- Thursday, February 27, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Tuesday, August 1:
A delegation of the World Bank on Tuesday met Gujarat chief minister Bhupendra Patel in state capital Gandhinagar, praising the state’s sustainable green growth approach and impressive development. They visited key locations like Sabarmati riverfront and GIFT City, discussing financial management and the state’s emphasis on green growth for environment preservation and job creation. Patel highlighted the state’s role in cargo handling and exports. The delegation also explored Vidya Samiksha Kendra, witnessing transformation in Gujarat’s education sector. The visiting members interacted with teachers, students and parents and got information about the benefits they are getting through the Education Review Centre, said a government release.
The Indian government will not complete the disinvestment process for Vishakhapatnam Steel Plant in the southern state of Andhra Pradesh in 2023-24, the country’s minister of state for finance Bhagwat Kishanrao Karad in a written response to a question in the parliament on Tuesday, Moneycontrol reported.“The process of appointment of advisers for the transaction through a bidding process has been completed. An expression of interest (EoI) from interested eligible parties is yet to be issued,” Karad said. On the question of whether the disinvestment process will have a compulsory clause to ensure that none of the prevailing workforce will be retrenched, the minister said “while finalising the terms and conditions of the transaction, the legitimate concerns of employees are suitably addressed”.
Adani Total Gas reported a profit after tax at Rs 148 crore (£14 million) during the April-June 2023 quarter, a seven per cent increase from the year-ago quarter. In the year-ago quarter, the company’s profits were Rs 138 crore (£13.1 million). Adani Total Gas Ltd, which is among India’s leading city gas distribution companies, announced on Tuesday its operational and financial performance for the quarter ended June 2023. Its revenue from operations increased marginally by two per cent to Rs 1,135 crore (£107.9 million) from Rs 1,110 crore (£105.6 million) last year. Adani Total Gas is authorised in 33 geographical areas and plays a key role in the nation’s efforts to enhance the share of natural gas in its energy mix. Of the 52 areas, 33 are owned by it and the balance 19 are owned by Indian Oil-Adani Gas Private Limited – a 50:50 joint venture between Adani Total Gas Limited and Indian Oil Corporation Limited.
A meeting of Indian Goods and Services Tax (GST) Council will take place on Wednesday via videoconferencing, where the members will discuss and take a final call on the proposal to levy 28 per cent GST on online gaming, casinos and horse racing, finance ministry officials told ANI. Finance minister Nirmala Sitharaman, who heads the council, will chair the meeting. At a meeting on July 11, the council decided to levy a uniform 28 per cent tax on full face value for online gaming, casinos and horse racing. The members will also discuss to approve the changes proposed in the GST law at the upcoming meeting. A group of ministers (GoM) was constituted to look into the issues related to taxation on casinos, horse racing and online gaming.
The Indian manufacturing sector maintained strong growth momentum at the start of the third quarter (July-September 2023) amid ongoing buoyant demand. According to S&P Global’s India Manufacturing Purchasing Managers’ Index, it marginally fell from 57.8 in June to 57.7 in July. The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. The indices are then seasonally adjusted. Rates of expansion in output and new orders by companies were only marginally softer than in June, with firms expanding their employment and purchasing activity accordingly, it said. Cost inflationary pressures remained relatively muted.
(With agencies inputs)
