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September 1, 2026
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Personal guarantor insolvency: repayment plan stayed pending majority determination, with restraint on direct or indirect asset alienation.
Personal-guarantee insolvency proceedings involve a stay on implementation of a repayment plan because the earlier members' views did not produce a clear majority capable of taking effect. The personal guarantor has been restrained from directly or indirectly alienating assets pending further hearing. The dispute follows split views on approval of the plan, claim admission and voting, followed by a third-member opinion that did not resolve the absence of a determinative majority. Creditors dispute the proposed recovery, claim treatment and declared net worth relevant to the guarantees.
September 1, 2026
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Rupee exchange-rate movement reflects portfolio inflows, growth data and possible central-bank support, while crude oil prices constrain gains.
Foreign-exchange market conditions strengthened the rupee by 28 paise to 94.94 against the US dollar, supported by domestic growth, controlled fiscal slippage and portfolio inflows. Possible Reserve Bank of India intervention was also identified as supportive. Higher crude oil prices, weak domestic equities and hawkish US monetary-policy signals were identified as constraints on further appreciation. Foreign investment flows, stronger-than-expected domestic growth and the fiscal-deficit position remained material factors affecting currency conditions.
September 1, 2026
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Money-laundering probe into public service recruitment irregularities examines alleged question-paper leaks, selection manipulation, and laundering through purported CSR donations.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in Public Service Commission recruitment examinations. Allegations include question-paper leaks, manipulation of candidate selection, and illegal gratification for securing appointments of relatives and favoured candidates. Recruitment rules were allegedly amended to facilitate selection of relatives. Alleged proceeds of crime were collected in cash and routed through layered banking transactions, including through a family-controlled samiti presented as receiving corporate social responsibility donations for a non-existent college.
September 1, 2026
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Personal guarantor settlement scrutiny intensifies as asset alienation is restrained pending review of a disputed creditor repayment proposal.
A five-member special bench found that no clear majority view existed under section 419(5) of the Companies Act and stayed the third member's order that had permitted the proposed recovery. Notices were directed to all parties, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. The dispute concerns approval of a personal guarantor's repayment proposal, treatment of guarantee claims, creditor voting support, assessment of the personal estate, and scrutiny of declared net worth.
September 1, 2026
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Personal insolvency proceedings restrict property alienation while notices issue to parties in the debtor's case.
A five-member special National Company Law Tribunal bench hearing Subhash Chandra's personal insolvency matter issued notices to all parties and restrained him from alienating property directly or indirectly. The restraint applies during the continuing insolvency proceedings and concerns dealings with the relevant property. The procedural measure requires the interested parties to participate in the matter.
September 1, 2026
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Aadhaar authentication alternatives enable eligible farmers with failed fingerprint verification to access loan-waiver benefits after identity verification.
Elderly farmers whose fingerprints cannot be captured for Aadhaar authentication may approach an Aaple Sarkar Seva Kendra with their Aadhaar card and bank passbook. Loan-account details are verified on the scheme portal before authentication is initiated. If authentication fails, the concerned tehsildar verifies identity using the Aadhaar card, bank passbook and 7/12 land record extract. Eligible farmers receive loan-waiver benefits directly in their bank accounts after authentication, identity verification and satisfaction of the scheme's eligibility criteria.
September 1, 2026
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GST collection growth reflected higher domestic and import revenue, while increased refunds moderated net collections during August.
GST collections recorded year-on-year growth in August, with gross receipts reaching about Rs 2 lakh crore. Domestic transaction revenue increased to over Rs 1.37 lakh crore, while import-related revenue rose to Rs 62,604 crore. Refunds increased to Rs 31,795 crore, and net GST collections stood at Rs 1.68 lakh crore after refunds.
September 1, 2026
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Personal insolvency repayment plan faces fresh hearing after a split bench prevents enforcement and restrains guarantor property transfers.
Personal insolvency proceedings were reopened before a five-member special bench after a split view on a repayment plan. As no majority view existed, including that of the third member, no final order was in force and the repayment-plan determination could not be acted upon. Notices were issued to all parties, including dissenting creditors, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. Dissenting creditors also challenged the repayment-plan determination before the appellate tribunal.
September 1, 2026
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Equity market sentiment weakens as higher crude prices, geopolitical tensions and tighter monetary policy expectations curb risk appetite.
Equity-market sentiment weakened as higher crude oil prices, renewed US-Iran tensions, and expectations of prolonged tight US monetary policy reduced emerging-market risk appetite. The Sensex and Nifty declined, while domestic GDP growth above projections offered partial support. Weakness in several Asian markets, a lower US market close, and net foreign institutional equity sales reinforced cautious trading conditions.
September 1, 2026
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Money laundering investigation triggers searches linked to alleged Public Service Commission irregularities, including premises of a former chief minister's assistant.
A money-laundering investigation under the Prevention of Money Laundering Act has led to searches at seven locations in Chhattisgarh in connection with alleged irregularities at the Chhattisgarh Public Service Commission. The search operation includes the premises of K. K. Chandrakar, personal assistant to former Chief Minister Bhupesh Baghel. The investigation remains at the search and inquiry stage.
September 1, 2026
