Business
FM Sitharaman goes for big push to job-led inclusive growth in Budget 2025-26

New Delhi, Feb 1: Finance Minister Nirmala Sitharaman on Saturday presented the Budget 2025-26 in the Parliament with an aim at accelerating employment-led inclusive growth, propelled by investments in the agricultural and rural sector, MSMEs and exports while sticking to the fiscal consolidation path.
“This budget is dedicated to accelerating growth, driven by our aspirations for a ‘Viksit Bharat.’ Our economy remains the fastest growing among all major economies,” the Finance Minister said on the floor of the Lok Sabha.
The key domains covered in the Union Budget include taxation, power, urban development, mining, the financial sector, and regulatory reforms. These areas are central to the government’s focus on driving growth, improving infrastructure, enhancing governance, and ensuring sustainable development across various sectors.
She has kept the budget deficit target on a declining path to 4.4 per cent of GDP in 2025-26 from 4.8 per cent of GDP in 2024-25.
The net market borrowing for the budget has been fixed at Rs 11.54 crore while the rest of the funds will come from small savings and other sources, the Finance Minister said. The government’s gross borrowing target for FY26 was revised upwards by 5.7 per cent to Rs 14.82 lakh crore from Rs 14.01 lakh crore in FY25.
In a major benefit for the middle class, Sitharaman announced that there will be no income tax on an annual income of up to Rs 12 lakh. For salaried people who enjoy a standard deduction of Rs 75,000, there would be no tax on income of up to Rs 12,75,000.
The move will place more money in the hands of the people to spend on goods and services which in turn would lead to higher growth in the economy.
In order to boost domestic manufacturing, she has also rationalised customs duties to increase tariffs on finished goods such as electronic products and reduce the duty on components used as inputs by local manufacturers.
The Finance Minister outlined specific proposals, starting with agriculture as the “first engine” to drive growth. Under the Prime Minister Krishi Yojana, a new initiative inspired by the success of the Aspirational District Programme, the government will launch an agricultural district programme in partnership with states. This will target 100 districts with low productivity, moderate crop intensity, and below-average credit parameters. The initiative is expected to benefit 1.7 crore farmers. The Finance Minister also announced an increase in the Kisan Credit Card (KCC) loan limit from Rs 3 lakh to Rs 5 lakh under the interest subvention scheme.
MSMEs have been identified as the second engine of growth, and the focus will be on the 5.7 crore MSMEs, which include over one crore registered businesses employing 7.5 crore people and contributing 36 per cent to India’s manufacturing. These MSMEs are crucial in positioning India as a global manufacturing hub, responsible for 45 per cent of the nation’s exports. To boost their growth and efficiency, the government will enhance the investment and turnover limits for MSMEs, increasing them by 2.5 times and 2 times, respectively. This move is expected to empower MSMEs to scale up, innovate, and generate more employment opportunities for the youth.
The Finance Minister announced that the government will implement specific policy and facilitation measures to boost the productivity, quality, and competitiveness of India’s footwear and leather sector products. This scheme is expected to create employment for 22 lakh people, generate over Rs 400 crore, and achieve exports of over Rs 1.1 lakh crore. In addition, measures will be introduced for the toy sector, building on the National Action Plan for Toys. A new scheme will aim to establish India as a global hub for toys, focusing on developing clusters, skills, and a manufacturing ecosystem that will produce high-quality, innovative, and sustainable toys, representing the “Made in India” brand, the Finance Minister said.
The Finance Minister emphasised investment as the third engine of growth, which includes investing in people, the economy, and innovation. As part of investing in people, the government is focusing on the Sashakt Anganwadi and Poshan 2.0 programmes, which provide nutritional support to over 8 crore children, pregnant women, lactating mothers, and around 20 lakh adolescent girls in aspirational districts and the Northeast region. The cost norms for these programs will be enhanced, Sitharaman added.
Business
Gokaldas Exports’ Q4 profit up amid rising expenses

Mumbai, May 22: Apparel manufacturer and exporter Gokaldas Exports Limited on Thursday reported a strong performance in the fourth quarter (Q4) of FY25, with its consolidated net profit soared over 19.3 per cent year-on-year (YoY) to Rs 52.86 crore, compared to Rs 44.28 crore in Q4 FY24.
The company’s profit before tax (PBT) also surged by 84 per cent YoY to Rs 79 crore in the last quarter of the FY25.
However, the quarter also saw a notable rise in total expenses, which increased by 23.32 per cent (on-year) to Rs 955.8 crore in Q4 FY25 from Rs 775.03 crore in Q4 FY24.
Despite this, the company’s revenue from operations rose by nearly 25 per cent to Rs 1,015.33 crore — helping it maintain the strong overall financial health.
The company’s total income for the quarter rose by 27 per cent to Rs 1,035 crore, driven by productivity improvements and robust cost management.
Despite a rise in expenses, the company managed to boost its profitability and strengthen its margins, with EBITDA margins improving by 272 basis points compared to the same period last year.
For the full financial year 2025, Gokaldas Exports achieved its highest-ever total income of Rs 3,917 crore, marking a 63 per cent increase from the previous financial year.
Profit before tax for the year grew by 37 per cent to Rs 218 crore in FY25, according to its stock exchange filing.
Commenting on the results, Sivaramakrishnan Ganapathi, Vice Chairman and Managing Director of Gokaldas Exports, said, “FY25 was a significant year for us as we consolidated acquisitions and delivered healthy growth in income and profits.”
“While we face challenges like the reciprocal tariff imposed by the US that could impact margins, opportunities such as the India-UK Free Trade Agreement provide optimism for future growth,” he added.
Established in 1979, Gokaldas Exports is one of India’s largest apparel manufacturers and exporters, supplying to more than 50 countries worldwide.
With over 30 production units and a workforce of more than 51,000 employees, the company produces approximately 87 million garments annually.
National
Those who tried to erase Sindoor lay in ruins: PM Modi in Rajasthan’s Bikaner

