US SEC seeks India’s help in Adani fraud probe

Indian billionaire Gautam Adani attends the 51st Gems and Jewellery Awards in Jaipur, India November 30, 2024. REUTERS/Stringer/File Photo Purchase Licensing Rights

The U.S. Securities and Exchange Commission has asked Indian authorities for help in its investigation of Adani Group founder Gautam Adani and his nephew over alleged securities fraud and a $265-million bribery scheme, a court filing showed on Tuesday.
The regulator told a New York district court it was making efforts to serve its complaint on the founder and his nephew, Sagar Adani, and was seeking help from India’s law ministry to do so.

Neither individual is in U.S. custody, and both are now in India.
“The SEC has requested assistance … under the Hague service convention,” it said in the court filing.
Adani Group and India’s law ministry did not immediately respond to a Reuters request for comment.
Last week, Prime Minister Narendra Modi said he did not discuss the Adani case with U.S. President Donald Trump during his visit to Washington, describing it to reporters as an individual issue never discussed by leaders.
India’s opposition Congress party has called for Adani’s arrest and accused Modi of shielding him or favouring him in deals in the past. Modi’s party and Adani have denied the charges.

Last year, federal prosecutors in Brooklyn unsealed an indictment accusing Adani of bribing Indian officials to convince them to buy electricity produced by Adani Green Energy (ADNA.NS), opens new tab, a subsidiary of his Adani Group.
He then misled U.S. investors by providing reassuring information about the company’s anti-graft practices, it added.

Source : https://www.reuters.com/business/us-sec-seeks-indias-help-adani-fraud-probe-2025-02-18/

Nike partners with Kim Kardashian’s Skims for new women’s athleisure brand

People visit the Nike store at 5th Avenue during the holiday season in New York City, U.S., December 9, 2022. REUTERS/Eduardo Munoz/File Photo Purchase Licensing Rights

Nike (NKE.N) will launch a new women’s activewear brand in the U.S. this spring in partnership with Kim Kardashian-owned shapewear label Skims, as CEO Elliott Hill works to broaden its offerings to better compete with upstart brands.
The tie-up is expected to give Nike a leg up in women-centric athleisure brands as it stakes its turnaround on a return to its core sports roots. It currently relies on its men-focused business for more than half of its sales.

The push was evident in Nike’s first Super Bowl ad in nearly three decades, featuring star women athletes including Caitlin Clark and Sha’Carri Richardson.
“The women’s business has faster growth and it has more potential growth in the future. Nike missed out on that opportunity that Lululemon (LULU.O), exploited over the last 10-15 years,” Morningstar analyst David Swartz said.
“The Skims partnership is an effort to grow a little bit faster in that area.”
Nike shares rose 4% on Tuesday and were on track for their best day since Hill’s appointment in September last year.

Demand for women’s high-end joggers and yoga pants has been a growth driver for Canada-based Lululemon, as well as for upstarts such as Alo Yoga and Vuori. It has also helped Gap’s (GAP.N),  brand Athleta turn a corner.
Nike said the new brand, called NikeSKIMS, would include training apparel, footwear and accessories for women.
Skims was launched in 2019 and is valued at around $4 billion. It has seen strong demand for its premium bras, loungewear and shapewear.

Source : https://www.reuters.com/business/retail-consumer/nike-launch-new-womens-fitness-brand-with-kim-kardashians-skims-2025-02-18/

 

Tesla’s India Entry Accelerated? Hiring Begins In Mumbai & Delhi After PM Modi-Elon Musk Meet In US

Elon Musk met Indian PM Narendra Modi on Thursday in Washington
Photo : Twitter

Elon Musk-led Tesla is reportedly hiring in India. The electric vehicle maker sought candidates for 13 roles. This comes after Musk met with Prime Minister Narendra Modi during his recently concluded US trip. A Bloomberg report further claimed that Tesla plans to enter the Indian market.
According to Tesla’s advertisements on its LinkedIn page, these candidates are being considered for roles including customer-facing and back-end jobs.
At least five positions, including service technician and various advisory roles, were open in both Mumbai and Delhi, while other roles, such as customer engagement manager and delivery operations specialist, were exclusively available in Mumbai, the report said.

Tesla had so far refrained from entering the market due to high import duties. However, with India now lowering the basic customs duty on high-end cars priced above $40,000 from 110% to 70%, it has become more favourable for the carmaker.

The entry into India’s EV market can provide Tesla a much-needed push as it registered a first annual drop in its sales last year. Though India’s electric-vehicle market is in its early stage, it has a huge potential to become one of the leading countries due to the gigantic size of the market. Currently, India has EV car sales around 1,00,000 units annually.

Tesla’s India Push Gains Momentum After High-Profile Meetings

Tesla’s renewed interest in India comes after Prime Minister Narendra Modi met with Elon Musk and US President Donald Trump in Washington last week. Following the discussions, Trump stated that Modi had agreed to begin negotiations aimed at addressing the US trade deficit and increasing India’s military purchases, including potential steps toward acquiring F-35 fighter jets.
Musk, a key figure in Trump’s cabinet, has increasingly blurred the lines between his business and political interests. However, Trump did not clarify whether Musk met Modi in his capacity as the CEO of private companies or as a representative of the DOGE team.

New Income Tax bill introduced in Lok Sabha: Has STCG, LTCG taxation changed?

The Finance Minister (FM) in the Union Budget 2024 has announced that both the LTCG and STCG liability of equity mutual fund investors is subject to an increase of 12.5% and 20%, respectively, effective 23 July 2024.

Income Tax written in this representative image Credit: iStock Photo

Union Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, in the Lok Sabha on Thursday and urged Speaker Om Birla to refer it to a select committee of the House.

Opposition members opposed the Bill at the introduction stage but the House passed a motion by voice vote for its introduction.

Getting to the finer points of the new tax bill, will there be changes in the short-term capital gains (STCG) and long-term capital gains (LTCG)? Let’s take a look:

The taxation will remain the same as the current one.

The government had introduced a simplified capital gains tax regime in 2024 and capital assets taxed under the capital gains regime are divided into two categories –

1. Listed securities

2. Unlisted securities and non-financial securities.

Source: https://www.deccanherald.com/business/new-income-tax-bill-introduced-in-lok-sabha-has-stcg-ltcg-taxation-changed-3404662

Indian Steel Market May See Dumping Due To US Tariffs: JSPL Chairman

US President Donald Trump has announced 25 per cent tariff on all steel and aluminium imports.

Domestic steel industry needs to be on guard as countries exporting to the US may divert shipments to India after the imposition of tariffs, an industry official said on Saturday. With the tariffs announced by the US on steel and aluminium imports, countries sending shipments to America might dump products in India because of huge domestic demand, Jindal Steel and Power Ltd (JSPL) chairman Naveen Jindal said the Global Business Summit (GBS) here.

“So, for that, Indian steel industry would have to be protected from unfair exports happening into India,” he cautioned.

US President Donald Trump has announced 25 per cent tariff on all steel and aluminium imports.

Jindal said the Indian Steel Association has already filed application with the DGTR in this regard which is reviewing it.

Indian steel makers have been consistently raising the issue of dumping of steel into Indian market from select group of countries which has impacted their competitiveness.

Source: https://www.news18.com/business/economy/indian-steel-market-may-see-dumping-due-to-us-tariffs-jspl-chairman-9229139.html

New Income Tax bill introduced in Lok Sabha: Has STCG, LTCG taxation changed?

Income Tax written in this representative image Credit: iStock Photo

Union Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, in the Lok Sabha on Thursday and urged Speaker Om Birla to refer it to a select committee of the House.

Opposition members opposed the Bill at the introduction stage but the House passed a motion by voice vote for its introduction.

