The Quad summit to be hosted by India in 2024 is likely to enhance New Delhi's strategic intent.
'We crossed Rs 1.7 trillion in three months this financial year.'
Two-wheeler exports from India have decreased by 20 per cent year-on-year (Y-o-Y) to 1.69 million units in the first half (H1) of 2023-24 (FY24) due to a challenging geopolitical situation and foreign exchange (forex) crises in key markets such as South Asia, industry body Society of Indian Automobile Manufacturers (Siam) said on Monday. On the other hand, passenger vehicle (PV) exports in H1FY24 increased by 5 per cent to 336,754 units because the key markets are much more diversified worldwide, Vinod Aggarwal, president, Siam, told reporters during a press conference. The Russia-Ukraine war, which started in February 2022, has brought significant instability to global fuel prices.
India Inc may offer an average salary hike of 9.6 per cent in 2024, similar to the actual increase last year, according to a report released by global professional services provider Ernst & Young (EY). The 'Future of Pay 2024' report states that the highest salary hikes are expected in e-commerce (10.9 per cent), financial services (10.1 per cent), and 10 per cent each in professional services and real estate. The expected hike will be lower than the 10.4 per cent seen in 2022. In 2023, the highest salary hikes were seen in e-commerce (10.5 per cent), and 10.4 per cent both in auto/vehicle manufacturing and financial services.
Union Minister Nitin Gadkari on Tuesday launched the country's first crash testing programme Bharat NCAP aimed at improving road safety standards of motor vehicles up to 3.5 tonnes. Bharat New Car Assessment Programme (Bharat NCAP) is India's own crash testing programme and is cheaper than tests conducted abroad, Gadkari said, adding that the star ratings will help buyers understand the quality of the product and make an informed purchase decision. Bharat NCAP will be implemented from October 1, 2023.
French carmaker Citroen will launch its C3 Aircross Sport Utility Vehicle (SUV) in India by October, and is betting big on exports from India to markets like South Africa, ASEAN (Association of Southeast Asian Nations) and Nepal, a top company executive told Business Standard. Citroen, which sold 6,000 units through Citron C3 and C5 Aircross SUV, is likely to double its sales during the current year, as it has already sold 6,000 units of Citron C3 and eC3 electric vehicles during the first six months. "We are going to start bookings for the C3 Aircross SUV in September and launch it in October. Price will be at the heart of the midsize SUV market," said Saurabh Vatsa, Citroen India branch head.
If the concerns over risking political capital are overcome, the long-term gains for the Indian economy will be immense, asserts A K Bhattacharya.
The lockdown in Maharashtra will have a catastrophic impact on April sales, as dealers will not be able to realise the potential of festivities like Ugadi, Gudi Padwa, Baisakhi and Poila Boishakh.
Future strategy will not just revolve around EVs: Maruti Suzuki's Ayukawa. Maruti Suzuki's MD&CEO says electric vehicles cannot be a solution outside the cities.
US-based electric vehicle maker Tesla is looking to source components worth around $1.9 billion this year against $1 billion last year, Commerce and Industry Minister Piyush Goyal said on Wednesday. The minister said that going forward, demand for electric vehicles will increase and it will help in pushing the growth of the sector. "Tesla already last year bought one billion dollars of components from I think all of you sitting here.... I have the list of companies who supply to Tesla.
'Everyone is so excited. There is a lot of excitement everywhere. This was a long time desire of many people.'
India has emerged as a 'major power' by achieving outstanding results in economic development and social governance and its transformation as a stronger, assertive country has made it a 'new geopolitical factor', according to a commentary by a Chinese scholar in a state-run newspaper in Beijing.
At a recent meeting of Parliamentary forum on Global Warming and Climate Change under the chairmanship of Speaker Meira Kumar, the idea of battery-operated vehicles was mooted with the aim of curbing vehicular emissions within the premises of Parliament, Lok Sabha sources said.
The EV industry is at an inflection point and batteries will play a critical role ahead -- batteries and related components typically constitute 35-45 per cent of an EV's costs.
M&M also showcased its new format next generation 'dealership of future' designed by Pininfarina.
Due to the continued pressure of high costs, Toyota is considering a price increase of up to 3 per cent across models with effect from January.
Tata Power saw a big sell-off, with the stock falling almost 8 per cent after declaring disappointing results for the October-December quarter (Q3) of 2023-24 (FY24) on Friday evening. The company reported net consolidated revenue of Rs 14,650 crore, up 4.4 per cent year-on-year (Y-o-Y), and earnings before interest, tax, depreciation, and amortisation (Ebitda) of Rs 2,607 crore, up 2 per cent Y-o-Y, in the quarter, led by higher sales across Odisha distribution companies (discoms) and capacity addition in renewables. This was well below consensus estimates.
