The Ukraine war gains on the rebound for India are not restricted to petroleum at cheaper prices. Egypt, Israel, Oman, Nigeria and South Africa have approached India to secure wheat supplies, according to government officials. As the Russia-Ukraine conflict entered its fourth week, threatening a global food crisis, these countries, which used to buy the food grain from Ukraine, are now looking for alternatives.
The war has created supply chain disruptions. Ukraine, known as Europe’s breadbasket, has not been able to make any export. That has created panic among wheat-importing nations.
India is also pursuing wheat-importing nations that have traditionally not relied on Indian wheat such as Turkey, Azerbaijan, Sudan, Morocco, Tunisia and Lebanon. Russia and Ukraine export nearly one-third of global wheat every year.
The Indian government is also looking at measures to boost exports, including addressing logistical bottlenecks related to ports and railways and ensuring the produce meets global quality standards. India is looking at exporting nearly 10 million tonnes of wheat in FY23 to bridge the supply gaps arising from the Russia-Ukraine conflict.
Govt effort to classify crypto for GST
The government is working on the classification of cryptocurrency as goods or services under the GST law, so that tax can be levied on the entire value of transactions. Currently, 18 per cent GST is levied only on services provided by crypto exchanges and is categorised as financial services.
“Clarity is needed in regard to levy of GST on crypto currencies and whether it has to be levied on the entire value. We are seeing whether crypto currencies can be classified as goods or services and also removing any doubt on whether it can be called an actionable claim,” an official said.
The 2022-23 Budget has brought in clarity with regard to the levy of income tax on crypto assets. From April 1, a 30 per cent I-T plus cess and surcharges, will be levied on such transactions in the same manner as it treats winnings from horse races or other speculative transactions. The Budget 2022-23 also proposed a 1 percent TDS on payments towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient. The threshold limit for TDS would be Rs 50,000 a year for specified persons, which include individuals/HUFs who are required to get their accounts audited under the I-T Act.
Rs 10k cr Suzuki investment for EV batteries in India
Japanese automaker Suzuki Motor Corporation said on March 20 that it will invest around 150 billion yen (about Rs 10,445 crore) by 2026, for the local manufacturing of Battery Electric Vehicles (BEV) and BEV batteries in Gujarat. The company has signed a Memorandum of Understanding (MoU) to this
effect with the Gujarat government.
Under the MoU, the company’s wholly-owned arm Suzuki Motor Gujarat Pvt Ltd (SMG) will invest Rs 7,300 crore for the construction of a plant for BEV batteries at a land neighbouring to SMG’s existing plant by 2026. SMG will invest another Rs 3,100 crore for increasing production capacity for BEV manufacturing by 2025.
Reliance Retail acquires innerwear, loungewear Co
Reliance Retail Ventures Limited (RRVL) announced acquisition of 89% equity stake in Purple Panda Fashions Private Limited, which owns and operates the Clovia business, with an investment of Rs 950 crore through a combination of secondary stake purchase and primary investment. The founding team and management will own the balance stake in the company.
Launched in 2013 by Pankaj Vermani, Neha Kant & Suman Choudhary, Clovia is India’s leading bridge-to-premium D2C brand democratizing aspirational innerwear and loungewear for millennial women.
Speaking on the investment, Isha Ambani, Director, Reliance Retail Ventures Limited, said, “Reliance has always been at the forefront of enhancing choices and offering best value proposition to consumers. We are pleased to add style, quality and design-led intimate wear brand ‘Clovia’ to our portfolio. We look forward to working with the strong management team at Clovia to take the business to greater heights.”