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Don’t let your first car be a costly mistake: Here is how to buy car the smart way Buying your first car is nowadays an intimidating experience amid a recent spate of car price hikes, interest rates rise, supply shortages and higher fuel prices. Major carmakers in India like , Kia, , MG Motor, and have already increased the prices of cars twice this year, with many companies also delaying the delivery of their vehicles by several months due to the rise in demand. The country's largest carmaker, , increased prices for its vehicle four times in the last year and by up to 8.8 per cent from January 2021. It again increased the prices of its entire model range in April owing to the rising in input costs. With these price increases, loan interest rate hike and rising oil prices, the average payment for owning a car has swelled. For many, cars are a necessity. But owning a car with a loan pushes your budget and binds you to a car for six, even seven years. Not being ready before stepping onto a car lot can open the door to making a purchase you’ll later regret. So you should set your limits before you ever stop at a dealership. With the right preparation, you can keep your purchase from becoming a burden. Here is how you should plan for your car purchase. SECURE A LOAN Your first step is calculating what loan payments you can afford and the total loan amount that’s within your budget. Aim to keep your monthly loan payment below 10% of your take-home pay, and if you’re buying a used car, keep your loan term under 36 months. If you’re looking for a new vehicle, keep the term under 60 months. Limiting your loan term will save you money on interest and will lower the risk of your loan becoming upside-down — owing more than the car is worth. Numbers in hand, start looking for a lender that will give you a loan. Getting preapproved for a loan before visiting dealer lots can give you a better-negotiating position, keep you from going over budget and reduce what you pay in interest. With little or no credit history — especially since you have not had a car loan before — your best shot at being approved for a loan at the lowest interest rate possible is to apply with a co-signer. But if that’s not a possibility for you, there are still financing alternatives available: — One of the first places to look are banks and credit unions, particularly institutions that you have an established relationship with. — Search your area for lenders with first-time buyer programs, which put conditions on the amount you can borrow and the vehicles you can buy but dispense with some of the credit requirements. — You can also look for loans from online lenders that offer bad-credit auto loans, since they will often have low or no minimum credit scores. These loans can carry interest rates of over 25%, so a year after taking one on, you can try to refinance for lower rates. Calculate Cost of Ownership Carefully Young earners with easy access to credit are often swayed by the
rates of over 25%, so a year after taking one on, you can try to refinance for lower rates. Calculate Cost of Ownership Carefully Young earners with easy access to credit are often swayed by the prospect of buying the hottest set of wheels. However, besides the car loan EMI, you should also need to take into account the maintenance expenses, fuel, insurance, registration and taxes that all add to the cost of owning a vehicle. As you search for a car, instead of using the entire surplus income to purchase the car, you should calculate the total cost of ownership. Setting a realistic budget is a key. The total cost of owning your vehicle, including your loan payment, shouldn’t exceed 20% of your take-home pay. Although some costs can’t be significantly reduced, you can minimize others — such as future maintenance, repairs and fuel — with the right car. Take a test drive Once you’ve settled on a car, take it for an extensive test drive, and pay attention to “the seating position, the visibility out of the windows, and the sound of the engine.” If something about the car isn’t right for you, a different vehicle is likely a better choice, and don’t be afraid to be picky. You may not be buying the car of your dreams, but you could be living with your choice — and making payments on it — for years to come. Know your exact needs: Identify your basic needs. For what purpose will you be using your car? Do you go on long journeys often? Examine your lifestyle and do your research accordingly. Look into features and options best suited to your needs in your budget. We all like feature-loaded cars with a fancy sunroof, touchscreen music system, automatic gears, etc. Still, with money being a constraint, you will have to focus on the features you need. For those who have a commute for long distances, good fuel economy or mileage is the key. Although diesel cars can help you save money, they typically cost more than petrol cars on maintenance, hence consider all this before making a decision. Small hatchbacks make great first cars as they are easy to drive, easy to park, cheap maintenance costs, and delivers good mileage. Explore Used car options With the used car market becoming more organised, it is an option that first-time car buyers can explore. Maruti’s True Value and Mahindra & Mahindra’s First Choice wheels are two popular and reliable platforms, with Renault also joining the club. The amount that you would ordinarily shell out to buy a hatchback could get you a used sedan with fairly decent specifications.
How to calculate your car insurance premium? In the present times, owning a car is more of a necessity than a luxury. Irrespective of the price of the car, the car is a prized possession for its owner. Thus, regular maintenance is a must to ensure the car works properly. Apart from this, the other most important thing is the . Many people think that the only factor they need to see is the , but this is a myth. There are many other aspects which are important and need adequate attention to ensure there is no financial strain in case of any damage to the car. The two challenges that come with car insurance are knowing the coverage and the right price. For the latter, you have the . Let us understand how you can use the calculator to calculate car insurance premiums and also to understand the premium calculation of third-party car insurance and the own damage component. What is a calculator? Before we understand how to use a calculator, we need to understand that car insurance has two components. First is , which is mandatory as per law, and the premium for this is fixed by the Insurance Regulatory and Development Authority based on the cubic capacity of the car. This will take care of any damage caused to a third-party property or person in case of an accident. The other part is Own Damage, which is a choice but ideally should be taken as this will pay for any damage or theft to the car. The car insurance price of this component varies depending on the car model and the add-on covers. Now, let us see how the calculator can help. With an online tool, car owners can calculate their car insurance premiums and compare them with all companies. The coverage requirement may differ from one customer to another. As a result, clients who are in the process of acquiring car insurance must compare the various available coverage and premiums to choose the one that fully satisfies their needs. By entering the registration number of the car, the calculator helps in calculating the price. There is a choice to customise the Insured Declared Value and the add on covers. Importance of a Car Insurance Calculator This online tool helps to: How to use a car insurance calculator? The calculator is simple to use. The information varies for a new and used car. Calculating premiums for used cars To obtain a car insurance premium price for used cars, the user must provide certain details. These include the: Calculating premiums for new cars When calculating the car insurance price for a brand-new car, the user needs to provide specific information, such as You can also calculate your car insurance premium using an easy formula mentioned below: Premium = Own damage premium - (Discounts + No claim bonus) + Liability Premium (Set by the IRDAI) + Cost of Add-ons The calculator gives a choice to change the IDV and choose the add-on covers. Once all this is done, the final premium is given, and one can use this to compare car insurance prices and coverage across plans. Factors
a choice to change the IDV and choose the add-on covers. Once all this is done, the final premium is given, and one can use this to compare car insurance prices and coverage across plans. Factors affecting car insurance premium Here are the common factors that can affect your car insurance premiums: 1. Driving history and age Premiums are lower for drivers who have more driving experience and also for the ones with a history of driving without any accidents. Those with records of accidents or non-violations can expect a rise in their insurance premium. 2. Vehicle type and age High-end cars or expensive vehicles have a higher chance of theft or damage and may have higher premiums. Similarly, older vehicles may have lower premiums due to their lower IDV. 3. Location If your car is parked in localities with high theft and vandalism, it could result in higher insurance premium. The location where your car is parked can influence the cost of your insurance premium. 4. Insured Declared Value This is the current market price of the car, and in case of total damage or theft, the insurance company is liable to give you the price. The premium is higher for a higher IDV. 5. No Claim Bonus Insurance companies give a discount to the insured for every no-claim year. The NCB accumulates every year, and thus, this can give rise to a 50% discount on car insurance prices. 6. Deductible amount A high voluntary deductible amount means low premium which makes you pay more out of pocket in case of a claim. 7. Insurance coverage The specific coverage options you choose could determine your premium amounts. Chances are that you pay a high premium in case you have opted for additional add-ons and riders, thus, one should always choose these wisely. 8. Fuel type Diesel cars have a higher premium when compared to the petrol variants. Thus, the fuel type of your car will play a role in the premium. 9. AAI Membership and Anti-Theft Devices Registration with AAI helps the users to get discounts and other benefits, which could benefit in lowering their premium. Also, installing anti-theft and locking devices with an effective immobiliser and alarm can be one of the risk variables of theft which can help with a lower premium. A car insurance price calculator is an extremely helpful tool for choosing the right policy and coverage without paying a hefty price. Calculating your car insurance premium through online calculator tools involves considering factors such as your car's specifics and your driving history. As the rates of third-party car insurance are fixed, one can choose the right coverage for the own damaged part that meets your needs and budget. In this way, you will have a comprehensive insurance plan which will take care of all the financial strain in case of a mishap. Disclaimer - The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of
Disclaimer - The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the content.
Most drivers in US support anti-speeding technology in vehicles, survey shows More than 60% of the drivers in the United States would find it acceptable if their vehicle provided an audible and visual warning when they exceeded the posted speed limit, a survey by showed on Wednesday. The IIHS surveyed a total of 1,802 drivers to gain insight on how they would feel about intelligent speed assistance systems (ISA). Over-speeding is consistently a factor in more than a quarter of U.S. traffic fatalities. In 2022, that amounted to more than 12,000 deaths, according to the report. Yet about half of the drivers admitted to driving at least 15 mph over the limit in the past month, the report said, citing the . As of next month, the European Union will require all new vehicles to be equipped with ISA systems. ISAs are in-vehicle technologies that use video camera and/or GPS-linked speed limit data to advise drivers of the current speed limit and warn them if they are exceeding it, according to the European Transport Safety Council. "With the technologies we have now, we could stop virtually all speeding and eliminate speeding tickets to boot. Instead, we seem to be going the opposite direction, with adaptive cruise control and partial automation systems that allow drivers to peg their speed at 90 mph if they want," said IIHS senior research scientist Ian Reagan. Of the total drivers surveyed, more than 80% agreed they would want a feature displaying the current speed limit. More than 70% of all drivers also agreed that they would want an unobtrusive tone to sound when the speed limit changes. About half said they would not mind a vehicle technology that makes the accelerator pedal harder to press or automatically restricts speed.
China offers insurance to rubber producers to encourage planting, output China's government said on Monday it has started offering for natural , to encourage higher output and increase the country's self sufficiency rate in producing the used to make tyres. The scheme for producers in Hainan and Yunnan provinces, the main rubber producing regions, will stabilise producers' income and increase planting acreage to boost the country's rubber production, according to a joint statement by the finance ministry, agriculture ministry and the National Administration of Financial Regulation dated Dec. 8. China is the world's largest natural rubber consumer and a significant importer. Its domestic supplies so far only fulfil a fraction of its needs. The country is expected to produce 836,000 metric tons in 2023 and up to 910,000 by 2030, Jom Jacob, co-founder of India-based analysis firm What Next Rubber, said. "Trees attaining tappable maturity until 2030 are already planted. It means, production capacity cannot be increased for the period up to 2030 as newly planted rubber trees have a long gestation period," he said. The insurance covers rubber seedlings and trees against natural disasters, major diseases, pests and rodents, accidents, wildlife destruction and other risks faced by rubber seedlings or rubber trees, the government said.
De-growth in small cars to stagnate the overall market next fiscal: RC Bhargava on Friday said the domestic is likely to stagnate next financial year as the small car segment, which is crucial for growth, is unlikely to revive in the next two to three years. “The industry is not optimistic about growth next year and the growth projections for the next year are virtually at stagnation levels. That’s partly because of the de-growth in the small car segment,” , chairman, , said in a call with reporters to discuss quarterly earnings. Passenger vehicle sales in India have been growing at a fast clip since the last three years. In FY23, sales scaled a record high of 3.8 million vehicles and is projected to grow at 5% this fiscal. Bhargava’s comments come in the backdrop of a 55% drop in ’s to 32,150 units in the September quarter. This contrasted with a sharp growth in the company’s UV sales in the same period. UVs comprised 37% of Maruti’s total sales in the domestic market during the quarter. UV sales in the three months ended September advanced 117.5% to 180,066 vehicles from a year earlier. A greater mix of UVs drove Maruti’s revenue and net profit to record level, making it the best-ever quarter for the company. Bhargava said the current momentum witnessing India’s passenger vehicle market is unlikely to be sustained if the small car market remains depressed. A slew of regulatory changes on , safety and insurance have made small cars – those priced below Rs10 lakh - unaffordable and that is unlikely to change unless the income levels grow faster than the car prices, Bhargava said. “Our market has become a bit distorted because of the disproportionate impact of regulatory changes,” he said. “The demand seems to be slowing. A sustained demand over a period will require the small car market to revive. Something has to happen, otherwise even a 6-7% growth will not be possible,” said Bhargava. Maruti pulled the plug on models such as the Alto 800 not on its own but because there was a drastic fall in demand, he added. Bhargava pointed out that for the segment to revive, the customer’s purchasing power needs to be restored. “The growth of the economy, GDP per capita income—will take care of the erosion of the purchasing power. The income needs to go faster than the cost of the car, that’s the only way small cars will revive.”
India's top automaker blames regulatory burden, high taxes for keeping cars out of reach Government levies have put vehicles beyond the reach of much of the Indian population, said 's chairman RC Bhargava on Monday, piling on similar criticism made by and previously. “Government policies are such that they treat as luxury products that need to be heavily taxed,” Bhargava said at an event in New Delhi Monday. “Car affordability is not at all related to income.” Car-industry growth in India has slowed to 3% from 12% in the past twelve years, partly due to poor government policies, news agency Bloomberg reported Bhargava as saying. ’s cheapest car costs Rs 3, 40 lakh and a goods and services tax ( ) of 28% applies to most new cars, according to the IndiaFilings website. Additional cess ranges from 1-22% depending on the type of vehicle. Cars imported as completely built units ( ) attract customs duty ranging between 60-100%, depending on engine size and cost, insurance and freight (CIF) value being less or above $40,000. India’s per capita income is about $2,300 a year, compared with $12,500 in China and $69,000 in the US, according to the World Bank. Just 7.5% of Indian households own a car — lower than in China, where almost half of urban homes and one-quarter of rural households own a car. Regulatory burden Bhargava said that the regulatory burden is the highest on small cars, a key segment of the Indian automobile industry. This burden and a uniform tax structure across all segments of vehicles will not augur well for the sector growth, he said. "The burden of regulatory changes on the small cars is far higher than the regulatory burden on big cars and that is changing the whole market behaviour. People who are buying small cars are not buying small cars in near the same numbers. Personally, I think it's not a good thing, either for the car industry or the country," Bhargava added. For the healthy growth of the automobile industry, there must be a steady increase in the number of new customers in the car parc. The base of ownership of cars must be increasing every year. Only then when the whole pyramid becomes a larger one, which is able to balance itself, he added. "I don't see that as becoming an inverted pyramid and the car industry becomes an industry where in India there is hardly any growth in the small segment and all the growth takes place in the higher segments. So, that factor has to be kept in mind, the regulatory effect on the car, and that's one argument for not having a uniform rate of tax on all small and big cars," Bhargava asserted. "You can't grow an automobile industry with 50 per cent taxation. Where in the world has an industry like automobiles grown with 50 per cent taxation, but it's the wisdom of the policymakers and the political leadership," Bhargava noted. He said that compared to developed markets like Europe and Japan, where per capita income is far higher, taxes on cars in India are much higher. "Now, somebody needs
leadership," Bhargava noted. He said that compared to developed markets like Europe and Japan, where per capita income is far higher, taxes on cars in India are much higher. "Now, somebody needs to think about that, should cars be charged more than the average rate of taxation...? If it is, then we are, in some way, accepting the thing that cars or luxury products should be taxed more than non-luxury products, which is the old socialist way of thinking and taxation," he said. Billionaire in 2019 said India’s duties prevented Tesla importing electric cars to test demand before committing to build a local factory. Toyota halted expansion in India in 2015 due to high tariffs. Maruti Chief Executive Officer Hisashi Takeuchi, speaking at the same event, said the company has some gaps in its product portfolio and is working on strengthening the lineup. The carmaker, which sells cheaper entry-level cars, will introduce two new sports utility vehicles in January, he said. Also Read:
ETO Motors on-boards 150 auto drivers in Mumbai under the Own Your ETO scheme ETO Motors, India’s largest Electric Mobility as a Service (EMaaS) company, has on-boarded 150 drivers in Mumbai under the Own Your . This is a first-of-its-kind scheme aimed at the 3-Wheeler in Mumbai. The driver partner recruitment drive was held on December 28, 2023. Jitendra Babu Rao Patil, Joint Transport Commissioner, Government of Maharashtra, was the Chief Guest at the event. The event had over ten auto unions participating, and 150 auto drivers were selected under the OYE Scheme. Under the OYE Scheme, a driver partner will become the owner of the electric 3-wheeler in 3 years. Besides, ETO Motors will also provide accidental insurance to the driver, the company said in a media release. ETO Motors have entered into a formal agreement with Auto Unions in Mumbai to support the deployment of e3Ws in the city. They will also enter into an agreement with the auto driver partners. ETO Motors will charge a daily rental from the driver partners. This rental will include free unlimited charging at specially designated EV charging points being set up by ETO Motors. ETO Motors will also provide free vehicle maintenance by experts to ensure a hassle-free ride for the driver partners and the commuters, the release said.. All the driver partners will use the ETO provided APP which will enable them to get access to commuters who are hailing rides in the vicinity. The driver partner will have to complete a minimum of 95 trips per week without cancellation. The driver partners will have their earnings through the APP transferred to them every week under the OYE Scheme. Surender Nath, Executive Director, ETO Motors, said, “We are the largest EMaaS company in India with over 1500 Electric 3-Wheelers and over 1500 Driver Partners across various cities in India. We believe in partnering with drivers, both men and women, and give them an opportunity to earn a decent living. We also believe that Electric 3-wheelers are easy to drive and are the first significant step towards controlling vehicular emission and pollution. We are hoping that with the first tranche of 150 driver partners we will make a small dent in not only providing employment but also give our driver partners an opportunity to drive state-of-art e3Ws to ferry passengers. With the help of auto unions, we plan to add 500 e3Ws every quarter to ensure Mumbaikars will breathe easy.” Currently, ETO Motors partners with metro rails like Delhi Metro, Nagpur Metro, Hyderabad Metro, and Pune Metro for passenger first and last and last mile connectivity, the release said. The s are manufactured in ETO Motors’ state-of-art manufacturing capacity in Jadcherla, Telangana, which also includes a modern research and development lab. The e3Ws are manufactured with a focus on safety (only e3W in India with a seatbelt) and technology, incorporating a fully integrated Vehicle Control Unit and IoT connected platform, the release added.
