In 2022, the sales of domestic passenger vehicles (PV) in India increased by 23% to 37.93 lakh units to become the highest ever sales in the industry for a calendar year. Last year’s record sales beat the sales of 33.3 lakh in 2018. The sales were led by Maruti Suzuki, Hyundai and Tata Motors, which recorded their best sales on the back of pent-up demand and better semiconductor chip supply. The 2022 sales are 23.1 per cent more than that of 2021. The 2022 figure is about 14 per cent higher than the previous highest. The highest growth in annual domestic PV sales was witnessed by Tata
The Union Cabinet on Wednesday approved the National Green Hydrogen Mission with an allocation of ₹19,744 crore, aimed at producing 5 million tonne of green hydrogen annually by 2030. Out of the total allocation, the Centre would provide incentives worth ₹17,490 crore for production of both electrolysers and green hydrogen for five years. The other outlays are ₹1,466 crore for pilot projects, ₹400 crore for R&D, and ₹388 crore towards other Mission components, said an official statement. The Ministry of New and Renewable Energy (MNRE) will formulate the scheme guidelines for
India has now overtaken China in terms of number of visitors to Singapore, becoming the second highest number of visitors arriving in the island nation. Prior to the COVID-19 pandemic, China had the highest number of tourists visiting Singapore. According to Singapore Tourism Board (STB), 6,12,300 visitors from India arrived in Singapore till November 2022. These tourists also stay the longest with an average length of stay of 8.61 days compared with an average of 5.19 days. Indonesia is the largest source of foreign visitors to Singapore with 9,86,900 visitors up till November, while M
The Uttar Pradesh government has signed Memorandums of Understandings (MoUs) with six UAE-based companies worth Rs 18,590 crore, according to the statement released by the state government. The MoUs will help in creating more than 20,000 employment opportunities. Astha Green Energy Venture and Shree Siddharth Infratech and Services will invest Rs. 4,480 and Rs. 8,000 crore, respectively, in the renewable energy sector, and create 2,560 and 4,800 new jobs. Sharaf Group and Hindustan Port will invest in the Logistics Park sector. Their investments will be Rs. 1,300 crore and Rs. 210 crore, r
National Skill Development Corporation of India and TakaMol Holding of Saudi Arabia have launched the Skill Verification Program (SVP) in India. The SVP aims to verify Indian professional workers for the required qualifications and skills for their professions in the Kingdom of Saudi Arabia. Under the SVP, a competency-based exam (theoretical and practical) across 17 benchmarked occupations such as welding, electrician, HVAC, and plumbing will be held to assess and raise the quality of skill and productivity in the Saudi labour market. Five professions, such as plumber, electrician, w
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