Connect with us

Businesses

India needs at least 1 mn fast chargers to adopt EVs by 2030: Amitabh Kant

Published

on

New Delhi, April 7 (IANS) The G20 sherpa and former NITI Aayog CEO, Amitabh Kant has said that India needs at least one million fast chargers to adopt electric vehicles (EVs) by 2030.

In a post on X, he said that instead of importing, the country needs to push localisation content in manufacturing, with megawatt-hour charging for buses and commercial vehicles.

“All EV players & startups instead of creating tech silos must work together to build an interoperable fast-charging network. This is critical for providing impetus to the EV movement in India,” Kant wrote.

According to Counterpoint Research, India’s EV sales nearly doubled in 2023 and are likely to grow 66 per cent this year, driven by rising consumer interest, government initiatives and infrastructure development.

Speaking at Ather Energy’s community day event, Kant said that India is already the biggest exporter of two-wheelers in the world.

The future is electric in India which has seen a meteoric rise in EV adoption and homegrown companies should now aim to make electric two-wheelers for the global market, he added.

ALSO READ:  Kolkata Port slashes rates to attract more cargo

At the event, the former NITI Aayog CEO also mentioned that the transformation of India’s automotive sectors is key as it contributes 7 per cent to its GDP, 35 per cent to manufacturing GDP and 8 per cent to total exports.

–IANS

shs/uk

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Businesses

EPFO adds record 18.92 lakh members in April reflecting rise in jobs

Published

on

By

New Delhi, June 20 (IANS) The Employees’ Provident Fund Organisation (EPFO) has added 18.92 lakh net members during April this year which is the highest since the first payroll data was published in April 2018, according to figures released by the Ministry of Labour and Employment on Thursday.

The number of net members added shot up by 31.29 per cent over the corresponding figure for March 2024, the provisional payroll data shows.

The year-on-year analysis reveals a growth of 10 per cent in net member additions compared to April 2023.

This surge in membership can be attributed to increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO’s outreach programmes, the Ministry said.

The data indicates that around 8.87 lakh new members have enrolled during April 2024.

A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 55.5 per cent of the total new members added in April 2024.

ALSO READ:  Social Justice Ministry to skill differently-abled in electronics sector

This is in consonance with the earlier trend which indicates that most individuals joining the organised workforce are youth, primarily first-time job seekers.

According to the payroll data, approximately 14.53 lakh members exited and subsequently rejoined EPFO.

This figure represents a 23.15 per cent increase compared to the previous month of March 2024.

These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement, thus, safeguarding long-term financial well-being and extending their social security protection.

Gender-wise analysis of payroll data unveils that out of 8.87 lakh new members, around 2.49 lakh are new female members.

Also, the net female member addition during the month stood at around 3.91 lakh reflecting an increase of approximately 35.06 per cent compared to the previous month of March 2024.

The surge in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce.

ALSO READ:  India’s EV charging station count rises to 12,146; Maharashtra leads, Delhi 2nd

State-wise analysis of payroll data denotes that net member addition is highest in the five states of Maharashtra, Karnataka, Tamil Nadu, Gujarat and Haryana.

These states constitute around 58.3 per cent of net member addition, adding a total of 11.03 lakh net members during the month.

Of all the states, Maharashtra is leading by adding 20.42 per cent of net members during the month.

Besides, out of the total net membership, around 41.41 per cent addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.)

The payroll data is provisional since the data generation is a continuous exercise, as updating employee record is a continuous process.

–IANS

sps/pgh

Continue Reading

Businesses

Scarce rain, excessive heat caused fall in tea production in Assam, Bengal: Industry

Published

on

By

Guwahati, June 20 (IANS) Insufficient rainfall and excessive heat are hampering production of tea to a great extent during the current cropping season in Assam and West Bengal, industry sources said on Thursday.

Industry body Tea Association of India (TAI) said that the data released by the Tea Board of India indicates a production drop of around 8 per cent in Assam and around 13 per cent in West Bengal up to April this year as against the same period last year.

TAI President Sandeep Singhania said that due to lack of rainfall and high temperature, the tea growing regions of West Bengal and Assam have witnessed significant wilting of tea bushes, which indicated a further crop loss in the coming months.

He said that as reported by the member tea estates of the association, the growers of Assam and West Bengal are estimated to be behind by around 20 per cent and 40 per cent respectively during the month of May as against the same period last year.