Automakers targeting average households with new crop of EVs : In their first rollouts of electric vehicles, America's automakers targeted people who value short-range economy cars. Then came EVs for luxury buyers and drivers of pickups and delivery vans. Now, the companies are zeroing in at the heart of the US auto market: The compact SUV. In their drive to have EVs dominate vehicle sales in coming years, the automakers are promoting their new models as having the range, price and features to rival their gas-powered competitors. Some are so far proving quite popular. 's $45,000-plus is sold out for the model year. On Monday night, General Motors' brand introduced an electric version of its Blazer, also starting around $45,000, when it goes on sale next summer. Also coming next year: An electric Chevy Equinox, with a base price of about $30,000, whose price could give it particular appeal with modest-income households. There's also the Hyundai Ioniq 5 and Volkswagen's ID.4 in the $40,000s and Nissan's upcoming Ariya around $47,000 with a lower-priced version coming. All start off considerably less expensive than 's Model Y small SUV, the current top EV seller, with a starting price well into the $60,000s. The new models, which can get about 300 miles per electric charge, are aimed at the largest segment of the US market: Modest-size SUVs, representing about 20 per cent of new-vehicle sales. Industry experts say entering the smaller SUV segment, with its reach into a broader demographic of buyers, is sure to boost electric vehicle sales nationally. "Going to the smaller utility segment gives you the opportunity to access the most customers in one (market) segment," said , principal analyst for S&P Global Mobility. "To make a transition from (internal combustion engines) to electric, you have to be in more space. You have to be in more price points. You have to be in more sizes." Brinley noted that the small and midsize SUV segments meet many people's needs, something that previous electric vehicles did not. "If it's a price you can reach but it's a product that you can't put your kids and your dog in, you're not going to buy it," she said. Chevrolet says the Blazer will get a minimum of 247 miles (398 kilometers) per charge. Pricier high-end versions could go up to 320 miles (515 kilometers). The Blazer will be available with Chevrolet's SS performance package with a zero-to-60 mph (97 kilometers per hour) time of under four seconds. There will be a police version, too. "Early on, the demographic composition of an EV buyer was certainly someone that perhaps had higher education, higher household income," said , Chevrolet's marketing director. "That's very indicative of early adopters. But as we move up that curve, the intention and where we're pricing this product is to certainly make it more available for more mainstream buyers." To attract buyers of modest means, EVs need to be priced even lower, in the $30,000-to-$35,000 range, GM CEO Mary
this product is to certainly make it more available for more mainstream buyers." To attract buyers of modest means, EVs need to be priced even lower, in the $30,000-to-$35,000 range, GM CEO Mary Barra said in an interview this week with The Associated Press. Electric vehicles, she said, also have to have the range and charging network so they can be the sole vehicle that some people own. "Most electric vehicle owners today own multiple vehicles, so they have an internal combustion vehicle to jump into depending on their needs," Barra said. Automakers have been pushing to fully restore a $7,500 tax credit for people who buy EVs to jump-start sales. But the measure is stalled in Congress. It's especially important for GM, Tesla and Toyota, which have maxxed out the number of credits they are allowed and can no longer offer them to buyers. Other automakers are approaching the limit, too. Money for the credits, as well as funding for additional EV charging stations, was in President 's $1.8 trillion "Build Back Better" social and environment bill, which is all but dead because of the objections of Sen. Joe Manchin, a West Virginia Democrat. Last week, Manchin also rejected a slimmed-down version that included provisions to combat climate change. He indicated his support for just two items from Biden's broader agenda: Reducing prescription drug costs and bolstering subsidies for families to buy health insurance. His vote in an evenly split Senate would be needed for anything to pass. Even without the tax credit, the industry's march toward electric vehicles is moving apace. Edmunds.com says electric vehicles now account for about 5 per cent of US new vehicle sales with 46 models on sale. S&P's Brinley foresees the market share rising to 8 per cent next year, 15 per cent by 2025 and 37 per cent by 2030. "It seems like the number of choices are growing exponentially for electric vehicles as we move forward," said , Ford's top US sales analyst. Demand for battery-powered vehicles and gas-electric hybrids has grown as gasoline prices skyrocketed this year. Dealers report that every vehicle delivered is typically already sold or gone soon after it arrives. , CEO of South Motors, an 11-dealer group in South Florida, said it's impossible to assess just how big the demand for electric vehicles is. There's huge interest, especially in electric SUVs, and vehicles are selling fast. But the supply is constrained because automakers don't have enough computer chips to build as many vehicles as they want. Given the enormous consumer interest in EVs, Chariff said he expects the vehicles to continue to sell even if their prices don't fall. "The real question," he said, "is if and when the supply chain can meet the market demand, what is the true price point?"
Buffett's firm has now sold 95 million shares of China's BYD Warren 's company has now sold nearly 95 million of its original 225 million shares of Chinese electric carmaker 's stock, but it remains a significant shareholder. Hathaway said in a filing with the Hong Kong stock market Thursday that it had sold another 4.235 million BYD shares since last month. Disclosure rules only require Berkshire to reveal when its ownership stake decreases into another percentage point. After the most-recent sales, Berkshire still held 130.3 million BYD shares or about 12% of the stock. At its last report late last month, Berkshire, which is based in Omaha, Nebraska, controlled 13% of the stock. Until last August, Berkshire had never sold any of the BYD shares it bought in 2008. The stake Berkshire paid $232 million for had ballooned in value to be worth billions of dollars. BYD, based in the southern Chinese city of Shenzhen, is one of the biggest electric vehicle makers in the world, having sold nearly 1.9 million cars in 2022 including pure electrics, plug-ins and hybrids. Buffett didn't respond to questions Thursday about why he was selling the shares, but he doesn't typically comment on he is buying and selling while he is still making those moves. Many investors follow Buffett's investments because of his remarkably successful track record over the years. In addition to the BYD stock, Berkshire holds a sizeable portfolio with major investments in Apple, Bank of America, Coca-Cola and other stocks. Besides that, Berkshire also owns an assortment of more than 90 companies, including insurance, BNSF railroad, several major utilities and a number of manufacturing and retail firms. Also Read:
Ahead of IPO, Tata Technologies collects INR 791 cr from anchor investors , which provides engineering and product development digital services, on Tuesday said it has collected Rs 791 crore from anchor ahead of its initial share-sale opening on the following day. This will be the first company from the Tata Group to float an Initial Public Offering ( ) in nearly two decades. Tata Consultancy Services was the last IPO from the group in 2004. The company has allotted 1.58 crore equity shares to 67 funds at INR 500 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website. Goldman Sachs (Singapore) Pte, Copthall Mauritius Investment Ltd, Government Pension Fund Global, are among the anchor investors. Additionally, domestic mutual funds and insurance companies participated in the anchor book include SBI Mutual Fund (MF), ICICI Prudential MF, Nippon India MF, Kotak MF, Axis MF Bandhan MF, Edelweiss MF, Sundaram MF, SBI Life Insurance Company and HDFC Life Insurance Company. The maiden public issue, with a price band of Rs 475 to Rs 500 per share, will open for public subscription on November 22 and conclude on November 24. ' arm Tata Technologies public issue is entirely an Offer For Sale (OFS) of 6.08 crore equity shares. Under the OFS, Tata Motors will offload 4.63 crore shares, representing an 11.4 per cent stake, private equity firm Alpha TC Holdings will sell 97.17 lakh shares or 2.4 per cent stake, and Tata Capital Growth Fund I will do away with 48.58 lakh shares or 1.2 per cent of the shareholding. The issue will fetch Rs 2,890.4 crore and Rs 3,042.5 crore at the lower and upper end of the price band, respectively. The company has reserved 20.28 lakh shares in the IPO for its employees and 60.85 lakh shares for Tata Motors shareholders. Last month, Tata Motors inked a pact to sell 9.9 per cent stake in Tata Technologies to TPG Rise Climate for Rs 1,613.7 crore. JM Financial, Citigroup Global Markets, and BofA Securities are the book-running lead managers to advise the company on the IPO. The equity shares of Tata Technologies will be listed on the BSE and the NSE on December 5.
Tesla launched its own car insurance. These drivers say it's a lemon. In February, Mark Bova purchased a used 2018 Model S. Before leaving the dealer, he bought from Tesla itself, finding the initial $93 monthly premium “really reasonable.” Sixteen days later, as he drove along the Capital Beltway to his Maryland home, he engaged Autopilot, Tesla’s automated driving system. The car started beeping and lurched left — striking a median and flipping. He escaped through a window as the car filled with smoke. An ambulance rushed him to the hospital with back injuries that later required surgery. “I’m a former Green Beret,” Bova said, referring to the U.S. Army Special Forces. “That was probably the second-most traumatic thing I've gone through other than being in combat.” His ordeal isn’t over. Tesla Insurance, launched in 2019 by the electric-car company, has promised “vastly better” service than rivals, as Tesla chief put it in April 2022. Musk also said he aimed to offer “same-day” collision repairs. But Bova says he has been battling the insurer ever since the crash. He said he waited seven months for payment on the totaled vehicle and still hasn’t been compensated for about $50,000 in medical expenses. That required a call to the automaker’s product liability department because the crash involved Autopilot, he was told. He waited on hold for hours and got hung up on four times, he said. When someone finally answered, the person promised another callback in two weeks. Four months later, he’s still waiting. Tesla and Musk did not respond to detailed questions from Reuters for this report. Bova isn’t the only customer Tesla Insurance has angered, according to scores of complaints in social media and online posts, including on a Better Business Bureau website, and Reuters interviews with half a dozen policyholders. While some customers in online posts have praised the insurer’s low premiums, others, like Bova, complain of waiting weeks or months for payouts and repairs, and an inability to reach claims adjusters. Tesla officials have said they started the insurer to solve a problem: Prospective customers walking away from car sales after getting sky-high insurance quotes, based on the electric vehicles’ high collision-repair costs. Despite promising to revolutionize automobile insurance, Tesla has at times run the business on a shoestring budget, at one point with only about a dozen adjusters who were quickly overwhelmed by hundreds of claims, according to several sources familiar with the insurer’s operations. The insurer’s problems fit into a pattern of rushed and sloppy management leading to consumer and worker harms across Musk’s empire of technology and manufacturing firms. The billionaire’s decisions have come under fire in the year since he bought Twitter, now renamed X. Advertising revenue and company value plummeted after Musk slashed the firm’s staff by more than half and introduced a series of unpopular platform changes. After Musk
bought Twitter, now renamed X. Advertising revenue and company value plummeted after Musk slashed the firm’s staff by more than half and introduced a series of unpopular platform changes. After Musk endorsed an antisemitic post on X last week, several major companies halted their advertising on the platform. Musk denied being antisemitic. At Tesla, employees shared sensitive videos and images of owners recorded by the cars’ cameras, Reuters reported in April, prompting two U.S. Senators to write Musk a letter stating that the article raised “serious questions about Tesla's management practices.” In July, the news agency exposed a systematic effort by Tesla to overstate its vehicles’ driving range — including by rigging the algorithm that controls in-dash estimates — leading to a federal investigation and several class-action lawsuits. This month, a Reuters investigation documented at least 600 injuries at rocket-maker SpaceX, and pervasive failures to report safety data to regulators, as workers scrambled to meet Musk’s ambitious deadlines for space missions. Late last year, Reuters exposed how experiments at Musk’s brain-chip startup, Neuralink, resulted in the unnecessary suffering and deaths of lab animals as researchers rushed to appease Musk’s demands for speedy regulatory approvals. Complaints about Tesla Insurance are drawing scrutiny from state regulators and the plaintiffs’ bar. The Ohio Department of Insurance at least twice this year determined that Tesla had violated the state’s insurance regulations in handling claims, including for a lack of timely communications with a policyholder, according to correspondence obtained by Reuters through a public records request. The department was considering opening formal investigations, the records show. The agency declined to comment. Customer complaints against auto insurance companies aren’t uncommon. And there’s no way to know exactly how many have been made against Tesla Insurance and how its record compares with competitors’. That’s in part because regulators in some states where it does business – including California, Utah, Illinois and Virginia – consider details of complaints confidential. In interviews, customers described their interactions with the insurer as frustrating on many levels. Phil Fioresi Sr., a stonecutter in South San Francisco, California, told Reuters it took about 15 calls to reach someone at Tesla Insurance after his daughter’s car was struck by one of its policyholders in September. He called the service “totally ridiculous.” “What do they have, three people answering phone calls?” he asked. The insurer wouldn’t divulge the current number of claims adjusters. But the dozen or so adjusters who started handling California claims in late 2021 were quickly so swamped that resolving cases took weeks or months, the people familiar with the operations said. At the time, Tesla insured more than 50,000 vehicles in the state, according to California Department of Insurance
resolving cases took weeks or months, the people familiar with the operations said. At the time, Tesla insured more than 50,000 vehicles in the state, according to California Department of Insurance records. Working out of a Tesla office in Draper, Utah, the initial adjusters sometimes had to take on hundreds of claims each, far more than at other insurers, according to the sources with knowledge of Tesla Insurance’s operations. Unlike competitors that often have separate call centers to take claim reports, Tesla’s adjusters had to answer the phones themselves while also handling claims. Tesla has since expanded into 11 more states, hired additional claims adjusters in Texas and Maryland, and has been trying to bring on more, according to LinkedIn profiles and company job listings. But accounts of delayed repairs and compensation, and long waits for service continue to appear online. The accounts of customers interviewed by Reuters contrast sharply with Tesla’s bold promises to policyholders. On an earnings call in April 2022, Musk said: “Basically, the customer experience is just vastly better because if there’s an accident, there’s no argument. We’ll repair it immediately.” He blasted the typical auto insurance experience as a “nightmare” of arguments with insurance companies, adjusters and repair centers. “So we’re trying to turn a nightmare into a dream with Tesla Insurance,” he said. HIGH REPAIR, INSURANCE COSTS Tesla decided to enter the auto insurance business “kind of unintentionally,” Zachary Kirkhorn, then Tesla’s chief financial officer, explained during an earnings call in October 2021. “Our customers were coming to us, complaining that the price of traditional insurance was too high, and it was reducing the affordability of a Tesla,” Kirkhorn said. “And part of our journey here at Tesla is, we want as many people as possible to be able to afford our products.” Kirkhorn didn’t respond to a request for comment. High insurance costs had for years made it harder to sell Teslas. It’s a common problem among makers of electric cars, which have higher collision repair costs, especially for replacement of their pricey batteries, than gasoline-powered vehicles. In 2015 and 2016, the Highway Loss Data Institute, a nonprofit insurance research organization, reported that Teslas had significantly higher collision and property damage claim frequencies and losses than conventional large luxury vehicles. Based in part on that data, insurer AAA-The Auto Club Group said in 2017 that it was raising its rates to cover Teslas by up to 30%. Tesla disputed AAA’s analysis at the time. That fall, Tesla launched InsureMyTesla, a new insurance offering for U.S. Tesla owners, in partnership with Liberty Mutual Insurance Co. But the cost issue persisted. In an online discussion on Reddit at the time, Tesla owners swapped stories about steep premium quotes from InsureMyTesla. One Reddit user called the rates “horrible.” InsureMyTesla was eventually pulled from
