Business
Low costs, tech focused & more: How can Indian exports stay competitive? Explained – The Times of India
The global economy is slowing down and trade dynamics are undergoing a change.At a time like this, India needs to evaluate its export strategies, with focus on long-term competitiveness through technology, cost efficiency, and domestic production, Ajay Srivastava, founder of the Global Trade Research Initiative (GTRI) explainedSpeaking to ANI, Srivastava said, “The focus should be on lowering production costs, simplifying regulations, and accelerating ease of doing business especially in logistics, compliance, and taxation.” He also highlighted the need for a dual approach, which combines foreign technology partnerships with investment in reverse engineering and product localisation.Referring to the electronics, machinery and digital technology sector, the GTRI chief said, “What India consumes, it must also be able to make and export.” Meanwhile, on the international trade front, negotiations with the US are advancing well, even though no official announcement has been made.India is also quietly reviewing sectoral risks and preparing to mitigate potential disruptions by diversifying trade away from the US and boosting domestic capabilities.Regarding Europe, Srivastava confirmed that the India-UK free trade agreement has been signed and is pending ratification in the British Parliament. “(The EU deal) is in an advanced stage of negotiation, with most chapters close to closure,” he said, adding that both agreements are expected to open new markets, strengthen investor confidence, and integrate supply chains with Europe.Global financial trends are another key factor for India. “When the Fed raises rates, money tends to flow back to the US, putting pressure on the rupee, widening the current account deficit, and tightening liquidity,” Srivastava warned. He stressed that careful macroeconomic management and strong domestic growth drivers will be critical to managing currency volatility while sustaining exports.On the question of India staying out of trade blocs like RCEP and CPTPP, Srivastava said the country is not at a disadvantage. “Nearly 80% of global trade still takes place at non-preferential tariff rates. Rather than rushing to join every bloc, India should focus on improving export competitiveness, logistics efficiency, and ease of doing business.”“India, rather than waiting for global stability, should use this ‘no-rules’ phase to rebuild the foundations of competitiveness across industry, agriculture, and services,” he said. Investments in green and digital technologies, large-scale manufacturing, and secure supply chains are key, he added.On addressing the trade deficit with China, he said India needs “large-scale reverse engineering, technology adaptation, and supply chain localisation” in sectors like electronics, machinery, and chemicals. “Over time, such capability-building will not only narrow the trade gap but also make India a credible global supplier,” he said.He concluded by urging coordinated action from both government and industry. “The government must provide a stable trade policy, faster clearances, and targeted incentives,” he said. “The private sector, in turn, should invest in R&D, design, branding, and technology partnerships to create globally competitive products.”“In a slower, more fragmented global economy, the winners will be those who build resilience at home while shaping trade on their own terms,” Srivastava said.
Business
Don’t Panic! You Can Still Fix Errors In Your ITR With Updated Return For AY 2025-26– Here’s How
New Delhi: If you’ve made an error or missed out on some details while filing your Income Tax Return (ITR) for Assessment Year 2025-26, there’s no need to panic. The Income Tax Department gives you a second chance through the updated return option, allowing you to revise or correct your ITR even after submission — and the best part is, you have up to 48 months from the end of the financial year to do so.
Till when can you file an updated ITR for Assessment Year 2025-26?
For Assessment Year 2025-26, taxpayers have time till March 31, 2030, to file an updated return. This extended window encourages voluntary compliance by giving individuals enough time to review and correct any mistakes in their ITR filings.
Understanding the Updated Return
An updated return is a special type of Income Tax Return (ITR) that allows taxpayers extra time to correct or update their earlier filings. It’s a move by the Income Tax Department to promote voluntary compliance, giving individuals the chance to fix any mistakes or add missed information even after the original deadline.
Anyone can file an updated return—whether or not they have already filed an original, belated, or revised return for that assessment year—except in a few specific cases.
While filing an updated return, taxpayers need to provide certain details such as:
– Basic information like PAN, name, and Aadhaar.
