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Facing insolvency, GoFirst is looking for bidders to which SpiceJet promoter Ajay Singh and Busy Bee Airways Private Ltd. (BBAPL) have joined hands. Both the parties have submitted a joint bid as an interested party.
On the same side, Sharjah-based aviation services company Sky One also showed interest in bidding.
Go First ceased flying in May 2023. Read how everything fell apart for the aviation company by reading the article Go First Airline Insolvency.
Paytm Payments Bank breathed a sigh of relief as RBI pushed the deadline for restrictions on credit, FASTag, wallet, etc. services to 15 March.
This extension was the first good news after removing Paytm from the approved bank's list for FASTag transactions. Paytm Payment Bank’s board members started resigning once the RBI hold was leaked.
It remains to be seen what will happen to Paytm's digital services and how consumers will be affected.
Read about Paytm's business model and see how it could be affected due to the ongoing drama.
Tax return forms were released by the Income Tax Department designated for individual taxpayers. These forms deem the New Tax Regime as the default regime for 2024-25, clearing the air for people preferring the Old Tax Regime.
One must fill out Form 10-IEA to switch back to the old tax regime by 31 July.
The clarity on who can fill out the form and what would be done is still pending. So stay tuned to Bullets by Insider to get all the details about your taxes.
Read the New vs. Old Tax Regime article to learn the basic differences between the two.
With a historic high of 18.2%, India’s weightage is second to China's as per the MSCI Global Standard Index. Currently, the weightage is 17.9%, and the proposed hike to 18.2% will come into action after MSCI’s review on 29 February.
Rising FPI and domestic institutional inflows lead to the current rise. This is bound to bring $1.2 billion (around ₹9,960 crore) of inflows into the nation.
Experts also believe India’s weightage may reach 20% by 2024 if the situation remains unchanged.
Sovereign Gold Bond Series IV will be available from 12 February to 16 February. From salaried individuals to HUFs, Trusts, Universities, and Charitable Institutions can purchase these bonds.
A minimum investment of 1 gm to a maximum of 4 kg for individuals and HUFs and 20 kg for trusts have been fixed.
The article Sovereign Gold Bond Scheme 2023-24: Is It Worth Investing? contains all other crucial details about this series. Check it out.
The Employees Provident Fund Organisation (EPFO) increases the deposit interest for provident funds to 8.25% in 2023-24. This was a considerable hike from 8.15% in 2022-23 and 8.10% in 2021-22.
With EPFO subscribers touching 65 million, the rise in interest rate is still awaiting approval from the Ministry of Finance.
After the interim budget failed to include any changes for the corporate jobholders, this news would undoubtedly make invested salaried employees happy.
Read about all the important announcements from the budget in the article: The Highlights of Interim Budget 2024-25.
Reserve Bank of India voted on maintaining the repo rate of 6.50% again. RBI Governor Shaktikanta Das explained that the Monetary Policy Committee’s decision to hold the rate again is due to the inflationary unevenness.
Interestingly, unlike before, the decision to keep the rates unchanged was not unanimous but a 5:1 vote.
The difficulty in achieving the inflation target of 4% is the factor behind the unchanging nature of the repo rates.
Know the repo rate and how it will affect your finances from this article: What are the impacts of Repo Rate Cuts by RBI?
A Section 206 notice, including operations and legal actions taken against co-founder Ashneer Grover, has been requested from BharatPe. This demand under the Companies Act came from the Ministry of Corporate Affairs (MCA), including queries about the company's financial irregularities.
The rising caution in the fintech sector and the many allegations by Ashneer Grover have raised many questions about BharatPe.
To know the whole story, read the article: Is Bad Blood with Ashneer Grover Destroying BharatPe?
RBI allows India’s largest bank lender, HDFC Bank & its group entities, to acquire up to 9.50% stakes in 6 lenders. ICICI Bank, YES Bank, Axis Bank, Suryoday Small Finance Bank, IndusInd Bank, and Bandhan Bank are included in the list of “aggregate holdings”.
This approval by RBI will be valid for 1 year, from 5 February 2024 to 4 February 2025.
This rise from 5% holding to 9.5% increases investment limits for HDFC Bank & group.
Paytm Payments Bank is facing a temporary ban from RBI on onboarding new clients, credit transactions, wallets, or prepaid usage. Adding money from Paytm wallet or account will not be possible starting 29 Feb.
On its trail, news of Jio Financial Services buying Paytm Wallet has been escalating rapidly. Paytm denied these allegations and assured the consumers and shareholders of resolving the compliance issue and coming back strongly.
Will Paytm resolve the many compliance issues, or is the end of an era in sight?
India's Budget Allocation In Top Sectors For FY25:
The capital expenditure (Capex) allocation has been increased by 11.1% to reach the target of ₹11.11 lakh crore. This is equivalent to 3.4% of the GDP.
Capex over the years:
In FY24 = ₹10 Lakh crore
In FY23 = ₹6.48 lakh crore
In FY22 = ₹5.9 lakh crore
In FY21 = ₹4.1 lakh crore
Three corridors were introduced under railway sectors, including energy, mineral, and cement. These high-traffic and density corridors are a part of the PM Gati Shakti initiative covering varying sectors, primarily healthcare, agriculture, women empowerment, and innovation are mentioned.
Along with this, the proposal to produce 40,000 bougies as per nation’s pride “Vande Bharat” trains’ standards.
The government missed its divestment targets for the 5th consecutive year.
It has by far done just 20% of the target of ₹51,000 crore this year.
The FY24 divestment target has been revised to ₹30,000 crore & the target for FY25 is set at ₹50,000 crore.
Despite a rally in PSUs, the government has apparently missed the bus in terms of stake sales.
FM envisioned the layout for the pathway the Central Government plans to take in the Interim Budget. Sabka Saath, Sabka Vikaas, Sabka Vishwaas, and Sabka Prayaas are the plan towards “Atmanirbhar Bharat”.
This approach was empowered by the 100% coverage of the ongoing schemes such as PM Awas Yojana and PM Vishwakarma Yojana. It is more likely to boost the “Amrit Kaal” dream, as per FM.
FM introduced India's Seven Priorities, aka SAPTARISHI, for FY25:
The fiscal deficit announced is a slight reduction from estimated 5.9% target. The targets are as follows:
FY26T: 4.5%
FY25E: 5.1%
FY24: 5.8%
E represents "Estimated" and T represents "Targeted" percentage.
Interim Budget raises capex target by 11.1% to ₹11.11 lakh crore. This steers India’s economy on the pathway to be the third-largest in the world.
Finance Minister hails GST for achieving "one nation, one market, one tax" as January 2024 revenue surges 10.4% YoY to ₹1.72 lakh crore. This marks the second-highest monthly collection ever for the nation.
This impressive growth signifies the effectiveness of GST in consolidating the Indian market and boosting tax compliance.
Amidst introducing a new vision for Developed India by 2047, Finance Minister unveils a new vision for GDP: Governance, Development, and Performance.
Beyond the conventional Gross Domestic Product, this revamped approach symbolises a commitment to holistic progress.
G: Governance
In the economic landscape, effective governance is the cornerstone. Transparent policies, prudent regulations, and ethical practices pave the way for sustainable growth.
D: Development
Development is not just about numbers; it's about the positive impact on society.
P: Performance
The heart of any thriving economy lies in its performance.
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