Category: Beyond

The Union Finance Ministry has announced new Central Goods and Services Tax (CGST) rates for goods, effective Monday, September 22, 2025. States are expected to follow suit and notify the corresponding State GST (SGST) rates on goods and services to ensure uniform implementation across the country. Under the GST framework, revenues are shared equally between the Centre and the states.

Starting September 22, GST will adopt a two-tier structure, with most goods and services falling under 5% or 18% tax rates. Ultra-luxury items will attract 40%, while tobacco and related products will remain in the 28% slab along with the applicable compensation cess. Currently, GST applies in four slabs—5%, 12%, 18%, and 28%—with additional cesses on luxury and sin goods.

With the reduction in rates, businesses are expected to pass on the benefits to consumers and ensure timely compliance. According to Rajat Mohan, Senior Partner at AMRG & Associates, the government’s clear notification provides much-needed guidance on the applicable rates for a wide range of goods. He noted that businesses now have the responsibility to update their systems, revise pricing, and implement the new rates effectively across their supply chains. He added that the reform’s success will largely depend on how transparently and efficiently industry responds to the revised tax structure.

Similarly, Saurabh Agarwal, Tax Partner at EY, highlighted that companies must align their ERP systems, pricing strategies, and supply chain operations with the updated GST rates. This alignment, he said, is crucial not only for smooth implementation but also to ensure that consumers actually benefit from the rationalized rates.

The GST Council, comprising representatives from both the Centre and the states, approved the rate reduction to ease the burden on consumers during its meeting on September 3, 2025. With the revised rates coming into effect next week, businesses nationwide are gearing up for a seamless transition to ensure compliance and proper benefit transfer to end consumers.

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On September 17, 2025, the U.S. Federal Reserve lowered its benchmark interest rate by 25 basis points to a range of 4.00%–4.25 percent, marking its first cut of the year. The move, aimed at addressing signs of a slowing labour market and moderating economic growth, set off a positive reaction across global markets, with Indian equities among the biggest beneficiaries.

The rate cut was widely anticipated, but its confirmation still triggered a rally on Dalal Street. The Sensex gained over 300 points in early trade, while the Nifty 50 crossed the 25,400 mark. The Nifty IT index saw the sharpest gains, rising by nearly 1.7 percent, led by strong buying in Infosys, Wipro, LTIMindtree, and other technology heavyweights. Mid-cap and small-cap indices also firmed up, reflecting the broader bullish sentiment.

Market Implications for India

The Fed described the move as a “risk-management” measure, citing increased downside risks to employment alongside persistent inflationary pressures. It also hinted at the possibility of two more cuts before the year ends. For India, the immediate impact is likely to be in terms of improved foreign capital inflows. Lower yields in the United States make emerging markets like India relatively more attractive, particularly sectors such as IT and financial services that are closely tied to global capital cycles.

A softer dollar, which often follows a Fed rate cut, also eases pressure on the Indian rupee, curbs import-led inflation, and provides a boost to exporters. This dynamic not only strengthens investor confidence but also creates a more favourable environment for sectors that rely heavily on overseas markets. Banking and financial stocks are expected to benefit as well, since lower global borrowing costs improve liquidity and sentiment across the board.

However, analysts caution that the benefits could be temporary, as markets had largely priced in the 25 basis point cut ahead of the announcement. Structural challenges also remain. Indian IT companies, though buoyed by the prospect of greater U.S. spending, continue to grapple with subdued demand, delayed contracts, and rising cost pressures. Similarly, while the rupee stands to gain, volatility in global currencies cannot be ruled out if inflation surprises to the upside or if geopolitical risks intensify.

The Federal Reserve’s communication suggested a cautious path forward. While signalling its readiness for further easing, it maintained that inflation risks have not fully abated. This leaves investors with the possibility of future rate adjustments being more measured than aggressive. For Indian markets, the extent of gains will depend not only on global liquidity flows but also on domestic factors such as corporate earnings, inflation management, and fiscal policy moves in the run-up to the year’s end.

