Focus on India — Government cuts fuel taxes; Jet Airways to fly again; Apple eyes India as manufacturing hub
MUMBAI: India on Saturday announced a series of changes to the tax structure levied on crucial commodities in a bid to protect consumers from rising prices amid high inflation.
Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 ($0.1028) per liter and Rs 6 per liter on diesel.
The new petrol and diesel tax regime could result in the government losing around 1 trillion Indian rupees in annual revenue due to lower collection, she said in a series of tweets. .
The government has also removed import duties on anthracite, PCI coal and coking coal in an effort to reduce raw material costs for local market demand.
The latest measures will come into effect on May 22, the government said in a notification after Sitharaman’s announcement, who also urged state governments to follow suit with similar reductions in fuel prices in line with federal plans.
Jet Airways will fly again
India’s Jet Airways said on Friday that the country’s aviation regulator had cleared it to resume operating commercial flights.
Once India’s largest private carrier, Jet ceased flying in April 2019 after running out of cash, owing billions to lenders and leaving thousands out of work.
Jet said the granting of an Air Operator’s Certificate by the Directorate General of Civil Aviation “was the final step in a comprehensive regulatory and compliance process involving several procedural checks for the airline’s operational readiness. “.
The airline said in June that the National Company Law Tribunal had approved a resolution plan submitted by a consortium comprising London-based Kalrock Capital and UAE-based businessman Murari Lal Jalan.
Apple seeks to increase production in India – WSJ
Apple Inc. has told some of its contract manufacturers it wants to increase production outside of China, The Wall Street Journal reported, citing people familiar with the matter.
India and Vietnam, which are already Apple production sites, are among the countries shortlisted by the company as alternatives, the report added.
Last month, Apple forecast bigger supply issues as COVID-19 lockdowns slowed production and demand in China.
The report says Apple cites China’s strict anti-Covid policy and other reasons for its decision.
Apple declined to comment to the WSJ and could not be immediately reached by Reuters on Saturday.
(Contributed by Reuters)