Business & Economy

New Delhi: India, the fastest-growing economy in the world, has also seen a rapid rise in the income levels of its citizens. In the Assessment Year 2025-26, the number of millionaire taxpayers has increased sharply, with a growth of over 20% in the top four income categories. As of December 31, the deadline for filing belated and revised Income Tax Returns (ITRs) for this year has ended. While the overall number of taxpayers filing returns has shown a marginal increase compared to last year, the number of millionaires in the taxpayer base has seen a significant boost. Between April 1 and December 31, around 9 crore ITRs were filed, compared to 8.92 crore last year, reflecting a modest increase of 1.22% in total taxpayers. According to a report by Hindu Business Line, the number of ta...

Mumbai: India’s largest bank, the State Bank of India (SBI), has awarded a major contract to CMS Info Systems Limited (CMS) to manage cash and provide related ATM services. The contract, valued at ₹1,000 crore, spans 10 years and covers around 5,000 SBI ATMs across the country. According to reports, the contract starts January 2026. Under this agreement, CMS will ensure that SBI ATMs remain operational, adequately stocked with cash, and efficiently managed. This is expected to benefit millions of customers by reducing downtime and ensuring seamless access to banking services. This marks the first time a large public-sector bank in India has outsourced such a significant portion of its ATM operations directly to a private company. About CMS Info Systems:CMS Info Systems provides lo...

Many people consider a higher salary to be the ultimate measure of luxury. However, when comparing salaries between different cities, the cost of living often makes a significant difference. So, if you were offered ₹1.31 crore annually in London or ₹45 lakh in Bengaluru, which one would you choose? A comparison of salaries and living expenses by an Indian engineer is giving many professionals a fresh perspective on the real cost of living in these two cities. Vaibhav Agarwal, a tech engineer based in Bengaluru, recently shared his analysis on LinkedIn, comparing a salary of ₹45 lakh per year in Bengaluru with £108,000 (₹1.31 crore) in London. His calculations show that just looking at salary figures doesn't fully explain the differences in living conditions, daily expenses, and lifestyl...

Venezuela, home to the world’s largest oil reserves, witnessed a dramatic surge in its stock market following the recent arrest of President Nicolás Maduro by the United States during a military operation. On the heels of this event, the Venezuela IBC Index surged by an impressive 50% in a single day, sparking political and economic shifts within the country. This surge comes as a major geopolitical development that has had a ripple effect on the stock market. Since December 23, the index has increased by 148%, coinciding with mounting pressure from U.S. President Donald Trump on Maduro's government. This significant pressure led to major gains in the stock market, with the index climbing 16% on Monday, 22% on December 29, and 7% on January 2. Over the past year, the index has delivered...

Tata Power Renewable Energy (TPREL), a part of the Tata Group, is set to establish India’s largest ingot and wafer manufacturing plant in Nellore, Andhra Pradesh. The company is investing a massive ₹6,675 crore in this ambitious project. This factory will play a crucial role in meeting the demand for raw materials needed for semiconductor chips, solar cells, and modules. The Andhra Pradesh government has allocated 200 acres of land in the IFFCO Kisan Special Economic Zone (SEZ) for this project, with 120 acres designated for the plant and the remaining 80 acres reserved for future expansion. According to Economic Times, the project is part of the central government’s policy to promote domestic production of solar equipment and reduce dependency on China for critical components. 1,000...

On Wednesday, the prices of gold and silver took a sharp dive, marking a significant break in their recent upward trends. On the MCX (Multi Commodity Exchange), both metals saw large declines early in the morning. Gold opened higher but quickly fell, while silver opened with a noticeable drop. By 9:45 AM, the price of gold had dropped by ₹695, trading at ₹1,38,388 per 10 grams. Silver experienced an even more significant drop, falling by ₹4,197 to ₹2,54,614 per kilogram. On the previous day, gold had closed at ₹1,39,083 per 10 grams, and opened Wednesday with a minor gain at ₹1,39,140. However, this uptick was short-lived, as prices started declining soon after the opening. Silver had closed the previous day at ₹2,58,811 per kilogram, and opened Wednesday lower at ₹2,57,599. The decl...

Shares of India’s most valuable company, Reliance Industries, saw a sharp decline on Tuesday, closing down over 4%. During the day, the stock had fallen as much as 5%, resulting in a nearly ₹1 lakh crore drop in the company’s market capitalization. This led to a significant fall in Mukesh Ambani’s net worth. According to the Bloomberg Billionaires Index, Ambani’s net worth fell by $4.37 billion (approximately ₹3,93,97,60,39,000), bringing his total wealth to $103 billion. He now ranks 18th in the list of the world’s richest individuals. So far this year, his net worth has declined by $4.21 billion. Meanwhile, Gautam Adani, chairman of the Adani Group, has dropped out of the global top 20 billionaires list. On Tuesday, his wealth decreased by $313 million, bringing his net worth to $8...

Nestlé, the maker of popular brands like Maggi, KitKat, and Nescafé, has recalled baby products from several countries due to concerns over potential toxic contamination. The company suspects that the affected products may contain a harmful substance that could cause vomiting and nausea. This recall is being considered one of the largest in the company’s history. Toxic Substance Found in Baby Formula: Nestlé announced that it had decided to pull back certain batches of infant milk from several European countries. According to a statement on their website, the recall was prompted by a quality issue identified with a supplier. Nestlé is investigating all the ingredients used in the affected products, including formulas like SMA, BEBA, and NAN. Potential Health Risks: Reuters repo...

India’s insurance regulator, IRDAI, has issued a warning that rising distribution expenses are causing insurance premiums to become more expensive for consumers. This increase in costs is attributed to the high commissions paid to insurance agents. The Reserve Bank of India (RBI) has also expressed concerns about these growing expenses in its recent report, urging a review of the distribution model. In response, regulatory authorities are preparing to introduce new rules aimed at curbing the hefty commissions paid to agents. These measures are intended to protect consumers from misselling and the burden of inflated premiums. The Problem of High Commissions: As per industry experts, when agents receive large commissions in the first year of a policy, it often leads to a rise in mis...

A company in the agritech sector, Auri Grow India Limited, is currently trading at just ₹0.75 per share. Before this surge, the stock had been on a downward trend for several consecutive days. However, on recent days, the stock price has started to rise sharply. Let’s take a look at the reasons behind this sudden change. What Happened to the Stock? Based in Indore, Auri Grow India Limited is involved in agritech and the export of certain agricultural genes. The company, listed on the National Stock Exchange (NSE), recently made an announcement that triggered the stock’s surge: the launch of an artificial intelligence (AI)-enabled carbon credit platform called CarbonKrishi. This announcement led to a sharp rise in the stock price after a consistent fall over the previous nine sessions...