Bussiness

The Central Government has announced the formation of the 8th Pay Commission in 2026, a year ahead of the 7th Pay Commission’s completion in December 2025. The decision was made during a Union Cabinet meeting chaired by Prime Minister Narendra Modi. The new commission will review salary structures, considering factors like inflation and economic conditions, and may propose a significant salary increase for government employees. The 8th Pay Commission is expected to address long-standing concerns, potentially improving financial well-being and boosting consumer spending.

Larsen & Toubro (L&T) Chairman SN Subrahmanyan's recent comments advocating for a 90-hour workweek have sparked a heated debate on work-life balance. His remarks, including, “how long can you stare at your wife,” drew significant backlash online. Industry leaders such as RPG Enterprises Chairman Harsh Goenka and Marico Ltd Chairman Harsh Mariwala have opposed the idea, emphasizing that success comes from working smart, not longer hours. Bajaj Auto MD Rajiv Bajaj also criticized the archaic practice of measuring work hours, while billionaire Gautam Adani suggested that work-life balance should be a personal choice, tailored to individual needs.

Congress General Secretary Jairam Ramesh criticized the Narendra Modi government over the complexity of the GST system, particularly the "absurdity" of having three different tax slabs for popcorn. He called for a complete overhaul of the system, highlighting how its growing intricacies were facilitating tax evasion, input tax credit fraud, and the establishment of bogus companies. Ramesh also pointed to the recent revelation by the Directorate General of GST Intelligence, which reported a staggering ₹2.01 lakh crore in GST evasion for FY24. As the Union Budget approaches, Ramesh urged the Prime Minister and Finance Minister to launch a GST 2.0 to address these issues.

Elon Musk has become the first person in history to achieve a $400 billion net worth, propelled by a recent insider share sale at SpaceX and the impact of the 2024 U.S. elections. According to the Bloomberg Billionaires Index, Musk's net worth surged by $50 billion, reaching $439.2 billion. The growth follows his strong ties to President-elect Donald Trump, with Musk benefiting from Tesla's stock rise and his involvement in Trump’s administration. SpaceX also made headlines as it became the most valuable private startup globally, with a new $1.25 billion share deal valuing the company at $350 billion.

External Affairs Minister S. Jaishankar responded to President-elect Donald Trump's recent threat to impose 100% tariffs on BRICS nations, stating that India has "no interest" in weakening the US dollar. Speaking at the Doha Forum, Jaishankar highlighted the positive relationship between India and the first Trump administration, citing the revival of the Quad as a key achievement. He also emphasized that India has always opposed de-dollarization and clarified that there are no proposals for a BRICS currency. Jaishankar is currently on an official visit to Qatar and Bahrain, where he is engaging in discussions to strengthen bilateral ties across various sectors.