According to Dawn, Zubair Ghangra has criticised the Federal Board of Revenue’s withholding and advance tax policies, saying they are severely affecting Pakistan’s Fast-Moving Consumer Goods (FMCG) industry, particularly the food sector. He argued that the existing tax structure has become a significant barrier to industrial expansion and long-term business viability.

Ghangra explained that the current tax collection system is creating disruptions across the supply chain, slowing business operations and placing a heavier burden on formal enterprises. He noted that manufacturers, wholesalers and distributors are bearing most of the tax pressure because a large segment of Pakistan’s retail market remains undocumented. With thousands of retailers operating outside the formal economy, compliant businesses are carrying the majority of the tax responsibility, leading to rising operating costs while undocumented traders continue functioning with little oversight.

He further stated that the imbalance is increasing financial stress on registered companies already dealing with inflation and weak consumer demand. Excessive documentation and compliance requirements, he said, have added to the difficulties faced by FMCG and food businesses by complicating cash flow management and increasing administrative burdens, especially for companies working with slim profit margins.

Ghangra warned that these added costs are eventually transferred to consumers, contributing to higher prices and broader economic instability. He also criticised the taxation framework for discouraging formal business activity while indirectly enabling the growth of the undocumented economy. According to him, registered businesses continue to face mounting regulatory and financial pressure, whereas many unregistered traders remain outside the tax net. He urged authorities to address these structural issues by expanding the tax base and reforming the current system instead of repeatedly imposing additional burdens on documented sectors.
Disclaimer: This image is taken from Reuters.

Union Commerce and Industry Minister Piyush Goyal said on Monday that India is targeting $2 trillion in exports over the next five years as part of its vision for an “Atmanirbhar Bharat” (self-reliant India). He was addressing a national conclave of trade leaders at Bharat Mandapam in New Delhi, organized by the Confederation of All India Traders (CAIT), where he also launched the website for the Bharat Vyapar Mahotsav.

He expressed confidence that the upcoming Bharat Vyapar Mahotsav, scheduled to begin in 86 days at Bharat Mandapam, would serve as a platform to promote Indian-made products, encourage import substitution, and strengthen India’s position in global markets. According to him, the participation of 140 crore citizens would ensure that the country achieves its goal of becoming a developed nation.

The Bharat Vyapar Mahotsav, a Swadeshi-focused trade fair, is being organized by the India Trade Promotion Organisation (ITPO) in collaboration with CAIT and supported by various trade, logistics, and Swadeshi organizations. The event is expected to feature around a thousand businesses and emphasize quality, branding, packaging, and marketing to improve global competitiveness of Indian goods.

Goyal noted that India’s exports have already reached about $863 billion this year, marking a growth of around 5% over the previous year, and said the government has set a revised target of $1 trillion for the current year. He also highlighted ongoing negotiations for free trade agreements with 38 countries, mainly developed economies, including one with Oman expected to take effect from June 1, which would improve market access for Indian exporters.

He further emphasized reducing import dependence through domestic production, pointing to sectors like capital goods, medical devices, and value-added agriculture and fisheries, where Indian MSMEs are making progress in cities such as Rajkot, Ludhiana, Pune, and Visakhapatnam. He also mentioned that the MSME definition has been expanded to include firms with turnover up to ₹500 crore, while excluding export turnover to ensure continued benefits as they scale globally.

Goyal encouraged greater participation of women entrepreneurs and young traders, suggesting that each state should nominate 25 women entrepreneurs for the event. He also proposed installing 50–60 kiosks to promote digital payments through RuPay and UPI, describing it as a step toward a cashless and Swadeshi economy.

He described Bharat Mandapam and Yashobhoomi in Dwarka as examples of world-class infrastructure reflecting India’s capabilities and craftsmanship. He also said that government support schemes like PLI would act as initial support, but long-term success would depend on active participation from industry and trade. He concluded that India should showcase a strong model of self-reliance by the 80th Independence Day in 2027.
Disclaimer: This image is taken from ANI.

Union Commerce and Industry Minister Piyush Goyal reiterated India’s commitment to enhancing credibility, compliance, and consumer trust in the global natural diamond industry as the 2026 Kimberley Process (KP) Intersessional Meeting concluded in Mumbai under India’s leadership.

Speaking at the closing session, he emphasized that India, as a leading global hub for diamond cutting and polishing, is dedicated to ensuring that the diamond trade remains transparent, responsible, and trustworthy. He added that India will continue collaborating with all stakeholders to strengthen the Kimberley Process certification framework.

