Good Afternoon ☕

In a revved-up bid for a greener, more eco-friendly future, Toyota Motor is steering its lobbying efforts towards the Indian government. Their mission? To turbocharge the reduction of taxes on hybrid vehicles by a whopping 21%, ultimately whittling down the tax rate to a sleek and stylish 37%. With a pedal to the metal, Toyota argues that the gap between taxes on traditional petrol-powered vehicles (currently cruising at 48%) and the eco-conscious hybrids (at 43%) simply isn't cutting it, especially when considering the remarkable environmental merits of the latter. Get ready, India – it's time to turbocharge your tax policies for a cleaner, greener future!

Important News of the Day

1. Toyota lobbies government reduction in hybrid-car taxes to 37%

Toyota Motor is lobbying the Indian government to reduce taxes on hybrid vehicles by 21%, which would lower the tax rate to 37% from the current 43% .The company argues that the difference in taxes on petrol vehicles (48%) and hybrid vehicles (43%) is insufficient, given the environmental benefits of the latter. Toyota is pushing for hybrid cars to receive some policy incentive as they are far less polluting than petrol cars. Electric vehicles (EVs) face a 5% tax in India, which is much lower than the current tax rate for hybrid cars.

2. Probe into Mumbai airport to focus on GVK’s alleged lapses

GV Sanjay Reddy, Vice Chairman of GVK, has denied allegations made by Congress MP Rahul Gandhi that the Modi government arm-twisted GVK and "hijacked" Mumbai airport from the conglomerate and handed it to the Adani group. Reddy stated that there was no pressure from the Adani group or anyone else to sell Mumbai airport and that Adani approached him with an interest in the airport. Adani Airport Holdings Ltd took over Mumbai airport from GVK in July 2021. Gandhi alleged that the government tweaked rules in favour of Adani and said that the clause that no one without any prior experience would be involved in the development of airports.

3. Bank privatization review on the cards

The Indian government is planning to review the list of state-run banks that are slated for privatization due to improved profitability and a significant drop in non-performing loans. A new panel with representatives from the finance ministry, NITI Aayog, and the Reserve Bank of India (RBI) is being considered to draw up a fresh list of candidates for privatization. The government's move towards privatization is aimed at improving the efficiency of state-owned banks and matching the demands of an increasingly complex and competitive banking sector.

4. Pakistan ex-PM Imran Khan indicted for leaking classified documents

Former Pakistan Prime Minister Imran Khan has been indicted for leaking classified documents, according to multiple sources. Khan, who was removed from power in a no-confidence vote in April 2022, has been jailed since August for three years over graft charges. The charges against him relate to the alleged leaking of a diplomatic cable .The former Prime Minister is currently lodged in Adiala Jail.

5. BJP ‘baffled’ with Congress' ‘gross misuse govt machinery’ remark

The latest point of contention between the ruling Bhartiya Janata party (BJP)-led National Democratic Alliance (NDA) and the Opposition INDIA bloc is the appointing of officers of the ranks of joint secretary, director, and deputy secretary as “rath prabhari." Congress accuses BJP of appointing officers for political propaganda. Congress president Mallikarjun Kharge wrote to Prime Minister Narendra Modi over his government's orders saying that all agencies, institutions, arms, wings, and departments of the government are now officially 'Pracharaks'. BJP defends government's directions to bureaucrats, calling it duty. Modi has set a target of six months to ensure the full saturation of his government’s.

Stock Market Update 📈

1. Titagarh Rail Systems bags Rs 350 crore contract from Gujarat Metro

   Kolkata-based Titagarh Rail Systems has secured a significant contract worth Rs 350 crore from the Gujarat Metro Rail Corporation. The contract entails the manufacturing and supply of train coaches for the expanding Gujarat Metro network. This achievement marks a substantial step for Titagarh Rail Systems in contributing to the country's infrastructural development. The company's expertise in rail systems continues to play a pivotal role in enhancing India's urban transportation landscape.

2. NLC India exploring possibility of mining critical minerals, will participate in auction: CMD

   NLC India, a leading energy company, is actively considering the mining of critical minerals and has announced its intention to participate in upcoming auctions. The Chairman and Managing Director (CMD) of NLC India confirmed this strategic move, emphasizing the company's interest in securing essential minerals. This development highlights NLC India's commitment to diversifying its operations and contributing to the country's mineral resource ecosystem.

3. Ashok Leyland inaugurates 'women-centric cabin trim line' at its manufacturing facility in Uttarakhand

   Ashok Leyland, a leading automotive manufacturer, has unveiled a "women-centric cabin trim line" at its manufacturing plant in Uttarakhand. This innovative initiative focuses on creating an inclusive and empowering work environment by introducing features designed with women in mind. The cabin trim line aims to enhance comfort and safety for female workers in the manufacturing process. Ashok Leyland's commitment to gender equality and workplace diversity is a significant step towards fostering a more inclusive automotive industry.

