Business News Updates

The government announced the abolition of angel tax to boost local talent and innovation, responding to calls from the startup industry. The removal of Section 562viib of the Income Tax Act, which imposed cumbersome conditions on startups for tax exemption, was a key highlight in Budget 2024. Experts like Raj Ramachandran welcomed this change. The Finance Ministry noted that over 1.14 lakh startups have created 12 lakh jobs, with cumulative funding exceeding $70 billion from 2019 to 2023.

The government announced over Rs 3 lakh crore for women and girls' schemes, emphasizing women's workforce participation. Union Finance Minister Nirmala Sitharaman highlighted hostels, skilling programs, and market access for Self Help Groups. Women's welfare allocation increased by 218.8% from FY14 to FY25.

Union Finance Minister Nirmala Sitharaman presented her seventh Budget, focusing on 'Viksit Bharat' by 2047. Highlights include three new employment schemes, agricultural reforms with Rs 1.52 lakh crore allocation, and extended PM Garib Kalyan Anna Yojana. Modi's government aims to balance fiscal prudence and economic vision.

Union Finance Minister Nirmala Sitharaman will present her seventh Union Budget on Tuesday, outlining a roadmap for 'Viksit Bharat' by 2047. Post presentation, she will address a press conference with key finance officials. The Budget is expected to focus on rural economy, taxation reforms, and infrastructure. Experts see a need for investments in rural areas and highlight GDP growth at 6.5-7% for 2024-25.

Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-2024 on Monday, preceding the introduction of Budget 2024. Today, she will present

The Economic Survey highlights an increase in spending across sectors like transport, railways, and defence in FY24. Government capital expenditure rose to Rs 9.5 lakh crore, a 28.2% YoY increase, driving economic growth and encouraging private investments.

The Union Budget 2024-2025, set for July 23, has stock market experts optimistic about capital goods, defence, ESDM, and tourism. Anticipations include infrastructure boosts in roads, railways, ports, and airports. Nifty grew by 0.3% recently due to strong IT performances. Significant investments are expected in power transmission and metro expansions.

Finance Minister Nirmala Sitharaman will present the Economic Survey on July 22, detailing India's economic status and future outlook. The survey, prepared by Chief Economic Adviser V Anantha Nageswaran's team, covers sectors like GDP growth, inflation, and employment. It arrives as IMF and RBI have revised India's GDP growth forecasts upward to 7% and 7.2% respectively.

The US cybersecurity agency CISA has warned about phishing and malicious activity following a Microsoft outage. Chairman and CEO Satya Nadella said efforts are underway to restore systems globally. The outage, related to CrowdStrike Falcon content update, has impacted Windows 10 and later systems. CISA urges caution against phishing emails.

The Reserve Bank of India clarified that only 10 banks and NBFCs had minor disruptions due to the Microsoft services outage. Critical systems of most banks are not cloud-based, and few use the CrowdStrike tool. The Indian financial sector remains mostly insulated from global IT disruptions.

RBI Governor Shaktikanta Das stressed the need for banks and financial institutions to strengthen their IT systems against cyber-attacks. He highlighted the importance of improving IT governance, mitigating third-party risks, and continuously investing in technology. Das flagged rising digital frauds and mule bank accounts as serious concerns, urging enhanced transaction monitoring and coordination with law enforcement agencies.

A global outage, caused by a third-party software update, affected Windows devices and disrupted airline operations, forcing manual check-ins. Microsoft expects a resolution soon. Key Indian institutions like SBI and NSE were unaffected. IT Minister Ashwini Vaishnaw confirmed the NIC network remains intact.

Governor Shaktikanta Das highlighted the smooth relations between the RBI and the government during his term, crediting this for the swift economic revival post-pandemic. Speaking at a Financial Express event, he emphasized RBI's focus on inflation control and warned banks about credit-deposit growth lags. Das also addressed concerns over Mule account frauds and unsecured lending practices.

The Federation of Indian Chambers of Commerce and Industry (FICCI) forecasts a 7% GDP growth for 2024-25, emphasizing the need for taxation reforms, employment generation, innovation, and sustainable development in the Union Budget. The Economic Outlook Survey projects varied sectoral growth rates and CPI-based inflation at 4.5%. Policy recommendations include fiscal prudence, increased capital expenditure, and comprehensive employment measures.

Google is collaborating with MeitY's Startup Hub to train 10,000 Indian startups in AI. At its 'IO Connect' event, Google introduced new tools like Gemini 1.5 Pro and Project Vaani, enhancing developer access to advanced AI models and data.