NEW DELHI (Reuters) – India’s Maharashtra state has withdrawn a proposal for a 6% sales tax on electric vehicles priced above $35,000 to encourage adoption at a time when EV sales are still nascent in the country – the world’s third-largest auto market. “We are disincentivising (EVs in the luxury segment) without any reason … …
India’s Maharashtra state scraps 6% EV tax plan to boost adoption Read More »
(Reuters) -India’s Bharti Airtel and its unit Bharti Hexacom have prepaid 59.85 billion rupees ($698.33 million) to the government, fully clearing “high-cost” liabilities from the 2024 spectrum auctions, the telecom company said on Wednesday. Airtel, the country’s no.2 telecom firm by user base, has been prepaying high-cost spectrum dues that it and other Indian telecom …
NEW DELHI (Reuters) -India’s export growth has softened in the current fiscal year due to global tariff-related developments that have raised trade risks and affected investments and trade flows, the government said in its February economic report on Wednesday. Uncertainties around trade policies, geopolitical tensions, and volatile commodity prices pose significant risks to next year’s …
Indian exports soften on global tariff uncertainties, government says Read More »
By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee closed marginally higher on Wednesday following a choppy trading session, influenced by maturity of positions in the non-deliverable forwards market, exporter activity, and mild dollar sales from foreign banks. The rupee ended at 85.7050 against the U.S. dollar, slightly higher from its previous close at 85.7550. …
Rupee ends tad higher, likely to consolidate ahead of US tariff announcement Read More »
(Reuters) -India’s top carmaker Maruti Suzuki will invest 74.1 billion rupees (nearly $864 million) to set up a third plant at an existing facility in the northern state of Haryana. The plant will take the capacity in the facility to 750,000 vehicles per year by 2029, the carmaker said on Wednesday. Maruti has two plants …
India’s top carmaker Maruti Suzuki to invest over $860 million to add one more plant Read More »
By Mayank Bhardwaj NEW DELHI (Reuters) – India will not restrict mills from exporting the 1 million metric tons of sugar permitted for the current season, sources said, quashing speculation that falling output estimates for the current year would prompt authorities to curb overseas sales. India, the world’s second-biggest sugar producer, in January set an …
By Neha Arora NEW DELHI (Reuters) – India’s government was confident that strong domestic demand for steel would offset the European Union’s plans to tighten steel import quotas from April, a source with direct knowledge of the matter told Reuters. On Tuesday, the European Commission said it would tighten import restrictions on steel from next …
By Siddhi Nayak and Dharamraj Dhutia MUMBAI (Reuters) – India’s IndusInd Bank garnered $2 billion in higher-cost bulk deposits in March, its biggest monthly haul in at least two years, as the lender shored up its funding base after disclosing accounting lapses. The country’s fifth-largest private sector bank flagged earlier in the month a $175 …
By Dharamraj Dhutia MUMBAI (Reuters) – With inflation close to the Reserve Bank of India’s target and growth weak, the country’s overnight indexed swap (OIS) markets have started pricing in far more aggressive rate cuts by the central bank than previously anticipated. OIS rates, the closest gauge of interest rate expectations, have eased by 10-15 …
India swap market prices in aggressive rate cuts by central bank in FY26 Read More »
(Reuters) – India has discontinued parts of a scheme that encouraged households and institutions to deposit idle gold in exchange for interest payments. The gold monetisation scheme, introduced in 2015, included gold deposits for 1-to-3 years, 5-to-7 years and 12-to-15 years. The 5-to-7 and 12-to-15 year deposits have been discontinued, the finance ministry said late …
India discontinues parts of gold deposit scheme amid rising prices Read More »
