Union home minister Amit Shah commended Prime Minister Narendra Modi and finance minister Nirmala Sitharaman for presenting a comprehensive and visionary Union Budget 2025. Key features of the budget include a significant tax exemption for income up to Rs 12 lakh, aimed at enhancing the financial well-being of the middle class.
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US stock and bond markets will close on Monday, January 20, 2025, for Martin Luther King Jr. Day, resuming normal operations on January 21.
The Sensex surged 843 points to a two-month high of 82,133, driven by strong foreign fund inflows and buying in FMCG, IT, and banking stocks. This followed a volatile session with a 2,100-point intraday swing, influenced by global market weakness and uncertainty about China's economic recovery. Market sentiment remains cautious due to rising US Treasury yields and a weaker rupee.
The Reserve Bank of India has implemented new rules to facilitate the use of the rupee in international trade and investment. These regulations allow overseas branches of authorised banks to open rupee accounts for non-residents, simplifying cross-border transactions. This initiative aims to mitigate exchange rate risks, ease foreign exchange pressure, and enhance India's current account balance.
Vodafone Group cleared debt dues of Rs 11,650 crore by releasing pledges on shares of Vodafone Idea. The pledged shares were raised against debt from HSBC Corporate Trustee. These shares represent a 22.56% stake, currently valued at Rs 11,649 crore. Post-repayment, the equity shares held by Vodafone Promoter Shareholders have been released.
China has cautioned the U.K. government regarding British Steel. This follows the U.K. authorities' recent takeover of the company. China urges fair treatment of Jingye Group, the Chinese owners. They fear undermining investor confidence. The U.K. government has appointed a new executive team. Their goal is to maintain steel production at the Scunthorpe plant.
The Union Budget 2025 is poised to announce a 20% increase in capital expenditure to stimulate economic growth and reduce the fiscal deficit to 4.4% of GDP for FY26. EY anticipates measures to boost domestic demand and personal disposable incomes, ensuring India's adherence to its long-term growth objectives.
Following the US removal of tariffs, Indian electronics exports, including smartphones and laptops, are poised to become 20% cheaper than those from China. This move provides a significant boost to India's electronics manufacturing sector, offering a competitive edge over China and Vietnam. Experts believe this strengthens India's position in the global electronics supply chain, presenting a vital opportunity for growth.
RailTel Corporation's shares jumped 9.6% after securing a Rs 25.15 crore contract from HPCL for MPLS/Internet services over five years. Despite recent gains, RailTel stocks have seen a YTD decline of 16.80%. Currently trading at Rs 328 with a 6.10% increase, the stock shows neutral momentum with an RSI of 52.
IndiGo has reported an 18% decrease in Q3 profit to Rs 2,449 crore despite a 14.6% rise in total income, impacted by the weaker rupee. Benign fuel prices were insufficient to offset dollar-denominated costs. Meanwhile, the airline plans to introduce long-haul flights by wet-leasing six Boeing 787s, targeting routes like London and Paris.
In March, GST collections increased by 9.9% to Rs 1,96,141 crore, with a significant rise in import-related revenue. Despite a resilient economy and strong consumer spending, the slower growth in domestic collections may lead to increased government monitoring and scrutiny to address potential tax leakages.