Business
‘If rupee continues to be under pressure, RBI may look at alternate measures’

Rahul Singh, Senior Fund Manager � Fixed Income, LIC Mutual Fund Asset Management Ltd, said that if the rupee continues to be under pressure, the RBI may look at alternate measures. The recent fall in 10-year US yield and dollar index may also have provided some respite for the time being.
Excerpts from the interview:
Q. How much repo rate hike do you expect in the upcoming monetary policy and what will be the stance?
A: We expect 35-50 bps repo rate hike in the upcoming policy. The MPC stance however may not be changed from the last policy.
Q. What will be the inflation and growth outlook by the RBI?
A: The RBI may continue to maintain that they see inflation around 6 per cent mark by Q4 FY23. Inflation has softened considerably from the levels we have seen in the 1st quarter. Further global commodity prices have corrected to a great extent which is good news considering India is a big importer, Plus, monsoon till now has been good. All this may give comfort to the RBI maintaining its Inflation level of 6 per cent by end of this fiscal year. The RBI may also be positive on their growth numbers and would at least maintain (if not revise upwards) the numbers projected in the last policy. GST numbers, credit growth and PMI numbers have been encouraging.
Q. Will the RBI continue to support rupee on the near term?
A: The RBI has always maintained that they would not want too much volatility in INR and may continue to maintain the same stance, though there might be direct intervention, our reading says they may not be too comfortable in letting reserves slip. It has come down from 650 billion to 572 billion as per latest data. If Rupee continues to be under pressure, the RBI may look at alternate measures. The recent fall in 10-year US yield and dollar index may also have provided some respite for the time being.
Q. Where you see bond yields if the RBI hikes rate in the August policy?
A: Rate hike is a certainty which the market may have factored in. The movement will play on what RBI says on their inflation forecast and how much of the impact they see on rupee movement. If the statement is like last policy with no major deviations in the projected numbers from last policy, we may see 10-year G-Sec yield falling further to 7.20 levels.
Q. Now FII’s net investment turned positive after nearly 9 months and indices are rising, do you think this trend will sustain?
A: While it is difficult to predict the future FII flows, it is fair to assume that FIIs may not wish to remain away from India for a long time. Rising domestic demand, attractive valuations and favourable macroeconomic factors may catch FIIs interest.
Q. What are your views on US Fed hinting that they are looking to slow the pace of rate hikes in the upcoming meetings?
A: If FED is convinced that Inflation is cooling down going forward, then this statement certainly makes sense. It could have originated looking at certain statistics which shows softness in crude and other commodities prices, weakening Chinese economy, Q2 GDP numbers and the talks regarding recession going ahead. However, the question remains that if PCE price index is 6.8 per cent and core PCE is 4.8 per cent, then is inflation softening going ahead?. The weak GDP numbers majorly owe to lower US government spending and higher inventories rather than indicating falling demand. Similar dovish statements were made earlier as well when there were rumours of 75 bps rate hike, however we saw two back-to-back 75 bps hike. My understanding is that as long as Inflation shows a declining trend, FED needs to be aggressive in controlling that otherwise it may unnecessarily elongate the entire hike cycle impacting the growth cycle going ahead.
Business
Cooperative taxi service to improve drivers’ income, ensure better services: Centre

New Delhi, March 29: The objective of a taxi service based on cooperative model is to ensure democratic management by active participation of all members, and to ensure that maximum profit earned by such cooperative taxi society is distributed equitably among the taxi drivers who will be members of that society, the government has said.
India is home to over 8 lakh cooperative societies, serving nearly 30 crore members across 30 different sectors.
While replying to the discussion on Tribhuvan Sahkari University Bill, 2025 in the Lok Sabha, Union Home Minister and Minister of Cooperation, Amit Shah, said this week that in near future, a cooperative taxi service will be started, in which registration of two wheelers, taxis, rickshaws and four wheelers will be possible and the profit will go directly to the driver.
Based on principles of “Sahakar se Samriddhi”, a taxi-service cooperative will be formed by willing taxi drivers and the management will rest with the members of such society.
“Such an initiative will lead to overall prosperity and improving the income, working conditions, and standard of living for such taxi drivers/members of the cooperative society while providing better services to the consumers,” according to the ministry.
‘Sahkar’ or cooperation is a concept where a group of people voluntarily come together and form a cooperative society or Sahkari society based on mutual benefit and common economic interest.
Sahkari models of economic cooperation have been found to be more fruitful for its members, being more equitable and resulting in inclusive growth for all, like in the case of Amul.
These cooperatives play a crucial role in promoting self-reliance, financial inclusion, and rural development, particularly in agriculture, dairy, fisheries, banking, housing, consumer services, labour, sugar etc.
These cooperatives compete in the market alongside other players including private enterprises. The cooperatives are registered under the cooperative laws of the respective state/UT and societies which work in multiple states/UTs and are registered under the Multi State Cooperative Societies Act.
The government has promoted and assisted startups and other enterprises in the past for equitable and inclusive growth of the nation.
Business
Travel From Uran To Gateway Of India In AC Boats Soon! E-ferries Set To Hit Waters In 2 Weeks; Travel Time To Reduce