ALSO READ:  Kolkata Port slashes rates to attract more cargo

Singhania said that the data published by India Meteorological Department (IMD) for the period from March 1 to May 31 has shown significantly less rainfall in the range of 50 per cent to 80 per cent in the major tea growing districts of West Bengal and 10 per cent to 30 per cent in Assam as against normal rainfall received by the districts in the same period earlier.

Since, tea is a rain-fed crop, not receiving sufficient rain during these important months hampers the production of its premium first flush and second flush during this time and loss of crop during this period will severely affect the cash flows of the companies, the TAI President said.

The much-awaited rainfall was finally received in the tea growing districts of Assam and West Bengal with the southwest monsoon reaching sub-Himalayan West Bengal and northeast India on May 30-31 covering most parts of both the states, nearly a week ahead of schedule.

ALSO READ:  EV firm Ultraviolette unveils industry-1st coverage up to 8 lakh kms for F77 e-bike

The TAI said that post the onset of monsoon, both the states have witnessed profuse rainfall during the first fortnight of the month of June and as per the data released by the IMD, the tea growing districts of West Bengal and Assam have already received 15- 66 per cent and 3-20 per cent more rainfall respectively compared to normal rainfall for the month.

Excessive rainfall coupled with practically no sunshine during the day has again hampered the crop production in both the states.

As reported by most of the tea estates, the production in West Bengal is behind by 25 per cent to 40 per cent and in Assam around 10-15 per cent as against last year during the first fortnight of June.

The combined fall in the tea production till the end of June (this year) is projected to be less by around 60 million kgs in the region as compared to the corresponding period of last year.

ALSO READ:  Indian banks have bounced back in 10 years with 4-fold jump in profits: Report

The crop that has been lost is primarily of the first and second flush – which are the best quality teas for the year. This is definitely going to impact the revenue of the producers for the year, Singhania pointed out.

–IANS

sc/rad

Continue Reading

Businesses

FM Nirmala Sitharaman holds pre-Budget meeting with India Inc.

Published

on

By

New Delhi, June 20 (IANS) Finance Minister Nirmala Sitharaman on Thursday chaired the third pre-budget consultation with industry leaders and associations in connection with the forthcoming General Budget 2024-25 here on Thursday.

The pre-budget consultation meeting was also attended by Union Minister of State for Finance, Pankaj Chaudhary, Finance Secretary, and Secretary, Department of Expenditure; Secretaries of Departments of Economic Affairs, DPIIT, Ministry of Heavy Industry and Ministry of MSME as well as the government’s Chief Economic Adviser.

Apex business chamber, Confederation of Indian Industry (CII) has in its wish list for the Union Budget 2024-2025 urged the government to maintain corporate tax rates at current levels to provide tax certainty for businesses.

CII is also seeking rationalisation of Angel Tax by removing Section 56(2)(viib) in order to further nurture innovation & startups. According to the industry chamber, the scrapping of this section would “greatly aid in capital formation” for the startup sector.

ALSO READ:  Indian banks have bounced back in 10 years with 4-fold jump in profits: Report

Under Section 56(2)(viib) of the Income Tax Act, for a startup to become eligible for angel tax exemption must meet certain conditions which industry claims are cumbersome and come in the way of attracting more investments.

As far as indirect taxation is concerned, CII has in its proposals sought the removal of the restriction to avail ITC (input tax credit) “to ensure seamless flow of credit to businesses where the property being constructed is being used for further providing an output service (such as renting, etc.”

CII has also sought the rationalisation and simplification of the Capital gains tax rate structure.

Besides, the apex business chamber is seeking the rationalisation of stamp duty on land and phasing out the cross-subsidy on power rates to “reduce the cost of doing business”.

CII has also suggested that captive power plants (CPPS) should be brought at par with the power sector for coal pricing, allocation, and transportation.

ALSO READ:  India’s EV charging station count rises to 12,146; Maharashtra leads, Delhi 2nd

It is also seeking a phasing out cross-subsidisation of railway passenger fares by freight to cut logistics costs for businesses.

In the pre-budget consultation meeting with the Finance Minister on Thursday, Subhrakant Panda, Immediate Past President, highlighted the importance of simplification of the tax system.

He said: “The Union Budget should continue the process of simplification and rationalisation of taxes for enhancing ease of doing business. This will also reduce tax related litigations and improve efficiency in the taxation system.”

