Top headlines: EV sales could rise 1 mn in 5 yrs, Kharif sowing over

Business Standard brings you the top headlines at this hour

GST registration to be mandatory for gaming operators based overseas

Parliament cleared two vital money Bills on Friday, paving the way for the implementation of a 28 per cent goods and services tax (GST) on online money gaming, casinos, and horse racing clubs on the full face value of entry-level bets. The proposed legislation differentiates between online gaming and online money gaming, and introduces provisions for the enforcement of the tax on offshore gaming operators by making GST registration “mandatory”. Read more
 

HDFC Bank chief Jagdishan flags funding risk in first post-merger AGM

HDFC Bank Managing Director and CEO Sashidhar Jagdishan on Friday flagged funding as a risk for the lender, after the completion of the $40-billion amalgamation with Housing Development Finance Corporation (HDFC) on July 1. “The risks of the merger are the funding part of it,” Jagdishan told shareholders of the largest private sector lender at its first post-merger annual general meeting. HDFC Bank Chairman Atanu Chakraborty, on the other hand, expressed confidence that the private sector lender would benefit from the low cost of funds that a bank traditionally enjoys. Read more

EV sales could rise to 1 million in 5 years, says Tata Motors' Chandra

Auto industry’s four-wheeler electric vehicle (EV) sales could rise by 10 times in India to cross the 1 million unit-mark in the next five years due to strong demand, continued government support, deeper penetration of charging infrastructure, and launch of wide range of products by multiple automobile makers, said Shailesh Chandra, managing director of passenger vehicle (PV) and EV division of Tata Motors (TaMo) on Friday. Read more

Death toll rises to 67 as rescue efforts continue to contain Maui fire

Officials raised the death toll from devastating wildfires on the Hawaii island of Maui to 67 as rescue and clean-up crews continued to dig through the rubble of the historic town of Lahaina.  Authorities confirmed another 12 deaths on Friday as firefighters still had not fully contained the blaze that razed Lahaina, according to a statement from Maui County. Around 1,000 people remained unaccounted for, police said earlier. County water officials told residents not to drink tap water because of concerns it was contaminated from the fires. Read more

Total kharif sowing over in almost 90% of normal area till August 11

Sowing of kharif crops is over in almost 90 per cent of the normal area during the week ended August 11, with acreage of rice being higher by almost 4.92 per cent as compared to the same period last year. On the other hand, arhar and urad were down by 5.41 per cent and 13.49 per cent, respectively, as compared to the same period in 2022. Paddy sowing is down so far in Andhra Pradesh, Assam, and Odisha.  Read more