Country Financial News

Election Commission on Friday said it has initiated preparations for forthcoming assembly elections in Haryana, Maharashtra and Jharkhand with updation of electoral rolls in these states along with that in Jammu and Kashmir. July 1, 2024 will be the qualifying date for roll updation. For the just-held Lok Sabha polls, the voters' list was updated with January 1 as the qualifying date. Qualifying date helps establish number of voters on a given date in a state or in the country. The term of the existing legislative assemblies in the three states are going to end on November 3, November 26 and January 5, 2025 respectively and elections to these legislative assemblies are required to be conducted before the completion of their terms.

Priyanka Gandhi Vadra on Wednesday launched a scathing attack on the government over exam paper leaks, saying the issue has become a national problem under the BJP rule which has «ruined the future» of crores of youth. The Congress general secretary's attack comes amid outcry against alleged irregularities in the medical entrance examination NEET and also the cancellation of the UGC-NET examination on Wednesday a day after it was held, citing compromised integrity of the test. In a post in Hindi on X, Priyanka Gandhi said, «In the last five years, papers of 43 recruitment exams have been leaked in the country. Paper leak has become a national problem of our country under BJP rule which has ruined the future of crores of youth so far.» «India is the youngest country in the world. We have the largest youth population. Instead of making these youth skilled and capable, the BJP government is making them weak,» she alleged.

While he survived the gruelling annual rites that unfolded in extreme heat again this year, he has not seen his wife since Sunday and fears she is among the more than 1,000 reported fatalities — the majority unregistered Egyptians like himself.

yoga as a powerful agent of global good, Prime Minister Narendra Modi said on International Yoga Day on Friday while stressing that it has the potential to transform the economy of Jammu and Kashmir by attracting more tourists. Choosing the SKICC on the picturesque banks of the Dal Lake to lead the nation in celebrating the 10th International Yoga Day, the prime minister described yoga as not just knowledge but also a science. «When people talk about yoga, most of them think it is a spiritual journey as if it is to find Allah, Ishwar or God… Leave aside the spiritual journey which can happen any time later. For now, you can focus on personal development and yoga is part of that. »If you approach it that way, I am sure you will get a lot of benefits. Personal development leads to the benefit of society, which in turn leads to the benefit of humankind," he said while addressing a gathering at the Sher-i-Kashmir International Convention Centre.

reservoirs across the country further dipped to just 21 per cent of their total live storage capacity. The Central Water Commission (CWC) has released the live storage status of 150 key reservoirs across India in its latest bulletin. These reservoirs, crucial for hydroelectric projects and water supply, have a combined live storage capacity of 178.784 billion cubic meters (BCM), which is approximately 69.35 per cent of the total live storage capacity created in the country. As of Thursday, the live storage available in these reservoirs is 37.662 BCM, which is 21 per cent of their total capacity. Overall, the live storage available across the 150 reservoirs stands at 54.310 BCM against the estimated total capacity of 257.812 BCM.

Reserve Bank of India's Monetary Policy Committee have flagged worries relating to price worries in coming months owing to 'exceptionally' warm summer months experienced across the country, as per the Minutes of the June meeting released on Friday. RBI Governor Shaktikanta Das opined that retail inflation in India would moderate to an average of 4.5 per cent in FY25, higher than the target of 4 per cent. «In the immediate months, however, the impact of exceptionally warm summer months on output of certain perishables; a likely rabi production shortfall in some pulses and vegetables – particularly potatoes and onions; and the upward revisions in milk prices, warrant close monitoring,» Das said.

India's foreign ministry said peace on its border with China was critical for relations to become normal, reacting on Friday to a Reuters report that New Delhi was not keen to restart direct flights with China amid a stand-off on their Himalayan frontier. China has been pressing India to restart direct passenger flights after a four-year halt, but New Delhi is resisting as the border dispute continues to weigh on ties between the world's two most populous countries, Reuters reported on Thursday. Asked about the lack of direct flights, foreign ministry spokesperson Randhir Jaiswal said «peace and tranquillity on the border is important» for ties with China to become normal. He did not elaborate.

Kremlin on Friday criticised the US decision to ban Moscow's cybersecurity firm Kaspersky over security concerns as creating "unfair competition" from American companies. The comments came a day after Washington banned the firm, saying it presented a "national security risk."

Pine Labs Pvt, an Asian digital payments provider backed by Peak XV Partners and Mastercard Inc., is considering raising about $1 billion in an initial public offering in India, people familiar with the matter said, amid increasing investor appetite in the nation’s stock market. The company may seek a valuation of more than $6 billion in an IPO, the people said, asking not to be identified because the matter is private. Pine Labs may issue both new and secondary shares, they said. It could also opt to do a pre-IPO fundraising round ahead of any listing, two of the people said.

cybersecurity firm Kaspersky denied Friday that it is a security threat after the U.S. Commerce Department banned the use of its software in the United States. The Moscow-based company — whose CEO Eugene Kaspersky is Russian — said in a statement that the Commerce Department's decision would not affect its ability to sell and promote its cyber security products and training in the U.S.

