Provident Financial News

Strategic Defense Initiative, was mocked as «Star Wars» and ultimately shelved. Now, under President Donald Trump’s directive, that idea has been reborn as the «Golden Dome.» Announced in a congressional address, Trump positioned the initiative as a critical step in bolstering national security. “As a first step, I’m asking Congress to fund a state-of-the-art ‘Golden Dome’ missile defence shield to protect our homeland. All made in the USA,” he declared. Unlike Israel’s Iron Dome, which focuses on short-range threats, the Golden Dome is designed to counter a wide range of missile attacks, including intercontinental ballistic missiles (ICBMs) and hypersonic weapons. The challenge? The sheer size of the US means covering the entire country is a vastly more complex undertaking.

Income Tax Department has also released the FAQs on the same.

income taxpayers, the government has amended the provisions dealing with income tax search cases, as per a supplementary frequently asked question (FAQ) released by the Income Tax Department. In the amended Section 158BA (Assessment of undisclosed income as a result of search), the word ‘total income’ has been replaced with ‘total undisclosed income’.

Mobility solutions and financial services provider ORIX Corporation India on Tuesday said it has secured Rs 300 crore in equity investment from its Japanese parent firm ORIX Corporation for growth and expansion. The strategic investment reinforces the group's long-term commitment to India's rapidly growing mobility and financial services sectors to further strengthen its footprint in the domestic market and accelerate the expansion of ORIX India's leasing, mobility, and financial services businesses, a statement said. The growth capital will help ORIX India scale its leasing and mobility solutions businesses under ORIX Corporation India Ltd while also driving the growth of its financial services portfolio under ORIX Leasing and Financial Services (OLFS), the wholly-owned subsidiary of ORIX Corporation India Ltd, it said. The investment will also support key initiatives including digital transformation, infrastructure enhancement and sustainability-driven initiatives such as green mobility and EV leasing, the company said.

BYD has reported impressive growth for 2024, surpassing Tesla in revenue. The company earned 777.1 billion yuan ($107.2 billion), significantly higher than Tesla's previously reported revenue of $97.7 billion. BYD also posted a net profit of 40.3 billion yuan, a 34% increase from 2023, marking a record high. In January, the company revealed that it sold nearly 4.3 million vehicles last year, a 40% increase over the previous year. The Chinese company’s strong results come at a time when Tesla is struggling, with a 71% drop in net income for the fourth quarter of 2024. Tesla's profits fell to $2.32 billion, down from $7.93 billion, as reported by CNBC in late January.

Subscribe to enjoy similar stories. NEW DELHI : The Centre’s revenue deficit grants to states have sharply declined in recent years, reducing the funds states receive under the 15th Finance Commission’s recommendations. The grants, meant to cover post-devolution revenue shortfalls, fell from ₹1,18,452 crore in 2021-22 to ₹24,483 crore in 2024-25, with a further drop to ₹13,705 crore expected in 2025-26, budget documents show.

challenges faced by women in security forces. Raising the issue during the Zero Hour in the Rajya Sabha, the NCP-SCP member recalled that after the tragic stampede at the New Delhi railway station on February 15, a photo went viral, showing a woman RPF constable patrolling the station with her one-year-old child strapped to her chest. «While glorified by the RPF as a symbol of Nari Shakti, I believe that the photo actually highlights the systemic challenges faced by women personnel in insecurity forces and the failure of the system to provide basic support to working mothers,» she said. Highlighting that women in security forces already face significant challenges, Khan said the nature of security work directly clashes with the consistent care that young children need. «What is needed is toilets, creches, baby care or breastfeeding rooms everywhere so that women can effectively manage both their professional and maternal responsibilities,» she said. The leader also pointed out that the government's goal of increasing female representation in security forces, which currently stands at a mere 4.4 per cent in central armed police forces, must be supported by sustainable policies.

Oil and Natural Gas Corp. is seeking to diversify its portfolio to shield its core business from volatile oil prices, said Arunangshu Sarkar, director for strategy at the state-run giant. The company’s multi-pronged approach involves entering the refining and petrochemical sectors, trading liquefied natural gas and growing its renewable capacity. According to the International Energy Agency, the world is entering an era of cheaper energy prices, with growing electricity use leading to a surplus of oil and gas. ONGC is among the several oil majors looking to diversify their business strategies as the global economy moves away from fossil fuels.

Subscribe to enjoy similar stories. MUMBAI : Managing bulk payments efficiently while maximizing credit card rewards could be a smart financial move. Many credit card users do not get any reward points when paying bills directly.

