- Wednesday, May 07, 2025
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Tuesday, January 23, 2024:
The number of people filing income-tax returns in India has more than doubled to 7.78 crore (77.8 million) in the past 10 years, as per government data. Releasing key statistics, the Central Board of Direct Taxes on Tuesday said the number of tncome tax returns (ITRs) filed in FY23 stood at 7.78 crore, showing an 104.91 per cent increase as compared to the 3.8 crore (38 million) ITRs filed in 2013-14. During the same period, the net direct tax collections increased 160.52 per cent from Rs 638,596 crore (£60.6 billion) in FY14 to Rs 1,663,686 crore (£158 billion) in 2022-23, it said. The government has budgeted to collect Rs 18.23 lakh crore (£173.1 billion) from direct taxes (personal income tax and corporate tax) — 9.75 per cent higher than Rs 16.61 lakh crore (£157.7 billion) mopped up last fiscal.
Indian edtech major Think and Learn, operating under brand BYJU’S, on Tuesday, said its operational loss widened to Rs 6,679 crore (£634.4 million) in FY22, mainly due to losses incurred by subsidiaries White Hat Jr and Osmo. Think and Learn posted an operational loss (EBITDA) of Rs 4,143 crore (£393.5 million) in FY 2021, the company said in a regulatory filing. Its revenue more than doubled to Rs 5,298.43 crore (£503.3 million) in FY22 from Rs 2,428.39 crore (£230.6 million) in FY21. “Underperforming assets were primarily White Hat Jr (WHJ) and OSMO (Tangible Play), which amounts to 45 per cent of the losses at around Rs 3,800 crore (£360.9 million),” BYJU’S said. Excluding WHJ and Palo Alto-based edtech start-up OSMO, BYJU’S recorded three-fold growth year-on-year in its total income in FY22.
India’s state-owned Oil and Natural Gas Corporation (ONGC) will set up a new unit to house its gas business and clean energy projects such as green hydrogen, as it looks to fast-track foray into new areas. In a stock exchange filing, the firm said it last month received approval of the petroleum and natural gas ministry for the formation of a wholly-owned subsidiary company for gas business and clean energy projects. “The proposed name of the company is ‘ONGC Green Limited’ subject to approval of the Ministry of Corporate Affairs, Government of India,” it said, adding the company board at its meeting on Tuesday approved the formation of the wholly-owned subsidiary for green energy and gas business.
India’s Enforcement Directorate (ED) has provisionally attached assets valued at Rs 1.02 crore (£96,897) under the Prevention of Money Laundering Act in connection with a fraud case at Kandala Service Co-operative Bank. N Bhasurangan, the former president of the bank, and his family members are allegedly involved in the case, an official statement said. The attached properties, including real estate, a car, and gold jewellery, are subject to investigation, the agency said. The ED’s action follows multiple first information reports filed by the police in Thiruvananthapuram in the southern state of Kerala against the bank’s president and secretary.
SI-UK India will hold 10 UK University Fairs across India in January and February, helping students capitalise on the UK study boom. The SI-UK UK University Fair is the starting point for international students wishing to study in the UK from September 2024 and offers a unique opportunity to meet universities, language schools and foundation providers face-to-face. Lakshmi Iyer, SI-UK India managing director, is looking forward to the prospect of welcoming so many students to the events: “As a new application period begins, there is enormous demand from students to learn more about studying in the UK from September 2024 and beyond. Each of our Fairs is a unique opportunity for aspiring students to speak to UK universities in a private one-to-one setting. We look forward to welcoming record numbers.”
India’s premier carrier Air India on Monday launched its scheduled commercial flight with the country’s first Airbus A350-900 — also the first plane in the new bold Air India livery — kicking off a fresh era for Indian aviation. Flight AI 589 took off from Kempegowda International Airport in the southern city of Bengaluru for Mumbai, carrying a near-capacity load of passengers who were eagerly waiting for the opportunity to experience the revamped Air India. The plane was on static display at the recently held Wings India 2024 global aviation summit in Hyderabad, where the public got a first glimpse of distinct in-flight amenities that will form part of the experience once the aircraft begins flying internationally.
(With agencies)
