India’s GST revenue collection saw a notable 9.9% increase year-over-year in March, reaching Rs 1.96 lakh crore. February witnessed a 9.1% rise in GST collections, reaching Rs 183,646 crore, driven by substantial increases in domestic revenue sources.
Related news
A new Budget amendment necessitates suppliers to ensure buyers reverse input tax credits (ITC) before claiming adjustments when issuing a credit note. This change aims to prevent revenue leakage and double tax benefits. The amendment could face legal challenges as it imposes an additional burden on suppliers for the recipient's non-compliance.
Shaktikanta Das, concluding his six-year term as India's central bank governor, navigated the RBI through a pandemic and digitization, defying initial skepticism. Despite lacking formal economic training, he prioritized financial stability, built up forex reserves, and fostered a modern digital payments system. His successor, Sanjay Malhotra, inherits a strong foundation but faces global market uncertainties.
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.
Cryptocurrency trading is booming in smaller Indian cities, attracting investors under 35. Meme coins like Dogecoin and SHIB are gaining popularity despite high taxes. Global crypto markets surged after pro-crypto US President Trump's election and appointment of Paul Atkins to the SEC, boosting Bitcoin's market cap to $2 trillion.
British telecom firm Vodafone has sold its 3% stake in Indus Towers for Rs 2,800 crore, allocating Rs 890 crore for lender debt clearance and utilizing the remaining to increase its shareholding in Vodafone Idea to 24.39%. The transaction also settles Vodafone's obligations to Indus completely.
India's solar PV module manufacturing is set to reach 125 GW by 2030, up from 80 GW today. Solar cell capacity will rise to 40 GW. Pralhad Joshi highlighted local manufacturing and government's incentives. India aims to double its renewable energy capacity by 2030 and become a global leader in sustainable energy. Connectivity will reach more villages.
India's manufacturing sector saw its slowest growth in December 2024, with the PMI at 56.4 due to softer increases in factory orders and production. Despite this, buying levels and employment continued to expand. Manufacturers remained optimistic about 2025, although concerns about inflation and competitive pressures tempered their outlook.
India's financial sector is positioned strongly as it enters 2025, marked by robust earnings, low impaired assets, and strong capital buffers. Despite challenges from geopolitical conflicts and market volatility, the financial system remains resilient. Consumer and business confidence is high, and stress tests show the banking system and NBFCs are well-capitalized.
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 Centre has named 20 priority countries and 6 focus sectors to enhance exports, with a strategy meeting held with Indian Mission officials to boost trade. Additionally, over 5,000 startups have closed, but the overall startup ecosystem continues to grow with the recognition of over 1,57,000 startups.