New Delhi, Feb 7: The BJP has slammed the Congress for its primary claim of enabling “7.6 per cent growth”, pointing out that this was effectuated by the global economic boom between 2004-08 and conceals the decline to 5.6 per cent in 2012-13, caused by corruption and fiscal mismanagement.

The BJP’s factsheet highlights that the average growth rate during the 10 years of UPA (2004-2014) was restricted to 6.8 per cent compared to NDA’s 8.4 per cent average (2014-2024).

The UPA relied on reckless borrowing, leading to a ballooning current account deficit and 9.3 per cent inflation. On the other hand, despite the Covid pandemic and the Russia-Ukraine conflict, India’s GDP growth for 2024-25 is projected at 6.4 per cent, the highest among major economies, the factsheet states.

It cites the Economic Survey 2024-25 projection of a 6.3-6.8 per cent growth rate for FY25-26, in line with other financial bodies such as the IMF.

The rise in digital transactions from 2.2 billion in 2013-14 to over 208.5 billion in 2024, driven by Digital India, and the opening of 500 million bank accounts under PMJDY showcase inclusive economic growth, according to the BJP factsheet

It also mentions the JAM Trinity (Jan Dhan, Aadhaar, Mobile Network) ensured DBT payments of Rs 27,442.08 crore were made between March 24 and April 17, 2020 (24 days) during peak Covid-19 to 11.42 crore beneficiaries.

It also cites the Economic Survey 2024-25 for showing Financial Inclusion Index rose from 53.9 in 2021 to 64.2 in 2024 as an indicator of growth with equity.

The factsheet states that in “a resurgent India under Prime Minister Narendra Modi-led government, as many as 24.82 crore people have risen out of multidimensional poverty between 2014-15 and 2022-23”.

In contrast, the UPA government triggered one of India’s worst non-performing asset (NPA) crises in the banking sector. The ‘phone-a-loan’ scam under UPA led to a surge in bad loans, crippling businesses and financial institutions, the factsheet states.

By 2018, NPAs reached a staggering 11.6 per cent of gross advances, with the root cause traced back to bad lending decisions made between 2008-2014. High-profile defaulters like Nirav Modi, Vijay Mallya, and Mehul Choksi flourished under the lax regulatory environment of the UPA era, it observes.

Besides, the lack of a robust bankruptcy framework left struggling businesses with no structured exit mechanism, which was only brought in in 2016 with Insolvency and Bankruptcy Code (IBC) 2016, the BJP factsheet added.

New Delhi: The new income tax bill, to be introduced in Parliament next week, will not have long sentences, provisos and explanations, Finance Secretary Tuhin Kanta Pandey said on Thursday.

The new bill, which will replace the six-decade-old Income Tax Act, is likely to be discussed at the Cabinet meeting on Friday, sources said.

The new bill, which was announced by Finance Minister Nirmala Sitharaman in her Budget speech, will also incorporate the changes made in income tax rates, slabs and in TDS provisions made in the Budget for 2025-26.

“When you see next week a new income tax Bill, you will see a very different Bill. The way we write laws is undergoing a change. You will see very less of those long sentences you will not see probably the proviso, explanations..,” Pandey said at a PHD Chambers event here.

Pandey said the new bill will not put any new taxes, or any new burden.

“We are also not changing policy in a big way. We do not want to create any unstable situation,” Pandey added.

The new law would be simple. “Laws are not supposed to be meant for only legal professionals. It is for citizens to understand,” Pandey added.

The new income tax bill, which will replace the Income Tax Act, 1961, has been drafted within 6 months and efforts have been made to simplify the language to help taxpayers understand. Also, the new law has been made concise, removing old provisions thereby making it less bulky.

New Delhi, Feb 6: Food-tech giant Zomato on Thursday officially changed the company’s name to Eternal, following an approval from its board.

In a stock exchange filing, the online food aggregator said that when we acquired Blinkit, we started using “Eternal” (instead of Zomato) internally to distinguish between the company and the brand/app.

“We also thought that we would publicly rename the company to Eternal, the day something beyond Zomato became a significant driver of our future. Today, with Blinkit, I feel we are there,” said Deependra Goyal, Co-founder of Zomato.

The group CEO added that “we would like to rename Zomato Ltd., the company (not the brand/app), to Eternal Ltd”.

Despite the name change, the Zomato app will continue to operate under its existing name. However, the company’s stock ticker will now be updated from Zomato to Eternal.

Eternal will serve as the umbrella brand for four major businesses — Zomato, Blinkit, District and Hyperpure.

These divisions represent the company’s growing presence in food delivery, quick commerce, dining services, and supply chain solutions.

Meanwhile, the online food delivery giant clocked a 57 per cent decline in net profit (year-on-year) at Rs 59 crore in Q3 from Rs 176 crore in the same period last fiscal.

However, the company’s revenue from operations increased by 64 per cent to Rs 5,404 crore in the latest quarter earnings announced on January 20.

The expenses of the Gurugram-based food giant rose to Rs 5,533 crore.

In a letter to shareholders on January 20, the company shared updates on its progress and expansion plans, stating that it aims to open 1,000 new Blinkit stores by December this year.

This announcement was made along with the financial results for Q3 ended on December 31, 2024.