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Five automakers to recall over 1,56,000 cars for faulty parts

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Five automakers to recall over 1,56,000 cars for faulty parts

Seoul, July 11 (IANS) Kia, Nissan Korea and three other carmakers will voluntarily recall more than 1,56,000 vehicles due to faulty components, the transport ministry here said on Thursday.

The five companies, also including Hyundai Motor Co., Porsche Korea and Toyota Motor Korea Co., will recall 1,56,740 units of 32 different models, the Ministry of Land, Infrastructure and Transport said in a statement.

The problems that prompted the recall include poor durability of the electronic control hydraulic unit of 1,39,478 units of the Sorento SUV model, reports Yonhap news agency.

Also, 8,802 vehicles across eight Nissan models, including the Q50 model, were found to have defective manufacturing of the propeller shaft.

Hyundai’s luxury brand Genesis will recall 2,782 GV70 units due to defective engine ignition connection bolts. Porsche Korea will recall 2,054 vehicles across 17 models, including the 911 Carrera 4 GTS Cabriolet, due to a safety issue involving the lane-keeping function.

Toyota Korea will recall 737 vehicles across three models, including the Prius 2WD, due to a defect in the rear door external handle, the ministry said.

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–IANS

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Piyush Goyal holds talks with UK and EU on free trade agreements

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Piyush Goyal holds talks with UK and EU on free trade agreements

Piyush Goyal holds talks with UK and EU on free trade agreements

New Delhi, July 17 (IANS) Union Minister of Commerce and Industry, Piyush Goyal, held bilateral discussions for deeper economic ties and moving ahead on free trade agreements (FTAs) with his counterparts from the UK and EU on the sidelines of the G7 trade ministers’ meeting at Reggio Calabria in Italy, an official statement said on Wednesday.

Goyal congratulated Jonathan Reynolds, UK Secretary of State for Business and Trade, on his appointment and discussed deepening bilateral economic relations.

The conversation included plans to take forward the discussions on the FTA between India and the UK.

Goyal also held discussions with Valdis Dombrovskis, Executive Vice President of the European Commission, focused on promoting India-EU trade and economic collaborations, including the ongoing FTA negotiations.

Both sides explored opportunities to strengthen cooperation in various areas of mutual interest, the statement said.

During his discussions with Antonio Tajani, Italy’s Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, both agreed to enhance bilateral trade and investments, industrial co-production, and cooperation in clean technologies.

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Goyal also congratulated Tajani for hosting a productive G7 Trade Ministers’ meeting.

In his talks with New Zealand Trade Minister Todd McClay, Goyal explored opportunities to enhance bilateral trade and investment ties for mutual growth.

The discussions aimed at giving further impetus to the existing strong trade relationship between India and New Zealand.

The Minister also met Robert Habeck, Federal Minister for Economic Affairs & Climate Action, Germany, and discussed opportunities to elevate the growing Indo-German trade and economic partnership.

The discussions focused on the upcoming Inter-Governmental Consultations and the Asia-Pacific Conference of German Businesses in Delhi.

These bilateral engagements are expected to pave the way for significant advancements in India’s trade relations with key international partners, the official statement added.

–IANS

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Power Minister asks DVC to explore equity market route to raise funds for growth

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Power Minister asks DVC to explore equity market route to raise funds
 for growth

Power Minister asks DVC to explore equity market route to raise funds
 for growth

Kolkata, July 17 (IANS) Union Power Minister Manohar Lal Khattar on Wednesday reviewed the performance of the Damodar Valley Corporation (DVC) here and suggested that it may explore the equity market to raise funds for its future growth plans.

During the meeting held at the DVC headquarters, the Minister also discussed the operational challenges and financial issues faced by the corporation.

He said the growth and progress of DVC are important for energy security and economic development of the country, as he assured the officials of full support in resolving the issues that were highlighted.

During the meeting, the Minister also stressed the need to increase the renewable energy portfolio of DVC and bring more efficiency in its operations.

–IANS

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Asian Paints posts 25 per cent fall in Q1 net profit at Rs 1,170 crore

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Asian Paints posts 25 per cent fall in Q1 net profit at Rs 1,170 crore

Asian Paints posts 25 per cent fall in Q1 net profit at Rs 1,170 crore

Mumbai, July 17 (IANS) Asian Paints on Wednesday reported a 25 per cent decline in its consolidated net profit, to Rs 1,170 crore, for the April-June quarter of 2024-25, compared to the same period of the previous year.

