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Two-thirds of tax filers owe no taxes

Data presented in the Lok Sabha reveals that 66.5% of income tax return filers in India reported zero tax liability for the fiscal year 2025, nearly doubling from 44.75% in FY20. The Minister of State for Finance, Pankaj Chaudhary, noted that the number of return filers increased from 6.48 crore in FY19-20 to 8.39 crore as of December 31, 2024. Despite the significant rise in zero tax liability filers, this percentage is the lowest in five years. Experts attribute this trend to the increasing 'Nil' tax slab, which has been raised from ₹2.5 lakh in 2014 to ₹7 lakh in 2023, allowing more individuals to avoid tax while still needing to file returns to claim rebates. Projections suggest that the number of zero tax liability filers could rise further, potentially adding around one crore new assessees as tax thresholds continue to increase. sources

Published:
Feb 10 2025, 7 pm

OALP X bidding round expected at IEW 2025

India Energy Week (IEW) 2025, set to take place in New Delhi, is poised to be a significant event in the global energy sector, featuring participation from 20 ministers and 90 CEOs from Fortune 500 companies. Union Minister of Petroleum and Natural Gas Hardeep Singh Puri announced that the event will include the launch of the tenth bidding round of the Open Acreage Licensing Programme (OALP), with ONGC and BP expected to bid for offshore fields. The International Energy Agency (IEA) and OPEC will present insights on India's energy landscape, underscoring the country's growing significance as the world's third-largest energy consumer. With a 65% increase in exhibition space and over 70,000 delegates anticipated, IEW 2025 will address critical themes such as energy security and sustainable transitions. Additionally, a Clean Cooking Ministerial will highlight India's Pradhan Mantri Ujjwala Yojana as a model for global clean cooking solutions. sources

Published:
Feb 10 2025, 8 pm

India's First Popcorn Shipment to South Korea Launched from Punjab

Shivam Mittal, a young entrepreneur from Punjab, has made history as the first Indian exporter of coated popcorn, branded as 'Corn Troopers,' to South Korea. His inaugural shipment of 27,000 pouches, each weighing 75 grams, was dispatched from the Dappar inland container depot on January 22 and is expected to arrive at the Port of Busan this month. After a year of negotiations primarily focused on pricing, Mittal secured the deal following multiple meetings with the South Korean importer at exhibitions in Delhi, Seoul, and Dubai. Despite facing high domestic logistics costs, he remains optimistic about future opportunities, including potential contract farming in Punjab and Haryana to source corn. His popcorn, which comes in various flavors like tomato, cheese, and chocolate, has gained popularity among the youth in his home region. sources

Published:
Feb 10 2025, 8 pm

Trump's tariffs raise concerns for Indian steelmakers amid Chinese imports

The recent imposition of a 25% tariff on all steel imports by the US is expected to significantly impact global markets, particularly affecting Indian steel producers. Analysts warn that this move could lead to increased dumping of steel in India, as Chinese and other Asian manufacturers seek alternative markets to offload excess supply, potentially driving down domestic prices and squeezing the margins of major Indian companies like Tata Steel and JSW Steel. While Canada remains the largest steel supplier to the US, China's exports to the US have risen by 10.5%. The removal of duty exemptions on low-priced imports further complicates the situation, effectively raising tariffs and making India an attractive destination for cheap Chinese steel. Despite these challenges, some experts believe that India's infrastructure push may bolster domestic demand, providing a partial buffer against the influx of low-cost imports. sources

Published:
Feb 10 2025, 8 pm

Gold loan NPAs and household liabilities are rising

As of June 30, 2024, the gross non-performing asset (NPA) ratio for gold loans in scheduled commercial banks (SCBs) stood at a low 0.22%, while upper and middle-layer non-banking financial companies (NBFCs) reported a higher 2.58%. However, the Finance Ministry revealed a concerning trend, with NPAs for gold loans in SCBs rising by 21.03% and overall NPAs increasing by 18.14% from March to June 2024. The organised gold loan market is projected to exceed ₹10 lakh crore this fiscal year, up from ₹9.2 lakh crore in FY24, and could reach ₹15 lakh crore by March 2027. To mitigate risks, the government and the Reserve Bank of India have implemented measures, including a loan-to-value (LTV) ratio of 75% and a comprehensive review of gold loan portfolios to ensure compliance with regulatory standards. sources

