One of the important factors for a country to sustain growth is sound fiscal health. A recent report by the RBI has raised concerns on states' finances and warned that the high debt-to-GDP ratio in a few states might lead to a debt trap in the future. One of the primary reasons that have resulted in high debt across states like Punjab, Haryana, Rajasthan and Andhra Pradesh has been the lack of fiscal prudence while balancing between welfare schemes and developmental expenditure.

The growing tension between the US and China over Taiwan may escalate into geopolitical instability adversely impacting sourcing of inputs and equipment from the world's second largest economy. These developments will have some positive spillovers for India.

Having shifted the coins offshore using the Blockchain network to avoid stifling regulations, they have sensed that sharing the information with Income tax (I-T) authorities could invite as much trouble as hiding it.

Late Friday evening, administrator Rajnish Sharma informed potential applicants about the deadline extension. He said the resolution plans must strictly comply with the terms of the RFRP (reference for resolution plan) along with the submission of earnest money. The RFRP states that applicants must deposit earnest money of Rs 150 crore which would be forfeited if the Reserve Bank of India did not endorse the successful resolution applicant as "fit and proper".

Import of display assembly of cellular mobile phones along with back-support frames will attract a basic customs duty (BCD) of 10%, the Central Board of Indirect Taxes and Customs (CBIC) said. But if other items such as the antenna pin and power keys are imported along with the display assembly, the duty on the whole assembly will be 15%.

The services sector can emerge as the key driver and inflationary pressures should soften further going ahead, the ministry said in its Monthly Economic Review released Friday.

Softening of inflationary pressures in India is further on the anvil as the prices of important raw materials such as iron ore, copper and tin that feed into the domestic manufacturing process, globally trended downwards in July 2022, it noted.

​"The geopolitical environment remains tense and fraught. This could trigger fresh supply concerns in the winter for critical commodities such as crude oil and natural gas," the report said.