9, May 2026
India Successfully Tests Indigenous TARA Glide Weapon System
May 9 (BNP): India has successfully carried out the maiden flight trial of the Tactical Advanced Range Augmentation (TARA) weapon system off the coast of Odisha on May 07, 2026, marking a significant milestone in the country’s indigenous defence capability development.
Developed as a modular range extension kit, TARA is India’s first indigenous Glide Weapon System (GWS) designed to convert conventional unguided warheads into precision-guided munitions. The system enhances the range, accuracy, and operational effectiveness of existing weapon platforms, enabling greater mission flexibility for the armed forces.
The successful trial demonstrated the system’s capability to perform as intended under operational conditions, validating its aerodynamic performance, guidance mechanisms, and overall system integration. Defence officials stated that the achievement reflects India’s growing expertise in advanced defence technologies and its continued focus on self-reliance in critical military systems.
TARA is expected to significantly enhance stand-off strike capability by allowing existing munitions to be upgraded into precision-guided weapons without requiring complete system replacement. This makes it a cost-effective and scalable solution for modern battlefield requirements.
The successful test is seen as an important step toward strengthening India’s indigenous defence manufacturing ecosystem and reducing dependence on imported weapon systems. It also reinforces ongoing efforts under the Aatmanirbhar Bharat initiative to develop cutting-edge technologies within the country.
Further development and user trials of the system are expected to follow, with the aim of integrating it into operational service after necessary evaluations and certifications.
- 0
- By Neel Achary
9, May 2026
New Income Tax Act 2025 Aims to Simplify Filing, Expand India’s Taxpayer Base
New Delhi, May 9 (BNP): India’s newly introduced Income Tax Act 2025 is being positioned as one of the country’s most significant tax simplification reforms in recent years, with the government focusing on making tax filing easier, clearer, and more accessible for ordinary citizens.
Speaking at a taxpayer awareness programme in Mumbai, Chief Commissioner of Income Tax (IT & TP) Nirupama Kotru said the new law, along with the upcoming Income Tax Rules 2026, has been designed to reduce complexity in the tax system and encourage greater voluntary compliance.
According to Kotru, the reforms aim to help individuals understand and file their taxes independently without relying heavily on chartered accountants or tax professionals for basic returns. She noted that many citizens still perceive tax filing as overly technical and difficult, often discouraging them from entering the formal tax system altogether.
To address these challenges, the government has introduced several taxpayer-friendly measures under the new framework. These include simplified language in the legislation, fewer sections and technical provisions, multilingual informational brochures, and digital support tools such as the “Aaykar Sathi” chatbot. Dedicated guidance resources have also been made available through the Income Tax Department’s online platforms to assist taxpayers in resolving queries more easily from home.
Kotru clarified that while the structure and presentation of the law have been simplified, there has been no major shift in India’s overall tax policy. She stated that India continues to maintain one of the more taxpayer-friendly tax regimes globally, supported by relatively low tax rates and progressive reforms introduced over the years.
The new Income Tax Act is particularly important because it seeks to remove long-standing barriers that have prevented many individuals from participating in the formal tax ecosystem. Complex terminology, difficult procedures, and confusion around different sources of income have historically made tax compliance intimidating for first-time or small taxpayers. In many cases, even honest taxpayers struggled with filing errors due to lack of clarity.
Officials believe the simplified format of the new law will improve public understanding of tax obligations, reduce unintentional mistakes, and build greater confidence among taxpayers. By making compliance easier, the government hopes to gradually widen India’s relatively narrow taxpayer base and strengthen overall revenue participation.
The reform also reflects the government’s broader push toward digital governance and citizen-centric public services. Tools such as AI-enabled chat support and simplified online guidance are expected to make the filing process more transparent, efficient, and accessible, especially for salaried individuals, small business owners, and first-time filers.
With the upcoming filing season expected to be governed by the new framework, tax authorities will closely monitor how effectively the simplified system improves compliance and encourages more citizens to file returns independently.
9, May 2026
Commerce Secretary Visits Switzerland to Strengthen India–EFTA Trade Partnership
New Delhi, May 9 (BNP): Commerce Secretary Rajesh Agarwal concluded an official visit to Switzerland aimed at strengthening bilateral trade and investment ties and accelerating the implementation of the India–EFTA Trade and Economic Partnership Agreement (TEPA). The visit underscored India’s commitment to deepening economic engagement with Switzerland and the wider European Free Trade Association (EFTA) region.
