- Monday, July 01, 2024
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Friday, June 27, 2024:
The Indian civil aviation ministry on Friday ordered a thorough inspection of the structural strength of all airports in the country, following the roof collapse incident at the Delhi airport that left one dead and at least six persons injured. Following the incident that happened at around 5 am on Friday at Terminal 1 (T1), the operations at the terminal have been suspended and the flights that are to operate from there have been shifted to T2 and T3. At a review meeting convened by civil aviation minister K Rammohan Naidu, it was also decided that a 24×7 war room will be set up for efficient management of passengers at T2 and T3.
India and the US have decided to extend a two per cent equalisation levy or digital tax on e-commerce supplies until Sunday (30), the Indian finance ministry said on Friday. In a major reform of the international tax system, the two countries have joined 134 other members of the OECD/G20 Inclusive Framework (including Austria, France, Italy, Spain, and the UK) in reaching an agreement on October 8, 2021, on the statement on a two-pillar solution to address the tax challenges arising from the digitalisation of the economy. On October 21, 2021, the US and Austria, France, Italy, Spain, and the UK reached a political compromise on the transitional approach to the unilateral measures in force while Pillar One is implemented.
Come September 1, India’s premier carrier Air India will begin operating its wide-body A350-900 aircraft on the Delhi-London route with two daily flights. The flights will signify the debut of the aircraft on the international long-haul route, as part of Air India’s strategy to overhaul and expand its operations, bolstering its presence in both international and domestic markets. “The A350-900 will replace the currently deployed Boeing 777-300 ER and Boeing 787-8 Dreamliner on 14 of 17 weekly flights. As a result, an additional 336 seats will be available on the Delhi-London Heathrow route each week,” Air India said in a release on Thursday.
The Indian government has decided to conduct feasibility studies for bullet train corridors in the country’s north, south and east, president Droupadi Murmu said in her address to the joint session of the parliament on Thursday. Highlighting infrastructure development in the country, which according to her, has emerged as the new face of a changing India, Murmu said, “My Government has decided to conduct feasibility studies for bullet train corridors in the North, South and East of the country.” In her speech, she also mentioned the ongoing high-speed rail project between Ahmedabad and Mumbai in the western part of the country.
Markets regulator Securities and Exchange Board of India (SEBI) on Friday cancelled the registration of LFS Broking and barred its managing director Saiyad Jiyajur Rahaman from being employed or associated with any registered intermediary for five years for violating market norms. The regulator also cancelled the registrations of LFS Broking as a stockbroker, portfolio manager, depository participant, and research analyst. “I note that since the Noticee No. 2 (Saiyad Jiyajur Rahaman) has not acted with integrity, and honesty and has not displayed ethical behaviour and fairness, he ceases to be a fit and proper person in terms of the Intermediaries Regulations,” SEBI’s whole time member Kamlesh C Varshney said in the 56-page order.
(With agencies)
