New Delhi: With the Goods and Services Tax (GST) reforms, banks expect increased credit demand across retail, MSME, and agricultural segments as incomes rise and business investment picks up.

According to Ajay Kumar Srivastava, MD and CEO, Indian Overseas Bank, the reform will create a strong effect across the economy, leading to improved cashflows for distributors and retailers, greater working capital access for small businesses, and expanded credit requirements amid rising demand.

“Overall, this decision acts as a catalyst for inclusive growth and economic transformation aligning itself to India’s vision of Viksit Bharat”, said Srivastava. This move makes taxation more transparent and easier to follow. “We expect these measures will drive an estimated growth in consumption over 8-10 per cent in the next two quarters in rural markets, particularly benefiting farmers through reduced costs on agricultural products where GST has been brought down from the 12 per cent to 5 per cent,” according to Srivastava.

The price cuts on daily essentials like dairy products, household items, and consumer durables will provide more relief and reduce the burden to the consumers. The reduced GST on vehicles, electronics, and housing materials will create demand for these segments, while making insurance policies completely tax-free will enhance financial inclusion.

According to Sanjay Agarwal, Senior Director, CareEdge Ratings, GST rate cuts result in a decrease in the final price of goods and services, which enhances consumer purchasing power and could stimulate demand across various sectors.

The impact is generally visible in the consumer durables segment. Lower GST rates on automobiles, electronics, and appliances not only make these products more affordable but also expand the addressable market to include price-sensitive consumers who were previously priced out.

“Banks could see an increase in auto loans, personal loans for electronics purchases,” he mentioned. Outstanding housing loans, vehicle loans, credit card and consumer durables account for around 16.7 per cent, 3.5 per cent, 1.6 per cent and 0.1 per cent of banking credit, respectively.

Mumbai: In a swift and coordinated operation, the Mumbai Crime Branch has arrested a 50-year-old man from Noida, Uttar Pradesh, within 24 hours after he allegedly threatened to blow up the city using human bombs and 400 kg of RDX explosives.

According to officials, on September 4, 2025, at 2:57 pm, an unidentified person sent a WhatsApp message to the government-issued mobile number of the Mumbai Traffic Control Room in Worli. The message claimed that a massive terror attack would be carried out in Mumbai using human bombs and explosives.

The threat, which came amid the backdrop of Ganesh Visarjan celebrations in the city, was taken very seriously given the potential to disrupt law and order. Acting swiftly, the Crime Branch used technical investigation and intelligence-based tracking to trace the accused. With assistance from Gautam Buddh Nagar Police in Noida, the suspect — Ashwinikumar Sureshkumar Supra (50) — was arrested. The mobile phone used to send the threatening message has also been seized.

The case has been registered under Sections 196(1)(A)(B), 351(2), 351(3) of the Bharatiya Nyaya Sanhita (BNS) at Worli Police Station.

Mumbai: Maharashtra Chief Minister Devendra Fadnavis on Saturday said Prime Minister Narendra Modi is a great leader irrespective of whether US President Donald Trump says it or not, and added that India frames its own foreign policy, which cannot be dictated to it by any other country.

His statement comes in the wake of Trump’s praise of PM Modi.

Trump on Friday said, “I’ll always be friends with (Narendra) Modi, he’s a great prime minister. He’s great. I’ll always be friends, but I just don’t like what he’s doing at this particular moment.”

The relations between New Delhi and Washington are on a major downturn after Trump doubled tariffs on Indian goods to a whopping 50 per cent, including 25 per cent additional duties for India’s purchase of Russian crude oil. India described the US action as “unfair, unjustified and unreasonable”

When asked about the US President’s remarks, CM Fadnavis said, “Whether Trump says it or not, PM Modi is great. All world leaders feel that he is a great leader. American stand these days is… some praise us and some try to pull us down. But this is a new India…Modiji’s India. We decide our own foreign policy and nobody can dictate it to us.” The country’s march to become Viksit Bharat will continue, he added.

Fadnavis was speaking to reporters after the immersion of Lord Ganesh idol, installed at his official residence ‘Varsha’ in south Mumbai, in an artificial tank there.

On the occasion, he appealed to citizens to bid farewell to Lord Ganesh with traditional fervour and in a peaceful manner.

“All of us bid goodbye to the Lord with a heavy heart and with a sense of happiness that he will return next year,” he said.

The 10-day Ganesh festival, which began on August 27, drew to a close on Saturday.