Category: Economy

India’s private sector economy hit a nine-month low in September due to slower manufacturing and services activity, despite a rise in employment and improved business confidence. The headline flash composite PMI fell to 59.3 from 60.7 in August, with both sectors showing similar trends. Slower manufacturing and services business activity in September pulled down India’s […]

China’s Central Bank slashed the interest rate on its one-year policy loans by the most on record, beginning a sweeping program aimed at reviving confidence in the world’s second-largest economy, according to a report by Bloomberg. The People’s Bank of China cut the rate of the medium-term lending facility to 2% from 2.3%, according to […]

India marked 10 years of Prime Minister Narendra Modi’s ‘Make in India’ initiative, which has revitalized the industrial sector, attracted investments, and created jobs. Key reforms like GST and the Bankruptcy Code have improved ease of doing business. The initiative has also led to significant infrastructure development and increased global competitiveness. On September 25, the […]

China’s industrial output and retail sales faltered in August as the economy lost momentum, adding to expectations. Beijing will step up stimulus efforts in the final months of the year. Industrial output rose 4.5% year on year, down from 5.1% in July and missing the average forecast of analysts polled by Bloomberg of 4.7%. Retail sales rose […]

The Finance Ministry on Thursday modified the compounding rules for offences under the Foreign Exchange Management Act (FEMA) by raising the monetary limits for adjudications by RBI officials and allowing online payments. As per the Foreign Exchange (Compounding Proceedings) Rules, 2024, the fees for filing compounding application have been doubled to Rs 10,000 plus GST, […]

Union Commerce Minister, Piyush Goyal praised Bihar as a ‘hidden gem’ with untapped potential, highlighting the State’s transformation under Chief Minister, Nitish Kumar. Speaking at a CII event, Goyal urged investors to explore opportunities in Bihar, citing improvements in law and order and transparency. He also discussed efforts to boost exports to USD 2 trillion […]

As per the RBI guidelines, it is crucial for Re-KYC to be conducted on a regular basis. Financial institutions, including banks and NBFCs, are required to carry out Re-KYC in alignment with a risk-based methodology. Re-KYC, while a regulatory necessity aimed at maintaining the accuracy and currency of customer data, has inadvertently opened doors for […]

Gross GST collections were Rs 1.74 lakh crores in August, a year-on-year growth of 10%, and net collections (after refunds) were Rs 1.5 lakh crores, up 6.5%. Even though consumer goods imports are a major part of the inward shipments, the rise in imports of industrial raw materials and intermediate goods also contributed to the […]

The HSBC India Services Business Activity Index, or services PMI, stood at 60.9 on resilient demand amid easing inflationary pressures, data released by S&P Global showed. India’s services activity rose at a five-month high in August. The services PMI was up from 60.3 in July and the headline figure indicated the strongest rate of expansion since March […]

The Union Budget 2024 introduced several changes to the tax structure, TDS Rates and TCS Rates, one of which pertains to the Tax Deducted at Source (TDS) on rent payments. Specifically, the TDS rate under Section 194-IB has been revised from 5% to 2%, effective from 1st October 2024. Understanding Section 194-IB of the Income […]