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).
Despite the robust growth in this country, Apple's India share in its overall global sales remained modest -- constituting 1.5 per cent of its overall turnover of $389 billion in FY23.
'Trump will absolutely back New Delhi on its position that Pakistan must do more to crack down on terrorists that threaten India.'
India Inc on Thursday pitched for lowering income tax burden on common man, increase in capital expenditure, and firm steps to contain food inflation in their nearly two-hour long interaction with finance minister Nirmala Shitharaman ahead of the Union Budget. During pre-Budget consultation with Sitharaman, the industry leaders and associations also urged the government to focus more on infrastructure development with a view to maintaining the economic growth momentum. The industry leaders also laid stress on boosting the MSME (micro, small, and medium enterprises) sector, considered a backbone of the Indian economy and main employment generator.
Encouraged by the financial model followed by Cricket Australia and England and Wales Cricket Board, the BCCI is planning to introduce a performance-based incentive for the Indian team for each and every home and away series.
The Modi government's flagship initiative 'Make in India' launched 10 years ago has helped the country boost exports, push investments and promote manufacturing. Under the initiative, launched on September 25, 2014, a series of measures have been taken by the government to boost local manufacturing. These initiatives include the rollout of production linked incentive (PLI) schemes for 14 sectors, easing foreign direct investment (FDI) norms, reducing compliance burden to improve business climate, all approvals through single window, and rolling out of the national logistics policy.
The new industrial policy, which may come into effect from October this year, may not offer large incentives. The Gujarat Chief Minister Narendra Modi is learnt to have told officials at the last review meeting that the new industrial policy will not offer large incentives.
Apart from developers of special economic zones and units operating out of them, the proposal will also affect companies in power, infrastructure, food processing, hotel and hospital sectors, among others.
In June last year, India unveiled its first list of 29 critical minerals open for private sector exploration and mining. Since then, 38 critical mineral blocks have been auctioned, but only 14 - less than 37 per cent - have found bidders. This modest achievement was secured only after the Centre conducted a second round of auctions when the first round fell flat, failing to attract the minimum required bidders.
The new guidelines, effective from August 1, aim to expedite visa approvals for nationals from China and other countries sharing land borders with India.
When minister of state for industries Saurabh Patel announced on Monday the new industrial policy in a press conference, there were a flurry of questions pertaining to the incentives given to the Tata's car project, which was relocated from Singur in West Bengal to Sanand near Ahmedabad.
'We don't have to go abroad for anything.' 'Anyone who thinks we have a lot to learn from the US needs to have his head examined.' 'We are in a new era.'
Incentives like concessional loans and direct farm credit waivers for farmers would boost the sector's growth, it said.
'Those trying to use these funds for quick gains should avoid them due to risk of being late to the party.'
Pre-initial public offering (IPO) allotments have lost favour amid buoyancy in the market and increase in average float size this year. After hitting a record high in 2023, they have come to a halt, with just three companies opting for such placements totalling Rs 235 crore. This compares to eight deals worth Rs 648 crore during the same period of the previous year.
Given the high priority accorded to the manufacturing sector, several policy initiatives around the theme of Atmanirbhar Bharat have been set in motion to address its competitiveness and growth. Some notable examples include the PLI scheme and the employment-linked incentive scheme announced in the recent Union Budget. The Budget also announced the setting up of 12 industrial parks under the National Industrial Corridor Development Programme (NICDP).
Industry body CII on Thursday made a case for pushing reforms in sectors like land, labour, and agriculture by the Modi 3.0 government to accelerate economic growth, which is estimated to be around 8 per cent in the current financial year. CII president Sanjiv Puri said a lot of policy interventions in the past have put the economy on "a much stronger wicket". "The growth rate is poised to touch 8 per cent during the current year, marking the fourth consecutive year of above 7 per cent + growth.
Sales of electric vehicles (EVs) in July touched 178,948 units, marking the highest monthly sales this financial year. This represents a 27.9 per cent increase from June, which saw 139,905 units sold, according to the Vahan data from the Ministry of Road Transport and Highways. The strong performance in July contributed to more than one million being sold in the first seven months of the calendar year.
