#indiannews

India set to celebrate world’s biggest festival of democracy: EC completes all preparations as voting for General Elections 2024 commences

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The Election Commission of India has made all preparations to welcome voters to the biggest festival of democracy that any nation has witnessed, the elections to the 18th Lok Sabha and Legislative Assemblies in four states that starts off tomorrow with Phase 1. On this occasion, the Commission also reiterates its uncompromising commitment to deliver a free, fair, peaceful, accessible, … Read more

20% TCS on international credit cards: What it is, why it was needed, and how it will impact foreign visits – everything you needed to know

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A new rule introduced by the finance ministry over the use of credit cards has created quite a storm, which introduces 20% TCS (Tax Collected at Source) over the use of credit cards for international purchases. This was done by including the foreign spending on credit cards in the RBI’s liberalised remittance scheme (LRS). On 16 May, … Read more

‘This India is different from what it was in 2013’: Morgan Stanley lists 10 big changes in India in the last 10 years

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In a short span of 10 years, India has gained positions in the world order with significant positive consequences for the macro and market outlook, Morgan Stanley Research has said in a report. The report, India Equity Strategy and Economics: How India Has Transformed in Less than a Decade, highlights the 10 big changes, mostly … Read more

World Bank gives nod to $1.5 Billion financing for India’s low-carbon transition

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On the 29th of June, the Board of Executive Directors of the World Bank approved $1.5 billion in financing to India. Its aim is to accelerate India’s development of low-carbon energy. It will help India promote low-carbon energy in three separate ways.  First, with more finance at its disposal, India will scale up and accelerate the pace … Read more

Banks in 22 countries including Russia, UK, Germany, Israel open special Vostro accounts in Indian banks to trade in Indian Rupee

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Banks from 22 countries have opened special Rupee vostro accounts in Indian banks in order to trade in local currency as part of gradual de-dollarisation plans, the Parliament was informed on Friday. Simply put, vostro accounts enable domestic banks to provide international banking services to clients who have global banking needs. In a written reply … Read more

India saved at least USD 7 billion in foreign exchange in 14 months by importing discounted Russian crude oil

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In May 2023, India completed 14 months of ramping up discounted Russian crude oil imports. According to an exclusive report by the Indian Express, in this period, India saved at least USD 7.17 billion in foreign exchange. Data shows that the total oil import during this period was worth USD 186.45 billion. If India had paid the … Read more

How Modi Hacks EVMs, Part 8: Seminal 10 years with epochal events and decisions – from Ram Mandir to G20, Women’s Reservation Bill, NEP and more

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As hard as it is to believe, we were able to write 9 articles in a series titled How Prime Minister Modi hacks EVMs (all listed at the end of this article) without even touching upon the huge and epochal events that have unfolded in his 10 years as PM. The scale of his trail-blazing decisions is … Read more

Banks recovered more than Rs 10 lakh crores from bad loans in the last nine years: Finance Ministry tells Lok Sabha

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In a major success for the Narendra Modi government, during the last nine fiscal years, scheduled commercial banks have recovered approximately Rs 10 lakh crore, as per the government’s information to the Lok Sabha. In a written response to a question in the Lok Sabha on Monday (July 24), Minister of State for Finance Bhagwat … Read more

JP Morgan includes India in its global bond index, ‘FAR’ programme of the Modi govt facilitated the inclusion

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On Friday (September 22), American bank JPMorgan announced that it would include India in its Government Bond Index-Emerging Markets (GBI-EM) index. As per reports, 23 Indian Government Bonds (IGBs), which have a combined value of $330 billion, are eligible to be included in the emerging market debt index. The country’s local bonds will be included in JP … Read more

Tesla signs deal with Tata Electronics to make semiconductor chips for its global operations: Report

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EV giant Tesla has signed a strategic deal with Tata Electronics to procure semiconductor chips for its global operations, as reported by The Economic Times. As per the report citing official sources aware of the development, the deal was signed quietly a few months ago. However, both Tesla and Tata Electronics have not commented on these developments. Consequently, specific … Read more