Countdown to 2024: Trump's Reciprocal Tax Aimed at India!

Good Morning ☕

It seems the Trump train might be rolling back into town! In a twist that could only come from the land of the unexpected, former President Donald Trump has tossed a uniquely spiced trade proposal onto the political grill. Decked out in his finest economic rhetoric, he's warning of a 'reciprocal tax showdown' with India if he reclaims the presidential spotlight in the 2024 elections.

Important News of the Day

1. Donald Trump threatens India with reciprocal tax if re-elected in 2024

Donald Trump has warned of imposing a reciprocal tax on India if he is elected as the US President again in the 2024 polls. He pointed out the disparity in trade practices and questioned the logic of not reciprocating if India imposes high tariffs on American goods. Trump believes that India has high import tariffs and wants to charge a reciprocal tax to match the export tariffs on US goods.

2. Delhi: Govt to sell onions at subsidised rate from today

The Indian government has announced that it will sell onions at a subsidised rate of Rs 25 per kg in Delhi. The sale will be conducted through the National Cooperative Consumers' Federation of India Limited (NCCF) . This move aims to provide onions at an affordable price and help control the rising food prices. The sale is set to begin from today, August 21, 2023. Consumers can avail of this subsidised rate through retail outlets operated by NCCF. The government has also imposed an export duty of 40% on onions.

3. Govt’s electric mobility push may focus on public transport, charging

The Indian government is considering shifting financial assistance from private electric vehicles (EVs) to public transport e-buses, according to a report by Mint. The government is currently framing incentives to encourage private bus operators to switch to EVs, but is also planning to announce a subsidy scheme for public transport e-buses. The subsidy is expected to help manufacturers reduce the cost of e-buses by around INR 50 lakh ($67,000). The Indian EV market is expected to be worth $206bn, according to a study by the CEEW Centre for Energy Finance.

4. US business to fuel growth for Indian pharma companies

According to a report by ICRA, the Indian pharma industry is expected to grow by 10-12% in FY24, driven by a steady pace of mergers and acquisitions in the US market. The industry is expected to hit $57 billion by FY25, with biosimilars comprising around $35-40 billion. The Indian pharma industry ranks third globally in pharmaceutical production by volume and is a global leader in the supply of DPT, BCG, and Measles vaccines. The sector contributed to around 1.32% of the Gross Value Added of the Indian Economy in 2020-21.

5. G20 ministers agree to strengthen global health architecture

The G20 Health Ministers Meeting, held in Gandhinagar, India, on August 18th-19th, 2023, resulted in an Outcome Document that reaffirmed the commitment of G20 countries to strengthen the global health architecture. The ministers unanimously agreed on the continuous strengthening of the global health architecture for pandemic prevention.

6. India's digital transformation offers global solutions: PM Modi

Prime Minister Narendra Modi addressed the G20 Digital Economy Ministerial Meeting and highlighted India's digital transformation over the last nine years, which he said was unprecedented. He credited the launch of the Digital India initiative in 2015 for enabling this transformation. Modi also mentioned that India's Digital Public Infrastructure offers scalable, secure, and inclusive solutions for global challenges. He emphasized that India is leveraging technology to transform governance and make it more inclusive

7. Eight states lag behind in meeting targets under Mission Amrit Sarovar

Eight states in India are lagging behind in meeting targets under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), according to a report by the Ministry of Housing and Urban Affairs. The report stated that the states of Arunachal Pradesh, Bihar, Goa, Jharkhand, Manipur, Meghalaya, Nagaland, and Sikkim have failed to meet the targets for water supply, sewerage, and septage management under the mission. The AMRUT mission was launched in 2015 to provide basic infrastructure services to improve the quality of life for people in urban areas.

8. National e-commerce policy in final stages, no new draft to be issued: Official

The national e-commerce policy being formulated by the commerce and industry ministry is in the final stages and no new draft will be issued, according to an official. The policy aims to enhance consumer protection, data privacy, and create a level playing field for all stakeholders, including investors, manufacturers, MSMEs, traders, retailers, startups, and consumers.

9. New GST incentive scheme will encourage consumers to demand bills

The news article titled "New GST incentive scheme will encourage consumers to demand bills" discusses the government's plan to introduce a lottery offer under the Goods and Services Tax (GST) to incentivize customers to ask for bills. The lottery offers will range from Rs 10 lakh to Rs 1 crore. The aim of this scheme is to promote transparency and discourage tax evasion. By encouraging customers to ask for bills, the government hopes to increase tax compliance and revenue collection. This initiative is part of the government's efforts to streamline the GST system and promote a culture of tax compliance among consumers.

World News 🌎

• BRICS vs G7: China pushes for expansion of BRICS to become rival of G7

• ‘All Americans to get Covid-19 booster’: Joe Biden as new wave looms

• North Korea tests cruise missiles as South Korea-US drills start

• After UN body, 3 nations ask India to resume rice exports

• Imran Khan's close aide Mehmood Qureshi arrested for leaking diplomatic cable

• Taiwan details China drills, VP says election not China's to call

• Category 1 Hurricane Hilary barrels toward California, still threatening floods

• Ukrainian drone crashes into Russian railway station, at least 5 injured

• Netherlands, Denmark set to send F-16 fighter jets to Ukraine

• Pakistan’s Prez says he didn’t sign proposed Acts: ‘Staff undermined my will'

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