The company’s revenue from operations fell by 2 per cent to Rs 8,970 crore year-on-year.

“Demand conditions for the paint industry were adversely impacted by the severe heat wave and general elections during the quarter,” said Asian Paints CEO Amit Syngle.

“In the near term, we expect demand conditions to improve at the back of improving rural sentiment and monsoons picking up gradually,” he added.

Asian Paints’ PBDIT (Profit before depreciation, interest, tax, other income, and exceptional items) margin, as a percentage of net sales, shrank to 18.9 per cent during the first quarter from 23.2 per cent in the corresponding period of the previous year, according to a company statement.

–IANS

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IANS Interview: PM Modi wants India to become a 'developed society' by 2047, says Niti Aayog Vice Chairman

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IANS Interview: PM Modi wants India to become a 'developed society' by 2047, says Niti Aayog Vice Chairman

IANS Interview: PM Modi wants India to become a 'developed society' by 2047, says Niti Aayog Vice Chairman

United Nations, July 17 (IANS) Suman Bery, the Vice Chairman of NITI Aayog which is tasked with guiding policies for achieving Prime Minister Narendra Modi’s visions for India, has spoken exclusively with the IANS UN bureau in New York.

Following the release of the International Monetary Fund (IMF) report that reiterated India’s position as the world’s fastest-growing economy, Bery discussed strategies for growing the nation into a developed society by 2047, working with the private sector, the role of agriculture, development of states, and lessons for the Global South from India’s experience.

Bery combines the experience of working with the private sector, as the chief economist of Royal Dutch Shell, with think-tanks as a scholar, and with the World Bank as an economist.

Here are excerpts from the interview:

IANS: You just spoke at an international meeting, the high-level political forum on sustainable development where countries from around the world took up vital topics. What are the takeaways from the Indian model for other Global South countries?

Bery: India has its own challenges. And I think one reason for India’s success is that it has mechanisms to come up with its own solutions. With Prime Minister Modi at the helm for 10 years and now having been selected for another five years, I think there are certain lessons to be drawn.

First, I would talk about the economic mandate. When the last Parliament was being dissolved, the government came out with a white paper that talked about the situation they inherited: India as a part of the so-called ‘Fragile Five’. Now it is one of the fastest-growing economies in the world. A lot of that has to do with sheer economic management, making sure that the inflation rate is down, good administration, and the GST (Goods and Services Tax).

So, there are certain basics, which, I think, India’s experience confirms are important.

But I do feel that [in] India’s case, the emphasis even at the time of Covid and after it on infrastructure has been quite important… Important for employment and productivity, and also for connectivity.

And finally, the digital story is fairly well recognised. What India’s digital success points out is actually the link between intelligent policy and a fairly dynamic private sector, a successful model of public-private partnership.

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IANS: You mentioned the private sector. There has been a big change in India’s planning model, from the old commission to the NITI Ayaog where policies emphasise broader participation of the private sector with an important role in the nation’s development. How do you see that working out, and the response?

Bery: I think there are two or three separate issues. One is that after the liberalisation of 1991, the private sector was meant to play a much larger role. [But] it took 30 years and the arrival of a new government to recognise the reality.

I would say that we have not made as much progress as we might have. In going from development being a question of government schemes to development being seen as a question of appropriate policies, I think what we have to do now is trust our policies more, and have more stable policies.

Having said that, I do want to come back to what I said about digital public infrastructure because what that points out is the importance of intelligent regulation. There are two dimensions to how the government and therefore the Niti Aayog interacts with the private sector.

One is through policies, and the other is through regulation. In both of these, I think India has made a promising start, but to become a developed economy by 2047, much more needs to happen.

IANS: How do you see the role of states in India’s development? How to level the disparities between states? ‘Competitive Federalism’ is seen as having a role…

Bery: We no longer exercise financial powers, but we work just as much with the states as we used to. A very important part of what NITI Aayog is doing is working with the states because, as the Prime Minister observes, it’s only when the states grow that India grows.

His counsel to me when I took on the job was that my role was as much with the states as with the Central government.

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See, it is ‘Cooperative and Competitive Federalism’ and NITI Aayog tries to operate on both of these.

I think it’s important to note that each Indian state is like a ‘mini-country’. In many ways, there are legacy problems that will take time to resolve, but I was quite encouraged to see that when we put out our multi-dimensional poverty index, some of the poorer states did better than some of the richer states.