Salvadoran officials refused to connect the jet bridge to allow the roughly 300 passengers, all Indian nationals, to disembark, according to three former crew members on the flight who spoke to Reuters on condition of anonymity. Several passengers told the cabin crew they planned to travel onward to Mexico and cross the border there illegally into the U.S., one crew member said. Others said they were going on vacation to the Mexican border city of Tijuana, another crew member said.

lower taxes for individuals to generate demand and spur consumption besides seeking low-cost finance, subsidies and benefits on land rates and necessities such as electricity for retailers ahead of Union Budget FY25. Retailing in India accounts for about 10 per cent of the country's GDP and the sector is second only to agriculture in terms of the number of people directly employed, RAI said in its pre-Budget memorandum highlighting areas that need attention in order to make the industry stronger. «To ensure the growth of the sector, the Union Budget for FY25 should focus on generating demand and spurring consumption by offering benefits or concessions in the form of lower taxes,» RAI said. It will boost the overall consumer sentiment and benefit the retail sector, it said adding, consumption equals to development and the «tax benefits and relief to individual taxpayers will increase the monthly disposable income and support consumption».

Triveni Engineering & Industries Ltd has acquired an additional 36.34 per cent stake in sugar firm Sir Shadi Lal Enterprises Ltd for Rs 45 crore. The company is one of the largest integrated sugar producers in the country, a leading player in engineered-to-order high-speed gears & gearboxes, and water and wastewater management business. In a regulatory filing on Thursday, Triveni said it has acquired an additional 36.34 per cent stake in Sir Shadi Lal Enterprises Ltd.

GRM Overseas, an FMCG and basmati rice exporting company, has announced that the board has approved the fund-raise of Rs 136.5 crore through the issue of share warrants on a preferential basis to 33 promoters and non-promoter investors. The board has approved the allotment of up to 91,00,000 share warrants at an issue price of Rs. 150 including a premium of Rs 148 per warrant. The funds raised will also expand India's “10X” brand, making it a comprehensive food FMCG product company. The funds will also be allocated to explore future inorganic growth opportunities, including strategic mergers and acquisitions, and improve operational capabilities. These activities may be undertaken directly by the Company or through its subsidiaries or joint ventures. The investors include Atul Garg (Promoter), Forbes EMF, Singularity Equity Fund and Nikhil Vora HUF, among others, will be issued share warrants.

Thousands of mostly young people have demonstrated Kenya’s capital and across the country against new tax proposals in the government’s annual budget legislation

The Supreme Court has upheld a tax on foreign income over a challenge backed by business and anti-regulatory interests

India joint venture has privately warned trade officials in New Delhi that a plan to curb imports of a key raw material for steelmaking overlooks the implications of the Red Sea crisis, a letter showed. The curbs planned by the world's second-biggest producer of crude steel could hit output, as they cap imports of a steelmaking fuel, low ash metallurgical coke, also known as met coke, at 2.85 million metric tons for a year. The April proposal, which came after growing shipments caused «serious injury» to domestic producers, also recommended setting quotas on met coke for exporting nations.

Revenue Deficit: When the government has a shortage of enough funds to maintain its day-to-day affairs is known as revenue deficit. This happens when total revenue expenditure surpasses total revenue receipts, leading to a revenue deficit. To work through the revenue deficit, the government often resorts to borrowings and divestments to make up for this gap in revenue, alongside the introduction of new or increasing taxes. Fiscal Deficit The fiscal deficit is the negative balance that happens when the Centre spends more money than it receives. The number is one of the most important figure that is observed during the Budget. The size of the deficit may affect growth, price stability, cost of production, and inflation. Additionally, in case of high fiscal deficit, a country's rating is also impacted.

Union Budget 2024: Any political party that forms the government, with majority or in coalition, in India has a set of responsibilities towards society, politics, and the economy. It is especially essential to relocate with resources in a way that allows a country that is as diverse as India, with its rich cultural, religious, and economic tapestry to move ahead in the right direction. Uplifting underprivileged sections of society, ensuring financial inclusion, reducing regional disparities, strengthening defense capabilities, providing quality education, and much more are part of the government’s long list of work that is voted for. Thus, a well-planned budget is of utmost importance for any government to achieve economic stability and growth.

Budget 2024: Every year, the Department of Economic Affairs in the Ministry of Finance prepares the Union Budget, which is then presented by the Finance Minister. The Budget which is tabled annually serves as a financial plan for the country and lays out the estimated earnings and expenditures of the government for the upcoming fiscal year. Here are the five essential steps involved in the formation of the Union Budget: Initial Processes: The process begins around six months before the Budget is presented. The Finance Ministry issues Budget Circulars to relevant ministries and departments with necessary instructions and guidelines. These circulars are then distributed among disbursing and field officers, who share details about their department's financial expenditures and receipts for the current and past fiscal year, as well as their financial requirements for the upcoming fiscal year.

LISBON—The Americans are here, and this sun-bleached coastal city is booming. At bars, hotels and restaurants that line winding cobblestone streets, business is so good that Mayor Carlos Moedas recently slashed local income tax for residents. With economic growth of 8.2% last year and a 20% rise in tax revenue from prepandemic times, he’s also made public transportation free for young people and the elderly.