NEW DELHI: April 1 marks the start of the new financial year (FY2024-25). All the updated regulations for the income tax regime outlined in the Union Budget take effect from this date. Finance Minister Nirmala Sitharaman announced the interim Budget in February, which will be effective from FY25. Here...
COLOMBO: Sri Lanka and India will review all the existing bilateral economic projects to ensure their timely implementation in a bid to enhance the bilateral economic ties, according to a statement issued by the office of President Ranil Wickremesinghe. The joint move was agreed upon by the two neighbouring...
NEW DELHI: The government on Sunday cut the price of natural gas produced from difficult areas like deep sea KG-D6 block of Reliance Industries, marginally to USD 9.87 per million British thermal unit in line with softening of benchmark international gas prices, an official notification said. However, the price...
NEW DELHI: The new Rs 500 crore scheme to promote electric mobility in India will come into force from Monday and continue till the end of July. Meanwhile, the second phase of FAME, or Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) programme, ends on March 31,...
NEW DELHI: The government has set up a task force to explore the use of biochar in steel production as part of its efforts to reduce carbon emissions in the steel industry. According to official data, the domestic steel sector accounts for 12 per cent of India’s greenhouse gas...
NEW DELHI: GST field officers will now have to seek the approval of their zonal principal chief commissioners to initiate an investigation against any big industrial houses or major MNCs and levy duty on goods/services for the first time. The Central Board of Indirect Taxes and Customs (CBIC) has...
MUMBAI: In recent months, several pharma multinational corporations (MNCs) are increasingly turning to Indian companies to expand market reach in the country’s pharmaceuticals sector. Sanofi’s partnerships with Dr Reddy’s, Cipla, and Emcure, AstraZeneca and Mankind Pharma — teaming up for asthma medication distribution — are a few instances of...
NEW DELHI/MUMBAI: E-retailers like Amazon and Flipkart may soon have a new competitor in the government e-Marketplace (GeM). The public procurement portal has doubled the business it facilitated in a year by processing orders worth over Rs 4 trillion in 2023-24, and is now preparing to make itself available...
NEW DELHI/MUMBAI: The plan to bring overseas credit-card spend above a threshold under the Liberalised Remittance Scheme (LRS) and a 20% tax-collected-at-source (TCS) is unlikely to be implemented from April 1, as the government is inclined to defer it again till the elections are over, sources from the government...
MUMBAI: Alternative Investment Funds (AIFs) are seeking clarification from the central bank on the exclusion of equity shares from the definition of downstream investments. The industry wants to know whether the exclusion applies only to investments in equity shares or also includes private equity and venture capital investments in...
MUMBAI: Record foreign portfolio inflows in 2023-24 helped the rupee and bond to remain stable amid global uncertainties. Domestic markets received foreign inflows of Rs 3.23 trillion in the financial year FY24, as against an outflow of Rs 45,365 crore in FY23. The domestic economic conditions remained favorable with...
NEW DELHI: Prime Minister Narendra Modi on Friday cautioned that a powerful technology like AI in unskilled, untrained hands holds significant risk of misuse, as he advocated the need for clear ‘dos and don’ts’ and use of watermarks on AI-generated content to curb misinformation and deepfake-related harms in the...
MUMBAI: The gross non-performing assets (GNPA) of the Indian banking system are set to improve further to up to 2.1 per cent by the end of FY25, a report said on Friday. GNPAs are likely to come at 2.5-2.7 per cent in FY24 and will improve further to 2.1-2.4...
MUMBAI: European accelerator Starburst has formed a strategic collaboration with the Indian Institute of Management-Mumbai for promoting aerospace, new space, and defence (ASD) startups in India. Aimed at cultivating an ASD ecosystem centred around the prestigious B-School in India’s financial capital, the alliance would provide vital support and resources...
MUMBAI: Country’s largest IT services company TCS on Friday said it has trained 3.5 lakh employees in generative AI skills. The company, which had in January announced that 1.5 lakh staffers are trained in the skill sets of what is said to be the biggest opportunity for IT services...
NEW DELHI: Foreign investors made a strong return by injecting more than Rs 2 lakh crore into Indian equities in 2023-24, driven by optimism surrounding the country’s robust economic fundamentals amidst a challenging global environment. Looking forward to 2025, Bharat Dhawan, Managing Partner at Mazars in India, said that...
NEW DELHI: The government will continue the push on its reforms agenda in its “third term” since political continuity, along with a predictable and stable economic environment and taxation structure, is important to achieve the laid-down developmental goals, said Union Finance Minister Nirmala Sitharaman while delivering the keynote address...
NEW DELHI: The government is planning to use the Aadhaar data in a big way for the coming population-census exercise, in addition to deploying physical workforce for enumeration at each and every household, official sources aware of the development told FE. “Aadhaar data will ensure that double counting doesn’t...