The World Opinion

Category: Economy

  • India’s Net Direct Tax Collections Up By 18.35% To Almost Rs 11.26 Lakh Crore In April-Oct | Economy News

    New Delhi: India’s net direct tax collection for the financial year 2024-25 has seen a significant surge, with an increase of 18.35  per cent to almost Rs 11.26 lakh crore year on year, as of 10 October, the data from the Central Board of Direct Taxes (CBDT) shows.

    The gross collection of direct tax grew 22.30 per cent to Rs 13.57 lakh crore year on year, as of 10 October, the data shows. The refund amounting to Rs 2.31 lakh crore released during the period. The refund amount saw a growth of 46 per cent.

    The data indicates that the key contributor in the collections is a major uptick in the Securities Transaction Tax (STT), which almost doubled to Rs 30,630 crore from Rs 16,373 crore in 2023 during this period.

    The collections STT indicates the increased investor exposure in the equity markets. Securities Transaction Tax is a tax payable in India on the value of securities transacted through a recognized stock exchange.

    Going further, the data indicates that tax collections from the corporate tax also increased significantly reaching at 6.11 crore, in the FY 2024-25 compared to last years’ Rs 5.11 crore. As per the data, gross personal income tax collections rose to Rs 7.13 lakh crore from Rs 5.79 lakh crore, while the net collection stood at  5.98 lakh crores.

    As per the figures released in September, the direct tax net collection for the financial year 2024-25 has seen a significant surge, with an increase of 21.48 per cent. Direct tax, a type of tax imposed directly on individuals and entities based on their income or wealth, includes categories such as corporate tax, income tax, and securities tax. Overall, the direct tax collections for FY 2024-25 showed a positive growth trajectory across various tax categories. 

  • Big Boy Toyz Launches E-Commerce Platform For Pre-Owned Luxury Cars | Auto News

    Big Boy Toyz: The pre-owned luxury car market in India has witnessed remarkable growth over the past five years, with the market size expanding at a rate of 15% per annum. Tapping the opportunity and expanding its business, Big Boy Toyz (BBT) has announced the launch of Cars [dot] co [dot] in (CCI), claimed to be India’s first full-stack online platform for buying and selling luxury cars.

    “The platform offers a vast inventory of luxury cars to help consumers make informed choices from the comfort of their homes. A user-friendly platform, cars.co.in, ensures the highest standards of quality, paperwork, and complete transparency,” Big Boy Toyz said in a release.

    It further reads, “With fast-tracked delivery options, it ensures delivery of cars at the consumer’s doorstep, anywhere in the country. It allows car owners to get the best value for their cars by eliminating the heavy expenses incurred by traditional car dealers.”

    “These expenses typically come in the form of big infrastructure costs, interest costs related to inventory, and the risk of holding inventory—eating into more than 50% of the profit made on a single car. By cutting down on these expenses, CCI is able to pass on the price benefit to the car seller,” it added.

    Commenting on the development, Jatin Ahuja, Founder & CEO of Big Boy Toyz said, “Since 68% of our buyers book cars online without seeing them, the advent of Cars.co.in is a natural progression for BBT, and I truly believe CCI will be bigger than BBT in no time, becoming India’s go-to platform for pre-owned luxury cars.”

    Kunal Maini, CEO of Cars.co.in added, “Cars.co.in is India’s only full-fledged e-commerce platform that supports not just car owners, but also used car dealers and OEM car dealerships to sell their used cars.”

  • India’s Pharma, Meditech Exports Rise To 4th Largest In FY25, Despite Global Slowdown | Economy News

    New Delhi: Exports of pharmaceutical and meditech sectors in India are expected to continue to grow despite global slowdown concerns, according to Arunish Chawla, Secretary, Department of Pharmaceuticals. With 16 blockbuster drugs in the pipeline — for cancer, diabetes, HIV and tuberculosis, the exports in these sectors have become the fourth-largest in the country in the last fiscal.

    Amid global slowdown concerns, the sector is experiencing double-digit growth, supported by government efforts and the Production Linked Incentive (PLI) scheme, the Secretary told reporters at the CII Pharma and Life Sciences summit.

    The 16 drugs to be produced in India are part of a larger list of 25 molecules which are going off-patent in the next few years. Chawla said that exports of the Indian pharmaceuticals, biotech, and bulk drug exports have grown by double-digit in 2023. Further, he noted that India became export-oriented in the consumables and surgical industry, last year.

