The Goods and Services Tax (GST) Council, led by Finance Minister Nirmala Sitharaman, convened on Saturday, December 21, 2024, and made several key decisions. The Council decided to impose an 18% GST on the margin value from the sale of used electric vehicles (EVs) by businesses. Additionally, it clarified that caramel popcorn will continue to …
India’s foreign exchange reserves have dropped $1.98 billion, reaching a six-month low of $652.87 billion as of December 13, 2024. The reserves had touched a record high in the week ending September 27, when they reached $705 billion. Reserves Declined Last Week For the previous week, reserves dropped by $3.24 billion, bringing them down from …
In a significant shift in the global energy market, oil prices have dropped below $70 per barrel, raising concerns over slower demand growth, especially in China, the world’s largest importer of crude oil. As of Friday, the price of Brent crude futures fell by 39 cents, settling at $68.99 per barrel. Similarly, US West Texas …
The Securities and Exchange Board of India (SEBI) has launched a new initiative, the “Past Risk and Return Verification Agency” (PaRRVA), to combat misleading claims about investment returns. This agency will verify the risk-return metrics of services offered by investment advisors, research analysts, algorithmic trading platforms, and similar entities. Mandatory Verification for High Return Claims …
Heavy industries play a crucial role in the economic development of a nation, and India is no exception. These industries are not only vital for generating employment but also serve as the backbone for the country’s industrial and infrastructural growth. They encompass a wide range of sectors including automotive manufacturing, energy, aerospace, defence, and more. …
India has solidified its position as the largest recipient of remittances globally in 2024, with an estimated inflow of $129 billion, surpassing nations like Mexico, China, the Philippines, and Pakistan. This milestone, as reported by World Bank economists, underscores the country’s strong economic ties with its diaspora and the critical role of remittances in the …
On December 19, 2024, the Government of India and the Asian Development Bank (ADB) signed a $42 million loan agreement aimed at providing coastal and riverbank protection in Maharashtra. This initiative seeks to enhance the resilience of local communities and ecosystems in the state. Key Signatories to the Loan Agreement The loan agreement for the …
India faces a significant shortfall in certain types of coal, particularly coking coal and high-grade thermal coal in spite of owning the 5-largest coal reserves globally. These specific coal types are not sufficiently available from domestic sources, creating a gap in supply. Decline in Coal Imports (FY 2024-25) During the April-October period of FY 2024-25, …
The central government has launched the second phase of its flagship housing initiative, Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0), to provide affordable housing for one crore economically disadvantaged families and middle-income groups in urban areas. Approved by the Union Cabinet on August 9, 2024, the scheme aims to ensure all-weather pucca houses …
On December 18, the Indian rupee dropped to an all-time low of 84.9550 against the U.S. dollar before closing at 84.9525, down 0.07%. The decline was driven by strong dollar demand from importers, expected outflows from local equities, and speculative dollar bids. Weak Regional Currencies Add Pressure The rupee’s fall mirrored the broader weakness in …
