US jobless claims edged up to 237,000 for the week ending August 30th, slightly above economists’ predictions, signaling a potential slowdown despite employers largely retaining staff. Hiring has weakened, leading to a ‘no hire, no fire’ dynamic, with attention now focused on the upcoming August employment report.
India’s GST rationalization, effective September 22, aims to boost consumption and growth by compressing the rate structure. Business leaders anticipate it will soften the impact of US tariffs and stimulate demand, benefiting sectors like FMCG and retail. Economists note uneven tax receipts, while others predict a strong policy push alongside recent rate cuts.
Indian jewellers have expressed mixed reactions to the government’s decision to maintain the 3% GST rate on gems and jewellery. While some industry leaders believe that reduced GST rates in other sectors will indirectly boost demand and consumer spending, others worry that the unchanged rate will hinder growth and affordability, especially during the festive season.
The Modi government has announced better-than-expected GST reforms and rate structure rationalisation, with a majority of items consumed by the common man and middle class set to see price cuts from September 22, the start of the Navratras. But will the GST rate cuts be enough to counter the impact of Trump’s 50% tariffs on…
Wall Street experienced gains as bond market pressures eased and investors analyzed signs of a weakening US labor market. Encouraging reports on jobs hinted at potential Federal Reserve interest rate cuts. American Eagle Outfitters surged, while Google slightly declined. European and Asian markets were mostly positive, contrasting with declines in Chinese markets due to regulatory…
Indian agriculture and dairy sectors are celebrating the government’s GST rate cuts on essential inputs. Industry leaders like Sunil Kataria of Godrej Agrovet see it as a major relief for farmers facing rising costs and unpredictable weather.
The GST Council’s decision to raise the tax on apparel above Rs 2,500 to 18% from 12% has sparked concerns among industry bodies. RAI and CMAI fear this move will impact middle-class affordability and potentially weaken organized retail and the garment sector.
Starting September 1, the government introduces voluntary hallmarking for silver jewellery, enhanced by a digital HUID system for quality assurance. BIS updated standards to include seven purity grades, allowing consumers to verify authenticity via the BIS Care app. Over 3.2 million silver articles were hallmarked in FY24-25, with BIS conducting awareness campaigns ahead of the…
The GST Council’s decision to lower tax rates on essential goods and personal care items is set to boost domestic consumption and rural demand, benefiting the FMCG sector. Companies plan to pass on the benefits to consumers through increased grammage or reduced prices, potentially leading to an 8-10% price drop.
India’s economic strategy shifts towards consumption-led growth with the implementation of GST 2.0, rationalizing tax slabs to boost demand and benefit MSMEs. The reforms, effective from September 22, aim to increase discretionary income and revive private capex, impacting sectors like retail, FMCG, and automobiles. Union Minister Piyush Goyal hails the changes as a ‘game-changing’ reform…
