- Wednesday, April 24, 2024
By: Shubham Ghosh
HERE are some business and economy news in brief for Friday, July 1, 2022:
Japanese automaker Toyota unveils its first mass-market hybrid car for India: Toyota Motor Corp on Friday unveiled its first mass-market hybrid car for India, a sport utility vehicle (SUV), charting a new course for the Japanese automaker in one of the world’s fastest growing auto markets, Reuters reported. The Urban Cruiser Hyryder SUV is the first car to be built by Toyota as part of a global alliance with Suzuki Motor Corp and aims at challenging Hyundai Motor Co and Kia Motors in a segment where most auto sales in India take place.
India tightens exports of oil & imports of gold to support plunging rupee: The Narendra Modi administration on Friday raised import taxes on gold, while hiking levies on exports of petrol and diesel while seeking to control a widening currency deficit. The Indian currency tumbled 0.2 per cent to 79.1113 vis-à-vis the US dollar after hitting multiple lows in recent times.
Goods and Services Tax, PM Modi’s major tax reform, completes 5 years: India’s biggest tax reform, the Goods and Services Tax (GST), completes its half-a-decade journey on June 30, with many hits and some misses, and also brought about a paradigm shift in use of technology to bring about tax compliance and making over Rs 1 lakh crore (£10.5 billion) revenue collection every month ‘a new normal’, Press Trust of India reported. The nationwide GST, which subsumed 17 local levies like excise duty, service tax and VAT and 13 cesses, was rolled out at the stroke of midnight on July 1, 2017.
India to review new taxes on crude, diesel, jet fuel every fortnight: Indian finance minister Nirmala Sitharaman on Friday said the Narendra Modi government will review every fortnight the new taxes levied on crude, diesel and ATF (aviation turbine fuel) based on international prices. She said these are “extraordinary times” and oil prices are internationally unbridled.
Media strategist Nikhil Singhal wins the most coveted Times 40 Under 40 Award: In recognition of his contribution to the media industry, Nikhil Singhal, founder, Vigor Media Worldwide and Vigor Media Productions (Media & film production companies with operations in Delhi/Mumbai, London and Singapore) has been honoured with the prestigious Times 40 Under 40 Award, ANI/NewsVoir reported. The esteemed award was bestowed upon Singhal in the presence of industry dignitaries and a host of celebrities including actor Sonu Sood at a ceremony held in Gurgaon in the northern state of Haryana.
IGSS Ventures inks pact with Tamil Nadu for £2.7 billion crore semiconductor park: Singapore’s IGSS Ventures, a leading player in semiconductor technology, has proposed to invest ₹25,600 crore (£2.7 billion) in the southern Indian state of Tamil Nadu over the next five years to build a semiconductor fab unit and a semiconductor high-tech park, the Hindu BusinessLine reported.
NRI Institute celebrated 33 years with NRI World Summit in UK: NRI Institute, a not-for-profit organisation founded in the late 1980s and which aims to provide a platform for Indians living in India and abroad, organised an NRI World Summit on June 23 and 24 in the UK. The platform, which represents NRIs globally, is dedicated to expand its members’ professional network and business insights, ANI/NewsVoir reported.
