ET NEWS

The South African government's move to ease mining regulations and privatisation of infrastructure opens up opportunities for Indian business, according to Nitin Agrawal, Group Chairman of Oza Holdings, which has assets in the mining and manufacturing sectors. Agrawal was addressing a gathering of 36 business leaders from the NPO Young Indians, which is part of the Confederation of Indian Industry (CII). The delegation was in South Africa in the past week as part of the G20 Young Entrepreneurs Alliance. South Africa holds the Presidency of the G20 this year. Indian Consul General in Johannesburg Mahesh Kumar hosted the group for interactions with local business leaders, government representatives and business school leaders. "South Africa is a large and developed economy within Africa. It has very well-established mineral reserves and resources, along with very well-developed infrastructure, be it road, rail, or ports that can handle large volumes of commodities. It has a very good way of conducting mining operations with very good regulatory frameworks," Agrawal said as he shared how businesses from India can benefit and grow from the opportunities that exist in South Africa. "Anyone can obtain a licence to prospect and search for minerals or to mine these minerals, which is a unique proposition when compared to other economies," he said, even though he flagged challenges in infrastructure in South Africa. Agrawal said the South African government has embarked on a major impetus to address this deterioration in infrastructure, which has been hampering progress in the mining sector. "We have seen a significant improvement in South Africa within rail and port operations in 2025. We see 2026 to be a very improved environment for port and rail capacity, which will provide additional leverage to mining companies and improve their overall competitiveness in the global market," he said. Agarwal said the recent privatisation programme by the South African government has boosted confidence in the mining sector, in turn presenting more opportunities for Indian business. "We believe a large portion of the rail services and rail capital equipment will be sourced from India. Indian companies have railway manufacturing facilities and some of these will be leveraged by South African businesses as this privatisation programme is rolled out. "Along with this, the government has launched an impetus for local beneficiation of minerals, which have historically been exported in raw form. With this impetus of local beneficiation several commodities have opportunities in respect of value-added products being produced, Agrawal said. He said in ferro alloy production, larger bloated business is exiting the country, while Indian businesses traditionally have been nimble and are able to operate in challenging environments. "This provides Indian businesses a unique ability to survive when the times are tough in challenging environments and flourish when the going is good. We believe that has led Indian businesses to do very well over the years in South Africa as well," he said, citing the examples of pharma, IT, mining, and the secondary steel industry in South Africa, the latter, he said, is dominated by Indian players. Agrawal said that although South Africa has challenges such as power shortages and limited water resources, Indian businesses have skills which could address this. "Indian businesses have skills while South Africa is a skills-short nation. It has a large young workforce and skills transfer from India will enable South African businesses to have a good partnership. "We believe that the India-South Africa partnership in respect of mining and infrastructure investment will grow with capital machinery coming from India. Over the last few years, we have observed that automobiles and mining machinery was traditionally as Eurocentric business, whereas now the industry has focused on the East, with India and China dominating these markets. "We recently witnessed a diamond cutting and polishing business set up in an IDZ (industrial development zone), which is completely along what the government of South Africa wants - investment into beneficiation, local skills transfer, and local employment along with benefiting Indian businesses to set up manufacturing units here," he said. "There is a major gap with mineral beneficiation capital equipment. We believe this gap will be plugged by some Indian manufacturers. Even in mining machinery, there is a significant gap which over the years Indian manufacturers will start filling by supplying mining equipment. "So overall it's not just mineral, not just investment in infrastructure, but the ancillary items will see growth and we believe that Indian businesses will have a major role to play in this growth," Agrawal said. Consul General Kumar also invited Indian business to share any solutions that would work for both South Africa and the southern African region as India explores new opportunities.

