The Centre is set to revamp the National Career Service (NCS) portal, which has been operational for nine years, with the aim of better connecting millions of youths with potential employers. The Ministry of Labour and Employment is leading the upgrade, titled NCS 2.0, which will incorporate artificial intelligence (AI) and machine learning (ML) technologies to enhance efficiency. Additionally, the upgraded portal will feature microsites tailored for states and districts, facilitating localized engagement. The launch of NCS 2.0 is expected within the next six to nine months, according to government officials.

Amid escalating geopolitical tensions, economic uncertainties, and the prospect of lower US interest rates, gold has emerged as a favored investment in China. Factors such as limited investment options, a weakening yuan, and volatile stock markets are driving Chinese investors towards the perceived safety of gold. Record levels of gold consumption in China, coupled with increasing imports and purchases by the People's Bank of China, underscore the nation's growing appetite for the precious metal. Financial experts caution against overreliance on gold but recommend strategic inclusion in investment portfolios for diversification and risk mitigation. Preferred investment vehicles like Sovereign Gold Bonds (SGBs) and Gold ETFs are highlighted for their benefits and suitability for varying holding periods. Despite short-term volatility, gold investment remains essential for a well-diversified portfolio amidst uncertain economic conditions.

The Delhi High Court has drawn attention to the income eligibility criteria for accessing aid from Arogya Nidhi, a government scheme providing medical treatment assistance to economically weaker sections. Expressing dissatisfaction with the current low income threshold, the court emphasized the need for equitable access to medical aid for all citizens, regardless of financial status. Critics argue that the existing criteria fail to consider rising healthcare costs, exacerbating disparities in healthcare access. Stakeholders anticipate a proactive response from authorities to address concerns and create a more inclusive healthcare system.

Amidst growing discontent, India, alongside several other nations, has raised objections against the European Union's decision to uphold safeguard measures on certain steel imports following a review. Critics argue that the EU's actions run afoul of WTO regulations, contending that the safeguard should have been terminated post-review. Similarly, the United Kingdom faces scrutiny for maintaining its safeguard measures without adhering to WTO rules. While the EU defends its stance, asserting compliance with dispute rulings, India retaliates by proposing additional import duties on EU products and levying tariffs on select UK imports. The escalating tensions underscore the complexity of international trade dynamics and the imperative for adherence to established regulations.

The Andhra Pradesh High Court recently delivered a significant ruling regarding copyright law in the realm of educational materials. In a case brought by a publishing house challenging a government order from 2010, the court declared that textbooks dealing with mathematical equations and science subjects do not fall under copyright law due to their non-literary nature. The ruling quashed the government order restricting private publication of textbooks and dismissed a criminal case against the publishing house's owner. The court upheld the publisher's actions under fair use exceptions specified in the Copyright Act, affirming that educational materials, including textbooks, are protected. This decision has broader implications for the interpretation of copyright law in educational contexts, highlighting the distinction between literary and non-literary works and affirming the fair use provisions of the Copyright Act.

The Indian economy grapples with a significant issue as private investment, measured by Gross Fixed Capital Formation (GFCF) as a percentage of GDP, fails to gain momentum. Despite government efforts to spur investment, including corporate tax cuts, private investment has steadily declined since 2011-12. Historically, private investment surged after the economic reforms of the late-1980s and early-1990s but has since faltered, reaching a low of 19.6% of GDP in 2020-21. Economists debate the reasons behind this decline, with some attributing it to low private consumption expenditure while others cite structural problems and policy uncertainty. The implications of low private investment include slower economic growth, sparking discussions about the role of government investment and its potential impact on crowding out private investment.

The Asian Development Bank (ADB) conducted a simulation to assess the potential effects of a 'higher for longer' interest rate scenario on emerging economies, particularly focusing on India. The simulation indicates that India is likely to experience significant impacts, including an uptick in inflation by 0.4 percentage points and a slight dip in GDP growth by under 0.2 percentage points in 2025. The primary mechanisms driving these effects are interest rate differentials and currency depreciation, which lead to higher imported inflation. While currency depreciation may initially benefit India's export competitiveness, concerns arise for future years as monetary easing in the U.S. and Euro areas could offset these gains. Additionally, geopolitical risks and rising shipping costs pose additional challenges to inflation pressures in the region.

India has taken a significant step towards bolstering its green finance initiatives by allowing Foreign Institutional Investors (FIIs) to invest in its green bonds, departing from previous restrictions primarily targeting domestic players. This decision aligns with India's broader goals of attracting capital for sustainable development projects, particularly in renewable energy and climate-resilient infrastructure. By diversifying its investor base and tapping into global capital markets, India aims to reduce reliance on domestic funding sources, spread risk, and enhance transparency in its green projects. While the move presents opportunities for growth, careful monitoring and regulation are crucial to ensure that foreign investments effectively contribute to India's sustainable development goals.

The Indian government has implemented a streamlined payment mechanism aimed at enhancing trade efficiency and strengthening the importation of pulses from Myanmar. This initiative seeks to address the challenges faced by traders and expedite the import process, ultimately fostering a conducive environment for trade between the two countries. By simplifying payment procedures, the government aims to incentivize greater participation from traders, thereby increasing the availability of pulses in the domestic market and contributing to India's food security goals.

In the world of Fast Moving Consumer Goods (FMCG), shrinkflation has become a prominent tactic utilized by manufacturers to navigate economic uncertainties. This practice involves reducing product sizes while maintaining prices, allowing companies to offset inflation and rising production costs without overtly alarming consumers with price hikes. While industry experts defend shrinkflation as a necessary measure, consumer advocates express concerns about its deceptive nature, potentially eroding consumer trust. The future implications of shrinkflation remain uncertain, as consumers may become more vigilant about product sizes and pricing, prompting manufacturers to explore alternative strategies to maintain profitability without compromising consumer satisfaction.

The Financial Services Institutions Bureau (FSIB) recently concluded interviews for pivotal roles in state-owned banks and financial organizations. Following rigorous evaluations, Manoj Mittal has been proposed as the Chairman and Managing Director of SIDBI, while Sanjay Shukla has been recommended for the role of Managing Director at NHB. Mittal, currently serving as the Managing Director at IFCI, has a distinguished record, having previously held the position of Deputy Managing Director at SIDBI. His expertise in shaping and implementing strategic visions makes him a promising candidate for the leadership role at SIDBI. Shukla, currently associated with Centrum Housing Finance, brings a wealth of experience from his tenure at LIC Housing Finance. These recommendations, based on performance, experience, and existing parameters, await final approval from the Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi. The FSIB, spearheaded by Bhanu Pratap Sharma, former Secretary of the Department of Personnel and Training, comprises members with extensive banking sector backgrounds, ensuring a thorough and well-informed selection process.

The Asian Development Bank (ADB) released its Asia Development Outlook report, providing insights into India's economic trajectory over the next two years. Despite a projected slowdown in GDP growth from 7.6% in 2023-24 to 7% in the current year, with an improvement to 7.2% in 2025-26, India's economy is anticipated to remain robust. The report forecasts a decline in retail inflation to 4.6% this year and 4.5% in 2025-26, attributing it to a normal monsoon and improved farm output. Rural consumption, previously subdued due to erratic rainfall, is expected to revive with the anticipated normal monsoon. The report highlights the role of higher incomes and improved urban consumer confidence in driving consumer demand. However, it also warns of potential risks, including global shocks such as a spike in crude oil prices and underperformance in agriculture due to weather shocks. Despite these challenges, India's growth is projected to be driven by public and private sector investment demand, with gradual improvements in consumer demand and export outlook over the forecast period.