Published:
Feb 10 2025, 8 pm

AMCA prototype ready by 2026-27, first flight in 2028

India unveiled a full-scale model of its Advanced Medium Combat Aircraft (AMCA), a 5.5-generation stealth fighter, at Aero India 2025, marking a significant step towards self-reliance in aerospace. Developed by the Defence Research and Development Organisation's Aeronautical Development Agency, the AMCA will initially feature 75% indigenous content, increasing to 85% over time. The aircraft, powered by co-produced GE F-414 engines, is expected to see its first prototype ready by 2026-2027, with its inaugural flight planned for 2028. The project, sanctioned in April 2024, aims for certification by 2032 and induction into the Indian Air Force by 2034. The AMCA can operate in both stealth and non-stealth modes, carrying up to 1.5 tonnes of weapons internally. Concurrently, the ADA is developing technologies for the Light Combat Aircraft (LCA) Tejas Mk-2, set for its first flight in 2026, alongside advancements in AI and net-centric warfare systems. sources

Published:
Feb 10 2025, 6 pm

NABARD, Palladium host workshop for Odisha's FPOs

In a bid to enhance India's agricultural export capabilities, the National Bank for Agriculture and Rural Development (NABARD) and Palladium Consulting India Pvt Ltd hosted a three-day workshop in Mangaluru for farmer producer organizations (FPOs) from Odisha. The initiative brought together policymakers, financial institutions, and industry experts to provide FPOs with essential insights and strategies for global market engagement. NABARD's Chief General Manager, SK Talukdar, emphasized the importance of capacity-building programs like 'Export Pathshala' to help smallholder farmers connect with international buyers, ensuring better pricing and sustainable growth. The workshop featured training on export documentation, compliance, and post-harvest management, culminating in knowledge-sharing sessions from successful FPO leaders. NABARD and Palladium outlined a comprehensive action plan to strengthen the agri-export ecosystem, aiming to empower FPOs and position India as a significant player in global agri-trade. sources

Published:
Feb 10 2025, 7 pm

APEDA urges rice exporters to follow EU pesticide limits

The Agricultural and Processed Food Products Export Development Authority (APEDA) has informed Indian rice exporters to comply with the European Union's new maximum residue limit (MRL) for the insecticide Thiacloprid, set at 0.01 mg/kg, effective May 12, 2025. This regulation follows France's initial proposal on March 6, 2024, and aims to prevent potential health risks associated with Thiacloprid, which has been linked to liver damage, reproductive issues, and human toxicity. APEDA emphasized the importance of adhering to these standards to avoid export rejections, particularly as France is a key market for Indian rice. However, trade sources indicate that Thiacloprid is infrequently used in India, suggesting minimal impact on local exporters. The announcement comes amid indications from EU Commissioner for Agriculture and Food Christophe Hansen of forthcoming stricter controls on agricultural imports. sources

Published:
Feb 10 2025, 7 pm

Gold shines as investors flock to safety amid Trump tariffs

Gold prices surged to a record high of ₹85,665 per 10 grams in India on February 10, 2025, driven by rising fears of inflation and economic uncertainty following US President Donald Trump's announcement of new tariffs on select products. The international market also saw gold reach $2,900 per ounce, as investors flocked to the metal, traditionally viewed as a safe haven during times of crisis. The Indian rupee's decline to an all-time low of 87.92 against the dollar further fueled the rally. Experts predict that ongoing trade war concerns and geopolitical tensions could push gold prices even higher, with estimates suggesting potential peaks of $3,000 per ounce globally and ₹88,000 domestically. The Reserve Bank of India's latest data indicated a rise in India's gold reserves to $70.893 billion, reflecting the growing demand for the yellow metal amid global uncertainties. sources

Published:
Feb 10 2025, 7 pm

SEA calls for regulation of Nepal's edible oil imports

The Solvent Extractors’ Association of India (SEA) has raised concerns over the surge in refined edible oil imports from Nepal, which is impacting domestic refiners and farmers across India, including the southern and central regions. SEA President Sanjeev Asthana highlighted that Nepal's duty-free import of crude edible oils has led to a significant influx of refined oils into India, violating the Rules of Origin. He noted that between October 2024 and January 2025, Nepal imported nearly 1.94 lakh tonnes of edible oils and exported over 1.07 lakh tonnes to India, with projections of 50,000 to 60,000 tonnes per month continuing. Asthana urged the Indian government to suspend these duty-free imports under the South Asian Free Trade Area (SAFTA) agreement and suggested renegotiating the terms for agro-commodities. He called for protective measures, including a minimum import price and import quotas, to safeguard the local economy and farmers' interests. sources

Published:
Feb 10 2025, 6 pm

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