Inclusion Financial News

There are many successful Canadians who are exploring or outright leaving this country. Reliable statistics are hard to come by, but tax practitioners such as myself have been kept very busy because economic and taxation policies matter, especially the messaging surrounding such policies.

Bengaluru, India – (July 16, 2024) – RSM US LLP (“RSM") – the leading provider of assurance, tax and consulting services for the middle market – is pleased to announce the opening of its new Bengaluru, India office. The new office will be on the 3rd floor of Rosewood Block, Manyata Embassy Business Park.This strategic expansion represents RSM's continued commitment to long-term growth in India.

₹3.5 trillion of assets under management by 2030, from just over ₹63,200 crore as of 30 June, Das told Mint. The state-owned company has already filed an application with the government for its FPO, and subject to approval, it will be looking to raise ₹4,000-5,000 crore via an issue of fresh equity, he said. “We require at least ₹4,000-5,000 crore of equity infusion by this fiscal in order to ensure that a healthy CRAR is maintained," Das said. CRAR is capital-to-risk assets ratio, which is a measure of a bank’s capital to its risk-weighted assets.

immovable assets such as real estate to bring about uniformity. Currently, any capital gain from the sale of real estate held for 24 months or less is treated as a short-term capital gain. In contrast, the holding period threshold for listed equities and equity mutual funds is 12 months. The proposal suggests that property held for more than 12 months be considered long-term assets, bringing this in line with equities and equity mutual funds, a person privy to the deliberations told ET. However, there may not be any change in the tax rates for both long-term and short-term capital gain. The long-term capital gains tax on property is 20% with indexation benefits to adjust for inflation.

JP Morgan bond index, but a senior Citi executive said that number may be topped as the US Federal Reserve is likely to start cutting rates soon, turning Indian debt into a favourite within the emerging markets (EM) pack. «The last US inflation reading was softer than what the market expected, so we actually think that the Fed might commence with the rate cut cycle from September and could maybe do three rate cuts this year itself,» Aditya Bagree, head, markets, Citi-India & Indian subcontinent, told ET. «What generally does happen with US rate cuts is that EM bond funds attract more investment. As investments increase in EM bond funds, a part of that — almost 10% — will now get allocated to India. So, this $2 billion number can increase because of that,» he said.

inclusion in a JP Morgan bond index, but a senior Citi executive feels that number may be topped as the Fed is likely to start cutting rates soon, turning Indian debt into a favourite within the emerging markets pack. “The last US inflation reading was softer than what the market expected, so we actually think that the Fed might commence with the rate cut cycle from September and could maybe do three rate cuts this year itself,” Aditya Bagree, head, markets, Citi — India & Indian subcontinent, told ET in an interview.

Global banks are targeting shorter maturities in their purchases of India’s sovereign bonds, tapping improved liquidity amid limited supply, according to Bank of America Corp.’s head of India fixed income. Foreign banks bought nearly 600 billion rupees ($7.2 billion) in all maturities since the start of June even as state-run banks and mutual funds sold, according to Clearing Corp. of India data. CCIL doesn’t break down the data by maturity.

debt financing to inclusive financial institutions and social enterprises, has disbursed Rs 5,019 crore to 140 enterprises in 2023-24, according to a company statement. Besides, the company has provided Rs 4,001 crore in debt funding in partnership with 8,700 enterprises during the year, Caspian Debt said in a statement. The company provides debt finance to sectors like food and agriculture, clean technologies, financial inclusion, healthcare, education, and water and sanitation through our portfolio companies, it said. These companies contribute to various SDGs in unique ways — some through cutting-edge technology, others by blending tech with traditional methods, it said.

One of the major steps taken by many tech companies is building diversity initiatives to have an inclusive workforce. In fact, a recent Foundit report said the tech sector was among the top industries that showed the maximum spike in diversity job postings. However, the 2024 Compensation and Benefits Survey by ANSR and Talent500 reveals that 65% of respondents think there is a significant gender-based pay gap, with 56% noting disparities of at least 25% in compensation levels across different roles.

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.

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.

