US President Trump increased tariffs on Canadian steel and aluminum imports to 50%, citing Ontario's electricity price hikes. The decision led to a drop in the US stock market, sparking concerns about economic slowdown and recession risks. Economists warn of inflation and growth challenges, while the White House emphasizes job creation and factory investments in the US.
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PAN 2.0: PAN cardholders can get a reprinted card with a QR code. The reprint costs Rs 50. The income tax department will send the new card to your registered email address.
Sajjan Jindal of JSW group suggests that Elon Musk's entry into India's electric vehicle market with Tesla will face tough competition from local firms like Tata Motors and Mahindra & Mahindra. Jindal is confident about the success of his own auto venture and plans an all-new EV brand.
The Indian government is preparing a production-linked incentive (PLI) scheme for electronics components to boost domestic manufacturing and reduce reliance on imports, particularly from China. The scheme, involving substantial financial incentives and job creation targets, aims to deepen India's presence in the global electronics supply chain. Additionally, the import authorization scheme for laptops will likely be extended by three months.
Kabeer Biswas, co-founder of Dunzo, is set to lead Flipkart's quick commerce service, Minutes. Despite financial troubles and unpaid salaries at Dunzo, Biswas takes on the role as Flipkart joins intense competition in India's fast-growing quick commerce sector, alongside Blinkit, Zepto, and Swiggy Instamart.
The Confederation of Indian Industry (CII) urges the government to streamline regulatory approvals through a national single window system, integrate all central ministries, and simplify frameworks to boost ease of doing business. Key proposals include time-bound approvals, faster dispute resolution, and improved land access.
IndusInd Bank anticipates a 2.35% drop in net worth by December 2024 due to internal account discrepancies. Despite this, the bank remains confident about its profitability and capital adequacy. Meanwhile, shares fell following the RBI's decision to grant CEO Sumant Kathpalia a one-year extension instead of the proposed three years.
The net direct tax collection in India has grown by 15.88% to approximately Rs 16.90 lakh crore so far in the current fiscal year, with personal income tax accounting for over Rs 8.74 lakh crore and corporate tax at around Rs 7.68 lakh crore. Gross direct tax collection has reached over Rs 20.
Optimistic expectations from the upcoming Budget have boosted the sensex by 741 points to 77,501 points, adding about 2,100 points in the last four sessions. Investor sentiment was also lifted by the economic survey, which projected growth of 6.3-6.8% for FY26 and positive comments on increased government capex.
Late-stage startup funding in India has dropped to under 60% in 2024 and 2023, nearing 2016 levels. Major deals over $50 million have declined, with only a few exceptions like Zepto's $1 billion raise. The current $11.2 billion funding is significantly lower than the peak of $28.6 billion in 2021.
India's industrial output hit a six-month high in November driven by manufacturing, capital goods, and consumer durables. The index of industrial production rose 5.2% with significant contributions from a 9% rise in capital goods and a 13.1% rise in consumer durables, indicating strong festive demand.