Top headlines: Centre may delay ECGC IPO; G7 sets net zero target at 2050

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Centre likely to push ECGC IPO to next year amid global uncertainties

The initial public offering (IPO) of Export Credit Guarantee Corporation of India Ltd. (ECGC) may be pushed to the next financial year due to the prevailing uncertainty in the export market conditions. The ongoing Russia-Ukraine war and tightening of monetary policy by important central banks internationally may have an adverse impact on the valuation of the state-run company if the IPO is brought at this time. Read more... 

PM Modi, British counterpart Sunak review bilateral strategic ties

Prime Minister Narendra Modi on Sunday held productive talks with his British counterpart Rishi Sunak during which they reviewed bilateral strategic partnership, including progress in India-UK FTA negotiations. The two leaders also agreed to deepen bilateral cooperation across a wide range of areas such as trade and investment and science and technology. Read more...

Investors, startups welcome proposed angel tax norms amid funding winter

Top venture capital investors and startups have welcomed the government’s proposal to make changes to the angel tax rules. They said the move is expected to help startups deal with the current "funding winter". The government also notified foreign entities which will be exempted from the tax provisions. These entities include government and government-related investors such as central banks, sovereign wealth funds, international or multilateral organisations or agencies including entities controlled by the government or where direct or indirect ownership of the government is 75 per cent or more. Read more...

G7 calls majors economies to commit to reaching net zero emissions by 2050

The G7 countries have asked all major economies, including India and China, to commit to reaching net zero emissions by 2050 and let their emissions peak by 2025. They also committed to work together with other developed countries to fully meet the goal of jointly mobilising USD 100 billion annually in climate finance (for the period from 2020 to 2025) this year --three years late -- to help developing and poor countries fight climate change, according to a communique. Read more...

EV buyers to get smaller batteries, less features as Centre cuts subsidy

After the Centre's move to cut FAME-II subsidy on electric two-wheelers, the electric vehicles (EV) industry is looking to make changes in products and prices to stay competitive. The Centre recently announced a reduction in FAME II subsidy on electric two-wheelers to Rs 10,000 per kWh from Rs 15,000 per kWh and the maximum subsidy cap of 40 per cent to 15 per cent. Read more...