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Income-tax return filing: non-audit business and professional taxpayers use applicable forms by prescribed due dates.
August 31, 2026 was the due date for taxpayers having business or professional income who were not subject to audit. Such non-audit taxpayers may use ITR-3, ITR-4, ITR-5 or ITR-7, as applicable. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, while ITR-4 is intended for small and medium taxpayers. ITR-5 applies to firms, limited liability partnerships and cooperative societies, and ITR-7 applies to trusts and charitable institutions.
September 1, 2026
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Gold smuggling enforcement targets transit abuse, concealed carriage, and border routes through coordinated seizures and arrests nationwide.
Intelligence-led enforcement against organised gold smuggling resulted in the seizure of over 42 kg of foreign-origin gold and around 10 kg of foreign-origin silver, collectively valued at more than Rs. 65 crore, and the arrest of 25 persons. Operations targeted networks using airport transit routes, airport personnel, land-border corridors, coastal routes, and domestic road transport. Gold was concealed in wax, compound, paste, raw-chain and bar forms, including through body concealment, internally secreted capsules, clothing, and specially created cavities.
September 1, 2026
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Predictive consumption-expenditure framework will use household survey data to support poverty estimation, consumption analysis, and economic planning.
MoSPI and Thapar Institute of Engineering & Technology have entered into a memorandum of understanding for a research study to develop a predictive and analytical framework for monthly consumption expenditure in India. The study will use Household Consumption Expenditure Survey data to estimate Monthly Per Capita Consumption Expenditure at national and state levels, analyse household consumption patterns, and generate evidence relevant to poverty estimation and broader economic planning.
August 31, 2026
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Personal insolvency repayment plans: conflicting views on binding dissenting creditors prompted reconsideration through an expanded adjudicatory bench.
National Company Law Tribunal constituted a five-member bench after conflicting views on a personal insolvency repayment plan left no majority position for a formal order. The central issue is whether creditor approval of the plan binds dissenting creditors and extinguishes their claims against the personal guarantor. One view preserved dissenting creditors' independent recovery rights, while another applied the creditor-approved plan uniformly to all creditors. Disagreement also concerns the Adjudicating Authority's power to examine the resolution professional's report of the creditors' meeting.
August 31, 2026
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Personal insolvency repayment plans raise unresolved questions on dissenting creditors' rights and uniform extinguishment of claims.
Personal insolvency proceedings were referred for fresh adjudication because no majority emerged on the repayment plan. The Technical Member rejected the plan; the Judicial Member confined it to consenting creditors while preserving dissentents' recovery rights; and the Third Member approved it with uniform extinguishment of all creditors' claims. The dispute concerns whether creditor approval under section 115(1) binds dissenting creditors, the effect of section 79(2)(g), and the Adjudicating Authority's power to examine the Resolution Professional's creditors' meeting report.
August 31, 2026
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Rupee exchange-rate support through suspected intervention and FCNR(B) inflows offset pressure from dollar strength and higher crude prices.
Rupee exchange-rate movement reflected a recovery from early losses to close stronger against the US dollar, amid market expectations of Reserve Bank of India support at lower trading levels. Pressure arose from higher US Treasury yields, possible US rate-hike expectations and a broad dollar rally. Suspected intervention, FCNR(B)-related foreign-currency flows and the special USD-INR forex swap facility supported sentiment, while rising crude prices, geopolitical supply risks and foreign institutional equity outflows remained adverse factors.
August 31, 2026
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Income-tax return filing for non-audit business and professional taxpayers closes at midnight, requiring use of applicable forms.
Income-tax return filing for Assessment Year 2026-27 reaches its due date on 31 August 2026 for taxpayers having business or professional income who are not subject to audit. Such taxpayers may file the applicable ITR-3, ITR-4, ITR-5 or ITR-7. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, ITR-4 to small and medium taxpayers, and ITR-5 to firms, limited liability partnerships and cooperative societies.
August 31, 2026
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Monthly fiscal accounts track receipt composition, expenditure allocation, tax devolution, interest payments, and major subsidy outgo through July.
Union Government monthly accounts through July 2026 record total receipts comprising net tax revenue, non-tax revenue and non-debt capital receipts, with tax devolution transferred to State Governments. Total expenditure is divided between revenue and capital expenditure. Revenue expenditure includes interest payments and major subsidies.
August 31, 2026
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Personal guarantor insolvency distinguishes guarantee liability from borrower debt while creditor voting challenges question repayment-plan approval.
Personal insolvency proceedings concerning personal guarantees distinguish a guarantor's liability from the underlying borrowing entities' debts. Claims against the guarantor arise from guarantees furnished for loans obtained by Essel Group-associated entities, while the borrowers' repayment obligations remain enforceable and creditors may pursue corporate assets and securities. Dissenting lenders have challenged the resolution-plan voting process, alleging that family-linked associates or related parties should have been excluded from committee of creditors voting.
August 31, 2026
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National accounts revisions align GDP and sectoral estimates with updated price, production and banking service indicators.
National Accounts Statistics-2026 incorporates updated Producer Price Index, Index of Industrial Production and Banking Services Price Index series with base year 2022-23 into annual and quarterly GDP estimates. The revised indicators expand coverage, update weights and improve price mapping for national-account activities. GDP and gross value added estimates from 2022-23 onwards are revised at current and constant prices, with sector-specific effects in mining and quarrying, manufacturing, trade services, general government and departmental enterprises. Supply and Use Tables for 2022-23 and 2023-24 are also updated.