Getting to the finer points of the new tax bill, will there be changes in the short-term capital gains (STCG) and long-term capital gains (LTCG)? Let’s take a look:

To take matters into perspective, the government had in Budget 2024, changed the capital gains tax regime in July and reports suggest that there are no changes in the capital gains tax regime in the new Income Tax Bill, 2025.

The taxation will remain the same as the current one.

The government had introduced a simplified capital gains tax regime in 2024 and capital assets taxed under the capital gains regime are divided into two categories –

1. Listed securities

2. Unlisted securities and non-financial securities.

The holding period to define capital gains as short-term or long-term is different for both categories of capital assets.

What FM said in Budget 2024

1. The Finance Minister (FM) in the Union Budget 2024 has announced that both the LTCG and STCG liability of equity mutual fund investors is subject to an increase of 12.5% and 20%, respectively, effective 23 July 2024.

2. The FM also stated that the LTCG liability increase to 12.5% is not just for equity mutual fund investments; it applies to any long-term gains from investments in financial and non-financial assets.

3. The budget also mentioned that the STCG liability of investors is increased to 20% for specific financial asset investments like equity mutual funds. Apart from the specific financial asset investments listed in the budget, the STCG increase will not affect other investments in financial or non-financial asset classes.

Source : https://www.deccanherald.com/business/new-income-tax-bill-introduced-in-lok-sabha-has-stcg-ltcg-taxation-changed-3404662

JioHotstar Streaming Platform Is Now Official As JioCinema, Disney+ Hotstar Merge | Details Here

JioHotstar platform offers 300,000 hours of content across 19 languages.

JioStar, a joint venture between Viacom18 and Star India, has launched JioHotstar, merging JioCinema and Disney+ Hotstar into a unified streaming platform. With over 500 million subscribers, JioHotstar aims to enhance India’s entertainment and sports streaming experience.

The platform offers 300,000 hours of content across 19 languages, including Bollywood films, international franchises, and live sports. By combining the libraries of JioCinema and Disney+ Hotstar, JioHotstar delivers a diverse range of content, from Hollywood blockbusters and Indian shows to reality programs and global sports.

“At the heart of JioHotstar is a bold vision—to make premium entertainment accessible to all Indians. Our ‘Infinite Possibilities’ promise ensures that entertainment becomes a shared experience, not a privilege. By leveraging AI-driven recommendations and offering content in over 19 languages, we’re personalizing viewing like never before,” said Kiran Mani, CEO – Digital, JioStar.

JioHotstar uses AI-powered recommendations to tailor the viewing experience. Basic access is available without a subscription, while premium options start at Rs. 149, with seamless transitions for existing subscribers.

The platform places a strong emphasis on sports, providing live coverage of major events like the IPL, ICC tournaments, Premier League, Wimbledon, as well as local leagues such as Pro Kabaddi and ISL. It also offers 4K streaming, multi-angle views, and real-time statistics.

“JioHotstar is setting a new standard for digital-first entertainment. The platform is immersive, inclusive, and audience-focused. With endless entertainment options, we’re committed to continuous innovation, elevating storytelling, and ensuring every Indian, regardless of language, finds content they love,” added Kevin Vaz, CEO – Entertainment, JioStar, highlighting the platform’s broad entertainment offerings.

Source : https://www.news18.com/business/jiohotstar-streaming-platform-is-now-official-as-jiocinema-disney-hotstar-merge-details-here-9226982.html

New Income Tax Bill Proposal On Feb 13– Will ITR Filing Deadlines Change?

The proposed income tax bill is expected to be introduced in Parliament on February 13.

The proposed income tax bill will be tabled in the Parliament today. At present, there are various deadlines for submitting ITR depending on the category of income taxpayers. Numerous taxpayers are seeking a permanent extension of the ITR filing deadline to have additional time for filing their ITR.

As per an Economic Times report, citing sources, the new income tax bill has not made any changes to the ITR filing deadlines and is likely to continue with the same deadline matrix as before. As per the existing income tax regime, there are different ITR filing deadlines for different categories of taxpayers.
Individuals and other taxpayers whose accounts do not need to be audited must submit the original ITR by July 31 of the assessment year. On the contrary, those taxpayers whose accounts need to be audited are supposed to turn in their audit report by September 30 of the assessment year. Post successful submission of the audit report, taxpayers have to file the ITR by October 31 of the assessment year.

Taxpayers who are involved in international transactions are required to submit the audit report by October 31 of the assessment year. After the audit report is submitted, taxpayers are required to file the ITR by November 30 of the assessment year.

Source : https://www.timesnownews.com/business-economy/personal-finance/new-income-tax-bill-proposal-on-feb-13-will-itr-filing-deadlines-change-article-118178646

Sebi Bans Finfluencer Asmita Patel, 5 Others From Market, Impound Illegal Gains Of Over Rs 53 Crore

Sebi reveals that, prima facie APGSOT along with the Asmita and Jitesh devised a scheme wherein students/investors/participants were lured to trade in specific stocks and told to open a trading account with ABC Ltd.

Markets regulator Sebi has banned six entities, including Asmita Patel Global School and fin-influencer Asmita Patel, from the capital markets for alleged unregistered investment advisory services and directed to disgorge over Rs 53 crore collected as fees course participants for various courses.

Sebi through an interim order cum show cause notice passed on Thursday prohibited six entities, including Asmita Patel Global School of Trading Pvt Ltd (APGSOT), Asmita Jitesh Patel, Jitesh Jethalal Patel, King Traders, Gemini Enterprise and United Enterprises, from the capital market.

The Securities and Exchange Board of India (Sebi) has also asked the six entities to explain why another Rs 104.63 crore should not be collected as fees for various programmes and should not be seized as well, according to a Sebi order.

The case pertains to individuals enrolling in trading courses provided by Asmita Patel Global School Of Trading. The Sebi order said that they were misled by exaggerated promises of profits and forced into paying high fees for minimal or ineffective trading education.

YouTuber and financial influencer Asmita Patel portrays herself as the ‘She Wolf of the stock market’ and the ‘options queen’ and claimed to have mentored over one lakh students/investors/participants worldwide. As per the complainants, she (Asmita) has assets to the tune of Rs 140 crore using her proprietary system.

The regulator noted that each entity has played specific roles at various stages which have prima facie, been found to violate Sebi’s rules.

Further, Sebi revealed that, prima facie APGSOT along with the Asmita and Jitesh devised a scheme wherein students/investors/participants were lured to trade in specific stocks and told to open a trading account with ABC Ltd.

Recommendations of buy/sell of specific securities were provided and uploaded on telegram channels owned by APGSOT. The acts of the entity make it evident that it was providing investment advice/ research analyst services to students/investors/participants for consideration in the pretext of imparting education, the 129-page order said.

The regulator also pointed out that the APGSOT collected fees from course participants through King Traders, Gemini Enterprise and United Enterprises directing them to pay the course fees to the bank accounts of these entities.

According to Sebi, this was not a one-time arrangement but a regular practice followed by the Asmita Patel Global School of Trading to route funds through different entities.

Sebi noted that these six entities are jointly and severally liable for impounding Rs 53.67 crore collected as fees from participants for courses such as, LMIT (Let’s Make India Trade), MPAT (Master’s in Price Action Trading) and Options Multiplier (OM) offered by the Asmita Patel Global School of Trading.

these practices, APGSOT, its director Asmita, and Jitesh were directed by Sebi to cease and desist from offering unregistered investment advisory or holding themselves out to be as investment advisors/ research analysts.

They have also been ordered to cease to solicit or undertake any other unregistered or fraudulent activity in the securities market, directly or indirectly, in any manner whatsoever, Sebi said.

However, the markets watchdog clarified that findings in this order are prima facie findings and the entities have full opportunity to provide their defence and prove their innocence. This prima facie finding should also be viewed in that manner and should not be taken as a final verdict against anyone.

Sebi has examined APGSOT and its directors following a complaint from a group of 42 investors alleging unauthorised investment advisory activities.