    This year the country is becoming a “rising power” in imaging devices, body implants, and in-vitro diagnostics. Chawla said the government has conducted “studies and applied research to identify blockbuster molecules and blockbuster drugs in the traditional pharma space and in the new rising biotech and biosimilar space”.

    He further said that the 16 drugs in the pipeline are in various stages of “approvals and manufacturing licences”. The Secretary stated that the Indian companies developing these drugs “are taking help from the PLI scheme”.

    The incentives provided will help in the development of research, clinical trials and approvals for these blockbuster molecules. Chawla also noted that the Drugs Controller General of India (DCGI) has already granted approvals to some of the molecules.

  • World Bank Raises India’s Growth Outlook For FY25 To 7% From 6.6% | Economy News

    New Delhi: The World Bank has raised India’s economic growth forecast from 6.6 per cent to 7 per cent for the financial year 2024-25 citing the growth of agriculture output and policies as a major factor contributing to the employment growth in the economy.

    “Growth in India is projected to reach 7.0 per cent in FY24/25 with larger-than-expected agricultural output and policies to foster employment growth contributing to strong private consumption growth,” the World Bank added in its South Asia’s Growth forecast report released on October 10.

    Many global rating agencies and multilateral organisations have also revised their growth forecasts for India upward. In July, the International Monetary Fund (IMF) has raised India’s growth projections for 2024 from 6.8 per cent to 7 per cent, reinforcing the country’s status as the fastest-growing economy among emerging markets and developing economies.

    The Asian Development Bank (ADB) in September last month forecasted India’s economic growth at 7 per cent for the financial year FY2024 and 7.2 per cent for FY2025. ADB reiterated that India’s economic growth will remain robust.

    ADB, in its September edition of Asian Development Outlook (ADO), highlighted that an above-average monsoon in most parts of the country will lead to strong agricultural growth, enhancing the rural economy in FY2024.

    In its earlier revision, the world financing body had attributed robustness and strength in domestic demand and a rising working-age population behind its growth projections. Going further, the global body added that the growth in South Asia is expected to increase to 6.4 percent this year, exceeding earlier projections and keeping the region on track to be the fastest-growing in the world.

    Separately, the Reserve Bank of India (RBI) in its monetary policy on October 9, reiterated and projected India’s GDP growth rate for FY25 at 7.2 per cent. According to RBI Governor Shaktikanta Das, growth for the fiscal year will be supported by robust quarterly performances. 

  • Who Is Shantanu Naidu? All About Ratan Tata’s Assistant, His Net Worth; They First Met At… | Economy News

    Ratan Tata, the former chairman of Tata Sons and one of the beloved industrialists passed away on Wednesday. Shantanu Naidu forged a remarkable bond with the late billionaire industrialists, bridging their age differences and merging boomer and millennial perspectives. Shantanu serves as both his personal assistant and the general manager of his business. You’ll be shocked by his net worth at such a young age.

    Who Is Shantanu Naidu?

    Shantanu’s works for the Tata Group as the general manager of Ratan Tata’s office, as per his LinkedIn page. He started working with Ratan Tata in May of 2022. Additionally, he is the owner of Goodfellows, a business dedicated to providing comprehensive support for the elderly in their final years. His company is reportedly valued at Rs 5 crore.

    How Ratan Tata And Shantanu Naidu Met?

    Accoring to the reports, Shantanu caught Ratan Tata’s attention while providing food for stray dogs through his NGO. Ratan Tata was so impressed that he hired him as his general manager and invested in his project to care for stray dogs. 

    Ratan Tata, a prominent Indian industrialist and philanthropist, played a key role in transforming the Tata Group into a global powerhouse. Renowned for his visionary leadership and ethical values, he is highly respected in both the business world and society for his commitment to social issues.

  • Ratan Tata No More: Did You Know The Industrialist Actually Came Close To Getting Married 4 Times? | Economy News

    New Delhi: Ratan Tata, the Chairman Emeritus of Tata Sons, passed away at the Breach Candy Hospital following age-related health conditions late on Wednesday. He was 86.

    The bachelor industrialist had couple of years ago revealed that he fell in love and wanted to get married. He came close to getting married not once, but four times. But in the hindsight, Tata believes that it was not a bad thing to remain unmarried and the situation would have been more complex had he got married.

