Top Headlines: Windfall tax review, rising medical devices import and more

India's medical devices imports surged 41 per cent to touch Rs 63,200 crore in 2021-22, led by a 48 per cent year-on-year (YoY) jump in imports from China. Read more in our top headlines

India’s medical devices imports surged 41 per cent to touch Rs 63,200 crore in 2021-22, led by a 48 per cent year-on-year (YoY) jump in imports from China to Rs 13,538 crore. Meanwhile, India may decide on reviewing the newly introduced windfall tax on oil producers and refiners based on average global price trends in crude oil and not on brief fluctuations, said two people in the government. Read more on these in our top headlines.

Reliance Jio Ups The Ante As Adanis Keep Off Big 5G Spectrum Game

With the Adanis submitting an earnest money deposit (EMD) of just Rs 100 crore on Monday for the upcoming 5G spectrum auction, the apprehension among the rivals that the group is nursing ambitions of being an all-India mobile player has been allayed at least for now. Based on its EMD, analysts say it can buy spectrum worth just Rs 900 crore, whose use will be limited to enterprises and captive networks. Read more
 

Broader crude oil price trend likely to force review of windfall tax

India may decide on reviewing the newly introduced windfall tax on oil producers and refiners based on average global price trends in crude oil and not on brief fluctuations, said two people in the government. “The petroleum ministry is keeping a close watch on volatility in the global oil market. Any move in this regard (review of the windfall tax) would be taken once there is some clarity and certainty in the price trends,” a person said. Read more
 

India's rising medical devices imports hurt small and medium units

India’s medical devices imports surged 41 per cent to touch Rs 63,200 crore in 2021-22, led by a 48 per cent year-on-year (YoY) jump in imports from China to Rs 13,538 crore, the commerce ministry data analysed by the Association of Indian Medical Device Industry (AiMeD) has showed. Local industry players say this has led to several small and medium units to shut shop. Read more
 

Mobile phone ecosystem for 5G gets ready ahead of spectrum auction

A vibrant mobile phone ecosystem to power 5G is already available before the auction takes off and services are launched. Chipmakers and device companies have been at it to make 5G work from day one. Rajen Vagadia, president, Qualcomm India and SAARC, said the chipmaker started work in 2020 when the first 5G phones were launched. Read more

India's trace mineral SPV plans equity top-up, ministries hold talks

After a three-year incubation of India’s special purpose vehicle (SPV) to ferret out trace minerals —including lithium and cobalt — overseas, there are fresh plans of an equity top-up. Both the mines and finance ministries have held discussions this summer to identify the sources. Khanij Bidesh (KABIL) was approved in August 2019 as a joint venture (JV) between three state-owned mineral companies — National Aluminium Company (Nalco), Hindustan Copper (HCL), and Mineral Exploration Company. Read more
 

Govt revives IPO plans for RRBs, asks sponsor banks to identify candidates

The Union government has asked sponsor banks to identify regional rural banks (RRBs) that can be listed on the exchanges based on defined criteria, reviving an earlier plan to come up with initial public offering (IPO) of such lenders. All RRBs are presently unlisted. Sponsor banks — that hold about 35 per cent in RRBs — have been asked to handhold regional lenders at all stages from identification of merchant bankers to the conclusion of IPO. Read more