- Friday, February 28, 2025
By: Shubham Ghosh
HERE are news related to Indian economy and business for Wednesday, June 28, 2023:
A delegation from Vietnam met with officials from the tourism department of the southern state of Tamil Nadu to discuss enhancing bilateral ties. Led by Vietnam’s People Committee vice chairman Duong Mah Tiep, the delegation explored tourism opportunities between Tamil Nadu and Vietnam. The meeting included discussions on tour programmes, simplifying visa procedures, air connectivity, and medical tourism. Tamil Nadu Tourism Development Corporation managing director Sandeep Nanduri highlighted the state’s success in attracting domestic and international tourists, emphasising the state’s transportation infrastructure. The meeting aimed to foster collaboration and explore ways to promote tourism between the two regions.
The Indian finance ministry in a notification has announced that the new Tax Collection at Source (TCS) rates which were supposed to come into effect from July will now come into effect from the first day of October. “The increase in TCS rates, which were to come into effect from July 1, 2023 shall now come into effect from October 1, 2023,” the ministry said, adding till September 30, rates prior to the amendment by the Finance Act 2023 will continue to be in force, India Today reported. It can be mentioned here that the government had raised TCS on foreign remittance through the Liberalised Remittance Scheme (LRS) to 20 per cent from the existing five per cent, except in certain cases in its last Budget.
Vedanta Group has appointed YJ Chen as the chief executive officer of its display business. Chen, previously an executive vice president at HKC Corp, a Chinese display maker, will lead Vedanta’s efforts to establish India’s first display fab. With over 23 years of experience in the display industry, Chen has a strong track record in building and operating display fabs globally. Vedanta chairman Anil Agarwal expressed confidence in Chen’s technical expertise and business acumen, highlighting the importance of developing a sustainable electronics manufacturing ecosystem in India. Vedanta aims to create an integrated glass and display manufacturing plant in Gujarat, aligning with prime minister Narendra Modi’s vision of making electronics affordable and generating job opportunities.
American memory chip company Micron Technology on Wednesday concluded a memorandum of understanding with the Indian government to build a semiconductor plant, its first factory in the South Asian nation, Reuters reported. The Idaho-based firm said last week it will invest up to $825 million in the facility. With support from the Narendra Modi government and the western state of Gujarat, the total investment will be $2.75 billion, it added. The facility will be constructed in Sanand near the city of Ahmedabad in Gujarat. Prime minister Modi met Sanjay Mehrotra, president and CEO of Micron, during his recent visit to the US.
India has received bids from as many as 22 companies, including Jindal Steel and Power and Hindalco Industries, for the commercial extraction of coal from 18 thermal and coking coal mines, its ministry of coal said on Wednesday. Most of the mines have reserves of thermal coal used in generation of power, while one has the variety used in the process of manufacturing steel. Half of the mines are fully explored while the others partially, the ministry informed in a statement. The total capacity of the fully explored mines is 47.8 million tonnes a year. The other bidders include Sunflag Iron and Steel, miner NLC India, the mining unit of power company NTPC and cement and ready-mix concrete company Nuvoco Vistas, Reuters reported.
OYO announced its plan to add more than 1,000 hotels to its accelerator programme, supporting over 100 first-generation hoteliers by December 2023. The accelerator program, launched in March, initially aimed to assist 50 first-generation hoteliers but has already surpassed expectations by adding over 300 hotels operated by 30 hoteliers. OYO will provide financial assistance for expansion into new markets, with support worth Rs 10 crore already extended. The company’s focus is on partnering with first-generation hoteliers in popular leisure travel destinations like Shimla, Amritsar and Goa, aligning with its goal of increasing the number of premium hotel brands in 2023.
Naveen Patnaik, the chief minister of the eastern Indian state of Odisha, has appealed to finance minister Nirmala Sitharaman to exempt Kendu leaves from the 18 per cent goods and services tax (GST) in order to protect the livelihoods of the poorest sections of society. In a letter to Sitharaman, Patnaik emphasised the adverse impact of GST on the Kendu leaves trade, which directly affects the livelihoods of pluckers, binders, and seasonal workers, particularly tribal communities and marginalised women. He highlighted that Kendu leaves are a minor forest produce and play a significant role in the financial stability of around 800,000 individuals in Odisha. Patnaik urged the withdrawal of GST on Kendu leaves, citing the rights of tribal people under the Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006. This is the second request made by Patnaik to Sitharaman, emphasising the importance of exempting Kendu leaves from GST for the greater interests of Odisha.
(With agency inputs)
