Reuters India Business

MUMBAI (Reuters) – The Indian rupee dropped to a record low against the U.S. dollar on Tuesday, pressured by the drop in local equities after the government proposed raising the tax rate on capital gains. The rupee declined to 83.69 to the dollar, inching past the previous lifetime low of 83.6775, and compared with 83.6275 …

Indian rupee declines to record low after government raises tax on capital gains Read More »

NEW DELHI (Reuters) – India announced it will cut import duty on mobile phones and some key parts to 15% from 20%, a move that will directly benefit Apple, which still imports its high-end smartphones into the country despite increasing local production. Presenting the annual budget for 2024/25 in parliament on Tuesday, India’s finance minister …

India cuts import tax on smartphones in boost for Apple Read More »

MUMBAI (Reuters) – India on Tuesday cut income tax rates for some citizens in an effort to boost consumption as Asia’s third-largest economy struggles with uneven growth. The government has revised a system introduced in 2020 where annual income of up to 1.5 million rupees is taxed between 5%-20%, while income of over 1.5 million …

India gives income tax relief to some to stimulate spending Read More »

BENGALURU (Reuters) – India’s SpiceJet said on Tuesday it plans to raise 30 billion rupees (around $360 million) by selling securities, including shares, marking the troubled budget carrier’s latest attempt to shore up funds to restore full operations. The company will issue shares to institutional investors, it said in an exchange filing, without disclosing the …

Indian carrier SpiceJet to raise $360 million in latest move to restore normalcy Read More »

MUMBAI (Reuters) -The Indian government on Tuesday lowered its fiscal deficit target to 4.9% of GDP for the financial year ending March 2025, from 5.1% in the interim budget in February, aided by a hefty surplus transfer from the central bank and robust tax revenues. The fiscal target was part of India’s federal budget, announced …

India lowers fiscal deficit target to 4.9% of GDP for FY25 Read More »

By Dharamraj Dhutia MUMBAI (Reuters) -The Indian government has lowered its planned gross market borrowing by 120 billion rupees ($1.44 billion) for the financial year ending March 2025, Finance Minister Nirmala Sitharaman announced in the federal budget on Tuesday. The government aims to borrow a gross of 14.01 trillion rupees, down from 14.13 trillion rupees …

India government cuts gross market borrowings to 14.01 trillion rupees for 2024-25 Read More »

By Joanna Plucinska and David Shepardson FARNBOROUGH, England (Reuters) -Demand for air travel has normalised after a years-long boom following the COVID-19 pandemic as holidaymakers and travellers baulk at higher fares, executives at major airlines said at the Farnborough Airshow on Monday. Guliz Ozturk, CEO of Turkey’s low-cost Pegasus Airlines, said the airline expected yields …

Air travel demand ‘normalising’ after COVID boom, execs say Read More »