- Thursday, February 27, 2025
By: Shubham Ghosh
HERE are news related to Indian economy and business for Tuesday, July 11, 2023:
Taiwan-based tech company Foxconn has expressed its commitment to India and its vision of establishing a strong semiconductor-manufacturing ecosystem, following its withdrawal from a joint venture with Vedanta Group. Foxconn clarified that the decision to part ways with Vedanta was “mutually agreed” upon due to the project’s slow progress and challenging gaps. It emphasised its ongoing communication with Indian government stakeholders and affirmed its dedication to investing in India. Foxconn said building fabrication plants in a new location is a challenge, but it remains resolute in supporting India’s “Make In India” initiative.
India’s Goods and Services Tax (GST) Council on Tuesday decided to impose a 28 per cent tax on the full value of bets in online gaming, casinos and horse racing. Additionally, the tax on food and beverages sold in multiplexes has been reduced. The definition of utility vehicles for taxation purposes has also been modified. The council exempted GST on the import of cancer drug Dinutuximab, medicines for rare diseases, food used in Food for Special Medical Purposes (FSMP) and satellite launch services provided by private operators. Furthermore, food and beverages consumed in cinema halls will now attract a five per cent GST instead of the previous 18 per cent.
Indian billionaire Gautam Adani is reportedly contemplating making a bid for bankrupt coal-fired power plants owned by industrialist Anil Ambani, Bloomberg News reported on Tuesday, citing informed sources. A bankruptcy court in India is currently auctioning the plants. In the race to acquire Vidarbha Industries Power Ltd, which runs 600-megawatt power plants in Nagpur in the western state of Maharashtra, Adani might face strong competition from Reliance Power Ltd, owned by Ambani, who is likely to make a bid to regain control of the company.
Larsen and Toubro’s Kattupalli Shipyard, located near Chennai in the Indian state of Tamil Nadu, has obtained qualification for the Master Shipyard Repair Agreement (MSRA) and signed an agreement with the US Navy for vessel repairs. The shipyard has received approval from the Indian Navy and Coast Guard for repair work. Equipped with advanced facilities, including a heavy ship-lift, dry berths, and wet berths, Kattupalli Shipyard plays a vital role in the Southern Defence Corridor. This marks the third US ship to undergo voyage repairs at the shipyard, further strengthening the strategic partnership between the two countries. Larsen & Toubro, a renowned Indian conglomerate, achieved significant growth in revenues for the year ended March 2023.
India witnessed a remarkable feat as 415 million people escaped poverty in just 15 years, from 2005-2006 to 2019-2021, according to the United Nations. The latest Multidimensional Poverty Index (MPI) update, covering 110 countries, showcased India’s significant progress in human development. The report stressed that poverty extends beyond income deprivation and acknowledged countries such as China, Indonesia, Bangladesh and Pakistan for their successful poverty-reduction efforts. The analysis revealed that 25 countries managed to halve their global MPI values within 15 years, with some achieving this milestone in as little as four to 12 years.
Indian health minister Mansukh Mandaviya on Tuesday announced on Tuesday that small and medium-sized drugmakers will be held to higher standards to enhance product quality, following incidents where Indian-made cough syrups were associated with children’s deaths abroad, Reuters reported. India’s “pharmacy of the world” image, thanks to its offering cheaper alternatives to western products, took a beating after the deaths of at least 89 children in The Gambia and Uzbekistan last year after consuming cough syrups that were allegedly made in India. Mandaviya said ‘Schedule M’ of the Drugs and Cosmetics Act, 1940 – which details good manufacturing practices – would be made compulsory for the micro, small and medium-sized firms in a phased manner.
(With agencies inputs)
