Category: Business & Economics

PM Modi Flags Off Three New Vande Bharat Trains, Says ‘Faster Growth of Southern States Crucial’

Manish Kumar

Prime Minister Narendra Modi inaugurated three new Vande Bharat trains via video conferencing on August 31, enhancing connectivity across Uttar Pradesh, Tamil Nadu, and Karnataka. The Ministry of Railways highlighted the significance of these state-of-the-art trains in promoting faster, more comfortable travel, aligning with India’s ‘Make in India’ and Aatmanirbhar Bharat initiatives. The newly launched Vande Bharat trains will operate on the following routes: Meerut City-Lucknow, Madurai-Bengaluru, and Chennai Egmore-Nagercoil. During the inauguration, PM Modi emphasized the importance of these trains in enhancing connectivity to key religious and economic hubs.…

Reliance AGM 2024: Mukesh Ambani Announces Possible Bonus Shares and New Targets

Manish Kumar

At the Reliance Industries AGM 2024, Chairman Mukesh Ambani highlighted the company’s ongoing commitment to contributing to India’s growth and outlined ambitious future targets. Ambani revealed that Reliance will consider issuing bonus shares in a 1:1 ratio during a board meeting scheduled for September 5, 2024. Key Highlights from the AGM: Bonus Shares Proposal: Mukesh Ambani announced that Reliance will hold a board meeting on September 5 to deliberate on issuing bonus shares at a 1:1 ratio, which means shareholders could receive one additional share for every share they currently…

EPFO Wage Ceiling Revision Likely Soon: Finance Ministry Receives Proposal from Labour Ministry

Manish Kumar

The Union Finance Ministry is expected to make a decision soon on a proposal from the Labour Ministry recommending an increase in the wage ceiling for calculating provident fund and pension contributions under the Employees’ Provident Fund Organisation (EPFO). The proposed revision suggests raising the wage ceiling from the current ₹15,000 to ₹21,000. Background of the Proposal The existing wage ceiling of ₹15,000 for EPF and EPS contributions has been in place since September 1, 2014. The proposal to increase this ceiling was sent to the Finance Ministry in April,…

Income Tax Department Intensifies Crackdown on Suspected Evasion, Targets ₹15,000 Crore

Manish Kumar

Massive Reopening Notices Issued The Income Tax Department has escalated its efforts to curb tax evasion, issuing 10,000 reopening notices to companies and individuals across major cities. These notices seek explanations for discrepancies in reported incomes, particularly focusing on the 2018-19 assessment year. The department’s action is part of a larger initiative directed by the Central Board of Direct Taxes (CBDT) to monitor rampant cash transactions in sectors such as hotels, luxury brand sales, hospitals, and IVF clinics. Targeting Suspected Undisclosed Income The reopening notices must be issued by August…

Sebi Imposes 5-Year Trading Ban on Anil Ambani, Slaps ₹25 Crore Fine

Manish Kumar

Sebi bars Anil Ambani, 24 entities for 5 years Ambani fined Rs 25 crore, banned from securities market Reliance Home Finance barred for 6 months, fined Rs 6 lakh The Securities and Exchange Board of India (Sebi) has taken stringent action against industrialist Anil Ambani, imposing a five-year trading ban and a ₹25 crore fine. This decision, which also impacts 24 other entities including key former officials of Reliance Home Finance Ltd (RHFL), comes after a detailed investigation into the diversion of funds from the company. Sebi’s ruling not only…

Piyush Goyal Criticizes Rapid Growth of E-commerce in India, Raises Concerns Over Impact on Small Retailers

Manish Kumar

Union Commerce Minister Piyush Goyal recently voiced strong concerns about the rapid expansion of e-commerce in India, particularly focusing on the practices of major players like Amazon. Speaking at the release of a report titled “Net Impact of E-Commerce on Employment and Consumer Welfare in India,” Goyal questioned the sustainability of e-commerce’s growth and its long-term implications for the Indian economy and society. Amazon’s Investments: Covering Losses, Not Supporting Growth Goyal specifically targeted Amazon, questioning the narrative surrounding its billion-dollar investments in India. He suggested that these investments are less…

Top Global Ranking for RBI Governor: A Testament to Shaktikanta Das’s Leadership

Manish Kumar

Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), has once again been recognized as the top central banker globally, marking his second consecutive year of receiving this prestigious honor. This remarkable achievement, awarded by the US-based Global Finance magazine, underscores Das’s exemplary leadership at the helm of India’s central bank. Prime Minister Narendra Modi took to social media to extend his congratulations, highlighting the significance of this recognition as a testament to Das’s contributions to economic growth and stability in India. The Significance of the Global Ranking…

Adani Power Moves to Acquire Reliance Power’s Butibori Plant in Rs 3,000 Crore Strategic Deal

Manish Kumar

Adani Power Ltd has entered into discussions to acquire the 600 MW Butibori thermal power project in Nagpur, previously owned by the now-insolvent Reliance Power Ltd, part of Anil Ambani’s business empire. The deal, valued between Rs 2,400 crore and Rs 3,000 crore, reflects Adani Power’s strategic move to strengthen its position as India’s leading private thermal power producer. Deal Valuation and Strategic Fit The Butibori plant, operated by Vidarbha Industries Power Ltd, was initially valued at around Rs 6,000 crore. However, due to the current halt in power generation,…

President Murmu to Address Nation on Independence Day Eve

Manish Kumar

President Droupadi Murmu is set to address the nation on Wednesday, August 14th, on the eve of India’s 78th Independence Day. The Rashtrapati Bhavan announced that the address will be broadcasted at 7 PM across the entire national network of Akashvani (All India Radio) and telecasted on all channels of Doordarshan. The President’s speech will first be aired in Hindi, followed by an English version. After the national broadcast, Doordarshan’s regional channels will telecast the address in various regional languages. Similarly, Akashvani will broadcast the regional language versions at 9:30…

Adani Group, SEBI Chief, and Industry Leaders Respond to Hindenburg Research Claims

Manish Kumar

Adani Group Rejects Allegations The Adani Group has firmly rejected the latest allegations made by Hindenburg Research, labeling them as “malicious, mischievous, and manipulative” distortions of publicly available information. In a statement filed with the stock exchange, the Adani Group denounced the claims as a recycling of previously discredited allegations that have been thoroughly investigated and dismissed by the Supreme Court of India in January 2024. The group criticized Hindenburg as a “discredited short-seller” accused of multiple violations of Indian securities laws, accusing it of making baseless claims and displaying…