Business
GST 2.0: RBI bulletin highlights gains in ease of doing business; domestic growth outlook stays positive – The Times of India
The GST reform will progressively deliver a positive impact on the Indian economy by enhancing ease of doing business, lowering retail prices and strengthening consumption growth drivers, according to an article in the Reserve Bank of India’s September Bulletin.The bulletin said global uncertainty remained elevated in the wake of US tariffs on major trading partners and renewed concerns over the fiscal health of advanced economies, PTI reported.“The landmark GST reforms should progressively result in a sustained positive impact through significant gains in ease of doing business, lower retail prices and strengthening of consumption growth drivers,” the article noted.
The government rolled out GST 2.0 last week, introducing a simplified two-rate structure of 5 per cent and 18 per cent, replacing the earlier four-rate duty regime. The new rates came into effect on September 22.The bulletin said the Indian economy demonstrated marked resilience, as seen in the five-quarter high growth recorded in Q1 2025-26, driven by domestic demand. CPI-based headline inflation edged higher but remained below the target rate for the seventh consecutive month. System liquidity stayed in surplus, aiding the pass-through of monetary policy easing.Equity markets saw two-way movements during August-September, while the current account deficit moderated in Q1 compared with last year, supported by robust services exports and strong remittance inflows.On the September GST Council decisions, the article said they had “set in motion major structural reforms in the GST regime, simplifying rates and processes.” The measures addressed inverted duty structures, streamlined compliance, and particularly benefited MSMEs and startups. These reforms are expected to strengthen tax buoyancy, boost compliance, and support ease of living alongside ease of doing business.On the impact of the 50 per cent US tariff on Indian exports, the article said the immediate effect may be limited to select sectors, as about 45 per cent of India’s shipments to the US — including key products such as smartphones and pharmaceuticals — are exempt. Despite trade uncertainties, merchandise exports showed resilience during April-August 2025-26, while the S&P sovereign rating upgrade underscored the strength of India’s macroeconomic fundamentals.The RBI bulletin said the Q1 GDP estimates reaffirmed the resilience of domestic drivers, with August high-frequency indicators showing manufacturing and services activity at a decadal high. “In this scenario, the growth outlook for H2 is one of optimism. Healthy corporate balance sheets and the focus on structural reforms by the government are the bright spots of the economy,” it added.The report said stronger kharif sowing is expected to sustain agricultural momentum and keep food prices in check. The transmission of front-loaded monetary policy easing has been “robust,” and coupled with income tax relief for households and job creation measures, is set to drive a pick-up in consumption in H2, potentially creating a virtuous cycle of higher investment and growth.High-frequency food price data for September indicated rising cereal prices, a mixed trend in pulses, firmer edible oil prices in mustard, sunflower and palm, and easing groundnut oil rates. Prices of potato, onion and tomato softened, with tomato showing a sharp decline.The bulletin also said global uncertainty continues to cloud the outlook, with lingering US trade policy concerns, fiscal stress in advanced economies, and geopolitical risks. However, the global PMI rose to a 14-month high in August, with both manufacturing and services activity expanding.External sector stability was also highlighted. The current account deficit remained contained, supported by services exports and remittances, while net FDI inflows touched a 38-month high in July. Foreign exchange reserves stayed adequate.The Reserve Bank clarified that the views expressed in the bulletin are those of the authors and do not represent the central bank’s official position.
Beermaker BrewDog could be broken up after consultants were called in to help look for new investors.
The Scotland-based brewer, which makes craft beer such as Punk IPA and Elvis Juice, has appointed consultants AlixPartners to oversee a sale process.
Last month, BrewDog announced it was closing its distilling brands, sparking concerns for jobs at its facility in Ellon, Aberdeenshire.
The company, which was founded in 2007, said it made the decision to focus on its beer products.
No decision has been made in respect of the sale process.
A spokesperson for BrewDog said: “As with many businesses operating in a challenging economic climate and facing sustained macro headwinds, we regularly review our options with a focus on the long-term strength and sustainability of the company.
“Following a year of decisive action in 2025, which saw a focus on costs and operating efficiencies, we have appointed AlixPartners to support a structured and competitive process to evaluate the next phase of investment for the business.