Goyal stressed that India is focused on the “3Cs”—credibility, compliance, and consumer confidence—and aims to ensure the KP remains relevant in a fast-changing global market. He also highlighted that the natural diamond sector provides livelihoods to millions and reaffirmed India’s commitment to promoting a fair and transparent ecosystem.

The four-day event saw participation from KP members, observers, industry representatives, and civil society groups, with discussions centered on improving governance, monitoring systems, statistical accuracy, and transparency in the diamond trade. KP Chair 2026 Suchindra Misra noted that the deliberations reflected a shared effort to maintain the effectiveness of the Kimberley Process.

Established by a UN resolution in 2000, the Kimberley Process Certification Scheme is designed to prevent conflict diamonds from entering the global supply chain and to encourage responsible sourcing. The outcomes of the Mumbai meeting will be presented at the upcoming KP Plenary scheduled in New Delhi later this year.
Disclaimer: This image is taken from ANI.

Airtel Chairman Sunil Bharti Mittal has called on Indian businesses to significantly increase domestic capital expenditure and cut dependence on imports, stressing that it is the right time to “invest and double down in our own country” amid rising global economic uncertainty. He made these remarks while receiving the CII President’s Award for Lifetime Achievement, which recognised his long-standing leadership, contribution to India’s economic development, and nation-building efforts. Speaking at the CII Annual Business Summit 2026, Mittal acknowledged global challenges, including the ongoing Middle East crisis, but maintained that India’s economic growth trajectory remains strong.

He noted that India has been growing at 6–7% annually and described overall conditions as positive, while also pointing out that certain global developments remain beyond control. Outlining key priorities for industry, Mittal urged a shift away from excessive gold imports, a focus on reducing energy costs, and faster adoption of renewable energy. He also encouraged companies to “vote with their feet” by investing more within India.

Referring to Airtel’s own strategy, he highlighted that the company invested around ₹31,000 crore in capex in FY2024–25, along with an additional ₹7,000 crore through its tower business, and said investment levels are expected to keep rising. He emphasised that strong underlying demand makes this the right time for continued investment. Mittal described India as a large and youthful consumer market and urged businesses to manufacture and serve more within the country under the “Make in India” vision.

He also spoke about the role of industry bodies like CII, calling it an important platform that works closely with policymakers. He noted his family’s long association with such organisations and encouraged young entrepreneurs to take leadership roles, saying that the government values input from industry chambers in shaping policy. Concluding his remarks, Mittal said his recognition was possible due to institutional support during his business journey and emphasised that industry must actively contribute to strengthening India’s economic resilience and supporting national growth goals.
Disclaimer: This image is taken from ANI.

Singapore’s Ministry of Trade and Industry (MTI) has kept its GDP growth forecast at 2–4%, supported by stronger-than-anticipated economic performance in the first quarter. At the same time, core inflation eased more than expected in April. Economists caution that geopolitical uncertainties and weaker external demand continue to pose risks. Susan Ng and Hairianto Diman discuss the strength of Singapore’s economy and its outlook for the coming months with Jeff Ng from Sumitomo Mitsui Banking Corporation.

Disclaimer: This podcast is taken from CNA.

In “Culture Club,” Melanie Oliveiro explores the beauty product industry through a conversation with Joyce Tirindelli, a 20-something, third-generation CEO of the Italian skincare brand World of Beauty. Tirindelli shares how she was prepared for leadership and now oversees a portfolio of over 200 products that are vegan, Halal-certified, and environmentally friendly. She also discusses the brand’s expansion strategy in Southeast Asia, a region expected to become the world’s fourth-largest economy by 2030.
Disclaimer: This podcast is taken from CNA.

As tensions rise in Iran, the global energy system is being tested like never before. Critical chokepoints such as the Strait of Hormuz, along with concentrated LNG infrastructure in hubs like Ras Laffan, highlight the inherent rigidity and vulnerability of oil and gas markets. Andrea Heng and Hairianto Diman explore what “market adjustment” looks like when long-term contracts offer little flexibility, and why Europe could once again face a challenging scramble for energy supplies. Their analysis includes insights from Pang Lu Ming, Vice President of Gas & LNG Research at Rystad Energy.

Disclaimer: This podcast is taken from CNA.

Oil prices have jumped significantly as tensions in the Middle East intensify, with concerns over potential supply disruptions pushing crude prices up by double digits. If this upward trend persists, rising energy costs could reignite inflation and affect transportation, manufacturing, and household expenses globally. Andrea Heng and Hairianto Diman examine how various countries are stockpiling oil, diversifying their supplies, and managing the impact of higher prices, including insights from Vandana Hari, Founder of Vanda Insights.

Disclaimer: This podcast is taken from CNA.