    Tata had said in an interview on CNN International’s Talk Asia programme in 2011 said, “When you asked whether I’d ever been in love, I came seriously close to getting married four times and each time it got close to there and I guess I backed off in fear of one reason or another”.

    He replied in the affirmative when asked whether he had ever been in love. When asked how many times, he replied, “seriously, four times.”

    Asked to speak more about his love life, Tata said: “Well, you know one was probably the most serious was when I was working in the US and the only reason we didn’t get married was that I came back to India and she was to follow me…

    “… and that was the year of the, if you like, the Indo-Chinese conflict and in true American fashion this conflict in the Himalayas, in the snowy, uninhabited part of the Himalayas was seen in the United States as a major war between India and China and so, she didn’t come and finally got married in the US thereafter.”

    Asked why he never got married, Tata said: “Each of the occasions (the four times he was close to getting married, but did not) were different, but in hindsight when I look at the people involved; it wasn’t a bad thing what I did. I think it may have been more complex had the marriage taken place.”

    Asked whether any of the people he was in love with were still in the city, he replied in the affirmative, but declined to speak any further on the matter.

    “Oh, well I’d certainly because of the people that are here, of course this may be aired in the US, so I’d be in trouble, whatever I do, so I think I’d better stop here,” he added.

    With Agency inputs

     

  • DigiLocker Partners UMANG App For Seamless Access To Government Services | Economy News

    New Delhi: The Centre on Wednesday announced the integration of the UMANG app with nation’s digital wallet DigiLocker, that will allow users to manage multiple services through a single platform.  The collaboration aims to provide citizens with seamless access to a wide range of government services bringing greater convenience, according to National e-Governance Division (NeGD).

    The UMANG app is accessible to all Android users with an expansion to iOS in the pipeline. “Now, with just a few easy steps, these services can be accessed through the DigiLocker app as well,” said the IT Ministry. To use this, update your DigiLocker app to the latest version, open the DigiLocker app on your Android device, click on the UMANG icon within the DigiLocker app, install the UMANG app when prompted and access a variety of government services in the DigiLocker app.

    DigiLocker has always been a pioneer in simplifying access to personal and official documents, and after integration with UMANG, it has expanded the range of services you can access on the go, said the ministry. By integrating with e-governance services such as UMANG, DigiLocker further is committed to further enhance accessibility and ease of living.

    DigiLocker is a secure, Cloud-based platform for storage, sharing and verification of documents and certificates. The online service offers authentic documents which are legally at par with originals; digital document exchange with the consent of the citizen and faster service delivery across government benefits, employment, financial inclusion, education and health.

    The issued documents in DigiLocker system are deemed to be at par with original physical documents as per Rule 9A of the Information Technology (Preservation and Retention of Information by Intermediaries providing Digital Locker facilities) Rules, 2016.

  • 7th Pay Commission: Will Centre Announce Dearness Allowance Increase For Govt Employees Today? All Eyes On Union Cabinet Meeting | Personal Finance News

    New Delhi: The central government is likely to bring good news for its employees and pensioners with an expected hike in Dearness Allowance (DA) and Dearness Relief (DR) after the upcoming Cabinet meeting on Wednesday, according to reports. While DA benefits are for serving employees, pensioners receive DR.  These allowances are typically revised twice a year, in January and July, with announcements made later.

    In March, the government announced a 4 per cent increase in DA, effective from January 2024. Currently, both central government employees and pensioners receive 50 per cent of their basic salary or pension as DA and DR, respectively.

    The Union Cabinet, led by Prime Minister Narendra Modi is expected to meet today where a decision on further increasing the DA may be made, though no official confirmation has been given yet. If the DA and DR hike is announced, it will benefit around 1.15 crore central government employees and pensioners. It will also offer much-needed financial relief as living costs continue to rise.

    What is DA?

    Dearness Allowance (DA) is a portion of an employee’s basic salary which is provided to help offset the impact of inflation. It’s adjusted every six months to keep up with the rising cost of living, giving government employees some relief from increasing prices.

    DA for central government employees is calculated as follows:

    Dearness Allowance (DA) hikes are based on the average All India Consumer Price Index (CPI-IW) for industrial workers, which reflects changes in the cost of living. Typically, these revisions happen twice a year, on January 1 and July 1.

    The DA for central government employees is calculated using this formula: DA% = [(12-month average of AICPI (Base Year 2001 = 100) – 115.76) / 115.76] x 100.

