Author: Soumili Biswas

The US economy grew steadily in the third quarter, with the support of broad-based gains in consumer spending and consistent business investment. As per the second estimate of the Bureau of Economic Analysis figures showed Wednesday, the GDP increased at an annualized pace of 2.8% in Q3. Consumer spending mostly extended the growth this year, by 3.5%. While still strong, household spending was revised downwards from the earlier estimate, reflecting less spending on merchandise. On the other side, business investment in research and development was revised upward. The GDP report highlights the strength of economic expansion through persistent inflation, high…

The Nifty IT index fell over 2% on November 28, becoming the worst performer on the Nifty 50. According to the US inflation data it only happened due to an increase in consumer spending for October. It also sparked concerns about the pace of future rate cuts, which may get slower than predicted, affecting sectors especially information technology, which has significant exposure to the US market. However, after the data revelation regarding consumer spending, US economy continued to grow, although efforts to minimize inflation appeared to have slowed. Consumer spending in the US rose by 0.4% in October, exceeding expectations…

The Cabinet Committee on Economic Affairs (CCEA) has agreed to launch the Pan 2.0, center’s most ambitious project. It aims to enhance and modernize the process of issuing and managing Permanent Account Number (PAN) and Tax Deduction & Collection Account Number (TAN). The new project, managed by the Income Tax Department, tailored to simplify tax filing processes, improve security and accessibility, besides streamlining the process of obtaining, using and verifying PAN cards. Aligned with the Prime Minister’s Digital India initiative, it is designed to ease tax compliance and other financial processes. Some of the Key Features of PAN 2.0 Include: …