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Category: Economy

  • Drive Home A Tata Nexon For Just Rs 1 Lakh Down Payment! Check EMIs | Auto News

    Tata Nexon Loan & EMI: The Tata Nexon, known as one of the safest SUVs in India, has seen a dip in sales recently. Despite this, it remains a good option for those looking for an affordable and safe SUV. In June 2024, the Tata Nexon was among the top 10 best-selling cars in the country. So, if you are planning to buy Nexon and are short on the budget, then we are going to guide you to your next car ownership. Financing a Tata Nexon SUV is as easy as any other car. Let’s check if you make a Rs 1 lakh down payment for the base model Nexon Smart Petrol MT or Nexon Smart Plus Petrol MT, what would be the loan amount and EMIs?

    Tata Nexon Smart Petrol MT
    The ex-showroom price of its base variant, Nexon Smart Petrol Manual, is Rs 8 lakh, which will be almost Rs 9.15 lakh, on-road. With a down payment of Rs 1 lakh, you would need a car loan of Rs 8.15 lakh. If you take a loan at 9% interest for a tenure of 5 years, the EMI would be Rs 16,918 for the next 60 months. Financing the base variant under these conditions will incur Rs 2 lakh in interest during the tenure.

    Tata Nexon Smart Plus MT Petrol
    The ex-showroom price of its second most affordable variant, Nexon Smart Plus Manual Petrol, is Rs 8.90 lakh, which will be approx. Rs 9.98 lakh, on-road. With a Rs 1 lakh down payment, you would need a vehicle loan of Rs 8.98 lakh. At 9% interest rate for a tenure of 5 years, the EMI would be Rs 18,641 for the next 60 months. Financing this variant under these conditions will incur Rs 2.20 lakh rupees in interest during the tenure.

    Tata Nexon
    The Tata Nexon price ranges from Rs 8 lakh to Rs 15.80 lakh, ex-showroom. It is available in dozens of variants with petrol and diesel engine options, and both manual and automatic transmissions. known for its top safety features, it offers mileage between 17.18 kmpl and 24.08 kmpl (claimed).

    Note: Note: This is just for representational purpose. Check with your dealer or bank for the loan and EMI process.

  • THIS Finance Minister Changed The Budget Presentation Timing From 5pm To 11am, Ditching British-Era Practice | Economy News

    New Delhi: Before 1999, the budget used to be revealed at 5 pm on the last working day of February, following a British-era practice. However shifting gears, former Finance Minister Yashwant Sinha shook things up by moving the budget presentation to 11 am in the same year.

    Reports state that the reason behind the change in Budget presentation timing was the time difference between New Delhi and Westminster, United Kingdom. India is 4.5 hours ahead of British Summer Time.

    Sinha, a BJP Stalwart, thought that the switch in timings from evening to morning, would let everyone dive deeper into the numbers and announcements. His idea got the green signal  on February 27, 1999 and for the first time in Independent India’s history, the budget was announced at 11 am.

    Union Budget 2024 To Be Presented On 23 July 2024

    Union Finance Minister Nirmala Sitharaman is set to present the Union Budget for 2024-25 in Parliament tomorrow. With this Budget presentation, Sitharaman is set to surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister. Sitharaman’s upcoming budget speech will be her seventh. 

  • Economic Survey 2023-24 To Be Tabled Today: Know Its Importance And History | Economy News

    New Delhi: Finance Minister Nirmala Sitharaman will table the Economic Survey for 2023-24 in the Lok Sabha on Tuesday soon after President Droupadi Murmu`s Address to both Houses of Parliament.

    The Survey, which is tabled in Parliament by the Finance Minister ahead of the Union Budget, is being prepared by Chief Economic Adviser Anantha Nageswaran, the main architect of the document.
     

    Economic Survey Presentation Timings And Other Details

    The Economic Survey 2023-24 will be presented in Lok Sabha at 1 pm and will be tabled in Rajya Sabha at 2 pm. This will be followed by a press conference by CEA Nageswaran.

    What is Economic Survey and what is its significance?

