Top headlines: EVs brace for trial by fire, ATF duty hits airlines and more

business-standard.com:

Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect. On the other hand, the Indian economy was slightly smaller than the United Kingdom’s (UK’s), which deprived the former the rank of the fifth-largest economy in the world in 2021. Read more on these in our top headlines.

Trading dries up on Indian crypto exchanges as new transaction tax kicks in

Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect. Three exchanges -- ZebPay, WazirX and CoinDCX -- suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax deductible at source became effective on July 1, data showed. Read more

India misses fifth-largest economy in the world tag by $13 billion

The Indian economy was slightly smaller than the United Kingdom’s (UK’s), which deprived the former the rank of the fifth-largest economy in the world in 2021. Experts say it is just a matter of a year before India overtakes the UK. If the figures are rounded off, both the economies were placed at $3.2 trillion in 2021. Read more

Our expansion plans will take a hit due to ATF duty, say airlines

Domestic airlines are seeking a rollback of 11 per cent basic excise duty on aviation turbine fuel (ATF) for international flights. The additional charge has been levied by one of the three state oil marketing companies (OMCs) since Friday. Airlines feel that it will make international operations costlier and slow down their expansion. On July 1, a special additional excise duty of Rs 6 per litre was introduced on bulk