Business
India’s budget gives tax relief to middle class to boost spending, growth
Indian Prime Minister Narendra Modi’s government has unveiled an annual budget focused on appealing to the country’s middle class and spurring economic growth by boosting agriculture and manufacturing.
Announcing the annual budget in parliament on Saturday, Finance Minister Nirmala Sitharaman said people earning up to 1.28 million Indian rupees ($14,800) per year will not have to pay any taxes, raising the threshold from 700,000 rupees.
The government also lowered tax rates for people earning above the new threshold, as the world’s fifth-largest economy aims to boost domestic demand amid uncertainty over the global economic outlook due to potential new tariff barriers.
“The new structure will reduce taxes on middle class and leave more money in their hands, boosting household consumption, savings and investment,” Sitharaman said.
The move will result in an annual 1 trillion Indian rupee ($11.6bn) hit to Treasury revenues, the Reuters news agency reported.
The world’s most populous country is expected to post its slowest growth in four years next year amid frail urban demand and weak private investment, while stubbornly high food inflation has dented disposable incomes, the agency said.
Measures to assist the poor, youth, farmers and women were also included in the budget for 2025-26, Sitharaman said.
Per capita income is about $2,700 for India’s population of 1.4 billion, with about one-third considered middle class.
The tax cut is “likely to spur consumer demand and savings by the middle class that has faced challenges from elevated inflation and lower income growth”, Sakshi Gupta, economist at HDFC Bank, told Reuters.
To balance the revenue lost, the government has budgeted a modest increase in capital spending this year, which will rise to 11.21 trillion rupees in 2025-26 compared with a lowered 10.18 trillion in the current year.
Modi, in his third term as the country’s prime minister, has faced pressure to appeal to the country’s middle class and generate more jobs to help sustain growth.
The government will also boost productivity across the agriculture sector by launching a nationwide program to push high-yielding crops, focusing on the cultivation of pulses and cotton production.
Sitharaman said the programme will target at least 17 million farmers and raise the limit for subsidised credit offered to them from $3,460 to $5,767.
The government also plans to formally register India’s gig workers and ease their access to healthcare. Sitharaman said the government will issue them identity cards and help them access welfare initiatives.
India’s gig economy could employ more than 23 million people by 2030, according to estimates by government think tank, NITI Aayog.
Sitharaman also announced a new fund for startups and said the government will provide more money to promote innovation in partnership with the private sector.
She also announced the Nuclear Energy Mission to drive India’s transition towards clean energy, with a goal of developing at least 100GW of nuclear power by 2047.
[Aljazeera]
Business
People’s Bank drives push towards cash-lite economy
Marking a significant milestone in Sri Lanka’s digital transformation journey, the National QR Payment Adoption Programme was recently launched with the objective of accelerating the country’s transition towards a cash-lite economy. The initiative aims to reduce reliance on physical currency by promoting the widespread use of QR-based digital payments, enabling individuals and businesses to conduct fast, secure and convenient transactions via mobile devices, said a release from the People’s Bank.
It said: As a leader in digital banking, People’s Bank proudly aligns with this landmark national initiative, reinforcing its commitment to building a digitally empowered economy. The Bank supports the programme through its flagship digital wallet “People’s Pay”, which offers a seamless platform for QR-based transactions and a range of everyday financial services.
In line with the programme’s objectives, customers can perform QR transactions without incurring additional charges, while merchants benefit from zero fees on transactions up to Rs. 5,000. To further encourage adoption, valuable gifts will be awarded to selected winners among LANKAQR users, enhancing engagement and promoting digital payment usage across the country.
People’s Bank’s participation reflects its ongoing digital transformation strategy, which has evolved beyond traditional online banking to deliver an integrated, lifestyle-oriented financial ecosystem. The Bank continues to set industry benchmarks by offering secure, efficient and user-friendly digital platforms, ensuring customers have uninterrupted access to banking services anytime, anywhere.
At the heart of this initiative is People’s Pay, a sophisticated digital wallet designed to streamline everyday financial transactions while catering to the evolving needs of the modern consumer. The application features a seamless self-registration process, comprehensive tri-language support, and secure storage of payment details, ensuring both convenience and security for users.
In addition, the People’s Pay app enables customers to make real-time bill payments and QR-based transactions with exceptional ease and efficiency. The facility to link multiple bank accounts further enhances flexibility and convenience, while the transaction limit provides users with greater financial control and improved security.