discussion on Reddit at the time, Tesla owners swapped stories about steep premium quotes from InsureMyTesla. One Reddit user called the rates “horrible.” InsureMyTesla was eventually pulled from the U.S. market, although it’s still offered in some other countries. A spokesman for Liberty Mutual declined to comment on its relationship with Tesla. In April 2019, Musk announced that Tesla would launch its own insurance business that would be “much more compelling than anything else out there." Four months later, Tesla Insurance became available in California, Tesla's largest car market, promising greatly reduced rates and saying it would expand to other states. To enter California, Tesla partnered with Markel Group's State National Insurance Company, which the state had already approved to sell insurance. State National has had the worst consumer complaint record among California’s top 50 auto insurers for the past three years, according to the state insurance department. State National works with other companies besides Tesla, and the statistics don’t show how many of the insurer’s complaints involve Tesla policyholders. State National declined to comment. Musk continued expressing sky-high hopes for the business. In July 2020, Musk called Tesla Insurance “revolutionary” on an earnings call. He predicted in another call three months later that insurance eventually could account for 30% or 40% of the value of the Tesla car business, which currently has a market capitalization of more than $700 billion. Tesla Insurance has expanded rapidly. It’s now offered in states including Illinois, Colorado and Ohio, and Tesla has applied to sell insurance elsewhere, including Florida, Georgia and Washington, regulatory filings show. AUTOMATED RATE HIKES In many states where Tesla Insurance is available, its monthly premiums can vary based on daily “Safety Scores" that the automaker says reflect “real-time driving behavior” measured by sensors and software. Tesla is facing at least two class-action lawsuits that allege its vehicles are prone to producing false collision warnings that can lower the scores and inflate premiums. In court filings, Tesla has denied the allegations and sought to dismiss the cases. Chanda Santiago, a Tesla Insurance policyholder who is not involved in the litigation, told Reuters a similar story about safety-system malfunctions, including false warnings and spontaneous slamming of the brakes. Santiago, a Maryland real estate investor, said her monthly premium recently jumped nearly 50% to about $190. “I’m not satisfied with how the safety score is calculated,” she said. “You’re grading me on something that’s not working properly.” Santiago said she brought her 2020 Tesla Model 3 into service several times, but was told technicians couldn’t duplicate the problems or fix them. Once, she said, a technician didn’t wear a seat belt while driving the car – a no-no automatically detected by its safety systems. “So I got dinged” on the
duplicate the problems or fix them. Once, she said, a technician didn’t wear a seat belt while driving the car – a no-no automatically detected by its safety systems. “So I got dinged” on the safety score that day, she said. Reuters was not able to independently verify Santiago’s interactions with Tesla. Other customers have had trouble handling the most mundane insurance matters. Lester F. Aponte, a Los Angeles attorney who signed up for Tesla Insurance in August, described a maddening ordeal to obtain proof of insurance. He said the Tesla phone app froze when he tried to access the documents. He called multiple times and was placed on hold for as long as 90 minutes. He complained on Facebook: “The problem is there is no customer service. At all.” He told Reuters he didn’t hear from the insurer until after he complained to the Better Business Bureau. In the end, he said, Tesla Insurance had to cancel his policy and issue a new one so that he could access the documents on the phone app. “Fortunately, I haven't had an accident or needed to contact them about repairs,” he said. UNDERSTAFFED AND OVERWHELMED In the fall of 2021, Tesla began hiring claims adjusters to work in the company’s Draper, Utah, office, luring them with perks including free health insurance and a company stock purchase plan, according to the several people familiar with Tesla’s insurance operations. Their assignment: handle claims for policyholders in California and eventually in other states. Until then, Tesla had relied on another company to process California claims. Claims soon started arriving — not only from California but also from Texas, where Tesla recently had begun offering insurance. The dozen or so adjusters saw their caseloads jump from four or five claims a day to sometimes two dozen or more. Backlogs grew into the hundreds and could take adjusters two weeks or longer to get back to a customer. Policyholders were supposed to report claims on a phone app, but there were often glitches, so many had no choice but to call. The call queue seemed endless, the sources said, and adjusters could spend anywhere from a few minutes to nearly an hour taking initial claim reports from customers. That interrupted their work processing the claims, which takes longer and involves such tasks as reviewing repair estimates or arranging rental cars, according to the sources. The adjusters also couldn’t tell how long people were waiting on hold and were often greeted by furious customers. Some complained about spending more than an hour on the phone, the sources said. Some callers reported being stranded on highways. Tesla tried to hire more employees, but the process was slow, the people with knowledge of its insurance operations said. About a year after it started hiring in-house adjusters in late 2021, there were still only about a dozen adjusters in Draper because some had quit. WAITING MONTHS FOR REPAIRS, PAYOUTS Jonathan Garcia was driving in North Carolina last year to visit
in late 2021, there were still only about a dozen adjusters in Draper because some had quit. WAITING MONTHS FOR REPAIRS, PAYOUTS Jonathan Garcia was driving in North Carolina last year to visit family over Thanksgiving when a deer darted in front of his 2021 Tesla Model S. Garcia, an Ohio physician, submitted a claim to Tesla Insurance for damages to the hood and bumper, according to documents Reuters obtained from the Ohio Department of Insurance through a public records request. After Garcia reported the accident on Nov. 23 last year, he repeatedly called, emailed and left voicemail messages with a Tesla Insurance claims adjuster for three months seeking repairs and a rental car, the records show. “There were times I was calling every day. I was leaving messages every day. I was emailing every day," Garcia said in an interview. The insurer didn’t respond until after he filed a complaint with the Ohio insurance department, he said. Documents released by the department showed that it found Tesla "did not adequately comply with timely claim communications" as state regulations require. The department informed Garcia in March that its findings were under further review that could result in an investigation, the results of which would remain confidential. Tesla Insurance acknowledged its adjuster “did not timely communicate and process the claim,” according to a company letter to the department dated March 2. It explained that the “communication gap” resulted “from some staffing adjustments that occurred during the time of this claim.” The insurer compensated Garcia in part by agreeing to extend his car rental for up to 21 days, according to the letter. Garcia said it took about six months to repair his car. He said he terminated his Tesla Insurance on May 17 and switched to another company at a higher premium. “I would have paid a very high amount of money to not go with Tesla Insurance again," Garcia said. Scott Sawyer, a college researcher in Riverside, California, said he and his wife signed up for Tesla Insurance to cover their 2021 Model Y “because we thought it would be more seamless and easy.” Then an uninsured driver in a pickup truck rear-ended their Tesla on a freeway in February 2022. Sawyer said it took repeated calls over seven months before the vehicle was finally repaired. While awaiting parts delayed by shortages, “we drove it with a big dent for a while,” he said. Then, this year, on August 25, the car was parked in front of their house when a minivan struck it, crushing the vehicle’s front left side. Sawyer said someone from Tesla Insurance called him a few days later and said the company would inspect the vehicle, which had been towed. A month went by, and “we didn’t hear a peep from Tesla,” he said. “We have tried emailing, calling, texting and the claims adjuster will not respond,” his wife, Lauren Lee Sawyer, wrote on Facebook, adding: “I am furious. I hate that I am making payments on a totaled car.” Sawyer said he filed
texting and the claims adjuster will not respond,” his wife, Lauren Lee Sawyer, wrote on Facebook, adding: “I am furious. I hate that I am making payments on a totaled car.” Sawyer said he filed complaints with the Better Business Bureau and the California Department of Insurance, and contacted a lawyer. He said he eventually heard from a claims adjuster who estimated the damage at $10,000. Convinced the car wasn’t repairable, Sawyer insisted that the car be taken to a body shop. The shop determined the car was totaled, he said, but it took more than two weeks – and intervention by his lawyer – before Tesla finally agreed. It has offered him $44,852 to settle the claim. Will he stick with Tesla Insurance? “Of course not,” Sawyer said. “Lesson learned there.”
IPO rush: Hyundai, Swiggy, NTPC Green Energy among cos looking to raise INR 60,000 cr in Oct-Nov The primary market will remain abuzz with more than half a dozen companies, including , , and , lined up over the next two months to raise around INR 60,000 crore, merchant bankers said. Apart from these three firms, Afcons Infrastructure, Waaree Energies, Niva Bupa Health Insurance, One Mobikwik Systems, and Garuda Construction are among the companies planning to launch initial public offerings (IPOs) during October-November, they added. Together, these firms are looking to raise INR 60,000 crore through their IPOs. , Managing Director and Head - at Equirus, expects over 30 IPOs to be launched between September-end and December. This will be across sectors, deal sizes and a combination of fresh issues and offers for sale. The strong momentum in markets is driven by several key macroeconomic, sector-specific factors and the willingness of funds to look at new ideas, which is partially led by strong inflows into domestic mutual funds and the robust capital formation happening across corporate India, he added. The companies are tapping the primary market to raise funds for expansion plans, retire debt, support working capital requirements and provide exit routes to the existing shareholders. Motor India Ltd, the Indian subsidiary of South Korea's Hyundai Motor Company, is expected to raise INR 25,000 crore, making it the largest-ever IPO in India. This could surpass LIC's INR 21,000-crore initial share sale. The automaker's entire issue will be an offer-for-sale (OFS) of 14,21,94,700 shares by Hyundai Motor Company, with no fresh issue component, according to its draft red herring prospectus (DRHP). Other major IPOs lined up include food and grocery delivery giant Swiggy, which according to sources, is targeting to raise INR 10,414 crore via fresh issue and OFS. Swiggy's IPO consists of a fresh issue of shares worth INR 3,750 crore and an OFS component of 18.52 crore worth INR 6,664 crore. Further, NTPC Green Energy, the arm of state-owned NTPC, is looking to launch its INR 10,000 crore IPO in the first week of November, sources told PTI earlier. Shapoorji Pallonji Group's construction firm Afcons Infrastructure will also join the IPO rush with a INR 7,000 crore offer while Waaree Energies is expected to raise INR 3,000 crore through a fresh issue of shares, in addition to an OFS component. Niva Bupa Health Insurance and One Mobikwik Systems are planning to raise INR 3,000 crore and INR 700 crore, respectively. Moreover, 62 companies, including Bajaj Housing Finance, Ola Electric Mobility, and FirstCry's parent Brainbees Solutions have already mobilised around INR 64,000 crore collectively via mainboard, marking a 29 per cent increase from INR 49,436 crore collected by 57 firms through the route in 2023. The primary market is experiencing strong interest from issuers and investors across various sectors. Going ahead, the outlook for the IPO market in
collected by 57 firms through the route in 2023. The primary market is experiencing strong interest from issuers and investors across various sectors. Going ahead, the outlook for the IPO market in 2025 remains broadly positive as Sebi approved 22 IPOs as of now with companies planning to raise around INR 25,000 crore, V Prashant Rao Director & Head - ECM, Investment Banking at Anand Rathi Advisors, said. Additionally, over 50 firms have filed draft papers and are awaiting approval. Cumulatively, these companies aim to raise more than 1 lakh crore, reflecting the significant momentum in the IPO market, he added. The positive sentiment is supported by strong macroeconomic fundamentals, favourable market conditions, and sectoral growth. Further, there are no signs of the IPO frenzy fizzling out and this behaviour might persist in the short term. However, risks like market corrections and regulatory interventions could moderate the enthusiasm, Vaibhav Porwal, Co-founder, Dezrev, said.
KwikFix Auto launches mobile app for vehicle maintenance, emergencies New Delhi: , a company, has recently unveiled its mobile application, KwikFix Auto app. The app is designed to offer car owners in India a convenient and streamlined way to manage their vehicle maintenance, emergencies, and accessory purchases, all from their smartphones. Available on both iOS and Android platforms, the KwikFix Auto app provides an intuitive interface where users can specify their vehicle model. Based on this information, the app tailors its offerings to meet the specific needs of the user's vehicle. The range of services includes products like tyres, batteries, and accessories, as well as various maintenance services such as denting & painting, car detailing, mechanical maintenance, tire care, and vehicle health check-ups. One of the notable features of the app is its appointment scheduling functionality. Users can easily book appointments with trained technicians who will provide the required services at the user's location. Moreover, the app comes to the rescue during emergencies, offering assistance for punctures, battery jump starts, towing, clutch breakdowns, flatbed towing, and car key emergencies, with a promised response time of 90 minutes. In addition to the core services, the KwikFix Auto app helps users track essential documents' expiry dates, such as Pollution Under Control ( ) certificates and insurance policies, ensuring compliance with regulatory requirements. Co-founder and CEO of KwikFix Auto, Ravi Chandarana, said that the app aims to provide a hassle-free experience for users, granting easy access to a wide range of services from the comfort of their homes. Manshi Modi Chandarana, co-founder of KwikFix Auto, highlighted the app's comprehensive approach to vehicle care, integrating regular maintenance, emergency repairs, and regulatory compliance in one platform. The launch of the KwikFix Auto app reflects the company's commitment to innovation and its mission to organize and enhance India's repair sector. KwikFix Auto hopes to establish a strong presence in India's startup ecosystem, built on its entrepreneurial spirit and dedication to exceptional service.