Looking ahead, the trajectory of U.S. monetary policy will remain a central driver for Indian equities. Should the Fed deliver additional cuts as indicated, it could reinforce positive momentum in emerging markets and spur further foreign inflows. At the same time, the Reserve Bank of India is unlikely to mirror the Fed immediately, given its own inflation management priorities. This divergence could influence currency movements and bond yields in the months ahead.

For now, the Fed’s decision has provided a clear tailwind for Indian investors, energising key sectors and lifting benchmark indices to fresh highs.

Yet the rally is tempered with caution.

Traders and policymakers alike recognize that while global liquidity is turning favourable, sustaining the momentum will require steady domestic growth, stronger consumption trends, and supportive reforms. In this delicate balance between global monetary policy and local fundamentals, India’s markets find themselves both buoyed by opportunity and tested by lingering risks.

Bengaluru-based investment platform Groww is set to become the first Indian startup to go public in India after relocating its domicile from the U.S. The IPO follows a strong financial turnaround and a notable ₹614 crore in performance-linked payouts to its founding team.

According to its draft red herring prospectus (DRHP), Groww plans to raise ₹1,060 crore through a fresh issue of shares. Existing investors will sell about 574 million shares via an Offer for Sale (OFS), marking a significant exit. The four co-founders- CEO Lalit Keshre, COO Harsh Jain, CFO Ishan Bansal, and CTO Neeraj Singh- will collectively sell only about 4 million shares, less than 1% of the total, indicating their long-term commitment.

Founded in 2016 and backed by investors including Microsoft CEO Satya Nadella, Peak XV Partners, Tiger Global, and Y Combinator, Groww shifted its headquarters from Delaware to India in 2024 — a rare move among Indian startups.

Groww posted a profit of ₹1,824 crore in FY25, reversing a ₹805 crore loss in FY24. Revenue rose 45% year-on-year to ₹4,060 crore. The prior loss was mainly due to one-time costs related to the U.S.-to-India shift. The company also reported a net profit of ₹378 crore in Q1 FY26.

However, the pre-IPO period has attracted controversy due to founders receiving ₹614 crore in incentives in FY25, a sum exceeding the company’s Q1 profit. Details on performance criteria for these bonuses have not been disclosed, raising governance concerns. Groww has not responded to media queries on the matter.

Groww is among India’s largest online investment platforms, with 37.4 million demat accounts (19% market share), 12.6 million active NSE clients (26% share), 17 million active SIPs, and over 9 million mutual fund investors. It is the only Indian investment app with more than 100 million downloads.

The IPO is being led by JPMorgan Chase, Kotak Mahindra, Citigroup, Axis Bank, and Motilal Oswal. Groww’s successful listing could encourage other startups to follow suit, but the high founder payouts may invite scrutiny from investors and regulators.

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The Indian rupee opened higher on Wednesday, September 17, 2025, appreciating 28 paise to 87.81 against the U.S. dollar in early trade. The rise came as the dollar softened globally, driven by expectations of a 25-basis-point rate cut by the U.S. Federal Reserve. Investors are closely watching the Fed’s policy meeting and upcoming commentary from the Fed Chair for further guidance on interest rate direction.

At the interbank foreign exchange market, the rupee opened at 87.84 before strengthening to 87.81, building on a 7-paise gain recorded on Tuesday when it closed at 88.09 against the dollar. Analysts noted that the USD/INR pair is likely to remain volatile amid the softer dollar and the Reserve Bank of India’s monetary stance. However, they cautioned that medium-term downward pressures on the rupee may persist due to external factors and policy uncertainties.

The dollar index, which tracks the U.S. currency’s strength against a basket of major currencies, was trading slightly higher at 96.73, while Brent crude oil futures dipped 0.20% to $68.33 per barrel. Market experts highlighted that the weaker dollar environment, coupled with optimism from ongoing U.S.-India trade talks, provided additional support to the rupee. Analysts suggested that if the rupee decisively breaks below the 87.90 level, it could move toward 87.50, and potentially even 87.20 if the momentum continues. Resistance for the currency was seen around 88.20 in the near term.