“This is a deliberate and disciplined step with a focus on strengthening the long-term future of the BrewDog brand and its operations.
“BrewDog remains a global pioneer in craft beer: a world-class consumer brand, the number one independent brewer in the UK and with a highly engaged global community.
“We believe that this combination will attract substantial interest, though no final decisions have been made.
“Our breweries, bars, and venues continue to operate as normal. We will not comment on any further speculation.”
Brewdog operates 72 bars around the world as well as four breweries.
New Delhi: The Supreme Court has raised serious concerns over how real estate regulatory authorities are functioning across the country. Taking a sharp view, the top court said it may be “better to abolish” these bodies, suggesting they have failed to protect homebuyers and instead appear to benefit defaulting builders. The court added that states should reconsider the very need for such authorities if they are not serving their intended purpose.
A Bench led by Chief Justice of India Surya Kant and Justice Joymalya Bagchi said states should rethink the original purpose behind introducing RERA. The court observed that instead of protecting homebuyers, the law appears to be helping defaulting builders and not serving its intended role.
Expressing strong concern, CJI Surya Kant said states should reflect on the purpose for which RERA was created. He suggested the institution is failing to serve homebuyers and instead appears to benefit defaulting builders. “All states should now think of the people for whom the institution of RERA was created. Except facilitating builders in default, it is not doing anything else. Better to just abolish this institution,” CJI Kant said, quoted by Bar and Bench.
Last year, the High Court had stayed the state government’s decision to shift the RERA office, pointing out that the move was taken “without even identifying an alternative office location”. The court also noted that transferring 18 outsourced employees to other boards and corporations, as requested, “would render the functioning of Rera defunct”.
The Supreme Court, however, set aside the High Court’s order and allowed the state government to shift the RERA office to Dharamshala. It also permitted the relocation of the appellate tribunal to the same location. “With a view to ensure that persons affected by Rera orders are not inconvenienced, the principal appellate is also moved to Dharamshala,” the apex court said.
What Is RERA And Why It Matters
RERA, introduced in 2016, was aimed at addressing project delays, improving transparency and safeguarding homebuyers’ interests. Earlier, each state and union territory operated its own RERA website. However, in September 2025, the Ministry of Housing and Urban Affairs launched a unified RERA portal that brings together data from across states and UTs on a single platform.
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SEBI proposes stricter base price and band rules for gold, silver ETFs, including cooling-off periods after sharp global price swings to curb volatility.
Amid Global Commodity Volatility, SEBI Plans New Price Band Rules for Gold, Silver ETFs
The market regulator has sought to curb extreme volatility in gold and silver Exchange Traded Funds (ETFs) by proposing changes to the base price and price band framework. Currently, there are no separate price bands for ETFs aligned with their underlying assets, making them vulnerable to sharp price movements.
The proposal comes after sharp volatility in gold and silver ETFs triggered by fluctuations in global commodity prices. On some days, these ETFs fell by over 15%, while on others, they recorded sharp gains.
Stock exchanges currently apply a fixed price band of plus or minus 20% on the base price of ETFs, except for Overnight ETFs investing only in TREPs, which have a price band of plus or minus 5%.
Moreover, the base price for applying price bands to ETFs is taken as the T-2 day closing Net Asset Value (NAV) by exchanges, instead of the T-1 day closing NAV or price, as is the case with indices and individual stocks. This creates a challenge, as the closing NAV of ETFs typically differs between T-1 and T-2 days. Corporate actions such as bonuses and dividends are adjusted manually, increasing the risk of errors.
What Are the Key Proposals?
SEBI has proposed that the base price be determined using either the closing price of the ETF on T-1 day (weighted average price of the last 30 minutes), the closing NAV of T-1 day, or the average indicative NAV (iNAV) of the last 30 minutes of T-1 day.
Further, the regulator has proposed an initial price band of plus or minus 10% for equity and debt ETFs, which can be flexed up to plus or minus 20%. A cooling-off period of 15 minutes will apply, and up to two flexes will be allowed in a day.
For gold and silver ETFs, the regulator has proposed an initial price band of plus or minus 6%, which can be flexed up to plus or minus 20%. This will also include a 15-minute cooling-off period.
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February 14, 2026, 16:08 IST
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