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India: A partner in progress and prosperity (Keynote Address by Shri Sanjay Malhotra, Governor, Reserve Bank of India - April 25, 2025 - at the US-India Economic Forum organised by the Confederation of Indian Industry (CII) and US India Strategic Partnership Forum (USISPF), Washington DC)

April 28, 2025

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I am very happy to be here amongst you in this historic location. I thank CII and USISPF for giving me this opportunity to be present here and share my thoughts. Both CII and USISPF have played important roles in fostering partnerships in trade, technology, investment and innovation between India and USA. I compliment them for their efforts in strengthening the bond between two important economies. In my remarks today, I wish to present my perspective on how India is poised to be a dynamic powerhouse of opportunities, innovation, and sustainable growth in the years to come.

2. The Indian economy has demonstrated remarkable resilience and dynamism. Over the past four years (2021-22 to 2024-25), it has recorded an average annual growth rate of 8.2 per cent. It was and continues to be the fastest-growing major economy in the world. This is a significant step up from the average growth rate of 6.6 per cent in the preceding decade (2010 to 2019).

3. Even this year, our growth is expected to remain robust at 6.5 per cent. This is despite the tremendous increase in uncertainty and volatility in global financial markets. While this rate is lower than in recent years and falls short of India’s aspirations, it remains broadly in line with past trends and the highest among major economies.

