announcements. Although the US temporarily suspended tariffs, uncertainty persists, impacting investor sentiment. Experts anticipate a potential market rebound in the second half of FY26, contingent on improved corporate earnings and stabilised global conditions.
ITC Hotels, now a separate debt-free entity, aims for accelerated growth with its six brands. ITC Hotels plans to increase its room capacity to over 18,000 rooms across 200 hotels by 2030 through an asset-right strategy. Managing Director Anil Chadha highlighted the focus on upscale and economy segments, and the continued importance of food and beverage in their revenue generation.
Mumbai's sensex dropped nearly 1,400 points on Tuesday, closing at 76,025 due to concerns over Trump's tariffs. HDFC Bank, ICICI Bank, RIL, and Infosys significantly contributed to the decline. Foreign funds were heavy sellers, while domestic investors bought shares. The day's downturn erased Rs 3.