    The survey, also regarded as the official report card of the union government, gives a roadmap for the country’s economy and spells the way forward. The Economic Survey provides a summary of the annual economic development across the country during the financial year. 

    The annual survey analyses the trends in infrastructure, agricultural and industrial production, employment, prices, exports, imports, money supply, foreign exchange reserves and other factors having an impact on the Indian economy and the Budget.

    The survey also puts out economic growth forecasts, provides justification and detailed reasons why it believes the economy will expand faster or decelerate. Sometimes, it also argues for some specific reform measures.

    History of Economic Survey

    The first economic survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents. In the 1960s, it was separated from the Budget documents and presented day prior to the Union Budget.The most important feature which many will look out for is its central theme. Last year`s central theme was `Agile Approach`, which put emphasis on India`s economic response to the Covid-19 Pandemic shock. The preface of the Economic Survey 2022 stated that the “Agile approach” was based on feedback loops, real-time monitoring of actual outcomes, flexible responses, safety-net buffers and so on.Along with the sectoral chapters, the Survey document also adds new need-based chapters that need focus.

    Union Budget for 2024 to be presented on July 23

    The Budget documents will be available on the Mobile App after the completion of the Budget Speech by the Union Finance Minister in Parliament on 23rd July, 2024.

     

  • Budget 2024: FM Sitharaman To Table Economic Survey In Parliament Tomorrow |10 Key Points | Economy News

    New Delhi: India’s Finance Minister Nirmala Sitharaman will table the Economic Survey in Parliament on Monday, July 22, a day before she unveils the Union Budget for a record seventh time. The upcoming budget aims to address unemployment and other ongoing issues in the country.

    Continuing the trend of the last few years, the 2024 Union Budget will be delivered in a paperless format. Notably, the Budget for the Union Territory of Jammu and Kashmir for 2024 will be presented on July 23, 2024. 

    Here are 10 Key Highlights of the Economic Survey And Budget 2024 You Need to Know

    1. The Economic Survey is made by the Economic Division of the Department of Economic Affairs in the Ministry of Finance.

    2. The first Economic Survey started in 1950-51 and was part of the budget documents. In the 1960s, it was separated from the budget documents and presented the day before the Union Budget.

    3. In 2022, the theme of the Economic Survey was ‘Agile Approach,’ focusing on India’s economic response to the Covid-19 pandemic.

    4. In 2023, the theme was ‘Recovery Complete’ as the economy was recovering during the Russia-Ukraine war and trying to return to pre-Covid conditions.

    5. This year’s Budget will be Prime Minister Narendra Modi-led government’s first major policy announcement after winning a third term in the Lok Sabha elections.

    6. Finance Minister Nirmala Sitharaman will break the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as Finance Minister. She has also surpassed Manmohan Singh, Arun Jaitley, P. Chidambaram, and Yashwant Sinha, who each presented five budgets.

    7. The Reserve Bank of India recently increased the GDP forecast for the current year 2024-25 to 7.2% from 7% earlier. Strong domestic demand has driven the economy to a growth rate of over 7% in recent years.

    8. The International Monetary Fund (IMF) has raised India’s growth forecast for 2024 from 6.8% to 7%, keeping the country as the fastest-growing in emerging markets and developing economies.

    9. For 2023-24, the government set the fiscal deficit target at 5.9% of GDP, later revised to 5.8%.

    10. India is expected to become the world’s third-largest economy with a GDP of USD 5 trillion in the next three years. By 2030, India could become a USD 7 trillion economy. (With Inputs From ANI)

  • Market Valuation of Top 8 Firms Rises by Rs 2.10 Lakh Crore; TCS And LIC AT Forefront | Markets News

    New Delhi: The combined market valuation of eight of the top-10 most valued firms jumped Rs 2,10,330.26 crore in a holiday-shorted last week, with Tata Consultancy Services (TCS) and Life Insurance Corporation of India emerging as the biggest gainers.

    Last week, the BSE benchmark climbed 85.31 points or 0.10 per cent. The 30-share BSE Sensex hit its new all-time high of 81,587.76 on Friday. Stock markets were closed on Wednesday on account of Muharram.