The obvious reason is that it is in many ways easier to make progress at the beginning of the process than later on.

I think there’s no magic bullet to [tackle] this, but I feel the most important tool of the government system, not necessarily administered by itself, is the Finance Commission.

The 16th Finance Commission has just been appointed and in its financial award, it takes account of the distance of states from the national level. And that to me is the most powerful tool.

Having said that, I think the question of whether the right unit of measurement should be the state or the individual is something that India needs to think harder about. As long as individuals are living better lives, that’s what really matters.

IANS: The Prime Minister has set a goal of making India a developed economy by 2047. What is your broad strategy for achieving that goal?

Bery: The Prime Minister has made it very clear that the strategies have to be local. All of his emphases, including the abolition of the planning commission, are meant to ensure that this should not be top-down.

The Prime Minister has set out a vision for India to be a developed society, not economy, by 2047.

But India is too large and diverse for there to be a national economic strategy. I’ve already mentioned one element of it, which is maintaining financial stability. I think what is more important is that India must retain its independence of action, what is sometimes called strategic autonomy.

What is clear is that India has already harnessed technology, and digital technology successfully. The digital revolution is gathering speed. It is important for India to be technology-friendly.

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Second, the next 20 years – India’s ‘Amrit Kaal’ – is the period of India’s so-called demographic dividend, and, therefore, any strategy has to be about getting the most out of India’s human resources, women, and youth, in particular.

How you get there has to be decided by individual states. But the focus needs to be on better livelihoods, and, frankly, the parents of this generation should have confidence that their children will live better lives than they did.

The Prime Minister seeks inputs from the states, the NITI Aayog works with states on their invitation to think about what their game plan would be for 2047. But, I think India is too large and too diverse for there to be an industrial policy strategy for the entire country.

IANS: What would be your goals for the next five years in concrete terms?

Bery: We’re not in the business of five-year plans. The government’s official view will be revealed in the Union Budget, which is just around the corner [July 23].

I think the President of India [Droupadi Murmu] has already indicated that this will be a landmark Budget. I feel there are certain milestones. Firstly, it is expected that India will become the third-largest economy in the world before the end of this decade. This has certain implications for faster growth rates.

Second, the focus on capital investment will continue.

Third, we have made commitments to the UN Framework Convention on Climate Change about the direction of our energy transition [away from fossil fuels].

So all of these are inputs into the perspective that the Budget gives us, but I would pay particular attention to the energy intensity commitments under the nationally determined contributions.

I wouldn’t be surprised if the agriculture sector gets a lot of attention. We’ve given attention to infrastructure. We’ve given attention to digital economy. The Prime Minister certainly believes that the startup culture has a lot of potential.

(Arul Louis can be contacted at arul.l@ians.in and followed at @arulouis)

–IANS

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Vietnam's economic growth in 2024 forecast on upward trend

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Vietnam's economic growth in 2024 forecast on upward trend

Vietnam's economic growth in 2024 forecast on upward trend

Hanoi, July 17 (IANS) The Vietnamese economy is forecast to grow at 6.3 per cent in 2024 and 6.5 per cent in 2025, said the ASEAN+3 Macroeconomic Research Office in its latest update.

The growth rate for 2024 is 0.3 percentage points higher than the 6 per cent forecast in April and is the highest among ASEAN countries for 2024, Vietnam News Agency reported Wednesday.

Meanwhile, the 2025 forecast has been maintained, Xinhua news agency reported.

The office’s chief economist Hoe Ee Khor noted that Vietnam was hit hard last year by the downturn in external demand, but is expected to benefit from a turnaround in external demand this year.

“This is going to be a very strong growth year for Vietnam. The country is one of those highly open economies that benefit greatly from trade,” he said.

In its latest Asian development outlook, the Asian Development Bank projected Vietnam’s economic growth at 6.2 per cent, higher than the projection of 6 per cent the bank made in April.

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Meanwhile, the country’s Ministry of Planning and Investment said Vietnam’s economy could beat all the forecasts to expand at 7 per cent for the full year with a growth rate of 7.4 per cent and 7.6 per cent in the two last quarters, respectively.

Vietnam’s economy was reported to have grown by 6.93 per cent in the second quarter and 6.42 per cent in the first six months of 2024, according to the General Statistics Office.

–IANS

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