Bikaner (Rajasthan), May 22: Delivering a fiery address in Palana, Bikaner, his first visit to Rajasthan after Operation Sindoor — Prime Minister Narendra Modi on Thursday presented a firm, uncompromising stance against terrorism, asserting India’s new principles in dealing with threats.
“Operation Sindoor has established three clear principles,” the Prime Minister said.
First, any terrorist attack on India will receive a decisive response, with the timing and method left to the armed forces.
Second, India will not be intimidated by nuclear threats.
Third, there will be no distinction between terror groups and the governments that support them, PM Modi said.
Slamming Pakistan, PM Modi declared: “The game of state and non-state actors is over. India will hold all responsible parties accountable. Those bullets pierced the hearts of 140 crore Indians. Those who tried to erase the Sindoor of our sisters have been razed to the ground.”
Referring to the Pahalgam terror attack on April 22, which took place exactly a month ago when 26 innocent civilians were killed, he revealed that India’s forces destroyed nine major terrorist hideouts in Pakistan and Pakistan-occupied Kashmir within 22 minutes.
“The world saw what happens when Sindoor turns into Barood (gunpowder),” he said.
Making a scathing attack on the neighbouring country, he said, “Pakistan cannot face India directly, so it resorts to terrorism. But they forgot — now Modi stands here with his chest puffed out. My mind stays calm, but my blood runs hot with Sindoor.”
In his address, the Prime Minister said that seven Indian delegations comprising political leaders and foreign policy experts will visit different countries to expose Pakistan’s role in supporting terrorism.
“No talks, no trade with Pakistan — only talk will be about PoK,” he asserted, adding, “India will not back down. This is our resolve, and no power in the world can shake it.”
Describing Operation Sindoor as “not revenge, but the new face of justice,” he said, “This is the fierce form of Samarth Bharat — capable India.”
He recalled a symbolic connection with Rajasthan: “Five years ago, after the Balakot airstrike, my first public meeting was in Rajasthan. Today, after Operation Sindoor, I’m once again in this Veer Bhoomi (land of the brave).”
Earlier in the day, PM Modi visited the Karni Mata Temple in Deshnok before inaugurating 103 modernised Amrit Bharat railway stations and flagging off the Bikaner-Bandra Express.
He also launched and laid foundation stones for projects worth Rs 26,000 crore, including water and infrastructure initiatives for Rajasthan.
Highlighting India’s development strides, the Prime Minister cited engineering marvels like the Chenab Bridge, Atal Setu, and Pamban Bridge, and praised the Vande Bharat and Namo Bharat trains as symbols of a fast-moving India.
A touching moment unfolded when a woman named Sumitra from a self-help group presented a bullock cart model to PM Modi and tried to touch his feet. The Prime Minister gently stopped her and bowed in return.
Governor Haribhau Bagde, Chief Minister Bhajanlal Sharma, and senior BJP leaders were present at the event. Prime Minister Modi also visited an exhibition celebrating Rajasthan’s heroes.
Business
Business activity in India surges to 13-month high in May: HSBC Composite PMI

New Delhi, May 22: The HSBC Flash India Composite Output Index – which measures the month-on-month change in the combined output of India’s manufacturing and service sectors – on Thursday reported robust business activity in May in the country, climbing to a 13-month high of 61.2, compared with 59.7 in the previous month.
At 61.2 in May, the HSBC Index showcased a sharp rate of expansion in private sector activity.
“The increase was the most pronounced since April 2024. There was a mild loss of growth momentum in the manufacturing industry but service providers reported the fastest rise in output in 14 months,” according to a HSBC Flash India PMI note.
The HSBC Flash India Manufacturing PMI was little changed from April’s reading of 58.2. At 58.3 in May, the latest figure was consistent with a sharp improvement in the health of the sector.
Private sector growth in India moved up a gear during May, boosted by an acceleration in the service economy.
Strong influxes of new business, both from domestic and international markets, induced quicker expansions in business activity and employment.
There was also an improvement in business confidence for the first time since January, said the HSBC.
“India’s flash PMI indicate another month of strong economic performance. Growth in production and new orders among manufacturing firms remains robust, despite a marginal cooling from the rates of increase observed in April,” said Pranjul Bhandari, Chief India Economist at HSBC.
Notably, there is a firm pick-up in the employment, especially in the service sector, suggesting healthy job creation accompanies the expansion of both India’s manufacturing and service sectors, Bhandari added.
While goods producers indicated the slowest increase in output for three months during May, service providers reported the fastest rise since March 2024.
At the composite level, the latest upturn was the quickest in just over a year. Monitored companies attributed growth to buoyant demand, investment in technology and expanded capacities, according to the note.
“Underlying data indicated that ongoing job creation enabled companies to stay on top of their workloads in May. Not only did employment continued to increase, but growth also hit a fresh series record (since December 2005). Anecdotal evidence showed that full- and part-time staff had been recruited on permanent and temporary bases,” said the HSBC report.
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