    From the top-10 group, the valuation of TCS zoomed Rs 42,639.16 crore to Rs 15,56,772.61 crore. The market capitalisation (mcap) of Life Insurance Corporation of India (LIC) surged Rs 36,748.23 crore to Rs 7,01,695.24 crore.

    Infosys added Rs 33,569.16 crore, taking its valuation to Rs 7,44,396.43 crore, while State Bank of India’s mcap climbed Rs 26,372.23 crore to Rs 7,93,576.49 crore. Hindustan Unilever’s mcap soared Rs 24,494.49 crore to Rs 6,40,651.30 crore, and that of ITC jumped Rs 19,420.52 crore to Rs 5,92,679.30 crore.

    The market valuation of Bharti Airtel went up by Rs 16,223.03 crore to Rs 8,31,928.39 crore, and that of ICICI Bank climbed Rs 10,863.44 crore to Rs 8,78,531.60 crore. However, the market valuation of Reliance Industries diminished by Rs 56,799.01 crore to Rs 21,03,829.74 crore.

    The mcap of HDFC Bank declined by Rs 13,124.01 crore to Rs 12,22,701.34 crore. In the top-10 table, Reliance Industries retained the title of the most valued firm, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, LIC, Hindustan Unilever and ITC.

  • ITR Filing 2024: You can now file ITR using WhatsApp—Step-by-Step Guide Inside | Personal Finance News

    ITR Filing 2024: Filing your Income Tax Return (ITR) has become easier now. ClearTax, the online tax-filing platform has introduced a new service that allows you to file your ITR using your WhatsApp account. This innovative WhatsApp-based ITR filing solution makes the process more convenient and user-friendly for everyone.

    The service is designed to make tax filing simpler, particularly for over 2 crore gig workers in India who frequently miss out on refunds because the process can be quite complicated. Presently, the service supports ITR 1 and ITR 4 forms which cover most low-income taxpayers. It uses artificial intelligence to offer a smooth, chat-based experience through WhatsApp which makes it easy for a broad range of users to access and use.

    Top Features of the WhatsApp ITR Filing Service:

    – Form Support: Handles ITR 1 and ITR 4 forms.

    – Language Options: Available in 10 languages, including English, Hindi, and Kannada, for wider accessibility.

    – Secure Payments: Complete payments safely within the WhatsApp interface.

    – Convenient Data Submission: Submit information using images, audio, or text for a smoother process.

    – AI Assistance: Get real-time help from an advanced AI bot that guides you through each step.

    – Optimal Tax Savings: AI chooses the best tax regime for you to maximise your potential savings.

    “Our WhatsApp solution addresses a critical gap in tax compliance that has long plagued India’s workforce. We’re not just simplifying tax filing, we’re democratizing financial empowerment. We are making Bharat Aatmanirbhar and financially self reliant. By bringing this service to WhatsApp, we’re meeting people where they are, eliminating technological barriers, and ensuring that millions of hardworking Indians can claim their rightful refunds with just a few taps on their phones.” Archit Gupta, founder and CEO of ClearTax, said.//

    “This isn’t just about convenience – it’s about financial justice and inclusion. We’re proud to be at the forefront of this transformative approach to tax filing, one that has the potential to put money back into the pockets of those who need it most,” he further added.

    How to File Your ITR Using This Service

    – Start Chatting: Save the ClearTax WhatsApp number and send “Hi” to begin.

    – Select Language: Choose from 10 available languages like English, Hindi, and Kannada.

    – Enter Details: Provide your PAN, Aadhaar, and bank account information when asked.

    – Upload Documents: Send your documents via images, audio, or text messages.

    – Follow AI Guidance: Use the AI bot to guide you through completing your ITR 1 or ITR 4 forms.

    – Review Information: Check the pre-filled form, make any edits needed, and confirm your details.

    – Make Payment: Complete your payment securely through WhatsApp.

