The Indian government plans to sell stakes in 8 state-owned companies, including major insurers and banks, to raise billions of dollars. This move aims to plug the fiscal gap caused by the oil shock following the closure of the Strait of Hormuz. The government also plans to sell up to a 5.04% stake in Cochin Shipyard through an Offer for Sale. Additionally, India has scrapped import duties on some parts used to make mobile phones and other electronic devices, which previously stood at 5% and 7.5%.
India eliminates 5% to 7.5% import duties on mobile components to reduce production costs for manufacturers like Apple and Xiaomi.
Read the full storyNew Delhi plans to divest a stake in the major state-owned shipbuilder via an Offer for Sale to raise capital and offset economic pressures.
The Indian government plans to sell stakes in 8 state-owned firms, including banks and insurers, to bridge fiscal gaps caused by oil supply disruptions.