    This calculation helps determine how much of a DA increase employees will receive, based on inflation trends.

  • Gross Enrolments Under Atal Pension Yojana Cross 7 Crore Mark, With Over With Over 56 Lakh Enrolments In Current Financial Year 2024-25 | Personal Finance News

    New Delhi: The total gross enrolments under the Atal Pension Yojana (APY) have crossed 7 crore, with an enrolment of over 56 lakh in the current Financial Year 2024-25, said an official release.

    The scheme is in its 10th year of rollout, and has achieved a big milestone by bringing in the most vulnerable sections of society under the coverage of pension has been made possible with the untiring efforts of all the Banks and SLBCs/UTLBCs, Ministry of Finance said.

    “The Pension Fund and Regulatory Development Authority (PFRDA), in the recent past, has taken several initiatives for awareness creation of the scheme i.e., conducting APY Outreach Programmes at State and District levels, organising awareness and training programmes, publicity through various media channels, releasing a one-pager simple APY flyer/handout in Hindi, English, and 21 regional languages, and regular performance review,” it added.

    APY has been designed in such a way that it provides Sampurna Suraksha Kavach to not only the subscriber by providing a life-long defined and guaranteed pension amount, but also to the spouse by providing the same pension amount after the demise of the subscriber and then to the family by returning the entire corpus (accumulated till the age of 60 years) to the nominee after the death of the subscriber and spouse.

    The APY is a flagship social security scheme of the Government of India, was launched on 9th May 2015 with an aim to create a universal social security system for all Indians, especially the poor, the underprivileged and the workers in the unorganised sector.

  • Not Applying For Benefits Under India’s New EV Policy In Short Term: BYD | Auto News

    Chinese electric vehicle maker BYD is not ready to apply for benefits in the short term under India’s new EV policy announced earlier this year that seeks to attract global manufacturers to the country, a senior company official said on Tuesday. The company, which launched its new all-electric multipurpose vehicle eMAX 7 priced between Rs 26.9 lakh and Rs 29.9 lakh, is looking at the homologation route in the short term to meet the demands of its high-volume models in India, BYD India Head of Electric Passenger Vehicles Business Rajeev Chauhan said.

    “Representatives of our company, who have a good idea about that policy went in, went through that. The final conclusion… is that we have decided that, no, we are not ready to implement this policy in the short term. So, we are not applying,” he said when asked if BYD was looking to apply for benefits under the new EV policy in India.

    Chauhan said having a manufacturing plant gives some advantages, but BYD India is not there yet. “We are, I can confidently say that in the short term, we are not doing that,” he said while declining to comment on the challenges due to geopolitics between India and China.

    In March this year, the government announced the new electric vehicle policy to attract major global players like Tesla, allowing them to import a limited number of cars at lower customs/import duty of 15 per cent on vehicles costing $35,000 and above for a period of five years from the date of issuance of the approval letter by the government.

    Under the policy, the approved applicants will have to set up manufacturing facilities in India with a minimum investment of Rs 4,150 crore ($500 million) for the manufacturing of e-4W (electric four-wheelers) and provide a bank guarantee.

    The manufacturing facilities will have to be made operational within a period of 3 years from the date of the issuance of the approval letter by the Ministry of Heavy Industries and achieve a minimum DVA (domestic value addition) of 25 per cent within the same period, and increase it to 50 per cent in five years.

    According to the policy, the companies will be allowed to import CBUs of e-4W manufactured by them at a reduced customs duty of 15 per cent, subject to the conditions. The maximum number of e-4W allowed to be imported at the reduced duty rate will be capped at 8,000 units per year. The carryover of unutilised annual import limits would be permitted.

    Explaining the short term strategy for BYD India, he said, “We would really explore the market, for the gaps, for the opportunities, and wherever we feel that the opportunity is exceeding the quota, which is set by the government. We are taking the homologation (route) and we are applying for it.” 

    Homologation is the process of certifying vehicles for roadworthiness under rules specified by the government for all vehicles made or imported into the country through a certified agency.

    BYD India is importing its new eMAX 7 and SEAL sedan under the Economic Commission for Europe (ECE) vehicle certification. It puts a cap on the total number of vehicles allowed to be imported to 2,500 units.

    He further said, “So, the short-term strategy would not call for a manufacturing investment, and for that, we have to wait.”