The ICAI may review IndusInd Bank's financial statements due to accounting discrepancies estimated at Rs 2,100 crore. The discrepancies, noted in the derivatives portfolio, could impact 2.35% of the bank's net worth. ICAI's FRRB will assess compliance with various standards and regulations.
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Adani Group and Aditya Birla Group are set to enter the high-growth wires and cables sector, challenging an industry dominated by smaller, unorganized players. This move is expected to disrupt the market significantly. Both conglomerates have invested heavily, with Adani forming a joint venture and Aditya Birla announcing a major investment and plans for a new plant.
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.
The IRS has started the 2025 tax filing season, advising early submission due to potential processing delays from staffing adjustments. Refund processing timelines include 21 days for electronic and eight weeks for paper filings, with the 'Where's My Refund' tool providing status updates.
Zhang Yiming, the founder of ByteDance, has become the wealthiest person in China with a net worth of $57.5 billion. This achievement is particularly noteworthy for the 41-year-old, considering the recent challenges, including potential US restrictions on TikTok, ByteDance's popular application.
India's economy is set to slow to a four-year low of 6.4% in 2024-25, due to a decline in manufacturing and weak investment. The farm sector's strong growth and increased rural consumption offer some relief, while a rate cut by the RBI is anticipated to spur demand.
Global capability centres (GCCs) are set to offer more substantial salary increases than Indian IT service providers in the upcoming fiscal year. GCCs are offering higher starting salaries for new graduates in AI/ML and cloud positions, and senior roles with over eight years of experience see similar salary increases in both sectors.
Car companies like Tata Motors, Maruti Suzuki, Mahindra & Mahindra, and JSW MG are preparing extensive charging infrastructures to support their electric vehicles. These initiatives include home chargers and robust public networks, with Maruti targeting charging stations in 1,000 cities and Tata expanding collaborations with charge point operators to install over 10,000 public chargers.
Indians are shifting towards premium wines and spirits, creating growth opportunities for companies like Moet Hennessy. High taxes and varying state regulations complicate the market, making foreign liquor expensive. Ongoing FTA discussions, particularly with the UK, aim to reduce duties and boost consumption. Domestically produced wines, like Chandon, are also gaining popularity.
The Indian rupee fell to a record low against the US dollar, crossing the 85 mark for the first time. This drop was influenced by the US Federal Reserve's indication of fewer-than-expected future rate cuts. While the decline makes imports costlier and benefits NRI remittances, its impact on export competitiveness is debated.
Finance Minister Nirmala Sitharaman announced unprecedented tax relief in the Budget to support domestic production and enhance export competitiveness. The new Income Tax Bill, addressing digital record examinations, is set for discussion during the monsoon session of Parliament, aiming to update the 63-year-old law.