Author: Virgin News

Finance Minister Nirmala Sitharaman announced in the House that a new income tax bill will be introduced next week. Addressing the Parliament while presenting her eighth budget on Saturday (February 1, 2025), she stated that modifications to both direct and indirect tax policies would be elaborated on later in her speech. Reaffirming the tax department’s commitment to a “Trust First, Scrutinise Later” approach, Sitharaman emphasized various taxpayer-friendly reforms implemented by the government. These include faceless assessments, a taxpayer charter, and initiatives aimed at simplifying the self-assessment process. As a Rajya Sabha MP, Sitharaman’s continued tenure as Finance Minister brings her…

In a major relief to taxpayers, Finance Minister Nirmala Sitharaman declared in the Union Budget 2025 that individuals earning up to ₹12 lakh annually would not be liable for income tax under the new tax regime. Addressing the Parliament in New Delhi on February 1, she emphasized the government’s commitment to easing the financial burden on the middle class. With the inclusion of the standard deduction of ₹75,000, the effective tax-free income threshold extends to ₹12.75 lakh. “I am pleased to announce that under the new tax regime, there will be zero tax payable for incomes up to ₹12 lakh,…

Union Finance Minister Nirmala Sitharaman presented the Economic Survey 2024-25 in Parliament on January 31, 2025, setting the stage for the Union Budget scheduled for February 1. This document provides a comprehensive assessment of India’s economic landscape, highlighting key indicators such as Gross Domestic Product (GDP), inflation, foreign direct investment (FDI), manufacturing, fiscal deficit, employment trends, and foreign exchange reserves. Despite global economic headwinds, India has demonstrated steady growth, with real GDP expanding by 6.4% in FY25, closely aligning with its decadal average. The Survey projects GDP growth in FY26 to range between 6.3% and 6.8%, indicating sustained economic resilience.…

For over two years, OpenAI, the San Francisco-based artificial intelligence (AI) powerhouse, has led the field with its generative pre-trained language models. The company’s chatbot could craft poems, generate long-form content, debug code, and assist with online searches (albeit with a cutoff date). Its ability to produce seamless, coherent text left users worldwide astounded. Meanwhile, across the Pacific in Beijing, China began taking steps to challenge America’s dominance in AI. In March 2023, Baidu secured government approval to launch its AI chatbot, Ernie Bot. Marketed as China’s response to ChatGPT, Ernie gained over 30 million user sign-ups within a day…

U.S. President Donald Trump has revealed that Indian Prime Minister Narendra Modi is expected to visit the White House for discussions in February. Speaking aboard Air Force One on his return to Joint Base Andrews from Florida on Monday (January 27, 2025), Trump said, “I had a long conversation with him this morning. He is likely to visit the White House next month, probably February. We share a very good relationship with India.” The President shared these remarks in response to questions about his recent phone call with Mr. Modi. According to Trump, immigration was a key topic of discussion,…

Steps to rebuild bilateral relations announced during Foreign Secretary’s visit to Beijing; Mansarovar pilgrimage to restart in summer; Chinese Foreign Minister Wang Yi calls for ending ‘mutual suspicion and estrangement’ India and China have agreed to take significant steps toward rebuilding their strained relationship, including resuming direct flights, issuing visas, restarting the Mansarovar Yatra for pilgrims in the summer of 2025, and reviving dialogue on trans-border rivers. The measures were announced during Foreign Secretary Vikram Misri’s visit to Beijing, where he met Chinese Vice Foreign Minister Sun Weidong and Chinese Foreign Minister Wang Yi. The agreements come three months after…

Foreign Secretary Vikram Misri arrived in Beijing on Sunday, January 26, 2025, for a two-day visit to engage in discussions with Chinese officials, marking the second high-level Indian visit to China within six weeks. The timing of Mr. Misri’s visit coincides with India’s Republic Day celebrations and precedes China’s Spring Festival and New Year, set to begin on January 29. Soon after his arrival, Mr. Misri met Liu Jianchao, head of the International Department of the Communist Party of China. The two discussed implementing agreements made by their nations’ leaders, fostering dialogue, and promoting stable bilateral relations. Both sides also…

Indonesian President Prabowo Subianto participated as the Chief Guest at India’s 76th Republic Day celebrations held at Kartavya Path in New Delhi on January 26, 2025. On the previous evening, during a banquet hosted in his honour by Indian President Droupadi Murmu, President Subianto delivered a heartfelt address highlighting the profound historical and cultural ties between India and Indonesia. He emphasized the remarkable influence of Indian civilization on Indonesian culture, language, and even genetics. President Subianto reflected on his recent personal experience with genetic testing, revealing its striking connection to India. “A few weeks ago, I underwent genetic sequencing, and…

As India celebrates its 76th Republic Day on January 26, 2025, the day holds profound significance, marking 75 years since the Indian Constitution came into effect in 1950. The nation is honouring this historic milestone with vibrant celebrations and a showcase of its cultural diversity and military might. The ceremonial parade at New Delhi’s Kartavya Path will feature Indonesian President Prabowo Subianto as the chief guest, highlighting the deepening ties between the two nations. President Droupadi Murmu, in her address to the nation on the eve of Republic Day, reflected on the progress of the young republic, describing it as…

The U.S. allocates more foreign aid globally than any other nation, dedicating approximately $60 billion in 2023, which represents around 1% of its federal budget. In a significant policy move, the U.S. State Department has issued an extensive freeze on new funding for nearly all foreign aid programs. The directive, which went into effect Friday, January 24, 2025, exempts emergency food assistance and military aid to Israel and Egypt. This abrupt measure has raised alarms over the potential consequences for millions of people reliant on U.S.-funded projects worldwide. The decision threatens to disrupt billions of dollars earmarked for global initiatives…