India’s Forex Reserves Witness Significant Dip

By BPN News Desk November 23, 2024

Economy Law & Order National

India’s foreign exchange reserves experienced a sharp decline of $17.76 billion, dropping to $657.89 billion for the week ending November 15, according to data released by the Reserve Bank of India (RBI) on Friday. This significant dip follows a $6.48 billion decrease in the prior week,

Economy National

India Poised to Surpass FY25 Capex Target Amid Growth Optimism

By BPN News Desk November 21, 2024

India is likely to exceed its capital expenditure (capex) target of ₹11.1 trillion for fiscal year 2024-25, according to Economic Affairs Secretary Ajay Seth. Speaking at an event in New Delhi, Seth emphasized that while inflationary pressures exist due to food prices, the government remains confident in its growth projections of 6.5% to 7% for […]

Economy National

IRDAI Chief Advocates GST Removal on Insurance Premiums

By BPN News Desk November 19, 2024

IRDAI Chairman Debasish Panda has suggested the removal of Goods and Services Tax (GST) on health and life insurance premiums, highlighting the need for input tax credit mechanisms to ensure that policyholders benefit. Speaking at the Global Insurance Summit in Mumbai, Panda emphasized that the removal of GST should align with input tax credits to […]

Economy National

Income Tax Department Warns of ₹10 Lakh Penalty for Undisclosed Foreign Asset

By BPN News Desk November 18, 2024

The Income Tax (I-T) Department has launched a compliance and awareness campaign urging taxpayers to disclose any foreign assets or income earned from abroad in their Income Tax Return (ITR) for the assessment year 2024-25. Failure to comply could result in a hefty penalty of ₹10 lakh under the Black Money (Undisclosed Foreign Income and […]

Economy National

Nirmala Sitharaman Acknowledges Middle-Class Relief Plea

By BPN News Desk November 17, 2024

Finance Minister Nirmala Sitharaman has responded to a social media plea urging the government to provide relief to the middle class. The request was made by X user Tushar Sharma, who expressed his concerns about the economic challenges faced by the middle-income group. Citizen’s Appeal for Middle-Class Relief Sharma, in his heartfelt message, acknowledged the […]

Economy National

India’s Middle Class Faces Crunch as Inflation Hits Spending

By BPN News Desk November 15, 2024

India’s middle class is feeling the pinch as persistent inflation forces urban households to curtail spending on daily essentials and discretionary items. This trend, impacting everything from fast food to consumer goods, is raising concerns about the country’s economic growth, which has heavily relied on urban consumption post-pandemic. Middle-Class Shrinkage:

Economy National

Centre Announces Rs 70,000 Crore Capex Boost for States

By BPN News Desk November 15, 2024

The Union government plans to release Rs 50,000 to Rs 70,000 crore to states in the third quarter of FY25 under its ‘special assistance for capital investment’ scheme. This initiative aims to rejuvenate state capital expenditure, particularly on infrastructure projects, following slowdowns in the first half of the financial year due to general elections.

Economy National

India’s Net Direct Tax Collection Climbs 15.4% to ₹12.1 Trillion

By BPN News Desk November 12, 2024

India’s net direct-tax revenue surged by 15.4% to ₹12.1 trillion in the current fiscal year, according to a report from the Central Board of Direct Taxes (CBDT). This figure accounts for refunds, marking a significant growth attributed to efficient tax collection and compliance measures. The CBDT disclosed that gross direct-tax collections before refunds grew by […]

Economy National

MSMEs to Access Collateral-Free Loans up to Rs 100 Crore: Finance Minister

By BPN News Desk November 12, 2024

Union Finance Minister Nirmala Sitharaman announced on Saturday that India’s Micro, Small, and Medium Enterprises (MSMEs) will soon have access to collateral-free loans of up to Rs 100 crore, enabled by a new credit assessment model developed by public sector banks. Speaking at the National MSME Cluster Outreach Programme in Bengaluru, she highlighted the initiative […]

Economy National

Govt to Soon Approve Rs 100 Crore MSME Credit Guarantee Scheme: FM

By BPN News Desk November 10, 2024

Union Finance Minister Nirmala Sitharaman announced that the Rs 100 crore credit guarantee scheme for Micro, Small, and Medium Enterprises (MSMEs), introduced in this year’s budget, will soon be presented to the Union Cabinet for approval. Addressing the National MSME Cluster Outreach Programme, Sitharaman emphasized the scheme’s potential to support MSMEs during