The National Investment and Infrastructure Fund Ltd. (NIIF) has injected $200 million into iBUS Network and Infrastructure Pvt Ltd., a connectivity technology firm, to bolster India's digital infrastructure. This investment aims to fuel iBUS's expansion efforts in various connectivity segments, including in-building solutions, outdoor small cells, managed Wi-Fi services, and emerging sectors like IoT solutions. NIIF's strategic investment also focuses on developing innovative infrastructure solutions to meet evolving market demands and technological advancements. Following the transaction, NIIF will hold a significant majority stake in iBUS, aligning with the company's vision to transform connectivity in India. Key figures from both organizations expressed enthusiasm for the partnership, emphasizing the transformative power of digital technology for India's economy.

The Rs 5-trillion domestic fast-moving consumer goods (FMCG) market encounters challenges despite a positive outlook for the March 2024 quarter. NielsenIQ reports rural market outperformance in volume growth attributed to price reductions, but concerns persist over inflationary commodity costs. Industry leaders like Dabur India and Godrej Consumer (GCPL) foresee subdued conditions, while analysts project continued market subduedness due to global slowdown and weather uncertainty. Bizom's outlook for 2024 is awaited, following a sluggish 2% overall growth in FMCG sales in CY23.

The International Monetary Fund (IMF) has cautioned against the sole dependence on industrial policy initiatives to drive economic growth, highlighting the risks and challenges associated with such strategies. While acknowledging the potential of industrial policy to stimulate innovation, the IMF emphasizes the need for a diversified approach. The IMF's assessment, outlined in a chapter of its forthcoming Fiscal Monitor, underscores concerns regarding high fiscal costs, the potential for policy capture by special interests, and the exacerbation of geo-economic tensions. The IMF recommends a broader mix of policies to support innovation, including increased public funding for fundamental research and inclusive tax incentives. Additionally, the IMF advises less technologically advanced countries to focus on promoting technology diffusion through investments in education, infrastructure, and digital skills.

The recent verdict by the Supreme Court resolves a contentious issue regarding the liability of legal heirs in partnership firms upon the death of a partner. The case originated from a dispute where creditors sought to hold legal heirs responsible for the debts of a partnership firm. The Supreme Court ruled that upon the death of a partner, the partnership firm undergoes dissolution to the extent of that partner's share, limiting liabilities to the firm's assets. This decision offers relief to families, prevents undue burden on legal heirs, and sets a clear precedent for future cases. It emphasizes the importance of understanding partnership law and ensures fairness and justice within the realm of contractual obligations.

Amid an indefinite ban on onion exports, discontent brews among Indian farmers and traders as certain shipments permitted by the government to the United Arab Emirates (UAE) are being sold at significantly lower prices abroad, yielding substantial profits for selected importers. Despite the ban, exceptions were made for exports to specific countries, including the UAE, aggravating concerns about the domestic shortage of this politically sensitive crop. Export dynamics reveal a stark contrast between the minimal earnings of Indian farmers, receiving ₹12-₹15 per kg for onions meant for export, and the soaring prices in UAE markets, where the same onions fetch over ₹120 per kg. Export processes facilitated by the National Cooperative Exports Limited (NCEL) raise questions about transparency and pricing mechanisms, prompting calls from horticulture exporters for clarity and market-linked pricing strategies.

Indian Startup Ecosystem Faces Funding Winter: Global VC Investments Plummet by 80% in 2023

The Reserve Bank of India (RBI) has unveiled plans to launch a mobile application aimed at facilitating retail investors' seamless investment in government securities. This initiative, an extension of RBI’s Retail Direct scheme, intends to enhance individual participation in government bonds and deepen the G-sec market. The app will enable investors to buy central and state government bonds, Treasury bills, and participate in primary auctions through the NDS-OM platform. It offers convenient payment options and support facilities, including transaction and balance statements, nomination facility, and more. Eligible retail investors can register under the scheme and maintain an RDG account by fulfilling specific criteria, including holding a Rupee savings bank account in India, possessing a PAN card, and providing KYC documents, email ID, and registered mobile number.

The Reserve Bank of India (RBI) has decided to postpone the implementation of regulations concerning exchange-traded currency derivatives. Initially scheduled for this quarter, the postponement follows feedback from various market players and stakeholders. The RBI aims to ensure a smooth transition and effective implementation of regulatory measures by engaging further with stakeholders to address concerns. This decision reflects the RBI's commitment to maintaining a prudent and flexible regulatory framework. It signifies the central bank's proactive stance in fostering a conducive environment for financial market participants while ensuring stability and integrity within the currency derivatives segment. Further clarity and guidance on the revised timeline for implementing these regulations are anticipated as the RBI continues its dialogue with stakeholders and evaluates market conditions.

In a bid to safeguard borrowers' interests and promote transparency within the banking sector, the Reserve Bank of India (RBI) has unveiled fresh guidelines regarding penal charges on loans. These guidelines aim to standardize fee structures, impose caps on penal charges, emphasize transparency in loan agreements, and strike a balance between protecting borrowers and maintaining the stability of the banking sector. While welcomed for enhancing consumer protection, concerns have been raised regarding their potential impact on banks' profitability. Nevertheless, the RBI's initiative is poised to reshape the lending landscape in the country, fostering trust and confidence among borrowers.

SEBI, the Securities and Exchange Board of India, has unveiled the latest version of its Complaint Redress System, known as SCORES 2.0. This upgraded system aims to streamline the process of resolving investor complaints within the securities market. SCORES 2.0 introduces several features such as auto-routing, reduced timelines, and a two-tier review process to enhance efficiency and effectiveness. Additionally, the system will be seamlessly integrated with the KYC Registration Agency database for simplified investor registration.

In response to the escalating threat of cyber fraud, the Reserve Bank of India (RBI) is considering the creation of a Digital India Trust Agency (DIGITA). This agency aims to tackle the proliferation of illegal lending apps, which have become a hotbed for fraudulent activities. DIGITA will be tasked with verifying digital lending apps and maintaining a public register of verified apps, providing law enforcement with a pivotal tool in the fight against financial crimes in the digital realm. Additionally, Google has taken steps to address the issue by updating its policy regarding loan apps on the PlayStore, under the request of RBI and the Department of Financial Services (DFS) under the Finance Ministry.

Cumbum Valley, renowned as the "grapes city of south India," is celebrated for its cultivation of Muscat Hamburg grapes, locally known as panneer thiratchai. This valley stands as a prominent contributor, supplying up to 85% of panneer thiratchai grapes across India. Notably, the Muscat Hamburg variety, favored for its rapid growth and year-round availability, dominates grape cultivation in Tamil Nadu's Theni district. Despite facing challenges such as limited exports and the need for governmental support, Cumbum Valley farmers employ hi-tech farming practices to ensure consistent yields, contributing significantly to the region's economy. The establishment of the Grapes Research Station and government initiatives aimed at supporting grape farmers underscore the valley's commitment to sustainable agriculture and economic growth.

