Donald Trump paused tariffs on most nations but increased levies on China. China retaliated and called for mutual respect in dialogue. The trade war threatens global supply chains and economic stability. Xi Jinping prepares for long-term confrontation, reducing reliance on the US. Both countries face economic pain, but neither leader is willing to back down. The situation is a deadlock.
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India's gems and jewellery sector is highly dependent on exports, with the US being a major market. In FY 2023-2024, India's total exports of gems and jewellery stood at $32.85 billion, with $9.95 billion directed to the US, accounting for 30.29% of the sector's exports.
Sebi exempts the Indian government from making an open offer to Vodafone Idea shareholders, as the government plans to acquire over 34% stake by converting spectrum dues into equity. This move, aimed at protecting public interest, will help VIL maintain its customer base and enhance telecom penetration in India without changing company control.
India is rapidly embracing artificial intelligence, with 65% of Indians using AI, compared to the global average of 31%. Millennials, particularly those aged 25-44, are leading this trend. AI is primarily used for translations, answering questions, workplace efficiency, and school assistance. However, concerns about deepfakes, scams, and online abuse persist, especially for children under 18.
China's dominance in manufacturing has led to significant global dependencies, especially in electric vehicles, green energy, and critical minerals. The Economic Survey suggests diversifying supply chains and forming more global partnerships to reduce reliance on Chinese imports and enhance economic security.
Adani group is completely exiting Adani Wilmar Ltd by selling its 43.94% stake. A 31.06% stake will be sold to Wilmar International, raising Rs 12,314 crore, and 13% through the open market. The proceeds, exceeding $2 billion, will boost Adani Enterprises' core infrastructure businesses. This move follows legal challenges faced by founder Gautam Adani in a bribery case.
Byju Raveendran, CEO of Byju’s, asserts that new evidence submitted in court reveals EY India’s significant role in collusion involving GLAS Trust during the company's insolvency proceedings. Raveendran insists the evidence will expose this 'massive fraud,' with a hearing scheduled at the National Company Law Appellate Tribunal on Tuesday.
The net direct tax collection in India has grown by 15.88% to approximately Rs 16.90 lakh crore so far in the current fiscal year, with personal income tax accounting for over Rs 8.74 lakh crore and corporate tax at around Rs 7.68 lakh crore. Gross direct tax collection has reached over Rs 20.
US President Donald Trump's tariff announcement has caused a significant drop in tech stocks, with Indian IT firms experiencing falls of 3% to 10%. The uncertainty surrounding these restrictive trade measures poses a threat to growth prospects, as the US accounts for more than 50% of revenue for large-cap IT companies.
New Income Tax Bill: In July 2024, the government announced a review of the Income-tax Act, 1961, aiming to simplify it for taxpayers. A KPMG survey highlights priorities such as dispute simplification, compliance enhancement, and corporate tax structure adjustments.
Tata Group plans to create over 500,000 manufacturing jobs in the next five years through investments in factories and projects producing batteries, semiconductors, electric vehicles, and more. New plants are being constructed in various Indian states, boosting employment and highlighting significant opportunities in AI and the manufacturing sector.