Category: Business & Economics

Union Budget: Indian Startup Ecosystem Welcomes Abolition of Angel Tax

Manish Kumar

New Delhi: The Indian startup ecosystem on Tuesday hailed the Union Budget 2024 for abolishing angel tax — the tax imposed on funds raised by startups from angel investors — for all classes of financiers. Union Finance Minister Nirmala Sitharaman, in her budget speech, said that the move was aimed at bolstering the Indian startup ecosystem, boosting the entrepreneurial spirit, and supporting innovation. “The removal of angel tax is great news for early-stage startups and shows the government’s support for startup funding. The focus on creating jobs, developing skills, supporting MSMEs,…

US Stock Market Plunges After Tesla and Alphabet Quarterly Results

Manish Kumar

On Wednesday, U.S. stock indexes experienced their worst losses since 2022, triggered by quarterly profit reports from Tesla and Alphabet. These reports dampened Wall Street’s enthusiasm for artificial intelligence technology, leading to significant declines across major indexes. Major Index Drops Nasdaq Composite: The Nasdaq Composite recorded its largest single-day percentage drop since October 2022, closing at its lowest level since June 10. The index fell by 654.94 points, or 3.64%, to 17,342.41. Dow Jones Industrial Average: The Dow Jones Industrial Average dropped by 504.22 points, or 1.25%, closing at 39,853.87.…

India to Simplify GST Rate Regime in Coming Months

Manish Kumar

India plans to streamline its Goods and Services Tax (GST) rate structure in the upcoming months, according to Sanjay Agarwal, chairman of the Central Board of Indirect Taxes and Customs (CBIC). “Too many rates in goods and services tax are leading to classification disputes, and that needs to be resolved,” Agarwal stated in an interview on Wednesday. He emphasized the necessity of addressing these issues to enhance the efficiency of the tax system. The government is considering a reduction in the number of GST slabs from the current four to…

India Secures Strategic Terminal at Bangladesh’s Mongla Port, Outmanoeuvring China

Manish Kumar

India has clinched the rights to operate a terminal at Bangladesh’s Mongla port, situated in the Indian Ocean. This is a significant boost for India’s maritime strategy, particularly as it seeks to counter China’s expanding influence in the region. Previously, India secured rights to the Chabahar port in Iran and the Sittwe port in Myanmar. China has made substantial investments in port infrastructure from Gwadar in Pakistan to Djibouti in East Africa. Despite previous efforts, India’s progress with Chabahar and Sittwe has been slow, primarily due to geopolitical and security…

Budget 2024: India to Enhance Nuclear Energy Capabilities with Bharat Small Reactors

Manish Kumar

This strategic shift aims to make nuclear energy a substantial component It’s a departure from traditional large-scale nuclear plants It is aimed at offering more flexible and cost-effective nuclear power solutions In a significant move to diversify India’s energy portfolio, Finance Minister Nirmala Sitharaman unveiled major initiatives for nuclear energy development in the Union Budget 2024. The government plans to collaborate with the private sector to establish Bharat Small Reactors and advance research on small modular reactors and innovative nuclear technologies. Strategic Shift in Nuclear Energy This strategic initiative aims…

Revised Income Tax Slabs and Increased Standard Deduction in Budget 2024

Manish Kumar

In the first budget of the Modi 3.0 government, Finance Minister Nirmala Sitharaman announced significant changes to income tax slabs and standard deductions aimed at providing relief to taxpayers. The revised tax structure and deductions are expected to result in substantial savings for individuals, particularly benefiting the middle class. Revised Income Tax Slabs The new income tax slabs introduced in the Union Budget 2024-25 are as follows: Income up to Rs 3 lakh: Nil Income between Rs 3 lakh to Rs 7 lakh: 5% Income between Rs 7 lakh to…

Major Boosts for Andhra Pradesh and Bihar: Budget 2024-25 Unveiled

Manish Kumar

Finance Minister Nirmala Sitharaman presented her seventh consecutive budget on Tuesday for the fiscal year 2024-25, marking a significant moment with major announcements for Andhra Pradesh and Bihar. The budget includes substantial investments in infrastructure, education, agriculture, and youth employment, aiming to drive economic growth and development across these states. Andhra Pradesh Capital Development A landmark announcement was made for Andhra Pradesh, with the government pledging Rs 15,000 crore for the development of the state capital. This special financial support aims to transform the capital into a thriving hub of…

Modernizing Tradition: How Nirmala Sitharaman Revolutionized Budget Presentation; Briefcase to tablet

Manish Kumar

For decades, India’s finance ministers carried a briefcase to present the budget. This practice, rooted in British tradition, symbolized the weight and significance of the financial exercise. However, Finance Minister Nirmala Sitharaman broke this long-standing tradition in 2019 with a bahi khata and further modernized it with a tablet in 2021. As she prepares to present her seventh consecutive budget on July 23, let’s delve into the evolution of budget presentation under her tenure. The Legacy of the Briefcase The term “Budget” originates from the French word “Bougette,” meaning leather…

Indian Economy Demonstrates Resilience Amid Global Challenges: Economic Survey 2023-24

Manish Kumar

The Indian economy showcases remarkable resilience and stability despite global geopolitical challenges, according to the Economic Survey 2023-24. Presenting the 476-page survey in the Indian Parliament on July 22, Finance Minister Nirmala Sitharaman highlighted the successful consolidation of India’s post-Covid recovery. Role of Fiscal and Monetary Policies The survey credits both fiscal and monetary policymakers for playing crucial roles in ensuring economic and financial stability. These efforts have contributed significantly to the continued economic expansion of the country. However, it warns that global market volatility means constant change for a…

Budget 2024: Will Finance Minister Nirmala Sitharaman Restore Railway Fare Concessions for Senior Citizens?

Manish Kumar

As Finance Minister Nirmala Sitharaman prepares to present the first budget of the Modi 3.0 government on July 23, there is growing anticipation among various sectors. Among the hopefuls are senior citizens eagerly awaiting the potential restoration of discounts on train tickets—a benefit that was discontinued with the onset of the COVID-19 pandemic. Historical Context of Concessions Before March 2020, senior citizens in India enjoyed significant discounts on train travel. Women senior citizens were eligible for a 50% discount, while male and transgender senior citizens received a 40% discount on…