The Indian government will enable pooled private equity fund structures as variable capital companies (VCCs)—a structure more popular in the financial markets of Singapore and Mauritius—in a bid to attract more capital from overseas investors.

“We will seek the required legislative approval for providing an efficient and flexible mode for financing the leasing of aircraft and ships, and pooled funds of private equity through a ‘variable company structure’,” finance minister Nirmala Sitharaman said in Parliament.

Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget 2024 in the Lok Sabha. FM Sitharaman said three employment-linked incentive schemes will be launched, based on registration with the Employees’ Provident Fund Organisation (EPFO).

Krishnendu Chatterjee, vice-president and business head at TeamLease Services, says the Centre’s commitment to employment is clear with the launch of these schemes.

The Union Finance Minister Nirmala Sitharaman while presenting the Union Budget 2024 in the Lok Sabha on Tuesday (July 23), announced comprehensive development plans for Bihar.

Announcing the ‘Purvodaya’ scheme for enhancing the all-round development of the eastern region including Bihar, Jharkhand, West Bengal, Andhra Pradesh, Odisha, the FM said that the Centre will focus on human resource development, infrastructure growth and create generations of economic opportunity to fasten the government’s aim of ‘Viksit Bharat’.

The Finance Minister today announced changes to the capital gains tax structure in India. The tax on long-term capital gains (profits from selling assets held for more than two year) has been increased from 10 per cent to 12.5 per cent.

For listed financial assets, the holding period to qualify for long-term capital gains has been kept at more than one year.

US President Joe Biden has described his decision to drop out of the presidential race as "the right thing to do" and said he would campaign with his deputy Kamala Harris, whom he has endorsed as the Democratic Party's new nominee, for the November general elections.

In a telephonic address on Monday to his former campaign team, which has now been rechristened Harris Campaign, Biden urged the members to "embrace" Vice President Harris (59) while asserting that the name of the campaign has changed but the mission remains the same -- defeating Donald Trump.

The Pakistan Army on Monday said that an organised political mafia was spreading misinformation about a planned new counter-terrorism operation, Azm-e-Istehkam', aimed to flush out militants and foster economic growth and stability.

Army spokesperson Lt Gen Ahmad Sharif addressing a press conference in Rawalpindi talked about various pressing issues, including the launch of the operation.

The Supreme Court on Monday imposed an interim stay on directives passed by the Uttar Pradesh and Uttarakhand governments that eateries along the Kanwar Yatra route must display names of owners.

A bench of Justices Hrishikesh Roy and S V N Bhatti issued notices to the Uttar Pradesh, Uttarakhand and Madhya Pradesh governments while seeking their replies on the pleas challenging the directive.

The Ministry of Corporate Affairs (MCA) has taken several steps, including the withdrawal of prosecutions and compoundable cases, to reduce litigations under the companies law, Finance Minister Nirmala Sitharaman said Monday.

Sitharaman, also the Union Minister of Corporate Affairs, said in Lok Sabha that 14,247 prosecutions were withdrawn in the first special drive conducted in 2017 and a decision has also been taken for withdrawing 7,338 compoundable cases identified in the second special drive in 2023.

The Centre, on Monday, rejected the JD(U)’s request for ‘special category’ status for Bihar during the all-party meeting.

No new states are being awarded ‘special category’ status at present, as the Indian Constitution does not accommodate such classification.

A day before Budget 2024, Union Finance Minister Nirmala Sitharaman tables the Economic Survey in Lok Sabha. The Economic Survey is prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance.

What is the Economic Survey of India?

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