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- 💰️ India to scrap equalization levy
💰️ India to scrap equalization levy
PLUS: Fintech personal loans drop 15%
Good morning. Bringing your creative ideas to life on paper (or screen) just got a whole lot easier with ChatGPT’s new image capabilities.
We spent last evening experimenting with different prompts, starting with some Ghibli-inspired images and safe to say they were fun!
Have you tried it yet? We’d love to hear what you think.
- Ruchirr Sharma & Shatakshi Sharmaa
TABLE OF CONTENTS
💰️ India to scrap equalization levy
🏦 Fintech personal loans drop 15%
🗞️ Bite-sized summaries
🔨 Upskilling
✈️ More flights
🧑🍳 What else is cookin’?
🍿 Entertainment, Entertainment, Entertainment
MARKETS
🇮🇳 India

indicates per gram rate in Delhi | Stock data as of market close 26/03/2025
Indian markets ended marginally lower, breaking a six-day winning streak. Most sectors declined, with auto and metals leading losses. Global cues and trade uncertainties influenced the market.
🌍️ International

Stock data as of market close 26/03/2025
US stocks fell sharply, ending a three-day rally. Tech stocks like Nvidia and Tesla led the decline amid valuation concerns and tariff anxieties.
FINANCE
The Indian government plans to remove the 6% equalisation levy, also known as the Google tax, from April 1, 2025. This tax, introduced in 2016, applied to payments exceeding ₹1 lakh per year made to non-resident tech giants like Google and Meta for online advertisements.
Why is India removing the levy?
The decision comes amid pressure from the U.S., particularly from President Donald Trump, who has threatened retaliatory tariffs on countries imposing digital taxes on American tech companies. The White House claims such taxes unfairly target U.S. firms, costing them over $2 billion annually.
Several other nations, including the UK and Canada, are also reconsidering their digital tax policies to avoid trade conflicts with the U.S. This move follows India's removal of a separate 2% digital tax on e-commerce firms last year after the Biden administration warned of potential 25% tariffs on Indian exports like shrimp and basmati rice.
Economic Impact on India
Stronger US-India Trade Relations – Scrapping the tax may reduce tensions with the U.S., ensuring smooth trade and investment flows.
Boost for Foreign Investments – Tech companies like Google, Meta, and Amazon may increase investments in India, benefiting the digital economy.
Potential Revenue Loss – India collected ₹3,343 crore from this tax in the current financial year. The government may need to find alternative revenue sources.
The Finance Bill also includes:
Changes to Offshore Fund Regulations to attract more global investors.
Tax Assessment Revisions to ensure fairness in undisclosed income penalties.
New Tax Return Verification Measures to flag inconsistencies.
Overall: By scrapping the equalisation levy, India aims to strengthen international trade relations while encouraging more foreign investment. However, balancing revenue losses with economic benefits remains a challenge. As digital taxation evolves, India must find alternative strategies to maintain a fair and competitive business environment.
Read more: Economic Times
LOANS
India’s once-booming fintech personal loan sector is experiencing a slowdown, with loan disbursements dropping 15% in Q3 FY25—the sharpest decline since the Covid-19 lockdown. According to the Fintech Association for Consumer Empowerment (FACE), the total value of digital personal loans sanctioned by fintech NBFCs fell to ₹81,365 crore in the first nine months of FY25, down from ₹96,524 crore year-on-year.
What’s driving the decline?
Rising Borrowing Costs – Higher interest rates are making loans less attractive.
Tighter Regulations – The Reserve Bank of India (RBI) has introduced stricter digital lending norms to protect consumers from predatory practices.
Cautious Lending Approach – Fintech lenders are becoming more selective, focusing on safer bets rather than aggressive expansion.
Despite the drop, fintech NBFCs still dominate loan volumes, accounting for 76% of all personal loans sanctioned in FY25. However, their share in total loan value remains just 13%, as they primarily serve small-ticket borrowers.
Young borrowers (under 35) continue to be the biggest customers, receiving over two-thirds of sanctioned loans. Interestingly, over one-third of these loans are going to Tier III cities and beyond, highlighting the demand for credit in smaller towns.
So what does this mean for India?
Shifting Fintech Strategies – Lenders may focus on larger, high-value loans rather than high-volume, low-ticket lending.
Tighter Regulation Benefits Consumers – Stricter rules could reduce risks of fraud and excessive debt traps.
Economic Caution – The slowdown suggests that both borrowers and lenders are becoming more cautious, possibly reflecting economic uncertainties.
Overall: India’s fintech lending sector is maturing. While growth is slowing, the focus on responsible lending and financial inclusion in smaller cities could create a more stable and sustainable digital loan market in the long run.
Read more: Economic Times
GENERAL OVERVIEW
🗞️ Bite-sized summaries

🔨 Upskilling - The Andhra Pradesh government has partnered with tech giant Cisco to train 50,000 youth in IT and advanced technology skills. Announced by IT Minister Nara Lokesh, the initiative will provide training in networking, cybersecurity, and artificial intelligence. The agreement was signed at Lokesh’s residence in Undavalli, Guntur district. This partnership aims to bridge the skill gap, meet industry demand, and improve employability for students. Cisco’s training will help equip young professionals with essential digital skills, boosting job opportunities in the tech sector.
✈️ More flights - Indian carriers will operate 25,610 weekly flights this summer, a 5.5% increase from last year, according to the DGCA. The summer schedule, running from March 30 to October 25, includes seven new airports like Ambikapur, Datia, and Bidar. IndiGo leads with 14,158 weekly flights, followed by Air India and Air India Express. SpiceJet’s slots dropped by 25%, while Fly 91 saw a 515% rise in departures. Regional airlines like Alliance Air and Flybig faced reductions. The schedule was finalized in February after a slot conference, reflecting growing air traffic and operational shifts in India’s aviation sector.
HEADLINES
🧑🍳 What else is cookin’?
What’s happening in India (and around the world 🌍️)
Coal India incorporates subsidiary to set up coal-to-synthetic natural gas biz.
India must brace for 9-10% power demand surge in 2025 amid rising temperatures.
Citigroup picks up 7.7-lakh-sq-ft office in Pune’s Kharadi through long-term lease.
Textile industry sets $100 billion export target by 2030, seeks policy boost.
China presents top military, cyber threat to United States, US report says.
CULTURE
🍿 Entertainment, Entertainment, Entertainment

Source: Guardian
UK's Oscar entry Santosh faces a CBFC roadblock in India.
No Other Land filmmaker Hamdan Ballal released, says co-director.
IPL 2025: KKR beat RR by 8 wickets 🤙 Leaderboard here.
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