The regulator conducted an examination covering the period from August 2019 to October 2023, focusing on APGSOT, its director Asmita — who is also an authorised person of registered stockbroker ABC Ltd — and Jitesh, along with proprietary firms King Traders, Gemini Enterprise, and United Enterprises.

Source : https://www.news18.com/business/markets/sebi-bans-finfluencer-asmita-patel-5-others-from-market-impound-illegal-gains-of-over-rs-53-crore-9219587.html

Shein poised to slash valuation to $50 billion in London IPO

Online fast-fashion retailer Shein is set to cut its valuation in a potential London listing to around $50 billion, said three people with knowledge of the matter, nearly a quarter less than the company’s 2023 fundraising value amid growing headwinds.
The company’s business prospects have come under a cloud in recent days after the Trump administration said it would close the “de minimis” duty exemption in the United States, ending an import rule that had helped Shein keep prices low.

The measure’s removal could hurt Shein’s profitability and push up product prices in the U.S., its biggest market, analysts and industry experts have said.
The eventual IPO (initial public offering) valuation will depend on the impact of the end of de minimis on the retailer’s business, one of the people said. Given the removal only took place this week, it will take time to assess, they added.
Shein and rival Temu together probably accounted for more than 30% of all packages shipped to the U.S. each day under the de minimis provision, the U.S. congressional committee on China said in a 2023 report. The measure exempted shipments of less than $800 from import duties.

The sources declined to be named as they were not authorised to speak to the media.
Shein, founded by China-born entrepreneur Sky Xu, did not respond to a request for comment.
The removal of de minimis is part of President Donald Trump’s imposition of an additional 10% tariff on China in what he called an “opening salvo” in a clash between the world’s two largest economies.
Nearly half of all packages shipped under de minimis come from China, according to the congressional committee report.

Shein had been aiming to go public in London in the first half of this year assuming it secured approvals from regulators in the U.K. as well as in China, Reuters reported last month.

A company logo of fashion brand Shein is seen on a rail of clothing on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14, 2024. REUTERS/Phil Noble/File Photo Purchase Licensing Rights

The company’s last fundraising round in 2023 valued it at $66 billion, about a third less than its peak a year earlier, sources have told Reuters.
The latest target IPO valuation would mark the retailer’s second consecutive down round, when a company takes a hair cut on its valuation during a funding round.
The reasons were not immediately known.
Shein’s proposed IPO comes at a time when the UK government has been pressuring its regulators to be more pro-growth and has launched an overhaul of listing rules to make London a more attractive market to companies.
A UK government source who declined to be named as they were not authorised to speak about the deal publicly said it was still keen for Shein to launch an IPO in London.
Shein confidentially filed papers with Britain’s Financial Conduct Authority (FCA) in early June, sources told Reuters last year. However, it has taken longer than typically expected for the regulator to sign off on the listing.
The FCA has not made any decision to approve the IPO yet, a separate person said. The FCA declined to comment.
Market experts say it usually takes several months to reach a decision. A spokesperson for the FCA previously said timelines for IPO approval depend on each individual case.

Source : https://www.reuters.com/business/retail-consumer/shein-poised-slash-valuation-50-billion-london-ipo-sources-say-2025-02-07/

“Why Are You The CEO?” Lenskart CEO Peyush Bansal Asks A Female Entrepreneur, Her Response Secured A Deal With Anupam Mittal

“Why Are You The CEO?” Lenskart CEO Peyush Bansal Asks A Female Entrepreneur, Her Response Secured A Deal With Anupam Mittal
Shark Tank India season 4 is known to bring forth creative solutions from budding entrepreneurs from all across the country. In its latest episode, Rahul Tyagi and Samiksha Yadav pitched an innovative undergarment liquid determent specially tailored for hand laundry on the coveted show. The pair aimed to secure an investment of Rs 50 lakh for 2.5% equity at a Rs 20 crore valuation, showcasing their distinctive product in hopes of captivating the Sharks.
Fault In The Pitch?
However, the judges or Sharks found some marketing loopholes in their product pitching. While Anupam Mittal highlighted the fact that the market is full of a variety of detergents that claim the same, Aman Gupta raised curiosities about how the product stands out in the market. Mittal commented, “There are many detergent options, including clean and green ones. Why are you complicating this? Your approach threw me off.”
The entrepreneurs took the stage to explain to the judges why their product stands out but it just led to another set of leading questions. When asked, they clarified that their detergent caters to feminine hygiene to which Mittal and Namita Thapar replied that this should’ve been the basis of their pitch instead of framing it comically as a “male best friend chaddi” liquid detergent. Thapar said, “You started your pitch with humor, but vaginal infections are a major concern. You should have led with that instead.”
Bansal’s Question “Why are you the CEO?” Received An Applause Worthy Response
As the discussion carried on, co-founder and CEO of Lenskart Peyush Bansal asked the contestants, “Who is the CEO?” to which Samiksha Yadav replied that she was the CEO of the company. Following up, Bansal asked, “Why are you the CEO?”
Before the female entrepreneur had a chance to respond, Namita cut in with, “Why not?” to which Samiksha confidently added, “Because I deserve to be the CEO.” Samiksha’s co-pitcher Rahul supported her with, “She deserves it.”

RBI Cuts Interest Rate For The First Time In 5 Years, New Governor Sanjay Malhotra Brings Down Repo Rate To 6.25%

On Friday, February 7, the Reserve Bank of India decided to use its scissors, now rusty, to cut the repo rate or the country’s interest rate, by 25 basis points, bringing it down to 6.25 per cent, compared to its previous 6.50 per cent. The interest rates had remained the same for nearly 2 years. This rate cut comes for the first time in 5 years.

The last time, the interest rate was cut, was in March 2020, when the benchmark rate was brought down by 75 basis points to 4.40 per cent.

This was the new RBI Governor, Sanjay Malhotra, a former revenue department bureaucrat’s first MPC meeting, after succeeding Shaktikanta Das.

This was announced by the government’s banker after a 3-day Monetary Policy Committee meeting that concluded on February 7.

The RBI Governor started his post-MPC speech with a great emphasis on maintaining price stability, along with maintaining and aiding growth.

Sanjay Malhotra focused extensively on the pertinence of maintaining price stability.

RBI Slashes Repo Rate

The governor started his address after the 53rd MPC meeting by remarking on the 8 years of the flexible inflation targeting framework.

This framework introduced in 2016, according to the governor, has assisted in bringing about stability in the economy, especially during the pandemic years.

The RBI has retained its GDP projection for the next FY to 6.7 per cent.

Why Has The Rate Been Retained?

This decision to retain the interest rate or repo rate comes at the back of major developments in the previous weeks.

The Union budget took a consumption-first approach, aiding taxpayers, and increasing the purchasing power of regular citizens.

The rate of inflation, after a sudden spike in mid-2024, has tapered down. However, it still remains above the RBI threshold of 4 per cent.

It also needs to be noted that India, which was once touted as one of the fastest-growing economy, has seen its rate of growth reduce in the previous quarter. The GDP data for Q3 is expected to be released on Februray 28.

The MPC Meeting

The MPC came to this decision unanimously. The rate has been brought down to at 6.25 per cent since February 2023.

The MSF or Marginal Standing facility, remained at 6.50 per cent. The SDF, or Standing Deposit Facility remained at 6.00 per cent.

This MPC meeting started on February 5 and concluded on February 7. These MPC meetings, under the leadership of the RBI governor (currently Sanjay Malhotra), ruminate and decide upon the monetary policies for the country every two months.