Indian banks are undergoing a significant transformation in their asset quality management practices, with a forecasted reduction in Gross NPAs by the fiscal year 2024-25. This transformation is driven by regulatory reforms and the imperative to fortify the banking sector against the lingering impacts of the COVID-19 pandemic. Banks are adopting measures such as enhanced risk assessment frameworks, rigorous credit monitoring mechanisms, and proactive restructuring initiatives. Regulatory support from the Reserve Bank of India (RBI) is empowering banks to navigate economic challenges effectively. The anticipated decline in Gross NPAs reflects collective efforts aimed at restoring asset quality, fostering stability in the banking sector, and enhancing confidence among investors and stakeholders.

Efforts to rejuvenate the Musi River in Hyderabad are progressing, aiming to replicate the successful transformation of the River Thames in London. Central to this endeavor is the installation of new sewage treatment plants (STPs) along the river's 55-km stretch, from Narsingi to Gowrelli. Under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) scheme, 39 additional STPs have been sanctioned by the Union Ministry of Housing and Urban Affairs, supplementing the 31 previously sanctioned by the state government. The Hyderabad Metropolitan Water Supply and Sewerage Board (HMWS&SB) is overseeing the implementation of these STPs and the development of an interceptor network to divert sewage. Additionally, proposals include designating a utility zone for pipeline network installation and implementing measures to maintain a flow of cleaner water, such as pumping water from the Godavari River into nearby reservoirs and releasing it into the Musi River. These initiatives mark significant steps toward revitalizing the Musi River and enhancing its ecological and environmental condition.

The Punjab and Haryana high court has clarified the conditions under which an accused of money laundering can be released under police custody, diverging from the mandated conditions of the Prevention of Money Laundering Act (PMLA), 2002. Upholding a decision by a special court in Panchkula, Haryana, the high court emphasized the distinction between release from prison in police custody and bail, stating that the former entails continued detention while allowing the accused to gather necessary documents for a proper response to a show-cause notice issued by the Enforcement Directorate (ED). The court ruled that the twin conditions of Section 45 of the PMLA apply only to bail, not to release under police custody. It highlighted the judge's concerns for ensuring the accused's safety and preventing flight risks while ordering release in police custody.

The 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) held in Abu Dhabi witnessed significant debates and opposition concerning the adoption of the Agreement on Investment Facilitation for Development (IFD). Despite support from a substantial majority of WTO member countries, including 120 out of 166 nations, the agreement faced non-adoption primarily due to objections raised by countries like India and South Africa. Key concerns revolved around the nature of investment within the WTO framework and the legitimacy of the negotiation process for the IFD Agreement. India, in particular, emphasized the distinction between trade and investment and questioned the mandate for conducting investment-related negotiations within the WTO. These discussions underscored broader challenges regarding the scope of mandates, the distinction between multilateral and plurilateral negotiations, and the potential role of plurilateral agreements in revitalizing the WTO's legislative function.

In the ever-evolving landscape of cryptocurrencies, a peculiar trend has emerged – meme coins. These digital currencies, characterized by their humorous origins and lack of fundamental value, have captured the attention of internet-savvy investors. Inspired by meme culture, meme coins such as Dogecoin and Shiba Inu have gained significant popularity despite their highly volatile nature.

In a significant move to address accessibility and affordability issues in the insurance sector, regulatory authorities have unveiled the Bima Sugam initiative. This initiative aims to streamline insurance processes, restructure policies for affordability without compromising coverage, and revolutionize claim-settlement procedures. By simplifying documentation requirements, revising premium rates, and ensuring efficient claim processing, Bima Sugam promises to make insurance more accessible to a wider audience while fostering financial inclusion. Industry experts have welcomed this initiative, foreseeing positive impacts on insurance penetration rates and economic resilience. With its core principles of affordability, accessibility, and efficiency, Bima Sugam sets a new standard for the insurance industry, where protection against risks becomes a fundamental right for all.

Kerala's decision to withdraw from the Central Government's smart meter plan has ignited discussions nationwide, bringing attention to the complexities surrounding the initiative. While the plan aimed to modernize India's energy infrastructure with technologically advanced meters, Kerala's dissent underscores the need for tailored approaches that consider the diverse socio-economic landscapes and governance models of individual states. Critics raised concerns about data privacy and cybersecurity, prompting Kerala's withdrawal. This move emphasizes the importance of constructive dialogue and adaptation in addressing the shortcomings of the smart meter scheme and advancing a more inclusive approach to modernizing India's energy sector.

The National Internet Exchange of India (NIXI) is gearing up to unveil the BhashaNet portal at the forthcoming Universal Acceptance (UA) Day event, with the aim of advancing digital inclusion and fostering linguistic diversity within India. Scheduled for March 21 at the Dr Ambedkar International Centre in Delhi, the event, a collaborative effort between NIXI and the Ministry of Electronics and Information Technology (MeitY), underscores their joint commitment to promoting Universal Acceptance. Noteworthy support from organizations like the Internet Corporation for Assigned Names and Numbers (ICANN) and the Internet Governance division of MeitY further highlights the significance of UA Day. Themed "BhashaNet: Impetus Towards Universal Acceptance," the event will feature various sessions focusing on the importance of UA readiness and steps towards achieving widespread acceptance across linguistic boundaries. Distinguished guests including S Krishnan, Secretary of MeitY, Government of India, and Shushil Pal, Joint Secretary of MeitY, will grace the occasion, reaffirming the government's support for digital inclusivity initiatives. Dr. Devesh Tyagi, CEO of NIXI, expressed his enthusiasm about the event, emphasizing the pivotal role of universal acceptance in bridging linguistic divides and ensuring digital participation for all.

India recently hosted the 41st International Partnership for Hydrogen and Fuel Cells in the Economy (IPHE) meeting, signaling a significant step towards fostering global collaboration and innovation in sustainable energy. The meeting, attended by policymakers, industry leaders, and researchers from around the world, underscored India's commitment to spearheading initiatives aimed at creating a greener, more sustainable future. Key highlights included discussions on hydrogen production, storage, transportation, and utilization, with a focus on leveraging renewable sources and strengthening international partnerships. Indian Prime Minister Narendra Modi emphasized the importance of collaboration in addressing energy security and environmental sustainability, affirming India's dedication to leading the transition towards a hydrogen-based economy. The meeting concluded with delegates departing with renewed commitment to advancing the hydrogen economy, recognizing India's proactive stance and the potential for unprecedented collaboration and innovation in achieving a sustainable future.

In a notable development within the Indian startup ecosystem, companies such as Pine Labs, Zepto, and Meesho are contemplating a strategic "reverse flip" to refocus on their roots in India. Despite achieving significant success in global markets, these startups recognize the untapped potential in their home country's market. This trend reflects a shift towards prioritizing domestic expansion while leveraging global experiences and expertise. Factors such as India's rapidly digitizing economy, eased compliance norms, and supportive policies for startups contribute to the attractiveness of returning to the Indian market. This strategic pivot underscores the evolving dynamics of the Indian startup landscape, where established players are recalibrating their strategies to capture emerging opportunities domestically and internationally.

