India Financial News

India has a glorious past. At one point in time it contributed more than 25% to the world’s GDP and controlled about 28% of global trade and commerce. Being an economic power for several centuries, India played a leadership role in all fields- whether it is art, culture, music, dance, food, festivals, architecture or handicrafts.

income tax on the middle class — the most honest taxpaying group? The intention behind collecting income tax is noble as it helps in wealth redistribution and contributes to the growth of the economy. And, the Indian middle class is one of the most prominent groups that contribute to the nation's revenue through income tax. However, the process fails to live up to its intended goal when it starts taxing people with relatively lower income. Money loses its value with time due to inflation. So if tax slabs are not increased with time, it would mean people are paying income tax on lower real income. This has become an issue worth serious consideration today. According to budget 2014, an income tax rate of 20% became applicable on income above Rs 5 lakh and 30% on income above Rs 10 lakh. This has not changed in the last 10 years. If we take average inflation to be 6%, the real value of Rs 5 lakh and Rs 10 lakh of 2014 would now be Rs 2.8 lakh and Rs 5.6 lakh, respectively.

Union Budget 2024: Share of agriculture in India’s economy has declined over a period of time to less than 15% mainly due to high growth rate of the industry and services sectors. However, agriculture sector’s importance in India’s economy goes well beyond this mainly because more than 70% of India’s population depends on rural incomes and about 70% of poor people are found in rural areas.

Keir Starmer on Friday has paved the way for a fresh chapter in the country's relations with India as the Labour Party takes charge of steering the stalled Free Trade Agreement negotiations that got stalled with the outgoing Rishi Sunak-led administration. If recent high-profile visits by the shadow cabinet members, stepping up as Cabinet members, are anything to go by, the choreography around India being a priority country is likely to see at least some degree of continuity. However, despite a manifesto commitment to build a «new strategic partnership» and the then shadow foreign secretary and now the Foreign Secretary in Starmer's government, David Lammy promising to be on a flight to India before the end of July if elected, how much of a priority India will be among the various domestic pressures facing a cost-of-living crisis hit Britain remains an unknown factor. The India-UK FTA talks began in January 2022 but were stalled in the 14th round as both countries stepped into their general election cycles this year. India saw the new government in the first week and on Friday, it was the UK's.

National Stock Exchange of India Ltd (NSE India) has appointed Amber Gupta as senior vice president and head of legal. An alumnus of the University of Lucknow and also a member of the Institute of the Company Secretaries of India (ICSI), Gupta was head of corporate legal, company secretary and compliance officer at the Aditya Birla Capital before joining the stock exchange.

Singapore investor Temasek expects India's growth to remain firm over the next two years, driven by infrastructure-led capital expenditure, and a recovery in private consumption.Temasek on Tuesday reported an SGD 7 billion rise in its Net Portfolio Value (NPV) to SGD 389 billion for the financial year ended March 31, 2024, mainly driven by gains to the US and India investments. India has continued to see strong economic momentum alongside improving macro and political stability, the company said in a statement.

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Anant Ambani and Radhika Merchant sparked a wave of congratulations across the globe. Among the first to join in the celebration was Amul India, which paid a sweet tribute to the newlyweds on social media. The charming post featured a delightful cartoon of the couple sharing slices of bread slathered with Amul butter, aptly dubbing it the 'Ambyaahni wedding' and wishing them a lifetime of happiness with a heartfelt «Jug Jug Jio.» The grand nuptials of Anant Ambani and Radhika Merchant have captivated the world, with digital snapshots flooding social media and Bollywood's elite joining in the revelry. The couple exchanged vows in a ceremony that was nothing short of spectacular, marking the occasion with a series of glittering events that drew the eyes of international stars and Indian luminaries alike.

diamond exports have been faltering due to weak demand from the key market, China, and they are unlikely to stabilise unless the government provides support to the industry, the head of a leading trade body said on Thursday. India is the world's largest centre for cutting and polishing diamonds, accounting for nine out of 10 diamonds polished globally. «We're battling weak demand, particularly due to China's slow recovery from COVID-19. As a result, demand continues to fall,» Vipul Shah, chairman of the Gem and Jewellery Export Promotion Council (GJEPC), told Reuters.

India's coal import rose 5.3 per cent to 52.29 million tonnes (MT) in the first two months of the ongoing fiscal as against the year-ago period. The country's coal import was 49.62 MT in April and May in FY24, according to data compiled by mjunction services ltd — a B2B e-commerce platform from a joint venture between Tata Steel and SAIL. However, coal import in May dropped marginally to 26.19 MT, from 26.57 MT a year earlier. «Coal imports… were down 1.43 per cent as against 26.57 MT imported in May 2023,» it said.