4. Omega Seiki Mobility ties up with Honda Power Pack Energy for battery swap technology

   Omega Seiki Mobility has joined forces with Honda Power Pack Energy to introduce cutting-edge battery swap technology. This innovative partnership aims to accelerate the adoption of electric vehicles (EVs) in India by providing efficient and convenient battery swapping solutions. By combining Omega Seiki's EV expertise with Honda's energy solutions, the collaboration is set to revolutionize the EV industry and enhance charging infrastructure, promoting sustainable and eco-friendly transportation options across the country.

5. iPhone supplier Foxconn facing tax audit, land use probe at key subsidiaries

   Key iPhone supplier Foxconn is currently under the spotlight, facing a tax audit and land use investigation at its critical subsidiaries. The Taiwan-based technology manufacturer is grappling with increased scrutiny as authorities delve into potential irregularities in tax payments and land usage. This development may have far-reaching implications for both Foxconn and the broader tech industry, highlighting the growing emphasis on corporate accountability and regulatory oversight.

6. Godrej Vestamark fined ₹5 lakh by MCD for environmental violation

   Mumbai-based company Godrej Vestamark has been slapped with a fine of ₹5 lakh by the Municipal Corporation of Delhi (MCD) for environmental violations. The firm was found in breach of environmental regulations, prompting the penalty. This development underscores the authorities' commitment to upholding environmental standards and holds companies accountable for their actions. Godrej Vestamark has not yet commented on the matter.

Breaking News: The Scoop You Can't Miss!

1. Vedanta likely to lose third CFO amid restructuring reports

Mining company Vedanta Ltd. is likely to lose its third chief financial officer in as many years amid restructuring reports. The company has been facing financial difficulties, with Moody's downgrading its corporate family rating from Caa1 to Caa2 due to elevated risk of debt restructuring over the next few months. Vedanta's liquidity remains persistently weak, and the company is facing debt repayment worth $3.6 billion in the next financial year. Last week, Vedanta announced plans to demerge and diversify its business into six separate entities as part of efforts to reduce debt.

2. Israel-Hamas war: Canadian professor predicts China as safe haven for Jews

Canadian Professor Gad Saad has predicted that China could be the only safe place for Jews in the next 20 years amid the ongoing Israel-Hamas war. He advised Jews to learn Cantonese or Mandarin. Saad is a popular YouTuber and professor based in Canada. He made this prediction due to the rise of anti-Semitic voices on social media and targeting of Jews in the US by pro-Palestine groups. China's Foreign Minister Wang Yi has criticized Israel's actions in the conflict, calling for a ceasefire.

3. Nearly 30% fall in airfares after Vande Bharat trains launch: Report

According to a report, airfares in India have fallen by nearly 30% after the launch of Vande Bharat trains. Indian Railways has started monitoring the demand for Vande Bharat trains based on gender and age of passengers. The data include the number of males, females, and transgenders traveling on the four Vande Bharat routes — three from Mumbai to Shirdi, Goa, and Solapur.

4. Hamas war: Israel’s ‘right to defend' against terrorism gets a thumbs-up

Hamas launched a surprise attack on Israel on October 7, 2023, which included launching hundreds of rockets into Israel's south and central districts, and the infiltration of dozens of terrorists into communities near the Gaza Strip border. The attack killed at least 250 Israelis and injured 1590 others. The Israeli army responded by striking Hamas positions in the Gaza Strip. The attack was condemned by many countries, including the UK, Germany, and France. India, being Israel's strategic partner, also condemned the attack. Hamas justified the attack as a response to aggression against the Al-Aqsa Mosque. The Palestinian president ordered necessary protection for people and stressed the right of the Palestinian people to defend themselves against the terrorism of settlers and the occupation forces.

5. Israel removes references to Greta Thunberg's activism from school books

Israel has criticized Swedish climate activist Greta Thunberg for her post voicing support for Gaza and Palestine. Thunberg had shared an image on social media in which she was holding placards in support of Gaza and climate justice. Israel's education ministry has decided to remove the portion of education curriculum referencing her climate activism. Israel's X account, which is managed by the Middle Eastern country's Ministry of Foreign Affairs, fired back after Thunberg's post, saying, “Hamas doesn’t use sustainable materials for their rockets which have BUTCHERED innocent Israelis. 

World News 🌎

• Justin Trudeau ‘incompetent’, ‘unprofessional’: Canada's opposition leader

• Nawaz Sharif rake up Kashmir issue in his speech after return to Pakistan?

• Israel has right to defend itself…can’t ignore humanity of innocent Palestinians: Biden

• Argentines Vote to Choose President in Country Hard Hit by Economic Crisis

• US beats China to emerge as India's biggest trading partner during H1FY24

• Move or will be seen as ‘terrorists’: Israel's warning to residents of Gaza

• China's PLA deployed six warships in Middle East amid Israel-Hamas war

• Prince William is ‘furious’ with Harry, Meghan over Netflix deal.

• US sanctions 3 Chinese firms for providing ballistic missile components to Pakistan

• US shares $105 billion plan for Israel, Ukraine, to strengthen border

If you found this newsletter informative and thought-provoking, why not share it with someone you think would appreciate it? Forward this email to them and help spread the knowledge.

Thank you for being a part of our community, and we look forward to bringing you more exciting content tomorrow.