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India economy & business news in brief for Aug 2: ‘Govt looks into tax evasion by 3 Chinese mobile cos’

Indian prime minister Narendra Modi with finance minister Nirmala Sitharaman at the foundation stone-laying ceremony of the ‘International Financial Services Centres Authority’ (IFSCA) headquarters and the launch of India’s first International Bullion Exchange-IIBX at GIFT City, in Gandhinagar, Gujarat, on Friday, July 29, 2022. (ANI Photo)

By: Shubham Ghosh

HERE are some news in brief related to Indian economy and business for Tuesday, August 2, 2022:

The Indian government is looking into alleged tax evasion by three mobile companies of China and notices have been served to them, the country’s finance minister Nirmala Sitharaman informed Rajya Sabha or the Upper House of the Indian parliament on Tuesday. Replying to supplementaries during the Question Hour, she said the three companies are Oppo, Vivo India and Xiaomi. India’s department of revenue intelligence has served a notice to Oppo for total customs duty of Rs 4,389 crore (£457 million/$559 million) and these are on the grounds of mis-declaration of certain goods causing a short payment in customs duty, Sitharaman said, adding, “duty evasion we think is about Rs 2,981 crore (£310 million/$380 million)”.

Despite the recent spate of high-frequency data raising hopes of a sustained economic recovery, experts believe India, Asia’s third-largest economy, is facing headwinds from a slowing global growth and monetary tightening by its own central bank, Moneycontrol reported. India’s manufacturing activity has remained strong with the S&P Global Purchasing Managers’ Index hitting an eight-month high of 56.4 per cent in July, suggesting that price pressure has started to cool off, it added. Besides, July saw passenger car sales growing by 16 per cent, while Goods and Services Tax revenue jumped to its second highest level of Rs 1.49 lakh crore (£15.5 billion/$18.9 billion).

Tamil Nadu chief minister M K Stalin on Tuesday announced that a second airport for the state capital of Chennai would come up at Parandur at an estimated Rs 20,000 crore (£2.08 billion/$2.54 billion) with an annual capacity of 10 crore passengers. It will have two runways, terminal buildings, taxiways, apron, cargo terminal and other required amenities. “The plan estimate for the new airport will be finalised after preparing the detailed project report (DPR). The tentative plan estimate as of now is Rs 20,000 crore,” the chief minister said in a statement in Chennai.

Adani Green Energy Ltd (AGEL), the renewable energy arm of the diversified Adani Group, on Tuesday said its cash profit surged by 48 per cent year-on-year to Rs 680 crore (£70.8 million/$86.5 million) for the quarter ended June 30, 2022, Asian News International reported. During the quarter under review, the company’s operational capacity rose by 65 per cent year-on-year to 5,800 MW. The company’s revenue from power supply rose by 57 per cent YoY to Rs 1,328 crore (£138.3 million/$169.1 million). EBITDA from power supply increased by 60 per cent YoY to Rs 1,265 crore (131.8 million/$161 million) with a consistent EBITDA margin of 92 per cent.

The Indian government is vigilant about the safety standards of electric vehicles and has set up an expert committee to tackle the safety-related issues, the country’s minister of state for heavy industries Krishan Pal Gurjar said on Tuesday, ANI reported. In a written reply to a question in the Lok Sabha or the Lower House of the Indian parliament, the minister said the expert committee features independent experts from the Defence Research and Development Organisation, Indian Institute of Science Bengaluru and Naval Science & Technological Laboratory Visakhapatnam. The committee has been asked to tackle the safety-related recent issues of electric vehicles.

India’s income tax department said on Tuesday it has raided 58 premises spread across Kheda, Ahmedabad, Mumbai, Hyderabad and Kolkata belonging to a Gujarat-based prominent business conglomerate engaged in diversified fields of textiles, chemicals, packaging, real estate and education, ANI reported. According to an official statement released by the country’s finance ministry, search and seizure operations were conducted on July 20. “As a result of the search operation, various incriminating evidences in the form of documents and digital data have been found and seized,” the ministry said.

Low-cost carrier SpiceJet on Tuesday said it has made a full and final settlement with the Airports Authority of India (AAI) and  cleared all outstanding principal dues of the airport operator. SpiceJet will no longer remain on ‘cash and carry’ at AAI-run airports across the country and will revert to an advance payment mechanism for daily flight operations.

93.5 RED FM, India’s leading private radio and entertainment network announced the return of “South Side Story” – An Ultimate South Indian Experience Festival, ANI/NewsVoir reported. The event will be hosted on September 4 in New Delhi. After two digital editions, the most awaited and beloved celebration of the south Indian community is back on the ground. The event celebrates the various ingredients of south India that makes the region so full of flavour. The audience gets to experience the south in its most authentic form. The fourth edition of the South Side Story will have popular indie bands and music artists like Street Academics, Arivu and The Ambasa Collective, Lagori, Rapper Thirumali, Sithara, Job Kurian, Agam and Thaikkudam Bridge and Avial.

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