    – Get Confirmation: Receive a confirmation message with your acknowledgment number after submission.//

  • HDFC Bank Posts 35 Per Cent Rise In YoY Profit; 2 Per Cent Dip From Last Quarter Of FY24 | Markets News

    New Delhi: Banking giant HDFC bank posted a standalone net profit of Rs 16,175 crore, climbing 35.3 per cent on a Year-On-Year (YoY) basis in the first quarter of Financial year (FY) 2025, as per the financial statement filed by the company with the stock exchanges on Saturday.

    The lender in the same period last year had reported a net profit of Rs 11952 crore. However, the net profit in the first quarter of FY 25 has dropped 2 per cent to Rs 16,511.85 crore, as compared to Rs 16512 crore in the fourth quarter of financial year 2024.

    The bank’s net interest income (NII) rose to 2.6 per cent quarter-on-quarter to Rs 29,837 crore. Net Interest Income (NII) is the difference between the revenue generated from a bank’s interest-bearing assets and expenses incurred while paying its interest-bearing liabilities. 

    The bank had reported Rs 29,078 crore in the March period.The net non-performing asset (NPA) of the bank upped 17.5 per cent sequentially. It stood at Rs 9508.4 crore in the first quarter of FY 25 as compared to Rs 8.091.7 crore in the fourth quarter of last year.

    The gross NPA of the bank also rose by 6 per cent quarter on quarter to Rs 33,026 crore in the June quarter, as compared to Rs 31,173 crore in the preceding March quarter of FY 2024.The bank had reported a 37 per cent YoY jump in the net profit at Rs 16,511 crore in the March quarter. 

    The net interest income had grown by 29 per cent YoY to Rs 29,077 crore.In the last trading session on Friday this week, the HDFC Banks stocks ended in red territory as they lasted 0.46 per cent lower at Rs 1607 apiece on the National Stock Exchange (NSE).The bank’s stocks have seen a decline of around 1.4 per cent over the past five trading sessions. However the the stocks of the bank have performed well rising 12.45 per cent in the last six months. 

  • Microsoft Outage Hits Some Sectors In India—Find Out Which Were Affected | Technology News

    Microsoft Outage: Microsoft software outage caused global disruptions on July 19, impacting travel and market operations. The issues began in the United States late Thursday and were linked to  failures in Microsoft services such as Azure and Office 365.

    The LSE Group, which runs the London Stock Exchange, reported a global technical issue that stopped news from being published. Sky News also went off the air temporarily. In the United States, 911 services were disrupted and major airlines like American, Delta, and United had to ground flights. (Also Read: Microsoft Outage: Chaos Continue At Delhi Airport – DigiYatra Down, IndiGo Faces Long Queues)

    CrowdStrike founder and CEO George Kurtz apologised and revealed that a software bug in the recent system update caused the issue. (Also Read: Airport Systems Working Normally: Aviation Ministry On Microsoft Outage)

    Here’s a look at how the outage impacted different sectors in India:

    Affected sectors:

    – Check-In Glitch Delays Flights in India: Check-in systems at airports such as Mumbai, Delhi, and Bengaluru were down. This glitch impacted airlines like IndiGo, Akasa, and SpiceJet, leading to delays for many domestic flights.

    – Corporate Disruptions: Due to the tech outage, Microsoft Teams, Windows 365, and OneDrive were down, causing disruptions for Windows users in India.

    – Banks: RBI Reports Limited Impact from Outage. According to the Reserve Bank of India (RBI), the outage affected only 10 banks and non-banking financial companies (NBFCs).

    Unaffected Sectors

    – Stock Market: Indian Exchanges Unaffected
    The Indian stock exchanges were not affected by the global outage. However, trading platforms like IIFL Securities, Angel One, and 5Paisa reported issues, and traders at Edelweiss MF, Nuvama, and Motilal Oswal also experienced difficulties.

    – Mutual Funds: Major Indian asset management companies, including SBI MF, ICICI Prudential MF, Aditya Birla Sun Life MF, Axis MF, Zerodha MF, Nippon India MF, and Bandhan MF, were not impacted by the Microsoft outage.

    – Income Tax Department: Portal Remains Stable Amid Outage

    The Income Tax Department’s portal did not experience any major disruptions during the outage.