TEPA represents a major milestone in India’s international trade strategy, marking the country’s first trade agreement with the EFTA bloc and its first operational trade partnership with a European economic grouping. The agreement is expected to unlock new opportunities for businesses, exporters, investors, startups, MSMEs, and professionals across both regions.
During the visit, the Commerce Secretary held bilateral discussions with Helene Budliger Artieda, State Secretary at the Swiss State Secretariat for Economic Affairs (SECO). The meeting focused on reviewing progress made since the agreement became operational and identifying measures to further enhance trade, investment, regulatory cooperation, and business-to-business engagement.
Both sides discussed the importance of addressing implementation-related challenges at an early stage to ensure industries and enterprises can fully utilise the benefits offered under TEPA. Discussions also covered improving market access, reducing non-tariff barriers, and strengthening institutional cooperation to support long-term economic partnerships.
As part of the visit, Rajesh Agarwal also participated in the 55th St. Gallen Symposium, where India’s growing global economic role and trade ambitions were highlighted. In a keynote video address delivered at the symposium, Commerce and Industry Minister Piyush Goyal stated that India has signed nine Free Trade Agreements with 38 developed countries under the leadership of Prime Minister Narendra Modi, creating expanded opportunities across sectors including manufacturing, services, agriculture, fisheries, startups, and MSMEs.
The Minister emphasised that India’s trade agreements are designed to improve competitiveness, strengthen supply chains, encourage investment flows, and provide Indian businesses with greater access to high-value global markets. He noted that these agreements are helping Indian enterprises integrate more effectively into international value chains while supporting sustainable export growth.
Highlighting the early success of TEPA, the Minister observed that within just 200 days of implementation, several new Indian product categories have entered the Swiss market, services trade has gained momentum, and investment interest between the two countries has strengthened considerably.
He further noted that India’s large consumer base, robust digital public infrastructure, skilled workforce, expanding industrial capabilities, and ongoing economic reforms position the country as a reliable long-term economic partner for Switzerland and the broader EFTA region.
TEPA is expected to facilitate deeper integration of “Make in India” products into European value chains, with Switzerland serving as an important gateway for Indian exports into Europe. The agreement is also anticipated to create wider opportunities for farmers, fishermen, forest-based communities, women entrepreneurs, youth, startups, MSMEs, and skilled professionals.
Under TEPA, EFTA countries have provided improved market access on 92.2 per cent of tariff lines, covering nearly 99.6 per cent of India’s exports, along with tariff concessions on processed agricultural products.
India–Switzerland economic relations continue to grow steadily. India’s exports to Switzerland exceeded $1.2 billion during FY 2025–26, while services exports to Switzerland reached approximately $6.88 billion in 2024, generating a strong services trade surplus for India.
The visit concluded with both sides reaffirming their commitment to sustained government-level dialogue, stronger industry collaboration, and deeper economic integration under the India–EFTA partnership framework.
9, May 2026
India’s Ornamental Fisheries Exports Reach INR 41 Crore, PMMSY Driving Growth and Global Opportunities
New Delhi, May 9 (BNP): India’s ornamental fisheries sector is witnessing rapid growth, supported by increasing global demand, rich aquatic biodiversity, and focused government initiatives under the Pradhan Mantri Matsya Sampada Yojana (PMMSY). With ornamental fish exports estimated at nearly ₹41 crore, the sector is steadily emerging as a promising contributor to rural livelihoods, entrepreneurship, and India’s fisheries economy.
As part of efforts to strengthen the sector, Dr. Abhilaksh Likhi, Secretary, Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying (MoFAH&D), Government of India, visited the Ornamental Fisheries Brood Bank at Mangrul village in Raigad district, Maharashtra. The facility was established by Mrs. Yashodhara Sanjay Khandagale under the PMMSY scheme and has become a notable example of innovation and sustainable growth in ornamental aquaculture.
During the visit, the Union Secretary interacted with PMMSY beneficiaries and local stakeholders to understand on-ground challenges, identify operational gaps, and assess opportunities for further strengthening the sector. The interaction highlighted the growing role of small entrepreneurs and women-led enterprises in transforming ornamental fisheries into a sustainable livelihood model.
