The electric vehicle industry in India communicated to Commerce Minister Piyush Goyal that they will no longer require subsidies once the current regime ends. Goyal emphasized the nation's readiness for electric mobility and plans to simplify the setting up of charging infrastructure at petrol pumps. He also expressed intentions to strengthen economic ties with the US amid trade tariff tensions.
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Equity mutual funds saw significant inflows in 2024, reaching nearly Rs 4 lakh crore, which is more than double the previous year's figure. Despite the strong performance, inflows are expected to slow down in 2025 due to increased market volatility, impacting new fund launches and equity fund mobilisation.
Standard Glass Lining Technology Ltd's IPO saw a remarkable 182.57-times subscription with heavy demand from QIBs, non-institutional investors, and retail individual investors. The IPO aimed to raise funds for debt repayment, investment in its subsidiary, strategic investments, and machinery purchases. The shares will be listed on BSE and NSE.
India's Budget 2025 may potentially abolish the old tax regime. The new tax regime, default since 2020-21, offers simplified, lower tax rates with fewer benefits. Experts emphasize allowing deductions for medical premiums under Section 80D and for disabilities under Section 80U, arguing these are necessities. Ensuring equitable tax relief promotes fairness in the tax system.
Household debt in India has increased to 42.9% of GDP as of June 2024, driven mainly by a rise in the number of borrowers. Most borrowing is for consumption, asset creation, and productive activities, with highly rated borrowers prioritizing asset investments. This trend is seen as enhancing credit quality and financial resilience.
XRP's price surged nearly 11% to $2.52 after Ripple CEO Brad Garlinghouse announced that the SEC is no longer pursuing its appeal in the legal case against the company. Ripple had been in a nearly four-year legal battle with the SEC over allegations of violating securities laws. Garlinghouse criticized the SEC for its actions, calling the system broken.
FICCI has revised India's GDP growth forecast to 6.4% for FY 2024-25, down from 7.0%. Consumer spending is expected to rise, driven by positive developments in agriculture and rural areas. Industrial and services sectors will see modest growth. Inflation is anticipated to ease, and foreign investment opportunities are emerging.
IndusInd Bank plans to auction Rs 1,573 crore worth of non-performing microfinance loans, setting a reserve price of Rs 85 crore, indicating a significant loss. The bank's promoters have pledged additional shares, raising the total pledged share capital to 6.86%, to secure an existing loan.
Tax laws determine a person's residency status based on their stay in India. To ease compliance for non-resident taxpayers, introducing thresholds for tax residency certificates, relaxing norms for Form 10F, facilitating tax payments and refunds, and easing e-verification processes are suggested measures.
Indian Railways has upgraded over 23,000 track kilometers to support train speeds of 130 kmph, enhancing connectivity and reducing travel times. They have also improved 54,337 kilometers for speeds up to 110 kmph.
Indian banks' gross NPAs stood at a 12-year low of 2.6% in Sept 2024, but RBI's stress test warns it could rise to 3% by March 2026. Concerns include increasing write-offs by private banks and higher fresh NPAs in retail loans. The stress test also highlighted risks in microfinance and consumer credit segments, along with global tokenisation threats.