Much like any brand’s annual sale, the government has rolled out its own version with GST 2.0, slashing rates and racing to make sure customers see the discounts before Diwali shopping begins. Announced on September 3, the reform is now implemented, with Finance Minister Nirmala Sitharaman pushing rate notifications, faster registrations and refunds, and instructions to companies to display revised prices in time for the festive rush.From August 15 to date, while the move looked quick, the GST Council had already been weighing these changes. Prime Minister Narendra Modi’s signal from the Red Fort only sped up a decision that was waiting to be taken, pushing the GST Council to lock it in before the festive season.The reform cuts four GST slabs into just two, 5% and 18%, with exemptions on essentials and health insurance. While the announcement itself promised relief, the real test is delivery. With Navratri starting September 22, the finance ministry has rolled out multiple measures to ensure customers actually see lower bills and not just policy headlines.Also Read: Modi's Diwali gift unwrapped- GST reset kicks in, easing pressure on your walletGST 2.0: What changedThe GST Council, chaired by Sitharaman, approved sweeping rationalisation. Staples like parathas, paneer, UHT milk, biscuits, sauces and dry fruits now attract either 5% GST or are fully exempt. Personal care products such as hair oil and toothpaste have also moved down to 5%.Big-ticket durables like air conditioners, refrigerators, large televisions and washing machines have been shifted from the highest 28% slab to 18%. Smaller vehicles up to 350cc, auto parts and cement now also fall under 18%.Health and life insurance premiums, a long-standing demand from the middle class, are now fully exempt from GST, removing the earlier 18% levy.In all, about 400 commonly used items are facing lower tax rates.“We have reduced slabs… corrected the inverted duty structure … These reforms have been carried out keeping in mind the common man,” Sitharaman said after the Council’s approval.According to the Finance Minister, while the government will bear a fiscal implication of ₹48,000 crore, the move will leave ₹2 lakh crore in the hands of the people. For instance, a report by Grant Thornton shows GST 2.0 could shave ₹400-600 off the monthly grocery bill for a middle-class family that spends about ₹10,000 on staples, frozen foods, edible oils and packaged items. For an annual health cover, too, families could save nearly ₹7,000-8,000 once life and health insurance are exempt from GST. These may seem small individually, but added together with multiple items, the relief accumulates, making staples, sweets and even gadgets more affordable just ahead of the festive shopping rush.Also Read: The ₹2 lakh crore cash in hand for Indians may do wondersSitharaman & Co working on groundSince the announcement of GST 2.0, the finance ministry has focused on execution to make sure rate cuts translate into lower consumer prices before the festive season. It can be said that unlike the RBI rate cuts, the tax reforms appear to be reaching the common man at a much quicker pace and in reality. Finance Minister Nirmala Sitharaman has been travelling across cities, holding interactive sessions with traders, industry bodies, and consumers. In Visakhapatnam, she said the GST cut would inject about ₹2 lakh crore into the economy, while in Kolkata she tied the rollout to Durga Puja and highlighted benefits for local sectors such as garments, handicrafts, and Malda mangoes.The town-hall meetings have a clear purpose: they help shopkeepers and small manufacturers understand the new GST rates, answer practical questions about compliance, and resolve issues with billing or inventory updates. Beyond just explaining the rules, these sessions show that the ministry is actively following up to make sure the reforms are actually implemented on the ground.Politically, the outreach sends a signal that the government is directly engaged with businesses and consumers, reinforcing the image of hands-on governance associated with “Brand Modi.” It also helps build trust among small traders, retailers, and local communities.Alongside outreach, Sitharaman chaired three separate high-level meetings with GSTN officials, ERP vendors, and ministry teams to check system readiness for the new slabs. These sessions were crucial to prevent glitches in filing, invoicing, and refunds, coordinate timelines with states and vendors, and ensure that businesses, from large manufacturers to MSMEs, could transition smoothly.Also Read: Income tax exemption, combined with GST reforms, will result in savings of Rs 2.5 lakh crore, says PM Modi “It is only after making sure, just in case it gets passed, because I wouldn’t know whether the council passes it or not. I said, in case the council gets this through, will my GSTN system be ready for it? How long will you take to get ready?” she told PTI.Other steps by the governmentNotification of new ratesOn September 17, the ministry issued formal notifications for the revised GST structure, with effect from September 22. States are aligning their own SGST notifications with the central decision. Businesses have been given just under two weeks to update billing systems and re-label products.Display and Labelling Requirements To ensure transparency under GST 2.0, manufacturers must provide revised or supplementary price lists to dealers, retailers, and regulators. For medicines and medical devices already in the market before September 22, 2025, re-labelling is not