Mumbai: The travel time between Uran and the Gateway of India will be cut in half with the introduction of electric ferries in about two weeks. Speed trials are currently underway and the service is expected to begin soon, according to reports quoting an official from the Jawaharlal Nehru Port Authority (JNPA).
In December 2024, JNPA approved a Rs 37.8 crore lease for two electric ferries over a 10-year period. The boats were initially scheduled to begin operations in January, but technical delays pushed the launch back.
Currently, wooden passenger boats take over an hour to complete the journey, but the e-ferries will reduce travel time to just 30-40 minutes. This upgrade will majorly benefit local residents, JNPA personnel and officials from customs, the air force, CISF and ports who frequently use the route.
Each ferry will accommodate 20-24 passengers, and tickets will be available for purchase online, said JNPA chairman Unmesh Sharad Wagh. The frequency and schedule of the ferries will be determined based on demand.
Details On Routes Of New E-Ferries
The new service will operate between the Gateway of India and JNPA via the sea route, while during the foul weather season, it will run from Bhaucha Dhakka to JNPA. This initiative aims to make commuting more efficient and comfortable for passengers.
The journey from Mumbai to Jawaharlal Nehru Port (JNP) will be significantly shortened, saving passengers up to 20 minutes, with a total travel time of 30-40 minutes. The ferries will also enhance passenger comfort with air-conditioned seating, improving the overall travel experience.
These e-ferries are part of the Harit Sagar, or ‘Green Port,’ initiative, which focuses on sustainable port operations and minimizing environmental impact. Launched by the Ministry of Ports, Shipping, and Waterways (MoPS&W), the initiative aims to achieve net zero emissions by 2047 and increase renewable energy usage across major ports by 60 per cent. The introduction of pollution-free, environment-friendly ferries aligns with this vision, marking a step toward cleaner and more sustainable maritime transport.
Business
Special drive led to declaration of foreign assets, income of Rs 30,300 crore: FM Sitharaman

New Delhi, March 26: Union Finance Minister Nirmala Sitharaman said that a special campaign carried out by the Income Tax Department has led to the declaration of foreign assets and income to the tune of Rs 30, 300 crore after over 30,000 taxpayers revised their income tax returns or filed belated returns for 2024-25.
The Finance Minister said in the Lok Sabha that SMS and e-mails were sent to around 19,501 taxpayers, asking them to review their income tax returns based on information collected by the Income Tax Department on foreign deposits.
She said the “nudge campaign” resulted in 11,162 taxpayers revising their tax returns and filing the Schedule Foreign Assets Form, declaring total assets of Rs 11,259.29 crore and disclosing foreign income of Rs 154.42 crore. Another 883 taxpayers revised their ITRs and corrected their status from resident to non-resident in the revised return for 2024-25.
An additional 13,516 taxpayers declared foreign assets of Rs 7,564 crore and foreign income of approximately Rs 353 crore in their revised ITR for 2024-25.
The Income Tax Department launched a compliance-cum-awareness campaign, aimed at encouraging voluntary disclosures of offshore wealth and income. The drive focused on a data-driven and non-intrusive approach, which led to a 45.17 per cent year-on-year jump in voluntary disclosures in 2024-25 compared to 2023-24.
According to sources, tax authorities received financial information from over 108 countries regarding foreign accounts and income in the form of interest and dividends earned outside India by its citizens.
The number of taxpayers disclosing foreign assets and income voluntarily has shot up from 60,000 in 2021-22 to 2,31,452 taxpayers in 2024-25.
India is one of the early adopters of Common Reporting Standards (CRS) and has been receiving data since 2018.
More than 125 countries have agreed to share financial information of individuals linked to other jurisdictions on an automatic basis, including details of accounts held, account balances, dividends, interest received, and gross payments.
A similar exchange occurs with the US under the Inter-Governmental Agreement under the Foreign Accounts Tax Compliance Act (FATCA), 2010.
Using this data received under the automatic exchange of information, the Central Board of Direct Taxes (CBDT) launched a Compliance-Cum-Awareness Campaign on November 17, 2024, urging taxpayers to declare their foreign assets and income in revised Income Tax Returns (ITRs) for Assessment Year (AY) 2024-25.
This campaign followed a system-driven and taxpayer-friendly approach, utilising the information received through CRS and FATCA.
The Income Tax Department also facilitated taxpayers by providing a step-by-step guide to filling out Schedule Foreign Assets and Schedule Foreign Source Income, along with explanatory materials to help them understand the information received under these frameworks.
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