India is aiming to double the size of its automobile industry to Rs 15 lakh crore by the end of 2024, making it one of the world’s top countries in this sector, said Union Road Transport and Highways Minister Nitin Gadkari on Wednesday. Currently, India’s automobile industry is Rs 7.5 lakh crore. Speaking at a virtual session of Merchants' Chamber of Commerce and Industry, Nitin Gadkari said that his ministry will carry out project works worth Rs 5 lakh crore in 2023, of which Rs 2 lakh crore will come from the government and the rest will be raised from the capital market. The union m
Women entrepreneurs have been benefited the most under the government’s Stand-Up India scheme, with 80.2% of bank loans sanctioned till early December going to women-led businesses since the scheme’s launch in April 2016, said the government data shared in Parliament. According to the data shared by the Minister of State for Finance Bhagwat Karad in the Rajya Sabha recently, 1,59,961 loans under Stand-Up India were sanctioned to entrepreneurs as of December 2, 2022. Of these, 1,28,361 loans were sanctioned to women entrepreneurs, while 23,797 loans were sanctioned to scheduled caste (S
India has emerged as a leading investment destination for billionaires worldwide, says UBS Billionaire Ambitions Report 2022. The report, released early December, said that 58% of the billionaire respondents chose India and Southeast Asia as their chosen markets for investment. Only 42% of the participants picked China. The UBS report is based on surveys, questions and information from the UBS Evidence Lab on more than 2,500 billionaires across 75 markets. The report says, billionaires are looking to put more of their money in India due to the strong growth of the region's economy. Am
The Rs 10,683-crore production-linked incentive (PLI) scheme of Centre has attracted investments of Rs 1,536 crore, with approval letters issued to 56 applicants who met the eligibility criteria, an official statement said on Monday. Applications under the PLI scheme for textiles — launched to enable the industry to achieve size and scale and become competitive — were received online from January 1, 2022, to February 28, 2022. The government launched the scheme to promote the production of MMF apparel, MMF fabrics and Products of Technical Textiles in the country. The Ministry of Te
India will become the third economic superpower by 2037 and a $10 trillion economy by 2035, says a Centre for Economics and Business Research (CEBR) report released on Monday. CEBR, a London-based consultancy, however, said that the annual rate of GDP growth in India is expected to average 6.4 per cent over the next five years, followed by an average of 6.5 per cent over the next nine years. The report added that billionaires are looking to invest more of their money in India due to its strong economic growth. While the COVID-19 pandemic had a particularly devastating effect in absolute
Union Minister for Road Transport and Highways Nitin Gadkari on Friday said that electric buses can help reduce ticket prices for passengers by as much as 30%. The minister also urged banks to give loans at lower interest rates to those keen to buy vehicles that run on clean energy, such as flex fuel, electricity and hydrogen. Speaking at the golden jubilee celebrations of a cooperative bank in Kalyan in Thane, Maharashtra, the minister said the cost of operation of a non-air conditioned electric bus is Rs 39 per kilometre, while it is Rs 41 per kilometre for an AC electric bus. ”All bus
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