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• India’s trade deficit narrows to $20.13 billion in June.

• Steel Ministry asks Finmin to consider customs duty on stainless steel imports from China.

• Net direct tax kitty swelled 16% to Rs 4.75 trillion so far this fiscal in the year 23-24. Good collection.

• Maharashtra accords final nod for Adani Properties Dharavi redevelopment project.

• India has overtaken China as the most attractive emerging market for investing, according to 85 sovereign wealth funds and 57 Central Banks representing USD 21 trillion in assets.

• LNT and Navantia sign teaming agreement for Project 75 I subs at Rs 43500 crores. AIP driven submarines can remain underwater for up to two weeks before surfacing for battery charging.

• Bangladesh will settle trade with India in Rupee terms instead of Dollar.

• The Solar Energy Corporation of India has invited bids to set up 4.5 lakh tonnes per annum of green hydrogen production facilities in the country.

• GST exempts cancer fighting drugs, medicines for rare diseases from tax. Tax exemption given on the imports of these drugs. GST on Cinema composite tickets with the eatable with be effectively higher as the entire package would be under GST. About 28% GST to be levied on online gaming, casinos on full value.

• India’s steel mills are witnessing a demand slowdown across domestic markets with price of key offerings like rebar and CR Coils dropping between 2-5% in July over June. This could be a cyclical effect as well.

• Akasa Air, which was established just eleven months ago, has beaten Spicejet for the first time in terms of domestic passengers carried per month.

• HDFC Bank has become the first commercial bank to implement interoperability between UPI and Central Bank Digital Currency.

• After a lot of hiccups, Elon Musk-led Tesla has started discussions with the Indian government for an investment proposal to set up a car manufacturing facility in India with an annual capacity of as many as 500,000 electric vehicles, the starting prices for which will be Rs 20 lakh.

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