More and more Indian companies have experienced financial problems and fraud in the last two years, according to a survey by PwC. About 59% of Indian businesses said they faced these issues recently. This is much higher than the global average of 41%.
A specific problem is procurement fraud, which affects 50% of Indian companies. This is 21% more than the global average. In 2022, customer fraud was the biggest worry for 47% of businesses in India. On a worldwide level, 44% of business leaders say cybercrime is their main concern.
The survey also found that 33% of economic crimes involve corruption and bribery. However, 34% of Indian companies did not check their third-party vendors properly. Only 37% of companies keep a close watch on payments to stop any suspicious activities.
Category: News
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59% of Indian Companies Face Economic Fraud: A Shocking Survey Insight
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Parliament Faces Challenges in Passing ‘One Nation, One Election’ Bill
Right now, there’s a big discussion happening in India’s Parliament about a plan called ‘One Nation, One Election’ (ONOP). This plan suggests that elections for the national and state governments should happen at the same time to save money and time.
The voting on this bill is happening in the Lok Sabha (one part of Parliament). Prime Minister Narendra Modi has asked for a special group called the Joint Parliamentary Committee (JPC) to look into this bill and get more people’s opinions on it.
The government’s team is also working hard to explain to everyone the good things about this bill so they can get support from more people. But passing this bill won’t be easy. Right now, the ruling party, the NDA, has 293 members in Lok Sabha out of 543 total seats and 125 members in Rajya Sabha (the other part of Parliament) out of 245 seats. They need a lot of votes to make this bill a reality by the year 2034.
In the past, when they tried to change rules about Article 370 (which allowed certain regions special rights), they had a lot more members supporting them. So, it’s a tougher road for Modi now with the ONOP bill. -
India’s SECI Revamps Power Contracts Amid U.S. Bribery Allegations
A government agency in India that helps promote renewable energy has changed how it gives out power contracts. This change comes after some allegations from the U.S. about bribery in certain deals. The Solar Energy Corporation of India (SECI) helps connect renewable energy producers with power buyers and earns a commission for this service. Recently, U.S. authorities said that bribes were paid to some officials related to solar power contracts, many of which involved the Adani Group. The Adani Group has denied these allegations, calling them untrue. Although U.S. officials have not found any wrongdoing related to SECI, the agency decided to adjust its approach to issuing contracts to lower the chances of corruption.
Now, about 75% of SECI’s new contracts will be based on the actual demand from states, instead of the previous method, which mostly focused on finding suppliers first. This old way, which made up about 90% of contracts, increased the risk of corruption since some producers could influence states into agreeing to deals for power they did not really need.
The source mentioned that SECI hasn’t found any reason to investigate the deals it has been involved with, and no other agency has contacted them regarding this issue. However, the allegations against Adani Group might make foreign investors hesitant about putting money into India’s renewable energy sector. As a result, SECI expects a slowdown in new contracts for the rest of the fiscal year, which ends on March 31. Their goal was to find bidders for 15 gigawatts (GW) of power, but they have only secured about 6 to 7 GW so far. India is still about 10% short of its promise to add 175 GW of renewable power by 2022 and hopes to reach 500 GW by 2030. -
Trump Set to Ring NYSE Bell and as ‘Person of the Year’!
On Thursday, Donald Trump will ring the opening bell at the New York Stock Exchange. This is exciting news because it also happens on the same day he is expected to be named “Person of the Year” by Time magazine. However, the magazine’s spokesperson has not given any comments about this honor.
Trump, who is preparing to become president again, made his money from real estate in New York before he jumped into politics. During his first term, he liked to check how well the stock market was doing to see how his plans were working. Right now, the stock market seems to be responding well to his return.
Ringing the bell at the stock exchange is a big moment; it marks the start of trading for the day. This honor is usually given to important business leaders celebrating big successes, but many celebrities and politicians, like Ronald Reagan and Nelson Mandela, have also done it. The news about Trump being named “Person of the Year” was first shared by Politico.
This isn’t the first time Trump has received this title. He was also named “Person of the Year” in 2016. In 2020, Time gave the title to Joe Biden and Kamala Harris after they won against Trump in the election. Last year, the famous singer Taylor Swift was honored with this title.
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Top Indoor Workout Gadgets to Keep You Fit This Winter!
