Rehan Qayoom Mir

Srinagar, Jul 01 : The Bharatiya Janata Party (BJP) on Tuesday slammed the newly formed Peoples Alliance for Change (PAC), accusing it of echoing the same slogans of restoring Article 370 as the “non-existent” Peoples Alliance for Gupkar Declaration (PAGD).

Addressing a news conference, BJP spokesperson Altaf Thakur said that the PAC has chosen to focus on the same demands for Article 370 and statehood as the Gupkar Alliance.

“A new alliance has emerged on the political horizon of Jammu & Kashmir. Everyone was hopeful they would bring something new to the table. But they are simply harping on the same slogans of Article 370 and statehood, just like the Gupkar Alliance,” Thakur stated.

He reiterated that Article 370 is a thing of the past, declaring, “It is dead and will not return, come what may.”

Thakur said that the party welcomes any political formation within the democratic framework, as long as it upholds national interest, unity, and integrity.

However, he warned that the BJP would firmly oppose any entity that works against these principles.

“We have no problem with alliances formed under democratic norms. But we will not allow anyone to speak against the nation or challenge the unity and integrity of India,” he said.

In a major political development, Peoples Conference, Jamaat-e-Islami backed Justice & Development Front and Peoples Democratic Front on Monday joined hands to form an alliance. In their declaration, they have pledged to strive for restoration of Article 370, Article 35A and statehood—(KNO)

New Delhi, Jul 01 : Terming rolling out of Goods and Services Tax (GST) regime, eight years ago, as a landmark reform, Prime Minister Narendra on Tuesday said that it reshaped India’s economic landscape.

PM Modi, according to the news agency—Kashmir News Observer (KNO), said that the indirect tax regime reduced the “compliance burden and improved the ease of doing business.”

Pertinently, the GST was implemented across the country on July 1, 2017. It unified 17 taxes and 13 cesses, creating a seamless national market by simplifying compliance and digitising tax systems. It also expanded the taxpayer base and strengthened cooperative federalism.

PM Modi wrote on X: “By reducing the compliance burden, it (GST) has greatly improved the ease of doing business, particularly for small and medium enterprises. GST has also served as a powerful engine for economic growth, while fostering true cooperative federalism by making states equal partners in this journey to integrate India’s market.”

In 2024-25, gross GST collections hit a record Rs 22.08 lakh crore, marking a year-on-year growth of 9.4 per cent. This rise reflects the growing formalisation of the economy and improved tax compliance—(KNO)

Vinod Bhat

Raksha Mantri Shri Rajnath Singh and US Secretary of Defense Mr Pete Hegseth held a telephonic conversation on July 01, 2025. The two leaders discussed a wide canvas of issues ranging from long-term cooperation in the defence sector, including training and military exchanges, to expanding the industry collaboration. They agreed to further build upon the momentum of this critical & mutually beneficial partnership across all its pillars such as interoperability, integration of defence industrial supply chains, logistics sharing, increased joint military exercises and cooperation with other like-minded partners.

Raksha Mantri appreciated the unwavering support extended by US to India for its fight against terrorism. He complimented the US Secretary of Defense for his dynamic leadership which has propelled defence cooperation between US and India to new levels. Mr Pete Hegseth invited Shri Rajnath Singh to US for an in-person meeting to take the bilateral defence partnership forward.

In a post on X, Shri Rajnath Singh stated that the discussions were held to review the ongoing and new initiatives to further deepen India-US defence partnership & strengthen cooperation in capacity building. He looked forward to meeting the US Secretary of Defense at an early date.

This was their third telephonic conversation since January this year when Mr Pete Hegseth was confirmed as US Secretary of Defense

Vinod Bhat

“In the past eleven years, India has risen from the eleventh to the fourth largest economy in the world. Our GDP has more than doubled—from USD 2.1 trillion in 2014 to USD 4.3 trillion in 2025” said Shri Hardeep Singh Puri, Minister of Petroleum & Natural Gas, here today. “We have recently overtaken Japan and are poised to become the third-largest economy by 2030, overtaking Germany,” the Minister remarked, highlighting the nation’s resilience during global headwinds and the critical role played by bold policy reforms, extensive social welfare schemes, and sound financial management.

Shri Hardeep Singh Puri was addressing the 77th Foundation Day of the Institute of Chartered Accountants of India (ICAI) at Bharat Mandapam, New Delhi, celebrating a decade of transformation marked by unprecedented economic growth and social progress under the Government of India.

Under the flagship social initiatives, Shri Puri noted, over 27 crore citizens have been lifted out of multidimensional poverty, nearly four crore houses have been sanctioned under the Pradhan Mantri Awas Yojana, and 15.4 crore rural households now enjoy piped water through the Jal Jeevan Mission.

Ayushman Bharat has expanded health coverage to over 70 crore individuals with a ₹5 lakh insurance benefit, reinforcing India’s commitment to inclusive development, the Minister added.

The Minister emphasized India’s success in attracting global investment, with USD 748 billion of foreign direct investment inflows between 2014 and 2025—an increase of 143% over the previous decade—and the expansion of source countries from 89 to 112. Landmarks in policy reform, including the Insolvency and Bankruptcy Code, Production-Linked Incentive schemes, the Goods and Services Tax, Direct Benefit Transfers, and the elimination of over 25,000 compliances and 1,400 obsolete laws, have strengthened the nation’s business landscape.

The transformation in tax administration underscores India’s evolving financial culture: annual Income Tax Returns filed grew from 3.6 crore in FY 2013–14 to 8.5 crore in FY 2024–25, with 95% processed within 30 days. Each return, each rupee of tax collected, translates into tangible benefits—LPG connections for mothers, medicines for the poor, electricity for rural homes, pensions for the elderly, and employment opportunities for yoth.

India’s banking sector has witnessed a historic turnaround, with gross non-performing assets of Scheduled Commercial Banks dropping from 14.58% in FY 2017–18 to below 3% in FY 2024–25. The digital economy’s backbone, the Unified Payments Interface (UPI), now handles nearly 50% of real-time digital transactions globally, serving over 500 million active users. Fintech adoption stands at 87%, compared to the 67% global average, facilitated by India’s universal digital identity and access through Aadhaar and mobile services.

Shri Puri also spotlighted the Ministry’s flagship Pradhan Mantri Ujjwala Yojana, which has delivered over 16.5 crore LPG connections since 2014, empowering women, reducing indoor air pollution, and promoting public health. The growing market capitalization of Oil & Gas PSUs—nearly doubling to ₹8.79 lakh crore since 2014—reflects the sector’s robust performance and the trust of investors.

Looking ahead, the Minister called on chartered accountants to embrace artificial intelligence and advanced analytics, automating routine tasks to focus on strategic advisory roles and harnessing data-driven insights for more effective decision-making. “Embracing AI is no longer optional—it is essential for staying competitive and innovative in today’s evolving financial world,” he noted.

In closing, Shri Puri urged the ICAI community to uphold transparency, efficiency, and accountability as India marches towards a developed nation by 2047. “On this special day, remember that your profession has the power to protect and sustain our economy. Your dedication is vital for building Viksit Bharat.”