Business
Japan’s agency R&I upgrades India’s sovereign credit rating – The Times of India
NEW DELHI: Japanese credit rating agency Rating and Investment Information (R&I) on Friday upgraded India’s long-term sovereign credit rating to ‘BBB+’ from ‘BBB’ and retained the “stable” outlook, citing growth prospects, progress on fiscal consolidation, and reforms undertaken by govt. This is the third upgrade by a sovereign credit rating agency this year, following S&P’s upgrade to ‘BBB’ (from BBB-) in Aug and Morningstar DBRS’ upgrade to ‘BBB’ (from BBB (low)) in May 2025.R&I said the impact of the tariffs imposed by US on India’s economy will be limited. “The US has raised its tariff rate on India to 50%. While this may pose a risk factor for economic outlook, India’s economy is mainly driven by domestic factors and its dependence on exports to the US is not high,” the ratings agency said in a statement, adding that GST rate reduction, which will kick in from Sept 22, would help minimise the impact.The agency said the economy will maintain the growth rate in mid-6% range from FY26 onwards, backed by population growth, the catch-up effect of income and govt’s public investment and economic policy, among other factors. The govt welcomed the decision by the ratings agency. “Three credit rating upgrades for India in five months reflect increasing global recognition for India’s robust and resilient macroeconomic fundamentals and prudent fiscal management and underscore global confidence in India’s medium-term growth prospects amid prevailing global uncertainties,” said an official statement.The rating agency said govt is striving to reduce the fiscal deficit, which narrowed to 4.8% of GDP in FY24. “While govt has been increasing capital expenditures, it managed to reduce the fiscal deficit, thanks to the tax revenue increase backed by strong domestic demand as well as the cut of subsidies,” said R&I.
New Delhi: If you often use your HDFC Bank debit card for free airport lounge access, this update is important for you. The bank has changed how complimentary lounge entry works on its debit cards. Instead of simply swiping your card at the lounge, customers will now need a digital voucher to get access. Also, the minimum spending requirement has been increased, reported Moneycontrol. These new rules will come into effect from January 10, and will apply to eligible debit cardholders going forward.
How the New Lounge Voucher System Works
Once your eligibility is confirmed, HDFC Bank will send you an SMS or email with a link to claim your lounge access voucher. You’ll need to verify your request by entering an OTP sent to your registered mobile number. You will receive a voucher code or QR code after successful verification which must be shown at the airport lounge to get entry.
Minimum Spend Requirement Increased
Under the revised rules, HDFC Bank debit card users will now need to spend at least Rs 10,000 in a calendar quarter to be eligible for complimentary airport lounge access. Earlier, the minimum spend required was Rs 5,000.
However, this condition will not apply to HDFC Infiniti Debit Card holders. Customers using the Infiniti card will continue to enjoy free lounge access without any minimum spending requirement.
Eligible Transactions and Free Lounge Visits by Card Type
Only purchase transactions made using the debit card will be considered while calculating the quarterly spending requirement. Other types of transactions will not be counted, as noted by Moneycontrol.
Meanwhile, the number of complimentary lounge visits remains unchanged and continues to depend on the debit card variant:
Millennia Debit Card: 1 free visit per quarter
Platinum Debit Card: 2 free visits per quarter
Times Points Debit Card: 1 free visit per quarter
Business Debit Card: 2 free visits per quarter
GIGA Debit Card: 1 free visit per quarter
Infiniti Debit Card: 4 free visits per quarter
This means cardholders should check both their spending eligibility and card type to know how many lounge visits they can enjoy.
Which Transactions Count and Voucher Validity Explained
Only purchase transactions made using the debit card will be counted towards the quarterly spending requirement. As per Moneycontrol, the following transactions will not be included:
ATM cash withdrawals
UPI or wallet payments (GPay, PhonePe, Paytm, etc.)
Credit card bill payments made via debit card
Debit card EMI transactions
New debit cardholders will also need to meet the Rs 10,000 spending requirement to become eligible for complimentary lounge access.