The government proposes to cut custom duties on Trastuzumab Deruxtecan, Osimertinib and Durvalumab from 10 per cent to nil.
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.
'In the case of corporate credit, especially to AAA borrowers, lenders will have to take a fresh look at pricing.'
Today even those who support Prime Minister Modi feel there is a certain sense of listlessness in this government. What is it intending to achieve? This is not easy to say, notes Aakar Patel.
Speaking at a felicitation function for the Commonwealth Games medal winners in New Delhi, Rathore said there was no dearth of money in Indian sports but the funds will have to be used for justified purposes by both the athletes as well as the federations.
'Gujarat is the frontrunner at present.'
'However, Tamil Nadu's robust automobile ecosystem and Telangana's aggressive incentives make them strong contenders.'
The board, which would meet in Chennai, is likely to take a decision on a proposal to scrap the productivity-linked incentives paid to its top managerial cadre, and adopt the financial accounts for 2008-09.
In underlining the role of border villages as custodians of India's frontiers, New Delhi is following China's example in Tibet.
The sop will be given under the government's generation-based incentive for grid interactive wind power project.
Of the total proposed allocation, over Rs 1 lakh crore is meant for BSNL and MTNL-related expenses, including Rs 82,916 crore infusion in BSNL for technology upgradation and restructuring at BSNL.
Pratham Barot, CEO and co-founder, Zell Education, explains how specialised courses in finance can help you earn a cushy six-figure salary.
Paytm, the country's leading fintech player which had to shut its payment bank business following regulatory action, is revisiting its business strategy including partnership with lenders. Also, the company's founder and chief executive officer (CEO) Vijay Shekhar Sharma has decided to oversee the day-to-day operations with all the major verticals reporting directly to him now. "The thing on top of everyone's agenda is getting the core businesses back on track," a person in the know said.
Voltas saw strong growth in both UCP (Unitary Cooling product) and EMPS (electro mechanical projects) segments.
Terrorists active in Jammu and Kashmir will either land in jail or be sent to jahannum (hell), Minister of State for Home Affairs Nityanand Rai said in the Rajya Sabha on Wednesday while asserting that the Modi government has zero tolerance for terrorism.
The launch of a range of electric motorbikes (e-bikes) by Bengaluru-based Ola Electric, a first for the company, has disconcerted the industry because the low price the firm claims to be offering has the potential to disrupt the market. On August 15, Ola unveiled its Roadster series e-bike with a starting-price at Rs 74,999. This new pricing undercuts the previous lowest price in the category, which was Rs 110,000.
Any government support or incentive to help exporters deal with high freight and insurance costs is unlikely.
There will be incentives in interest rates offered to farmers so that they can to pay back agriculture loans in time, says Finance Minister Pranab Mukherjee
The Centre was mulling more incentives for paramilitary personnel, especially those deployed in the border areas, and bring parity among all the forces in terms of pay and other perks
Fund houses have conducted investor camps and awareness programmes in more than 400 cities. Also, the popular 'Mutual fund sahi hai' campaign has helped bring in a lot of new investors into the MF fold from underpenetrated regions.
Of the Rs 1.97 trillion that the government intends to spend on all 14 production-linked incentive (PLI) schemes, around Rs 41,000 crore remains unutilised as of now, according to a senior government official. This means that 80 per cent of the total allocated amount, or Rs 1.56 trillion, will be used to pay incentives to companies eligible to claim benefits over the next few years. The unutilised amount/savings result from undersubscription, lukewarm responses in the case of schemes such as textile, as well as a reduction in the allocation of schemes.
Asia's richest man Mukesh Ambani drew nil salary from his oil-to-telecom-and-retail conglomerate Reliance Industries for the fourth straight year in a row while his children earned a sitting fee and a commission for being on the board of India's most valuable company. Ambani, 67, had capped his annual remuneration at Rs 15 crore from financial year 2008-09 (April 2008 to March 2009) to 2019-20 (FY20); and since FY21, he opted to forego his salary, due to COVID-19 pandemic, until the company and all its businesses were fully back to their earnings potential.
