'Special visit': Sheikh Hamdan and Indian PM Narendra Modi hail strong ties at New Delhi talks
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Sharjah 24
an hour ago
- Sharjah 24
UAE built solid roots for sustainable humanitarian work
In a statement marking World Humanitarian Day, observed annually on 19th August, His Highness Sheikh Hamdan stressed that the UAE is contributing effectively to strengthening the response to humanitarian crises through innovative programmes that provide sustainable solutions for community development. His Highness noted that foreign humanitarian aid has become an integral part of the UAE's journey, free from any non-humanitarian considerations, whether ethnic, religious or sectarian. His Highness stressed that foreign humanitarian aid is a cornerstone of the UAE's path, offered on the basis of neutrality and humanity, without regard to ethnic, religious or sectarian considerations. His Highness Sheikh Hamdan said that World Humanitarian Day is an opportunity to reaffirm the UAE's commitment to strengthening international cooperation in the humanitarian field, stressing that escalating global challenges require collective efforts and unified visions among nations and peoples. His Highness pointed out the UAE's continuous efforts to reduce poverty, hunger and malnutrition, and to alleviate suffering in countries facing humanitarian and development crises by providing basic needs, particularly food, which remains the first line of defence against diseases, epidemics, displacement and deprivation. In this regard, he cited recent international reports showing that over 305 million people in 72 countries require humanitarian aid, while around 400 million children are living in conflict areas. The ERC Chairman urged the international community and United Nations agencies to intensify efforts, enhance partnerships and strengthen coordination on programmes and initiatives that support the achievement of the Sustainable Development Goals, particularly the eradication of poverty and hunger. He also appealed to donor organisations to increase their support for specialised humanitarian institutions to enable them to fulfil their role amid the difficult economic conditions currently facing the world. Sheikh Hamdan affirmed that the ERC has recently expanded the scope of its relief operations and enhanced its response to escalating humanitarian crises in a number of countries in the region, guided by its noble mission and principles that place human beings and their needs at the forefront of priorities.
Zawya
2 hours ago
- Zawya
Modi's tax overhaul to strain finances but boost image amid US trade tensions
NEW DELHI: Indian Prime Minister Narendra Modi's deepest tax cuts in eight years will strain government revenues but are winning praise from businesses and political pundits who say they will bolster his image in an ongoing trade fight with Washington. In the biggest tax overhaul since 2017, Modi's government on Saturday announced sweeping changes to the complex goods and services tax (GST) regime which will make daily essentials and electronics cheaper from October, helping consumers and also companies like Nestle, Samsung and LG Electronics. At the same time, in his Independence Day speech on Friday, Modi urged Indians to use more goods made domestically, echoing calls from many of his supporters to boycott U.S. products after Donald Trump hiked tariffs on imports from India to 50% as of August 27. The tax cut plan comes with costs given GST is a major revenue generator. IDFC First Bank says the cuts will boost India's GDP by 0.6 percentage points over 12 months but will cost the state and federal government $20 billion annually. But it will improve weak stock market sentiment and bring political dividends for Modi ahead of a critical state election in the eastern state of Bihar, said Rasheed Kidwai, a fellow at New Delhi-based Observer Research Foundation. "GST reduction will impact everyone, unlike cuts to income tax, which is paid by only 3%-4% of the population. Modi is doing this as he is under a lot of pressure due to U.S. policies," said Kidwai. "The move will also help the stock market, which is now politically important as it has a lot of retail investors." India launched the major tax system in 2017 that subsumed local state taxes into the new, nationwide GST to unify its economy for the first time. But the biggest tax reform since India's independence faced criticism for its complex design that taxes products and services under four slabs - 5%, 12%, 18% and 28%. Last year, India said caramel popcorn would be taxed at 18% but the salted category at 5%, triggering criticism about a glaring example of GST's complexities. Under the new system, India will abolish the 28% slab - which includes cars and electronics - and move nearly all of the items under the 12% category to the lower 5% slab, benefitting many more consumer items and packaged foods. Government data shows the 28% and 12% tax slabs together garner 16% of India's annual GST revenue of roughly $250 billion last fiscal year. 'A BRIGHTER GIFT' AND POLITICS Bihar is a key state politically and goes to the polls by November. A recent survey by the VoteVibe agency showed Modi's opposition has an edge largely because of a lack of jobs. "Any tax cut has wide public appreciation. But of course, the timing is purely determined by political exigencies," said Dilip Cherian, a communications consultant and co-founder of Indian public relations firm Perfect Relations. "It seems to be an indication of some mixture of frustration as well as recognition that there is a broad public pushback against high and crippling rates of taxation." Modi's ruling Bharatiya Janata Party has seized on his tax announcement, posting on X that on the Hindu festival of lights, Diwali, "a brighter gift of simpler taxes and more savings is waiting for every Indian." Modi has vowed to protect farmers, fishermen and cattlemen, following Trump's surprise tariff announcement on India, after trade talks between New Delhi and Washington collapsed over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil purchases. The latest round of trade talks between the two nations set for August 25-29 has also been called off. ($1 = 87.5080 Indian rupees) (Reporting by Nikunj Ohri, Aftab Ahmed and Aditya Kalra; Editing by Sonali Paul)
Zawya
2 hours ago
- Zawya
India proposes lowering GST on small cars, insurance premiums, source says
NEW DELHI: India has proposed lowering the Goods and Services tax (GST) on small cars to 18% from the current 28% as part of sweeping consumption tax cuts, a government source said on Monday. The reduction, part of a programme of tax cuts announced by Prime Minister Narendra Modi on Friday, will boost sales of the country's biggest carmaker Maruti Suzuki. The federal government has suggested lowering GST on small petrol and diesel cars to 18% from the current 28%, said the source who is directly involved in the matter. GST on health and life insurance premiums may also be lowered to 5% or even zero from 18% currently, the same source said. The tax cuts, if approved, are expected to be announced by Diwali, a major, five-day Hindu festival in October, the source said. Diwali is also the country's biggest shopping season. India's finance ministry did not reply to an e-mail seeking comment. Sales of small cars, defined as those having engine capacity below 1200cc for petrol vehicles and 1500cc for diesel and not exceeding 4 metres in length, have slowed over the last few years as buyers switched to bigger, feature-rich SUVs. Small cars made up a third of the 4.3 million passenger vehicles sold in the world's third-largest automobile market last fiscal year, down from nearly 50% pre-COVID, industry data showed. The tax cut will be a big win for Maruti, whose market share has plunged to about 40% from over 50% in the last five years as sales of its small cars such as Alto, Dzire and Wagon-R dropped. The segment makes up half of all cars sold by Maruti - majority-owned by Japan's Suzuki Motor. Carmakers Hyundai Motor India and Tata Motors also stand to gain. Cars with higher engine capacity that attract a 28% GST and additional levy of up to 22% - resulting in total taxes of about 50% - may come under a new special rate of 40%, the source said. The source added that details are being firmed up to consider if any extra levies should be imposed over the 40% to keep the overall tax incidence for big cars the same at 43%-50%. (Reporting by Nikunj Ohri; Editing by Aftab Ahmed, Christian Schmollinger and Raju Gopalakrishnan)
