India’s Core Growth Rises, Forex Reserves Surge, and Tata Power’s Solar Deal – Key Market Updates
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🗞️ EPF Interest Rate Unchanged at 8.25% for FY24-25
The Employees' Provident Fund (EPF) interest rate will remain at 8.25% for FY24-25, ensuring stable returns for millions of salaried employees.
Expert Opinion: "Maintaining the EPF rate offers financial security while balancing fund sustainability." – Kavita Sharma, Personal Finance Expert
🗞️ India’s Core Sector Growth Rises to 4.6% in January
India’s core sector output grew 4.6% in January, led by strong performance in electricity, coal, and steel sectors. This indicates continued economic momentum in early 2025.
Expert Opinion: "Steady growth in core sectors reinforces India’s industrial resilience, setting the stage for stronger GDP numbers." – Ankit Gupta, Economic Analyst
🗞️ India’s Forex Reserves Surge by $4.7 Billion to $640.47 Billion
India’s foreign exchange reserves rose by $4.7 billion, reaching $640.47 billion as of February 21. This increase bolsters India’s external stability and supports the rupee.
Expert Opinion: "Rising forex reserves cushion against global uncertainties and boost investor confidence in India’s economic strength." – Ramesh Patel, Currency Strategist
🗞️ IMF Economist Advocates for Fewer Exemptions to Enhance GST Efficiency
The IMF suggests reducing exemptions and simplifying tax slabs to improve GST efficiency. This could enhance compliance, increase revenue, and streamline taxation.
Expert Opinion: "A simpler GST structure with fewer exemptions will boost economic efficiency and widen the tax base." – Nisha Mehta, Tax Policy Expert
🗞️ Assam Attracts ₹5.18 Lakh Crore Investment Proposals at Business Summit
Assam has received ₹5.18 lakh crore in investment proposals, indicating rising investor confidence in Northeast India’s potential. The projects focus on infrastructure, manufacturing, and green energy.
Expert Opinion: "Assam’s rapid industrialization can drive economic transformation in the Northeast." – Sunil Verma, Business Strategist
🗞️ Tata Power’s Solar Unit Secures ₹632 Crore SECI Order
Tata Power has obtained a ₹632 crore solar project from the Solar Energy Corporation of India (SECI), enhancing its renewable energy portfolio.
Expert Opinion: "This contract boosts India’s solar energy capacity and reinforces Tata Power’s leadership in renewables." – Anirudh Iyer, Energy Analyst
🗞️ Ola Electric Sells 25,000 Units in February, Maintains 28% Market Share
Ola Electric sold 25,000 electric scooters in February, retaining a 28% market share and solidifying its position in India’s EV segment.
Expert Opinion: "Ola Electric’s robust sales reflect the growing shift towards sustainable mobility in India." – Priya Kapoor, Automotive Analyst
🗞️ Citi Employee’s Typo Causes $81 Trillion Transaction Error
A Citi employee mistakenly processed an $81 trillion transaction due to a typing error, highlighting the risks of manual entry in financial systems.
Expert Opinion: "Financial institutions must integrate AI-driven checks to prevent costly human errors." – Rohit Malhotra, Banking Technology Expert
📊 Market Updates
Sensex: Decreased by 1,414.33 points (1.90%), closing at 73,198.10.
Nifty 50: Dropped by 420.35 points (1.86%), ending at 22,124.70.
Rupee: Weakened to ₹87.3850 against the U.S. dollar.
Gold: Trading at ₹89,150 per 10g.
Silver: Priced at ₹105,800 per kg.
Brent Crude: Trading at $73.29 per barrel.