Economy National

Economists Recommend Income Tax Cuts in Budget 2024

By BPN News Desk December 26, 2024

Prominent economists have urged Prime Minister Narendra Modi to consider reducing income tax rates in the upcoming Budget 2024 to provide relief to middle-class and salaried taxpayers. This recommendation comes as part of broader consultations aimed at addressing the financial challenges faced by Indian citizens amid rising inflation and economic uncertainties. Calls for

Economy National

RBI Deploys $44.5 Billion to Stabilize Rupee in October

By BPN News Desk December 26, 2024

In a significant effort to safeguard the Indian rupee, the Reserve Bank of India (RBI) spent $44.5 billion from its foreign exchange reserves in October 2024. This marked one of the highest single-month expenditures by the central bank to stabilize the currency amidst global economic turbulence and increased market volatility. Global Pressures Impacting Rupee Stability

Economy National

India’s GDP Growth to Reach 6.5% in FY25 and FY26: EY Report

By BPN News Desk December 26, 2024

India’s economy is expected to sustain robust growth, with GDP projected at 6.5% for the fiscal years 2025 and 2026, according to a report by Ernst & Young (EY). The forecast underscores India’s position as a global economic leader, fueled by strong domestic demand, structural reforms, and technological advancements. Key Drivers of Growth EY’s report […]

Economy National

Government Introduces Unique IDs to Tackle GST Evasion

By BPN News Desk December 23, 2024

In a bid to curb tax evasion under the Goods and Services Tax (GST) regime, the government plans to introduce a unique identification (UID) mechanism for select commodities. The system is expected to enhance transparency in the supply chain and strengthen compliance in sectors prone to tax evasion. Focus on High-Risk Commodities The UID mechanism […]

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