The India-EFTA Trade and Economic Partnership Agreement (TEPA) signifies India's strategic move towards strengthening trade ties with the European Free Trade Association (EFTA) countries, including Switzerland, Norway, Iceland, and Liechtenstein. This landmark agreement, the first of its kind with any European nation, underscores India's commitment to trade liberalization amidst global protectionist trends. TEPA aims to attract significant investment from EFTA countries into India, with provisions allowing India to withdraw tariff concessions if investment targets are not met. The agreement encompasses tariff concessions, services sector liberalization, commitments to trade and sustainable development, and intellectual property rights protection. Overall, TEPA marks a significant step towards fostering deeper economic cooperation between India and the EFTA nations, with its long-term impact hinging on effective implementation.

The Directorate General of Foreign Trade (DGFT) has issued a trade notice outlining significant changes in UK trade policies affecting Indian exporters. Effective from June 19, 2023, the UK has replaced its origin declaration process under the Generalized System of Preferences (GSP) with the Developing Countries Trading Scheme (DCTS). Indian exporters must adhere to the new rules under DCTS starting from January 1, 2024, to avail concessions on exports to the UK. Key aspects include fulfilling Rules of Origin requirements through self-certification and using DCTS origin declaration wording. Sectors such as leather, carpets, chemicals, iron, steel, and textiles, which previously benefitted from GSP, will now operate under DCTS regulations. The DCTS aims to provide reduced tariffs on Indian products, subject to clear origin rules. However, products exceeding a certain export limit may lose preferential tariff rates. Despite India's placement in the "Standard Preferences" category, the DCTS offers opportunities for exporters, albeit with limitations.

The tightening of compliance regulations by the Reserve Bank of India (RBI) has prompted banks to reassess their partnerships for co-branded card ventures. Concerns about non-compliance risks with RBI regulations, particularly with smaller fintech firms, have led banks to prefer collaborating with established fintech companies with a proven track record of regulatory adherence. Following amendments to credit and debit card rules by the RBI, certain banks, such as Federal Bank and South Indian Bank, have ceased issuing new co-branded credit cards. This regulatory shift underscores the importance of robust compliance systems and adherence to RBI directives for co-branded card partnerships. As a result, smaller fintech firms may face challenges in securing partnerships with banks for co-branded card ventures, while larger, stable fintech companies are positioned to benefit from this evolving landscape.

The article highlights the growing prominence of Revenue-based Financing (RBF) as a lifeline for startups and digital SMEs facing a scarcity of traditional credit and venture capital. With platforms like GetVantage, Velocity, and Klub filling the working capital gap estimated at over $150 billion, RBF offers non-collateralized debt against a percentage of gross revenue, attracting businesses with steady revenue streams but high short-term capital needs. Despite potential drawbacks such as higher costs compared to traditional credit, RBF's flexibility and accessibility make it a compelling option in today's financing landscape.

The Software Technology Parks of India (STPI) inaugurated its 24th Center of Entrepreneurship (CoE), named "FinGlobe," in collaboration with the Department of Science and Technology, Government of Gujarat, at STPI-Gandhinagar, GIFT City. The CoE aims to catalyze innovation and growth in the financial technology sector by providing infrastructure, mentorship, and a collaborative ecosystem for startups and established players. Shri K Rajaraman, Chairperson of the International Financial Services Centres Authority (IFSCA), inaugurated the CoE, emphasizing the importance of tax reforms and global regulations. Ms Mona K Khandhar expressed support for making Gujarat a Fintech hub. The CoE seeks to invest in technology, adapt to changing trends, and provide a platform for startups to innovate and penetrate new areas of the financial system.

The Department of Pharmaceuticals in India has launched an updated version of the Pharmaceuticals Technology Upgradation Assistance Scheme (PTUAS) aimed at strengthening the country's pharmaceutical sector. Under this revamped scheme, pharmaceutical enterprises will receive comprehensive support to upgrade their technological infrastructure, including financial assistance for acquiring advanced machinery and equipment. The initiative emphasizes fostering innovation, competitiveness, and sustainability within the industry, while also promoting indigenous manufacturing and reducing dependency on imports. Industry stakeholders have welcomed the initiative, foreseeing its potential to enhance efficiency, productivity, and global competitiveness in the pharmaceutical sector, thus contributing significantly to India's economic growth.

The recent decision by the Income Tax Appellate Tribunal (ITAT) has brought clarity to the eligibility of taxpayers to claim credit for Minimum Alternate Tax (MAT) under the Vivad Se Vishwas (VSV) Scheme. The ruling came following a case where a taxpayer contested the denial of MAT credit under the VSV Scheme by the tax authorities. After thorough examination, the ITAT ruled in favor of the taxpayer, affirming their entitlement to claim MAT credit under the VSV Scheme for the relevant assessment year. This decision underscores the importance of fairness and transparency in tax assessments, especially concerning schemes aimed at resolving tax disputes. With this clarification, taxpayers can proceed with confidence in claiming MAT credits under the VSV Scheme, contributing to greater clarity and efficiency in tax dispute resolution.

Economists anticipate that inflation in goods and services excluding fuel and food is expected to persist at a low level, around 3%, in the near term. This projection is attributed to factors such as weak rural demand, softness in housing inflation, and decreased pressure on input costs. Additionally, recent data reveals that India's core inflation rate dropped to 3.5% in January, marking its lowest level in recent months. This decline in core inflation has contributed to an overall decrease in consumer inflation, which stood at 5.1%.

The global steel industry is on the brink of a crisis due to warnings from the sponge iron sector regarding an impending shortage of ore. Representatives from the sponge iron industry have expressed concerns about dwindling ore reserves and increasing demand exacerbating the situation. Urgent calls for government intervention, including an immediate ban on ore exports to prioritize domestic steel production, highlight the severity of the issue. The significance of steel in various industries such as construction and automotive underscores the potential far-reaching consequences of any disruption in production. Stakeholders stress the need for swift and decisive measures to stabilize the supply chain and ensure the resilience of the steel sector amidst mounting challenges.

In his memoir "Banker by Chance, Leader by Choice," seasoned banking professional Shiv B Singh delves into the complexities surrounding the 2019 amalgamation of regional rural banks (RRBs). Singh highlights the significant technological, procedural, and organizational hurdles faced during the merger, emphasizing the critical importance of harmonizing systems for seamless business continuity. Reflecting on his role during the amalgamation, Singh expresses satisfaction and personal growth amid the challenging circumstances. Furthermore, the memoir provides insights into Singh's extensive career journey within the banking sector, detailing the evolution of banking operations, particularly focusing on customer-centric services and the advent of alternative delivery channels. Through Singh's experiences, readers gain valuable insights into the dynamic landscape of regional rural banking and the transformative changes reshaping the industry.

The government, in alignment with Mission LiFE (Lifestyle for the Environment), has introduced the Right to Repair Portal India, aiming to shift from a 'use-and-dispose' economy to a 'circular economy.' Under the leadership of the Department of Consumer Affairs, stakeholders from various sectors were convened to address concerns such as planned obsolescence and restricted repair options. The portal offers transparency by providing consumers access to repair information, including product manuals, spare parts pricing, and service center details. Emphasizing collaboration between industry and consumers, the initiative seeks to balance innovation with consumer rights, promoting a sustainable and responsible consumption ecosystem.

