Page 11 - Banking Finance January 2025

ROUNDUP

auditors, boards, and audit commit-
tees to identify risks and prevent cor-
porate failures.

The NFRA, established in 2018, has
passed over 80 orders in cases like Café
Coffee Day and DHFL, addressing
lapses that contributed to corporate
Ò»©­ collapses. While acknowledging
progress, Pandey stressed that certain
auditors and board members remain
insufficiently vigilant, underscoring the
need for greater accountability to en-
sure sound corporate governance.

GST Revenue Grows 8.5%
Indian Railways Plans Vande Bharat Parcel Trains for
in November to Rs 1.82
E-Commerce Shipping
Indian Railways is developing dedicated Vande Bharat parcel trains to ca- Lakh Crore
ter to e-commerce shipments, targeting businesses like Amazon and Flipkart India's gross Goods and Services Tax
that currently rely on road and air cargo. The first prototype of these high- (GST) collections rose 8.5% year-on-year
speed freight trains is expected in the next fiscal year, with trial runs planned in November to Rs 1.82 lakh crore,
along the Mumbai-Gujarat corridor. These semi-fast trains aim to reclaim driven by higher domestic transactions.
non-bulk freight business lost to road transport over the years. Central GST collections stood at Rs
34,141 crore, while State GST contrib-
Traditionally focused on bulk freight such as coal and steel, the railways sees
significant potential in the growing e-commerce logistics market, valued at uted Rs 43,047 crore, and Integrated
GST accounted for Rs 91,828 crore.
approximately $4 billion, according to Mordor Intelligence. This initiative
represents a shift towards diversifying freight revenue streams and boost- GST from domestic transactions grew
ing efficiency in goods transportation. 9.4% to Rs 1.40 lakh crore, while rev-
enue from imports increased by 6% to
Rs 42,591 crore. Despite a decline in
Indian Billionaires' Wealth businesses globally, India has solidified refunds issued, net GST collections
its position in the top tier of global grew by 11% to Rs 1.63 lakh crore. This
Jumps 42% to $905 Billion economies, reflecting robust wealth performance reflects sustained eco-
Indian billionaires' combined wealth creation despite global economic chal- nomic activity, bolstering government
soared 42% to over $905 billion in lenges. revenue.
FY24, positioning India as the third-larg-
est base for billionaires globally, ac- NFRA Chief Highlights Im- 70% MSMEs Seek Loans
cording to the UBS Billionaire Ambi-
tions Report. The number of Indian provements in Corporate for Immediate Financial
billionaires more than doubled to 185 Auditing Needs
over the past decade, with their cumu-
Corporate auditing standards in India Over 70% of micro, small, and medium
lative wealth increasing by 263%.
have improved significantly over the enterprises (MSMEs) and self-em-
The report highlights the pivotal role past 3-4 years, according to Ajay ployed individuals apply for business
of family-led businesses in India's eco- Bhushan Prasad Pandey, Chairperson of loans to address urgent financial needs
nomic rise, contributing to a surge in the National Financial Reporting Au- like working capital, raw materials,
billionaires. With one of the highest thority (NFRA). Pandey emphasized the and debt consolidation, according to
counts of publicly listed family-owned need for better engagement between an analysis by Paisabazaar.

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