Financial & Business Highlights: India’s Gold Investments Surge by 60% in 2024
India witnessed a massive 60% rise in gold investments this year, reaching ₹1.5 lakh crore ($18 billion). Demand soared to 239 tonnes—the highest since 2013—marking a significant jump from 185 tonnes in 2023.
Key highlights:
- The October-December quarter saw demand at 76 tonnes, almost matching the previous quarter.
- India contributed 20% of the global gold investment demand, which rose to 1,180 tonnes (a 25% increase from 2023).
- The surge was driven by rising gold prices, import duty reductions in July, and a price correction in November.
- Festivals like Diwali and Dhanteras played a major role in boosting gold purchases, especially in metro cities through e-commerce platforms.
- Market uncertainties and stock market fluctuations led investors to shift towards gold.
- Gold ETFs and mutual funds are expected to grow further as global gold ETF holdings rebound from a four-year low in April.
- Geopolitical tensions and changing interest rate expectations contributed to gold’s best annual price performance since 2010.
Financial & Business Highlights: Zomato Renames Parent Company to ‘Eternal Ltd.’
Zomato’s board has approved renaming its parent company to Eternal Ltd., subject to shareholder and regulatory approvals.
- The Zomato app will keep its name, but the corporate identity, stock ticker, and website will transition to Eternal.
- The new brand will oversee Zomato, Blinkit, District (going-out business), and the B2B supplies vertical, reflecting its broader vision.
- Financial growth: Zomato’s revenue surged 64% YoY to ₹5,405 crore in Q3FY25, while Blinkit’s revenue rose 21% sequentially to ₹1,399 crore.
- Gross order value climbed 27% to ₹7,798 crore, reinforcing strong business momentum.
About Zomato
- Founded: July 2008
- Headquarters: Gurugram, Haryana, India
- Founders: Deepinder Goyal, Akriti Chopra, Pankaj Chaddah, Gunjan Patidar
Financial & Business Highlights: Government Approves New Income Tax Bill, Sections to be Cut by 30%
The Union Cabinet, led by PM Narendra Modi, has greenlit a new Income Tax Bill aimed at simplifying tax laws. The bill is expected to be presented in Parliament next week.
Key features:
- Sections will be reduced by 25-30%, making tax regulations easier to understand by removing redundant explanations.
- Parliament will retain control over income quantification and tax rates, preventing excessive delegation to tax authorities.
- Public consultations will be held to gather feedback from taxpayers and businesses.
- The Standing Committee on Finance will review the bill and conduct further consultations before final approval.
- The bill merges similar sections, reduces cross-referencing, and improves clarity.
- Over 100 tax officers worked on drafting the bill, completing it in six months to promote tax simplification.
Financial & Business Highlights: Public Sector Banks Post Record Profits in FY 2024-25
India’s Public Sector Banks (PSBs) achieved their highest-ever profits in the first three quarters of FY 2024-25, recording a 31.3% YoY increase.
Key financial highlights (April-December 2024):
- Net profit: ₹1,29,426 crore
- Operating profit: ₹2,20,243 crore
- Total business: ₹242.27 lakh crore (11% growth)
- Credit growth: 12.4% | Deposit growth: 9.8%
- Retail credit: Up 16.6% | Agriculture credit: Up 12.9% | MSME credit: Up 12.5%
Other notable improvements:
- Net NPA ratio dropped to 0.59%, reflecting better asset quality.
- Strong capital buffers: CRAR at 14.83% (above the 11.5% requirement).
- Policy reforms enhanced financial stability, governance, and technology adoption.
- Banks are now well-positioned to meet credit needs for key sectors like agriculture, MSMEs, and infrastructure.
Financial & Business Highlights: Indian Overseas Bank Joins Global Carbon Accounting Initiative
Indian Overseas Bank (IOB) has become a signatory of the Partnership for Carbon Accounting Financials (PCAF), a global initiative promoting GHG (greenhouse gas) emissions tracking for financial institutions.
Why this matters:
- IOB will now measure and disclose GHG emissions from its financed activities, aligning with global standards.
- The move highlights IOB’s commitment to India’s net-zero goals and responsible banking.
- PCAF unites financial institutions worldwide to standardize climate impact disclosures in loans and investments.
- Strengthens Environmental, Social, and Governance (ESG) principles in the banking sector.
About IOB:
- Founded: 10 February 1937
- Headquarters: Chennai
- MD & CEO: Ajay Kumar Srivastava
SEBI Plans Secure UPI Payment System for Market Transactions
The Securities and Exchange Board of India (SEBI) is introducing a safer UPI-based payment mechanism for the securities market.
Key features:
- A unique alphanumeric UPI ID will be assigned to registered market intermediaries, helping investors verify legitimate entities.
- UPI payment limit for capital market transactions will increase from ₹2 lakh to ₹5 lakh per day (subject to periodic review).
- A green “thumbs-up” icon will appear for verified intermediaries, warning investors if it’s missing.
- “Pay Right” initiative will enhance investor confidence through robust KYC verification and fraud prevention.
- Cost-effective implementation in collaboration with SEBI, NPCI, banks, and market intermediaries.
- Public feedback is open until February 21, after which SEBI will finalize the mechanism.
About SEBI:
- Formed: April 12, 1988
SBI PO Cut Off 2025, Prelims Cut-Off Marks (Category-wise)