 

Will Banks Remain Open On February 5? Delhi Election Day’s Impact On Banking And Other Public Services

Will Banks Remain Open On February 5? Delhi Assembly Election Day’s Impact On Banking And Other Public Services

On February 5th, Delhi residents will cast their votes for the Delhi Assembly election 2025. Since voting days hold utmost importance in a democratic country, multiple establishments declare the day as a holiday so that people can go and cast their votes and take part in this important political activity. Here is a comprehensive guide on which state-run bodies will remain open on February 5th and which ones will remain closed.
To raise awareness about the importance of participating in election days, the District Election Officer has instructed the Deputy Director of Education to arrange a ‘Prabhat Rally’ on 3rd February at 9:00 AM to promote voter awareness, including students from different schools.

What Will Remain Close And What Will Remain Open On February 5?
Government offices and banks will shut down on election day to enable employees to participate in voting. The cinemas and theatres are expected to stay closed during polling hours to promote the highest possible voter participation. Numerous schools and colleges will stay closed since these institutions will be functioning as polling stations.
The Delhi metro and bus services will be operational for additional hours to support the transportation of election staff and voters. The Delhi Metro Rail Corporation (DMRC) will start the metro operations on all lines at 4:00 AM and will operate every 30 minutes until 6:00 AM when regular service will begin again. Similarly, the Delhi Transport Corporation (DTC) will provide extra bus services on 35 routes starting at 4:00 AM, ensuring voters have sufficient options to access polling places. Other essential services like hospitals, pharmaceuticals, etc will remain open and fully functional on February 5. Other businesses, including shops, restaurants, retail stores, grocery markets, and eateries, are anticipated to stay open as well.

Income Tax: Why Is Standard Deduction Of Rs 75,000 Given? Who Doesn’t Qualify For It?

Income Tax: The government provides a Rs 75,000 standard deduction in the new tax regime benefiting salaried individuals and pensioner by simplifying tax filing and reducing tax burden

Income Tax: Standard deduction allows for a fixed amount to be deducted from the taxable income, streamlining the tax calculation process. (Representative/Shutterstock)

Filing income tax in India has been quite complicated and difficult, especially under the old tax regime. However, the current government has implemented several reforms to simplify the process. The most significant of these is the new tax regime.

The government previously introduced a valuable provision known as the Standard Deduction, applicable to both the old and new tax regimes. This deduction effectively reduces your taxable income by a predetermined amount. Currently, this amount stands at Rs 75,000 in the new tax regime, compared to Rs 50,000 in the old tax regime. However, this facility is not universally available to all taxpayers. Let’s delve into who qualifies for this deduction and who doesn’t.

Let’s begin by understanding what standard deduction is. Previously, salaried individuals could claim various small exemptions, such as transport allowance and medical reimbursement. They were required to maintain records for each of these, which often amounted to less than Rs 50,000. Managing these small deductions proved cumbersome for employees, companies, and the government alike.

To simplify the process, the government replaced these individual exemptions with a single standard deduction. This allows for a fixed amount to be deducted from the taxable income, streamlining the tax calculation process.

This means that if one’s annual income is Rs 13 lakh and the standard deduction is Rs 75,000, then the taxable income will be Rs 12.25 lakh.

In the Union Budget 2025-26, Finance Minister Nirmala Sitharaman made income up to Rs 12.75 lakh tax-free under the new tax regime. This budget also saw changes to the new tax slabs, with a total of six tax slabs now in place.

Who Are Eligible For This Facility

This facility is primarily for salaried individuals and pensioners. If you are employed and receive a salary, you are eligible. Additionally, if you receive a pension, whether from the government or a private company, you can also avail of this facility. Senior citizens (above 60 years of age) and super senior citizens (above 80 years of age) also benefit from this facility.

Who Are Ineligible For This Facility

While this facility benefits many, certain individuals and entities are ineligible. This includes self-employed individuals and business owners. Additionally, those whose sole source of income is interest, rent, or capital gains cannot avail themselves of this facility. Furthermore, companies, firms, and other entities are not eligible.

Why Does The Government Provide This Facility

The government provides this standard deduction for several reasons. Firstly, it simplifies tax filing. Previously, individuals had to submit numerous documents to avail themselves of small exemptions, but the standard deduction has streamlined this process.

Source : https://www.news18.com/business/income-tax-why-is-standard-deduction-of-rs-75000-given-who-doesnt-qualify-for-it-ws-ab-9213622.html

Billionaire Ambani’s Reliance brings Shein back to India after 2020 app ban

A company logo for fashion brand Shein is seen on a rail of clothing on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14 2024. REUTERS/Phil Noble/File Photo Purchase Licensing Rights

Reliance Retail has launched an app in India to sell fashionwear from China’s Shein under a licensing deal, almost five years since Shein’s app was banned in the country after getting caught up in a diplomatic tussle.
Reliance, owned by billionaire Mukesh Ambani, launched the app on Saturday morning, said a person with direct knowledge of Reliance’s launch plans. The firm did not announce the launch.

Neither parent Reliance Industries (RELI.NS), opens new tab nor Shein responded to requests for comment outside of business hours.
The Shein India Fast Fashion app represents a departure from Reliance’s strategy of adding brands to its flagship fashion app Ajio – whose offering includes Superdry and Gap – as it competes with rivals such as Myntra from Walmart’s (WMT.N), opens new tab Flipkart.
Shein, founded in China in 2012 and later headquartered in Singapore, offers a vast selection of low-priced Western clothes. Its app was banned in India in 2020 alongside other Chinese apps such as ByteDance’s TikTok due to data security concerns, after a border dispute soured Indo-Chinese relations.

Last year, India’s government disclosed to parliament, opens new tab that Reliance had entered an agreement with Shein under which Indian manufacturers would supply products under the Shein brand. It did not make any other details public.
“The fashion OG (original) is back,” said a message displayed upon opening the app. Deliveries will initially be limited to a few cities including New Delhi and Mumbai and expanded nationwide soon, it said.

Offerings include dresses priced as low as 350 rupees ($4).
Reliance will pay a licence fee for using Shein’s brand name, said the person with direct knowledge of the matter. There is no equity investment in the partnership, the person said, without elaborating on financial arrangements.
All Shein-branded products sold through the app are designed and made in India, said a second person with direct knowledge of the matter. The clothing will later be made available on Ajio, the person said, without providing a time frame.

Source: https://www.reuters.com/business/retail-consumer/billionaire-ambanis-reliance-brings-shein-back-india-after-2020-app-ban-2025-02-02/

Union Budget 2025: Real Estate Sector Welcomes Reforms, Urges Greater Focus On Affordable Housing

Union Budget 2025 |

Finance Minister Nirmala Sitharaman’s Union Budget 2025-26 has been met with optimism from the real estate sector, with industry leaders praising its focus on infrastructure, tax relief, and liquidity measures while urging more emphasis on affordable housing.

A major highlight of the budget is the increase in the income tax exemption limit to ₹12 lakh, boosting disposable income and encouraging homeownership. The removal of tax on two self-occupied properties is expected to drive fresh investments in residential real estate. “This progressive reform provides significant tax relief and acknowledges the evolving housing needs of Indian families,” said Domnic Romell, President, CREDAI-MCHI.

The increase in the TDS exemption threshold on rental income from ₹2.4 lakh to ₹6 lakh will further support landlords and small taxpayers. Amit Jain, CMD, Arkade Developers, remarked, “These measures will spur housing demand, particularly in metro and Tier-1 & 2 cities.”

The ₹15,000 crore infusion into the Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund 2.0 has been widely appreciated for addressing stalled housing projects and providing relief to homebuyers. “With the completion of 50,000 units under the existing SWAMIH scheme and another 40,000 in the pipeline, this move ensures liquidity and accelerates housing deliveries,” noted Ashwin N Sheth, CMD, Sheth Group.

The budget allocates ₹1 lakh crore under the Urban Challenge Fund to address land and development constraints, fostering robust infrastructure in key urban corridors. The continued capital expenditure of ₹11.21 lakh crore on railways, roads, and logistics is expected to boost economic activity. “A stronger infrastructure framework will transform India into a competitive logistics hub, reducing costs and enhancing efficiency,” said Dr. Niranjan Hiranandani, Chairman, NAREDCO.

