IBTimes

The launch of the New Income Tax Act has certainly been a big step towards a simplified income-tax law, most respondents said, however, when asked where rationalisation is needed most, respondents ranked TDS and TCS compliances followed by the assessment and litigation process, and the capital gains tax regime among top priorities.

Digital banking services, including UPI and internet banking, are likely to continue, though ATM cash availability could face local disruptions. The unions' key demand is the declaration of all Saturdays as bank holidays, a provision included in the 12th Bipartite Settlement signed in March 2024 but yet to be formally notified by the government.

The upcoming Income Tax Act, 2025 is likely to boost transparency and formalise more of the informal economy, as tax collections are now growing faster than nominal GDP, signalling healthier revenue buoyancy.

FPIs not only continued their selling spree in the week ended January 23, but also increased the intensity of their selling. Total FPI selling in the equity market this month (through January 23) stood at Rs 33,598 crore, as per NSDL data. This the highest monthly selling figure since August 2025.

Gold has support at Rs 1,54,650-Rs 1,52,310 zone while resistance at Rs 1,58,850- Rs 1,60,150. Silver has support at Rs 3,20,810 to Rs 3,10,170 zone while resistance at Rs 3,31,810 to Rs 3,37,470 zone, said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

The Centre has approved wage revisions for PSGIC and NABARD employees and pension hikes for retirees of RBI and NABARD. The move will benefit over 46,000 employees and nearly 47,000 pensioners and family pensioners, with revisions effective from 2022. The decision involves substantial arrears and recurring financial outgo, providing higher pay, improved pensions and enhanced NPS contributions.

Inflation remains within comfort levels, while credit flow to the commercial sector has strengthened. Key reforms in taxation, labour laws, and financial sector deregulation are expected to further boost growth. The RBI also highlighted the robustness of the banking and financial system, noting strong capital buffers, improved asset quality, and resilience to stress scenarios, which together support sustained long-term economic growth.

A FICCI pre-Budget survey shows strong industry optimism, with nearly 80 per cent of respondents confident about India's growth prospects and around half expecting GDP growth of 78 per cent in FY 202627. The survey recommends boosting capex, strengthening defence and electronics manufacturing, enhancing drone-related incentives, rationalising customs tariffs, increasing export incentives and simplifying tax compliance to sustain growth amid global uncertainties.

Gold rates also dropped in the international futures market, with US gold futures consolidating near $4,790$4,800 per troy ounce, after registering a fresh record high above $4,887 earlier in the week on COMEX.

Alongside the earnings announcement, the company said CEO Deepinder Goyal will step down from February 1, 2026, with Blinkit CEO Albinder Dhindsa set to take over, as Goyal looks to pursue high-risk, experimental ideas outside the public company.