The Income Tax (I-T) department has been given the authority to seize properties under the Prohibition of Benami Property Transactions (PBPT) Act, 1988, even if the actual owner or financier of the property cannot be identified. This was confirmed by a recent ruling from the Adjudicating Authority, highlighting the law’s strength in combating benami transactions. …
The Indian rupee traded at 86.65 to the US dollar on January 15, 2025, showing signs of marginal recovery in the interbank spot market after hitting an all-time low of 86.6475 during the previous session. The rupee saw an intra-day high of 86.665, signalling cautious optimism ahead of critical US inflation data. Indian Rupee Performance …
The Pradhan Mantri Awaas Yojana – Gramin (PMAY-G) has been a cornerstone of rural development since its inception in April 2016. With a mission to achieve “Housing for All,” the scheme is set to construct 4.95 crore houses by March 2029. Madhya Pradesh has emerged as a significant beneficiary under this programme, with the state …
Odisha has partnered with the central government to implement the Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). The state government signed a MoU (Memorandum of Understanding) with the National Health Authority (NHA) to integrate this scheme with Odisha’s existing Gopabandhu Jan Arogya Yojana (GJAY). Comprehensive Health Benefits Under this initiative, families in Odisha will receive …
The Maha Kumbh Mela in Prayagraj, Uttar Pradesh, is not only a grand religious gathering but also an economic powerhouse. With an estimated 40 crore visitors expected during the event starting January 13, this 45-day festival is set to generate significant business opportunities across sectors like hospitality, tourism, and retail. Massive Budget and Infrastructure Investment …
The Wholesale Price Index (WPI)-based inflation experienced a notable increase, reaching 2.37% in December 2024, up from 1.89% in November. This marks a significant rise from the 0.86% recorded in December 2023. While food inflation showed signs of easing, the surge in prices of manufactured goods contributed to the overall increase in WPI inflation. Food …
As per news reports, the Reserve Bank of India utilised swaps to inject approximately $3 billion in rupee liquidity on Friday. The swaps had maturities of three, six, and twelve months. The RBI has not yet responded to an email seeking comment. Liquidity Tightness Amid Rising Dollar Pressure The Indian banking system is facing liquidity …
On January 14, 2025, the Indian rupee weakened significantly, trading at 86.50 to the U.S. dollar and hitting an intra-day high of 86.65. The rupee’s decline stood out among Asian currencies, which also faced pressure but experienced milder losses. While the Thai baht, Philippine peso, and Malaysian ringgit dropped between 0.3% and 0.6%, the Chinese …
Retail inflation in India eased to 5.22% in December 2024, marking the lowest level in four months. This decline was primarily driven by a reduction in food prices, as the Ministry of Statistics & Programme Implementation reported on January 13. Food Inflation Trends Food inflation for December 2024 stood at 8.39%, slightly above the expected …
India’s coal sector continues to play a pivotal role in supporting the country’s expanding economy. However, a significant gap remains in the availability of domestic coal reserves, particularly for coking coal and high-grade thermal coal, which are essential for critical industries like steel production. To bridge this gap, coal imports have been crucial. Reduction in …