The push for Global Capability Centers (GCCs) in Tier-II cities is another welcome move. “Expanding GCC footprints beyond metros will unlock real estate potential and drive regional economic growth,” added Badal Yagnik, CEO, Colliers India.

Despite the positive measures, experts expressed concerns over the lack of specific sops for affordable housing. “A national rental housing policy and higher tax deductions for home loans would have further strengthened the sector,” said Piyush Bothra, Co-Founder & CFO, Square Yards.

Shrinivas Rao, CEO, Vestian, echoed similar sentiments, highlighting the importance of fiscal incentives for affordable housing to ensure inclusive economic growth.

The real estate sector, which employs over 71 million workers, faces a critical skill gap, with 81% of the workforce unskilled. “By 2030, the sector will need 33 million skilled workers. Bridging this gap through policy interventions is essential for sustainable industry growth,” emphasized Dr. Hiranandani.

Overall, the budget has been lauded for its pro-investment stance and long-term growth initiatives. “The continued focus on infrastructure, taxation relief, and economic expansion makes this a well-rounded, growth-oriented blueprint,” concluded Shishir Baijal, CMD, Knight Frank India.

Source : https://www.freepressjournal.in/business/union-budget-2025-real-estate-sector-welcomes-reforms-urges-greater-focus-on-affordable-housing

Income Tax Changes In Budget 2025: Know Latest Income Tax Slabs, Rates | New Regime Vs Old Regime

Income Tax: Know difference between new tax regime vs old tax regime after the Union Budget 2025-26.

Latest Income Tax Slabs, Rates In Budget 2025: As widely expected, Finance Minister Nirmala Sitharaman on Saturday announced huge income tax relaxations in the first full Budget of the Modi 3.0 government. Income up to Rs 12 lakh of normal income, other than capital gains income, is tax free. Here are the latest slabs and rates of income tax under the new tax regime for the financial year 2025-26 for those earning above Rs 12 lakh.

The income tax relaxation will give much-needed boost to the consumption in the economy. Here’s the current income tax rates and slabs under the new tax regime (FY 2025-26).

  • Income up to Rs 4,00,000: Nil
  • Income from Rs 4,00,001 to Rs 8,00,000: 5%
  • Income from Rs 8,00,001 to Rs 12,00,000: 10%
  • Income from Rs 12,00,001 to Rs 16,00,000: 15%
  • Income from Rs 16,00,001 to Rs 20,00,000: 20%
  • Income from Rs 20,00,000 to Rs 24,00,000: 25%
  • Income above Rs 24,00,000: 30%

Importantly, those earning up to Rs 12 lakh a year will have to pay no tax on rebate under 87A. Those those earning above, these tax slabs will be applicable under the new tax regime. Those earning up to Rs 12 lakh in a year in the financial year 2025-26 will have to pay no tax as part of rebate under Section 87A of the Income Tax Act, 1961.

Also, effectively those earning up to Rs 13 lakh will now be able save income tax as over and above the Rs 12 lakh income limit, there is a standard deduction of Rs 75,000, and a marginal relief of around Rs 30,000.

Income Tax Exemption Limits

2005: ₹1 lakh

2012: ₹2 lakhs

2014: ₹2.5 lakhs

2019: ₹5 lakhs

2023: ₹7 lakhs

2025: ₹12 lakhs

The old tax regime remains the same. Following were the slabs till now:

Current Tax Slabs Under the Old Tax Regime (Applicable FY 2024-25, FY 2025-26)

The Old Tax Regime, while retaining higher rates, has allowed taxpayers to claim various exemptions and deductions. Here are the slabs:

  • Income up to Rs 2,50,000: Nil
  • Income from Rs 2,50,001 to Rs 7,00,000: 5%
  • Income from Rs 7,00,001 to Rs 10,00,000: 10%
  • Income from Rs 10,00,001 to Rs 12,00,000: 15%
  • Income from Rs 12,00,001 to Rs 15,00,000: 20%
  • Income above Rs 15,00,000: 30%

For senior citizens aged 60-80 years, the basic exemption limit is Rs 3,00,000. For super senior citizens (above 80 years), it is Rs 5,00,000.

The Old Tax Regime allows deductions under various sections, such as:

Section 80C: Up to Rs 1,50,000 for investments like PPF, ELSS, and LIC premiums.

Section 80D: Health insurance premiums.

Section 24(b): Interest on home loan up to Rs 2,00,000.

Other exemptions like HRA and LTA.

Tax Slabs Under the New Tax Regime Till Now (Applicable FY 2024-25)

The New Tax Regime, introduced in the Budget 2020, offered lower tax rates but fewer exemptions and deductions. Here are the current tax slabs till now (before the Budget 2025):

  • Income up to Rs 3,00,000: Nil
  • Income from Rs 3,00,001 to Rs 7,00,000: 5% (tax rebate under Section 87A up to Rs 7 lakh)
  • Income from Rs 7,00,001 to Rs 10,00,000: 10%
  • Income from Rs 10,00,001 to Rs 12,00,000: 15%
  • Income from Rs 12,00,001 to Rs 15,00,000: 20%
  • Income above Rs 15,00,000: 30%

This was the made default tax regime in the previous budget 2024. Under this regime, taxpayers can opt for lower rates but must forgo popular exemptions like HRA, LTA, and deductions under Sections 80C, 80D, and others.

However, taxpayers can avail of a standard deduction. The standard deduction limit for salaried employees was increased to Rs 75,000 in the Budget 2024-25. For family pensioners, it was hiked to Rs 25,000.

Choosing between the New and Old Tax Regime depends on an individual’s financial profile. The New Tax Regime is more suitable for those who prefer simplicity and have minimal investments. Conversely, the Old Tax Regime benefits taxpayers who maximise exemptions and deductions.

Source : https://www.news18.com/business/tax/income-tax-changes-in-budget-2025-know-latest-income-tax-slabs-and-rates-new-regime-vs-old-regime-9210397.html

200 Vande Bharat Trains To 17,500 General Coaches: Railways’ Plan To Pick Up Speed After Budget Boost

Ashwini Vaishnaw said that Indian Railways will achieve 100 per cent electrification by the end of FY 2025-26. (PTI File)

India will see a massive transformation in railways with 200 new Vande Bharat trains, 100 Amrit Bharat trains, 50 Namo Bharat rapid rail and 17,500 general non-AC coaches expected to be launched in the next two to three years, the ministry said, as it called the union budget “amazing” with an allocation of Rs 2.52 lakh crore for the financial year (FY) 2025-26.

Railways minister Ashwini Vaishnaw said new trains and modern coaches will go a long way in serving the middle-class. “This year’s budget mentions infrastructure development projects of railways to the order of Rs 4.60 lakh crore. Focusing on safety, the budget allocates Rs 1.16 lakh crore for expenditure in this year to augment the safety of Indian Railways through various projects,” he said.

Talking to the media in Rail Bhawan, after the presentation of the budget in Lok Sabha, Vaishnaw also said that it not only seeks to create employment by means of investment, but gives big relief to the middle class with a reduced income tax burden.

Railways will mobilise an additional Rs 3,000 crore from its internal resources, he said.

Reimbursement of losses on the operation of strategic lines has been kept at Rs 2,739.18 crore in Budget Estimate 2025-26 as against Rs 2,602.81 crore in last fiscal’s revised estimates 2024-25.

An amount of Rs 706 crore is provided in this fiscal year towards debt servicing of market borrowings for national projects.

With this, the net revenue expenditure of Indian Railways is placed at Rs 3,02,100 crore in this year’s budget estimate as against Rs 2,79,000 crore in the revised estimate of the last fiscal.

