India and the US are set to begin negotiations for a bilateral trade agreement aimed at doubling trade to $500 billion by 2030. Commerce Minister Piyush Goyal emphasized the potential for mutual concessions and tariff reductions to facilitate this growth, with negotiations expected to start soon and a strong agreement anticipated within 6-8 months.
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India's poverty rates dropped significantly below 5% in 2024, as revealed by the State Bank of India's study. Both rural and urban poverty saw major reductions, with rural poverty at 4.86% and urban poverty at 4.09%. Further adjustments may occur following the completion of the 2021 census.
RBI has injected over Rs 5 lakh crore into the banking system since mid-Jan to ensure surplus liquidity and support its rate cut's transmission to borrowers. Despite this, corporate borrowing costs remain unchanged due to firm MCLR rates and year-end demand for funds.
Byju’s interim resolution professional Pankaj Shrivastava has convened a committee of creditors meeting to vote on a permanent resolution professional. Glas Trust Company, holding 99.41% voting rights, can pass its preferred nominee. Previous resolution decisions were criticized by NCLT, leading to potential disciplinary action and Misconduct investigation, amid insolvency proceedings involving dues owed to BCCI.
Budget 2025 income tax expectations: Finance Minister Nirmala Sitharaman is urged by EY to raise the basic income tax exemption limit from Rs 3 lakh to Rs 5 lakh and lower tax rates in the upcoming Budget 2025.
The electric vehicle industry in India communicated to Commerce Minister Piyush Goyal that they will no longer require subsidies once the current regime ends. Goyal emphasized the nation's readiness for electric mobility and plans to simplify the setting up of charging infrastructure at petrol pumps. He also expressed intentions to strengthen economic ties with the US amid trade tariff tensions.
Industry leaders predict India's economic growth to rise to 6-7.9% for FY 2025-26, driven by technological advancements and business reforms. Key budget priorities include reducing GST on health insurance, expanding financial inclusion, and providing tax incentives for R&D and fintech innovation.
FM Nirmala Sitharaman emphasized the importance of maintaining fiscal responsibility in public finance, highlighting the need to balance borrowing with sustainable growth. She warned against excessive debt, citing long-term implications, and praised the collaborative efforts in the GST Council to generate revenue responsibly.
IndusInd Bank faces a significant financial impact as it addresses discrepancies in its foreign exchange derivative portfolio, leading to overstated net interest income. The bank's credibility is questioned, prompting swift action to rectify financials and appoint a new successor to restore investor confidence.
Credit rating upgrades have continued to outpace downgrades in FY25, though at a slower pace compared to FY24. ICRA remains positive due to factors like tax relief and improved credit availability, while others like CareEdge and Crisil also see stability despite global headwinds.
The Reserve Bank of India (RBI) has updated the fee structure for transactions at ATMs and Cash Recycler Machines, increasing the charges by Rs 2. Effective from May 1, 2025, customers will have a limit of five free transactions at their own bank's ATMs and additional limited free transactions at other bank ATMs based on location.