The government is preparing to establish the 8th Central Pay Commission. Consultations are underway with various ministries and state governments. This commission will revise the pay for central government employees and pensioners. The 8th CPC is expected to be implemented from January 1, 2026. The government revises dearness allowance twice a year to adjust for inflation.
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India's tax administration has seen significant improvements, leading to a five-fold increase in income tax refunds and a reduction in processing time from 93 to 17 days. Direct tax collections have tripled in the last decade, reflecting increased formalization and voluntary participation.
HDFC Bank and ICICI Bank both reported robust earnings growth for the June 2025 quarter, fueled by increased interest and non-interest income. HDFC Bank announced a bonus issue and dividend, with net profit rising 12.2%. ICICI Bank's net profit grew by 15.4%, driven by income growth, while both lenders expressed caution regarding margin pressures and certain retail lending segments.
India's petroleum regulator, PNGRB, has mandated a uniform rate for piped natural gas (PNG) for all households, regardless of consumption. This directive addresses concerns that tiered pricing systems may encourage misuse of subsidized gas by commercial entities misclassified as domestic consumers.
NLC India, a state-owned enterprise, is in advanced talks with a Russian entity to secure lithium from a mine in Mali, Africa, a crucial move for India's energy transition. This initiative aligns with India's strategy to ensure consistent lithium supplies for its clean energy goals, particularly for electric vehicle batteries.
US wholesale inflation remained flat in June, despite concerns over President Trump's tariffs. The producer price index showed a 2.3% year-on-year increase, the smallest since September. While some sectors saw tariff impacts, like furniture, others, such as steel, defied expectations. Retailers are feeling the squeeze, and the Federal Reserve is monitoring the impact on inflation.
Electric car sales in India are expected to rise. CareEdge Advisory projects over 7% sales by FY28. This depends on resolving rare earth element supply issues. New models and charging infrastructure are growing. Government's PLI scheme supports battery production. Electric car ecosystem has grown rapidly. Policy support and reduced costs will boost EV adoption in India.
Omar Abdullah requested the central government to approve the Tulbul Navigation Barrage and Chenab River water scheme. This request follows the suspension of the Indus Waters Treaty after a terror attack. Abdullah has long opposed the IWT, deeming it unfair to Jammu and Kashmir. The Tulbul project aims to regulate Jhelum River water levels.
India has significantly increased the flying rights for Kuwait, raising weekly seat capacity by 50% to 18,000. This agreement, signed by aviation officials from both nations, marks Kuwait's first bilateral capacity increase in 18 years. The move comes amid rising travel demand and aligns with India's policy to bolster its carriers' international presence through strategic agreements and infrastructure development.
Prada has refuted claims of violating Geographical Indication (GI) rights linked to Kolhapuri chappals after showcasing sandals inspired by the traditional Indian footwear. The luxury fashion house responded to a legal notice from LIDKAR, asserting that their sandals were simply described as 'leather sandals' without any reference to the Kolhapuri region or techniques.
The Cabinet Committee on Economic Affairs has approved an exemption for NLC India Ltd, allowing a Rs 7,000 crore investment in its renewable energy subsidiary without prior government approval or net worth restrictions. This decision supports NLCIL's ambitious renewable energy targets of 10.11 GW by 2030 and 32 GW by 2047, aligning with India's COP26 commitments and Net Zero goals.