BUSINESS
India to require 400k charging stations for 2 mn EVs by 2026: Report
The Grant Thornton Bharat-Ficci report said for India to reach its vision of 100 per cent EVs by 2030, factors such as increasing government support, decreasing cost of technology, and distressing pollution levels, would be key to accelerate this transition. As per EV industry body - Society of Manufacturers of Electric Vehicles - there are 1,800 charging stations in India as of March 2021 for approximately 16,200 electric cars, including the fleet segment.
IPO-bound LIC warns against misuse of its iconic logo
According to its Twitter handle, the LIC has barred any websites, publishing houses or digital entities from publishing its logo without the prior permission. The 65-year-old LIC, which is soon going for its IPO, has warned stringent legal or civil action against any person found misusing its official logo, in a post on Friday.
GST rates on Covid items slashed; vaccine still taxed at 5%
Addressing the media post the GST Council meet, Finance Minister Nirmala Sitharaman said that the council agreed to go with the recommendations of the Group of Ministers (GoM) that was single point agenda on the council on Saturday.
India asks Cambodia to withdraw meat import ban
India has asked Cambodia to withdraw the temporary ban on import of buffalo meat and other meat products from India immediately, making it clear that the move is harmful for business sentiments, especially when both countries are trying to negotiate a Bilateral Free Trade Agreement.
Low base: India's pharma sector growth accelerates in May
Low base effect accelerated the growth of India's pharma sector in May, India Ratings and Research (Ind-Ra) said. The ratings agency opined that the 47.8 per cent YoY growth in India's pharmaceutical market (IPM) during May 2021 was led by a low base effect. Last year, the IPM declined by 8.5 per cent YoY in May 2020 due to the lockdown.
GST Council meet begins, may consider duty cuts on medical supplies
The meeting is being chaired by finance minister Nirmala Sitharaman and is being attended by finance ministers of all states and union territories. Senior officers from the Centre and States are also present in the meeting. The meeting is taking place after the 43rd meeting of the Council on May 28 announced a series of duty concessions on Covid relief items in addition to relaxation of compliance measures for taxpayers.
UK GDP grows 2.3% as lockdown eases
The service sector grew by 3.4 per cent month-on-month, whereas output in the production and construction sector fell by 1.3 per cent and 2.0 per cent respectively, the Office for National Statistics (ONS) said.
Double century in Sri Ganganagar: Petrol-diesel above Rs 100/l mark
The city already had the distinction of having the highest pump price of petrol across the country at Rs 107.23 a litre. With diesel prices now increasing there by another 25 paisa per litre on Saturday it reached Rs 100.06 a litre.
India's forex reserves rise by over $6 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $605.008 billion from $598.165 billion reported for the week ended May 28. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
Low base pushes India's April IIP higher than pre-pandemic period
The Index of Industrial Production (IIP) for April zoomed to 126.6 (index reading) over the same month a year ago, when the gauge's value stood at 54. The April 2021 level was marginally higher from 126.5 index value which was reported for April 2019. However, on sequential basis, April figure was lower when compared to March's index reading of 145.5.
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