The Union Government has transferred ₹1,73,030 crore to state governments under the tax devolution process, marking a significant increase from the ₹89,086 crore distributed in December 2024. This enhanced allocation aims to bolster states’ capacity for capital spending and support developmental and welfare initiatives. What is Tax Devolution? Tax devolution is the constitutional mechanism for …
India’s foreign exchange reserves dropped by $5.69 billion to $634.58 billion as of week ending January 3, 2025, the Reserve Bank of India said on Friday. The reserves have been on a declining trend for the last few weeks. Weekly Decline in Forex Reserves The country’s forex reserves had dropped by $4.1 billion for the …
The insurance sector in India has been experiencing steady growth since December 2023, though momentum slowed during May–June 2024. According to Deloitte, with the country’s growing GDP and expanding middle class, the sector is poised for further development. As per Deloitte’s report, life insurance saw a growth of about 12.1% in new policies by June …
In a significant move towards improving data accuracy, the Ministry of Commerce and Industry has revised India’s trade data for April- November 2024. This revision follows a reconciliation exercise initiated by the Directorate General of Commercial Intelligence and Statistics (DGCI&S) to address discrepancies in the reported figures for imports of precious metals. The Reason Behind …
The Indian government is set to offer a ₹35,000 crore subsidy to state-owned oil companies Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOC), and Hindustan Petroleum Corporation Ltd (HPCL). This will help cover the losses these companies have faced due to the selling price of LPG remaining unchanged while input costs have increased. …
On January 10, 2025, the Indian rupee traded up at 85.87 to the U.S. dollar, against 85.86 at the previous close yesterday. The rupee had hit a record low of 85.94 against the dollar during the day on Thursday, surpassing its previous record low of 85.86 hit earlier this week. As per news reports, further …
As per news reports, the National Real Estate Development Council (NAREDCO) has urged the government to increase the deduction on housing loan interest payments from ₹2 lakh to ₹5 lakh in the upcoming 2025 Budget. This proposal is aimed at boosting the flow of funds into the affordable housing sector. Housing Sector to Get Infrastructure …
As per Deloitte’s Budget Expectations 2025 analysis report, India’s pharmaceutical sector has transformed into a global leader in drug and vaccine manufacturing, supplying medicines to over 200 countries. The government’s focus on innovation, particularly through initiatives like the PRIP scheme, has fueled growth, but challenges such as insufficient R&D funding and a fragmented regulatory system …
The Association of Mutual Funds in India (AMFI) has put forward a 15-point proposal for the Union Budget 2025-26. Among these, the top priority is restoring tax benefits for debt funds, including indexation benefits, which were removed in Budget 2024. This proposal also includes revising tax rates on capital gains and redefining equity-oriented funds to …
India’s agricultural sector plays a pivotal role in its economy, employing approximately 46% of the nation’s workforce. Despite India being one of the world’s largest agricultural producers, the sector is beset with significant challenges. These include low profitability for farmers, inadequate infrastructure, limited market access, and reliance on traditional farming methods. As per Deloitte’s report, …