– Details of the earlier return, if any—such as the section, ITR form, acknowledgement number, and filing date.
– Confirmation of eligibility to file an updated return.
– The ITR form chosen for the updated return.
– The reason for filing the updated return.
When You’re Not Allowed to File an Updated Return
While the updated return offers flexibility, there are certain situations where you cannot file one. For instance, if your total income results in a loss or if filing it would reduce your tax liability compared to your earlier return, you won’t be eligible to submit an updated return.
It’s also important to note that an updated return can be filed only once for a particular assessment year — it cannot be revised later.
Additionally, you cannot file an updated return for the assessment year in which a search or survey has been conducted under Section 132, or for any year before that assessment year.
New Delhi: Union Minister Jyotiraditya Scindia on Thursday had a detailed discussion with Finance Minister Nirmala Sitharaman and senior ministry officials, exploring strategies to accelerate digital infrastructure development and regional connectivity.
The discussions centred around the capex priorities for Department of Telecommunications (DoT), the Ministry of Development of Northeastern Region and India Post Office.
“Had a constructive discussion with Finance Minister and senior officials of Finance Ministry on the Capex priorities for @DoT_India, @MDoNER_India, and @IndiaPostOffice,” Scindia posted on X social media platform.
“We explored strategies to accelerate digital infrastructure development, enhance regional connectivity, and modernise services with an optimising resource allocation and stronger impact,” the minister added.
He further stated that “our shared goal remains clear – to strengthen these vital sectors as engines of growth and innovation, and to advance a truly inclusive, digitally empowered and Aatmanirbhar Bharat”.
Last week, Scindia highlighted that the ministry’s expenditure on projects in northeast had touched an all-time high of Rs 3,447.71 crore in FY 2024–25 — marking a 74.4 per cent increase over the previous year and more than 200 per cent growth in three years. This performance, he noted, reflects the emphasis of the Ministry of Development of Northeastern Region (MDoNER) on fiscal discipline, digital monitoring, and timely delivery.
Meanwhile, India’s telecom sector is poised to increase its contribution to the country’s GDP from the current 12-14 per cent to 20 per cent over the next 10 to 12 years. India has developed an indigenous 4G technology stack, making it the fifth country globally to achieve this capability. The development was completed in a record 20 months, from concept to a full 4G stack.
The minister added that BSNL will expand its 4G network and eventually upgrade it to 5G. India now has 1.2 billion mobile subscribers, representing 20 per cent of the world’s mobile population.
Over the past 25 years, gold has generated an average annual return of 14.6%, far higher than any traditional saving scheme or bank deposit. (Image: Pexels)
If the same pace continues, gold prices could reach high levels by 2050 that Rs 1 crore would be enough to buy just a few grams of gold. (Image: Pexels)
In one year, gold (24-Karat) has increased over 67%. The weakness of the dollar, rising geopolitical tensions, trade tariff tensions, and uncertainty in global economy have further boosted gold demand. (Image: Pexels)
Also, the festive season and wedding demand in India have also kept gold prices high in the domestic market. (Image: Pexels)
Today, if someone were to buy Rs 1 crore worth of gold, they would get approximately 758g (0.76 kg) of gold. (Image: Pexels)
Notably, in October 2000, gold price stood at Rs 4400 per 10 grams, and after 25 years, it now stands above Rs 1.32 lakh per grams, signifying an annual growth rate of 14.6%. (Image: Pexels)
If the gold prices continue to rise at the same rate (14.6 CAGR) over the following 25 years, the gold price could reach approximately Rs 40 lakh per 10 grams. (Image: Pexels)
Hence, according to assumption and estimations, Rs 1 crore would be enough to buy only 25 grams of gold. (Image: Pexels)
Please Note: Gold prices depend on many domestic and global factors such as interest rates, the dollar’s position, central bank policies, and the state of global economy. (Image: Pexels)
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Don’t Panic! You Can Still Fix Errors In Your ITR With Updated Return For AY 2025-26– Here’s How
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