The US treasury department announced that it will halt enforcement of the Corporate Transparency Act's Beneficial Ownership Information reporting requirements for US citizens and domestic firms. President Trump supports the move, which aims to reduce regulatory burdens on small American businesses and will soon formalize the suspension through emergency regulation.
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GCCs in India are set to outpace IT services in hiring for the second consecutive year, driving innovation for their parent firms. Top Indian IT companies saw a modest headcount increase in 2024 compared to the previous year. With automation and productivity gains, IT firms face slow growth, while GCCs continue to expand, creating significant job opportunities and boosting the IT sector.
India's e-commerce scene is transforming. Quick commerce and online retailers are merging services. Established players like Flipkart and Amazon are exploring 10-minute deliveries. Swiggy, Blinkit, and Zepto are expanding their product range. They now offer larger items like appliances. Companies are increasing warehouse sizes to accommodate this shift. This competition is changing how Indians shop.
Industry and law firms have suggested increasing the FDI cap for R&D and security agencies, liberalizing regulations for agriculture, and streamlining investment rules from China. These suggestions were discussed in a DPIIT consultation to make the overall investment regime in India more attractive, ahead of the Union Budget on February 1.
India's tech sector is projected to become a $300-billion industry in the 2025-26 financial year, with a 6% growth rate. The sector's significant contribution to India's GDP includes a notable increase in tech exports. Employment in the sector saw substantial growth, adding 126,000 jobs in 2024-25, highlighting its critical role in the economy.
The Centre has appointed Vikas Kaushal as the chairman of Hindustan Petroleum Corporation Ltd (HPCL). Kaushal, a former India head of Kearney, is the first private sector individual to head a state-run oil company. His appointment, following a government decision, comes after PESB rejected eight candidates for the post last year.
Consumer complaints related to loans and advances rose 43%, representing 29% of the total grievances against RBI-regulated entities in FY24, according to the Reserve Bank's Integrated Ombudsman Scheme report. Overall complaints increased by 33%, with a notable rise in grievances related to mobile and internet banking and deposit accounts.
Reliance Industries Ltd has achieved the second-best brand ranking globally in the FutureBrand Index 2024, rising 11 places from its previous position. The Index evaluates companies on brand perception and ability to align with evolving market and consumer dynamics, with Samsung taking the top spot.
Moody's Ratings anticipates that ongoing US trade policy uncertainty, particularly tariffs, will negatively impact business and consumer confidence across Asia, including India, potentially slowing regional growth. While India may show some resilience due to its domestic market, significant investment shifts will take time. The tariff pause offers a window for trade negotiations, but broader de-globalization trends persist.
Budget 2025 expectations: Finance Minister Nirmala Sitharaman may propose a phased implementation of labour codes in Budget 2025, starting with large establishments. The plan involves a three-phase deployment.
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.