The recent approval of the Uttar Poorva Transformative Industrialization Scheme by the Cabinet signifies a significant milestone in the economic development of the region. With a primary focus on bolstering industrial infrastructure and creating a conducive environment for business growth, the scheme aims to attract both domestic and foreign investments by offering incentives and concessions. Critical infrastructure development, including transportation networks, power supply, and telecommunications, is prioritized to ensure sustainable industrial growth and seamless connectivity within and beyond the region. Key stakeholders, including policymakers, industry leaders, and local communities, have welcomed the decision, recognizing its potential to drive socio-economic development. Additionally, the scheme holds promise in generating employment opportunities through entrepreneurship and skill development initiatives, paving the way for Uttar Poorva to emerge as a hub of innovation, productivity, and inclusive growth.

Prime Minister Narendra Modi inaugurated a historic milestone in Kolkata by launching India's first metro train service through an under-river tunnel. The inauguration ceremony celebrated the opening of a 4.8-kilometer tunnel between Howrah Maidan and Esplanade, with a section positioned beneath the Hooghly River, marking a significant achievement in India's transportation infrastructure. Alongside the inauguration, PM Modi also expanded Kolkata's metro network by launching services from various other locations. The project, part of the East-West Metro Corridor, aims to alleviate traffic congestion, improve air quality, and enhance mass transit accessibility in Kolkata. Despite facing challenges such as aquifer bursts and ground subsidence, the project reflects a commitment to expedite pending railway infrastructure projects in West Bengal, with a substantial increase in budget allocation over the past years.

The Reserve Bank of India (RBI) has launched the UDGAM portal, which stands for Unclaimed Deposits-Gateway to Access inforMation, to assist individuals in locating their unclaimed deposits/accounts across various banks. As of March 4, 2024, 30 banks are actively participating in the portal, covering approximately 90% of unclaimed deposits in the RBI's Depositor Education and Awareness (DEA) Fund. Users can register on the portal using their name and mobile number and search for unclaimed deposits/accounts. The portal provides information on the claim/settlement process for each bank, emphasizing that unclaimed deposits can only be claimed from the respective bank. As of March 2023, the total value of unclaimed deposits stood at Rs 42,270 crore.

Union Minister Piyush Goyal, addressing the launch ceremony of the 'e-Kisan Upaj Nidhi' (Digital Gateway) by the Warehousing Development and Regulatory Authority (WDRA) in New Delhi, highlighted the pivotal role of the agriculture sector in India's developmental trajectory. The initiative aims to leverage technology to streamline farmers' warehousing logistics and ensure fair prices for their produce. With reduced security deposit charges and simplified digital processes, the 'e-Kisan Upaj Nidhi' platform is poised to empower farmers, especially small ones, and prevent distress sales. Shri Goyal emphasized the importance of well-monitored warehouses under WDRA in enhancing farmer welfare and advocated for mandatory registration of warehouses. Additionally, plans for a cooperative sector support scheme were announced to further bolster farmers' confidence in utilizing WDRA facilities.

The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, held a LEAPS (Logistics Excellence, Advancement, and Performance Shield) Valedictory Session in New Delhi. Secretary, DPIIT, Shri Rajesh Kumar Singh, felicitated 12 logistics players across various categories, acknowledging their outstanding contributions to the industry. The event, attended by key stakeholders, aimed to highlight innovative endeavors within the logistics sector. Through transparent evaluation processes involving expert committees and a national jury, LEAPS aimed to set new benchmarks by recognizing excellence in logistics, aligned with the National Logistics Policy.

In a significant development, Tripura's traditional tribal attire, known as "Tripura Risa," has been granted the Geographical Indication (GI) tag, adding to the state's cultural heritage recognition. The Killa Mahila Cluster of Gomati district, promoted by Tripura Rural Livelihood Mission (TRLM), has obtained the GI tag for Tripura Risa. This recognition comes after almost a year since Tripura's iconic queen pineapple received the GI tag. The BJP-IPFT government of Tripura has been actively promoting Tripura Risa as a signature identity of the state since coming to power in 2018. Earlier initiatives by then Chief Minister Biplab Kumar Deb laid the groundwork for this recognition. Tripura Risa consists of three main components: Risa, Rignai, and Rituku, each serving different purposes in traditional attire. The historical significance of Tripura Risa predates the Manikya kings' era, and it holds immense social and religious significance, being used in various ceremonies and festivals. Despite being common among the 19 indigenous tribal communities of Tripura, each community has its unique design, reflecting the richness of the state's cultural heritage.

The Reserve Bank of India (RBI) reported on March 1, 2024, that the National Electronic Funds Transfer (NEFT) system reached a milestone with its highest-ever daily transaction volume, hitting 4.10 crore on February 29, 2024. Over the past decade, both NEFT and Real Time Gross Settlement (RTGS) systems have experienced remarkable growth, with NEFT transactions witnessing a 700% increase in volume and a 670% increase in value. Similarly, RTGS transactions grew by 200% in volume and 104% in value during the same period. Managed by the RBI, NEFT and RTGS systems play crucial roles in settling retail and wholesale payments respectively. The NEFT system was enabled for round-the-clock, seven days a week, 365 days a year functioning on December 16, 2019, while the RTGS system followed suit on December 14, 2020. These developments underscore the growing reliance on electronic payment systems in India's financial landscape.

India's foreign exchange reserves experienced a notable surge, reaching $619.07 billion for the week ending on February 23, 2024, as per the latest data released by the Reserve Bank of India (RBI). This increase of $2.98 billion contrasts with the previous week's decline of $1.13 billion, bringing attention to the dynamics impacting the country's forex reserves. The rise primarily stemmed from the growth in foreign currency assets (FCAs), which expanded by $2.41 billion to $548.19 billion. Additionally, gold reserves increased by $472 million to $47.85 billion, SDRs rose by $89 million to $18.2 billion, and the reserve position in the IMF grew by $9 million to $4.84 billion.

The 66th meeting of the Network Planning Group (NPG) convened under the chairpersonship of Shri Rajeev Singh Thakur, Additional Secretary of DPIIT, in New Delhi on February 27, 2024. The meeting aimed to evaluate significant infrastructure projects from the Ministry of Road Transport and Highways (MoRTH) and the Ministry of Railways (MoR), focusing on regional development and connectivity enhancement. Projects included brownfield and greenfield initiatives across various states, addressing critical needs such as reducing traffic congestion, improving interconnectivity, and fostering socio-economic growth. Discussions centered on integrated planning methodologies and leveraging the PM GatiShakti framework for comprehensive development. Attendees emphasized the vital role of these projects in nation-building, highlighting their potential to integrate transportation modes, provide socio-economic benefits, and contribute to overall regional prosperity.

The Union Cabinet has greenlit three significant semiconductor plant proposals, marking a monumental stride in India's semiconductor manufacturing landscape. With investments totaling Rs 1.26 lakh crore, these ventures are poised to bolster the country's technological prowess and create substantial employment opportunities. The approved projects include India's first semiconductor fabrication plant in Gujarat, a semiconductor unit in Assam, and another semiconductor facility in Gujarat. These initiatives signify a crucial step towards establishing a robust semiconductor ecosystem in India, facilitating advancements in chip design, fabrication, and packaging technologies.