4. No wonder, over the last ten years, we have leapfrogged from the tenth largest economy to the fifth. In terms of purchasing power parity, we are already third. Even nominally, we are poised to become the third largest economy shortly. We aspire to become Viksit Bharat, i.e., a developed economy by 2047, when we complete 100 years of our independence. While there is indeed a scope for India’s growth trajectory to rise over the medium to long-term, I am sanguine of our continued success. There are a lot of positive factors that give me this confidence. Let me outline a few of these.

Policy continuity and stability

5. First and foremost, we are all aware of the research that shows that political and policy stability with certainty are prerequisites for long-term planning of investments to fuel growth in any economy. Our vibrant democracy has been able to ensure the same, especially since the initiation of economic reforms, despite change of political parties in government. Economic liberalisation focusing on market oriented policies has been a consistent theme across successive governments. While the pace and specific focus of reforms may have varied from time to time, the commitment to a more market-oriented economic structure has not changed. In a phased manner, almost all sectors have been opened up to 100% foreign direct investment (FDI). Almost 90% of the FDI is now under the automatic route. In the recent years, we have introduced a series of liberalisation measures to further open up the economy, particularly in key sectors such as Defence, Insurance, Petroleum & Natural Gas, Telecom, and Space1.

Financial stability

6. Second, while policy continuity and stability are prerequisites, they in themselves do not ensure financial stability, which is the bedrock on which a strong economy is built. Financial stability is essential for businesses and people to make expenditure and investment decisions with confidence. India’s financial sector is strong and vibrant, efficiently catering to funding requirements of various economic agents.

7. Financial sector: The banking sector, which continues to meet the large funding requirements of the economy, has demonstrated resilience with healthy balance sheet. The soundness of scheduled commercial banks (SCBs)2 has been bolstered by strong profitability, lower non-performing assets and adequate capital and liquidity buffers. The health of the non-banking financial companies (NBFCs) sector is also robust. Bank credit growth although moderating in recent months, continues to be in double digits (about 12 per cent) compared to an average of about 10.5 per cent in the last 10 years. We are committed to further enhancing the capacity, responsiveness, and resilience of the banking and non-banking financial sectors with emphasis on balancing regulation with efficiency and stability. While offering excellent opportunities for investment, as private debt to GDP is still on the lower side, the banking sector is poised to meet the investment needs of the society and industry.

8. Capital markets: The Indian capital markets – equity and debt – have increasingly deepened, providing avenues for market-based funding to businesses. India’s capital markets have witnessed record participation from retail and institutional investors, channelizing savings into productive investments. Today, there are almost 106 million unique demat accounts and more than 54 million unique mutual fund accounts. The stock market has delivered returns at a staggering 11 per cent CAGR over the last twenty years. With more than 500 listed companies having a market capitalisation of more than 1 billion USD each, the capital market offers enormous opportunities to participate in India’s growth story. Indian financial markets offer seamless entry and exit for foreign investors, reflecting the maturity of its economy.

9. External sector: India’s forex market has the required depth and liquidity to weather pressures, such as seen in the last few months. India’s current account deficit (1.3 per cent of GDP during April-December 2024) remains eminently within manageable limits, supported by robust services exports3 and private remittances. Even in the recent volatile period, the Indian rupee (INR) has moved in an orderly manner and performed relatively better compared to its peers, reflecting strong macroeconomic fundamentals, adequate foreign exchange buffers and depth of our foreign exchange market.

10. Gross foreign direct investment (FDI) inflows to India increased to 75.1 billion USD in April-February 2024-25 from 65.2 billion USD during the same period a year ago, reflecting foreign investors continued confidence in the Indian economy. Net FDI inflows, however, moderated during this period due to higher repatriations and outward investment, which is a sign of a mature market where foreign investors can enter and exit smoothly, reflecting positively on the Indian economy. India’s foreign exchange buffer continues to be strong. As on April 18, 2025, India’s foreign exchange reserves at 686.1 billion USD covers over 11 months of import and 96 per cent of external debt outstanding at end-Dec 2024.

