Finance

Middle Class Faces Inflation Impact Despite Tax Relief

By BPN News Desk November 19, 2024

Tax relief announced for India’s middle class by the government has been overshadowed by the persistent challenge of rising inflation. Despite a hike in the tax exemption limit, middle-income families are finding it difficult to offset the increased cost of living, particularly in key areas like food, healthcare, and education. Exemption Limit Hiked, But Inflation […]

Business Finance

SBI to Add 500 New Branches, Network to Hit 23,000 by FY25

By BPN News Desk November 18, 2024

State Bank of India (SBI), the country’s largest public sector lender, is set to open 500 new branches by the end of the financial year 2025, Finance Minister Nirmala Sitharaman announced during a recent address. The expansion will bolster SBI’s already extensive network, which currently stands at approximately 22,500 branches across India. Strengthening Financial

Business Finance

Adani Enterprises Q2 Profit Soars 664% YoY to ₹1,742 Crore

By BPN News Desk October 29, 2024

Adani Enterprises (AEL) reported a massive 664% year-on-year (YoY) increase in its consolidated net profit for the second quarter of FY25, soaring to ₹1,742 crore. This represents a significant jump from the ₹228 crore profit posted during the same period last year. Revenue Growth and Fundraising Plans AEL’s revenue from operations during the September quarter […]

Finance

India to Restrict FDI in Sensitive Sectors to Safeguard National Interest

By Editor - News Desk October 24, 2024

India will implement restrictions on Foreign Direct Investment (FDI) in specific sectors to safeguard national security, announced Finance Minister Nirmala Sitharaman during an interactive session at Wharton Business School, U.S., on October 22. Sitharaman emphasized that while India welcomes foreign investment, it must ensure that such investments align with the country’s

Finance

India-Mexico Summit: Sitharaman Boosts Trade Ties in Key Sectors

By Editor - News Desk October 19, 2024

Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, participated in the India-Mexico Trade and Investment Summit in Mexico City. The event, themed “Enhancing Trade and Investment Collaboration,” attracted key stakeholders from both nations to explore multi-sectoral cooperation. The summit was organized by the Trade & Commerce Council

Finance

India’s Forex Reserves Drop by $10.7 Billion, Hit $690.43 Billion

By Editor - News Desk October 18, 2024

India’s foreign exchange (forex) reserves saw a sharp decline for the second consecutive week, dropping by USD 10.746 billion to reach USD 690.43 billion for the week ending October 11, according to data released by the Reserve Bank of India (RBI) on Friday. This marks one of the largest decreases in recent times, following a […]

Finance

India’s Retail Inflation Surges to 5.49% in September, Driven by Soaring Vegetable Prices

By Editor - News Desk October 15, 2024

India’s retail inflation jumped to 5.49% in September, crossing the central bank’s target range, largely due to a base effect and a sharp rise in vegetable prices. According to data from the Ministry of Statistics and Programme Implementation, the Consumer Price Index (CPI)-based inflation saw a notable increase from 3.65% in August, exceeding the 5.1% […]

Finance

Rupee Falls Below 84 Mark as FPIs Exit, Oil Prices Rise

By Editor - News Desk October 12, 2024

On Friday, the Indian rupee breached the 84-mark, closing at 84.06 against the US dollar due to sustained foreign portfolio investor (FPI) outflows and rising crude oil prices. The domestic currency hit an intra-day low of 84.07 before settling at this new record low. RBI’s Intervention Amid Rupee Weakness The Reserve Bank of India (RBI) […]

Business Finance

Supreme Court Validates 90,000 Income Tax Notices, Settles Major Dispute

By BPN News Desk October 4, 2024

In a significant judgment, the Supreme Court has validated approximately 90,000 income tax reassessment notices, ending a prolonged legal dispute over the applicability of amendments to the Income Tax Act. The ruling, delivered on Thursday, clarified that the amended provisions introduced by the Taxation and Other Laws (Relaxation & Amendment of Certain Provisions) Act

Business Finance

GST Growth Slows to 6.5% in September Amid Concerns Over Tax Buoyancy

By BPN News Desk October 2, 2024

The growth in monthly Goods and Services Tax (GST) collections further weakened in September, with gross collections rising by just 6.5% compared to a 10% increase in August. The total GST revenue for September stood at Rs 1.73 lakh crore, up from Rs 1.62 lakh crore in the same month last year. This slowdown comes […]