India Financial News

finance minister in India's history to present seven consecutive Union budgets, finance minister Nirmala Sitharaman had the momentous task of addressing multiple areas such as rural demand, infrastructure development, manufacturing, technology upgradation, among others, to build levers for sustainable growth for the Indian economy-underpinned by an overall focus on boosting consumption and spending.

budget, delivering a short-term demand stimulus as well as actions focused on medium- to long-term growth imperatives, while ensuring fiscal consolidation.

Luxury products such as watches, handbags, and high-end televisions are set to get costlier with the government proposing to levy 1% tax collected at source (TCS) on notified goods of value priced at more than ₹10 lakh. The tax is, however, unlikely to dent demand as these products are largely bought by well-heeled consumers, according to retailers and market experts.

central government will stay the fiscal consolidation course and tailor its annual deficit targets from 2026-27 in such a manner that its debt-to-GDP ratio will progressively decline, finance minister Nirmala Sitharaman said on Tuesday.

budget unveiled dedicated schemes aimed at encouraging industry to increase hiring through incentives for employers and employees to jump start job creation and reap the benefits of the demographic dividend. The latest measures also seek to give impetus to skill training and encourage companies to offer internships to youth to enhance employability.

antitrust watchdog has approved the sale of Appario Retail, the largest seller on Amazon India, to Clicktech, another major seller on the platform.

India sealed their spot in the semifinals with a dominating 82-run win over Nepal in their final group match of the women's Asia Cup here on Tuesday. Dashing opener Shafali Verma smashed 81 off 48 to power India to 178 for 3.

₹1.48 trillion allocated for education, employment, and skilling, today’s announcements bode well for the future of our youth, given the government’s emphasis on skill development. The barriers faced by the workforce are immense: Nearly 73% of workers aged 15-59 years did not receive any formal or informal vocational or technical training, according to the Periodic Labour Force Survey 2022-23. With India’s demographic dividend expected to peak around 2041 and the working-age population forecast to shrink, we must seize the current window of opportunity to harness the potential of India’s labour force and fuel economic growth.

₹11.11 trillion. The multiplier effect of this will support demand for commodities such as steel and cement and is also in sync with India’s plan to improve its logistics efficiency. Second, emphasizing the vision for energy transition provides support to India’s journey towards non-fossil fuels, which will allow the country to decarbonise while it pursues faster growth.

Coca-Cola Company on Tuesday reported a 2 per cent unit case volume growth in the second quarter of 2024 driven by growth in India, Brazil, and the Philippines. The company, which is leveraging packaging innovation in India by utilising an ultra-lightweight affordable bottle with an extended shelf life, said the package is now available in over half of the country's commercial beverage outlets and has added more than 400 million transactions in the first half of the year.

Air India Express continued its network expansion, connecting Bengaluru to Abu Dhabi with its first direct international service from India's IT capital on Tuesday, officials said. With over 200 weekly flights, Bengaluru is the largest station for Air India Express, they said. In a statement, the airline said, «With the launch of the Bengaluru-Abu Dhabi flight, guests from cities such as Ayodhya, Bagdogra, Bhubaneswar, Chennai, Goa, Guwahati, Gwalior, Hyderabad, Indore, Jaipur, Kolkata, Lucknow, Pune, Ranchi, Varanasi, and Visakhapatnam now have the option to connect conveniently to Abu Dhabi through one-stop itineraries via Bengaluru.» Air India Express operates direct flights connecting Abu Dhabi to Bengaluru, Kannur, Kochi, Kozhikode, Mangaluru, Mumbai, Thiruvananthapuram, and Tiruchirappalli and connects 17 Indian cities to Abu Dhabi via convenient one-stop itineraries, it added.

According to interactive investor's first edition of its Top 50 Fund index, nearly one in three funds in the index invest in global shares. These included names such as Scottish Mortgage, Fundsmith Equity or HSBC FTSE All World index funds.  The US market ranked second in terms of popularity, with seven funds featuring among the 50 listed. Meanwhile, the UK had only three funds included by ii, while India had two and Europe and Asia Pacific one each. Deep Dive: Investors and managers diverge on cash balances amid high interest rates In addition, six out of the top ten funds were pa...

ICAI on Tuesday said simplifying taxes, improving taxpayer services, providing tax certainty and reducing litigation are the four cornerstones of the tax proposals in the Union Budget. Welcoming the proposals in the 2024-25 Budget, the Institute of Chartered Accountants of India (ICAI) also said the Budget focuses on employment, skilling, MSMEs (Micro, Small & Medium Enterprises) sector and the middle class.

dividend from October 1 and is expected to increase the tax burden on investors. In her Budget 2024 speech on Tuesday, Finance Minister Nirmala Sitharaman announced about the move which the industry sees as counterproductive. «For reasons of equity, I propose to tax income received on buy back of shares in the hands of the recipient,» Sitharaman said.

oil marketing companies (OMCs) today ended in the red after the Union Budget 2024 did not make any budgetary allocation for them for FY25. The development assumes importance given that the government had in its FY24 budget earmarked Rs 30,000 crore for capital support to the OMCs which did not crystallise the financial year gone by. Shares of Bharat Petroleum Corporation (BPCL) today ended at Rs 306 on the NSE, down by Rs 2.25 or 0.73% over the previous closing price. Meanwhile, Hindustan Petroleum Corporation (HPCL) shares settled at Rs 345 falling by 0.5%. Indian Oil Corporation (IOC) was the top loser falling 1.4% to close the session at Rs 165.85.

maritime innovation, sustainability and economic growth. Shipping reforms are expected to generate significant employment opportunities and strengthen India’s maritime capabilities