India's net direct tax collections for the fiscal year have increased by 13.13% to over Rs 21.26 lakh crore, driven by higher advance tax collections. Corporate tax collections rose by 12.54%, while non-corporate tax collections, including personal income tax, surged by 20.47%. Meanwhile, the Securities Transaction Tax (STT) saw a nearly 56% increase.
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Banks have expanded their loan book by 9.3% with an additional Rs 15.3 lakh crore in the first 11 months of the financial year. Personal loans accounted for the largest share, with housing loans contributing significantly. Agriculture and vehicle loans also saw notable growth.
Fraudsters are purchasing electric vehicles through financing, then replacing the new battery with a used one and selling the new battery. They subsequently default on the loan, returning a significantly devalued vehicle. To combat this, the Finance Industry Development Council has requested that the government include battery numbers on vehicle registration certificates.
More than 54.5 crore JanDhan accounts have been opened till January 15, 2025, with about 56 per cent belonging to women, according to Finance Minister Nirmala Sitharaman. The government initiated the Pradhan Mantri Jan Dhan Yojana in 2014 to provide universal banking services, later focusing on 'every unbanked adult'.
The US economy grew by 2.4% in the last quarter of 2024, mainly due to strong consumer spending. However, business investment and inventories saw a decline. Inflationary pressures increased, and the outlook for 2025 is uncertain due to tariffs and trade policies under President Donald Trump. Consumer confidence has dropped, potentially impacting future growth.
Microsoft CEO Satya Nadella meets PM Narendra Modi expressing appreciation for India's AI-first approach and discussing ethical AI use and data privacy. Nadella is on a tour in India to promote Microsoft's AI and cloud investments. Modi highlights partnerships with global AI leaders fostering innovation and regulation in India.
India's mobility industry is expected to exceed $600 billion by 2030, driven by rising demand for electric vehicles, including preferences for advanced technology in electric four-wheelers and practicality in electric two-wheelers. Emerging mobility models, digital purchase journeys, and increasing influence of women and Gen Z are also shaping the sector's transformation.
GCMMF has announced a Re 1 price reduction per litre for its one-litre Amul milk packs across India to encourage consumers to buy larger packs. In Delhi, Amul Gold will now cost Rs 67, and Amul Taaza is priced at Rs 55. GCMMF reported an 8% growth in turnover and continues to expand its global presence.
The Reserve Bank of India plans to sell government bonds worth Rs 4.73 lakh crore to State Governments and Union territories in January-March 2025. The RBI aims to ensure non-disruptive auctions, considering market conditions, and will notify details of borrowings and participants prior to auctions.
Small-ticket personal loans under Rs 10,000 saw higher delinquency rates, especially for loans taken between Dec 2023 and June 2024. NBFCs, focusing on borrowers outside major cities, dominated this segment. Despite some high-risk reductions, delinquencies rose post-March 2024 due to macroeconomic challenges. The report stresses ongoing risk assessment and careful monitoring of borrower credit scores for sustainable lending.
The US is seeing a surge in visitors from India, doubling by 2029 and positioning India as the fourth largest inbound travel market. Despite this growth, long visa wait times and limited direct flights due to restricted airspace usage hinder its full potential.