A significant development has occurred as 72 nations have agreed to strengthen commitments in services under the General Agreement on Trade in Services (GATS), aiming to facilitate non-goods trade among themselves and extend similar concessions to all World Trade Organisation (WTO) members. These nations have incorporated additional obligations in their schedules in GATS, intending to mitigate unintended trade-restrictive impacts. The application of these obligations will follow a "most-favoured nation" principle, ensuring benefits for all WTO members. This agreement, termed Services Domestic Regulation (DSR), is projected to lead to substantial reductions in services trade costs, particularly for middle-income economies, and significant increases in global real income and service exports by 2032. The initiative involves a wide array of nations and originated from negotiations initiated during the 11th Ministerial Conference in Buenos Aires in 2017, reflecting a commitment to fostering multilateral trade agreements.

State Bank of India (SBI), the largest lender in India, is facing pricing issues that deter it from utilizing the provision to raise nearly Rs 11,900 crore through additional tier-I (AT-1) bonds in the current fiscal year. Despite having approval to raise Rs 20,000 crore via AT-1 bonds, SBI has reconsidered its plans due to sufficient completion of requirements and unfavorable market conditions. The bank is advocating for changes in the valuation methodology of AT-1 bonds, which is currently affecting its interest cost and demand for the instrument. Other banks, including Canara Bank and Punjab National Bank, have also faced challenges in raising funds through AT-1 issuances due to similar pricing concerns. SBI's capital adequacy ratio as of December 31 stands at 13.05%, with common-equity tier I (CET-1) capital forming a significant portion of it.

The recent directive from the Reserve Bank of India (RBI) urging the National Payments Corporation of India (NPCI) to consider Paytm's application for Third Party App Provider (TPAP) status has sparked widespread interest in the financial and tech sectors. Paytm, a leading digital payment platform in India, has long sought TPAP recognition, which would grant it enhanced capabilities in facilitating transactions and managing digital wallets. TPAP status allows direct integration with the Unified Payments Interface (UPI), potentially offering users a seamless payment experience. If approved, Paytm would join a select group of players with TPAP status, fostering increased competition and innovation in the digital payments space, ultimately benefitting consumers with more choices and better services. However, NPCI will evaluate Paytm's application based on various criteria before making a final decision. Nonetheless, this recommendation signifies a significant milestone in India's digital payments evolution, promising far-reaching implications for users and industry stakeholders.

In response to the varied Know Your Customer (KYC) processes across different sectors causing complexities for businesses and consumers, the government has established a committee led by T V Somanathan, Finance Secretary. The committee aims to review existing KYC practices, identify areas for improvement, and propose standardized guidelines. Stakeholder engagement and anticipation of benefits such as enhanced customer convenience and strengthened regulatory compliance underscore the government's commitment to modernizing regulatory frameworks and promoting ease of doing business in India.

After an interval of 11 years, the government has disclosed the outcomes of the All India Household Consumption Expenditure Survey, conducted from August 2022 to July 2023. This survey, typically carried out every five years by the National Statistical Office (NSO), is instrumental in assessing crucial economic metrics such as GDP, poverty levels, and Consumer Price Inflation (CPI). The latest findings reveal notable increases in average monthly per capita consumption expenditure (MPCE) for both urban and rural households since 2011-12. Moreover, shifts in spending patterns, particularly a decrease in the proportion of expenditure on food, have implications for the country's retail inflation calculations. The Statistics and Programme Implementation Ministry has released a preliminary factsheet summarizing the survey results, with a comprehensive report slated for subsequent release. The data, collected from over 2.6 lakh households across all States and Union Territories, highlights significant socioeconomic and regional disparities in consumption expenditure patterns within India.

The article delves into the resurgence of a data breach incident concerning the Employees’ Provident Fund Organisation (EPFO) in 2018, with recent indications suggesting the involvement of a Chinese cyber agency. Initially attributed to vulnerabilities in Common Service Centres (CSCs), the breach has resurfaced due to the discovery of a significant data leak on Github, which includes documents related to Chinese cyber agencies. Despite EPFO's denial of system compromise in 2018, preliminary findings from the Indian Computer Emergency Response Team (Cert-In) hint at a different reality. The incident underscores the pressing need for robust cybersecurity measures in India, especially in critical sectors, as highlighted by the National Cybersecurity Reference Framework (NCRF).

India recently hosted the 3rd meeting of the ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee in New Delhi. Co-chaired by Shri Rajesh Agrawal of India and Ms. Mastura Ahmad Mustafa of Malaysia, the meeting aimed to review and enhance the AITIGA signed in 2009. Delegates from ASEAN countries participated, discussing progress made since the task assignment in September 2022. The committee outlined focus areas for further deliberations, aiming to conclude the review by 2025. With India-ASEAN trade reaching USD 131.58 billion in 2022-23, the review seeks to facilitate balanced and sustainable trade expansion. The next meeting is scheduled for May 2024 in Kuala Lumpur, Malaysia.

Reserve Bank of India (RBI) Governor Shaktikanta Das highlighted the challenges posed by recurring food price shocks and geopolitical tensions to the ongoing disinflation process. He stressed the significance of stable and low inflation as a foundation for sustainable economic growth. Das underscored the need for central banks to remain vigilant in navigating through the final phase of disinflation, especially considering the uncertainties surrounding food inflation outlook due to adverse weather events and geopolitical tensions. Additionally, he emphasized the importance of understanding the supply side of the economy for effective monetary policy implementation, noting that macroeconomic models should shift focus to adequately address these factors. Despite challenges, Das acknowledged India's successful navigation through various economic hurdles.

India has initiated an anti-dumping probe into imports of specific solar glass products from China and Vietnam, prompted by a complaint from domestic industry players. The Directorate General of Trade Remedies (DGTR) under the Commerce Ministry is leading the investigation, focusing on alleged dumping of 'Textured Tempered Coated and Uncoated Glass', commonly referred to as solar glass. Borosil Renewables Limited filed the application on behalf of the domestic industry, seeking the imposition of anti-dumping duties. If evidence supports claims of material injury to domestic players, DGTR will recommend duties, with the final decision resting with the Ministry of Finance. This action aims to ensure fair trading practices and maintain a level-playing field for Indian producers in the face of increasing cheap imports.

State Bank of India (SBI), the country's largest lender, has advocated to the Reserve Bank of India (RBI) for a reduction in the cash reserve ratio (CRR) applicable to green deposits. This move aims to encourage environmentally conscious financing practices within the banking sector. SBI Chairman, Dinesh Khara, revealed that the bank has proposed two initiatives to the RBI: a decrease in CRR specifically for green deposits and the integration of this reduction into the broader banking policy. SBI has also begun evaluating borrowers based on Environmental, Social, and Governance (ESG) parameters and has requested regulatory approval for implementing differential pricing for green deposits. Additionally, the bank has introduced a green rupee term-deposit scheme to finance eco-friendly projects and accessed markets for green funding. Khara foresees ESG parameters influencing loan pricing in the near future and emphasizes the importance of establishing accounting standards to track green assets and liabilities effectively.

