INDIA
Union Cabinet approves 3% DA hike for central government employees in Diwali bonanza
The hike will be effective from July 1, which means that employees as well as pensioners will also receive arrears for the months of July, August and September.
BUSINESS
ICRA projects mild dip in combined grants to states in FY25
ICRA expects the state GST, excise duty, and tax collections to grow by 11-13 percent in FY25
BUSINESS
GST GoM likely to discuss food, textile, footwear rates in October 20 meeting
The GoM is likely to submit its recommendations later this month, with the GST Council slated to discuss these in its November meeting
BUSINESS
Rupee fall not alarming, part of gradual depreciation due to global uncertainty: Economists
The RBI stepping in to contain an over-appreciating rupee against the backdrop of geopolitical tensions and economic uncertainties so as to maintain India's export competitiveness, among other things, is behind the currency's movement. The central bank, they add, has enough levers to prevent volatility.
BUSINESS
Govt set to roll out unified Securities Markets Code; Bill at drafting stage
The SMC will consolidate four laws into a single code, offering a simplified framework for India’s securities market. Finance Minister Nirmala Sitharaman proposed the law in the budget for FY22
BUSINESS
Centre releases Rs 1.78 lakh cr tax devolution to states, including advance instalment for festive season
The Union Government has doubled the release to help states manage their finances more effectively during the festive period.
BUSINESS
Cabinet approves Rs 4,406-crore for roads in border areas of Rajasthan, Punjab
The nod to 2,280 km of roads in the two states reflects a change in policy, viewing border villages as essential to national integration and development, Ashwini Vaishnaw has said
BUSINESS
Capex loan disbursements face election-related delay in September quarter
The Centre expects an uptick in disbursements after December as states meet key reforms-related conditions.
BUSINESS
GoM may gradually phase out of 12% GST slab to rationalise rates, sources say
The removal of the 12% slab will consolidate goods and services into three GST rates: 5%, 18% and 28%
BUSINESS
CBDT launches portal for public suggestions on Income Tax Act review
A webpage has been launched on the e-filing portal for public comments.
BUSINESS
MC Exclusive | Search for the next Sebi chief may have started, say sources
Sources say the search process has been started so that a replacement is in place if incumbent Madhavi Puri Buch does not get an extension after her three-year tenure ends on February 28, 2025
BUSINESS
Middle East crisis to have no immediate impact on India; may provide impetus to renewable energy transition: economists
India is well-placed to ride out the ongoing geopolitical crisis, but should not let go of the opportunity to accelerate its shift towards non-fossil fuels, economists said, while also underlining worries related to weak domestic demand.
BUSINESS
MC Exclusive: WazirX officials face questions as sleuths from govt agencies probe $235-mn crypto hack
The cryptocurrency exchange has checked for the possibility of an inside job, but no foul play has been detected as of now.
ECONOMY
Resilient Indian economy needs no urgent action on crude price rally, says govt official
Brent crude hovered on $78 a barrel in early trade on October 4, clocking its biggest one-day rise in almost a year
ECONOMY
Government committed to reducing fiscal deficit to 4.9% by FY25: FM Sitharaman
The finance minister emphasised that reducing the fiscal deficit from 5.6 percent of GDP in FY24 to 4.9 percent in FY25 will "not only keep the bond yields in check but also manage borrowing costs"
ECONOMY-2
111 private sector companies join govt's PM Internship Scheme; Pilot launched in 4 states
Candidates will be ineligible to participate in the scheme aimed at job creation, if any family member earned more than Rs 8 lakh in FY24 or is a permanent government employee
BUSINESS
Middle East conflict will have no significant effect on the economy in short term; could spell trouble if war is prolonged: Economists
Forex reserves are expected to protect India from immediate shocks, but escalation of war could impact trade and oil prices.
BUSINESS
Next IBC reform should focus on speeding up resolution process: CEA Nageswaran
Speaking at the eighth annual day of the IBBI, Nageswaran said, "The next step for IBC reform is to improve operational efficiencies, to speed up the resolution process..."
BUSINESS
IBC recovers 84% of fair value, not responsible for delay in admission by creditors: IBBI Chairman
The recoveries under IBC stand at 31-32 percent of the admitted claims
BUSINESS
Andhra Pradesh leads capex surge among states in FY24, records staggering 1,590% growth
Several states such as Himachal Pradesh, Mizoram, Manipur, Punjab and Karnataka reported significant contractions in their capex, finance ministry's data shows.
BUSINESS
Crude price volatility: Experts warn against fuel price cuts this election season
With the upcoming elections in key states of Maharashtra and Haryana, and crude at a record-low levels, OMCs could be prodded into a price cut.
BUSINESS
IT Act review to focus on simplification, substantive changes likely in phase II in FY26
The IT Act review in the first phase will look at making the Act simpler. The second phase in FY 26 will address substantive changes, specifically, introducing new policies and structures aimed at streamlining tax dispute resolution and compliance.
BUSINESS
Parl Committee likely to summon SEBI; FinMin to submit detailed accounts of SEBI to PAC today
Finance Ministry has to submit details to the Parliament secretariat today. The PAC has asked for Sebi’s accounts, the CAG audit and internal observations for FY23 and FY24. Sebi chairperson Madhabi Buch is likely to be summoned when PAC meets next.
BUSINESS
Risk of eventual correction in global stock markets may have spillover effects: FinMin
Urban consumption shows some signs of weakness, evident in the decline in automobile sales in the first five months of FY25 YoY, says FinMin's August economic review
