The Rapid Economy

Paytm’s gaming arm, First Games, has been slapped with a massive ₹5,712 crore GST demand by tax authorities for the period January 2018 to March 2023. The authorities claim GST should be 28% on the total entry amount, not the 18% currently paid on platform fees by gaming companies. This is part of a wider crackdown, with multiple gaming firms receiving similar notices. Paytm plans to challenge the notice in court, arguing against the retrospective application of the new GST rules. The company says the notice won’t affect its operations, and First Games contributes less than 1% to Paytm’s consolidated financials.

Indian Railway Finance Corporation (IRFC) has once again captured the market’s attention, posting a net profit of ₹1,681.87 crore for the January-March quarter, marking a 1.78% rise. But beneath the surface, the numbers tell a story of both resilience and emerging challenges. Here’s an in-depth look at the quarter that was, in crisp points for the discerning reader. Headline Numbers: The Q4 Snapshot IRFC posted a net profit of ₹1,681.87 crore for the Jan-Mar quarter, reflecting a modest 1.78% increase compared to the same period last year. Revenue from operations stood at ₹6,722.83 crore, up 3.83% year-on-year, but slightly down by 0.60% compared to the previous quarter. Total expenses rose to ₹5,042 crore, up from ₹4,761 crore a year earlier, reflecting rising operational costs. Profit Under Pressure: The Subtle Decline Despite the headline growth, IRFC’s profit actually contracted by about 2% year-on-year, compared to ₹1,717 crore in the same quarter last year. The sequential profit ...

In a landmark move set to redefine maritime power in the Indian Ocean, India has inked a blockbuster Rs 63,000 crore ($7.4 billion) deal with France for 26 state-of-the-art Rafale fighter jets. The agreement, signed on April 28, 2025, marks a dramatic leap in India’s naval aviation capabilities and deepens the strategic partnership between New Delhi and Paris. Deal at a Glance India will acquire 26 Rafale Marine (Rafale-M) fighter jets from French defence giant Dassault Aviation. The package includes 22 single-seater jets and 4 twin-seater trainer variants. The contract covers training, simulators, advanced weaponry, associated equipment, and performance-based logistics. Additional equipment will be supplied for the Indian Air Force’s existing Rafale fleet, further boosting operational synergy. Why Rafale? The Winning Edge The Rafale-M was chosen after a rigorous evaluation process, edging out the American Boeing F/A-18 Super Hornet. Its compatibility with India’s aircraft carriers-INS...

The US Commerce Department has finalized staggering tariffs of up to 3,521% on solar panel imports from key Southeast Asian countries-Cambodia, Thailand, Malaysia, and Vietnam-targeting Chinese solar companies operating in these regions. This move follows a year-long investigation into alleged unfair subsidies and dumping practices. These tariffs are part of anti-dumping and countervailing duties aimed at curbing what the US government calls "unfairly cheap" solar panels flooding the American market, which undercut domestic manufacturers and undermine US solar industry growth. Chinese solar giants like Jinko Solar and Trina Solar, which have established factories across Southeast Asia to evade previous US tariffs, are now facing crippling duties. For example, panels from Cambodia face the highest 3,521% tariff, while those from Malaysia’s Jinko Solar face around 41%, and Trina Solar’s Thailand-made panels incur tariffs of 375%. The tariffs have already forced some Chinese man...

Boeing is facing a severe crisis as Chinese customers are rejecting new aircraft deliveries due to retaliatory tariffs imposed amid escalating US-China trade tensions. Several Boeing jets originally destined for Chinese airlines have been returned to the United States, marking an unprecedented disruption in the global aerospace market. The company’s CEO, Kelly Ortberg, confirmed that many Chinese airlines have indicated they will not accept delivery of new planes because of the tariffs, making China the only country currently experiencing such a delivery standstill. This has forced Boeing to scramble to find alternative buyers for these aircraft amid a global shortage of commercial jets. Prior to the recent trade conflict, commercial aircraft were traded duty-free worldwide under a civil aviation agreement dating back to 1979. However, the imposition of tariffs has drastically changed this landscape, making Boeing jets significantly more expensive for Chinese carriers. The retaliatory ...

India’s foreign exchange reserves surged by $8.31 billion to reach $686.15 billion in the week ending April 18, 2025. This marks the seventh straight week of growth in the forex kitty, following a $1.57 billion rise the previous week. Foreign currency assets, the largest component, increased by $3.52 billion to $578.5 billion, reflecting currency value shifts including euro, pound, and yen. Gold reserves jumped by $4.58 billion, now totaling $84.57 billion. Special Drawing Rights (SDRs) rose by $212 million to $18.57 billion. India’s reserve position with the IMF edged up by $7 million to $4.51 billion. The forex reserves remain below the all-time high of $704.89 billion recorded in September 2024. Despite the strong reserves, the rupee weakened slightly, closing at 85.40 against the US dollar amid geopolitical tensions and market pressures.