In August, India collected 1.75 trillion rupees ($20.87 billion) in goods and services tax (GST), up 10% over the same month the previous year when the collection was 1.59 trillion rupees. Since being implemented on July 1, 2017, GST has altered India's tax environment, replacing a variety of indirect taxes such as excise duty, VAT, and service tax. GST has decreased the overall tax burden, simplified compliance, and increased transparency and economic growth, all of which accord with India's vision of 'Ek Bharat Sreshtha Bharat.' As of August 23, India's foreign exchange reserves were
The United Kingdom reported that it had received the requisite sixth and final ratification to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) by December 15. This economic bloc covers five continents: Canada, Mexico, Japan, and Australia. With the UK's participation, the CPTPP will now include approximately 600 million people. Peru's ratification represented the final step in the UK's participation in the deal, which was launched under the Conservative Party and is now due to take effect under the new Labour government. Douglas Alexander, Minister of
Christopher Waller, a member of the Federal Reserve Board of Governors, indicated that the United States may connect some private banks to India's Unified Payments Interface (UPI) to create a speedier payment network. Speaking at the Global Fintech Fest in Mumbai, Waller stated that the United States now lacks a complete quick payment system due to risk management and regulatory concerns. Connecting with UPI could be a viable alternative, but it requires a solid value offer. Waller noted that contemporary global payment systems are purposefully created with some frictions for compliance an
The UK government has committed £10.5 million ($13.9 million) to help ports prepare for the European Union's enhanced border security checks for UK citizens entering the EU. The funding is intended to reduce queues and delays when the EU implements its computerised Entry and Exit System (EES) this September. This technology will remove manual passport scanning by requiring travellers from non-EU nations, including the United Kingdom, to register digitally at the border. The method entails scanning faces and collecting fingerprints to create a biometric record that is connected to travel d
QatarEnergy and Kuwait Petroleum Corporation (KPC) signed a new 15-year LNG supply agreement on August 26, reflecting Kuwait's growing demand for low-carbon fuel for power generation. Under the terms of the arrangement, Qatar's Q-Flex and Q-Max ships will transport liquefied natural gas (LNG) to Kuwait's Al Zour refinery LNG import facility. This is the second arrangement between the two corporations, following a 3 million metric tonnes per year deal in 2022. According to a KPC source, this increased supply is necessary due to Kuwait's growing domestic demand for cleaner energy. Unlike pri
The Reserve Bank of India (RBI) reported that India's foreign exchange reserves climbed by $4.54 billion to $674.66 billion as of August 16. This increase comes after a $4.8 billion decline, which reduced reserves to $670.12 billion in the week ending August 9. The RBI's Weekly Statistical Supplement revealed that foreign currency assets (FCAs), the largest component of forex reserves, increased by $3.61 billion to $591.57 billion. These assets are priced in dollars and account for the impact of non-US currency appreciation or depreciation, such as the euro, pound, and yen. Gold reserve
India's Securities and Exchange Board (SEBI) plans to enhance the sustainable finance framework in the securities market by launching new ESG-labeled instruments. The proposed framework comprises sustainable securitised debt instruments, sometimes known as "green securitisation," to diversify investment possibilities for sustainable financing. According to SEBI's consultation document, issuers may soon raise funds using social bonds, sustainable bonds, and sustainability-linked bonds, in addition to existing green debt securities. This shift is likely to direct more financing towards initi
The cabinet approved the IndiaAI mission in March, and now the government is seeking proposals to recruit AI service providers for the project. The mission's value is Rs 10,372 crore. The initiative is looking for data centres and cloud providers to supply cutting-edge artificial intelligence computing resources, such as storage, accelerators, GPUs, and TPUs, to organisations in the academic, startup, and government sectors. Competitive rates will be decided through a bidding procedure, and these services will be offered at those rates. The Digital India Corporation is leading the charge u
The Indian government has announced a $10 billion investment under the Semicon India Program, which aims to strengthen the country's semiconductor and display manufacturing ecosystem. This approach is consistent with the Aatmanirbhar Bharat goal and would position India as a major player in the global semiconductor market, which is expected to reach $110 billion by 2030. The initiative provides a 50% reduction in project costs for semiconductor and displays fabrication facilities, including compound semiconductor and Outsourced Semiconductor Assembly and Test (OSAT) facilities. These incen
On August 2, India's foreign exchange reserves reached a record high of $675 billion, Reserve Bank of India Governor Shaktikanta Das revealed on Thursday. This is a considerable increase from the previous high of $670.857 billion on July 19, as well as from $667.386 billion on July 26. Das stated that the country's external sector is strong, with improvements in key metrics, and that he is confident in achieving external finance requirements comfortably. The RBI Governor stated that foreign portfolio investors have become net purchasers in the domestic market since June 2024, with net infl