India has handed over 125 Mahindra SUVs to Sri Lanka under an existing line of credit. The fleet is part of the 500 state-of-the-art SUVs committed under a memorandum of understanding signed earlier this year. High Commissioner of India Gopal Baglay handed over the fleet to Sri Lanka’s Minister of Public Security, Tiran Alles for use by Sri Lankan Police to help them provide prompt and efficient services to the public. The Indian High Commission in Sri Lanka tweeted that another 375 SUVs will be dispatched to Colombo under an existing line of credit. The SUVs are part of India’s ong
India’s coal production will touch one billion tonnes in the next financial year from this fiscal’s 900 million tonnes, Union Coal Minister Pralhad Joshi told Parliament on Monday. The government plans to stop import of thermal coal by 2024-25. In response to questions asked during the Question Hour in the Rajya Sabha, the Coal Minister said India’s domestic coal requirement will reach 1,500 million tonnes by 2030, for which the country needs to scale up its production, said Pralhad Joshi. “This year, our production will be 900 million tonnes; next year, it will be 1 billion ton
Union Steel Minister Jyotiraditya Scindia said on Monday that India has become the second-largest steel producer in the world in the last eight years. While replying to a question on environmental concerns due to steel production, the minister said, “India has now reached a new record. We have become the second largest steel producer in the world in the last 8 years, doubling our capacity from 150 to 154 million tonnes of production. We are very very aware of the environmental concerns.” The steel industry produces 7% of CO2 emissions internationally, while the Indian steel industry
India and Vietnam are emerging as Apple Inc.’s next manufacturing hubs in view of assembly partners trying to add resilience to a supply chain heavily concentrated in China and disturbed by its geopolitical and health challenges. Counterpoint Research analysts Ivan Lam and Shenghao Bai point out that key electronics manufacturers are diversifying their production globally, making use of local incentive policies. The effort of many years, beginning before the COVID-19 pandemic and lockdowns that shook China, may see leading partner Hon Hai Precision Industry Co. , also known as Foxconn, s
Prime Minister Narendra Modi inaugurated and laid the foundation stone of several development projects worth over Rs. 6,800 crore in Tripura and Meghalaya on Sunday. The Prime Minister launched projects worth Rs. 4,350 crore in Tripura. The projects include Grih Pravesh programme for beneficiaries under Pradhan Mantri Awas Yojana – Urban and Pradhan Mantri Awas Yojana – Rural. These houses, which have been developed at a cost of more than Rs. 3400 crore, cover over two lakh beneficiaries. He also inaugurated State’s first Dental College in Agartala. In Meghalaya, the Prime Ministe
Union Petroleumand Natural GasMinister Hardeep Singh Puri has said that India would contribute 10% to the incremental growth of global petrochemical demand. Speaking at the Plenary Session at the 7th Petrochemical Conclave, New Delhi, on Sunday, the minister said the petrochemical market size is currently in India at about $190 billion, whereas the per capita consumption of petrochemical segments is significantly lower, compared to that in developed economies. “And this gap offers substantial space for demand growth and investment opportunities,” Puri was quoted as saying in a statemen
There is an urgent need to create a new and dedicated fund to help developing countries successfully implement a post-2020 global framework to halt and reverse biodiversity loss, said Union Environment Minister Bhupender Yadav at the stocktaking plenary at the UN biodiversity conference, Convention on Biological Diversity COP15, in Montreal, Canada. The Global Environment Facility, which caters to multiple conventions such as the UNFCCC and UN Convention to Combat Desertification, is the only source of funding for biodiversity conservation. India said the developing countries bear most
Electronics production in India increased to Rs 6.4 lakh crore in value terms and exports hit an all-time-high of Rs 1.09 lakh crore in 2021-22, Minister of State for Electronics and IT Rajeev Chandrasekhar said in a statement in the Parliament. The electronics production in 2020-21 was over Rs 5.44 lakh crore and exports were Rs 81,822 crore based on the data sourced from industry associations and Directorate General of Commercial Intelligence and Statistics. The minister said that the Centre’s goal is to broaden and deepen the country's electronic manufacturing ecosystem. The Nation
India could attract about $10 billion in renewable energy investment in 2023—a bright spot as public markets remain largely shut to raising big-ticket capital—said the top officials of Bank of America in India. Kaku Nakhate, the President and India Country Head of Bank of America, in an interview, said that deals and investments will continue to flow into areas such as electric vehicles and green hydrogen, as investors need energy transition in their portfolios. Sectors such as renewable energy and retail are set to benefit as India performs better than other emerging markets in dra
India’s retail inflation reduced sharply to an 11-month low of 5.88% on an annual basis in November from 6.77% in October, 2022, due to cooling global commodity prices and higher borrowing costs. The percentage of inflation, which is measured by the Consumer Price Index (CPI), came within the Reserve Bank of India’s (RBI) tolerance band of 2-6% for the first time this year. India’s factory output, measured through the Index of Industrial Production (IIP), saw a contraction of 4% in October, said two separate data released by the Ministry of Statistics & Programme Implementation (