Business News Updates

Digital payments in India have increased by 12.6% year-on-year, with the RBI's Digital Payments Index (RBI-DPI) rising to 445.5 by March 2024 from 418.77 in September 2023 and 395.57 in March 2023. The index measures various parameters including payment enablers and infrastructure.

India's foreign exchange reserves hit a record high of $670.86 billion as of July 19, marking the third consecutive weekly increase, according to RBI data. This surge gives the RBI more leverage to stabilize the rupee. Governor Shaktikanta Das highlighted India's resilient external sector and reduced Current Account Deficit.

The Reserve Bank of India issued a draft circular on the Basel III framework, mandating banks to set aside more funds to cover risks. The new rules focus on managing increased risks due to technological advancements in banking.

India's nuclear power capacity is set to nearly triple by 2031-32, according to Union Minister Dr Jitendra Singh. The current installed capacity of 8,180 MW will rise to 22,480 MW. Studies suggest a national capacity of 1 lakh MW by 2047. Nuclear power generation has surged over the past decade.

UK Foreign Secretary David Lammy highlighted India's emergence as a 21st-century superpower, emphasizing shared interests in green transition, new technologies, economic and global security. During his visit to HCLTech's Noida headquarters, he met Chairperson Roshni Nadar Malhotra. The visit aimed at strengthening UK-India relations.

The Reserve Bank of India (RBI) has updated its framework for domestic money transfers to monitor cash pay-in and pay-out services. Remitting banks must now record beneficiary details for cash pay-outs and register remitters using verified phone numbers and officially valid documents for cash pay-ins. Transactions require an Additional Factor of Authentication, adhering to the Income Tax Act, 1961.

Union Railway Minister Ashwini Vaishnaw announced a record allocation of Rs 10,586 crore for the development of Railway projects in Odisha. Prime Minister Narendra Modi is keen on enhancing the state's infrastructure and personally reviews progress. The allocation during BJP governance has increased twelve-fold compared to the UPA regime.

The Indian startup ecosystem applauded the Union Budget 2024 for abolishing angel tax, aimed at fostering innovation and entrepreneurship. Finance Minister Nirmala Sitharaman emphasized the government's commitment to boosting startups.

The jewellery industry has welcomed Finance Minister Nirmala Sitharaman's announcement of a customs duty reduction on gold, silver, and platinum in the Union Budget 2024.

Presenting the first budget of the third term of the Modi government, Union Finance Minister Nirmala Sitharaman announced the allocation of ₹1.52 lakh crore for the agriculture sector.

The government announced a reduction in the basic customs duty on mobile phones, printed circuit board assembly (PCBA), and chargers from 20% to 15%. This move, revealed by Finance Minister Nirmala Sitharaman during the Union Budget 2024-2025 presentation, aims to boost domestic production and exports. Industry leaders like Pankaj Mohindroo of ICEA welcomed the decision, highlighting its potential to enhance manufacturing competitiveness. India’s electronics sector has seen significant growth, with mobile phones now making up 43% of total production.

Finance Minister Nirmala Sitharaman announced a 50% increase in standard deduction to Rs 75,000 and revised tax slabs under the new income tax regime. Salaried employees could save up to Rs 17,500 annually. These changes aim to boost consumption and will benefit around four crore individuals and pensioners.

Finance Minister Nirmala Sitharaman's Union Budget 2024 announces significant customs duty reductions on cancer drugs, mobile phones, and several other products. Cheaper goods include imported gold, silver, leather goods, and seafood. Tax relief is provided to over 4 crore salaried individuals with enhanced standard deductions.

Union Finance Minister Nirmala Sitharaman, in the Union Budget 2024, announced customs duty exemptions on three cancer drugs—Trastuzumab deruxtecan, Osimertinib, and Durvalumab—to ease financial burdens on patients. Additionally, she proposed exemptions for X-ray tubes and flat panel detectors to boost domestic manufacturing capacity.

Finance Minister Nirmala Sitharaman announced significant relief for four crore salaried individuals and pensioners in the Budget 2024-25. The standard deduction for salaried employees will increase from Rs 50,000 to Rs 75,000 and the family pension deduction will rise from Rs 15,000 to Rs 25,000 under the new tax regime. New tax rates have also been proposed.