The Raigad-based brood bank is regarded as one of the first initiatives of its kind in India and currently conserves and breeds more than 25 varieties of ornamental fish. Through her brand “Sam Discus,” Mrs. Yashodhara Sanjay Khandagale has successfully established a strong presence in the domestic ornamental fish market, particularly in premium discus fish production.
The facility has produced nearly 7.7 lakh ornamental fish across 20 species, generating an estimated revenue of ₹1.93 crore while creating direct and indirect employment opportunities for approximately 25–30 people. Equipped with more than 700 tanks, the brood bank also serves as a centre for skill development, best-practice training, and entrepreneurship promotion in ornamental aquaculture.
The unit exports ornamental fish to several international markets, including the United States, Italy, France, Mauritius, South Korea, Qatar, Kuwait, Malaysia, China, Uzbekistan, Nigeria, and Israel, showcasing India’s growing global footprint in the ornamental fisheries trade. The brood bank is also covered under government support schemes such as the Group Accident Insurance Scheme (GAIS) and the National Fisheries Development Programme (NFDP), ensuring regulatory compliance and institutional backing.
India possesses immense potential in ornamental fisheries, with nearly 700 indigenous freshwater species and over 300 marine ornamental species available domestically. Leveraging this biodiversity, the government has significantly expanded infrastructure support under PMMSY. So far, 1,986 backyard ornamental fish rearing units, 6,018 fish kiosks and aquariums, and 117 retail markets — including dedicated ornamental fish and aquarium markets — have been supported across the country.
In addition, five freshwater ornamental fish brood banks and 199 integrated ornamental fish units have been established to strengthen breeding, production, marketing, and value-chain development. The Department of Fisheries has also identified 34 fisheries production and processing clusters nationwide, including a dedicated ornamental fisheries cluster in Madurai, Tamil Nadu.
Maharashtra continues to play a vital role in India’s fisheries sector due to its strong marine and inland fishery resources. The state has a coastline of nearly 878 km, 173 fish landing centres, and 526 fishing villages, supporting over 15 lakh fisherfolk. Fish production in Maharashtra reached approximately 5.9 lakh tonnes during 2022–23. Inland fisheries resources in the state span reservoirs, rivers, ponds, and brackish water areas, offering substantial scope for aquaculture expansion.
Officials noted that initiatives such as PMMSY and the Blue Revolution scheme have helped improve hatcheries, aquaculture infrastructure, cage farming, and fisher welfare in the state. However, continued investment, technology adoption, and stronger market linkages will be essential to unlock the sector’s full potential.
The visit by the Union Secretary is expected to further strengthen the ornamental fisheries ecosystem by encouraging stakeholder participation, enabling policy-level interventions, and promoting sustainable growth and export opportunities in the sector.
9, May 2026
Tamil Nadu Government Formation Delayed as TVK Awaits VCK Support!
Chennai, May 9 (BNP): Tamilaga Vettri Kazhagam (TVK) chief Vijay’s much-anticipated swearing-in as the Chief Minister of Tamil Nadu is reportedly facing a delay amid uncertainty over crucial alliance support. Though TVK has emerged as the single largest party with 108 seats, the party is still short of the required majority mark in the 234-member Assembly.
According to reports, Vijay met Governor Rajendra Arlekar on Friday evening and submitted signatures of 116 MLAs, falling two seats short of the 118-seat majority needed to form the government.
The delay is primarily linked to the pending formal support letter from Viduthalai Chiruthaigal Katchi (VCK). Raj Bhavan sources stated that the Governor is awaiting official confirmation from VCK before making any announcement regarding government formation.
Earlier, there were indications that both VCK and the Indian Union Muslim League (IUML) would support TVK, potentially taking the alliance tally to 120 seats. However, the political equation shifted after IUML denied extending support to Vijay and reaffirmed its alliance with the DMK.
VCK leaders have reportedly assured that their support letter may be submitted on Saturday after party MLAs return to Chennai. Reports also suggest that ongoing negotiations over ministerial positions, including VCK’s demand for the Deputy Chief Minister post for party chief Thol Thirumavalavan, may have contributed to the delay.
Meanwhile, TVK has already secured support from Congress, CPI and CPI(M), with the Left parties formally submitting their letters of support on Friday.
In another development, AMMK chief TTV Dhinakaran met the Governor and extended support from his party’s lone MLA to AIADMK leader Edappadi K Palaniswami.
The political situation in Tamil Nadu remains tense as all eyes are now on the VCK’s final decision, which could determine the formation of the next government in the state.
