Business

India is strategically focusing on manufacturing mature-node chips (28nm-65nm) to address the rising demand in automotive, telecom, and industrial sectors. The government’s Semicon India Programme, with significant financial incentives, is attracting manufacturers and fostering a local supply chain.

Indian business circles are happy with Prime Minister Narendra Modi’s plan to change the Goods and Services Tax. The government plans to simplify GST by reducing tax rates. Most items will move to lower tax brackets. Experts say this will boost demand and help small businesses. The changes are expected to make exports more competitive…

Air Canada has suspended all operations after 10,000 flight attendants went on strike early Saturday, causing widespread travel chaos during peak summer season. The strike, stemming from deadlocked contract negotiations over pay and ground duty compensation, has grounded approximately 700 daily flights, impacting around 130,000 travelers per day.

Democrats on the House Foreign Affairs Committee criticized the Trump administration’s threat of higher tariffs on India if US-Russia talks fail. This came after the US Treasury Secretary suggested raising tariffs on Indian imports due to Russian oil purchases. India has strongly opposed the tariffs, deeming them unfair and emphasizing its need to ensure energy…

S&P Global Ratings upgraded India’s sovereign credit rating to ‘BBB’, a move welcomed by the Economic Advisory Council, though they believe India’s economic strength warrants a higher rating. The upgrade reflects India’s fiscal consolidation, strong growth, and infrastructure development. S&P anticipates continued economic resilience driven by domestic consumption and rising capital expenditure.

PM Modi’s GST revamp aims to simplify the tax regime and boost consumption, potentially offsetting short-term revenue impacts. While some states initially opposed major changes fearing losses, the Centre anticipates higher collections through increased economic activity, expecting a Laffer curve effect. The finance ministry is pushing for a GST Council meeting in Sept-Oct to implement…

Prime Minister Modi unveiled an ambitious plan to achieve energy self-reliance for India, emphasizing nuclear power expansion with ten new reactors and a tenfold capacity increase by 2047. The National Deep Water Exploration Mission will identify offshore oil and gas reserves.

Prime Minister Modi announced upcoming GST reforms aimed at easing the burden on citizens, farmers, and MSMEs. The proposed changes include a simplified two-slab structure and rate rationalization. These reforms focus on structural improvements, rate adjustments, and enhancing the ease of living, with implementation expected this financial year.