ECONOMY
EXCLUSIVE | Govt refocuses on SAARC to counter China; Secretary General in Delhi for week-long talks
Effort to block China from encroaching further into India's neighborhood is driving the initiative to revive the body that has been effectively defunct since 2016 when six members led by India pulled out of the SAARC summit in Islamabad.
TRENDS
Super rich Indians moving abroad: Who are they?
As an increasing number of super rich Indians actively try to move abroad, Moneycontrol takes a deep dive into the issue to figure out who exactly this growing group of our fellow citizens are, and why they want to hit foreign shores at the earliest.
ECONOMY
Interview | World confused over what India has achieved through retrospective taxation: Investment law expert Prabhash Ranjan
While the government’s move to do away with the controversial retrospective taxation amendments has been late in coming, it will nonetheless signal policy stability to foreign investors, says senior international investment and tax law expert Prabhash Ranjan
ECONOMY
Govt move to undo retrospective tax law means India to forego tax demands of Rs 50,000 crore
The government has moved to nullify all retrospective tax demands, which have seen India fighting legal battles with global corporations for more than a decade now.
ECONOMY
Exclusive | Govt to take up issue of Indian migrants being wrongfully terminated without pay from Gulf nations: sources
Data maintained by the Centre shows that 7.16 lakh Indian migrant workers have come back after COVID-19 till now. Indian embassies abroad have received complaints that many of them have been wrongfully terminated without pay and forced to leave.
ECONOMY
UK eases travel restrictions for Indians, mandatory institutional quarantine scrapped
The 10-day quarantine after reaching the UK can be done at home or any other place now, instead of a government-managed hotel.
ECONOMY
Exclusive | Govt to introduce further reforms to push more Indian patents, raise awareness
A consistent push to simplify patent filings by reducing fees and digitising them have led to a major rise in patent filings in India. But most applications are still from foreign entities.
ECONOMY
July exports continue to surge as global orders remain strong, rise 47.9% Y-o-Y
The headline numbers jumped high due to a rise in global orders, strong commodity prices and low base, as trade had crashed in 2020 when the COVID-induced lockdown was in full swing. But citing a 34 percent growth after comparing with July, 2019, the government has expressed confidence that exports are well on their way towards recovery.
ECONOMY
Vaccines, terror, climate to be India’s focus during UN Security Council presidency
After 10 years, India has again assumed the presidency of the UN Security Council from 1 August, succeeding France. PM Modi is set to be the first Indian leader to preside over a Security Council meeting later this month.
ECONOMY
India's manufacturing PMI recovers to 3-month high in July after contracting in June
India's manufacturing sector had contracted in the previous month of June, the first time it had done so in 11 months.
ECONOMY
GST collection back above Rs 1 lakh crore in July; experts hopeful of economic recovery
Monthly collections had fallen below the crucial Rs 1 lakh crore mark to Rs 92,849 crore in the previous month of June.
ECONOMY
Eight core industries' output rose 8.9% YoY in June, data show
The cumulative output of the core sector industries in the first three months of FY22 has risen by 25.3 percent, as compared to a 23.8 percent fall in the same period of the previous financial year.
ECONOMY
India may continue to be on UK's COVID ‘red list’ after review next week
Visitors from India have to mandatorily quarantine for 10 days after reaching the UK, even if they are vaccinated with both doses. No such rule exists for citizens from the US and the EU, which are 'amber list' nations.
BUSINESS
ACME Solar Holdings raises $334 million via NCDs
The dollar denominated offshore green bonds will help the company get access to a wider source of cost effective long term capital, something ACME says is extremely important for India’s renewables growth target of 450 GW by 2030.
ECONOMY
Govt says more than 22,000 firms misused export incentives in 3 years
While the government says misuse of incentives is a major major problem, exporters say they are victims of undue harassment by various authorities.
ECONOMY
Exports set to leap in FY22 as India's biggest markets import more, global trade rises: Ind-Ra
The credit ratings and research agency said major destinations of Indian goods such as North America & Europe is set to see rapid import growth to the tune of 11.4 percent & 8.4 percent respectively in 2021.
ECONOMY
3,638 companies closed down in first three months of FY22, govt tells Parliament
According to the Ministry of Corporate Affairs, as many as 17,583 companies have been struck off the Register of Companies since March 2020.
INDIA
Explained | All the active border disputes between Indian states and their present status
Territorial claims in border areas between many Indian states have led to bitter disputes, which at times have sparked violent clashes like the recent incident between Assam and Mizoram. Moneycontrol looks at the major disputes.
AUTOMOBILE
5.2 lakh electric vehicles registered in the country, government tells Parliament
Among the states with the highest numbers, Karnataka has 19,270 EVs, Tamil Nadu has 13,515, Maharashtra has 9,393, Rajasthan has 6,721 and 6,413 in Delhi.
ECONOMY
Antony Blinken visit: How to contain fallout of US withdrawal from Afghanistan tops agenda
During Antony Blinken’s visit, New Delhi will be looking to gauge what the US has planned for Afghanistan which is fast devolving into a civil war, sources say. The COVID-19 pandemic, particularly vaccine distribution, will also figure in Blinken's discussions with External Affair Minister S Jaishankar.
ECONOMY
Govt spends Rs 871 crore to promote electric vehicles, set up charging infrastructure
As many as 87,659 electric vehicles and 6,265 electric buses have been incentivised under the second phase of FAME India, the country's flagship scheme for faster adoption of electric vehicles till now, the government has told Parliament.
TRADE-2
Exclusive | Tesla can’t be given company-specific incentives, govt officials say
Senior government officials told Moneycontrol that sectoral incentives for electric vehicles are already available in India and Tesla has been apprised about production-linked incentive schemes in the automotive sector as well. They hinted that import duties on fully built foreign cars are not coming down any time soon.
ECONOMY
245 PSA oxygen generation plants set up until now out of announced 1,222: Health Ministry
The government seeks to operationalise all the plants by August 15. States are setting up 1,023 PSA plants from their own funds.
INDIA
COVID-19 | All citizens aged 18 and above to be vaccinated by December 2021: Health Ministry tells Parliament
Bharati Praveen Pawar, the Minister of State for Health, informed Lok Sabha that 135 crore COVID-19 vaccine doses will be made available over the rest of the year. Rs 9,725.15 crore have been spent so far on the vaccination drive, she added.