Source : https://www.news18.com/business/200-vande-bharat-100-amrit-bharat-17500-general-coaches-railways-plan-to-pick-up-speed-after-budget-boost-9211341.html

Union Budget 2025 Updates: Cabinet Approves Budget, Nirmala Sitharaman To Start Speech At 11 AM

Union Budget 2025 Updates: Finance Minister Nirmala Sitharaman will present a record eighth consecutive budget, which is expected to contain measures that ease the burden on the middle class struggling with high prices and stagnant wage growth while being fiscally prudent.

As per the Economic Survey tabled on Friday, the Indian economy is expected to grow at 6.3-6.8 percent in 2025-26. While India will need structural reforms and deregulation to reinforce medium-term growth potential, investment activity is expected to pick up.

Ahead of the Budget, President Droupadi Murmu addressed a joint sitting of Parliament where she said the government has worked with strong determination to lift the economy out of the state of “policy paralysis” despite global concerns such as aftermath of COVID-19 pandemic and war-related uncertainties.

During the Budget Session, sixteen bills, including the Finance Bill 2025, amendments to the Waqf and Banking Regulations Act, and the merging of the Indian Railways and Indian Railways Board Acts, will be tabled.

Here are the Updates of Union Budget 2025:

What Changes Do Economists Suggest For Salaried Taxpayers

Every Budget season, the most-asked question remains the same – does it have anything for the salaried class? With Finance Minister Nirmala Sitharaman set to present Budget 2025-26 on February 1, the salaried class is again looking out if the government has any plans to reduce their financial burden.

Economists have suggested that the government this time offer a higher tax exemption limit and an increased standard deduction under the new tax regime, which would benefit a lot of taxpayers. In the last Budget, the standard deduction was increased to Rs 75,000 from Rs 50,000 while the exemption limit stands at Rs 3 lakh under the new regime.

5 Union Budgets That Left A Lasting Impact On Indian Economy

Introduction of wealth tax in the 1957-58 Budget

The 1957-58 Budget, presented by Finance Minister TT Krishnamachari, introduced a landmark reform – the wealth tax. For the first time, individuals were taxed on the value of their personal assets. The shift marked a new approach to taxation, aimed at reducing economic inequality by taxing the wealthy. The wealth tax remained in place for decades before it was scrapped in 2015.

The ‘Black Budget’ of 1973-74

The 1973-74 Budget, presented by Yashwantrao B Chavan, is remembered as the “Black Budget” for its staggering fiscal deficit of Rs 550 crore. India was grappling with serious economic challenges, including rising oil prices and food shortages. The Budget laid bare the country’s economic difficulties, and it was a precursor to the political and economic turbulence that followed, including the declaration of the Emergency in 1975.

Feb 01, 2025 10:47 

Core Team Behind Budget 2025-26

Nirmala Sitharaman has been supported by a skilled team of experts, each playing a crucial role in shaping the economic roadmap.

Here are the key figures behind the Budget-making process:

  •  Anantha Nageswaran, Chief Economic Adviser
  • Manoj Govil, Expenditure Secretary
  • Ajay Seth, Economic Affairs Secretary
  • Tuhin Kanta Pandey, Finance and Revenue Secretary
  • Arunish Chawla, DIPAM Secretary
  • M Nagaraju, Financial Services Secretary

Source: https://www.ndtv.com/business-news/union-budget-2025-live-updates-finance-minister-nirmala-sitharaman-economy-finance-income-tax-7602433

Petrol price hiked 50 paise, diesel up 55 paise; 5th increase in 6 days

Petrol in Delhi will now cost Rs 99.11 per litre as against Rs 98.61 previously while diesel rates have gone up from Rs 89.87 per litre to Rs 90.42, according to a price notification of state fuel retailers.

Anil Ambani quits as RInfra, RPower director

Reliance Group Chairman Anil Ambani on Friday resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator SEBI order restraining him from associating with any listed company.
“Anil D Ambani, non-executive director, steps down from the board of Reliance Power in compliance of SEBI (Securities and Exchange Board of India) interim order,” Reliance Power said in a BSE filing.

In a separate filing to the stock exchange, Reliance Infrastructure said that Anil Ambani has stepped down from its board “in compliance of SEBI interim order”.

Sebi in February barred Reliance Home Finance Ltd, industrialist Anil Ambani and three other individuals from the securities market for allegedly siphoning off funds from the company.

The two Reliance Group companies said that Rahul Sarin has been appointed as an Additional Director in the capacity of Independent Director for a term of five years on Friday on the boards of RPower and RInfra, subject to approval of members at the general meeting.
The board of directors of the company unanimously reposed full trust in Ambani’s leadership and invaluable contribution to steering the company through great financial challenges and towards being potentially debt-free in the course of the coming financial year, the firms said.
They also said that the boards look forward to an early closure of the matter and inviting Ambani back to provide his vision and leadership to the company in the interest of all stakeholders.

Source: https://timesofindia.indiatimes.com/business/india-business/anil-ambani-quits-as-rinfra-rpower-director/articleshow/90450623.cms

7 Women Changemakers Who Are Breaking Sexual Health Taboos With Their Brands

A gender-equal world is still a utopian concept, and while the journey of change has taken flight, there’s still a long way to go. We may be in 2022, but any discourse around menstrual hygiene and sexual wellness is often suppressed by the age-old patriarchal norms. Fortunately, there are several entrepreneurs who are ‘breaking the bias’ and shattering convention to create a safe space for women. These new-age brands cater to the needs of those with vulvas and provide them with solutions that help to enhance their quality of life.

This International Women’s Day, we caught up with some prominent changemakers, who are making a difference with their brands.

1. Neha Kant, Founder and Director — Clovia

Lingerie has always been spoken about in hushed tones in our country. It is hardly uncommon for women to be glared at, when they walk into a lingerie store to shop for innerwear. The experience is rather uncomfortable since these shops are mostly run by men.

For Neha, who grew up in Haridwar, it was her mother, who would do underwear shopping for her. Everything was based on trials and guesswork, which left the young girl devoid of confidence. When she stepped out of her hometown to pursue her higher education, started working in New Delhi and travelled abroad, Neha realised that the evolution of innerwear had not kept pace with the fast-changing outerwear fashion.

“To bridge the existing gap in the lingerie space, I decided to dive into the business with the help of my husband and was ably supported by a tech specialist and an experienced lingerie expert. That’s how Clovia was born in 2013,” she says.

The brand believes in bringing world-class products to Indian customers at the right price point. They have a proprietary algorithm based on ‘Clovia’s Fit Test’, which asks women five questions about their body type and accordingly recommends the right bra.

“Earlier this year, we also launched Bra-Bot, an online AI-based chatbot curated to help one buy the right innerwear and other categories. This is part of Clovia’s continued effort to bring its online shopping experience closer to an assisted offline store experience,” she adds.

Clovia launches 200+ styles per month and over 75% of the inventory is less than 30 days old. They also offer 75+ sizes across 12+ categories and address 18 body types.

The brand has also recently ventured into the personal care category to cater to the needs of new moms and urban millennial women.

2. Tanvi Johri, Co-founder and CEO — Carmesi

Like several other women, Tanvi, too, was a victim of rashes caused by sanitary napkins and would dread her period every month. Although she tried looking for alternatives, there was no solution in sight. Another issue that troubled her was the unhygienic disposal of sanitary napkins.

“I started researching more about these things, and that’s when I realised that rashes are taken seriously only when they appear on the face or are associated with beauty. These allergies are triggered by the use of certain ingredients in sanitary napkins. This is what I wanted to change with Carmesi,” she says.

The eco-conscious brand makes biodegradable sanitary napkins using plant-based materials like corn fibre that are devoid of harsh chemicals. These sanitary napkins also come with a disposable bag made from oxo-biodegradable material.

Carmesi has always been big on innovation and has also launched products that may be too niche, but try and provide a solution to women’s problems.

