After registering a positive growth for two months, India's exports slipped into negative territory again, contracting 2.17 per cent year-on-year to $38.73 billion in May due to a fall in global petroleum prices, while trade deficit narrowed at $21.88 billion during the month.
Mauritius promises India full-cooperation on tax treaty issues.
A tax authority has ruled that Mauritius-based companies will have not have to pay capital gains tax in the country, a decision that will encourage global business entities to route investment from the island nation.
Under the amended treaty with Mauritius, for two years beginning April 1, 2017, capital gains tax will be imposed at 50 per cent of the prevailing domestic rate.
Foreign portfolio investors (FPIs) who invest from Mauritius into Indian companies that dole out bonus debentures will get impacted by the tax avoidance provisions on bonus stripping. The FY23 Budget has extended these provisions - applicable only to MFs, so far - to shares and units of REITs, InvITs and AIFs. The move will especially affect large institutional investors who sell original units within nine months after the record date because the loss arising from sale of original units would have to be ignored for the purposes of computing taxable income and cannot be set off against any other capital gain.
UN chief Antonio Guterres, US President Donald Trump, his Russian counterpart Vladimir Putin and Canadian Prime Minister Mark Carney were among scores of world leaders who offered condolences to the people of India in wake of the tragic plane crash in Ahmedabad on Thursday.
Foreign direct investment (FDI) inflows into India have crossed the $1 trillion milestone in the April 2000-September 2024 period, firmly establishing the country's reputation as a safe and key investment destination globally. According to data from the Department for Promotion of Industry and Internal Trade (DPIIT), the cumulative amount of FDI, including equity, reinvested earnings and other capital, stood at $1,033.40 billion during the said period.
President Pranab Mukherjee on Tuesday met with Mauritian Prime Minister Dr Navinchandra Ramgoolam at the latter's official house, Clarisse House (but which he doesn't stay in, choosing to reside in his private home instead). The meeting, which lasted over 45 minutes, saw the two sides reinforce and re-establish their close ties.
In response to the panic triggered by Trump's trade policies, the RBI net sold approximately $43 billion in the second half of FY25 to curb volatility, as the rupee plunged to a low of 87.95 per dollar in February this year.
From the Sensex basket, Tata Motors, State Bank of India, Tata Steel, Power Grid, NTPC, Bajaj Finserv, Bajaj Finance and Asian Paints were the major laggards.
During this summer, Indian travel buffs are opting for destinations that provide an escape from the ominous heat, along with coastal regions within the country and countries offering visa-free travel.
The two sides signed a maritime security agreement after extensive talks between Prime Minister Narendra Modi and his Mauritian counterpart Pravind Jugnauth.
'The Pacific crossing was the longest and toughest leg.' 'Temperatures dropped near zero and they navigated through two cyclones.'
India told Mauritius that it will not take any decisions that will "adversely impact" bilateral relations while reassuring the country that amendments to the bilateral tax treaty would be made only after considering the legitimate interests of both sides.
Market observers also said the approvals depended a lot on the funds themselves, and the extent to which they followed the new norms introduced last year.
India had won the title in 2018 and 2023, while it was the first trophy for Syria who had finished third in 2019.
Foreign direct investment in India dipped by 5.6 per cent year-on-year to $10.9 billion in October-December quarter of this fiscal due to global economic uncertainties, according to the government data. FDI inflows during October-December 2023-24 stood at $11.55 billion.
Former RBI governor Raghuram Rajan has asked why SEBI has not yet got to the bottom of ownership of the four Mauritius-based funds who are said to have parked 90 per cent of their $6.9 billion in Adani group stocks, saying does the market regulator need help of investigating agencies for this? The funds -- Elara India Opportunities Fund, Cresta Fund, Albula Investment Fund and APMS Investment Fund -- have been under cloud for last couple of years after allegations that they may be shell companies. They came into focus once again in January when a US short seller alleged that Adani Group used offshore shell companies to inflate stock price.
Soros, a Hungarian-American political activist, and his organisations like OSF have been accused by the ruling BJP of acting against India's interests. His utterances during the Adani-Hindenburg controversy also drew criticism from the party.
Both teams showed urgency to find the winner but were denied, with Malaysia coming close just before the final whistle.
Modi said the two countries should resume their discussions on Comprehensive Economic Partnership Agreement.
The US replaced Mauritius as the second largest source of foreign direct investment into India during 2020-21 with inflows of $13.82 billion, according to government data. Singapore remained the top source of foreign direct investment (FDI) into the country for the third consecutive fiscal at $17.41 billion. During the last financial year, India attracted $5.64 billion in FDI from Mauritius, according to the data by the Department for Promotion of Industry and Internal Trade (DPIIT).
Mauritius is also promising a host of other benefits to Indian companies routing their investments to African nations.
IndusInd International Holdings chairman Ashok Hinduja on Tuesday announced the acquisition of Reliance Capital, completing the three-year-long resolution process of the debt-ridden company. IndusInd International Holdings Ltd (IIHL) has transferred the bid amount to the escrow account of the lender, and the takeover of the management from the Administrator will happen on Wednesday.
In May, India and Mauritius signed a protocol to introduce in-principle taxation of capital gains in India in a phased manner.
India head coach Manolo Marquez expressed his disappointment and anger following the 0-0 draw against Bangladesh in the AFC Asian Cup qualifying round match, stating that his team has taken- two or three steps back, since his first match in charge last year.
Mauritius is biggest route for investment into India.
Amid tax treaty uncertainties, India's share of the number of investments made by global companies through Mauritius has almost halved in the past two years even as Africa's share has surged significantly.
Condolences have poured in from across the globe, including from the United States, Canada and Sri Lanka following the demise of former Prime Minister Manmohan Singh.
Here is the complete list of tariffs imposed by US President Donald Trump on Wednesday.
Engagement with neighbours is a strategic imperative, and not an option, asserts Rup Narayan Das.
Enforcement Directorate officials said on Friday they are probing a 'complex network' of agents and facilitators in India, Canada and the US who help Indians illegally enter the US via 'bogus' admissions in Canadian colleges.
India play out 1-1 draw with Vietnam in international football friendly
Uttar Pradesh Chief Minister Yogi Adityanath slammed the opposition Samajwadi Party over the 2013 Kumbh Mela arrangements, accusing the then chief minister Akhilesh Yadav of appointing a "non-Sanatani " as the in-charge of the religious congregation in Prayagraj. Adityanath highlighted the presence of dignitaries, including the President, Prime Minister, and heads of state from 74 countries, at the recent Maha Kumbh, contrasting it with the "chaos, corruption, and pollution " of the 2013 event. He also criticized the opposition's criticisms of the Maha Kumbh arrangements, arguing that everyone found something in accordance with their nature and character. Adityanath refuted allegations of discrimination against any community at the Maha Kumbh, emphasizing the unity and inclusivity of the event.
Marquez had only two training sessions with the team before naming a 26-member squad featuring new and returning players as India adapts to life after Sunil Chhetri's retirement.
The Union Cabinet on Wednesday approved the signing of a comprehensive economic cooperation agreement, a kind of a free trade pact, between India and Mauritius which is aimed at liberalising norms to boost two-way commerce
Head coach Manolo Marquez will seek his first win with Team India in an international friendly against Vietnam in Nahm Din, Vietnam on Saturday which was originally planned as a Tri-Nation tournament before Lebanon's withdrawal.
The Centre is in talks with Mauritius with regard to the long-pending revision of the bilateral tax treaty.
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