The slow onset of monsoon in India has delayed sowing of key crops such as paddy, oilseeds and pulses, as the country has received deficient rainfall, which may lead to lower yield. Private weather forecaster, Skymet, has predicted a "dismal" outlook until the first week of July, which is crucial for preparing fields for the kharif season. Soyabean, which requires a high amount of water, is expected to be one of the most affected crops.
India's iPhone exports reached a new record of INR 10,000 crore in May, boosting the country's smartphone exports to INR 12,000 crore for the month. The Indian government aims to use Apple's success in the country to encourage more US firms, such as Tesla, to shift their supply chains to India. Smartphone exports surpassed INR 20,000 crore in the first two months of the 2021-22 fiscal year compared to INR 9,066 crore for the same period the previous year.
Conditions such as minimal operations, de-minimis or tolerance, accumulation, accounting segregation, transitional arrangements and absorption or roll over principles are being considered, some of which are already in India’s FTAs.
Meanwhile, corporate tax collections so far in FY24 is at Rs 1.57 lakh crore, while personal income tax collections at Rs 2.22 lakh crore. Advance tax collections for April-June 2024 at Rs 1.17 lakh crore as on June 17, up 13.7% year-on-year.
Under the Sustainable Development Goals (SDG) 2030 initiative, the Ministry of Mines and the Ministry of Steel have issued recycling frameworks aimed at developing the recycling sector using advanced technology to achieve resource efficiency and carbon neutrality. "The government has issued recycling frameworks intended to develop the recycling sector using advanced technology to achieve resource efficiency and carbon neutrality. Further policy instruments like EPR are under discussion stage, which will incentivize recycling in the country," Joint Secretary, Ministry of Mines Upendra C Joshi told PTI.
The IFAD president said India can play a global role in its capacity as the G20 president to transform global food systems. "India's G20 presidency has the potential to transform food systems. A food system includes all the aspects of feeding and nourishing people: growing, harvesting, packaging, processing, transporting, marketing and consuming food," he said.
The Ministry of Corporate Affairs (MCA) secretary Manoj Govil on Sunday took to Twitter and said that the ministry ​​will hold consultations with stakeholders on issues related to MCA21 portal in Chennai and Hyderabad next week. The move by the ministry comes amid stakeholders facing various issues with respect to the portal, which is the key platform for submitting statutory filings under the companies law.
​The CBIC last week introduced validation and risk rating for GST registrations, as it looks to curb fake entities issuing fake bills just to claim ITC benefit and defraud the exchequer. The official said the strategy to go in for additional validation both at the time of registration and filing of return is aimed at eliminating tax evasion.
The two countries are looking at promoting trade in services through this agreement, negotiations for which was launched on January 13, 2021. As many as ten rounds of talks have been completed till June this year and both sides are aiming to conclude the negotiations at the earliest.