9, May 2026
Nifty, Sensex End Week Higher as Easing Crude Prices and Stronger Rupee Boost Sentiment
New Delhi, May 9 (BNP): Indian equity markets closed the week on a positive note, with benchmark indices Nifty and Sensex recording strong gains amid improving investor confidence. Market sentiment remained upbeat throughout the week, supported by easing global crude oil prices, a strengthening rupee, and encouraging global market trends.
The decline in crude oil prices offered relief to investors, easing concerns around inflation and import-related costs for the Indian economy. At the same time, the rupee’s appreciation against the US dollar further strengthened market confidence and supported foreign investor sentiment.
Buying activity was witnessed across major sectors, particularly banking, IT, and automobile stocks, which contributed significantly to the market rally. Analysts noted that stable domestic fundamentals and improving global cues helped maintain positive momentum in equities during the trading sessions.
Market participants are expected to closely monitor upcoming economic data, global commodity price movements, and policy signals from central banks for further direction in the weeks ahead.
9, May 2026
This Mother’s Day, ControlZ Helps You Gift Her the iPhone She Deserves
New Delhi, May 09: She’s always put everyone else first; this Mother’s Day is about putting her first. Celebrating the strength, care, and everyday moments that define motherhood, ControlZ is encouraging consumers to choose a gift that reflects genuine appreciation- a premium iPhone that brings together aspiration, performance, and everyday relevance.
Smartphones today are central to how we stay connected, manage our lives, and capture moments that matter. An iPhone, in particular, has long been seen as one of the most aspirational devices- a product that represents quality, reliability, and a sense of pride. This Mother’s Day, ControlZ is making it easier to gift that experience, enabling moms to own and enjoy a device they truly deserve.
Whether it’s staying connected with loved ones, managing daily routines, or preserving memories, an iPhone seamlessly integrates into every aspect of modern life. Beyond functionality, it is a thoughtful gesture, one that acknowledges her role, her aspirations, and the standards she holds for herself.
Yug Bhatia, Founder of ControlZ, said “Mother’s Day is about making her feel valued in a way that truly resonates. An iPhone has always been one of the most desirable products, something many aspire to own. This is an opportunity to give her that experience a gift that aligns with her expectations and makes her feel special.”
This Mother’s Day, ControlZ encourages consumers to move beyond conventional gifting and choose something that is both meaningful and enduring; a device that brings together aspiration, utility, and thoughtful intent.
9, May 2026
Tally Education Crosses 1 Million Learners, Strengthening Employer Trust in Job-Ready Talent
May 09, Bengaluru: As India’s skilling ecosystem increasingly focuses on employability and job readiness, Tally Education, the education arm of Tally Solutions, has crossed 1 million learners. This milestone marks a significant step in building a job-ready workforce in accounting and finance across India, backed by certifications that employers trust and hire from.
India’s skilling outcomes have long been constrained not just by access to learning, which is abundant and getting more so in the AI era, but by employer trust in credentials. Tally Education’s certification operates as an employer-trusted signal at the point of hiring. This is particularly relevant in MSMEs formalising under GST and digital compliance, a segment where most of India’s incremental jobs will be created over the next decade.
This milestone also reflects the scale at which learners are engaging with Tally’s structured, outcome-driven skilling that translates into real employment opportunities. Though it represents only a part of Tally’s wider impact, with generations of professionals having built careers and businesses by learning and working on Tally over the years, long before formal certification pathways were introduced in 2016 through Tally Education.
In response to the growing demand for job-ready talent in accounting and finance, the organisation has since expanded access to learning through a strong network of academic and skilling partners, anchored in certification that employers across sectors trust at the point of hiring, ensuring learners not only acquire skills but also demonstrate real-world job readiness.
Today, it reports an average placement rate of approximately 75% across its certified learners, and crucially, the strongest concentration of that reach is in Tier II and Tier III markets, where formal employment opportunities are limited. Many of these learners are entering the workforce as first-generation professionals, accessing employment opportunities across sectors such as BFSI, retail, and MSMEs.
This is supported by a robust ecosystem of over 3,600 partners, including colleges, training institutes, government skilling missions, and CSR/NGO programmes, across more than 500 towns and cities. Through this network, it continues to enable access to both learning and employment opportunities at scale.