11. Price Stability: The role of price stability in fostering sustainable growth and economic resilience is paramount. Monetary policy in India has played a stabilising role, containing inflationary pressures through coordinated action with fiscal authorities. India adopted a flexible inflation targeting framework in 2016, which has significantly strengthened policy predictability: inflation levels and volatility have come down markedly, inflation expectations are better anchored, and the transmission of monetary policy has improved. In view of the benign inflation outlook and moderate growth, monetary policy has turned accommodative. We have reduced policy interest rates cumulatively by 50 bps this year since February 2025.

Fiscal prudence and efficiency

12. Fiscal policies of the government have a critical role in catalysing and sustaining economic development by ensuring that savings and public funds are used efficiently in productive sectors. India continues to demonstrate fiscal prudence to foster faster and inclusive growth. Its approach to the pandemic is a case in point. India adopted a calibrated approach to the pandemic. Rather than front-loading stimulus packages, as most countries did, India adopted a flexible and agile approach to support the vulnerable sections of society and small firms. This enabled a resilient recovery as it was followed up with enhanced capital expenditure and concerted push to manufacturing. The government is now committed to fiscal consolidation after the pandemic-induced stimulus, maintaining a focus on reducing the fiscal deficit without compromising on expenditure quality i.e., growth inducing spending. The central government’s fiscal deficit to GDP ratio has declined from 9.2 per cent in 2020-21 to 4.8 per cent in 2024-25 and it is budgeted to moderate further to 4.4 per cent in 2025-26. This is in stark contrast to rising debt levels in some of the advanced economies. India’s public debt to GDP ratio at 81.3 % (in 2024) is reasonable4, with the world’s top 10 economies other than Germany having higher public debt than India. The progressive fiscal consolidation in India has enhanced space for the private sector to raise resources for investment.

13. Moreover, government spending is better targeted. The quality of expenditure has improved. The share of central government’s capital expenditure as a percentage of GDP has surged from 1.7 per cent in 2019-20 to 3.1 per cent in 2024-25. Including the capital grants in aid to the states, it has increased to 4.3 per cent in 2025-26.5 The Union government’s borrowings this year are budgeted to be lower than the effective capital expenditure, signifying their use for productive purposes which have a higher multiplier effect. Various measures have been taken to improve outcomes of government expenditure. One such example is the Direct Benefit Transfer, which is estimated to have brought savings of about 40 billion USD (until March 2023)6. Digitalisation of various government programmes like public distribution scheme with Aadhar as the backbone have also resulted in huge savings. Just in time flow of funds to State government has helped the Union government improve its cash flow management.

Thrust on infrastructure

14. Infrastructure is important for economic development. Over the last several years, the country led by the central government has invested heavily in physical infrastructure. It is also incentivising capital expenditure by state governments, especially in urban development, power and tourism. From highways to renewable energy grids to sea ports, airports and railways7, India is building the backbone to support sustainable and inclusive growth for decades to come. This is not only improving connectivity but also creating multiplier effects, stimulating demand across various sectors. This is also bringing down logistics cost for businesses considerably and improving productivity and competitiveness.

Renewed focus on manufacturing

15. Manufacturing is key to inclusive development and employment. We are focused on a Atmanirbhar Bharat, that is, a self-reliant India. India’s manufacturing sector is gaining momentum and emerging as a potent sector for investment, with support from policy measures such as the Production-Linked Incentive (PLI). The PLI targets 14 diverse sectors8. This is showing results. Mobile phone exports have increased by almost 10x9 from 2018-19 to 2023-24. Similarly, exports of solar cells and modules have jumped 20x10 in the same period.

16. Proactive government policies also present unparalleled opportunities for investment in sunrise sectors such as space, semiconductors, renewable energy, electric vehicles (EVs), etc. India is positioning itself as a critical link in global supply chains, encouraging local sourcing and manufacturing. It is also becoming a global SaaS innovation hub, especially in generative AI.

Demographic Dividend

17. With one of the youngest populations having a median age of 28 years11, India is poised to harness the demographic dividend. To fully exploit the potential, Government has launched a number of programmes for skilling, entrepreneurship and apprenticeship. This will enhance productivity and growth. Labour market conditions in India are showing positive trends12, particularly with the increasing participation of women in the workforce. The Labour Force Participation Rate (LFPR) has increased to 60.1% in 2023-24 from 57.9% in the previous year and 49.8 in 2017-18.

