India's economic growth surged to 20.1 per cent in the April-June quarter of this fiscal, helped by a low base in the year-ago period, amid a devastating second wave of the COVID-19.
According to a Reuters report, the union government has re-drawn a plan to give $8billion to car makers which use petrol, with added benefits to EVs.
India has three primary assets in its favour: the potential for significant domestic demand, government’s drive to encourage manufacturing and a distinct demographic edge – Shifting Global Value Chains, White Paper by World Economic Forum & Kearney, Jun’21.
The Indian economy’s resilience will be tested by its ability to overcome a devastating outbreak of Covid-19, although no one’s yet doubting its potential to pull off the world’s fastest pace of growth among major economies this year.
Relaxation in restrictions and a lower-than-expected hit to the economy from the second wave of the pandemic is fueling hopes of a faster recovery in coming months.
For that scenario to have even a remote possibility, much depends on what happens the next few weeks. Although the U.S. is racing to evacuate thousands of Americans and vulnerable Afghans after a rushed troop withdrawal ending 20 years of war, President Joe Biden still has the power to isolate any new Taliban-led government on the world stage and stop most companies from doing business in the country.
During the virtual meet, the Chairman talked of Maruti's electric vehicle ambitions, reiterating that the country's largest carmaker will enter only when it is sure its electric product can be affordable for its consumers and also be able to operate with losses
Shift towards EVs is inevitable as state govts, financiers and customers shift to cleaner energy and transport options.
The portal is mobile responsive through which sellers can submit requests at their convenience and which is then funneled directly to the right department that handles the request without any manual intervention or re-keying of information.
India’s jobless rate fell to the lowest level in four months in July, adding to signs of a nascent recovery in the economy where sales tax collections and demand for some commodities have signaled a rebound. The unemployment rate dropped to 6.95% last month from 9.17% the previous month, according to latest data from private research firm Centre for Monitoring Indian Economy Pvt.
ONGC already has a preliminary agreement with US-based ExxonMobil for partnership in the exploration sector. ExxonMobil is currently studying Indian geological data to finalise exploration opportunities.
"The production for the 64 countries reporting to the World Steel Association (worldsteel) was 167.9 MT on June 2021, an 11.6 per cent increase compared to June 2020, " the global industry body said in its latest report.
“A glance at the FY21 data suggests that some of the major export destinations for India’s top 10 major commodities are also the regions which are expected to witness strong import growth in 2021,” the ratings agency said.
The industry registered a growth of 65% during January-June of 2021 compared to the previous year despite the second wave of Covid-19 impacting sales for a couple of months, said Deepak Shetty, managing director, JCB India.
The country's gross domestic product (GDP) growth is likely to be 8.8 to 9 per cent in the current financial year, driven by agriculture and industry sectors, Care Ratings said in a report.
Crude oil imports also fell to a 9-month low in June as refiners curtailed purchases amid higher fuel inventories due to low consumption and renewed lockdowns in the previous two months, data obtained from trade sources showed.
The forecasts are focused on the organized labor sector, which accounts for less than 20% of the workforce. Much of the informal labor isn’t captured in surveys.
The Directorate of Revenue Intelligence (Mumbai wing) seized a Nissan Patrol SUV worth around Rs 1 crore from Malakpet in connection with a luxury car smuggling racket using diplomatic privileges to evade customs duty. The vehicle was registered in Manipur in the name of a realtor from Malakpet.
A record bout of fundraising and a slew of upcoming startup IPOs has shifted focus to Indian technology startups even as investors are spooked by China’s crackdown on its own tech companies.
India's year-on-year engineering goods exports rose by 52.4 per cent during June 2021.
| Name | DIN | Designation | Date of joining | |
|---|---|---|---|---|
| Sangeetha Ramakrishnan | Unlock to View | Unlock to View | Director | 25 Nov,2015 |
| Krishnamoorthy Subramaniam | Unlock to View | Unlock to View | Director | 31 Jul,2006 |
| Amarnath Krishnamoorthy | Unlock to View | Unlock to View | Director | 26 Sep,2005 |
| Anandakrishnan Usha | Unlock to View | Unlock to View | Director | 18 Feb,2003 |
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