Voucher Validity:
Once issued, the lounge access voucher will remain valid till the end of the next calendar quarter, after which it will expire if not used.
What This Means for Debit Card Users
With the updated lounge access rules, HDFC Bank is clearly encouraging higher card usage and digital verification. Customers who regularly use complimentary lounge benefits will now need to keep a close watch on their quarterly spending and complete the voucher process in advance. As per Moneycontrol, physical debit card swipes will no longer work from January 10, making it important for travellers to switch to the new digital voucher system.
Pension Fund Regulatory and Development Authority has amended NPS exit and withdrawal rules to give subscribers greater flexibility, choice and control over their retirement savings.
The revised rules primarily target the non-government sector, where NPS participation is voluntary, covering both All Citizen and Corporate subscribers.
Non-government subscribers with an NPS corpus of more than Rs 12 lakh can now withdraw up to 80% of their savings as a lump sum, with only 20% mandatorily allocated to an annuity.
For All Citizen subscribers, the minimum lock-in period for premature exit has been removed, easing access to accumulated pension wealth.
At normal exit, non-government NPS subscribers can now withdraw up to 80% of their corpus as lump sum, with the mandatory annuity portion reduced to 20%.
The threshold for 100% lump-sum withdrawal has been raised significantly, with greater flexibility through systematic lump-sum or unit withdrawals for mid-sized corpuses.
Individuals joining NPS after age 60 will no longer face a vesting period and will also be eligible for up to 80% lump-sum withdrawal at exit.
Up to 25% of own contribution can be withdrawn for housing, medical needs, or loan repayment, with clearer timelines.
While core annuity requirements for government subscribers remain unchanged, higher corpus thresholds and systematic withdrawal options have been introduced.
The maximum entry and exit age under NPS has been increased to 85 years, allowing subscribers to stay invested longer.
Subscribers can now seek financial assistance from regulated institutions, with lenders allowed to mark lien on up to 25% of the subscriber’s own NPS contribution.
By simplifying exits, expanding withdrawal choices and improving liquidity, the amendments aim to make NPS more inclusive while safeguarding long-term retirement income.
Business
India-US trade: Exports rebound in November; supply-chain shifts and holiday restocking drive recovery, says GTRI – The Times of India
India’s exports to the US bounced back in November after two months of dip. The rebound was largely supported by supply-chain adjustments and pre-holiday season inventory restocking, according to the Global Trade Research Initiative (GTRI). This recovery came despite the US imposing 50 per cent tariffs on Indian goods since August.
November India-US trade snapshot amid higher tariffs
- Exports to the US rose 22.61 per cent in November to $6.98 billion, reversing declines seen between May and September.
- Smartphones (largest export item): Exports fell from $2.29 billion in May to $884.6 million in September, before rising to $1.8 billion.
- Gems and jewellery: Slumped from $500.2 million in May to $202.8 million in September, then rebounded to $406.2 million.
- Machinery and mechanical appliances: Declined to $516.8 million in September, before nearly returning to peak levels at $614.6 million in November.
- Pharmaceuticals: Shipments rose to $669.2 million in November, but remained below May levels.
- Mineral fuels and oils (tariff-exempt): Fell from $291.5 million in May to $251.5 million in September, before climbing to $274.3 million.
GTRI said the rebound came after a sharp fall in exports earlier in the year, triggered by uncertainty surrounding impending tariff hikes. GTRI Founder Ajay Srivastava said US buyers initially delayed orders and ran down inventories. “Once the higher tariffs became certain, exporters and US buyers began adjusting, absorbing part of the cost, renegotiating prices, and shifting toward less-affected or hard-to-substitute products,” he said.However, the think tank also warned that this recovery might not last. They claimed that it was more about adjusting to tougher tariffs rather than a permanent improvement. The think tank also added that businesses were using short-term strategies to cope with the new trade environment.
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