On the domestic equity front, Indian benchmark indices continued their upward trajectory in early trade. The Sensex rose 262.74 points to 82,643.43, while the Nifty 50 climbed 85.25 points to 25,324.35. Foreign institutional investors were net buyers on Tuesday, purchasing equities worth ₹308.32 crore, reflecting continued overseas investor confidence.

The positive market sentiment was further bolstered by developments in U.S.-India trade relations. Talks between U.S. trade negotiator Brendan Lynch and Indian counterpart Rajesh Agrawal were described as constructive, with both sides making progress on a proposed bilateral trade framework. This comes after a period of tension in the bilateral relationship following U.S. President Donald Trump’s decision to impose higher tariffs on Indian goods, including a 50% duty on select items and an additional 25% tariff related to India’s purchase of Russian crude oil.

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As of 10:55 AM IST on September 17, 2025, India’s benchmark indices extended their gains, with positive momentum driven by global trade developments and expectations of monetary easing. The BSE Sensex rose by around 300 points, or 0.4%, trading near the 82,700 level, while the Nifty 50 index climbed over 80 points, or more than 0.34%, hovering close to 25,325. The index crossed the 25,300 threshold for the first time since July, reflecting broad-based buying.

Auto stocks led the rally, with the Nifty Auto index advancing more than 0.6%, supported by strong performances from companies such as Tata Motors and Maruti Suzuki. Stocks in the IT, realty, and media sectors also gained ground, while FMCG, metals, and pharmaceuticals remained under pressure, trading lower during the morning session.

Investors were encouraged by the easing of trade tensions between India and the United States. Recent discussions between Prime Minister Narendra Modi and U.S. President Donald Trump created optimism that the two countries are working toward resolving long-standing trade disputes. Trump expressed confidence about the progress in trade talks and referred to Modi as a close friend, while Modi described India and the U.S. as natural partners. These developments allayed earlier concerns about Trump’s proposed 50% tariffs on Indian goods and boosted market sentiment.

Expectations of a possible rate cut by the U.S. Federal Reserve further strengthened investor confidence. The Fed’s policy meeting, which concludes on September 17, is expected to result in a 25 basis point reduction in interest rates amid soft job data and pressure from the administration. A cut in rates is seen as beneficial for sectors such as IT, which derive significant revenue from the U.S. market. Investors are also hopeful that any easing by the Fed could prompt India’s central bank to reduce rates at its upcoming monetary policy review later this month.

The Indian rupee opened at 87.82 against the U.S. dollar, its best start in three weeks, improving from the previous session’s close of 88.05. The rupee’s recovery was supported by a weakening U.S. dollar, with the dollar index falling to a three-and-a-half-year low below the 96 mark. This trend further contributed to market optimism.

Experts noted that a combination of improved geopolitical relations, expectations of monetary easing, and favorable currency movements were driving the rally. Analysts pointed out that sectors such as automobiles have already factored in the anticipated demand surge, while other areas like banks and NBFCs could see increased investor interest once rate decisions are finalized.

The markets are expected to remain sensitive to further developments in U.S.-India trade negotiations and the outcome of the Fed’s policy meeting. Investors will also be watching the Reserve Bank of India’s upcoming review for clues on future monetary policy, which could have far-reaching implications for India’s economic growth and investment sentiment.

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The Securities and Exchange Board of India (SEBI) has approved the initial public offerings (IPOs) of six companies, including fintech major Pine Labs, auto parts maker Hero Motors, and mutual fund house Canara Robeco Asset Management. Together, these firms are expected to raise around ₹9,000 crore from the public markets.

Pine Labs plans to raise approximately ₹2,600 crore through a mix of fresh issue and offer for sale (OFS). The funds will be used for debt repayment, strengthening its tech infrastructure, and expanding its digital checkout platform. This marks a significant move for the fintech firm as it aims to broaden its merchant network and enhance customer engagement.

