Finance

India Communicates Challenges in Reducing Fiscal Deficit to 3% of GDP to IMF

By BPN News Desk February 28, 2025

The Indian government has conveyed to the International Monetary Fund (IMF) that reducing the fiscal deficit to approximately 3% of the Gross Domestic Product (GDP) presents significant challenges. This communication underscores the complexities involved in achieving such a fiscal target. In a recent report, both the IMF and the Indian government acknowledged the necessity

Industry

India Emerges as Key Exporter of Apple Components to China and Vietnam

By BPN News Desk February 28, 2025

India has commenced exporting electronic components to China and Vietnam for the assembly of Apple products, marking a significant shift in the global supply chain dynamics. This development is a testament to the success of the ‘Make in India’ initiative, which aims to position the country as a manufacturing hub for high-quality electronic components. Leading

Business Industry

India’s First Indigenous Semiconductor Chip Set for 2025 Production

By BPN News Desk February 26, 2025

Union Minister for Electronics and Information Technology, Ashwini Vaishnaw, announced that India’s inaugural indigenous semiconductor chip is slated for production by 2025. This declaration was made during the ‘Global Investors Summit 2025’ in Bhopal, where Vaishnaw participated via video conference. Advancements in Semiconductor Manufacturing India has

Business Industry

Beverage Industry Considers Legal Action Over Recycled PET Mandate

By BPN News Desk February 26, 2025

Leading beverage manufacturers are contemplating legal measures in response to a government directive mandating the use of packaging bottles composed of 30% recycled food-grade rigid plastic by April 1. Industry giants such as Coca-Cola, PepsiCo, Bisleri, and Parle Agro express concerns over the feasibility of this timeline, citing insufficient infrastructure and recycling

Business Industry

Assam’s Semiconductor Plant Spurs Investment and Infrastructure Growth

By BPN News Desk February 26, 2025

Union Minister Ashwini Vaishnaw announced that the semiconductor plant in Assam’s Morigaon district has catalyzed the creation of a comprehensive ecosystem, drawing investment interests from multiple countries. Speaking at a session on semiconductors, the Minister for Railways, Electronics, and Information Technology highlighted that the establishment of the

Finance

Income Tax Department Targets 40,000 TDS/TCS Defaulters Nationwide

By BPN News Desk February 26, 2025

The Income Tax Department is initiating a nationwide crackdown on approximately 40,000 taxpayers who have failed to deduct or deposit Taxes Deducted at Source (TDS) and Taxes Collected at Source (TCS) for the financial years 2022-23 and 2023-24. This initiative aims to address significant discrepancies in tax deductions and penalize repeat offenders. The Central Board […]

Finance

RBI Eases Lending Norms for NBFCs and Microfinance Institutions

By BPN News Desk February 26, 2025

The Reserve Bank of India (RBI) has eased lending restrictions on non-bank financial companies (NBFCs) and microfinance institutions (MFIs) by lowering risk weights for bank credit. This move aims to boost lending capacity and support economic growth, reversing the slowdown observed after previous regulatory measures. In November 2023, the RBI had increased risk weights

Finance

India’s Credit Card Spending Reaches ₹1.84 Trillion in January 2025

By BPN News Desk February 26, 2025

Credit card spending in India increased by 10.8% year-on-year to ₹1.84 trillion in January 2025, according to data from the Reserve Bank of India (RBI). Despite this annual growth, spending showed a slight decline compared to the previous month. The rising usage of credit cards highlights growing consumer confidence and a shift towards digital transactions. […]

Trade

India Considers Extending Import Restrictions on Steelmaking Raw Materials

By BPN News Desk February 26, 2025

The Indian government is considering extending import restrictions on low-ash metallurgical coke (met coke) beyond June 2025 to encourage domestic sourcing by steel manufacturers. In December 2024, India imposed country-specific quotas, limiting total met coke imports to 1.4 million metric tons from January to June 2025. This move aimed to protect local producers from a

Business Trade

India’s Russian Oil Imports Reach €49 Billion Amid Ongoing Ukraine Conflict

By BPN News Desk February 25, 2025

In the third year of the ongoing Ukraine conflict, India has significantly increased its importation of Russian crude oil, totaling €49 billion. This substantial rise is attributed to the availability of discounted prices, prompting India to shift its traditional oil sourcing from the Middle East to Russia. Impact of the Ukraine Conflict on Global Energy […]