Is recession staring US down? Already upon it? Here’s why it’s hard to say The United States is not in a . Probably. Economic output, as measured by gross domestic product, fell in the first quarter of the year. Government data due this week may show that it fell in the second quarter as well. Such a two-quarter decline would meet a common, though unofficial, definition of a recession. Most economists still don’t think the United States meets the formal definition, which is based on a broader set of indicators, including measures of income, spending and job growth. But they aren’t quite as sure as they were a few weeks ago. The housing market has slowed sharply, income and spending are struggling to keep pace with , and a closely watched measure of layoffs has begun to creep up. “A month ago, I was writing that it was very unlikely that we are in a recession,” said Jeffrey Frankel, a Harvard economist. “If I had to write that now, I would take out the ‘very.’” Frankel served until 2019 on the Business Cycle Dating Committee of the National Bureau of Economic Research, the semiofficial arbiter of when recessions begin and end in the United States. The committee tries to be definitive, which means it typically waits as much as a year to declare that a recession has begun, long after most independent economists have reached that conclusion. In other words, even if we are already in a recession, we might not know it — or, at least, might not have official confirmation of it — until next year. In the meantime, economists agree that the risks of a recession are rising. The Federal Reserve is raising rates aggressively to try to tame inflation, which has already contributed to large declines in the stock market and a steep drop in home construction and sales. Higher borrowing costs are all but certain to lead to slower spending by consumers, reduced investment by businesses and, eventually, slower hiring and more layoffs — all hallmarks of an economic downturn. “Are we in a recession? We don’t think so yet. Are we going to be in one? It’s a high risk,” said Joel Prakken, chief U.S. economist for S&P Global Market Intelligence. But the U.S. economy still has important sources of strength. Unemployment is low, job growth is robust, and households, in the aggregate, have lots of money in savings and relatively little debt. “The narrative that the economy has slowed quite a bit and is showing signs of deterioration from higher inflation and higher interest rates, that narrative is solid,” said Ellen Zentner, chief U.S. economist for Morgan Stanley. “But when you look at factors like jobs, where we’re still creating three to four hundred thousand jobs a month, with an unemployment rate that has not begun to show signs of sustained increases, and the cushions of excess savings, healthy household balance sheets — these are things that go far in keeping the U.S. out of recession, or at least staving off recession for longer.” Americans feel terrible about the
excess savings, healthy household balance sheets — these are things that go far in keeping the U.S. out of recession, or at least staving off recession for longer.” Americans feel terrible about the economy right now — worse, at least by some measures, than at the peak of the pandemic-related layoffs in spring of 2020. It’s easy to understand why: The climbing cost of food, fuel and other essentials is eroding living standards. Hourly earnings, adjusted for inflation, are falling at their fastest pace in decades. But to economists, “recession” is not just a generic term for a period of hard times. Recessions occur when the economy, as a whole, is shrinking. “The economy can feel bad for a range of different reasons,” said Tara Sinclair, an economist at George Washington University. An economy that is growing slowly — especially if that weak growth is paired with high unemployment, high inflation, or both — could be hard on many families but still not meet the technical definition of a recession. The National Bureau of Economic Research defines a recession as “a significant decline in economic activity that is spread across the economy and that lasts more than a few months.” What that means is that the downturn can’t be isolated to one or two sectors, like housing or technology, and it has to be severe and long — although there is some wiggle room. The collapse in economic activity in the first months of the pandemic was so broad and so severe that the bureau declared it a recession even though it lasted only two months. Figuring out whether a recession is happening in real time is hard — economists often disagree. But it is usually clear in hindsight, which is why the dating committee waits so long to make its pronouncements. “There’s never been a controversy about, was a particular movement a recession or not,” said Robert E. Hall, a Stanford economist who has led the Business Cycle Dating Committee since its inception in 1978. If GDP declines again, does that mean a recession has begun? Hall scoffed at formally declaring the beginning and end of business cycles based on GDP alone. A steep slowdown in one sector, like housing, might be enough to cause a mild decline in overall output but still fall short of the breadth and depth necessary to constitute a recession. On the other hand, the dating committee says the United States experienced a mild recession in 2001 even though GDP never contracted for two quarters in a row. There is another problem: The GDP figures being released this week are preliminary, and will be revised several times as more complete data becomes available. Even the data from the first quarter aren’t final. In fact, some economists think it is likely that the first-quarter data will eventually be revised to show a modest gain. That is because another measure of economic output, gross domestic income, grew in the first three months of the year. In theory, gross domestic product and gross domestic income should be identical
That is because another measure of economic output, gross domestic income, grew in the first three months of the year. In theory, gross domestic product and gross domestic income should be identical because they are measuring the same thing, from opposite sides of the economic ledger: One person’s spending is someone else’s income. But because the government can’t measure the economy perfectly, the two indicators can diverge — and recently, they have diverged by a lot. In the first quarter, gross domestic product fell at an annual rate of 1.6%, while gross domestic income grew at an annual rate of 1.8%. Boragan Aruoba, a University of Maryland economist who has studied the two measures, said he trusted the income data more because the government has better data on income than on spending. He believes that the production data will eventually be revised to be closer to the income data, meaning the economy probably didn’t shrink in the first quarter at all. Another option, recommended by the Commerce Department, is to use the average of the two measures rather than choose one. By that measure, the economy grew slightly in the first quarter. How will we know when a recession begins? The dating committee lists several indicators that it usually watches when declaring recessions, although it reserves the right to consider others. Most show that the economy is still growing, although more slowly than last year. Consumer spending, for example, grew at a solid 1.8% annual rate in the first quarter, adjusted for inflation, and most forecasters believe it grew in the second quarter, too, albeit more slowly. Job growth has remained robust. Other measures, such as industrial production and inflation-adjusted income, have stalled in recent months, but haven’t fallen significantly. Those indicators are backward-looking, however. To assess conditions in real time, forecasters typically look at other measures that have historically been better at showing the economy’s direction. The pandemic has made that more difficult, however, by scrambling typical patterns in spending and investment. “It’s harder than usual to read the economy because we’re still in such an odd period,” said Karen Dynan, a Harvard economist and former Treasury Department official under President Barack Obama. “We’re seeing this post-COVID reorganization of the economy in addition to the loss of momentum, so the signals aren’t clean.” For example, Dynan said, auto sales were usually a reliable signal of a slowing economy, because cars were a major purchase that consumers could put off if they were worried about losing their jobs. But supply-chain disruptions have depressed auto sales during the pandemic, making the data hard to interpret. If sales pick up in coming months, for example, does that suggest rising consumer confidence — or simply better availability of cars? Still, forecasters said there were some numbers they would be watching closely — most important, the job market. Recessions,
rising consumer confidence — or simply better availability of cars? Still, forecasters said there were some numbers they would be watching closely — most important, the job market. Recessions, almost by definition, result in lost jobs and increased unemployment. And increases in unemployment, even fairly small ones, nearly always signal a recession. The number of unfilled job openings has fallen a bit from record highs at the end of last year, according to data from the career site Indeed. Filings for unemployment insurance, an indicator of layoffs, have risen a bit in recent weeks. If those trends continue, a recession will seem more likely, said Aneta Markowska, chief financial economist for Jefferies, an investment bank. But Markowska said it was just as likely that if inflation began to cool in the second half of the year, consumers would begin to feel better about the economy, and businesses would keep hiring, allowing the economy to escape a recession, for now. “Consumers still have a lot of cash, they still have jobs, they’re still enjoying pretty good wage growth — the only reason things felt so much worse in the first half of the year was inflation,” she said. “It is sort of this race: Does the labor market crack before inflation begins to slow?”
Own a BMW 3 Series Gran Limousine at INR 69,999 per month: Service, insurance costs inclusive The joy and pride of owning a luxury car can be yours at a cost of just INR 69,999 per month. is offering an irresistible deal on the Gran Limousine. As a part of the new offer, you can get home the luxury sedan at a staggering all-inclusive price of just INR 69,999 per month, which includes registration and insurance as well as service and repair charges. Moreover, is also offering an assured buyback of up to 56%, along with additional benefits for corporates. As compared to the standard 3 Series, the Gran Limousine version gets a 110 mm longer wheelbase, opening up more space for the rear passengers. The car is offered in three variants - 330Li Luxury Line, 320Ld Luxury Line and 330Li M Sport, priced at INR 54.50 lakh, INR 55.90 lakh and INR 56.90 lakh (ex-showroom) respectively. Powering the 3 Series Gran Limousine are two different engines - a 2.0-litre diesel that belts out 190 hp power and 400 Nm torque, as well as a 2.0-litre turbo petrol unit that produces 258 hp andd 400 Nm. The transmission duties are taken care of by an 8-speed Stepstronic Sport auto transmission as standard. The former helps the car sprint from 0 to 100 kmph in 7.6 seconds, while the turbo petrol engine can achieve the same feat in 6.2 seconds. The long-wheelbase luxury sedan is equipped with a 10.25-inch touchscreen infotainment system with wireless Android Auto and Apple CarPlay, a panoramic sunroof, a three-zone auto climate control, ambient lighting, a 12.3-inch digital driver’s display, wireless charging, cruise control, launch control, as well as a 16-speaker Harman Kardon sound system. The safety tech on offer includes 6 airbags, park assist, cornering brake control etc. The 3 Series Gran Limousine also gets four drive modes, namely ECO PRO, Comfort, Sport, and Sport+. Also Read:
India's hiring activity broke all records in February: Report The re-opening of the Indian ecosystem has reinforced a positive sentiment among employers and job seekers, as a result of which, a job index saw an uptick of +31 per cent Y-O-Y in Feb’22 vs Feb’21. India's hiring activity broke all records and touched new heights as recorded by Naukri's JobSpeak index in Feb’22. The Naukri index stood at 3074, surpassing its previous high of 2753, which clocked in Sep’21. As the Indian economy sees a gradual return to normalcy, sustained growth in the hiring activity was observed across all key sectors. Insurance (+74 per cent) clocked the highest growth in hiring activity in Feb’22 when compared with Feb’21 followed by Retail (+64 per cent) which has showcased a sharp uptick since last year. Interestingly, after a long sluggish period, the Auto Industry finally showed signs of recovery in Feb’22 as it grew by +12 per cent over Feb last year. (Image Source: Naukri's JobSpeak index) Sectors like IT-SoftwareFinancial Services (+35 per cent), Pharma (+34 per cent), Hospitality (+41 per cent) and Telecom (+23 per cent) continued to demonstrate strong and consistent growth as concerns around COVID reduced drastically in Feb’22. MedicalAuto Ancillary showing recovery after a long time, and other major organized sectors sustaining growth, one can say that both sentiment and confidence are strong among the job seekers.” The Naukri JobSpeak is a monthly Index that calculates and records hiring activity based on the job listings on the Naukri.com website month on month and year on year. The data is compiled from the website wherein jobs posted by clients on Naukri.com are considered. July 2008 is taken as the base with an index value of 1,000 and the subsequent monthly index is compared with the data for July 2008. Also Read:
Newgen Software to digitize MEDGULF’s motor claims process , a global provider of low code digital transformation platform, has announced that the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company ( ), Kingdom of Saudi Arabia, has selected Newgen to transform its . Leveraging Newgen's Insurance ing Solution, built on the NewgenONE Digital Transformation Platform, MEDGULF will drive end-to-end process , enhance the efficiency of its insurance claims process, and boost overall productivity, the company said in a media release. "With the help of Newgen's solution, we aim to proactively manage our claims lifecycle, prevent frauds, and boost process efficiencies. We look forward to collaborating with Newgen to facilitate our customers with a smooth claims experience," Umar Al Mahmoud, Deputy Chief Executive Officer, and Chief Operating Officer, of MEDGULF, said. "We are proud to be part of MEDGULF'S digital transformation journey. Our solution will help them enhance compliance, and with the solution's data capture and payment tracking capabilities, the organization will be able to enable faster and more effective claims processing," Vivek Bhatnagar, VP – Sales International, Newgen Software, said. The solution's wide range of capabilities will empower MEDGULF to automate its entire claims journey for fast, accurate, and secure settlement. With the solution's comprehensive rule-based engine, MEDGULF can fast-track its end-to-end workflows, achieve straight-through processing, and ensure standardization. Furthermore, the underlying contextual content services (ECM) platform and cloud-based technology will allow it to eliminate paper-based manual tasks, enable end-to-end content management, and achieve complete document digitization.
US to issue more guidance on Russian oil price cap in coming days The US government plans to issue guidance in coming days on a Russian taking effect on Dec. 5 and is ready for some "hiccups" in its implementation, a State Department official said on Thursday. Jim Mullinax, director of the , told a panel hosted by Thomson Reuters that the government was in close touch with industry and partners about the oil price cap, and was approaching it with a "spirit of flexibility." The United States, its Group of Seven allies and Australia plan to cap prices of Russian sea-borne oil shipments effective Dec. 5, with a second cap on oil products kicking in Feb. 5. The unprecedented price cap aims to block Russia from profiting from a jump in oil prices since its Feb. 24 invasion of Ukraine while ensuring that Russian oil continues flowing to global markets after a ban on takes effect next month. It was not immediately clear if the new guidance would specify the cap price. The coalition agreed this month to set a fixed price for Russian oil, rather than a floating rate. The plan calls for participating countries to deny Western-dominated oil transport services like insurance, finance, brokering and navigation to priced above the cap. "I'm hoping that it's been telegraphed well, that we've been relatively transparent," Mullinax said. "We've taken a lot of feedback from industry about how to implement this.... There's probably going to be some hiccups in the early frame," he said. Michael Dawson, a partner with the WilmerHale law firm, said the United States, Britain and the European Union had prepared well. "They're open and flexible to address some of the problems that arise - and there will be problems," he told the same panel. Also Read:
India considers buying discounted Russian oil, commodities, officials say NEW DELHI: India is considering taking up a Russian offer to buy its and other commodities at discounted prices with payment via a rupee-rouble transaction, two officials said, amid tough Western sanctions on Russia over its invasion of Ukraine. India, which imports 80% of its oil needs, usually buys about 2% to 3% of its supplies from Russia. But with oil prices up 40% so far this year, the government is looking at increasing this if it can help reduce its rising energy bill. "Russia is offering oil and other commodities at a heavy discount. We will be happy to take that. We have some issues like tanker, insurance cover and oil blends to be resolved. Once we have that we will take the discount offer," one of the Indian government officials said. Some international traders have been avoiding to avoid becoming entangled in sanctions, but the Indian official said sanctions did not prevent India importing the fuel. Work was ongoing to set up a rupee-rouble trade mechanism to be used to pay for oil and other goods, the official said. The officials, who both declined to be identified, did not say how much oil was on offer or what the discount was. The finance ministry did not immediately reply to an email seeking comments. Russia has urged what it describes as friendly nations to maintain trade and investment ties. India has longstanding defence ties with Russia and abstained from a vote at the United Nations condemning the invasion, although New Delhi has called for an end to the violence. Russia's Surgutneftegaz allowed Chinese buyers to receive oil without providing letters of credit (LC) payment guarantees in order to bypass sanctions, sources told Reuters. The government, which could see its import bill rise by $50 billion in the fiscal year starting in April, is also looking for cheaper raw materials from Russia and Belarus for fertiliser, as the cost of its subsidy programme has rocketed. The government, which has already doubled its subsidy bill for the fiscal year to the end of March 31, allocated a further Rs 14,900 crore ($1.94 billion) on Monday. The government expects the fertiliser subsidy bill to rise by at least 200 billion to Rs 30,000 crore in the next financial year, from the current estimate of Rs 1.05 lakh crore, the two officials said. "If we can get cheaper fertiliser from Russia then we will take that. It would help in easing some fiscal concerns," one official said. Also Read:
Enhance female labour force participation: Bhupender Yadav to India Inc The labour and employment minister urged to enhance participation in India and ensure women are at a decision making position. “To promote female labour force participation rate, not only should there be higher participation of women in the workforce but women should be seen at positions of decision-making,” Yadav said in his interaction with human resource heads of several industries across sectors. Industry body Confederation of Indian Industry ( ) facilitated the interaction of top officials with industry representatives from manufacturing, staffing agencies, automobile, construction and hotel industries among others, the labour ministry said in a statement on Wednesday. According to the statement, the industry representatives suggested the labour ministry to introduce guaranteed employment in urban areas, reorient education curriculum to align with the emerging technologies and enhanced use of apprenticeship for employment generation while urging the government to roll-out the labour codes at the earliest. The labour ministry also sought the views of India Inc on improving service delivery in Employees Provident Fund Organization and Employees State Insurance Corporation, work from home, better utilization of services of and for enhancing women participation in the labour force besides others, it said. Further, such interaction would take place on a regular basis with all stakeholders and the government will seek cooperation of CEOs and HR heads of the industry in policy making for the welfare of workers and for creation of decent employment, the minister concluded. Also Read:
RBI's financial inclusion index rose to 56.4 in March 2022 The Reserve 's composite (FI-Index) capturing the extent of across the country rose to 56.4 in March 2022, showing growth across parameters. The index stood at 53.9 in March last year. It was at 43.4 for the period ending March 2017, showing rapid improvement in reach of financial services over the past five years. The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion. It comprises three broad parameters -- access with 35% weightage, usage with 45% weightage and quality with 20% weightage. It incorporates details of , investments, insurance, postal as well as the pension sector. The Index is responsive to ease of access, availability and usage of services, and quality of services, said. RBI now publishes the index annually in July every year.