mandatory; retailers can sell existing stock using the revised price lists.Industry Outreach The Central Board of Indirect Taxes and Customs (CBIC) has been holding consultations with manufacturers, retailers and e-commerce platforms to smoothen transition issues, from ERP system updates to invoicing across supply chains.Faster Registration and RefundsThe GST Council cleared process reforms alongside rate cuts. Non-risky businesses can now expect registrations within three days. Refunds in sectors such as textiles, chemicals, fertilisers and pharmaceuticals must be processed within seven days. Exporters with small claims below ₹1,000 will receive instant refunds. Auto-refunds and pre-filled returns are also planned from October.The ifs & buts and how industry is respondingEvery good story has a “but,” and GST 2.0 is no different. While the reforms promise significant savings, a slew of challenges could test their rollout. Small and medium businesses must rapidly upgrade ERP and billing systems, and retailers with large inventories face logistical hurdles in updating price lists. Some shopkeepers in remote towns may still be unclear on the new rates, and coordination between central and state GST systems could create temporary confusion for multi-state operations. Even consumers might not immediately see the benefits if discounts are not clearly displayed, showing that while the story of GST 2.0 is one of relief, its impact depends on careful execution at every step.However, the industry is already responding. Consumer-facing sectors are expanding staffing and sharpening promotional campaigns. According to an ET Bureau report, temporary hiring in retail, electronics and FMCG is up by 20-25% compared to last year, as businesses prepare for a surge in festive demand post-GST cuts. Major online platforms like Amazon and Flipkart are also preparing for big sales. Amazon's Great Indian Festival begins September 23, a day after the new GST slabs become effective. Retailers are negotiating with brands to reset pricing, stock up inventory, and plan discounts so that lower GST translates into visible savings.

Last-minute travel bookings to the United States increased on Sunday after the announcement of the $100,000 H-1B visa fee hike, according to MakeMyTrip, as reported by ET Now. President Donald Trump had signed a proclamation on Friday introducing a $100,000 fee for H-1B visas, a move expected to change the US immigration landscape. The administration said the fee will allow only 'extraordinarily skilled' workers to enter the country and aims to prevent companies from hiring foreign professionals in place of American employees. A MakeMyTrip spokesperson said, “There has been a notable increase in last-minute bookings to the USA since this morning. This increase in bookings for same-day or next-day travel is atypical for a long-haul segment.”The new H-1B feeThe United States clarified that the $100,000 fee applies only to new H-1B petitions filed on or after 12:01 AM ET, September 21, 2025. Petitions filed before the deadline are not impacted. The rule does not affect: Existing H-1B visa holders Renewal applications Travel for those with valid H-1B visas The proclamation, signed on September 19, 2025, is part of a broader immigration shift. It focuses on limiting visa use by lower-wage workers and prioritising “extraordinarily skilled” professionals. India, which accounts for a significant share of H-1B visa holders, is expected to see the most immediate impact. Industry experts note that the higher cost may burden both employers and workers. However, supporters argue the measure could safeguard jobs for American workers.The H-1B visa fee updateIn a single day, the US immigration landscape changed dramatically, affecting the technology sector and programs widely used by global and Indian IT companies. By Saturday night, the White House clarified that the $100,000 H-1B visa fee would only apply to new visas, not renewals or existing holders, providing partial relief but leaving businesses and workers uncertain.The proclamation stated that companies hiring foreign professionals under the H-1B route must pay $100,000 per worker. The Trump administration said the measure would allow only “extraordinarily skilled” individuals to enter the country and reduce reliance on foreign talent to replace American workers. Commerce Secretary Howard Lutnick noted that past visa policies had allowed workers earning below-average salaries, sometimes relying on government support. He added that the new fee would filter out the “bottom quartile” and generate over $100 billion for the US Treasury. President Trump said the funds collected would help reduce national debt and taxes. “Big tech loves the idea,” he added. Impact on India and markets The announcement had a major impact in India, which accounts for about 71% of H-1B visa holders, most of them in the US technology sector. Leading Indian IT firms such as Infosys, Wipro, Tata Consultancy Services, and Cognizant rely heavily on this program to staff US projects. Market reaction was immediate with shares of IT services companies, including US-listed Indian firms, dropping between 2% and 5% following the news. Critics argued the move could hurt talent mobility and innovation, while supporters said it would prevent wage suppression and encourage American companies to hire and train local graduates.Within 24 hours, the White House clarified on X that the $100,000 fee would not apply to current H-1B visa holders, renewals, or those selected in the latest H-1B lottery, effective October 1.