He also emphasised the need to continue supporting the growth momentum by energising demand, laying thrust on infrastructure development, taking further measures to rein in food inflation, supporting MSMEs and prioritising innovation, and research & development in the country.

In its pre-budget memorandum presented to the Finance Minister, the PHD Chamber of Commerce and Industry (PHDCCI) said that calibrated steps to enhance domestic sources of growth would be crucial to maintain a higher economic trajectory of the country.

ALSO READ:  Amitabh Kant predicts travel and tourism will add 25 mn jobs in coming years

The budget can further stimulate manufacturing sector growth to boost GDP contribution to beyond 25 per cent, fueled by the increasing export trend in high-technology products, it added.

The industry body suggested expanding the production-linked incentive (PLI) scheme beyond the 14 sectors to include medicinal plants, handicrafts, leather and footwear, gems and jewellery and the space sector, among others.

–IANS

sps/pgh

Continue Reading

Businesses

Greece aims at tenfold increase in electric taxis in Athens by 2026

Published

on

By

Athens, June 20 (IANS) Greece aims to increase the number of electric taxis circulating in the Athens wider area tenfold by 2026, as part of efforts for a shift to climate-friendly electromobility, officials said.

Currently, only 100 out of 13,661 taxis in Athens are electric. The target of a program formally launched on Wednesday is to increase this number to at least over 1,000 within the next 18 months through the support of the state and the private sector, Xinhua news agency reported.

Under the existing Green Taxi scheme, which was announced last year and expires in 2025, taxi drivers can receive subsidies of up to 22,500 euros (24,189 US dollars), amounting to about 40 per cent of the cost of a new electric taxi, said Christos Staikouras, infrastructure and transport minister.

“It is funded by the Recovery and Resilience Fund, and the budget can cover the replacement of up to 1,770 old, polluting taxis with electric ones. The precondition is the withdrawal of the old vehicle,” he said.

ALSO READ:  China’s reversion to its ‘old’ growth model being witnessed in recent years

A total of 40 million euros (42.8 million dollars) are available. So far, just 100 applications have been submitted, he added.

In order to step up the pace, a supplementary program named Zap Taxi Club was created by the private sector in coordination with the state. It offers taxi drivers the additional funds needed to take the step through a leasing proposal by the leasing branch of National Bank, one of the systemic banks in Greece.

With a monthly fee in combination with the state subsidy, taxi drivers can eventually own a new electric car within a few months. They can choose between vehicles manufactured by seven companies, including Chinese BYD.

In parallel to the Green Taxi program, the Infrastructure and Transport Ministry also subsidises the purchase of electric cars by non-professionals and some 28 million euros (30 million dollars) have already been allocated, they said.

–IANS

int/sd/arm

Continue Reading

Businesses

Sensex jumps 141 points, Nifty closes above 23,550

Published

on

By

Mumbai, June 20 (IANS) India’s benchmark indices closed in the green on Thursday following a rally in metal and banking stocks.

At closing, Sensex settled at 77,478, up 141 points or 0.18 per cent, and Nifty was up 51 points or 0.22 per cent, at 23,567.

Banking stocks were also up during the day. Nifty Bank closed at 51,783, up 385 points or 0.75 per cent.

Buying was seen in midcap and smallcap stocks on Thursday. The Nifty Midcap 100 index was up 522 points or 0.95 per cent at 55,473 while the Nifty Smallcap 100 index was up 110 points or 0.61 per cent at 18,266.

JSW Steel, Tata Steel, ICICI Bank, Reliance, Axis Bank, Kotak Mahindra Bank, Asian Paints, and HUL were the top gainers on the day while M&M, Sun Pharma, NTPC, SBI, Wipro, and Bharti Airtel were the top losers.

Among the sector indices, Metal, Banks, Realty and FMCG were major gainers. Auto, pharma, and PSU Bank were major losers.

ALSO READ:  China’s reversion to its ‘old’ growth model being witnessed in recent years

According to market experts, “Despite experiencing significant volatility, the domestic market concluded the day positively. In the near term, market attention is expected to centre around the upcoming Union budget and the progress of the monsoon.”

“On the global front, the decline in US bond yields has facilitated robust FII inflows in recent days. The fertilizer stocks exhibited good momentum, driven by the proposed removal of GST & hike in MSP,” analysts said.

–IANS

avs/sha

Continue Reading

Trending