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GST Rate Rationalisation Boosts Tax Collection Despite Lower Rates
India's GST collections have risen to an average of Rs 1.1 lakh crore monthly, up from Rs 1.01 lakh crore, following a rate overhaul. Despite a drop in the average tax rate from 14.4% to 12.8%, increased consumption in sectors like precious metals and vehicles has boosted tax revenue, demonstrating a successful policy shift towards consumer burden reduction.
RBI Flags Geopolitical Risks, Cybersecurity Threats in Financial Stability Report
The RBI's Financial Stability Report highlights risks from geopolitical tensions and cybersecurity. While financial institutions show resilience in stress tests, concerns are raised about customer service in insurance and rising NPAs under adverse scenarios.
US Consumer Confidence Edges Up in June Amid Falling Gas Prices, but Labor Market Worries Persist
US consumer confidence rose slightly in June, driven by lower gas prices after a Middle East truce. However, perceptions of the labor market weakened, with a 5-1/2 year high in difficulty finding jobs and expectations of little future improvement.
Ritesh Agarwal's OYO: From ₹30 Lakh Pitch to Global Hospitality IPO
Ritesh Agarwal, founder of OYO, is taking the company public with a ₹6,650 crore IPO. Starting from a small village and facing early rejections, Agarwal built a global hospitality business now earning most revenue outside India, with the US as its largest market.
SC Orders Status Quo on Ethanol Supply Allocation for 2025-26
The Supreme Court ordered a status quo on ethanol supply allocation for 2025-26, challenging a Karnataka HC order that directed oil companies to consider enhancing allocation. The AG argued 20% blending is national policy and the HC order could destabilize it.
US Job Market Shows Surprising Strength Amidst Economic Shocks
The US job market remains resilient with 7.6 million job openings in May, defying expectations despite the Iran war's economic impact and soaring energy prices. Layoffs saw a slight increase, but worker confidence is indicated by minimal job quits, marking a strong rebound from 2025.