Hero Motors is targeting a ₹1,200 crore IPO, comprising ₹800 crore as a fresh issue and ₹400 crore through OFS. The company will use the proceeds to reduce debt, modernize operations, and expand production capacity, especially at its Gautam Buddha Nagar facility.

Canara Robeco AMC, a joint venture between Canara Bank and ORIX Corporation Europe, will launch a pure OFS of 4.98 crore shares. The company itself will not receive fresh funds, as existing promoters are offloading part of their stake.

In the renewable energy sector, Emmvee Photovoltaic Power is set to raise about ₹3,000 crore. The solar panel manufacturer plans to use the proceeds for capacity expansion, working capital needs, and debt reduction.

Manipal Technologies’ Payment & Identity Solutions unit also received approval, with its IPO expected to raise around ₹1,200 crore. The company provides secure digital identity and payment solutions to banks and government institutions.

Finally, Orkla India, parent of packaged food brands MTR and Eastern, will launch a pure OFS, allowing promoters to partially exit without issuing new shares.

This wave of IPO approvals reflects growing market confidence and a diversified pipeline of companies looking to list. Market experts expect these offerings to hit the bourses around Diwali or early 2026, depending on market conditions and investor sentiment.

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Textile stocks surged on September 16, buoyed by renewed optimism surrounding trade discussions between India and the United States. The uptick comes as trade negotiator Brendan Lynch from the Office of the US Trade Representative (USTR) arrived in India to discuss ongoing trade issues between the two nations.

While Special Secretary Rajesh Agarwal clarified that Lynch’s one-day visit is not the sixth round of formal trade negotiations, but rather a consultation to “discuss trade issues,” investors are hopeful that these talks could pave the way for easing trade tensions that have weighed on bilateral commerce in recent months.

India and the US began negotiations for a Bilateral Trade Agreement (BTA) in March this year and have conducted five rounds of discussions, with the latest held in July in Washington, DC. However, relations soured after President Donald Trump announced a hike in tariffs on Indian goods, doubling them to 50 percent. As a result, the next round of trade talks, initially scheduled for late August in New Delhi, was postponed.

In recent days, relations appear to have improved. Both leaders signaled intent to revive trade discussions, with Trump referring to Prime Minister Narendra Modi as a “dear friend” and expressing optimism about the prospects of enhanced trade cooperation. Modi, in turn, reaffirmed the strong partnership between India and the US and expressed confidence that ongoing talks could unlock new opportunities for both economies.

Finance Minister Nirmala Sitharaman confirmed that India’s diplomatic team remains actively engaged in negotiations. Trump also posted on his social media platform Truth Social, stating, “I am pleased to announce that India, and the United States of America, are continuing negotiations to address the Trade Barriers between our two Nations.”

The positive signals from both sides have reignited investor confidence, particularly in the export-driven textile sector, which stands to benefit from a resolution to trade disputes. Indo Count Industries led the gains with a nearly 10 percent jump, closing at Rs 307.79 per share. KPR Mill shares surged 7 percent to Rs 1,121.80, while Pearl Global Industries rose by nearly 6 percent. Raymond Lifestyle shares gained close to 4 percent, and Arvind shares climbed approximately 2 percent.

With easing tensions potentially restoring trade flows and boosting exports, textile companies are well placed to benefit from renewed diplomatic efforts. Investors will be closely watching developments as further discussions unfold between the two economic powerhouses.

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The Association of Healthcare Providers of India (AHPI) has called on Star Health and Allied Insurance to immediately restore cashless treatment facilities at several hospitals across the country, following a sudden suspension that has left patients bearing out-of-pocket medical expenses.

In a strongly worded appeal, AHPI raised concerns about the insurer’s move to disrupt cashless services at prominent hospitals, including Manipal (Delhi and Gurugram), Max (across North India), Medanta (Lucknow), Care Hospitals (Visakhapatnam), Rajiv Gandhi Cancer Institute (Delhi), Sarvodaya (Faridabad), Metro (Faridabad), and Yatharth Hospitals.

