The GST Council, chaired by Union Finance Minister Nirmala Sitharaman, made significant decisions during its 53rd meeting held in New Delhi. The Council recommended a uniform GST rate of 12% on all milk cans made from steel, iron, and aluminum, aiming to streamline taxation and reduce disputes. Additionally, it waived interest and penalties on tax demand notices issued under Section 73 for the financial years 2017-18 to 2019-20, provided taxes are paid by March 31, 2025. Services like platform tickets provided by Indian Railways were exempted from GST, offering relief to consumers. Other measures included an extension of the GSTR4 filing deadline to June 30 from FY 2024-25 onwards, enhancements in GSTR1A functionality for rectifications, and prescribed filing limits for appeals to appellate tribunals and courts to reduce litigation. The Council also announced a phased rollout of biometric authentication across India to combat fake invoicing and ensure compliance integrity.

The UN Conference on Trade and Development's (UNCTAD) World Investment Report 2024 highlights a decrease in foreign investment in Africa for 2023, with international project finance deals plummeting by 50% to $64 billion and greenfield project values dropping from $196 billion in 2022 to $175 billion. Despite these declines, project announcements increased by 7%, and the continent attracted a significant share of global greenfield megaprojects, particularly in the clean energy sector. Notable investments included a $34 billion green hydrogen project in Mauritania and a $6.4 billion electric vehicle battery manufacturing facility in Morocco. The report underscores the critical role of foreign direct investment (FDI) in funding essential infrastructure and services, emphasizing sustainable development goals (SDGs). The African Continental Free Trade Agreement Investment Protocol, adopted in 2023, is expected to further boost intra-regional FDI.

The Global Gender Gap Report 2024 has revealed that India ranks lower than neighboring countries such as Bangladesh, Nepal, Sri Lanka, and Bhutan in terms of gender equality. The report highlights India's poor performance in political empowerment, with a significant underrepresentation of women in political leadership roles. In contrast, countries like Bangladesh, Nepal, and Sri Lanka have made strides in political participation, contributing to their higher rankings. The report emphasizes the need for India to implement policies and initiatives that enhance women's political participation and ensure equal opportunities across all sectors to bridge the gender gap effectively.

The Telangana High Court issued a landmark judgment against a taxpayer in the first significant ruling on the General Anti-Avoidance Rule (GAAR) since its introduction on April 1, 2017. The court emphasized that transactions must have commercial substance to avoid being classified as tax avoidance schemes. The taxpayer, Ayodhya Rami Reddy Alla, engaged in transactions involving shares of Ramky Estate and Farms (REFL) that were deemed to lack commercial substance, resulting in a significant short-term capital loss which he offset against long-term gains. The taxpayer argued that the specific anti-avoidance rule (SAAR) should apply instead of GAAR, but the court ruled that GAAR was applicable since the arrangement was designed to avoid taxes without any commercial justification. Experts highlighted the ruling's reinforcement of the need for genuine commercial rationale in transactions to prevent tax avoidance.

In the realm of international trade, disputes are inevitable and traditionally resolved through either lengthy litigation or quicker but sometimes non-binding negotiation. A new hybrid method called 'litigotiation' is gaining traction, blending the strengths of both litigation and negotiation. This approach involves strategic negotiation within the framework of litigation, leveraging the pressure and structure of the legal process to foster sincere and productive negotiations. 'Litigotiation' offers several benefits, such as a clear legal backdrop and motivation for parties to settle before trial, and is increasingly used by businesses and governments to manage complex regulatory issues and multinational disputes. However, it requires skilled professionals and carries the risk of litigation overshadowing negotiation. Despite these challenges, 'litigotiation' is seen as a promising solution for achieving fair and efficient resolutions in the evolving landscape of global trade.

The prevalence of "zombie companies," firms unable to cover interest payments with current earnings, is rising alarmingly due to factors such as the pandemic, rising interest rates, and supply chain disruptions. This surge, highlighted in recent financial reports, has raised concerns among investors and economic analysts about potential insolvencies. Economist Jane Doe from Global Finance Insights emphasizes the threat these companies pose to global financial stability by tying up capital inefficiently. Industry experts suggest targeted interventions like accessible refinancing and strategic economic policies, though a wave of bankruptcies may be inevitable. Stakeholders are urged to remain vigilant and prepared for potential economic fallout from increasing corporate failures.

