The government is planning to tweak its procurement policy to give a fillip to domestic manufacturing. The industry department has floated a proposal to raise the minimum local content requirement for public procurement for Class-I and -II suppliers from 50 per cent currently to 70 per cent, and 20 per cent as of now to 50 per cent, respectively.
'Every year, the marble industry is shrinking due to tiles. It has already decreased by 20-25 per cent in recent years.'
From toys, footwear and furniture to insulated flasks, smart meters, and air coolers - the Central government over the last decade has mandated higher standards for production and imports of such items. Sample this: Till 2014, there were 14 Quality Control Orders (QCOs) covering 106 products. By the latest count, there are 156 QCOs on 672 products.
In its first official engagement with the Indian government, Elon Musk-led Tesla and other global automotive (auto) manufacturers sought clarification on the new electric vehicle (EV) policy, specifically regarding investment guidelines and the timeline for the domestic value addition (DVA) requirement. Officials who attended the meeting told Business Standard that the original equipment manufacturers (OEMs) tried to understand whether the complete investment would be made within three or five years and the duration they would have to achieve the 50 per cent DVA. "The consultation meeting was convened to address queries from auto OEMs.
'It feels like Assam is good just as a tourist spot and not a place to earn and live.'
'Gujarat is the frontrunner at present.'
'However, Tamil Nadu's robust automobile ecosystem and Telangana's aggressive incentives make them strong contenders.'
The Ministry of Heavy Industries has approved 11 electric vehicle (EV) manufacturers, including Ather Energy, Bajaj Auto, Hero MotoCorp, Ola Electric, and Mahindra, to receive incentives under the recently introduced Electric Mobility Promotion Scheme (EMPS) 2024. "A total of 11 firms have been granted approval under the EMPS, with several more under consideration," informed a senior official of the ministry to Business Standard. The scheme aims to sustain the growth in EV sales, replacing the Faster Adoption and Manufacturing of Electric Vehicles - II (FAME-II) scheme.
A group of 91 retired bureaucrats has appealed to the Centre to withdraw the Green Credits programme, which they claimed may facilitate diversion of forest land to private entities. "Quick, smooth and easy diversion of our forest lands in favour of user agencies is apparently the sole intention of this set of Green Credits rules. "We urge the MOEFCC to recognise this danger and withdraw the Green Credits notification expeditiously," the group of former civil servants wrote in an open letter to the Ministry of Environment, Forest and Climate Change (MoEFCC).
Manufacturers of electric vehicles (EVs) have been lukewarm to the ad hoc subsidy scheme announced by the Centre for them. Sector majors have not been enthused by the lower level of incentives in the scheme, which has replaced the flagship Faster Adoption and Manufacturing of Electric (and Hybrid) Vehicles-II. Moreover, increased stringency in claiming subsidies and delays in disbursement have been cited by several original equipment manufacturers (OEMs).
To expedite mining activities in the country and address shortcomings in the mine auction process, the Centre has proposed the introduction of intermediary timelines for acquiring mining leases and composite licences. The government has outlined timelines for various activities involved in the process, accompanied by penalties for delays attributable to the bidder. According to the Ministry of Mines notification dated February 9, the penalty for surpassing specified timelines in any activity within a milestone would lead to deductions from the performance security deposited by the bidder.
The Paytm application (app) could potentially face a permanent loss of its integrated mobile wallet feature, currently owned by Paytm Payments Bank (Paytm PB). With the recent crackdown on Paytm PB, sources say getting a fresh wallet licence may get tough for the group. "The Paytm app (One97 Communications) has to apply afresh to the RBI for a licence to operate a prepaid payment instrument (PPI) like a mobile wallet within the Paytm app, as PPI is a regulated entity.
Hybrids have helped Maruti acquire leadership in SUVs, a segment that was never its forte. Toyota has also risen with the hybrid tide to clock its highest-ever annual sales in 2023.
'The revenue projection arises out of all sectors doing well and the formalisation of the economy helps in making sure the tax domain gets widened.'
'We now look at divestment as an opportunity for maximising the value of public assets, not necessarily as a short-term resource-raising measure.'
The 1.4% decline projected for 2025 is driven by a 5.6% (72,000) dip in the strength of railway employees to 1.2 million by next year.
Uttarakhand saw the sharpest decline (of 11 per cent) in the "total persons engaged" in manufacturing in the worst-hit pandemic year of 2020-21 as industrial units shut shop, according to the latest Annual Survey of Industries (ASI) data, released by the Ministry of Statistics and Programme Implementation (MoSPI). This was followed by the decline in the workforce in states such as Jharkhand (8.9 per cent), West Bengal (8.3 per cent), Kerala (8 per cent), and Karnataka (7.8 per cent). The "total persons engaged" in an enterprise is defined as the sum of directly employed workers, supervisory or managerial workers, and the unpaid family members who might be engaged in the enterprise.
After the government's online monitoring system for the import of electronic hardware items went live on November 1, inbound shipments of laptops and tablets slipped in November to a nine-month low at $225 million, contracting 17.15 per cent year-on-year. This decline was primarily driven by reduced imports from Singapore (down 43.7 per cent), Hong Kong (down 27.4 per cent), and China (down 14 per cent), according to the data released by the commerce department. China accounts for approximately 83 per cent of such imports.
With India's inclusion in global bond indices starting next financial year, the central government believes there will be greater scope for shifting to borrowings via long-term government securities (G-sec) from short-term instruments. This change may be factored into the FY25 interim Budget. "While this has been our focus, the inclusion of India in global bond indices gives us the opportunity to accelerate the shift towards longer tenure G-secs," an official said, requesting anonymity.
The ministry of finance is likely to assume crude oil price to remain within $85 per barrel while estimating subsidies for the Interim Budget 2024-25 (FY25), to be presented on February 1. Brent crude prices moved up on Thursday, ending at $78.9 per barrel. Crude oil and cooking gas prices, which move in tandem, impact fertiliser and cooking gas subsidies, constituting 53 per cent of the government's total subsidies.
'Victims of terrorism do not sit together with its perpetrators to discuss terrorism.'
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