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In his Independence Day address, Modi said the goods and services tax (GST) would be reformed and rates lowered by Diwali, which falls in October. (Photo: Getty Images)

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India to slash consumption tax by October after Modi’s reform push

INDIA’s government will reduce consumption tax rates by October, a top official said on Friday, hours after prime minister Narendra Modi announced reforms to support the economy amid trade tensions with the United States.

The federal government is planning a two-rate structure of 5 per cent and 18 per cent, removing the existing 12 per cent and 28 per cent slabs, the official told Reuters, requesting anonymity as the plans are still under discussion.

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Morrisons CEO joins Gol Gappay eating contest to mark South Asian Heritage Month

CEO of Morrisons Rami Baitiéh (centre) takes on the Heera Foods Gol Gappay challenge

Morrisons CEO joins Gol Gappay eating contest to mark South Asian Heritage Month

Morrisons chief executive Rami Baitiéh took part in a lively “Gol Gappay Challenge” at the supermarket’s Bradford headquarters on Tuesday, as part of celebrations for South Asian Heritage Month.

The event, hosted in the company’s central atrium, was led by Bradford-based Heera Foods, which served up its popular Gol Gappay – crispy puris filled with spiced chickpeas and tangy water – to staff and visitors.

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Mounjaro

When Mounjaro was launched in Britain, Lilly set a list price 'significantly below' that in its other three European markets to avoid delays in NHS availability. (Photo: Reuters)

Lilly to raise UK Mounjaro price by 170 per cent from September

ELI LILLY said on Thursday it will increase the UK list price of its weight-loss drug Mounjaro by up to 170 per cent. The price change comes as the White House urges drugmakers to raise prices in Europe to enable price cuts in the United States.

The new price, which also applies to Lilly's type 2 diabetes medicine sold under the same name, will take effect in September. A month's supply of the highest dose will rise from £122 to £330, the company said.

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UK business district

The Canary Wharf business district including global financial institutions in London. (Photo: Getty Images)

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UK economy grows more than expected in April-June quarter

UK's economy grew more than expected in the second quarter, though at a slower pace than the first three months of 2025, as US tariffs and a higher UK business tax weighed on activity, official data showed on Thursday.

Gross domestic product rose 0.3 per cent in April-June, the Office for National Statistics (ONS) said, above analyst forecasts of 0.1 per cent growth. This followed a 0.7 per cent rise in the first quarter.

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Modi & Trump

Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025. (Photo: Reuters)

India to continue US trade talks despite tariff hike to 50 per cent: Report

INDIA expects trade discussions with the United States to continue despite Washington raising tariffs on its exports to 50 per cent over New Delhi’s purchase of sanctioned Russian oil, two lawmakers said on Monday, citing a briefing to a parliamentary panel on foreign affairs.

Last week, US president Donald Trump imposed an additional 25 per cent tariff on Indian goods because of India’s continued purchase of Russian oil. This brought the total duty on Indian exports to 50 per cent, among the highest for any American trading partner.

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