In a strategic move to bolster the national QR adoption program, the People’s Pay app now facilitates Peer-to-Peer (P2P) QR transfers. This functionality allows users to generate both static and dynamic QR codes, enabling efficient transactions without the need to disclose sensitive account information.
The National QR Payment Adoption Programme represents a critical step in advancing Sri Lanka’s digital payments landscape. By fostering fast, secure and transparent transaction methods, the initiative aims to ensure inclusive participation in the digital economy, empowering citizens across all regions and communities.
Business
ANC Campus and Adelaide University launch new Australian study pathway for Lankan students
ANC Campus has announced the launch of a formal articulation partnership with Adelaide University at Cinnamon Lakeside, Colombo, creating a clear progression pathway for Sri Lankan students seeking an Australian university degree.
Through this pathway, students can begin their university-level studies at ANC Campus in Sri Lanka before progressing to Adelaide University in Australia, subject to the relevant academic, English language, and entry requirements. By completing the first year through ANC’s Australian Diploma pathway in Sri Lanka, students can significantly reduce the overall cost of their Australian education journey, with estimated first-year savings of up to LKR 13 million when tuition and living expenses are considered.
The launch was attended by representatives of ANC Campus, Adelaide University, and the Australian Trade and Investment Commission (Austrade), alongside members of the media, students, parents, and invited guests. Austrade’s presence highlighted the continued importance of Australia-Sri Lanka education links.
Speaking at the launch, Dayan D. L. Fernando, Chief Executive Officer of ANC Campus, said the partnership gives Sri Lankan students a credible and well-supported route into Australian higher education.
“For over two decades, ANC has worked with international university partners to help Sri Lankan students begin their global education journey with the right academic preparation and guidance. This partnership with Adelaide University gives students a clearer route to an Australian degree and gives parents greater confidence in the pathway their children are choosing,” he said.
Fernando added that international education is one of the most important decisions a family makes, and proper guidance is essential.
“At ANC, our responsibility is to guide students correctly. We must help them understand the pathway, the requirements, the destination, and the opportunities ahead. ANC prepares students for the highest likelihood of success.
Business
Union Assurance honours new batch of certified financial advisers
Union Assurance PLC, Sri Lanka’s longest-standing private Life Insurer, recently hosted the SLIM Certified Financial Adviser Graduation Ceremony at its Head Office premises, recognising 38 professionals who successfully completed the programme, a milestone that reflects the company’s focus on building a highly capable and accredited sales force.
The Certified Financial Adviser programme, delivered in partnership with the Sri Lanka Institute of Marketing (SLIM), the National Body of Marketing in Sri Lanka, which was designed to elevate the expertise of the company’s high performing adviser force. Spanning 11 comprehensive modules covering areas such as Advanced Consultative Selling Skills, Negotiation Mastery, Digital Prospecting Techniques, and Emotional Resilience in Sales, participants underwent a rigorous learning journey that concluded with a formal assignment, bringing the full cohort to completion.
The programme reflects Union Assurance’s commitment to ensuring its advisers are positioned to serve customers with confidence, credibility, and genuine understanding of their needs; values that are central to the company’s purpose of protecting what matters most. The SLIM qualification also opens a structured educational pathway for graduates, with opportunities to advance through further nationally recognised certifications.
Speaking at the ceremony, Chief Agency Officer at Union Assurance, Imtiyaz Aniff stated: “We are pleased to recognise the dedication of our people who committed to this programme alongside their core responsibilities. The SLIM certification equips our advisers with the skills and credentials to serve our customers at a higher standard, and that directly supports the quality of advice we deliver. We look forward to seeing this cohort carry forward what they have learned and continue to grow in their careers.”
Union Assurance is a subsidiary of John Keells Holdings PLC (JKH), the largest conglomerate listed on the Colombo Stock Exchange, operating with over 80 companies in 7 diverse industry sectors. The Company has completed nearly four decades of success with a Market Capitalisation of Rs. 45.6 Bn and a Life Fund of Rs. 92.8 Bn as of end December 2025. Set to protect lives and enrich the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover the health, investment, protection, retirement and education needs of Sri Lankans. With an island-wide branch network and a workforce that is over 3000-strong, Union Assurance continues to invest in people, products and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry.
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