Skoda is looking to drive in new models, including the latest version of its premium SUV Kodiaq, in India to bolster its presence in the country. The automaker has already announced plans to introduce a sub-4 meter compact SUV in the country early next year. Skoda already has a presence in the mid-sized SUV segment with Kushaq. In an interaction with PTI, Skoda Auto India Brand Director Petr Janeba said the auto brand is also looking to re-introduce premium sedan Octavia in the market later this year.

electric vehicles, local production of advanced technology batteries and faster procurement of electric buses by public transport networks during the first hundred days in office. Top sources in the know told ET, the schemes being considered for approval include award of 10 GWh capacity under the PLI ACC (Production Linked Incentive Scheme for Advanced Chemistry Cells) to set up local units for making advanced batteries, a payment security mechanism for extending interest-free capital to automakers in case of default in payments by state-transport undertakings which will help facilitate widespread procurement and deployment of electric buses and the third chapter of the Faster Adoption and Manufacturing of Electric Vehicles (FAME 3). All three schemes have been put up for inclusion in the 100-day agenda to accelerate the transition towards clean mobility solution to realise net zero objectives, a senior official aware of the development said, adding, the Prime Minister is scheduled to chair a meeting of secretaries from across ministries later this month to freeze the 100-day plan.

mandi, India's largest vegetable wholesale market, sparking fears that prices could soar in the weeks and months ahead. Supplies from the onion hub of Nashik in Maharashtra have been lower than usual, an official who attended the discussions said, adding though the situation is not alarming yet, the government does not want to take chances. "If this continues for some time, we may ask traders to declare their stocks, and if this fails, the next step will be imposition of stock limits," the official said on condition of anonymity.

Stocks that were in focus include names like Raymond, which rose 10%, RBL Bank, which fell 1.28%, and AstraZeneca India, whose shares declined 3.77% on Friday.

intelligence capital of the world powered by accelerated computing and its skilled manpower, said Vishal Dhupar, managing director for South Asia at Nvidia. The global AI chip giant aims to help bring the required AI infrastructure to the country enabling it to build AI in a sovereign manner, which could even make India a net exporter of intelligence rather than an importer, Dhupar said.

Vijay Sethupathi's milestone 50th film, 'Maharaja', directed by Nithilan Swaminathan, is gearing up for an OTT release on July 12. Following its release in theaters on June 14, the film has garnered widespread acclaim during its theatrical run and will be available in multiple languages on Netflix. Set in the backdrop of an emotional thriller, 'Maharaja' centers around the enigmatic question: Who is Lakshmi? Vijay Sethupathi delivers a stellar performance in this pivotal role, supported by a talented cast including Natty as a cop, and Anurag Kashyap, Abhirami, Bharathiraja, Munishkanth, and Manikandan in crucial roles. Ajaneesh Loknath's music complements the narrative, while Dinesh Purushothaman's cinematography and Philomin Raj's editing add depth to the storytelling.

IT companies will be in focus as bellwether TCS will report its first quarter earnings. «We expect the market to consolidate in the higher zone and any dip is a buying opportunity for long-term investors. Corporate earnings will start tomorrow with TCS first to announce numbers. Thus, the IT sector is expected to remain in focus,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal

Jairam Ramesh said on Thursday. In an interview with PTI, Ramesh said there is no one formula the INDIA bloc will follow for state elections. The grouping will fight together in states where Congress leaders and other alliance partners agree to such an understanding, he said. Asked whether the Indian National Developmental Inclusive Alliance (INDIA) will fight the assembly polls together going forward, Ramesh said the alliance will do so in Jharkhand and Maharashtra. «There is no INDIA 'janbandhan' in Punjab. In Haryana, we had given one seat to the Aam Aadmi Party (AAP) in the Lok Sabha polls but I don't think that INDIA janbandhan will be there for assembly polls. In Delhi, the AAP itself has said that INDIA janbandhan will not be there for assembly polls,» Ramesh said.

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India is one of the most active countries for Threads, which has notched over 175 million monthly active users globally, according to social media giant Meta. The update assumes significance as it marks the completion of nearly one year since Meta officially launched rival to Twitter (now X). «With a 175 million actives, we're seeing Threads become a place where people feel comfortable sharing their thoughts and ideas. India is one of the most active countries for Threads globally,» Meta said in a release.

Zomato’s ESOP costs are no longer a one-off after the approval of the new policy, domestic brokerage firm JM Financial reduced the company's target price to Rs 230 from an earlier Rs 250. The formulation of a new policy at Zomato suggests that ESOP costs should be treated as regular business expenses as they are likely to recur in the future. Hence, the domestic brokerage has adjusted its valuation methodology to capture the impact of ESOP costs better.