COST Financial News

₹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.

The Bank of Canada is set to deliver its next interest rate decision on Wednesday as many economists and market watchers expect a second consecutive cut in borrowing costs.

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

Budget, presented by Finance Minister Nirmala Sitharaman, introduces significant changes to the taxation of capital assets and capital gains. These amendments aim to rationalize capital gains tax provisions and bring parity across different asset classes and types of investors. While the amendments are indeed welcome as they simplify the hitherto complicated capital gains tax provisions in India and largely bring listed and unlisted shares at par amongst resident and non-resident sellers.

Nilesh Shah, MD, Kotak AMC, says Budget 2024 is like Suryakumar Yadav’s catch in the last cricket T-20 World Cup. It has achieved the trinity of the impossible – the path of fiscal prudence, support for investment in infrastructure, and generating employment to boost consumption. I hope and pray that eventually, this catch helps us become Viksit Bharat. The India story is centred around SIPs and mutual funds. There is cash and if the India appeal is centred around SIPs and not tips, one should not worry about it in time to move on. So, whatever changes have come on taxation, should that be ignored? Nilesh Shah: So, don’t ignore it. You have to take that into account. People who are trading in F&O now will have to bear higher costs and hopefully, they will reduce their trading activity. But from an investor point of view, the fundamentals have improved with fiscal consolidation, with investment focus continuing and hopefully with better employment generation, this growth is likely to be sustained. So, the valuation impact on the market will be far more from the Budget rather than the diluting effect of increased taxation. So, overall, the India growth story continues and instead of tips, do SIPs.

Treasury Bills in the Budget. With the reduced supply of sovereign Treasury Bills seen bringing down their yields, cost of borrowing for firms is correspondingly set to fall as rates on debt instruments such as certificates of deposits and commercial papers are benchmarked to the government’s T-bills.

BBC is to axe 500 jobs over the next 20 months in a bid to save £200 million ($258 million) and become a «leaner, more agile organisation,» the British public service broadcaster announced Tuesday.

Nirmala Sitharaman of a scheme for providing internship opportunities in 500 top companies to one crore youth over five years lays the foundation for a future-ready workforce, creating a pool of skilled professionals in tune with industry demands, said experts.

Finance Minister Nirmala Sitharaman made no announcements regarding crypto taxes in the Budget, which the crypto industry views as a missed opportunity to support crypto startups and investors. «We had hoped the government would reduce taxation to align it with other asset classes. Unfortunately, this has not been addressed, representing a missed opportunity to support startups and investors in the crypto space,» said Ashish Singhal, Co-founder of Lemonn and CoinSwitch.

Budget 2024 has proposed to treat the income received by selling of shares in a buyback offer of the company to be taxable in the hand of investors. The budget memorandum says “References have been received stating that pay-outs on buy-back of shares should be taxed in hands of recipients, in line with similar regime in place for taxation of dividend.”.

eCourts project's third phase, which seeks to upgrade the digital infrastructure of the lower judiciary, has been allocated Rs 1,500 crore in the Union Budget 2024-25. In September last year, the Union Cabinet had approved the third phase of the eCourts project as a central sector scheme with a financial outlay of Rs 7,210 crore.

₹15,000—from the government, which will also give a cash incentive to employers and employees for their contributions to India’s state-run provident fund (PF) scheme. Further, the PF contribution of employers will be reimbursed up to ₹3,000 per month over two years for each additional employee hired. Broadly speaking, this proposal seems modelled on the production-linked incentive (PLI) scheme run by the Centre for manufacturers.

gold and silver to 6%, bullion prices fell sharply on Tuesday. While the August gold futures fell 3.4% or by Rs 2,468 per 10 gm to hit the day's low of Rs 70,250, silver September futures on the MCX tanked by Rs 3,200 per kg or 3.6% to hit the intraday bottom of Rs 86,000. The reaction was triggered by Finance Minister Nirmala Sithraman’s announcement about the cuts in her Budget speech. She presented her seventh Union Budget on Tuesday.

capital gains on gold to qualify as long term capital gains from 36 months to 24 months and simultaneously cut the LTCG tax rate to 12.5%. Further, indexation available for LTCG calculation for gold has been removed.

jobs and empower youth with skilling, Finance Minister Nirmala Sitharaman announced a Rs 2 lakh crore package under the Prime Minister scheme to incentivise job creation in the country, skill two million youth, provide education loan of up to Rs 10 lakh for higher education in domestic institutions and enable internship opportunities to 10 million youth over next five years.

Budget 2024 has proposed to rationalise the holding periods for different asset classes for the purpose of capital gains taxation calculation. The new proposals says that there will be only two holding periods for all asset classes to determine whether the gains are short-term or long term capital gains. The two holding periods will be 12 months and 24 months.

Narendra Modi pledged 2 trillion rupees ($23.9 billion) to boost jobs and improve education in India, increased spending to his new allies, while also targeting a smaller fiscal deficit for this year. The government will focus on employment, skilling, small businesses and the middle class in the fiscal year through March 2025, Finance Minister Nirmala Sitharaman said in her budget speech Tuesday. She announced a number of employment-linked incentives for businesses to help spur jobs.

Union Budget: Finance Minister Nirmala Sitharaman on Tuesday, while presenting the full budget for FY25, announced a 15 per cent duty cut on mobile phones and accessories.

Budget 2024: Bihar bagged Budget goodies more than most others when it shone in the light of the booster doses Finance minister Nirmala Sitharaman announced for the state on July 23.