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INDIA

GST Shortfall May Cross Rs 1.6 Lakh Crore: Amit Mitra

West Bengal Finance Minister Amit Mitra has urged finance minister Nirmala Sitharaman to convene a long-pending meeting of the GST Council immediately, as states are expecting an alarming shortfall in Goods and Services Tax (GST) compensation because of devastations caused by the second wave of Covid-19.
“May I point out that among many matters that need to be discussed most urgently at the GST Council is the alarming shortfall that is expected in the compensation to states. As per GoI (Government of India) projection, the shortfall was expected to be to the tune of Rs 1,56,164 crore in 2021-22 without considering the impact of Covid wave 2,” Mitra said in the letter to the finance minister.
Mitra added that the compensation would be much higher due to the second wave and lockdowns than what was projected earlier. “This is undoubtedly deeply distressing,” he wrote. HT has seen a copy of the letter.
The Union finance ministry did not respond to an email query seeking comments.
At the time of introducing the new indirect tax regime in July 2017, the GST law assured states a 14% increase in their annual revenue for five years (up to 2022) and assured them that their revenue shortfall would be made good through the compensation cess levied on luxury goods and sin products.

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FMCGINDIA

Haldiram’s Confirms Merger of Delhi and Nagpur Units

Dhruva Kulkarni

Haldiram’s has merged its Delhi and Nagpur units under Haldiram Snacks Food Private Ltd (HSFPL), unifying its FMCG operations.

CEO Krishan Kumar Chutani called it a fresh start blending legacy, passion, and future vision. The merger, first reported in 2022, was completed after approvals from the Competition Commission of India (CCI) and the National Company Law Tribunal (NCLT).

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Under the deal, the Delhi unit holds a 56% stake, while Nagpur owns 44%. The move follows recent minority stake sales to Temasek, Alpha Wave Global, and International Holding Company (IHC), valuing Haldiram’s at $10 billion. These investments will fuel global expansion, particularly in the US and the Middle East.

Founded in 1932 by Ganga Bishan Agarwal, Haldiram’s later split among his grandchildren. Shiv Kishan Agarwal runs the Nagpur entity (west and south India), while Manohar and Madhusudan Agarwal manage the Delhi unit (north India). The family collectively dominates 50% of India’s ethnic snacks market.

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AUTOINDIA

Rural Sales Outpace Cities as India’s Vehicle Retail Dips Slightly in March

Dhruva Kulkarni

According to FADA (Federation of Automobile Dealers Associations), India’s vehicle retail sales fell by 0.7% in March 2025 compared to a year ago but rose 12% from February. For FY25 (April 2024–March 2025), sales grew by 6.46%, with rural markets outperforming cities.

In March, passenger vehicle sales increased by 6%, driven by discounts and new models, while commercial vehicles grew by 2.6% due to festivals and projects. However, two-wheeler sales fell by 1.7%, three-wheelers dropped by 5.6%, and tractors declined by 5.7%, impacted by weak rural demand. Sales started slow due to Kharmas but picked up last week, aided by Navratri, Gudi Padwa, Eid, and year-end discounts.

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For FY25, passenger vehicles grew by 4.87%, two-wheelers by 7.71%, and commercial vehicles remained nearly flat, dropping by 0.17% due to weather and financing issues. Rural markets led the growth, with two-wheelers up 8.39% and three-wheelers rising 8.70% compared to 6.77% and 0.28% in cities.

Dealers face high car stock levels, strict sales targets, and financing challenges. Looking ahead, heatwaves may impact April sales, but festivals and the marriage season could provide a boost.

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INDIA

Rs 18,658 Crore Rail Network Boost to Strengthen Connectivity Across Three States

Dhruva Kulkarni

PM Modi-led panel approved Rs 18,658 crore for four rail multitracking projects, expanding the network by 1,247 km across Maharashtra, Odisha, and Chhattisgarh.

The projects include new lines for Sambalpur – Jarapda, Jharsuguda – Sason, Kharsia – Naya Raipur – Parmalkasa, and Gondia – Balharshah to improve mobility and reduce congestion.

These expansions will enhance passenger convenience and freight operations, particularly for coal, iron ore, and other key commodities.

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Nineteen new stations will be built, benefiting 3,350 villages and 47.25 lakh people, with better connectivity to Aspirational Districts like Gadchiroli and Rajnandgaon.

The projects will drive industrial growth, improve supply chain efficiency, and create employment under the PM Gati Shakti National Master Plan.

With increased freight capacity, rail transport will help reduce oil imports by 95 crore litres and CO₂ emissions by 477 crore kg, supporting environmental sustainability.

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INDIA

PM Modi Arrives in Thailand for BIMSTEC Summit

Dhruva Kulkarni

Prime Minister Narendra Modi arrived in Thailand on 3rd April for a two-day visit to attend the sixth BIMSTEC summit.

He will meet Thai Prime Minister Paetongtarn Shinawatra for discussions during his stay. Upon his arrival in Bangkok, members of the Sikh community welcomed him with a Bhangra performance.

On Thursday evening, Modi will join BIMSTEC leaders from Thailand, Bangladesh, Sri Lanka, Nepal, Myanmar, and Bhutan to witness the signing of the Agreement on Maritime Cooperation.

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The summit will also provide an opportunity for discussions with Nepal’s PM KP Sharma Oli, Bangladesh’s Chief Adviser Muhammad Yunus, and Myanmar’s military leader Min Aung Hlaing.

Following his engagements in Thailand, Modi will travel to Sri Lanka, marking his first visit since the country elected a new president. In a statement, he emphasised BIMSTEC’s role in advancing regional development, strengthening connectivity, and boosting economic progress in the Bay of Bengal region.

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INDIA

India Subsidises 10 Lakh+ Electric-2-Wheelers in FY25 as Sales Jump 21%

Dhruva Kulkarni

India subsidised over 10 lakh electric two-wheelers in FY25 under the PM E-DRIVE scheme, supporting EV sales and green mobility.

Electric two-wheeler sales rose 21% to 11.49 lakh units, while electric three-wheeler sales jumped 57% to 1.59 lakh units.

The PM E-DRIVE scheme, launched in September 2024, has a budget of Rs 10,900 crore and runs until March 2026, including EMPS 2024 sales.

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The scheme has saved 8.56 lakh litres of fuel daily and reduced CO2 emissions by 12.48 lakh kg daily, cutting pollution and boosting energy security.

Over 18 OEMs have applied under the PLI Auto Scheme, supporting EV manufacturing and industry growth.

Government policies, technology, and sustainability goals drive India’s e-mobility push, aligning with the Net Zero target by 2070.

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