India’s Housing Boom, EPFO Milestone & ₹10 Lakh Crore Debt Resolved
Your daily dose of business news
🗞️ Wholesale Inflation Rises to a 2-Month High at 2.38%
India’s wholesale inflation climbed to 2.38% in February, marking a two-month high due to rising food and fuel prices. Experts suggest this could impact RBI's monetary policy stance in the coming months.
💬 Expert Opinion: “A sustained rise in inflation could delay interest rate cuts, impacting borrowing costs for businesses.” – Rajiv Malhotra, Economist
🗞️ Bank Unions Call for Strike on March 24-25 After Wage Talks Fail
Major bank unions have announced a nationwide strike on March 24-25, following failed negotiations with the Indian Banks' Association (IBA) over wage revisions. This could lead to a prolonged disruption in banking services.
💬 Expert Opinion: “Customers should complete important transactions before the strike dates to avoid inconvenience.” – Ankit Sharma, Financial Consultant
🗞️ Blackstone Expands in India with Housing Market Entry
Global investment giant Blackstone is making a strategic entry into India’s housing market, betting on the country’s booming real estate sector.
💬 Expert Opinion: “Blackstone’s entry into residential real estate signals strong global confidence in India’s property market.” – Meera Patel, Real Estate Analyst
🗞️ India Reviews Draft Digital Competition Bill
The government is reviewing the Draft Digital Competition Bill, which aims to curb anti-competitive practices by big tech firms while fostering fair competition in the digital economy.
💬 Expert Opinion: “Stricter regulations could reshape the digital landscape, impacting both startups and global tech giants.” – Kavita Joshi, Technology Policy Expert
🗞️ SpiceJet Founder to Infuse ₹294 Crore into Airline via Warrant Conversion
Ajay Singh, founder of SpiceJet, is set to invest ₹294.09 crore into the struggling airline through warrant conversion, providing much-needed financial relief amid liquidity concerns.
💬 Expert Opinion: “Fresh capital infusion could help stabilize SpiceJet’s operations, but long-term sustainability remains uncertain.” – Ramesh Desai, Aviation Analyst
🗞️ India’s Net Direct Tax Collection Up 13.13% to ₹21.26 Lakh Crore
India’s net direct tax collection has surged 13.13% YoY, reaching ₹21.26 lakh crore as of March 16, reflecting strong economic activity and improved tax compliance.
💬 Expert Opinion: “Robust tax collections enhance fiscal stability and provide room for government spending.” – Suresh Menon, Tax Consultant
🗞️ EPFO Hits Historic High with 2.16 Crore Auto Claims Processed
The Employees' Provident Fund Organisation (EPFO) has processed a record 2.16 crore auto claims in FY25, showcasing efforts to improve ease of fund access for employees.
💬 Expert Opinion: “EPFO’s digital initiatives are streamlining claim settlements, benefiting millions of salaried employees.” – Aditya Rao, Retirement Planning Expert
🗞️ Govt Resolves ₹10 Lakh Crore Insolvency Cases Under IBC
The government has successfully resolved 28,818 insolvency applications, totaling ₹10 lakh crore, under the Insolvency and Bankruptcy Code (IBC), reducing financial stress in the corporate sector.
💬 Expert Opinion: “IBC’s effectiveness in debt resolution strengthens investor confidence in India’s financial system.” – Vikram Shah, Corporate Finance Expert
📊 Market Updates (March 17, 2025)
Sensex: 📈 +341.04 points (0.46%), closing at 74,169.95.
Nifty 50: 📈 +111.55 points (0.50%), ending at 22,508.75.
USD to INR: 💱 The Indian rupee strengthened, with the exchange rate at ₹86.96 per U.S. dollar.
Gold: 🥇 Trading above $3,000 per ounce, with projections of $3,200 by June.
Brent Crude Oil: 🛢️ Trading at $71.22 per barrel, up 0.91%.