'An important dimension that shone through was the enormous pride in India, a general belief that as Indians we are starting to count globally and we are at the forefront of the world.'
'In the short term the relationship will get worse.'
India is sceptical that Tesla might import into the country cars made in China. Tesla executives were in India last month and appear to have proposed a factory in the country. But do not be surprised if that does not happen in a hurry.
Reliance Industries Ltd on Monday announced an agreement to invest alongside Brookfield Infrastructure and Digital Realty in special purpose vehicles developing data centres in India. Reliance will hold a 33.33 per cent stake in each of the five Indian special purpose vehicles and become an equal partner, the company said in a statement. Digital Realty Trust, Inc is the largest provider of cloud and carrier-neutral data centre, colocation and interconnection solutions globally with 300+ data centres across 27 countries.
Researchers found that India, along with China and Japan, were the three leading countries in Asia in terms of number of new cases and deaths, where they say cancer has become a more significant public health threat with 94 lakh new cases and 56 lakh deaths in 2019.
DRDO's failures over the decades have contributed significantly to India becoming the world's biggest weapons importer, points out Lieutenant General Prakash Katoch (retd).
In Dubai, A Ganesh Nadar encountered high speeds on smooth-as-silk-roads, no bureaucracy, gold, Mr Toad's. And snow!
The attack occurred near the Gwadar police station in Balochistan when the convoy carrying 23 Chinese engineers was passing the police station and an IED blast took place.
The government has decided to extend the Rs 25,938-crore production-linked incentive scheme for the automotive sector by one year, Union Heavy Industries Minister Mahendra Nath Pandey said on Tuesday. Post extension, the five-year scheme, originally in place from 2022-23 to 2026-27, will be active until 2027-28. At present, incentives are applicable under the scheme for determined sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from 1 April 2022 onwards for a period of five consecutive years.
Her reasoning is simple, "It's a Tata company. No shareholder will let go of this opportunity," she told Business Standard. When asked if the other reason for lining up for the IPO is the technology sector and the fact that the combination of Tata and tech is happening after almost two decades, she replied: "The name of the company and the group matter. Tata means stability and credibility," she added.
While directly holding city-based utility vehicle and tractor major Mahindra & Mahindra responsible for a potential job loss to the tune of 8,300 in the United States, its former partner Global Vehicles has called for stricter actions.
This is the third recall of the company to involve more than a million cars since 2009.
In a step towards diversifying its resource base and securing green energy minerals, India is poised to launch its first-ever offshore mineral auction in the first quarter of 2024, announced Union Minister of Mines Pralhad Joshi during the launch event of the National Geoscience Data Repository portal. The government plans to hold auctions in March, offering 10-15 blocks for bidding. Meanwhile, the ministry of mines is currently developing rules and regulations for offshore mining.
A tribunal in London last month confirmed that it had an exclusive jurisdiction to resolve all disputes related to the relationship between M&M and Global Vehicles. It directed the US distributor to end all current litigation, said M&M.
The electric scooter juggernaut which has been picking up momentum with heady growth month-on-month is now slowing down. The combined number of registrations in April of eight electric two wheeler companies has seen a dip of over 1 per cent to 43,061 vehicles, according to data from the Ministry of Road Transport & Highways' site VAHAN. The reasons are the continuing shortage of chips, especially after the Ukraine-Russia war, and the spate of fires which have led to scooters being recalled by manufacturers.
If the drop in sales over the past two years is anything to go by, India's dream of putting seven million electric vehicles on road by the end of this decade has come a cropper.
Officials hint the visit could finally see a formal defence industrial road map being adopted by both nations.
The new Duster will go head-to-head with popular models like Hyundai Creta, Kia Seltos, Volkswagen Taigun, Skoda Kushaq, Maruti Suzuki Grand Vitara, Toyota Urban Cruiser Hyryder, MG Astor, etc in the highly competitive mid-size SUV segment.
From the customer point of view too, LFP batteries are safer and offer a longer life.
Hailing India and the UAE as "partners in progress", Prime Minister Narendra Modi on Tuesday said the ties between the two countries serve as a model for the world and they are scripting a new history in the third decade of the 21st century.
The news comes just three days after M&M received certification from the US Environmental Protection Agency allowing it to sell pick-up trucks in that country.
The company shipped the first lot of 140 units of its hatchback Chevrolet 'Beat' from the Mumbai port to Chile last Thursday.
The company which had embarked on a strategy -- One Ford -- taking a single global approach on its overall business, is looking to replicate from what it has done with other markets like Brazil and China.
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