Safety tests a must on all CNG vehicles in Karnataka All owners in will now be required to carry out periodic mandatory safety tests on the cylinders in their vehicles, a circular issued by the transport department states. The circular issued on January 9, 2023, is in line with national guidelines for , which mandate “hydrostatic stretch” tests once in three years throughout the life of the cylinder — which is 20 years. Gas Authority of India Limited (GAIL), the largest CNG supplier in the state, estimates that there are52,000 , of which 48% or around 25,000 are in Bengaluru. The data includes vehicles fitted with CNG cylinders in the aftermarket and those supplied by GAIL. The government has authorised a Bengaluru-based firm — MGR Hydrotest Inc — to conduct these tests, while two others will soon get authorisation to carry out these tests. MGR Hydrotest has relevant certifications from PESO (Petroleum and Explosives Safety Organisation). Gyanchand Bantia, managing partner, MGR Hydrotest, said: “As per the Centre’s Gas Cylinder Rules 2016, it is mandatory to conduct hydrostaticstretch test of cylinders once every three years till the life of cylinder (20 years) as per BIS standards 154975 and BIS 8481. While the transport department has issued a circular about this, awareness needs to be spread on the issue. ” Bantia said that as conversion and new registrations of CNG vehicles increases, safety concerns need to be addressed. “CNG has a very high pressure of 200 bars, which is 10 times higher than LPG. Since the pressure is greater, a CNG cylinder is made from a very thick gauge (8mm to 10mm) and is seamless,” he said. The state government circular, sent to all RTO offices and joint commissioners of transport besides other stakeholders, states that it is mandatory for all CNG vehicles which have completed three years, to present this safetytest certificate at the time of fitness test, along with other documents. “Once the tests are completed, this certificate is issued by a plant approved by PESO and is done online. PESO website is integrated with the Vahan website of the transport department and these certificates will reflect there too,” Bantia said. He said that at present Karnataka has more than 100 CNG stations although about 55 are in Bengaluru alone. “We are now spreading awareness at RTOs and are in touch with GAIL to put up compliance boards at stations so vehicle owners can be informed about the tests and plan them in the future. This is important because these tests will be needed even in case of accidents to claim insurance,” he said. Also Read:
How China's EV makers aim to beat Tesla, legacy automakers in Europe Starting in the 1980s, European automakers steadily conquered China, racking up millions in sales with little local competition. Now they'll have to defend their home turf in from an onslaught of formidable Chinese . titans , and (GWM) are preparing a fusillade of product launches - about 20 over the next five years - and spending heavily on sales and marketing in their most important export market, according to Reuters interviews with 18 China auto executives, consultants and industry experts familiar with the Chinese automakers' European strategy. After several years of swiping market share from foreign rivals in its domestic market, the world's largest, China's increasingly potent is ready to take the fight to Europe. Chinese electric-vehicle makers have studied European car-buyers for years, hiring industry veterans and selecting distributors with extensive local knowledge as they laid the groundwork to take on and , the sources said. and have already announced plans to manufacture cars in Europe. Chinese carmakers are now deploying a range of tactics to break into the market, ranging from sponsoring high-profile sporting events to raise awareness of their brands, to building out their dealership networks, and shoring up service-and-repair operations to protect resale values - a key requirement of fleet buyers who make up a large share of the . Chinese automakers' European sales remain small because their brands are little-known to consumers - with the exception of , a former British brand owned by , a state-owned Chinese automaker. But deliveries are growing rapidly and could surge with the release of additional models across a broad range of price segments, industry experts said. BYD saw its Europe sales triple to 15,000 vehicles in 2023 after years of exponential sales growth in China and other export markets. BYD has launched six electric models in Europe and a spokesman said the company is rolling them out across 20 countries. It launched its first three models in the United Kingdom last year and plans two more this year, said BYD's UK marketing manager, Mark Blundell. Great Wall plans to launch a model a year in Europe for the next five years, two distributors told Reuters. Chery will launch a total of eight SUV models under two brands, Omodo and Jaecoo, over the next two years, said Chery's European managing director, Jochen Tueting. By comparison, Tesla has just two volume-sellers - the mid-priced models 3 and Y. Both are overdue for a redesign and declining in global and European sales. Executives from BYD, GWM and Chery told Reuters they are looking to plant deep roots in the Europe market. Chery's Tueting said the company is focusing on all facets of the European automotive ecosystem, from branding to financing tools to repairs and resale values for both private and corporate customers. "We've been doing our homework," Tueting said. SAIC's MG did not respond to
ecosystem, from branding to financing tools to repairs and resale values for both private and corporate customers. "We've been doing our homework," Tueting said. SAIC's MG did not respond to interview requests. Christina Bu, of the Norwegian EV Association, which represents 120,000 EV owners, has met with many Chinese automakers and noted some have spent years planning their European strategy. Norway is a global leader in EV adoption. Chinese brands, Bu said, have so far adapted Chinese EV models for export, but they're already working on models designed from scratch to target European buyers. They also don't face the same pressure as western rivals to turn a profit quickly because they are heavily backed by the Chinese government, she said. "Some of these players have spent a lot of money on it, despite not having sold much yet," Bu said. Cost advantages China's auto industry, a mix of state-owned and private firms, has major cost advantages over foreign competitors in part because of government subsidies and the nation's dominance of battery-minerals refining. In China, the explosion of EV brands has ignited a price war, with automakers led by BYD selling a slew of EVs priced between USD 10,000 and USD 30,000. Those rock-bottom prices have alarmed automakers and their political allies in the United States and Europe. In May, U.S. President Joe Biden quadrupled tariffs on Chinese EVs to 100%. The European Union is currently investigating China subsidies and may soon raise tariffs on its cars. But European auto executives said at a Reuters event in May that higher tariffs will do little to protect them from Chinese EVs unless Europe's industry acts quickly to match their price and value. "The window is closing," said (VOWG_p.DE) board member Thomas Schmall. "We have two or three years." So far, China automakers are not deeply undercutting foreign rivals. Instead, they're maximizing profits on exports by charging double or more, compared to the China price, for the same vehicles. Their Europe prices are just slightly below comparable models from western automakers, but the Chinese vehicles are often stuffed with standard-equipment goodies - such as heated-and-cooled seats, 360-degree cameras, digital dashboards - that often cost extra in competitors' vehicles. Japanese automakers used similar tactics when expanding into western markets decades ago. Long-term investing As they expand exports, Chinese automakers are implementing complex strategies to increase their appeal to European customers. They have improved their safety ratings, they've strengthened repair-and-service operations and distribution, bolstering resale values, which are particularly important for people who lease cars. Leasing companies charge lower monthly payments for cars with high resale value because they're worth more at the end of the lease term, when buyers can choose to either buy them or return them to the leasing firm. ' attention to detail reflects what they've learned
resale value because they're worth more at the end of the lease term, when buyers can choose to either buy them or return them to the leasing firm. ' attention to detail reflects what they've learned about European consumers, said Bo Yu, Greater China country manager for JATO Dynamics, a UK-based automotive industry research firm. "In China, the purchase price is important," she said. "But for European consumers it's not just price, but total cost of ownership, including maintenance, service and residual values." Ben Townsend, head of automotive at insurance industry-funded safety group Thatcham Research, has been working for the past year with Chinese automakers. Beyond the obvious moves, like complying with safety regulations and winning high safety ratings, Townsend said, the Chinese exporters are delving into far more complex questions of how to structure warranties and price repairs in Europe, which has much higher service labor costs than China. "There are hard rules on issues like safety that are clear, and then there are soft rules that aren't written down," Townsend said. "The Chinese are very eager to learn the soft rules." The Chinese players are taking a comprehensive look at what constitutes long-term success in Europe, said Toby Marshall, managing director at vehicle distributor IM Group, who manages GWM's ORA brand in the UK. IM Group has previously launched a slew of new brands in Britain, including South Korea's Hyundai and Japan's Subaru. "Selling the car is just the tip of the iceberg," he said. "There is so much more to understand about keeping that car on the road throughout its lifetime." Ensuring ready access to affordable spare parts is vital. Marshall said GWM's UK ORA distributor can provide most parts within 24 hours. And SAIC's MG has said it will open a second European parts center this summer to support growing vehicle demand. Another critical effort is courting fleet consumers, which control an unusually large share of European auto sales. For instance, Ayvens, Europe's largest leasing company, already has partnerships with BYD and . Unlike Tesla, which has undercut its resale values by repeatedly reducing retail prices, Chinese automakers are working with companies like , which conducts extensive "car-to-market" studies to set optimal residual values for leasing customers. 'B-Y-WHO?' Chinese automakers' main challenge is reaching the majority of European consumers who don't know they exist. That gives legacy carmakers more time to stave off the threat of Chinese exports, said Phil Dunne, a managing director at strategy consultancy Stax. "But the Chinese are fast learners," he said, "so it won't last much longer." To boost their brand presence, Chinese automakers are turning to social media, high-profile event sponsorships and partnerships with established dealer networks. One of BYD's distributors in Italy is Gruppo Autotorino, with 70 retail locations in 24 provinces. "Our network allows them to reach clients
and partnerships with established dealer networks. One of BYD's distributors in Italy is Gruppo Autotorino, with 70 retail locations in 24 provinces. "Our network allows them to reach clients quickly," said chairman Plinio Vanini. "This was key for BYD." GWM and Chery are partnering with existing dealerships that also sell other established brands. Chery's European managing director Jochen Tueting said the automaker, for its Omoda vehicles, chose such shared locations "so people say: 'While I'm here, I'll take a look.'" BYD, because of its scale as China's leading EV brand, is launching mostly standalone dealerships - and rolling them out fast. Mark Blundell, BYD's UK marketing manager, says the automaker will have 60 UK dealerships by the summer, rising to 100 next summer, and within 18 months plans enough locations so most Brits can reach one within a 14-minute drive. Awareness of Chinese cars is rising. According to research in March from online car marketplace Carwow, 50% of respondents in Germany said they would consider a Chinese-made car, up from 27% last October. To boost its brand, deep-pocketed BYD is spending big on a sponsorship of the Euro 2024 soccer championship, a spot previously occupied by Volkswagen. BYD will showcase its EVs at match venues and get its branding on live broadcasts. Each match drew more than 100 million viewers during Euro 2020, according to the Union of European Football Associations. "That will be great for familiarity because people will see 'BYD, BYD, BYD' all through the tournament," said Blundell, the automaker's UK marketing manager. "But we're very humble about it. Even this time next year, there will be people going 'B-Y-who?'"
Insurers want 15-20% hike in third-party motor insurance premiums Vehicle owners might have to shell out more for insuring their vehicles. General insurance companies have written to the insurance regulator, proposing that the mandatory third-party insurance premiums be hiked by 15-20% to help them tide over losses in this segment. If Irdai accepts the proposal, third-party insurance premiums could go up from 1 April. The third-party premium for a Maruti Swift 1.3 LXI is currently Rs 3221 per year. This could go up to Rs 3,705-3,865 if the rates are hiked in 2022-23. While third-party premium rates are revised on an annual basis by Irdai, these were put on hold in 2020, and then again in 2021, to give relief to policyholders during the pandemic. However, with the rise in the number of third-party claims after the initial drop during Covid, general insurers are finding it hard to keep up. Also Read:
Campaign against unfit school vehicles from July 8 To ensure safety of school children, the will launch a against unfit school vehicles from July 8. The vehicles will be checked for fitness, permits, insurance, pollution compliance, and other essential credentials. Minister of state for transport (independent charge) Dayashankar Singh said that CM Yogi Adityanath has directed to prepare a district-wise list of vehicles operating in schools. The officials should ensure verification of registered school vehicles. The minister said that a separate list of ‘fit’ and ‘unfit’ vehicles be prepared and that meetings be held with school management and vehicle owners to ensure compliance with the standards. The minister said that it has come to the notice that in most districts, vehicles are operating in violation of standards, without fitness certificates or without being registered or contracted under the school's name. The children are being sent to schools in unauthorised vehicles, like vans, autos, and e-rickshaws with the consent of schools and parents, which is a violation of the Motor Vehicle Rules. Enforcement teams will launch a campaign to take action against such individuals. The campaign will continue for at least a fortnight.
Venture debt firm Stride Ventures raises USD 200 mn for onlending to startups Mumbai: on Wednesday announced that it has raised USD 200 million (about Rs 1,588 crore) for onlending to . The USD 200 million commitments for the final closure of the 'Stride Ventures India Fund II' came from banks, family offices, corporate treasuries, sovereign funds, private equity funds, insurance firms, and high networth individuals, as per a statement. The company had in August 2021 announced the first closure of the fund at Rs 550 crore of the targeted corpus of Rs 1,000 crore which could go up by Rs 875 crore through a . The close comes during what is being called a ' winter' in the startup world, and also at a time when the interest in non-dilution of equity among founders is gaining ground, making venture debt more attractive as compared to venture capital where equity holdings need to be diluted. "The current economic environment has made growing businesses more amenable to debt transactions than ever before, giving India's venture lending industry a chance to grow and evolve," Stride Ventures' Partner Apoorva Sharma said. "The growing investor trust in the Indian start-up ecosystem provided us with a great opportunity to develop a strong pipeline of deployments that we have utilized across various sectors," its founder and Managing Partner Ishpreet Singh Gandhi said. Gandhi said Stride has already committed a large portion of the fund in industry leading startups and its goal is to continue being a preferred lender while developing innovative alternate financing solutions for founders. It follows an agnostic approach and has been lending to companies in segments like consumer, fintech, agri-tech, B2B commerce, health-tech, B2B software as a service (SaaS), mobility and energy solutions (including ). In August last year, it had said disbursals in 2021 are supposed to cross Rs 400 crore and the average ticket size for new deployments is going up to Rs 75 crore.
India hopes for oil from Iran, Venezuela; higher output from OPEC+ to cool prices New Delhi: India, the world's third-largest energy-consuming and importing nation, is pinning hope on resumption of crude oil supplies from and Iran as well as higher production from nations to help cool international oil prices that have hit multi-year highs. It will also evaluate the Russian offer to sell crude oil at discounted prices after considering aspects such as insurance and freight required to move the fuel from the non-traditional supplier. Replying to supplementaries during question hour in the Rajya Sabha, Oil Minister said oil export from Venezuela and Iran had been hit due to sanctions. The two nations are among those with the highest oil reserves in the world and were significant suppliers to India before US sanctions halted purchases. "It is our hope and expectation that oil, not only from Venezuela, but other countries under sanction, will become available," he said. "I am hopeful that we will all use collectively, our margin of persuasion... to request the international community to make more oil available including from Venezuela". Indian oil companies will enter into agreements with Venezuela and "equally (with) Iran" no sooner their oil comes into the market, he said. Stating that there are reports that the nuclear issue, which had led to sanctions on Iran, is likely to be resolved, the minister said "that will also bring more oil into the market." He hoped that "apart from oil which will become available by countries who, hitherto, were not supplying on account of sanction, existing plus will increase their production" to cool oil prices. International oil prices had hit a 14-year high of USD 130 per barrel earlier this month before retracting. It was trading at over USD 108 on Monday. But retail petrol and diesel prices have remained unchanged for a record 130 days in a row. Rates were last revised on November 4, 2021, when international oil prices were at USD 81-82 per barrel. Asked about the reported Russian offer to sell its crude oil and other raw materials at discounted prices with payment through a rupees-rubles transaction, Puri said the government will explore all options which are available. "Let me again reiterate that in a situation like the one characterised by the pandemic in the last two years and in the last few weeks by a war or a military action taking place between Russia and , the government will explore all options which are available," he said. The minister said he has had discussions with the Russian government officials. "Discussions are currently underway. There are several issues which are required to be gone into like how much oil is available either in Russia or in new markets or with new suppliers which may be coming in the market. Also, there are issues relating to insurance, freight and a host of other issues including the payment arrangements," he noted. He promised to report any arrangement that is worked out
in the market. Also, there are issues relating to insurance, freight and a host of other issues including the payment arrangements," he noted. He promised to report any arrangement that is worked out between Indian oil companies and their counterparts in the Russian Federation or with Iran or any other countries where more oil is coming up. "It is a dynamic evolving situation characterised by military warfare," he added. Puri was repeatedly interrupted by Opposition members who alleged that he was skirting the questions they had put to him. "I would be happy if some of the 'military quotient' is less here, and, I will get a chance to explain things to my distinguished colleague in greater detail," he said. Puri said the price of petrol and diesel at the retail point or at the bunk is determined by international price, cost of insurance, freight, exchange rate, refining margins and a number of other factors. On November 4, 2021, excise duty on petrol was cut by Rs 5 per litre and that on diesel by Rs 10 to provide relief to consumers reeling under record-high prices. International rates have since climbed to multi-year highs but retail prices have remained at the November 4 levels. "I thought that all the elected representatives would be rejoicing at the fact that the price paid by the consumer has remained steady during that period but I did not see that," he remarked. To a separate question, his junior colleague and Minister of State for in a written reply said the geopolitical situation between Russia and Ukraine has resulted in a steep increase in global crude oil and gas prices. "Government of India is closely monitoring global energy markets as well as potential energy supply disruptions as a fall-out of the evolving geopolitical situation," he said. In November 2021, in a bid to control inflationary pressures, the Government of India, in consultation and parallelly with major energy consumers, had agreed to release 5 million barrels from its strategic petroleum reserves. "Government of India is ready to take all appropriate action, as deemed fit, for mitigating market volatility and calming the rise in crude oil prices," he added. On taxes being raised on petrol and diesel at the onset of the pandemic, Puri said they were raised for a particular purpose. "The question is, raising of taxes, levying of taxes are done depending upon the situation at that point of time," he said. After the Union government's decision to cut excise duty, all but nine states also cut local sales tax or . "We are willing to take such steps as are necessary to control the price," he said. He added that rates in India have gone up only by 5 per cent as compared to over 50 per cent in countries like the US, Canada, Germany, and the UK. "We should be rejoicing that. Instead, what we are hearing from the distinguished member is why it has not gone up," he said. Also Read:
World leaders need to address climate change as promised in Glasgow: Alok Sharma, COP26 President With barely four months left for this year’s UN climate talks, much needs to done to keep the world on track to meeting the goals set in Paris and . The challenges of the present moment—inflation and debt, energy and food crisis and the geopolitics--and the rising impacts of unchecked global warming being felt across the world are pushing governments. ET’s Urmi A Goswami spoke with COP26 President on the prospects for climate action. Q: World has changed a fair bit since Glasgow (COP26), circumstances have and continue to test countries throwing up different priorities, there have been some setbacks. At the same time, the impacts of are being experienced more acutely, with disastrous outcomes, across the globe. Where do you see this going, from the perspective of the urgently needed climate action? Sharma : Reflecting back to eight months ago what we got into the line was actually historic, we managed to get almost 200 countries to agree to the Glasgow Climate Pact. Some key elements in that--every country agreed to look again at their 2030 emission reduction targets by the end of this year. We had more movement on finance, particularly doubling of adaptation finance by 2025, the phase-down of coal. There is a range of areas where we made a lot of progress, of course we closed the Paris rulebook as well. I think we left COP26, being able to say with some credibility that we had kept the prospect of limiting global warming to 1.5C alive. The world has sort of moved on these eight months. We have had the illegal invasion of by Vladimir Putin’s forces. This of course has resulted in a range of global impacts which, of course, every country is having to deal with. You have an energy security crisis, you have food security issues, inflation is rising across the world and, of course, debt is also rising across the world, particularly in some of the most climate vulnerable countries. Although every world leader needs to deal with the immediate issues they have in front of them, at the end of the day every government needs to be able to deal with more than a handful of issues vitally important that they are, and we know that chronic threat of climate change not going away. You have seen that in the IPCC reports that have come out, the science is very clear on this. But also that every country is experiencing the impacts of global warming. In , you have had record heat waves, you are seeing the impact of that in terms of lives and livelihoods, crop yields. Here in the UK, today I think we are potentially on record the hottest day in very many decades. Across , you are seeing Europe baking and parts of Europe burning. I have come back from South Africa where they had terrible flooding with the loss of thousands of lives in KwaZulu Natal. The chronic threat of climate change isn’t going away and world leaders will have to address this issue as they promised in
had terrible flooding with the loss of thousands of lives in KwaZulu Natal. The chronic threat of climate change isn’t going away and world leaders will have to address this issue as they promised in Glasgow at the same time as dealing with all the other issues that of course are of immediate concern to them. Q : Given the situation and the challenges it has thrown up, do you see countries working together better moving away from the adversarial approach? Sharma : One thing I certainly learnt as President is that the multilateral system, although it may be unwieldy, does help to deliver a unified view on these issues; and I think that is what actually drove us getting the over the line. It was that understanding from every country that I spoke to that it was in their self-interest and in our collective interest to deal with climate change. And even last year going into COP26 the geopolitics was starting to get fairly strained obviously it has got a lot worse. What you are seeing many countries, across Europe particularly is the desire to wean themselves off Russian hydrocarbons and what very many countries have understood is that if you are reliant on fossil fuels, particularly when controlled by hostile actor, that makes you extremely vulnerable. So, to meet immediate energy needs you are seeing more use of fossil fuels, at the same time you are seeing a very clear policy statement from countries that they are going to now accelerate on renewables. They have understood that the way you have energy security is to have home grown clean energy. You are seeing that across Europe, in the UK though we are not reliant on Russian hydrocarbons. I think that is the response you are seeing in countries across the world as well. What this moment has made very many countries also realise is that climate and environment security are totally interlinked with energy and national security. If that wasn’t clear to any country previously it certainly is now. Q : There are of Senegal wanting to exploit its gas resources for energy access and oil reserve finds in Guyana and what it could mean for that country. Going beyond assisting big developing countries with significant emissions or emission potential to transition, what is the plan to help countries like Guyana to not exploit its resources because it is not what the world needs yet meet their needs? Sharma : I have always been clear that no developed nation has the right to do is say to a developing nation that they should curb their growth. What we need to do is to support countries to grow but in a clean, green way. Besides, the joint collective effort from G7 nations, there is of course bilateral support that goes on as well There will be examples of bilateral support that is being provided to other developing countries from developed nations. But to the point about investing in fossil fuels in future. One of the things every private sector investor has to keep in mind: is whether they invest now for
countries from developed nations. But to the point about investing in fossil fuels in future. One of the things every private sector investor has to keep in mind: is whether they invest now for extraction that may not happen some years from now and whether they run the risk of landing up with stranded assets, you are seeing that particularly in coal. During last year we got the historic agreement at the G7 and at the G20 for those nations to end international financing or coal projects and certainly the conversations I have had with governments around the world and private investors there is an increasing reluctance to invest in new coal for instance, and as a general point applies across fossil fuels. But of course, what we need to do is to help countries transition in a managed way, right. This move to a clean energy future is not about flipping a switch overnight. It is about a managed transition, it is what we are doing in the UK and other developed countries are doing and it is what we need to do support developing countries as well. Q : Loss and damage was an important issue at Glasgow but not resolved. Once again, at Bonn but no movement there as well. Clearly it will be raised again at Sharm-el Sheikh. As climate impacts become more evident, resolving the loss and damage question becomes critical. Where do you see the consensus? Sharma : I have been involved in very detailed way with this whole issue of climate finance for the best part of coming up to now three years, even during that time I have seen the mood music, the language on loss and damage change to the extent that for the first time ever in COP26 we were able to have a significant proportion of the cover decision devoted to loss and damage. A did agree with a way forward with the on Loss and Damage, and the first iteration of that took place in Bonn. It is a consensus driven process and it has got some more time to run. But I am sure in one sure in one way or another loss and damage will be discussed at COP 27, indeed at future COPs as well. The other thing I will point out is that one of the things that is also happening is the recognition that there are some countries that will want to have effectively a finance facility to deal with loss and damage facility, there is also the understanding and realisation that there are the range of existing supports for the impacts of loss and damage—there is the humanitarian aid, the disaster risk finance, social protection, the risk insurance that is currently being available. But this is a big issue for very many countries and I hope will be able to find consensus around this.
