Top headlines: EVs brace for trial by fire, ATF duty hits airlines and more

The Indian economy was slightly smaller than the United Kingdom's (UK's), which deprived the former the rank of the fifth-largest economy in the world in 2021. Read more on this in our top headlines

Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect. On the other hand, the Indian economy was slightly smaller than the United Kingdom’s (UK’s), which deprived the former the rank of the fifth-largest economy in the world in 2021. Read more on these in our top headlines. 

Trading dries up on Indian crypto exchanges as new transaction tax kicks in

Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect. Three exchanges -- ZebPay, WazirX and CoinDCX -- suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax deductible at source became effective on July 1, data showed. Read more

India misses fifth-largest economy in the world tag by $13 billion

The Indian economy was slightly smaller than the United Kingdom’s (UK’s), which deprived the former the rank of the fifth-largest economy in the world in 2021. Experts say it is just a matter of a year before India overtakes the UK. If the figures are rounded off, both the economies were placed at $3.2 trillion in 2021. Read more

Our expansion plans will take a hit due to ATF duty, say airlines

Domestic airlines are seeking a rollback of 11 per cent basic excise duty on aviation turbine fuel (ATF) for international flights. The additional charge has been levied by one of the three state oil marketing companies (OMCs) since Friday. Airlines feel that it will make international operations costlier and slow down their expansion. On July 1, a special additional excise duty of Rs 6 per litre was introduced on bulk export of ATF. Read more

Tata Motors targets five-fold rise in electric vehicle sales by FY24

Tata Motors is eyeing a 5x growth in sales of electric vehicles (EVs) from the current levels by the end of 2023-24, the automaker’s chairman N Chandrasekaran told the shareholders at the 77th Annual General Meeting (AGM). “We are determined to increase our EV sales at a very significant rate. Our target is to cross 50,000 cars this year and 100,000 cars next year. We are on an aggressive growth path,” said Chandrasekaran. Read more
 

Electric vehicles brace for trial by fire as firms remain optimistic

The reality behind all the noise about people switching to electric two-wheelers is that they amounted to just over 3 per cent of the 6.69 million ICE and electric two-wheelers registered in the first six months of this year. The numbers from VAHAN are based on the electric scooter registration of eight companies (excluding the incumbent players, Bajaj and TVS) which make for the bulk of electric sales. Read more