India and Indonesia discussed the potential sale of BrahMos missiles, highlighting local defence production expansion and bilateral cooperation. PM Narendra Modi and Indinesia President Prabowo Subianto committed to fighting terrorism and enhancing defence collaboration.
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Godavari Biorefineries is investing Rs 130 crore in a new 200 KLPD corn/grain-based distillery to boost ethanol production. The facility, expected to be operational by March 2026, will provide dual-feedstock capability, enhancing flexibility and resilience against climate-related disruptions. This investment will help meet the increasing demand under India's ethanol blending program.
Small-ticket personal loans under Rs 10,000 saw higher delinquency rates, especially for loans taken between Dec 2023 and June 2024. NBFCs, focusing on borrowers outside major cities, dominated this segment. Despite some high-risk reductions, delinquencies rose post-March 2024 due to macroeconomic challenges. The report stresses ongoing risk assessment and careful monitoring of borrower credit scores for sustainable lending.
Direct tax collections in India have surged nearly 20% to Rs 20.6 lakh crore for the fiscal year up to January 12, with non-corporate tax outpacing corporation tax. Refunds saw a 42% increase, leading to a 15.9% rise in net collections. Securities transaction tax collections also jumped 75%, as the Centre remains on track to meet its fiscal deficit target.
India and New Zealand have restarted discussions for a Free Trade Agreement after a 10-year hiatus. This new move aims to deepen economic ties and address market access issues to achieve balanced outcomes, as bilateral trade surpasses $1 billion.
Nissan and Honda are exploring a potential collaboration to enhance competitiveness. Indian and global automakers and two-wheeler manufacturers are increasingly forming alliances to improve efficiencies, reduce costs, and gain access to advanced technologies.
The All India Bank Officers' Confederation (AIBOC) plans a two-day nationwide strike from 24 to 25 February 2025, demanding a five-day workweek, sufficient recruitment, and resolution of long-pending issues. AIBOC criticized recent DFS directives, sought immediate withdrawal of performance-related guidelines, and urged the appointment of directors in PSBs.
India's retail inflation hit a 5-year low of 3.3% in March, driven by significantly lower food prices. This development is expected to prompt the RBI to cut interest rates to bolster growth amid global economic uncertainties. Experts anticipate retail inflation to remain stable, although geopolitical tensions and weather events require monitoring.
Kia India MD Gwanggu Lee stated that car sales are expected to grow moderately by 3-4% next year due to increased prices. He suggested the government reduce taxes to stimulate demand. Kia launched the Syros mini offroader, available in petrol, diesel, and eventually electric versions, to compete in the entry SUV market.
India’s foreign exchange reserves increased by $7.654 billion to $638.261 billion in the week ending February 7. This marks the third straight weekly rise, driven mainly by gains in foreign currency and gold reserves, after previous declines due to currency revaluation and market interventions.
Salaried employees opting for the old tax regime for FY 2024-25 must submit investment proofs to claim exemptions and deductions. The new tax regime requires no such documentation, allowing only two specific deductions.