When winter comes and the fog makes it hard to see, many of us prefer to stay inside to avoid the cold. But guess what? You can still keep fit indoors! With some cool gadgets, working out at home is super easy. Here are three awesome tools to help you stay active without stepping outside:
Treadmills: Your Running Buddy at Home
Treadmills are perfect for getting your heart pumping without worrying about rain or snow. Walking or running on a treadmill helps you stay healthy, lose weight, and feel happier. Many modern treadmills even have screens to watch movies or follow virtual trails! They have fun features like heart rate monitors and apps to track how you’re doing, plus adjustable slopes to mix things up.Smart Dumbbells: Easy Strength Training
If you want to get stronger, smart dumbbells are a great choice! You can change the weights easily, so you won’t need lots of dumbbells cluttering your room. With their apps, these dumbbells can guide you through fun workouts that match your skill level, making strength training easier and enjoyable!Create Your Own Home Gym
Do you want to exercise in your own space? A home gym lets you set up your perfect workout area. With items like adjustable benches, barbells, and resistance bands, you can do many different exercises. Some smart home gym systems even have AI trainers or cool interactive mirrors to help you with your workouts, saving you time and money compared to going to a gym.Pick the Right Tools for You
Think about your goals. If weight loss is your aim, a treadmill is a good fit. If you want to build muscle, go for smart dumbbells. For a mix of everything, create a home gym. Consider your space, budget, and what you like before deciding.Staying Motivated
Creating a workout routine is super important! You can join online fitness groups or work out with friends. Make exercising fun by listening to music or podcasts, and don’t forget to treat yourself for small achievements!Clean Air Benefits
When you work out at home with an air purifier, the air is cleaner than outside or in a crowded gym. This means fewer air pollutants and allergens, which helps you breathe easier and perform better. It’s a great way to stay healthy while avoiding crowds.Humidity Control Benefits
If you use a dehumidifier while working out, the air feels comfy! It reduces moisture, making your workouts more enjoyable. You won’t have to deal with sticky rooms or share equipment with others.Staying active in winter is important for your body and mind. Smart gadgets make indoor workouts easy and fun. So, start your winter fitness journey now and make working out at home a part of your routine!
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Discover India’s Investment Growth: Top Picks for Future Success!
Over the last five years, India’s capital market has grown impressively, showing signs of a positive trend that could last for many years. A new report from Motilal Oswal Financial Services says this growth is supported by good changes in the population, with more people joining the workforce and improving their financial situations.
Companies that help manage investments, like HDFC AMC, Nippon AMC, Angel One, BSE, Nuvama, and CAMS, are expected to benefit from these trends. The report mentions that tools like E-KYC, UPI, and Account Aggregation have made it easier for people to invest. Also, new rules have made the market safer and clearer for investors.
In the next ten years, India will see a significant increase in working people and families moving into the middle-class. The high net worth individuals (HNIs) and ultra-high net worth individuals (UHNIs) are also growing quickly. The report predicts that companies that deal with investments will see their revenues increase between 17-45% each year from 2024 to 2027. Because their costs are mostly fixed, this will help them make more profits too.
The report is optimistic about the entire capital market space, even though only 12% of Indians currently use demat accounts, compared to 62% in the USA. The report believes that companies like HDFC AMC and Nippon AMC are solid investments in mutual funds, while Angel One is the best in brokerage services. BSE is favoured among exchanges and Nuvama and 360 One WAM are recommended as top wealth managers. CAMS is also a good choice for intermediaries.
Investment Recommendations:
– HDFC AMC: BUY; Current Price: ₹4,365 Target: ₹5,200 (+19%) – Gaining market share with strong fund performance.
– ABSL AMC: BUY; Current Price: ₹848 Target: ₹1,100 (+30%) – Strong focus on distribution and performance.
– Angel One: BUY; Current Price: ₹3,292 Target: ₹4,200 (+28%) – New investment features and revenue growth expected.
– BSE: BUY; Current Price: ₹5,396 Target: ₹6,500 (+20%) – Strong performance in the options market.
– 360 ONE WAM: BUY; Current Price: ₹1,120 Target: ₹1,350 (+21%) – Focus on wealth management and geographical growth.
– CAMS: BUY; Current Price: ₹5,072 Target: ₹6,000 (+18%) – Leading firm in mutual fund services with potential for growth.Disclaimer: The views and investment tips expressed by experts on NiftyStat are their own. Always consult certified professionals before making investment decisions.
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How India’s Tax Changes Benefit Middle Class and High Income Earners
In the last ten years, if you earn less than Rs 20 lakh a year in India, your taxes have gone down, all thanks to Prime Minister Modi and his team. But for people who earn over Rs 50 lakh each year, taxes have increased a lot.
A new report tells us that the number of people making more than Rs 50 lakh has grown from 1.85 lakh in 2013-14 to 9.39 lakh in 2023-24. These high earners are now paying much more in taxes, with total payments reaching Rs 9.62 lakh crore in 2024, up from Rs 2.52 lakh crore in 2014!
Surprisingly, most of India’s income tax—about 76%—now comes from these wealthy individuals. This change has helped the middle class to pay less. More people are also reporting their high incomes because new rules are making it harder to cheat on taxes.
Back in 2014, if you earned over Rs 2 lakh, you had to pay taxes. Now, good tax rules mean you can earn up to Rs 7 lakh without paying any taxes at all! The amount of tax collected from people earning under Rs 10 lakh has dropped from 10.17% in 2014 to just 6.22% in 2024.
Today, people who earn between Rs 2.5 and Rs 7 lakh pay the least taxes compared to other countries. Their average tax bill is just Rs 43,000 in the 2023-24 period. For those earning Rs 10-20 lakh, their tax burden has gone down by almost 60% when we think about inflation.
All of this has made more people want to file their taxes. The number of tax returns has more than doubled, growing from 3.60 crore in 2013-14 to 7.97 crore in 2023-24!