FI-Index, capturing the extent of financial inclusion across the country, rose to 64.2 in March 2024, showing growth across all parameters. The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion. «The value of the index for March 2024 stands at 64.2 vis-a-vis 60.1 in March 2023, with growth witnessed across all sub-indices,» the Reserve Bank of India (RBI) said in a statement on Tuesday. Improvement in FI-Index is mainly contributed by usage dimension, reflecting deepening of financial inclusion, it added.

new criminal laws, Chief Justice of India (CJI) D Y Chandrachud on Tuesday refused to comment on them, saying the issues arising from these statutes were pending before the Supreme Court. The new laws — Bharatiya Nyaya Sanhita (BNS), Bharatiya Nagarik Suraksha Sanhita (BNSS) and the Bharatiya Sakshya Adhiniyam (BSA) — came into effect across the country from July 1 and replaced the Indian Penal Code, the Code of Criminal Procedure and the Indian Evidence Act, respectively. Recently, a PIL was filed in the top court seeking a stay on the new criminal laws. It also challenged the constitutional validity of certain provisions in these laws.

interest rates are, it means different things to different people. Generally, the topic goes to where RBI sets interest rates (“kya lagta hi?”). Inflation and inflationary expectations will be discussed. More involved participants will look at where the 10Y Indian Government Bonds are trading. But as you come closer to the bond desk, the talk will move to the yield curve. So, the focus will be on which tenure security to take – referred to the point in the yield curve. This is because the shape of the yield curve constantly changes and provides opportunities to investors. Various strategies are adopted – barbell, bullet, on-the-run vs off-the run securities to try maximising returns/minimising pain. Now, the market has been divided into which part of the curve to remain focussed on, as the yield curve has flattened. Whether you take 1y Tbill or 30yGSEC, the rates are around 7%, give or take. The RBI repo rate as everyone knows, is 6.5% — the next move, we and the market believe, will be down, but the timing is not clear basis current inflationary dynamics. Some market participants therefore feel it is better to be in the shorter end (say 5Y) of the curve, as eventual rate cuts will result in curve to become steeper ie. 5Y yields will decline more than say a 15 year, but yet offer protection if the rates were to rise.

Bihar is planning to introduce a few policies in the next 2 months to attract capital in various potential sectors and is poised to become the growth engine of the East, State Industries and Tourism Minister Nitish Mishra has said. The state is implementing strategic measures to suit both large and small businesses in order to promote industry and employment, aligning with Prime Minister Narendra Modi's vision to develop East India as a growth engine, he said. «Bihar is ready to participate in the country's development and become the growth engine of the East,» Mishra said on the sidelines of Bihar Business Connect 2024 first roadshow in Kolkata on Monday. Over 50 companies represented by some nearly 90 officials and industrialists attended the event.

India’s recent inclusion in JPMorgan's Emerging Market Bond Index (EMBI) marks a significant milestone for our country's financial markets. As someone who has long anticipated this development, I believe it presents a compelling opportunity for fixed income investors to capitalise on the changing landscape. This move is not just another headline—it’s a fundamental shift that will reshape India's position in the global financial ecosystem.

Thousands converged in the nation’s capital and across the country to celebrate Canada Day, marking 157 years of Confederation.

Vedanta Group chairman Anil Agarwal met Odisha Chief Minister Mohan Charan Majhi on Saturday, and held discussions on the development projects in the state. During the meeting, Agarwal reiterated Vedanta Group's unwavering commitment to the state's progress, the company said in a statement. The discussion focused on identifying new areas of collaboration that could further accelerate Odisha's transformative journey, enhancing its industrial and socio-economic development, it said. Expressing his confidence in the new government's vision and leadership, Agarwal said Odisha's remarkable growth is a testament to the sheer hard work and commitment of its people.

penny stock: a 1,200% surge punctuated by two crashes of more than 40% — all in the span of less than nine months. But PT Barito Renewables Energy is Indonesia’s biggest company by market capitalization — an $85 billion geothermal power producer controlled by one of the country’s richest tycoons. Barito’s wild swings – the most extreme among companies worldwide valued at $50 billion or more based on 30-day volatility – have perplexed professional analysts, stoked fevered trading among retail investors and challenged regulators’ attempts to bring more order to an increasingly volatile market.

Crisil recently pegged investments at 33.7% of GDP in 2023-24, a 1.5 percentage point jump, that translates into a 33% savings rate for a 0.7% current account deficit. That’s also a significant rise. Here’s the clincher: a rising savings rate also allows for greater investments while keeping the current account deficit at the same level.

The Indian stock markets had yet another excellent week for the bulls, with the benchmark index maintaining its winning streak for the fifth consecutive week aided by broader participation along with positive global sentiment, Osho Krishan, Senior Analyst — Technical & Derivatives at Angel One said.