The Reserve Bank of India (RBI) has issued new rules regarding CIBIL scores. Under the new rules, banks must inform customers of their CIBIL score and the reasons for any loan rejection. Additionally, banks must provide customers with free online access to their credit score once a year. Key Points: Banks must inform customers of […]
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Indian travelers may soon enjoy visa-free access to Russia, with this arrangement potentially launching by spring 2025. Discussions between Russia and India in June focused on a bilateral agreement for visa-free group tourist exchanges. Currently, Russia offers similar programs to citizens of China and Iran, which have proven successful since their launch in August 2023. […]
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RBI Updates Rules for Personal Loans In today’s inflation-driven economy, personal loans have become a common way to meet financial needs. While they are easily accessible, even a single missed or delayed installment can lead to serious consequences. Impact on Credit Score Personal loans are approved based on credit scores. Missing an installment can harm […]
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Union Minister for Commerce and Industry Piyush Goyal, at the India Economic Conclave organized by Times Network, shared a bold vision for India’s economic growth, driven by surging exports and rising global investment. Goyal announced that Indian exports are set to surpass $800 billion this year, with a projection to cross $1 trillion in the […]
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Out of 1.52 lakh startups recognized under the Startup India initiative by the Department for Promotion of Industry and Internal Trade (DPIIT), 5,063 startups—around 3.3% of the total—have been shut down, according to data shared by the Ministry of Corporate Affairs as of December 5, 2024. This information was disclosed by Jitin Prasada, Minister of […]
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The Electronic Industries Association of India (Elcina) has requested a ₹72,500 crore ($8.57 billion) support package to boost domestic production of non-semiconductor electronic components and reduce import reliance. Elcina estimates that India’s demand-supply gap for electronic inputs could balloon to $248 billion (₹21 lakh crore) by 2030 to meet projected electronics production worth $500 billion. […]
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The Confederation of Indian Industry (CII) has urged the government to adhere to its fiscal deficit target of 4.9% of GDP for 2024-25 and 4.5% for 2025-26. The industry body warned that pursuing “overly aggressive targets” could harm India’s economic growth trajectory. “India’s rapid growth amid a global economic slowdown has been supported by prudent […]
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The government is reviewing the decriminalisation of minor offenses under the MSMED Act to ease the burden on MSMEs. This initiative is part of broader efforts to improve the business environment for small enterprises struggling with capital and credit issues. Ahead of the Union budget, the MSME ministry has recommended to the law ministry that […]
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Ahmedabad: Gujarat, known for its industrial prowess, faces a stark challenge with the closure of 5,974 micro, small, and medium enterprises (MSMEs) between July 2020 and November 2024. Data from the Union Ministry of Commerce and Industries, presented in Parliament, places Gujarat third in MSME closures after Maharashtra (15,220) and Tamil Nadu (7,894) during the […]
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The government is accelerating India’s transformation into a defence technology hub by actively involving MSMEs, startups, and academia in projects worth Rs 1,264 crore. Minister of State for Defence Sanjay Seth highlighted these initiatives in a Lok Sabha reply, with additional details shared through an official Ministry of Defence (MoD) release. One of the key […]
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