Innovation

To take further advantage of the huge human resources, we need to move further up the value chain. It is encouraging to note that India is fast becoming a nation of job creators rather than job seekers. When I left college, getting a job in a MNC was the preferred choice. None took up the challenge of starting a venture of his own. In recent years, however, a large number of engineering and management graduates are taking to entrepreneurship and start-ups. As a result of the entrepreneurship culture that this generation is embracing, we have about 150,000 recognised start-ups. We have a vibrant start-up ecosystem with government support coming in through programmes like Start Up India, Digital India and Atal Innovation Mission. We are home to the third largest number of unicorns, some of which are in high tech areas like Artificial Intelligence, fintech, and renewable energy, to name a few. In the Global Innovation Index, India has risen from a rank of 81 in 2015 to 39 in 2024. It is first among lower middle income countries.

Continued focus on Ease of Doing Business and reforms

18. The growth is steered by robust economic reforms which have strengthened the foundations for long-term economic prosperity. These reforms include the flexible inflation targeting framework (FIT), the insolvency and bankruptcy code, goods and services tax (GST), consolidation of public sector banks, rationalisation and reduction in corporate tax. The Indian government has repealed about 1,500 obsolete laws. 180 provisions have been decriminalised and more are planned. These reforms along with conducive policy environment have improved efficiency13, productivity, and competitiveness across different sectors.

19. The government is committed to further reduce regulatory burden, as is evident from the budget announcement earlier this year to set up a high level committee for regulatory reforms in all non-financial sectors. She highlighted the role of reforms as the fuel for growth. The Union Budget aims to initiate transformative reforms across six domains – taxation, power sector, urban development, mining, financial sector and regulatory reforms. Moreover, an Investment Friendliness Index of States will be launched to further the spirit of competitive cooperative federalism. A comprehensive review of the Income Tax Act, 1961 to make it concise, lucid and easy, and thereby reduce disputes and litigations, is also underway. The Reserve Bank too is committed to ensure that our regulations balance the objectives of stability and efficiency. For this purpose, the regulatory review authority (RRA) will further expand, deepen and expedite the process of reviewing and rationalising regulations.

Digitalisation

20. India’s digital transformation, recognised worldwide, has emerged as a significant enabler of ease of doing business and ease of living and an important driver of economic growth and innovation. Conducive government and regulatory policies, increasing digital penetration, and a young and aspiring demography have fostered this vibrant ecosystem. The government has invested in a number of digital building blocks like the JAM trinity, UPI, GSTN, ONDC, Digilocker. Digitalisation is improving efficiency, raising productivity, enhancing formalisation and promoting inclusiveness in the economy. Take any domain of the government and one will find that digitalisation and e-governance have enhanced turnaround times, reduced costs and improved customer satisfaction levels.

21. I was here last year in one of the sessions to speak about how, among other measures, digitalisation in the department of revenue not only enhanced the tax buoyancy but also improved customer experience and processing of returns. Tax buoyancy for personal income tax in the last four years14 was 2.1. On an average, it now takes less than 10 days to process income tax returns in India: down from 93 days in 2014. In contrast, in some countries, it still takes months to get their tax refunds.

22. The Reserve Bank is also promoting and nurturing digitalisation and innovation. The Unified Payments Interface (UPI) is one such example. Processing about 18 billion transactions in a month, it is setting global benchmarks in seamless, secure, real-time systems. UPI has demonstrated how public digital infrastructure can empower private sector innovation for promoting financial inclusion. Our encouragement and support extend beyond the payment space to the broader fintech ecosystem through various initiatives including the regulatory sandbox. The Unified Lending Interface (ULI) which is currently in a pilot phase has the potential to transform the lending space. The ULI is expected to transform lending and access to finance just as UPI did to payments.

Conclusion

23. To conclude, India continues to be an economy supported by stability – monetary, financial and political; policy consistency and certainty; congenial business environment; and strong macroeconomic fundamentals. At a time when many advanced economies are facing economic headwinds and a deteriorating economic outlook, India continues to offer strong growth and stability making it a natural choice for investors seeking long term value and opportunity. Furthermore, our strong domestic demand15 and relatively lower dependence on exports cushions the Indian economy from external spillovers.