Tesla to run reduced output in Shanghai in January plans to run a reduced production schedule at its plant in January, extending the reduced output it began this month into next year, according to an internal schedule reviewed by Reuters. Tesla will run production for 17 days in January between January 3 to January 19 and will stop electric vehicle output from January 20 to January 31 for an extended break for Chinese New Year, according to the plan seen by Reuters. Tesla did not specify a reason for the production slowdown in its output plan. It was also not clear whether work would continue outside the assembly lines for the and at the plant during the scheduled downtime. It has not been established practice for Tesla to shut down operations for an extended period for Chinese New Year. Tesla did not immediately respond to a request for comment from Reuters. Tesla suspended production at its Shanghai plant on Saturday, pulling forward an established plan to pause most work at the plant in the last week of December, Reuters has reported. Tesla's latest production cuts at Shanghai come amid a rising wave of infections after stepped back from its zero-COVID policy earlier this month. That move has been welcomed by businesses although it has disrupted manufacturing operations outside Tesla. Like other automakers, Tesla has also faced a downturn in demand in China, the world's largest . Earlier this month, Tesla offered an additional incentive for buyers taking possession of vehicles in December. The company has cut prices for Model 3 and Model Y cars by up to 9% in China, in addition to a subsidy for insurance costs. The Shanghai factory, the most important manufacturing hub for Elon Musk's electric vehicle company, kept normal operations during the last week of December last year and took a three-day break for Chinese New Year. The Jan. 21 to Jan. 27 period in 2023 is a public holiday in China for Chinese New Year. Tesla's Shanghai plant, a complex that employs some 20,000 workers. accounted for more than half of Tesla's output in the first three quarters of 2022. Tesla has set a target for growth of 50% in output and electric vehicle deliveries in 2022. Analysts expect output to fall short of that goal at closer to about 45%, based on forecasts for the soon-to-end fourth quarter. Also Read:
Russian oil companies ramp up May exports to meet Asian demand Russia is expected to increase seaborne oil exports from its western ports this month to a four-year high to meet Asian demand for low-priced oil, two sources familiar with the loading plans from the ports said. Weaker global prices mean trades below USD 60 per barrel, the level imposed by Western countries, making it more attractive to Asian buyers as they have fewer issues with banks and compliance. Oil exports from Russia's main western outlets, Primorsk, Ust-Luga and Novorossiisk, will reach a combined 2.42 million barrels per day (bpd) this month, slightly up from 2.38 million bpd last month, according to Reuters calculations based on data provided by the sources. May exports from the ports will be almost 2% higher than in April and the highest since 2019, Reuters data showed. Oil loadings from Primorsk and Ust-Luga will reach 7.5 million tonnes, including Urals and Kazakhstan's transit sold as KEBCO oil grade, up from 7.2 million tonnes in April. countries imposed a price cap to try to curb Moscow's revenues, which took effect on Dec. 5. Under the cap, Russian barrels sold below USD 60 per barrel on an FOB basis, which does not include freight and insurance, in the port of loading can be shipped and insured by Western companies, while volumes sold above the cap are banned from the services. Apart from weaker oil prices that are facilitating trade, more oil is available for export as in Russia are undergoing seasonal maintenance in May, which reduces domestic demand. Russian refineries are expected to increase run rates in June as they emerge from maintenance and volumes of crude available for export are likely to decrease. For May, the high export levels have driven up freight rates, traders added, increasing costs for market players. Prices on spot markets are also rising, spurred by Asian enthusiasm to buy. The cost of Urals oil shipments from Baltic ports to India rose to USD 7.7-7.8 million from USD 7.5-7.6 million a week ago, the sources said. Last week, the discount of Urals narrowed to USD 10-USD 12 a barrel to dated Brent on a delivered ex-ship (DES) basis in Indian ports, from minus USD 13 a barrel for April loading cargoes, according to the three traders.
Chinese smart car supplier PATEO raises 1 billion yuan in new funding round Chinese smart vehicle supplier Shanghai Electronic Equipment Manufacturing Co said on Friday it had raised 1 billon yuan ($149.28 million) in a latest round led by state-owned firms. Shanghai Guosheng Capital, and the investment arm of the country's biggest insurer were the investors of this round of fundraising, PATEO said in a statement. With the new funding, the company has raised a total of 2.5 billion yuan to improve its technology development and innovation, PATEO said. , and were among its investors. The 13-year-old company said it had been supplying its software developed for smart vehicle cockpit and autonomous driving to nearly 30 auto brands. As the global auto industry pursues an electric and smart future, automakers and tech companies are developing technologies to make vehicles more connected and autonomous. Apple also said earlier it was talking to several automakers to bring the new generation of the Carplay software to make their cars smarter.
Shriram group operationalises largest retail NBFC Shriram Finance; to focus on non-vehicle financing -- created out of the merger of , and ex-holding firm Shriram Capital -- has become operational from Monday and is looking at growing its book faster going forward. The company is heavily dependent on used-commercial vehicle finance and its overall vehicle finance vertical contributed 77.5 per cent of its over Rs 1.71 lakh crore loan book now. The new company wants to take this proportion down to 60 per cent over the next two-three years and pare it further down to 50 per cent over the next five years or so, management led by Umesh Revankar, executive vice-chairman, and Y S Chakravarti, managing director & chief executive of , told reporters here announcing the operationalisation of the new entity. The employees-owned Shriram Group had last December announced merger of Shriram Transport Finance which is the industry leader in used vehicles finance, and its arm Shriram City Union Finance, creating the country's largest retail non-banking finance company (NBFC) Shriram Finance with over Rs 1.71 lakh crore of assets under management and a net worth of Rs 40,900 crore and net income of Rs 2,900 crore in the first half the current fiscal. In FY22, its net income stood at Rs 3,500 crore. Shriram Capital was the holding company of these two operational entities. The new company, to be headquartered in Mumbai, has over 6.7 million customers being served at over 3,600 branches across the country, barring Nagaland, by its 57,000 employees, 3,000 of them hired since merger announcement. "Shriram Finance is the largest retail NBFC today with a loan book of over Rs 1.71 lakh crore and 6.7 million customers. While announcing the merger last December, we had guided towards 15 per cent top line growth and 10 per cent bottom line expansion and I am happy to say we're very much on course to improve those guidance," Revankar said. On the back of the improvement in the overall economy, the company has been witnessing exponential growth in the key business verticals. While overall loan sales has grown 35-45 per cent since the merger announcement, the flagship commercial vehicle vertical has risen 46 per cent and the construction equipment finance soared 64 per cent during this period, Revankar said. Though the company is about the construction equipment finance segment to grow faster on the back of the government push on infra, Chakravarti said, however, the firm wants to balance the growth metrics and pare the dependence on vehicle finance vertical going forward. Giving the asset break-up, he said 60.5 per cent is from used vehicles (commercial vehicles), 17 per cent from passenger vehicles, MSMEs constitute 11.5 per cent, personal loans 3.2 per cent, gold loans 2.8 per cent and 5.3 per cent come from two-wheeler financing. Of the commercial vehicle portfolio, as much as 99 per cent is for used vehicles only, he added. Chakravarti insisted that while the company
per cent and 5.3 per cent come from two-wheeler financing. Of the commercial vehicle portfolio, as much as 99 per cent is for used vehicles only, he added. Chakravarti insisted that while the company tries to balance the asset portfolio, it will strive to grow all the business segments -- financing commercial vehicles, MSMEs, personal loans, gold loans, or vehicle loans -- as the market demands. And going forward Chakravarti wants to take gold loan portfolio to 10-12 per cent, by offering the facility across all its branches, from being a limited branch offer only to existing customers. Similarly, he wants to expand the MSME book massively. But he didn't quantify a portfolio size for this. However, Chakravarti ruled out getting into consumer finance, MFI and also co-lending with fintech players for faster growth. While Shriram Transport Finance is the largest financier of commercial vehicles (mostly used vehicles), Shriram City Union Finance is the largest two-wheeler financier and a leader in micro, small and medium enterprise lending. Revankar, who has been leading Shriram Transport Finance for decades, said the merger is a natural culmination of a journey of 43 years. "With the balance sheet strengthened through the merger, we can serve the needs of the market better now by bringing in more products and help customers with faster access to credit," he added. The Shriram group was founded by R Thyagarajan in 1979, but today the ownership is with a trust whose members are the group employees. The promoter group does not take any benefits from the group companies not even royalties. The group also has a life and general insurance verticals, a realty arm, a chit fund, asset management, stock-broking, distribution of financial products, and wealth advisory services. At combined level, the Shriram Group has an overall customer base of over 22.5 million, around 79,100 employees and 4,000 branches. Its net profit stood at Rs 5,360 crore on an asset under management of over Rs 2.16 lakh crore as of March 2022. Shriram Finance also announced the appointment of Jugal Kishor Mohapatra as chairman of the company and Maya Sinha as an independent director.
Audi A4 allroad earns IIHS's Top Safety Pick award New Delhi: The 2022 , a midsize luxury car, earned ‘ ’ award from the when equipped with specific headlights, announced. According to IIHS, to earn either of the Institute’s two awards in 2022, vehicles must garner good ratings in six IIHS crashworthiness evaluations, including the driver-side small overlap front, passenger-side small overlap front, and moderate overlap front, original side, roof strength, and head restraint tests. They must also be available with a front that earns advanced or superior ratings in both the vehicle-to-vehicle and vehicle-to-pedestrian evaluations. For the lower-tier Top Safety Pick, at least one good or acceptable headlight system must be available. For the higher-tier Top Safety Pick+, good or acceptable headlights must be standard across all trims, it addd. A front crash prevention system that earns superior ratings in both the vehicle-to-vehicle and vehicle-to-pedestrian evaluations is standard across all trims of the A4 allroad. However, the applies only to the Prestige and Premium Plus trims, which come with good- and acceptable-rated headlights, respectively. A marginal rating for the headlight system provided with the Premium trim prevents the four-door wagon from earning “the plus.” Also Read:
In Singapore, a certificate to own a car now costs USD 106,000 To own a car in , a buyer must bid for a certificate that now costs USD 106,000, equivalent to four Camry Hybrids in the U.S., as a post-pandemic recovery has driven up the cost of the city-state's vehicle quota system to all-time highs. Singapore has a 10-year "certificate of entitlement" (COE) system, introduced in 1990, to control the number of vehicles in the small country, which is home to 5.9 million people and can be driven across in less than an hour. The quota, offered through a bidding process, has made it the most expensive city in the world to buy a car, with the COE for a large car more than quadrupling from 2020 prices on Wednesday to a record Singapore dollars 146,002 (USD 106,376.68). Including COE, registration fees and taxes, a new standard Toyota Camry Hybrid currently costs Singapore Dollars 251,388 (USD 183,000) in Singapore, compared with USD 28,855 in the U.S. A small, government-subsidised flat in Singapore costs about Singapore Dollars 125,000. In 2020, when fewer people in Singapore were driving, the price of COEs dropped to about Singapore dollars 30,000; a post-COVID increase in economic activity has led to more car purchases while the total number of vehicles on the road is capped at about 950,000. The number of new COEs available depends on how many older cars are deregistered. The skyrocketing price puts cars firmly out of reach of most middle-class Singaporeans, putting a dent in what sociologist Tan Ern Ser said was the "Singapore Dream" of upward social mobility - having cash, a condominium and a car. The median annual household salary in Singapore is Singapore dollars 121,188. Singaporeans have been battered by persistent inflation and a slowing economy, and some are selling the cars they bought when COE prices were low to make a profit. "There is a need to lower one's aspiration from achieving the 'good life' to settling with a 'good enough life'," Tan said. Jason Guan, 40, an insurance agent and father of two, said he bought his first car, a Toyota Rush, for Singapore Dollars 65,000 in 2008, including the price of the COE. Now Guan lives without a car, focusing on other perks that Singapore offers for his family. "As a family man, it doesn't affect me much as Singapore still has a good and stable education system. In terms of security, it's still one of the safest countries," he said.