“We created the world’s first and only solution to bra stress called BREASE, after taking into account the challenges of women in our office. The product may not be getting us too much revenue, but our customers love it,” she says, adding that they have also launched a natural deodorant roller with 95% natural ingredients, and an entire skincare range for hormonal acne.

Apart from selling other period care and intimate care products, Carmesi has also made inroads into hair removal, and the health and nutrition category. As they continue to grow by leaps and bounds, Carmesi also plans to make its presence felt in the offline space.

3. Aruna Chawla, Founder — Salad Condoms

How many times have you felt awkward walking up to a pharmacist, and asking for a condom? The feeling is all too familiar, right? This is exactly what happened with Aruna. As a consumer psychologist, she studied purchase patterns and buying behaviour closely and came up with Salad, a non-toxic, eco-conscious, and ultra-thin vegan condom brand.

As the youngest woman to start a condom brand in India, she had her fair share of challenges and was subjected to lewd remarks on social media. It wasn’t just trolling that she had to deal with — it was a hard task to convince manufacturers to associate with her brand, but eventually, she succeeded.

Aruna has been “open and transparent” in her approach and that reflects in everything Salad does. Scan the QR code on the packaging, and you can read all about the ingredients that go into making the condom. Moreover, Salad is the only condom brand that not only focuses on pleasure but also emphasises on the health angle. “Salad has committed 15% of its profits to enable sex education in schools and colleges in India. We are also building a new product that’s under beta testing right now that will help users learn the language of their bodies anytime, anywhere,” says Aruna.

4. Sujata Pawar, Founder — Avni

Sujata had an unpleasant encounter with commercially-available sanitary pads that resulted in rashes eight years ago. When she started looking for options, there was nothing skin-friendly and environmentally-friendly that was available.  That’s when she and her husband (also the co-founder), Apurv Agrawal, worked together to create Avni, a reusable cloth pad that is also India’s first tested cloth pad.

Sujata believes that increased awareness around menstrual hygiene and wellness has helped women in both urban and rural areas to look for sustainable period care. Today, Avni is also aggressively engaging with NGOs and menstrual educators across India to provide education, awareness, and product distribution in rural areas.“Our pads are fully hand-stitched by rural women, and we are also enabling livelihood generation. The company isn’t simply interested in being a personal care brand; it also wants to make menstrual health ‘normal,” says Sujata.

The brand has already attracted over 18,000 clients since its start. They have also developed India’s first 24×7 period helpline to ease the transition and assist women in developing a long-term period habit.

5. Swathi Kulkarni, Co-founder and CEO — Elda Health

Elda was conceived out of personal experiences of the founders, navigating through puberty, pregnancy, to midlife concerns. Since women play foundational roles in families, and even workplaces, their health often takes a back seat. That’s what Swathi wanted to address with Elda.

“Elda educates women around their midlife concerns. Our app hosts a spectrum of audio, video, and text content that’s specifically tailored for Indian women. We believe normalising these concerns is the first step to making them better. Moreover, women have access to scientific tools to assess themselves and follow interventions through Elda’s predictive technology,” she shares.

The holistic team at Elda also provides programs that help manage menopause, weight, stress, and other symptom-specific concerns. “Technology enables us to reach out to millions of women today to educate them about their health concerns, and provide them with tools to manage themselves better,” concludes Swathi.

Source: https://zeezest.com/health/7-women-changemakers-who-are-breaking-sexual-health-taboos-with-their-brands-1461

 

How India’s exports crossed $400 billion for the first time ever

A massive rise in oil prices, across-the-board uptick in global prices of industrial commodities, a resurgent agri-sector and a higher share of manufactured goods are the main reasons behind India reaching the government’s annual export target.

(Representative image)

India has, for the first time, met the government’s annual export target since 2014. The country crossed the crucial threshold of $400-billion annual merchandise export target.

“India set an ambitious goods export target of $400 billion and achieved it for the first time. I congratulate our farmers, weavers, MSMEs, manufacturers and exporters for this success,” Prime Minister Narendra Modi tweeted.

Pointing out the target was achieved nine days ahead of schedule, Modi tweeted that this translated to $33 billion worth of exports every month, $1 billion of exports every day, and $ 46 million worth of exports every hour of the year.

The Commerce Department is expected to release further details later in the day, but available data shows that cumulative exports had grown by 45.8 percent in April-February FY22 (2021-22) as compared to the same period of FY20 (2019-20). Total exports stood at $374 billion till February, up from $256.5 billion in 2019-20. Only the last two months had seen an economic downturn, owing to COVID.

After a difficult FY21, marked by lockdowns and restrictions, exports had started rising at the end of the financial year. In the current financial year, they have risen every month till February. All major categories of exports have risen consistently. Moneycontrol takes a deep dive into India’s export sector to see what went right.

Govt to close toll booths within 60 km of national highways; I-T dept conducts raids at Hiranandani group; Russia bans Facebook, Instagram

The Income Tax department conducted raids at Hiranandani group at 24 locations across Chennai, Bengaluru, and Mumbai in the foreign assets case. In Lok Sabha, Union minister of road transport and highways Nitin Gadkari said that all toll collecting points which are within 60 kilometre of each other on the national highways will be closed in the next three months. Meanwhile, a Russian court banned Meta-controlled Facebook and Instagram in the country on March 21, calling its parent company “extremist.”

Moneycontrol Daily: Your Essential 7

A daily round-up of the most interesting articles to help jump-start the day.

Automobile giants assure of flex engines in six months

Representative picture. Credit: Reuters Photo

Automobile giants Toyota, Maruti Suzuki and Hyundai have assured the government they will bring flex engine vehicles in six months, a move that can reduce India’s dependence on crude oil, shorten a huge import bill and also lessen emissions.

Flex engines allow vehicles to run on 100 per cent petrol or 100 per cent ethanol.

Union Minister for Road, Transport and Highways Nitin Gadkari at a sugar and ethanol conference Sunday said the Centre was also exploring ways to increase the use of ethanol in the aviation sector in order to reduce transportation energy costs. To this end, he called upon sugar factories to make a shift to the conversion of sugar into ethanol.

“If sugar production goes ahead as it does now, it will be harmful for the industry in times to come,” he warned leaders of sugar and allied industries saying, “what is good for our future is to reduce the production of sugar and increase production of ethanol.”

source : https://www.deccanherald.com/business/business-news/automobile-giants-assure-of-flex-engines-in-six-months-1093061.html

More trouble for crypto investors? Govt mulls GST rate for digital tokens

The government is working to bring cryptocurrencies under the ambit of Goods & Services Tax ( GST ) in order to tax the entire value of transactions. Crypto exchanges are currently taxed at 18% slab of GST on services provided to users under the financial services category.

Gautam Adani’s Wealth Jumps By $49 Billion, Higher Than Jeff Bezos, Elon Musk: Report

Gautam Adani added $49 billion to his wealth last year – more than the net addition of wealth by Elon Musk, Jeff Bezos and Bernard Arnault.

Gautam Adani adds $49 bn wealth in 2021, higher than Jeff Bezos, Elon Musk

New Delhi: 

Gautam Adani, India’s and Asia’s second-richest person, added $49 billion to his wealth last year – more than the net addition of wealth by the top three global billionaires Elon Musk, Jeff Bezos and Bernard Arnault, the 2022 M3M Hurun Global Rich List said on Wednesday.

Mukesh Ambani, who runs the oil-to-retail conglomerate Reliance Industries, continues to be the richest Indian with a wealth of $103 billion, a 24 per cent rise year on year.

Adani, the head of the ports-to-energy conglomerate Adani Group, is a close second, with his wealth surging 153 per cent to $81 billion.

In the last 10 years, while Ambani’s wealth has grown 400 per cent, Adani has seen a 1,830 per cent increase, the list said.

