India's exports declined 6.86 per cent to USD 34.48 billion in August, for the seventh month in a row, due to a fall in shipments from key sectors like petroleum and gems and jewellery on subdued global demand. The trade deficit (difference between imports and exports) during the month touched a 10-month high of USD 24.16 billion.
The government aims to cover the entire national highway network under a perpetual maintenance contract to streamline the process and reduce delays. The initiative is urgent due to the high number of road accidents caused by potholes in 2021. The government also plans to involve engineering students in detecting potholes and identifying maintenance deficiencies.
To facilitate this extensive review, the PNGRB has highlighted the need to have two dedicated professionals stationed at their New Delhi office for a span of two years.
"We're focusing on exporting EVs and batteries. Our goal, as outlined in our economic survey, is to produce close to 10 million vehicle units annually by 2030, potentially creating 50 million jobs," said Sinha.
The federally administered region of Jammu and Kashmir in India is planning to auction its lithium reserves in the coming weeks, according to a government source. This move comes as India seeks to secure supplies of lithium, a vital component for electric vehicle batteries. Discussions with the Chilean government were also underway to secure lithium block.
Two major semiconductor projects are currently in the works in Sanand, according to India's Union Minister, Ashwini Vaishnaw. Although he did not provide details about the proposals, he mentioned that they will focus on a specific area where India has the potential to become a global leader. Vaishnaw also highlighted the progress India has made in the semiconductor segment, making it an attractive destination for global industry players.
The six new sectors that could join the PLI scheme also include toys, bicycles, leather and footwear, the officials said. These sectors will share the INR 18,000-crore-rupee allocation that is being carved out from the scheme's original outlay, they added.
Global crude oil prices have surged from around $75 per barrel to above $94 per barrel since the beginning of July. Analysts expect the crude prices to cross the $100 per barrel mark in the next two months.
Ashwani Dhingra, Zonal Head, Central Bank of India, said, “This year, we aim 61% growth in MSME credit at our Mumbai and Goa Zone from INR 6,577 crore as of March 2023 to INR 10,618 crore by March 2024. Credit growth to MSMEs is expected to outperform overall credit to industry this year in Mumbai and Goa Zone, which is our largest zone in India. Consequently, the share of MSMEs in the overall credit outstanding in this zone is targeted to grow from 12% as of March 2023 to 15% by March 2024.”
Bajaj Auto's managing director, Rajiv Bajaj, stated that the entry-level customers are unlikely to return in the near future, indicating a lackluster festive season for traditional fuel-based motorcycles as buyers consider electric alternatives. Bajaj attributed this trend to the impact of the COVID pandemic, job losses, and rising petrol prices on lower-income households.
"We are keen to diversify into critical minerals, specifically lithium, nickel and cobalt," one of the sources in the company said. The sources did not specify which countries India will be talking to, to explore battery minerals sourcing.
Preliminary figures from state-owned enterprises show that diesel sales in India decreased for the second month in a row in September, as rains reduced demand and halted industrial activity in several parts of the nation. While diesel sales declined year on year in the first half of September at three state-owned fuel outlets, petrol sales increased slightly.
The two sides also exchanged views on regional and international issues of mutual interest, the statement said. The refinery is expected to lessen Mongolia's dependency on oil imports from Russia. Once completed, this refinery will be able to process 30,000 barrels of crude oil per day or 1.5 million tonnes annually and help the country meet its needs for petroleum products such as gasoline, diesel, aviation fuel, and liquefied petroleum gas.
Supplies from Russia fell 23% month-on-month to 1.47 million barrels per day (mbd) in August, even as India's overall crude imports fell 5% to 4.35 mbd, according to energy cargo tracker Vortexa. Russia's seaborne crude exports to China, however, increased to 1.4 mbd in August from 1.3 mbd in July.
Being the home for several traditional auto manufacturing players and component manufacturers, Tamil Nadu is also the hotbed for innovation in the electronics space and boasts some of the biggest players in the ecosystem.
JSW is likely to use a single platform on which it can build at least three mid-sized sport-utility vehicles (SUVs), one of the sources said, adding that Leapmotor will also engineer the cars for the Indian company.
According to police, the entire area of the New Delhi district will be considered as "Controlled Zone-I" from 5 am on September 8 to 11.59 pm on September 10. However, bonafide residents, authorised vehicles and emergency vehicles will be allowed to travel on the road network of the New Delhi district. India is hosting the G20 Summit and the main event will be held in New Delhi on September 9-10.
Transport department officials said the state has nearly 4 crore vehicles and 1.25 crore vehicles are expected to be fitted with HSRP within a year once the successful bidder is awarded the work. Customers will have to bear the cost of HSRP
India is preparing to start the auction process for some 100 critical mineral blocks in the next four months, as part of plans to secure domestic supplies of the raw materials needed to fuel the green energy transition. The blocks are for minerals including nickel, lithium, cobalt and platinum, along with rare earths, Mines Secretary Vivek Bharadwaj said in an interview in New Delhi.
To transform its network at scale and speed, the tech giant has partnered with local original equipment manufacturers in India, including small and medium businesses, and startups, to create innovative mobility solutions.
A component is a part or element that make up a whole machine. In the automotive industry, a vehicle comprises of a number of different components, which when put together, makes up a whole vehicle. Following is the list of the important automotive components:-
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