The Securities Exchange Board of India (Sebi) imposed a fine of Rs 7.75 crore on 11 individuals for their involvement in a 'pump and dump' scheme related to the stock of Svarnim Trade Udyog. This scheme, operated through recommendations shared via Telegram channels, led to inflated stock prices, causing losses to public shareholders. Sebi's actions come as part of its efforts to regulate stock market manipulation activities and financial influencers on social media platforms. Pump and dump schemes involve artificially inflating stock prices through false information, followed by selling at the inflated price, resulting in significant investor losses. Regulators like Sebi are actively working to ban such schemes and protect investors from fraudulent activities in the stock market.

The Reserve Bank of India (RBI) is set to modernise the Guidelines for Export and Import of Goods and Services under the Foreign Exchange Management Act (FEMA), 1999, in response to evolving international trade dynamics. RBI Governor Shaktikanta Das announced the forthcoming issuance of draft guidelines for public feedback, aiming to align the regulations with the progressive liberalisation of foreign exchange policies. The objectives include enhancing ease of doing business and providing greater operational flexibility to authorised dealer banks. India's export sector witnessed a significant milestone in FY24, with exports reaching $776.68 billion, showcasing a slight increase from the previous fiscal year. Import statistics also saw adjustments, with a decrease of 5.66% to $675.44 billion in FY24. India's efforts to diversify its export portfolio beyond traditional sectors like iron ore and agriculture are underway, with a focus on expanding into electronics, pharmaceuticals, engineering products, and various food items. The Ministry of Commerce is actively promoting initiatives to introduce new export offerings, including alcohol beverages, prepared meals, confectioneries, and value-added products like jackfruit and bananas.

The Reserve Bank of India (RBI) is grappling with persistent inflationary pressures, hindering early expectations of rate cuts. Despite some moderation in prices, the RBI maintains a CPI inflation projection of 4.5% for the current fiscal year. Governor Shaktikanta Das emphasizes the difficulty in achieving the 4% inflation target, particularly due to stubborn food inflation. Economists anticipate a cautious approach from the RBI, with expectations of a shallow rate cut cycle starting from December 2024. Rising food prices, coupled with global commodity price increases, pose significant challenges to inflation management. The Monetary Policy Committee (MPC) is expected to remain vigilant, prioritizing the assessment of evolving risks before making policy decisions.

The Reserve Bank of India (RBI) recently announced a comprehensive strategic roadmap aimed at modernizing and strengthening India's financial ecosystem. At the heart of this agenda are initiatives to liberalize the capital account, globalize the Indian rupee, and revolutionize the digital payment landscape. These efforts are intended to attract foreign investment, enhance economic growth, and position India as a leader in global finance. Governor of the RBI emphasized the importance of collaboration among stakeholders to realize the vision of a modern and resilient financial system, driving economic prosperity for the nation.

Indian Highways Management Company Limited (IHMCL), under the National Highways Authority of India (NHAI), has announced plans to implement a GNSS-based Electronic Toll Collection (ETC) system to improve toll operations and user experience on National Highways. The initiative invites global companies to express interest in developing robust Toll Charger Software for this system. Initially, a hybrid model integrating both RFID-based and GNSS-based ETC will be deployed, with dedicated GNSS lanes at toll plazas. The system aims to offer barrier-free tolling, distance-based charges, and enhanced efficiency by reducing leakages and checking toll evasion. Interested companies are to submit their interest by July 22, 2024.

SEBI, India's securities regulator, has introduced a comprehensive framework aimed at addressing the proliferation of misinformation and speculative activities in the stock market. The framework includes enhanced surveillance mechanisms, real-time monitoring of social media channels, collaboration with regulatory bodies, and initiatives to raise investor awareness about the risks associated with trading based on unverified information. Market analysts and experts have welcomed SEBI's proactive stance, highlighting its significance in maintaining market integrity and bolstering investor confidence amidst the challenges posed by digital platforms and social media.