Economy National

55th GST Council Meeting: Key Decisions and Deferrals

By BPN News Desk December 23, 2024

The 55th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman, concluded with several important discussions, though a significant decision on reducing the GST rate on health insurance premiums was deferred. The meeting, held virtually, saw participation from finance ministers of states and union territories as they tackled pressing issues related to

Economy National

India Signs $350M Loan Pact with ADB to Boost Manufacturing

By BPN News Desk December 22, 2024

India has entered into a $350 million loan agreement with the Asian Development Bank (ADB) to bolster its manufacturing sector. This strategic partnership aims to enhance competitiveness, foster innovation, and create job opportunities in key industries, marking a significant step toward strengthening the country’s industrial base. The agreement, signed on December 21,

Economy National

GST Council’s Jaisalmer Meeting: Key Outcomes

By BPN News Desk December 21, 2024

The 53rd GST Council meeting held in Jaisalmer on December 21 saw deliberations on significant tax reforms aimed at improving compliance and addressing industry concerns. Chaired by Finance Minister Nirmala Sitharaman, the council discussed crucial policy matters that impact businesses and consumers alike. Tax Rate Adjustments and Clarifications One of the primary focuses

Economy National

GST Council Increases Tax on Used Cars, Clarifies Popcorn Rates

By BPN News Desk December 21, 2024

The Goods and Services Tax (GST) Council has announced significant revisions to tax rates, including an increase in the GST on the sale of used cars. The council also addressed a unique issue regarding the GST on popcorn, with rates now determined based on flavor. These decisions are part of a broader effort to streamline […]

Economy National

India’s Forex Reserves Drop by $1.98 Billion

By BPN News Desk December 20, 2024

India’s foreign exchange reserves saw a decline of $1.98 billion, bringing the total to $652.87 billion as of December 13, according to the Reserve Bank of India (RBI). The latest data highlights a decrease after recent gains in the reserves, underscoring the global economic pressures affecting India’s forex holdings. Components of Forex Reserves The reserves […]

Economy National

FM Nirmala Sitharaman Addresses India’s Q2 Economic Slowdown

By BPN News Desk December 18, 2024

India’s GDP growth rate for the second quarter of the fiscal year stood at 5.4%, falling below earlier projections. However, Finance Minister Nirmala Sitharaman has assured that the slowdown is temporary and does not indicate any long-term issues with the country’s economic health. A Challenging Quarter The second quarter posed several challenges for India’s

Economy National

UPI Processes ₹223 Lakh Crore Transactions in 2023

By BPN News Desk December 14, 2024

Unified Payments Interface (UPI), India’s flagship digital payment platform, recorded an impressive 15,547 crore transactions worth ₹223 lakh crore between January and November 2023. The National Payments Corporation of India (NPCI) revealed these numbers, showcasing the rapid adoption and growth of digital payments in the country. Monthly Transaction Milestones UPI

Economy National

Sensex Surges to 2-Month High Amid Strong FPI Buying

By BPN News Desk December 14, 2024

India’s benchmark stock index, the Sensex, surged over 2,000 points during Friday’s trading session, closing at a two-month high. The rally was fueled by strong foreign portfolio investor (FPI) activity, robust economic indicators, and a positive global sentiment. FPI Buying Drives Market Optimism Foreign portfolio investors played a key role in the market’s remarkable

Economy National

Indian Government Requests Parliamentary Approval for Extra FY25 Spending

By BPN News Desk December 12, 2024

The Indian government has sought Parliament’s approval for additional spending in the fiscal year 2024-25, amounting to ₹4.36 trillion. This proposal is part of the second batch of supplementary demands for grants, reflecting the administration’s efforts to address critical economic and social priorities amid evolving financial challenges. Focus Areas of

Economy National

India Aims to Become $30 Trillion Economy by 2047

By BPN News Desk December 10, 2024

Union Minister Dharmendra Pradhan has announced India’s ambitious goal of becoming a $30 trillion economy by 2047, coinciding with the centenary of the nation’s independence. Speaking at a global business summit, the minister emphasized India’s potential to emerge as a global economic leader through structural reforms, technology-driven growth, and inclusive