Speaking on the milestone, Tejas Goenka, Managing Director, Tally Solutions, said: “For years, people have learned Tally in many different ways, but the real challenge was giving employers confidence in those skills. Our focus has been on building that trust through certification, so businesses can hire with confidence and learners can enter the workforce better prepared. This milestone reflects how that shift is playing out at scale.”
Bhuwaneshwari B, Executive Vice President, Tally Education, added: “Learners today are looking for clear outcomes, whether it is a job, career progression, or entrepreneurial opportunity. Our approach has been to support this journey end-to-end, combining accessible learning with credible certification that employers trust.”
Looking ahead, Tally Education plans to deepen its investment in the same model, expanding employer-aligned certification depth, growing its partner network into more towns and government skilling programmes, and strengthening the connection between learner outcomes and the formal accounting and finance workforce that India’s MSME economy is building. As the country’s economy continues to formalise, Tally Education’s continued focus on employer-trusted credentialing positions it as a foundational contributor to India’s evolving skilling architecture.
8, May 2026
KPIT Co-Founder Ravi Pandit Dies at 71
May 8 (BNP): KPIT Technologies has announced the passing of its Co-Founder and Chairman, Dr. S.B. (Ravi) Pandit, who died in Pune on Friday at the age of 71, according to a regulatory filing by the company.
Dr. Pandit was a key architect in building KPIT Technologies into a global mobility-focused technology firm. Under his leadership, the company grew its international presence across 15 countries and established itself in areas such as automotive software, autonomous driving, electric mobility, and clean energy solutions.
Beyond his corporate role, he was actively involved in public policy, sustainability, and social development initiatives. He co-founded institutions like Pune International Centre and Janwani, and contributed to research and policy work through the Centre for Sustainable Development at the Gokhale Institute of Politics and Economics (GIPE).
Pandit also played an important role in industry bodies, serving as President of the Mahratta Chamber of Commerce, Industries and Agriculture (MCCIA) and participating in various committees of the Confederation of Indian Industry (CII), where he contributed to discussions on industry growth and policy development.
Following the news, KPIT Technologies shares were trading 1.37 per cent higher at ₹732.50 on the BSE on Friday. The stock has seen significant movement over the past year, touching a 52-week high of ₹1,433 and a low of ₹625.
In its latest earnings update earlier this week, the company reported a 33 per cent year-on-year decline in consolidated net profit to ₹163 crore for the March quarter, compared to ₹245 crore in the same period last year. Despite the drop in profit, the company recorded a 12 per cent rise in revenue, reflecting steady business growth in its core segments.
8, May 2026
Gold and Silver Gain Up to 1 pc as Geopolitical Tensions Lift Safe-Haven Demand
May 8 (BNP): Gold and silver prices traded higher on Friday, gaining up to 1 per cent in domestic and international markets, as renewed geopolitical tensions between the United States and Iran boosted demand for safe-haven assets.
On the Multi Commodity Exchange (MCX), gold futures (June 5 contract) opened at ₹1,52,672 per 10 grams, slightly higher than the previous close of ₹1,52,261. During the session, the metal strengthened further, touching an intraday high of ₹1,53,103 before trading at ₹1,52,853 per 10 grams, up 0.38 per cent.
Silver futures (July 3 contract) also opened on a stronger note at ₹2,59,999 per kg compared to the previous close of ₹2,58,540. The metal extended its gains through the day, rising to an intraday high of ₹2,62,723 before trading at ₹2,61,666 per kg, up over 1 per cent.
Market analysts said gold continues to show steady upward momentum, supported by sustained buying interest. They noted that a firm move above the ₹1,53,000 level could further strengthen bullish sentiment, while key support is seen near the ₹1,52,000–₹1,51,600 range.
For silver, experts pointed out that prices have remained strong after opening above the ₹2,60,000 mark. A breakout above the ₹2,64,000–₹2,66,000 resistance zone could pave the way for further upside, while support is placed around ₹2,56,000.
In global markets, precious metals also gained. COMEX gold rose 0.28 per cent to $4,725 per ounce, while silver edged up 0.17 per cent to $80.30 per ounce.
The rally was driven by heightened tensions in West Asia after reports of renewed conflict-related developments involving the US and Iran, raising concerns over regional stability and supply risks. At the same time, Brent crude rose nearly 3 per cent to $102.89 per barrel, while US WTI crude climbed 4 per cent to $98.64 per barrel, reflecting broader market unease.
Overall, safe-haven demand and geopolitical uncertainty continued to support precious metal prices across global markets.