“Patients with valid insurance policies are being forced to pay upfront for treatment, placing immense financial strain on families during medical emergencies,” said Dr. Girdhar Gyani, Director General of AHPI. “This is not just a breach of service but also a violation of trust.”

The association also alleged that Star Health has either delayed or denied empanelment to several hospitals, including Fortis Manesar, Medanta Noida, Max Dwarka, and Care Hospitals in Hyderabad and Vizag. These hospitals are awaiting approval to be part of Star Health’s cashless network, which would allow policyholders to access treatment without upfront payments.

AHPI has urged the insurer to expedite the empanelment process and reinstate cashless services immediately, warning that continued disruptions could lead to significant distress for patients and reputational damage for the insurer.

Star Health has yet to issue a formal response on the matter.

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India and the United States have resumed in-person trade negotiations in New Delhi today, marking a significant step toward resolving recent trade tensions. The discussions come after a hiatus following the imposition of steep tariffs by the U.S. on Indian goods.

The U.S. delegation, led by Assistant U.S. Trade Representative for South and Central Asia, Brendan Lynch, arrived in New Delhi late Monday evening. The one-day talks are scheduled to address the proposed Bilateral Trade Agreement (BTA) between the two nations. This marks the first in-person meeting since the U.S. imposed a 50% tariff on Indian exports, including a 25% penalty for India’s continued purchase of Russian oil. These tariffs were introduced in August and have been a point of contention between the two countries.

India has strongly criticized the U.S. tariffs, labeling them as “unfair, unjustified, and unreasonable.” In response, India has called for a reassessment of its commitments under the World Trade Organization’s Information Technology Agreement (ITA), suggesting a potential withdrawal or renegotiation to better protect its domestic IT hardware manufacturing sector.

The resumption of talks is seen as a positive development, with both sides expressing optimism about finding common ground. Prime Minister Narendra Modi and U.S. President Donald Trump have both indicated a willingness to move forward with trade negotiations. Commerce Secretary Sunil Barthwal described the two sides as being in a “positive frame of mind” regarding trade matters.

The outcome of today’s discussions could pave the way for a comprehensive trade agreement, aiming to enhance bilateral trade and address existing trade barriers. Both nations are keen on strengthening their economic ties, with the BTA serving as a potential framework for future cooperation.

As the talks progress, stakeholders from various sectors will be closely monitoring the developments, hopeful that a mutually beneficial agreement will emerge from the renewed dialogue.

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The Indian government has extended the deadline for filing Income Tax Returns (ITR) for Assessment Year 2025-26 by one day, moving it from September 15 to September 16, 2025. This decision comes in response to widespread technical issues reported on the Income Tax Department’s e-filing portal, which hindered taxpayers from completing their filings on time.

On the final day of the original deadline, users across the country experienced slow page loading, errors in uploading forms, and repeated system failures while submitting their returns. These issues were particularly pronounced during peak hours, leading to significant frustration among taxpayers and tax professionals. In light of these challenges, the Central Board of Direct Taxes (CBDT) announced the extension late on Monday night, providing an additional day for taxpayers to file their returns without incurring penalties.

The extension reflects the government’s responsiveness to user concerns and aims to facilitate smoother compliance with tax filing obligations. Taxpayers are encouraged to complete their filings promptly to avoid any further complications.

For those still in the process of filing, the Income Tax Department has provided troubleshooting steps to address access issues, including trying different browsers or clearing cache. Additionally, the portal will remain in maintenance mode from 12:00 AM to 2:30 AM on September 16 to facilitate necessary updates.

As of the latest reports, over 7.3 crore ITRs have been filed, surpassing last year’s record of 7.28 crore. The brief extension is intended to assist those who have yet to complete their filings.

Taxpayers are advised to utilize this additional time to ensure their returns are accurately filed and e-verified to avoid any potential issues.

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