Plugging the Loopholes
G-20 nations are up in arms to establish a minimum global corporate tax rate of at least 15%. The final draft of the agreement is expected to be finalised by the end of the current week. And, if all goes well, it could be up for the final nod of G-20 nations during the summit in Rome in October.
This is the first globally coordinated effort in tax-related matters. The aim here is to plug the gaps in the current system which allows multinational giants to shift their profits to tax haven countries to save taxes.
No Takers of Coal Mines
Indian government's efforts to open up coal mining to the private sector have received a major jolt when 48 out of the 67 mines up for sale did not receive any bid.
Coal mining is not a booming sector anymore. The sector is increasingly facing environmental and regulatory challenges. The government is also increasingly pushing for renewable energy sources, and major conglomerates like Reliance and Adani group are looking to expand their presence in the field of green energy. And it is duly reflected in the reduced investor appetite.
Below Par Kharif Sowing
With monsoon rains hitting a pause button mid-way into the season, the pace of crop sowing in India has slowed down. As per the Ministry of Agriculture report, a total of 499.87 lakh hectares is sown under Kharif crops so far this season. It is about 10.4% lower than 558.11 lakh hectares sown during the same period last year.
However, the ministry doesn't see it as a concern as it is expecting the monsoon to revive in the country. IMD has also forecasted the revival of monsoon during the latter part of July in the country.