India has refused the request made by the European Free Trade Association (EFTA) for 'data exclusivity' provisions in the ongoing negotiations for a free trade agreement. Commerce secretary Sunil Barthwal emphasized that such provisions would adversely affect the Indian pharmaceutical industry's ability to produce generic versions of off-patent products. Data exclusivity would entail restrictions on generic drug producers from using preclinical and clinical trial data of former patent holders. India aims to protect the interests of its thriving generic drug industry, which contributes significantly to exports. Despite negotiations being at an advanced stage since January 2008, the rejection highlights a key sticking point between India and EFTA. In the fiscal year 2023, India's exports to EFTA countries amounted to $1.92 billion, while imports stood at $16.74 billion.

India's retail inflation witnessed a decline to 5.1% in January 2024, marking a three-month low from 5.7% in the previous month. Despite this moderation, food prices remained a significant concern, with a slight cooling observed compared to December 2023. However, the figure slightly surpassed the Reserve Bank of India's projection for the final quarter of 2023-24. Any hopes for an interest rate cut are likely to be deferred until at least August, with expectations of inflation averaging 5% in the subsequent quarter. The urban-rural divide in inflation persisted, with rural consumers facing higher overall price rises, particularly in food items. Economists express concerns about persistent high inflation in specific food categories, despite some moderation in others. While half of the major states registered inflation below the national average, some states breached the RBI's tolerance threshold, indicating regional disparities. Forecasts suggest potential rate cuts commencing in the August 2024 Monetary Policy Committee meeting, contingent on the outlook of the monsoon season.

The Insolvency and Bankruptcy Board of India (IBBI) has issued a crucial mandate requiring Resolution Professionals (RPs) to provide a copy of their reports to both creditors and debtors in all cases related to personal guarantors' insolvency resolution. This move aims to enhance transparency and informed decision-making in the process. Previously, RPs were only required to report to the Applicant who initiated the proceedings, leaving one party uninformed. Anjali Jain, Partner at Areness, praises the circular, noting its alignment with the Insolvency and Bankruptcy Code's objective of ensuring fairness among stakeholders. This measure is expected to lead to more efficient resolutions and a better understanding of debt dynamics by both creditors and debtors.

India is set to extend its Unified Payment Interface (UPI) services to Sri Lanka and Mauritius, along with launching RuPay card services in Mauritius. The virtual ceremony, scheduled for February 12, will be attended by Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe, and Mauritian Prime Minister Pravind Jugnauth. Developed by the National Payments Corporation of India (NPCI), UPI facilitates real-time inter-bank transactions through mobile phones, while RuPay is a globally accepted card payment network. This expansion underscores India's commitment to fostering bilateral economic ties and leveraging its leadership in Fintech innovation. The initiative aims to enhance digital connectivity and streamline digital transactions between India, Sri Lanka, and Mauritius, benefiting a diverse range of individuals and businesses.

The Reserve Bank of India (RBI) has announced the launch of Sovereign Gold Bond Series IV, with an issue price set at Rs 6,263 per gram. Investors applying online and making digital payments will receive a discount of Rs 50 per gram. The subscription for the bonds will be open from February 12 to February 16, 2024. SGBs can be purchased through various channels including banks, post offices, and stock exchanges. The scheme offers a fixed interest rate of 2.50% per annum, with subscription limits capped at 4 kg for individuals and HUFs, and 20 kg for trusts per fiscal year. The tenor of the bonds is eight years, with an option for premature redemption after the 5th year. SGBs can also be used as collateral for loans. The KYC norms for purchasing SGBs remain the same as those for physical gold, and the scheme aims to reduce the demand for physical gold and promote financial savings.

Indiabulls Housing Finance has unveiled plans for a rights issue to raise capital, aiming to issue 24.62 crore rights shares at an issue price of ₹150 per share with a face value of ₹2 each. Shareholders as of the record date, February 1, will be eligible to participate, with existing shareholders receiving one rights equity share for every two paid-up equity shares they own. The rights issue, available at a discount to the market price, is part of the company's strategy to raise up to ₹5,000 crore approved by its board. The on-market renunciation period will occur between February 7 and February 8, with the rights issue closing on February 14. Shares of Indiabulls Housing Finance ended higher on Tuesday, reflecting investor confidence in the company's plans.

The Directorate General of Goods and Services Tax Intelligence (DGGI) has initiated an investigation into Mahadev Online Book, a prominent player in the online book retail sector. The focus of the investigation is concerns about potential non-payment of Goods and Services Tax (GST). The move reflects the government's commitment to ensuring tax compliance and preventing financial irregularities in businesses operating in India.

The Finance Bill 2024 is set to revolutionize the Goods and Services Tax (GST) framework by introducing significant modifications, particularly in the distribution of credits by Input Service Distributors (ISD). The proposed changes aim to streamline processes, enhance efficiency, and ensure compliance standards are met. This transformation involves a structured approach to credit distribution, emphasizing transparency and accountability. Additionally, the bill addresses concerns about credit misuse, implementing stricter measures to prevent loopholes. As businesses await the finalization and implementation, proactive engagement with industry experts becomes crucial for adapting GST compliance strategies and leveraging potential benefits from the revamped credit distribution system.

Finance Minister Nirmala Sitharaman has unveiled fiscal consolidation projections that exceed expectations for the current fiscal year and Budget Estimates (BE) for the upcoming year. Despite challenges in tax buoyancy and lower-than-projected nominal economic growth, the fiscal deficit in Revised Estimates (RE) for FY24 is lower both in absolute terms and as a proportion of GDP, showcasing prudent financial management. The minister emphasized fiscal discipline, committing to bring the deficit below 4.5% by 2025-26. Analysts praise the higher-than-expected capital expenditure and lower fiscal deficit, considering it a positive signal for India's sovereign rating.

The Reserve Bank of India (RBI) has taken decisive regulatory actions against Paytm Payments Bank Ltd (PPBL) based on a system audit report and compliance validation by external auditors. Under Section 35A of the Banking Regulation Act, 1949, PPBL is now prohibited from accepting deposits, conducting credit transactions, and providing various banking services after February 29, 2024. Additionally, the Nodal Accounts of One97 Communications and Paytm Payments Services Ltd. are slated for termination by the same date. Despite these restrictions, customers are allowed to access their funds without limitations. This move follows earlier directives from the RBI in March 2022, instructing PPBL to halt the onboarding of new customers. The industry reacts with concerns about the operational integrity of Paytm Payments Bank, and the impact on its existing customers and short to medium-term stock prices is yet to be fully determined.

In a significant move towards advancing the telecommunications sector, Dr Neeraj Mittal, Chairman of Digital Communications Commission and Secretary of the Department of Telecommunications, launched the "Bharat 5G Portal - an integrated portal" during the 'Bharat Telecom 2024 - An Exclusive International Business Expo.' The portal aims to serve startups, industry, and academia in quantum, 6G, IPR, and 5G domains, providing a comprehensive platform for collaboration and knowledge-sharing.