24. India offers a policy ecosystem that is transparent, rule-based, and forward-looking – an ideal setting for long-term and productive investments. As the world’s fastest-growing major economy, India is not just a destination for investment – it is a partner in prosperity. Together, we have the chance to shape the future – not only for India but for a better world. I invite you to be a part of this journey, to collaborate, innovate, and invest in India.

Thank You.

----

1 FDI in the Defence sector has been increased to 74 per cent under the automatic route for companies seeking new industrial licenses. The Telecom sector now permits 100 per cent FDI through the automatic route. Similarly, the FDI cap in the Insurance sector was raised from 49 per cent to 74 per cent, and as announced in the Union Budget 2025, it will further rise to 100 per cent - with the condition that the entire premium is invested within India.

2 The gross non-performing assets (GNPA) of scheduled commercial banks (SCBs) declined to a 12-year low of 2.42 per cent and their capital to risk weighted assets (CRAR) at 16.5 per cent at the end of December 2024.

3 India’s services exports recorded a growth of 13.1 per cent during 2024-25 (April-February), despite global economic order shrouded with heightened uncertainty, on the back of software and business exports. Global Capability Centres (GCC) have emerged a key driver of services exports over the last few years, with notable contribution to India’s exports of software and business services. With more than 1,800 GCCs, the sector is expected to expand from $64.6 billion in 2024 to $110 billion by 2030.

4 It is projected to decline to 75.8 percent in 2030 (IMF World Economic Outlook, April 2025).

5 4.3 per cent in 2025-26 (Budget Estimates).

6 https://dbtbharat.gov.in/static-page-content/spagecont?id=18

7 Infrastructure sector has received priority attention with National Infrastructure Pipeline (NIP), National Monetisation Pipeline (NMP) and PM Gati Shakti as the flagship programmes. The National Highway network expanded by 60 per cent to 1,46,145 km in 2024. PM Gati Shakti is streamlining over ₹6.38 lakh crore worth of road projects for seamless logistics. Railways have launched 136 Vande Bharat trains and identified 1,337 stations for upgradation under the Amrit Bharat Station Scheme. Metro networks have grown from 248 km to 1,011 km across 20+ cities, while operational airports increased from 74 to 159. India's aviation sector has witnessed significant expansion with 545 routes operationalised under the Ude Desh ka Aam Nagrik (UDAN), aimed at improving air connectivity. With 158 operational Airports and the construction of 84 airports over the last decade, India's aviation network is rapidly evolving.

8 Mobile, pharmaceuticals, medical devices, automobile and its components, solar PV, electric vehicles, and advanced chemistry cell (ACC) batteries

9 1.6 billion USD in 2018-19 to 15.6 billion USD in 2023-24 and 18.3 billion USD in 2024-25 (Apr 2024 - Jan 2025).

10 From 0.1 billion USD in 2018-19 to 2 billion USD in 2023-24 (1 billion USD for the period April-January 2024-25).

11 Nearly 65 per cent of India’s population is under the age of 35, with a median age of just 28 years, significantly lower than the other major emerging economies.

12 The unemployment rate has improved to 3.2 per cent during 2023-24 from 6% in 2017-18. LFPR for women increased to 41.7 per cent from 23.3 per cent over the same period. Formal employment has further strengthened as evidenced by the Employees’ Provident Fund Organisation (EPFO) payrolls data - net payroll additions rose by 4.2 per cent in Q3:2024-25.

13 In the Global Competitiveness Index 2024, India ranks 39th among 67 economies, reflecting improved business efficiency.

14 Personal Income Tax Buoyancy: 2021-22: 2.29; 2022-23:1.42; 2023-24: 2.61; 2024-25: 1.94.

15 Domestic demand contributes about 90% to GDP whereas merchandise exports contribute about 12 % of GDP which is much lower compared to some of our peers.

Topics

Acts Income Tax