  • Microsoft Outage: IndiGo Issues Handwritten Boarding Passes, Passenger’s Post Goes Viral | Companies News

    New Delhi: After a global outage affecting Microsoft’s cloud services, airports across India are facing unexpected flight delays. Passengers have taken to social media to share their experiences, posting images of handwritten boarding passes being issued due to the disruption. This unforeseen issue has caused several inconveniences for travellers nationwide.

    In response to the outage, IndiGo has started using handwritten boarding passes to keep flights running smoothly. Akshay Kothari, a passenger at Hyderabad’s Rajiv Gandhi International Airport, shared his experience on X (formerly Twitter).

    The Microsoft / CrowdStrike outage has taken down most airports in India. I got my first hand-written boarding pass today  pic.twitter.com/xsdnq1Pgjr
    — Akshay Kothari (@akothari) July 19, 2024

    “The Microsoft/CrowdStrike outage has taken down most airports in India. I got my first handwritten boarding pass today,” he shared a photo of his manually issued boarding pass along with his post.

    The switch from digital systems sparked a variety of responses on social media. One comment noted, “Wow back to pen paper.” Another remarked, “Sometimes, the old-school way is still the best when technology lets us down.”

    Indigo’s Response

    #6ETravelAdvisory : As systems are impacted globally due to ongoing issues with Microsoft Azure, we kindly request you to refrain from making multiple booking attempts during this time. We are working closely with Microsoft to resolve the issue and appreciate your patience.
    — IndiGo (@IndiGo6E) July 19, 2024

    Hi, we’re facing a network-wide issue with Microsoft Azure, causing delays at airports. Check-ins may be slower and queues longer. Our Digital team is working with Microsoft to resolve this swiftly. For assistance, please reach out to our on-ground team. Thanks for your patience.
    — IndiGo (@IndiGo6E) July 19, 2024

    IndiGo issued a statement addressing the widespread disruption. “Our systems across the network are impacted by an ongoing issue with Microsoft Azure, resulting in increased wait times at our contact centres and airports,” the airline said. They advised passengers to expect slower check-ins and longer queues and urged those travelling within the next 24 hours to contact them only if necessary.

    The outage also impacted other airlines, including Air India, Vistara, and SpiceJet, leading to flight cancellations and delays.

    Response from Government and Industry

    Indian Union Minister Ashwini Vaishnaw confirmed that the IT ministry is working with Microsoft to resolve the outage. He stated, “MEITY is in touch with Microsoft and its associates regarding the global outage. NIC network is not affected.”

    MEITY is in touch with Microsoft and its associates regarding the global outage.

    The reason for this outage has been identified and updates have been released to resolve the issue.

    CERT is issuing a technical advisory.

    NIC network is not affected.
    — Ashwini Vaishnaw (@AshwiniVaishnaw) July 19, 2024

  • Traffic Police Pull You Over? Don’t Be A Sitting Duck! Know Your Rights | Auto News

    Common Man’s Rights When Traffic Police Pull You Over: Have you ever been stopped by traffic police? You probably have. The traffic police ensure smooth traffic flow and make sure that traffic rules are followed on the road. Traffic police often conduct checks at various locations and issue challans to vehicles that violate traffic rules. Here are the rights you have if you are stopped by traffic police.

    Identity Card: If the traffic police stop your vehicle, you can ask to see their identification if they are not wearing it. If they refuse to show their IDs, you can decline to show your car documents.

    Driving License: You need to show your driving license if asked, as per section 130 of the Motor Vehicles Act, 1988. However, you can refuse to hand it over to the officer if you do not want to.

    Receipt For Document Confiscation: If the traffic police take your driving license, car insurance, or other documents, ask for a receipt. The police must issue a receipt for any confiscated documents.

    Objection To Towing: If someone is in the car, you can object to it being towed. The police cannot tow a car with someone inside.

    Case Of Harassment: If you feel harassed unnecessarily by the traffic police, you can file a complaint to the authorities. You have the right to do so.

    Challan: You can refuse a challan if the traffic officer does not have an e-challan generator or a valid government-issued challan book.

    Use Of Force: You have the right to stay in your vehicle. The traffic police cannot force you out of your car or take your keys from the ignition.