HCL’s Shiv Nadar is ranked third with USD 28 billion wealth, followed by Serum Institute’s Cyrus Poonawalla (USD 26 billion) and steel magnate Lakshmi N Mittal ($25 billion).

“Gautam Adani, 59, is the biggest gainer in the M3M Hurun Global List 2022 and added USD 49 billion to his wealth last year,” M3M Hurun Global Rich List said in a statement. His net wealth addition is “more than top three global billionaires such as Elon Musk, Jeff Bezos and Bernard Arnault.”

LIC IPO Likely to Come in May, Govt to Wait for Markets to Calm Down; Details Here

LIC had, on February 13, filed the draft red herring prospectus (DRHP) for LIC IPO (REUTERS/Dado Ruvic)

LIC IPO: With stock markets still facing headwinds amid uncertainties around the Ukraine conflict, the Centre has decided to put on hold its LIC IPO decision for some time and wait for the financial market to stabilize. The LIC IPO will now happen only in the next financial year, chances are that the issue may hit the market by mid-May if market conditions are stable. However, any further delay could will require additional regulatory requirements, sources told News18.com.

Since Russia’s invasion, uncertainty has been surrounding the country’s biggest IPO. The government’s sale of about 31.6 crore shares or a 5 per cent stake in Life Insurance Corporation (LIC), which was estimated to fetch around Rs 60,000 crore to the exchequer, was originally planned to be launched in March.

The government has time till May 12 to launch the initial public offering without filing fresh papers with regulator Sebi, according to sources. The only additional requirement till then will be an addendum to the draft red herring prospectus on the insurer’s December quarter results, News18 has learned from sources.

Source: https://www.news18.com/news/business/markets/lic-ipo-likely-to-come-in-may-govt-to-wait-for-markets-to-calm-down-details-here-4872764.html

Paytm Payments Bank Denies Report Claiming Data Leak To China, Says Fully Compliant With RBI Rules

Paytm Payments Bank: Paytm Payments Bank will be allowed to add new customers only after reviewing the central bank’s IT audit reports.

Indian cellphone-based digital payment platform Paytm (AFP photo)

New Delhi: After the RBI directed it to stop opening new accounts, Paytm Payments Bank said on Monday that a report claiming it had leaked data to Chinese firms was “false and sensationalist”. Paytm Payments Bank said it was fully compliant with the data localisation rules of the RBI and the entire data of the bank resides in the country.

Last week, the RBI directed Vijay Shekhar Sharma- promoted Paytm Payments Bank Ltd (PPBL) to stop opening new accounts amid “material supervisory concerns” observed in the bank.

Paytm Payments Bank said that this moratorium will not affect any existing customers of Payments Bank. However, users cannot sign up for Payments Bank’s service until further notice. Meanwhile, existing customers can continue to transact on the Paytm platform.

“All of the Bank’s data resides within the country. We are true believers of the Digital India initiative, and remain committed to driving financial inclusion in the country,” PPBL said in a statement as quoted by news agency PTI.

The Reserve Bank of India (RBI) has ordered an IT audit of Paytm Payments Bank. IT audit means that the company’s IT infrastructure i.e. software is capable of bearing the burden of many customers, what are the flaws in it and why they are coming, all these will be investigated.

According to the statement issued by RBI, Paytm Payments Bank will have to first take RBI’s permission to add new customers, then it can add new customers with itself. The bank will be allowed to add new customers only after reviewing the central bank’s IT audit reports.

Source: https://news.abplive.com/business/fully-compliant-with-rbi-data-localisation-directions-paytm-payments-bank-1519574

Gold in India trading at six-year high discounts

Physical gold dealers in India were forced to offer the steepest discount in six years last week to lure customers put off by a jump in domestic prices, with some people in top Asian hubs selling their bhttps://readselective.com/india/gold-in-india-tr…r-high-discounts/ullion to cash in on the rally.

Appreciating asset: Gold coins and bars sit on a tray inside a jewellery store in Mumbai. A bullion dealer says some consumers are selling their old jewellery to take advantage of elevated prices. — Bloomberg

Earlier last week, global benchmark spot gold prices rose to near an all-time high of US$2,020.47 (RM8,474.86) as investors sought refuge from uncertainties spurred by the Ukraine crisis.

Local gold prices in India, traditionally the biggest gold consumer after China, jumped to 55,558 rupees (RM3,036) per 10 grammes, not far from the all-time high of 56,191 rupees (RM3,071) hit in 2020.

The price surge hammered demand and prompted dealers to offer discounts as high as US$77 (RM322.98) an ounce over official domestic prices – inclusive of 10.75% import and 3% sales levies – versus US$27 (RM113.25) in the week prior to last week.

China Locks Down iPhone, Tech Hub Shenzhen as Covid Cases Jump

China placed the 17.5 million residents of the southern city of Shenzhen into lockdown for at least a week, seeking to halt a growing Covid-19 outbreak with a move that could cause disruption and production delays in the key technology hub and port.

The lockdown, which came after virus cases doubled nationwide to nearly 3,400, will be accompanied by three rounds of city-wide, mass testing, according to a government notice. The measure, announced Sunday, followed earlier restrictions placed on Shenzhen’s central business district, and will last until March 20.

All bus and subway systems were shut, and businesses, except those providing essential services, have been closed. Employees were told to work from home if they can. Residents will be barred from leaving Shenzhen — home to the headquarters of giants Huawei Technologies Co. and Tencent Holdings Ltd., as well as one of China’s busiest ports — except in limited situations.

The city is home to the China headquarters and a key manufacturing facility of Hon Hai Precision Industry Co., Apple Inc.’s main maker of the iPhone and other products. The surge in infections in the city is thought to be linked to an unbridled outbreak in neighboring Hong Kong, where about 300,000 people are currently in isolation or under home quarantine. A Covid flareup in Shanghai has also seen most schools returned to online learning and travel into the city restricted. Bus services from other provinces were halted, and China’s aviation regulator is in discussion with airlines about diverting all international flights into the financial center, Bloomberg News reported Friday.

Source: https://www.bloombergquint.com/business/china-places-all-shenzhen-residents-under-lockdown-afp

Ashneer Grover bought Porsche, told BharatPe staff he spent $130K on dining table

Ashneer Grover, who quit fintech platform ‘BharatPe’ that he co-founded amid serious allegations of financial wrongdoings against him and his wife Madhuri Jain Grover, allegedly “purchased a Porsche” when he was at BharatPe and “told multiple people at the company that he spent $130,000 on a dining table”, media report said.

According to Bloomberg, office frugality clashed with the couple’s apparently glitzy lifestyle, rubbing some employees the wrong way.

Grover and his wife upgraded their modest home for a rented penthouse and renovated another luxury property.

He also purchased a Porsche and told multiple people at the company that he spent $130,000 on a dining table, the report said citing employees.

As the startup expanded, the company’s staff said Grover pushed them relentlessly.

source: https://www.businessinsider.in/business/startups/news/ashneer-grover-bought-porsche-told-bharatpe-staff-he-spent-130k-on-dining-table-report/articleshow/90128539.cms

8 Missed Calls From Mom? Ola’s Marketing Stunt Draws Twitter’s Ire

Nothing could have prepared Ola customers for the alarming notification that popped up on their mobile phones yesterday. The cab aggregator company — in a move that has been widely criticised on social media — decided to share a notification reading “8 missed calls from mom” with several of their customers. Needless to say, the clickbait not go down well. Where a single missed call from one’s mother is enough to induce anxiety, Ola’s notification had people panicking until they realised it was nothing more than a marketing ploy promoting a 40 per cent discount on certain services.

“‘8 missed calls from mom’, followed by a 40% off promo! This is a terrible clickbait by Ola,” one Twitter user wrote while sharing a screenshot of the notification.

Source: https://www.ndtv.com/offbeat/8-missed-calls-from-mom-olas-marketing-stunt-draws-twitters-ire-2814844

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