Delhi government is likely to issue an order stopping schools from forcing parents to buy uniforms and books from specific vendors, TOI reported, citing sources. According to the report, a senior official said that schools would also be barred from arbitrarily changing uniforms or dictating where parents should purchase study materials. The official explained that the government had received several complaints from parents about schools making minor changes to uniforms and insisting they buy them from specific shops. This practice has been viewed as a way for schools to make extra money. To address these issues, the government plans to introduce a dedicated email and helpline for parents to report violations. Schools will also be required to provide the contact details of at least five shops from where parents can buy books and uniforms as they wish. The official warned that strict action would be taken against any school or vendor that does not follow the new rules. «We've noticed that some schools recommend expensive, specific books like certain atlases. These practices need to be controlled,» he said. The official emphasised that the purpose of education should be to shape the nation's future, not to make money. He added that the government would not allow schools to impose unnecessary costs on parents.

Subscribe to enjoy similar stories. The Securities and Exchange Board of India’s (Sebi) consultation paper, ‘Enhancing Trading Convenience and Strengthening Risk Monitoring in Equity Derivatives,’ issued last month, fulfils a long-standing market demand to increase the economic representativeness of its Open Interest (OI) measurement approach. The proposal will not only help retail investors, but also institutions such as mutual funds that manage retail money.

Subscribe to enjoy similar stories. The recent IndusInd episode raises several questions about how the Reserve Bank of India (RBI) uses its powers during financial stress. Beyond the immediate concerns of governance lapses and liquidity management, RBI’s decision to rely on public sector banks (PSBs) to provide liquidity support, rather than directly intervening as the lender of last resort (LoLR), merits close examination.

Nirmala Sitharaman introduced the Bill for the 2025-26 fiscal in Parliament, seeking approval for key Budget proposals. The Finance Bill needs to be approved by both houses of the parliament to become a law and give effect to the Budget proposals. India plans to scrap the 6% equalisation levy on online advertisement services offered by companies like Google and Meta—commonly known as the Google tax—starting April 1. The move appears to be an effort to appease US President Donald Trump, who has warned of retaliatory tariffs on nations imposing digital taxes on American tech firms from April 2. The proposal is part of the 59 amendments to the Finance Bill introduced by Finance Minister. Union Finance Minister Nirmala Sitharaman on February 1 presented the Budget 2025-26 in the Parliament. The Union Budget 2024-25 provided major relief to the salaried class with no income tax on an average monthly income of up to Rs one lakh to boost household savings and consumption with the government also giving thrust to four engines of development — agriculture, MSMEs, investment and exports.

Get all Delhi Budget 2025 LIVE on LiveMint!Chief Minister Rekha Gupta, who also holds the portfolio of Finance Minister will present the Budget 2025-26 today.Before the presentation of the Budget, the chief minister is set to visit the Hanuman Temple in Connaught Place after which she will head towards Delhi Secretariat for a Cabinet meeting. (ANI)The Delhi Transport Corporation's (DTC) liabilities rose from ₹28,263 crore in 2015-16 to ₹65,274 crore in 2021-22, as it incurred operational losses of more than ₹14,000 crore during the same period, according to a CAG report tabled in the Assembly on Monday.Delhi Chief Minister Rekha Gupta tabled the report on the functioning of the DTC for the year ending March 31, 2022, in the budget session.

Subscribe to enjoy similar stories. Following the re-election of President Donald Trump last November, there was a growing sense of optimism regarding the outlook for the economy and financial markets in 2025.

Nvidia and Tesla following signs that the Trump administration might take a more measured approach on tariffs against U.S. trading partners. U.S. President Donald Trump said automobile tariffs are coming soon, and said he may give «a lot of countries» breaks on tariffs, but provided no details.

Subscribe to enjoy similar stories. As metaphors go, the complete closure of Europe’s busiest airport on Friday because of a fire in a suburban electricity substation is a timely one.

Bipartisan Policy Center. That deadline, known as the «X-date» — the moment when the United States is unable to meet its financial obligations and might default on its debt — is a fiscal milestone that's among the most closely watched in Washington and on Wall Street. The date is subject to considerable uncertainty. It relies on estimates of how much wiggle room the Treasury has to use accounting maneuvers — known as «extraordinary measures» — to keep paying the government's bills by shifting money around. The Bipartisan Policy Center, a think tank, provided estimates suggesting that the X-date could come as late as the beginning of October. Efforts to address the debt limit will likely consume Congress and the Trump administration later this year as Republicans race to enact trillions of dollars of tax cuts. The debt limit is a cap on the total amount of money that the United States is authorized to borrow to fund the government and meet its financial obligations.