In a significant ruling, the Delhi High Court upheld the constitutional validity of the anti-profiteering provisions in the Goods and Services Tax (GST). Over 100 companies, including major players like Hindustan Unilever, Patanjali, Jubilant Foodworks, and Phillips, had filed petitions against these provisions. The court emphasized the public interest perspective of these provisions, highlighting their role in ensuring a commensurate reduction in prices during GST rate changes or due to input tax credit. While providing relief to companies, the court acknowledged the possibility of price hikes due to factors such as cost escalation and arbitrary exercise of power by anti-profiteering bodies. The court directed that these concerns would be examined on a case-by-case basis, with matters to be listed before a division bench for further directions on February 8. Additionally, the court clarified that there is no fixed formula for determining anti-profiteering and provided guidance on the distribution of profiteered amounts among home buyers, based on per square feet. The ruling strengthens the role of the National Anti-Profiteering Authority (NAA), established in November 2017, in overseeing measures to ensure companies pass on the benefits of input tax credit and GST reduction to consumers by reducing prices.

The Directorate of Revenue Intelligence (DRI) continues its rigorous campaign against gold smuggling with a recent breakthrough at the Foreign Post Office in New Delhi. DRI officers intercepted seven consignments labeled as "Electric Current/Potential Meters," originating from Hong Kong. Upon examination, the electric meters were found to be functional, but their unusual weight raised suspicions. Further scrutiny revealed that the 56 electric meters' outer covers were cleverly painted black, concealing an alloy of gold and silver. The initial market value of the seized gold and silver covers is estimated at Rs. 10.66 crore. The discovery points to a sophisticated syndicate involved in gold smuggling, employing tactics such as alloying gold with silver to change its color and manufacturing covers for electric meters as a disguise. The successful interception underscores the ongoing challenges faced by authorities in combating organized smuggling operations.

Finance Minister Nirmala Sitharaman addressed students at the University of Delhi's Hindu College, rejecting the notion of India's economic recovery being 'K-shaped.' She questioned the credibility of the current public narrative influenced by mainstream and social media, urging those who doubt the growth path to provide a basis for their claims. Sitharaman highlighted positive indicators, such as India being the fastest-growing economy, a well-performing stock market, and higher dividends from listed companies. The rejection of the 'K-shaped' theory aligns with the stance of State Bank of India's group chief economic adviser, Soumya Kanti Ghosh. The Finance Minister emphasized the importance of accessing information from multiple sources and acknowledged the need to bridge the gap between university education and industry expectations. Additionally, she discussed India's food security, highlighting the country's near self-sufficiency and potential for long-term agreements with other nations for food exports and processing.

Union Finance Minister Nirmala Sitharaman participates in the traditional 'Halwa Ceremony,' marking the commencement of preparations for the interim budget for the fiscal year 2024-25.

The NFRA announces plans to conduct inspections of major audit firms, including the Big 4, in 2024 to ensure corrective measures are implemented following deficiencies highlighted in the December 2023 report.

In anticipation of the upcoming Budget 2024-25, the telecom industry is fervently lobbying the government to discard the Universal Service Obligation Fund (USOF) and implement significant reductions in duties. Industry leaders argue that such measures are imperative to foster growth, innovation, and affordability in the sector, paving the way for a robust and competitive telecommunications landscape.

In a significant move aimed at fostering economic stability, the government has announced a substantial reduction in the windfall tax imposed on crude petroleum. The new rate of Rs 1,700 per tonne, effective from Tuesday, is expected to provide relief to various sectors and ease the financial burden on both consumers and businesses.

As the Union Budget 2024 approaches, many are curious about the distinction between an Interim Budget and a Vote-on-Account. Delve into the intricacies of these fiscal terms to comprehend their roles and implications in shaping the country's economic trajectory.

Rural Electrification Corporation Limited (REC), a key player in India's power sector, has unveiled an ambitious plan for the fiscal year 2024. The company has set a formidable sanction target of Rs. 1 lakh crore for infrastructure projects, with a particular emphasis on the development of roads and highways. This move reflects REC's commitment to catalyzing growth and connectivity in the country's critical infrastructure landscape.

In a significant move, the Life Insurance Corporation of India (LIC) has finalized a deal to acquire a substantial 10% stake in a company promoted by the National Housing Bank (NHB). This strategic investment marks a pivotal collaboration between two major financial entities, setting the stage for potential synergies in the realm of housing and financial services.

In a strategic move to offer investors a diversified and adaptive investment solution, PPFAS Mutual Fund has officially submitted an application to the Securities and Exchange Board of India (SEBI) for the introduction of a dynamic asset allocation scheme. The proposed scheme aims to leverage market conditions, allowing for optimal allocation across various asset classes to enhance portfolio performance.

In a strategic move to bolster India's compliance with Financial Action Task Force (FATF) regulations, the Reserve Bank of India (RBI) has provided explicit clarification on the classification of 'politically exposed persons' (PEPs). This step aims to enhance transparency and strengthen the nation's efforts in combating money laundering and illicit financial activities.

In a recent announcement, the Reserve Bank of India (RBI) has clarified that it is not mandatory for banks and Non-Banking Financial Companies (NBFCs) to raise green funds. This clarification comes amidst growing discussions about environmental sustainability and the role of financial institutions in supporting green initiatives.

In a landmark judgment, the Karnataka High Court has upheld the sanctity of an unconditional undertaking within a promissory note. The court ruled that the inclusion of a clause conferring the payer the right to recover as per law does not dilute the primary unconditional commitment. This decision is poised to have significant implications on contract law and financial transactions, providing clarity on the enforceability of such undertakings.

Delayed by Covid and facing two missed deadlines, the Mumbai Trans Harbour Link (MTHL) project has seen a cost escalation of a whopping Rs 2,192 crore, raising concerns about project management and efficiency. Despite the setbacks, the bridge is now expected to open sometime next year.

No more storing card details! The Reserve Bank of India (RBI) has expanded card tokenisation, allowing you to create secure tokens for online payments directly through your bank, offering extra protection against fraud.

In a bid to strengthen the power grid and support distribution companies, the government has announced a new policy. At least 85% of the electricity generated by Battery Energy Storage Systems (BESS) projects funded through the Viability Gap Funding (VGF) scheme will be offered to Discoms before being made available to other entities.

India retained its crown as the top recipient of remittances in 2023, receiving a staggering $125 billion, driven by strong labor markets in the US and Europe, according to the World Bank. This underlines the crucial role Indian diaspora plays in supporting families and boosting the country's economy.

Borrowers beware! The State Bank of India (SBI) has hiked its Marginal Cost of Funds Lending Rate (MCLR) by up to 10 basis points, potentially leading to higher Equated Monthly Installments (EMIs) on various loan types.

The International Energy Agency (IEA) predicts a deceleration in India's oil demand growth, with a shift from "explosive" rates to a more modest 2.5% increase next year, marking a potential end to the recent surge.

In a major win for policyholders, the Insurance Regulatory and Development Authority of India (IRDAI) has proposed significantly higher surrender values and reduced surrender charges for life insurance policies. This move aims to make life insurance more attractive and flexible for customers.

In a historic move, SGBS Unnati Foundation has become the first entity to list on India's recently launched social stock exchange. This groundbreaking step marks a new era for social enterprises, paving the way for them to attract alternative funding and expand their impact.

Signaling potential economic boost, Switzerland's ambassador to India expresses optimism that a crucial trade agreement with the European Free Trade Association (EFTA) will be finalized before the country's upcoming elections.