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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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%.