Why no compliance of order on PUC tag for vehicles in Maharashtra: NGT : Amid the rising number of offending (non-PUC) vehicles causing , the (NGT) has issued a notice to the state transport authorities asking why they were sitting idle on its 2020 order directing them to make computerised pollution under control (PUC) certification mandatory to ply vehicles in the state, create centralised data pool to know status of each vehicle in real-time, and conduct third-party inspection of all PUC stations to negate bogus certification — all on the lines of Delhi NCR to control pollution. Pollution in Mumbai region has the highest contribution from vehicles at around 71%, earlier pollution surveys such as by IIT-B and MPCB have cited. The NGT, Pune in its 2020 judgment, over a case filed by social activist Dileep Nevatia demanding laying down procedures for PUC checks in Maharashtra, had directed the motor vehicle department that only the vehicles PUC-certified by authorised agency shall be allowed to ply in the state. Talking to TOI, Nevatia said 95% of the PUC certificates are issued without the cars going to the centres and hence he had urged the NGT to ensure implementation of a model by Environment Protection (Prevention & Control) Authority in national capital region (NCR) for Mumbai and Maharashtra. He cited the fact that after computerisation of licensing, around 50% people failed against 4% during manual regime. Meanwhile, joint transport commissioner Jeetendra Patil said ‘mparivahan’ portal offered details of each vehicle real-time under a central database including the PUC and insurance. “PUC centres have been brought under the portal and certificates are automatically generated upon testing at individual centres or at servicing centres. Also, third-party random checking of PUC centres has been ordered besides penal actions upon complaints,” he added. “Ensure strict compliance of Rule 115 sub Rule (7) of the Central Motor Vehicle Rules, 1989 stipulating that only vehicles that carry valid “PUC: Certificate issued by authorised agency are permitted to ply in the state of Maharashtra so as to prevent air pollution due to vehicles that do not have PUC certificate,” the NGT directives had said in its order over Nevatia’s petition. “Record the PUC data only to be automatically linked with the central server with uniform standardized software. Introduce annual third-party inspection of PUC centres. And, limit the number of PUC centres upgrading them under strong supervision and quality control,” NGT directives had stated.
Rationalisation of duty structure important for fast adoption of new technologies: BMW India Head Rationalisation of the duty structure is critical for the fast adoption of new technologies, including , President said on Thursday. He stressed on a level-playing field in terms of for the existing as well as for new players who seek to foray into the country. "Our ask from the government has always been that if you want faster adoption of new technologies, and then localisation, there needs to be some rationalisation of the duty structure," Pawah told reporters. If the duties were less, it will allow the companies to bring in products and offer it to the customer at the right price, he added. After demand creation, the products could be localised as BMW has been doing since commencing operations in the country, Pawah said. "Every product that we bring in, initially we try to bring in as CBU, and when the demand grows, we immediately localise it," he added. At present, cars imported as Completely Built Units (CBUs) attract of 60-100 %, depending on the engine size and Cost, Insurance and Freight (CIF) value less or above USD 40,000. When asked about talks on giving some concessions to a US based EV major, Pawah said, "We don't prescribe any kind of preferential treatment. There should be a level-playing field for all whether it's a new entrant, or entrant who's been in the market for the last two decades." There needs to be a level-playing field for not only the EV segment but for all segments, he noted. "It's not just the EV technology. There's going to be hydrogen technology tomorrow. There's going to be other technologies there, which are more cleaner, more safer," Pawah said. BMW continues to invest in new technologies without any incentive, he noted. The luxury car industry continues to remain minisicule in India, currently for just over 1 % of the overall passenger vehicle volumes annually. On business outlook for the current year, he noted that the overall economic outlook and consumer sentiment continues to be robust, which is a good sign. "And combined with the product lineup that we have now, with fully availability of all the new products that we already launched in 2023 and the 19 products that we will launch in 2024 that gives us even a higher level of confidence of continuing this solid growth in 2024 as well," Pawah said.
Oil prices extend gains on China demand hopes SINGAPORE - Oil prices rose nearly 1% on Monday, extending gains from the previous session as China eased some of its strict COVID-19 protocols, fuelling hopes of a recovery in economic activity and demand at the world's top . futures rose 87 cents, or 0.9%, to $96.86 a barrel by 0041 GMT after settling up 1.1% on Friday. crude futures were at $89.76 a barrel, up 80 cents, or 0.9%, after closing Friday's session 2.9% higher. Commodities prices rallied on Friday after China's National Health Commission adjusted its COVID prevention and control measures. But COVID cases climbed in China over the weekend. "This policy pivot will help limit downside fears of a protracted restrictive approach to on-onshore activity, but it doesn't eliminate the immediate demand hit from current lockdowns," SPI Asset Management's Stephen Innes said in a note. The easing curbs included shortening quarantine times for close contacts of cases and inbound travellers by two days, as well as eliminating a penalty on airlines for bringing in infected passengers. "The latest easing in quarantine requirements is certainly a step in the right direction, but the market will likely need to see further easing if this recent enthusiasm is to be sustained," ING said in a note. China's demand for oil from world's top exporter Saudi Arabia remained weak as several refiners have asked to lift less crude in December. Separately, U.S. Treasury Secretary Janet Yellen said on Friday that India can continue buying as much Russian oil as it wants, including at prices above a G7-imposed price cap mechanism, if it steers clear of Western insurance, finance and maritime services bound by the cap. However, a firmer dollar kept a lid on oil price gains. U.S. Federal Reserve Governor Christopher Waller has said it would take a string of soft reports for the bank to take its foot off the brakes on interest rate hikes which have been driving up the dollar and depressing prices of commodities priced in the greenback. On Indonesian island Bali ahead of the G20 summit, U.S. President Joe Biden and Chinese leader Xi Jinping will meet in person on Monday for the first time since Biden took office.
Oil will keep drawing strength from Middle East geopolitics, OPEC+ strategy for now There are growing fears of yet another conflict in the Middle East. is keeping a tight rein on supplies. And growth outlook is improving in some key global economies. For now, the has enough reasons to believe that these factors combined have the ability to more than offset any supply growth that the market is witnessing in non-OPEC producers, at a time when demand growth outlook in some key oil consuming countries, such as China, is just about moderate. As tensions between Israel and Iran grow, geopolitics is dominating the market narrative for oil. After the recent drone attacks, a military conflict between Iran and Israel could quickly embroil nearby major oil and gas producers, including Tehran's counterparts -- Saudi Arabia and the UAE, which have previously found their refineries, pipelines and ports targeted by Iranian-backed Houthi rebels in Yemen. The Middle East accounts for nearly 40% of global oil exports. Iran has also threatened to shut down the Strait of Hormuz connecting the Persian Gulf to the Arabian Sea, through which around 20 million bd of LNG. Any further escalation of conflict between Iran and Israel could sharply influence trade flows via the Strait of Hormuz, the world's most critical shipping lanes, with particularly significant repercussions for the global tanker freight and maritime insurance markets. For the past few months, the additional war risk premium in the Red Sea has been 0.5%-1% of the value of the hull and machinery of the ship varying with age and size, compared with 0.0001% in the Persian Gulf, sources said, adding that it is the latter's turn now to rise significantly. Spotlight on Iran The sharp escalation of tensions between Israel and Iran has prompted the market to question whether the flow of Iranian crude oil to China's independent refiners can continue uninterrupted. For now, the consensus view is that the volumes will likely remain intact in the foreseeable future. While refiners across Asia have started to think of alternatives in the event of an escalation, China's Shandong-based independent refiners are not looking to step away from purchasing Iranian crude -- one of their most favored feedstock. To give a sense of the volumes that normally flow to China from Iran, independent refineries were estimated to have imported around 4.81 million mt, or 1.14 million bb and for 2025 by three dollars to $79b or higher for the remaining period of 2024. One bearish factor will be China's oil demand outlook, but the extent of its impact on prices remains to be seen. After accounting for nearly half of the growth -- 47% to be precise -- in world oil demand from 2000 to 2023, China is transitioning to slower growth. That will not suddenly evaporate, but China's oil demand gains will likely slow from 1 million bd in 2025. However, this does not, on its own, mean lower prices. The global macroeconomic outlook also tells a
not suddenly evaporate, but China's oil demand gains will likely slow from 1 million bd in 2025. However, this does not, on its own, mean lower prices. The global macroeconomic outlook also tells a somewhat positive story. We have again raised global macroeconomic growth forecast for 2024 to 2.6% from 2.5%, primarily due to the robust US economy and somewhat improved forecast for the UK and India. The growth projection for the US has been revised upwards to 2.5% for 2024 from 2.4% earlier. Despite the lingering global macroeconomic uncertainties, there are signs of improvement following supportive policy measures in several countries, notably China -- the key consumer of oil and other commodities. The supply equation The market will also be keeping a close eye on strong oil production growth outside of OPEC+. In 2024, is forecast to rise 1.9 million bd in 2024, according to data. In contrast to rising supply outside of OPEC+, crude oil production within OPEC+ is expected to be lower in 2024 than in 2023 — and may be reduced again in 2025. For the markets, Ukrainian drone attacks on Russian refineries will also be closely watched as it provides an upside risk to both crude and product prices. Refinery outages remain high with 1 million b/d of Russian refinery capacity now offline due to Ukrainian drone attacks. The extent of the damage and timeline for repairs remain unclear. However, what seems certain is that the attacks will continue and that further supply disruptions cannot be ruled out. As Russian crude runs fall, there will be a slowdown in diesel exports out of the largest non-OPEC supplier.
Uber to expand SoS-LE integration to other cities in Visakhapatnam When the cab with a lone female passenger broke down in a secluded place in a forest area, , a safety investigation specialist at the , dealt with the situation with deft aplomb. Recounting the experience, Fani said that it was important in such situations to instil a sense of safety and security among the riders, particularly the women. Hundreds of agents like Fani are going the extra mile at the Uber Centre of Excellence Visakhapatnam – the ride hailing giant’s one of the two CoEs in India and said to be the biggest CoE in the country – to design and offer safe rides. TOI spent a day at this 600-seater Vizag CoE, shadowing the safety analysts and specialists and listening to a few live and outbound calls. Officials from the Uber India and global teams offered TOI a peek into the advanced technologies like machine learning that they deployed and scaled up over the years in their operations to optimise the service delivery and to put safety at the core. For instance, during one of the calls which this correspondent listened to, a rider complained that her phone was snatched by the driver and the ride was cancelled. But based on the trip chronicle, location, and timings, it was found that they have not even met. Speaking to ToI, safety operations head for Uber India and South Asia Sooraj Nair explained how Uber has augmented its safety features pre-trip, on-trip, and post-trip. “From driver background verification and phone number anonymisation to offering insurance, and ‘share my trip’ option, Uber is offering a bouquet of safety features. The RideCheck, which was first introduced in 2019, helps detect when the trip takes an unusually off-course or it ends unexpectedly before the rider’s final destination. When a possible anomaly pertaining to the trip is found, Uber sends an in-app notification to the driver and the rider to check whether everything is alright. They can let us know through the app their situation or they can take other actions like contacting our 24X7 safety centre or the law enforcement authorities. Uber integrated its in-app SoS with law enforcement authorities for the first time in Hyderabad in July 2022. We are in active conversations with multiple police departments across the country to bring this to other cities as well,” said Suraj. Customer experience director for Uber India and South Asia explained the consumer tech being used at Uber to shape customer experience strategy. “Safety is at the heart of everything we do at Uber,” said Manasi, explaining in great detail the safety toolkit and safety features.
Budget 2024: India needs investment appetite for green energy The is now at a critical juncture. On the one hand we must meet the growing energy needs of the country, and on the other hand fulfill the ambitious energy transition-related goals. Although the government must be commended for undertaking various initiatives and bringing substantive improvements in the sector viz. reduction in receivables, streamlining award of projects and honouring of contracts, adding more PSUs as REIA viz. NHPC, SJVN, rollout of AMI implementation under RDSS scheme etc., more needs to be done in this regard. There is an urgent need to increase RE capacity addition from the present level of 15 GW per year to 50 GW per year, along with a tripling of investments. The upcoming Union is an opportune time to make suitable provisions for increasing the investment appetite in the sector. Our expectations are as follows: Scaling up finance: Measures like allocation of higher loan capital towards RE in PSBs, additional capitalisation in organisations like IREDA, raising capital through tax saving renewable bonds, suitable regulatory framework for attracting insurance firms and pension funds, providing regulatory certainty and procedural ease for InVIT and AIFs, will increase the availability of finances for RE projects. Relaxing norms for improving investment climate: Presently, RE projects are developed through Holding Company-SPV route. Some relaxation of norms such as the exemption of holding company from being recognised as NBFC/CIC, exemption of corporate tax on dividends received by holding co for re-investment into RE assets, consolidated tax filing at group level instead of individual SPV level, will improve the investment climate. Streamlining land acquisition process and Right of Way (RoW) issues: As land acquisition and RoW issues often delay RE projects, there could be merit in creating a suitable mechanism through a land bank and streamlining land acquisition process for faster execution. Viability Gap Funding for : Absorption of high RE requires utility scale battery storage solutions. Presently, it is unviable due to high costs. The government may provide support through VGF to battery storage systems till it achieves scale and reduction in cost. Similarly, capital subsidy may be considered for promoting pumped storage projects, which has a higher capex compared to battery storage, but offers much better life and utility. Capital Subsidy for Smart Grid implementation and other technologies: Smart and robust grid is needed for bringing flexibility to the demand and supply. While the capital subsidy for AMI implementation should be continued, the scope may be enhanced by including in its ambit implementation of other technological solutions including decision support system, AI etc. necessary for improving discoms' operational efficiency and strengthening of the grid for integration of . Reduction in Taxes & Duties for promoting domestic manufacturing:
support system, AI etc. necessary for improving discoms' operational efficiency and strengthening of the grid for integration of . Reduction in Taxes & Duties for promoting domestic manufacturing: Extending the concessional corporate tax of 15% to new domestic manufacturing companies till March 2027 and making it applicable for green hydrogen and hydrogen derivatives business is recommended. GST rates can also be reduced to 5% for manufacturing of green hydrogen, electrolysers, and solar modules. The custom duty on solar cells may also be reduced to foster domestic manufacturing. Boosting R&D and capacity building: As the advent of renewables has made the power sector very dynamic, the government could consider promoting R&D and bring innovation in technologies such as battery, green hydrogen, and smart grid. There is also a need for continuous capacity building to be able to handle newer developments taking place in the sector.
India exported USD 6.65 bn oil products derived from Russian oil to sanctioning nations: Report Over one-third of India's export of to the G7-led coalition countries was derived from , a European think-tank said, highlighting how the partners shunned buying Russian crude and imposed price caps but a loose policy on refined product allowed third countries to use and legally export products to them. While there are no restriction or sanctions on buying/using and exporting fuels such as diesel derived from it, the Group of Seven (G7) rich nations, the European Union and Australia - called the price cap coalition countries - first set a crude price cap of USD 60 per barrel starting December 5, 2022 and later on products like diesel to keep market supplied while limiting Moscow's revenue. This was aimed at punishing Russia for its February 2022 invasion of Ukraine by depriving it of oil revenues while averting a surge in prices that could occur if Russian oil stopped flowing to global markets. "In the 13 months since the oil price cap took effect (in December 2022), over one third of India's exports of oil products to sanctioning countries was derived from Russian crude (EUR 6.16 billion or USD 6.65 billion)," the Finland-based (CREA) said in a report. "A huge proportion of these exports came from the Jamnagar refinery," it said, alluding to the refinery operated by in Gujarat. Jamnagar alone exported EUR 5.2 billion of oil products produced from Russian crude to the price cap coalition, it added. An email sent to Reliance for comments remained answered. "India imported Russian crude worth EUR 3.04 billion to create these products for sanctioning countries," CREA said. The USA imported EUR 1.2 billion of oil products from India, which were estimated as being refined from Russian crude. "India imported EUR 733 million of Russian crude to create these products for the USA." The price cap coalition countries imported a further EUR 469 million worth of oil products from the Vadinar refinery, it said, alluding to the refinery operated by in Gujarat. "Russian energy giant - who are on 's list of sanctioned entities - is its single largest shareholder with a 49.1 per cent share in the company." The USA imported EUR 59 million of oil products from Vadinar starting from the introduction of the crude oil price cap until the end of December 2023. According to CREA's estimate, 42 per cent of the refinery's feedstock is Russian crude. While some western nations have since February 2022 shunned buying Russian oil directly, they however import petroleum products from China, India and Turkey that have emerged as major buyers of Russian crude oil. Turkey's port of Aliaga (the location of the STAR refinery and Tupras Aliaga Izmir refinery), was the second highest exporting location of oil products made from Russian crude to the price cap coalition, it said. "EUR 8.5 billion (USD 9.18 billion) of price cap coalition countries' imports of oil products between December 1,
location of oil products made from Russian crude to the price cap coalition, it said. "EUR 8.5 billion (USD 9.18 billion) of price cap coalition countries' imports of oil products between December 1, 2022 and December, 2023 were made from Russian crude. These imports in a 13 month period are equivalent to 68 per cent of the EU's annual commitment to aid Ukraine between 2024 and the end of 2027," CREA said. In 2023, there was a 44 per cent year-on-year increase in sanctioning countries' imports of oil products, by volume, produced from Russian crude, it said, adding the price cap coalition's (PCC) imports of oil products made from Russian crude oil generated EUR 1.7 billion of tax revenues for the Kremlin from December 2022 to December 2023. Since the introduction of the price cap till December 2023, the USA imported EUR 1.6 billion worth of oil products derived from Russian crude. EUR 807 million of Russian crude was used to make these products for the USA, it said, adding price cap coalition countries imported EUR 2.4 billion of diesel derived from Russian crude. "Over one-third of sanctioning countries' imports of oil products from the eight major refineries identified as using Russian crude, consisted of diesel, worth EUR 7.4 billion. 76 per cent of this, worth EUR 5.7 billion, came from the Jamnagar refinery in India," it said. According to CREA's estimates, EUR 1.88 billion of this diesel was derived from Russian crude. "This lies upon the assumption that the diesel exported from this refinery is produced from the same proportion of Russian feedstock as for all other oil products. Relying upon a similar assumption, EUR 2.4 billion of diesel imported by the price cap coalition from these eight refineries is derived from Russian crude," it added. The EU bars EU vessels as well as insurers from handling Russian-origin oil unless it is priced at or below the price cap.
