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  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...

  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...

  Large tariffs by the United States administration and elevated geopolitical risk have increased near-term global financial stability risks, and along with weather events pose downside risks to domestic growth, Reserve Bank of India(RBI) Governor Sanjay Malhotra said in the foreword to the Financial Stability Report released today.Noting that domestic growth momentum is buoyed by strong domestic drivers, sound macroeconomic fundamentals and prudent policies, Malhotra said: “External spillovers and weather-related events could pose downside risks to growth.”On the other hand, he said the outlook for inflation is benign, and there is greater confidence in the durable alignment of inflation with the Reserve Bank’s target.Commenting that the structural shifts reshaping the global economy are making policy intervention challenging, the Governor emphasised the need for central banks and financial sector regulators to remain vigilant, prudent and agile in safeguarding their economies and...

  India’s gross Goods and Services Tax (GST) collections have doubled over the past five years to reach a record ?22.08 lakh crore in the financial year 2024–25, up from ?11.37 lakh crore in FY21, according to government data released on Monday.The collections in FY25 represent a 9.4% year-on-year growth compared to ?20.18 lakh crore collected in FY24. This marks the highest-ever annual GST collection since the rollout of the indirect tax system in July 2017.The average monthly GST collection in FY25 stood at ?1.84 lakh crore, improving from ?1.68 lakh crore in FY24 and ?1.51 lakh crore in FY22. Back in FY22, the average monthly mop-up was just ?95,000 crore.Since its launch, GST has seen consistent growth, with the number of registered taxpayers rising from 65 lakh in 2017 to more than 1.51 crore in 2025, the data showed."Since its rollout, the goods and services tax has shown strong growth in revenue collection and tax base expansion. It has steadily strengthened India's fis...

  New Delhi: Retail inflation in India cooled to its lowest level in over six years in May, helped by a sharp moderation in food prices, according to provisional government data released Thursday.Consumer Price Index (CPI)-based inflation eased to 2.82% year-on-year, down from 3.16% in April and 4.8% in May last year, data from the Ministry of Statistics and Programme Implementation (MoSPI) showed. This marks the fourth consecutive month of sub-4% inflation, the longest such streak in at least five years.The data comes just days after the Reserve Bank of India’s (RBI) Monetary Policy Committee cut the repo rate by 50 basis points to 5.5%, its third straight cut and a cumulative reduction of 100 basis points since the easing cycle began in February. The move signals a possible pivot from inflation control to supporting growth.Food inflation came in at just 0.99% in May, down from 1.78% in April and a sharp decline from 8.69% a year ago.A Mint poll of 15 economists had projected CPI ...

Since the new tax regime is the default tax regime, filing income tax return (ITR) under the old regime would require you to switch from the new tax regime. However, before you do that  -- it is imperative to be aware of certain key rules which govern the switch.Notably, the rules with regards to switching of tax regime depend on the source of income of taxpayers: salary or business/ profession.Which tax regime to choose?Taxpayers can file tax return under the old tax regime if they believe that this would lead to some amount of tax saving. On the other hand, if filing tax return under the new tax regime is profitable then naturally, one would opt for the default regime.What rules apply to salaried employees?Salaried taxpayers can switch the tax regime from old to new and vice versa every year.There is no restriction on salaried employees with regards to switching between the two tax regimes as they can do it every year. However, the same flexibility is not available for persons wh...

  JioBlackRock Mutual Fund has filed draft documents with SEBI for two debt funds — a liquid fund and a money market fund.JioBlackRock Liquid Fund.JioBlackRock Liquid Fund will be an open-ended liquid scheme with relatively low interest rate risk and relatively low credit risk. The scheme will be benchmarked against the Nifty Liquid Index A-I.The investment objective of the scheme is to generate regular income through investment in a portfolio comprising money market and debt instruments with residual maturity of up to 91 days.It is suitable for investors seeking regular income over a short-term investment horizon and aiming to generate returns by investing in money market and debt instruments with a maturity of up to 91 days.It is suitable for investors seeking regular income over a short-term investment horizon and aiming to generate returns by investing in money market and debt instruments with a maturity of up to 91 days.The scheme will offer only a direct plan, and the plan sh...