Union Road Ministry formalises movement of foreign personal vehicles New Delhi: The on Sunday said it has formalised , registered in other countries, when entering or plying in Indian territory. In a notification, the said under the Motor Vehicles , 2022, a valid registration certificate should be carried in the vehicle operating under these rules while in the country. A valid driving licence or , whichever is applicable should be carried in the vehicle. Also, an insurance policy and pollution under control certificate should be carried in the vehicle, the notification stated. In case these documents are in a language other than English, then an authorised translation, duly authenticated by the issuing authority, shall be carried along with the original papers, it said. Motor vehicles registered in any country other than India shall not be permitted to transport local passengers and goods within the territory of India, it added.
Porsche dealership to pay UP man INR 18 lakh for selling him car with ‘wrong’ year of manufacture A in Gurugram has been ordered by the (NCDRC) to pay a client from Meerut INR 18 lakh as compensation for giving false information about the year that the car was manufactured. Inder Jit Singh, a member of the NCDRC, and Justice Ram Surat Ram Maurya, who served on a division bench, noted that the act amounted to a lack of service and an unfair business practice. The firm was ordered by the commission to pay the complaint, Praveen Kumar Mittal, Rs 25,000 in litigation costs. Within three months of the order date, the Porsche centre is required to make the payments. Mittal said that he purchased a diesel Porsche Cayenne for INR 80 lakh from the Porsche Center in Gurugram on February 28, 2014. He said that the agents and sales representative informed him that the was made in 2014 when he was finalizing the model. Additionally, he said that they told him that if the two-year first warranty was renewed before it expired, the car's warranty would be increased to ten years. Mittal said that the Gurgaon shop had given him a sale invoice, sale certificate, temporary certificate of registration, and Form 22 for first compliance with rules and insurance on February 28, 2014, all of which were dated. The Meerut resident, however, claimed that he learned the automobile was made in 2013 rather than 2014 when he intended to sell it again in 2016. Mittal, who was represented by attorneys Vivek Narayan Sharma and Mahima Bhardwaj, claimed that Porsche Centre, Gurgaon, had manufactured his automobile "illegally and with intent to cheat" him by falsifying all of the documentation related to it and claiming the incorrect year. In its statement, The Porsche Centre said that Mittal was informed that the automobile was manufactured in 2013, to which he had consented and purchased it for INR 80 lakh, as well as that he had received a reduction of INR 11.90 lakh off the entire price. The center reportedly claimed that Mittal was given the option of purchasing an additional two years of , but he allegedly declined and indicated he would wait until the original two years had passed. The business also claimed that the center had issued a letter dated February 28, 2014, as well as a Form 21 (sale certificate), all of which contained a description of the automobile and stated that the year of production was 2013. The center said that it had instructed Mittal to have the vehicle registered by them, but he reportedly responded that he had connections at the Regional Transport Office and would register the vehicle himself for the 2014 model year. The center informed the bench that they had cautioned Mittal not to do such actions since they were against the law, unethical, and would cause him issues. It also submitted a copy of the interim certificate it had supplied along with other papers to the Commission. The Porsche Centre accused Mittal of having "mala fide intentions" by
cause him issues. It also submitted a copy of the interim certificate it had supplied along with other papers to the Commission. The Porsche Centre accused Mittal of having "mala fide intentions" by labelling his lawsuit as "frivolous and vexatious, exaggerated and mischievous." Regarding Mittal's claim that he was denied an extended warranty in 2016 because Ltd.'s system had the car's year of manufacture entered incorrectly, the Gurgaon Center stated that Mittal had been advised that Porsche India had discontinued providing warranties. The NCDRC examined the papers and found that they were not duplicates of one another and that the documents submitted by both parties not only had distinct years of production but also different authorized signatures. The panel determined that one of the two sets of documents—one generated by Mittal and the other by Porsche Centre—could not be authentic. The NCDRC acknowledged the complainant's papers as authentic since they were received from a public entity under the Right to Information Act. It specifically took into account the fact that Porsche Centre's evidence acknowledged Form 21 as being generated by Mittal and stating 2014 as the year of manufacture. The committee also mandated that the police conduct a probe into two papers, Form 21 and a temporary certificate of registration issued by Porsche Centre, Gurugram, which had the signature of a different authorized signatory from the one who had provided Mittal with the two documents. It instructed the police to take the proper steps if the Porsche Centre documents were found to be falsified and fake. The NCDRC declined Mittal's request for a new automobile of a comparable make in place of his old car or a refund of more than INR 80 lakh plus additional charges he paid in purchasing the car because he had been using it since the time of its acquisition. For "acute mental and psychological sufferings, unfair trade practices, and deficiency in service" brought on by the corporation, Mittal had also requested damages in the amount of INR 1 crore. The commission, however, said that he was entitled to compensation since the Porsche shop had provided subpar service and engaged in dishonest business practices.
Inflation Reduction Act may have little impact on inflation WASHINGTON - With inflation raging near its highest level in four decades, the House on Friday gave final approval to President Joe Biden's landmark . Its title raises a tantalizing question: Will the measure actually tame the price spikes that have inflicted hardships on American households? Economic analyses of the proposal suggest that the answer is likely no - not anytime soon, anyway. The legislation, which the Senate passed earlier this week and now heads to the White House for Biden's signature, won't directly address some of the main drivers of surging prices - from gas and food to rents and restaurant meals. Still, the law could save money for some Americans by lessening the cost of prescription drugs for the elderly, extending health insurance subsidies and reducing energy prices. It would also modestly cut the government's budget deficit, which might slightly lower inflation by the end of this decade. The nonpartisan Congressional Budget Office concluded last week that the changes would have a "negligible" impact on inflation this year and next. And the University of Pennsylvania's Penn Wharton Budget Model concluded that, over the next decade, "the impact on inflation is statistically indistinguishable from zero." Such forecasts also undercut the arguments that some Republicans, such as House Minority Leader Kevin McCarthy have made, that the bill would "cause inflation," as McCarthy said in a speech on the House floor last month. Biden himself, in speaking of the legislation's effect on inflation, has cautiously referred to potentially lower prices in individual categories rather than to lower inflation as a whole. This week, the president said the bill would "bring down the cost of prescription drugs, health insurance premiums and energy costs." At the same time, the White House has trumpeted a letter signed by more than 120 economists, including several Novel Prize winners and former Treasury secretaries, that asserts that the law's reduction in the government's budget deficit - by an estimated $300 billion over the next decade, according to the CBO - would put "downward pressure on inflation." In theory, lower deficits can reduce inflation. That's because lower government spending or higher taxes, which help shrink the deficit, reduce demand in the economy, thereby easing pressure on companies to raise prices. Jason Furman, a Harvard economist who served as a top economic adviser in the Obama administration, wrote in an opinion column for The Wall Street Journal: "Deficit reduction is almost always inflation-reducing." Yet Douglas Holtz-Eakin, who was a top economic adviser to President George W. Bush and later a director of the CBO, noted that the lower deficits won't kick in until five years from now and won't be very large over the next decade considering the size of the economy. "$30 billion a year in a $21 trillion economy isn't going to move the needle," Holtz-Eakin
until five years from now and won't be very large over the next decade considering the size of the economy. "$30 billion a year in a $21 trillion economy isn't going to move the needle," Holtz-Eakin said, referring to the estimated amount of deficit reduction spread over 10 years. He also noted that Congress has recently passed other legislation to subsidize semiconductor production in the U.S. and expand veterans' health care, and suggested that those laws will spend more than the Inflation Reduction Act will save. In addition, Kent Smetters, director of the Penn Wharton Budget Model, said the law's health care subsidies could send inflation up. The legislation would spend $70 billion over a decade to extend tax credits to help 13 million Americans pay for health insurance under the Affordable Care Act. Those subsidies would free up money for recipients to spend elsewhere, potentially increasing inflation, although Smetters said he thought the effect would likely be very small. While the act could have the benefit of increasing the savings of millions of households on pharmaceutical and energy costs, it's unlikely to have much effect on overall inflation. Prescription drugs account for only 1% of the spending in the U.S. consumer price index; spending on electricity and natural gas makes up just 3.6%. Starting in 2025, the act will cap the amount Medicare recipients would pay for their prescription drugs at $2,000 a year. It will authorize Medicare to negotiate the cost of some high-priced pharmaceuticals - a long-sought goal that President Donald Trump had also floated. It would also limit Medicare recipients' out-of-pocket costs for insulin at $35 a month. Insulin prescriptions averaged $54 in 2020, according to the Kaiser Family Foundation. "This is a historic change," said Leigh Purvis, director of health care costs at the AARP Public Policy Institute. "This is allowing Medicare to protect beneficiaries from high drug prices in a way that was not there before." A study by Kaiser found that in 2019, 1.2 million Medicare recipients spent an average of $3,216 on drug prescriptions. Purvis said recipients who use the most expensive drugs can spend as much as $10,000 or $15,000 a year. The legislation authorizes Medicare to negotiate prices of 10 expensive pharmaceuticals, starting next year, though the results won't take effect until 2026. Up to 60 drugs could be subject to negotiation by 2029. Holtz-Eakin argued that while the provision may lower the cost of some Medicare drugs, it would discourage the development of new drugs or reduce new venture capital investment in start-up pharmaceutical companies. The Inflation Reduction Act's energy provisions could also create savings, though the amounts are likely to be much smaller. The bill will provide a $7,500 tax credit for new purchases of electric vehicles, though most EVs won't qualify because the legislation requires them to include batteries with U.S. materials. And the legislation also
a $7,500 tax credit for new purchases of electric vehicles, though most EVs won't qualify because the legislation requires them to include batteries with U.S. materials. And the legislation also significantly expands a tax credit for homeowners who invest in energy-efficient equipment, from a one-time $500 credit to $1,200 that a homeowner could claim each year. Vincent Barnes, senior vice president for policy at the Alliance to Save Energy, said this would allow homeowners to make new energy-efficient investments over several years. But for all Americans, including those who aren't homeowners, the impact will likely be limited. The Rhodium Group estimates that by 2030 the bill's provisions will save households an average of up to $112 a year as gas and electricity becomes cheaper as more Americans drive EVs and houses become more energy- efficient.
HSRP deadline could be extended again With a huge chunk of yet to kickstart the process of obtaining ( ) despite the Feb 17 deadline fast approaching, the state transport department is thinking of extending it again. A formal announcement will be made shortly. In the last six months, only 14 lakh out of nearly 2 crore vehicles have switched over to the new number plates so far. In this backdrop, the department is exploring the possibility of deferring the deadline by another three months. Sources said: “Though there is a significant jump in people booking HSRP as the deadline is nearing, it is a fact that most old vehicle owners are yet to follow the rules. The decision on extending the deadline will be taken at the government level.” This is the second time that the deadline may be extended; the first one was November 17 last year. In fact, the Feb 17 deadline evoked terse reactions from motorists as the process of obtaining HSRPs is not as smooth and fast as claimed by the govt, especially with regard to old vehicles. This apart, those who rushed to procure HSRPs are complaining about the poor quality of number plates vis-a-vis the price paid. Vehicle owners trying to book HSRP online complain they are unable to complete the process due to technical glitches. Many say the website shared by the transport department accepts details but does not allow bookings even after multiple attempts. There are also complaints about vehicle details shared by owners not matching with Vahan records. “I tried booking HSPR at least ten times. When I visited SIAM (Society of Indian Automobile Manufacturers) website, it directed me to another one after providing basic information about the vehicle. Even after furnishing required details on the vehicle, billing address and others, the website failed to process my bookings,” said Hari Prasad, a vehicle owner. A biker said: “I own a Yamaha RX-135 bike manufactured in 1998 with a valid FC and insurance. Whenever I tried booking HSRP online, the website says vehicle details don’t match. When I checked the details on Parivahan website, the same were correct. After multiple attempts, the website allowed home-delivery of HSRP under hydra-LMV vehicle category. Worried over getting wrong-size number plates under the category, I haven’t booked one yet. The govt should end this confusion for old vehicle owners.” People have also brought to the department’s notice the vehicle’s fuel type getting displayed incorrectly and ‘error’ showing during NoC issues by RTOs and others. Those living in rural areas are facing hardships too, as they have to travel to the district or taluk headquarters for installation of HSRP. Earlier, the transport department had warned of imposing a penalty on those who fail to book HSRP within the deadline. It is said that as Lok Sabha elections are fast approaching, the state govt may not resort to such a move.
White collar hiring activity up 40% from year ago in May The white collar job market continued to show robust recovery in May as surged over 40% compared to a year ago amid recovery across key industry sectors, according to the latest data from portal based on its . The key sectors that led the growth were travel and hospitality (+352% year-on-year), retail (+175%), real estate (+141%) and insurance (+126%). Other key sectors that saw an uptick in hiring trends as compared to last year were banking and financial services (+104%), education (+86%), automobile (+69%), oil & gas (+69%), fast moving consumer goods (+51%) and IT-software/software services (+7%). “The recruitment landscape continues to stay resilient and is sustaining the momentum 2022 ushered in,” said Pawan Goyal, Chief Business Officer, Naukri.com. “The job market has shown stable sequential trends that are substantially ahead of last year baselines. The secular nature of trends; cutting across metros as well as non-metros, experienced professionals as well as freshers is again a good indicator of this strong hiring sentiment,” he added. The data is compiled from the Naukri.com website based on jobs posted by over 76,000 clients. The report shows hiring trends across industry sectors, geography, and experience level. When compared with last month, all key sectors showed stabilisation and continued to maintain April run rates in May. The demand for talent in metros and non-metros remained steady as all cities indicated a double-digit y-o-y growth in May. Among metros, Delhi (63%) registered the highest y-o-y growth closely followed by Mumbai (+61%). Other metros, i.e., Kolkata (+59%), Chennai (+35%), Pune (+27%), and Hyderabad (+23%) also showed positive y-o-y growth. Hiring sentiment was positive across all tier-II cities with Jaipur leading the y-o-y growth in demand for talent at (+76%). Other emerging cities such as Coimbatore (+64%), Vadodara (+49%), Cochin (+35%), Ahmedabad (+26%), and Chandigarh (+25%) showed double digit y-o-y growth. When compared with last month, emerging cities also maintained consistency in hiring activity in May. Across all experience levels, the demand for entry-level talent (0-3 years) exhibited the steepest rise of 61% in May versus a year ago. A positive hiring sentiment was observed for other experience brackets such as 4-7 years (+37%), over 16 years (+27%), 13-16 years (+26%) and 8-12 years (+22%). At month-on-month level, the demand for all experience bands remained stable.
BMW India appoints Varsha Autohaus as its Dealer Partner in Mangaluru Mangaluru: announced the opening of dealership in Mangaluru, Karnataka. The dealership offers immersive sales, service and brand experience along with access to (BPS) - the used car division of Group India. The fully-fledged facility is located at Survey No.27/-16P4, Near Kannur Old Check Post, Mangaluru, Karnataka 575007. The dealership is headed by Kapil Kanuri, Dealer Principal, Varsha Autohaus. Vikram Pawah, President, BMW Group India, said, "As part of our vision for sustainable growth, BMW India is committed towards the development of a robust BMW dealer network of international standards at all important commercial centers across the country. Mangaluru is one of the fastest growing non-metro cities in South India and will play an important role in BMW's market offensive in India. With the launch of Varsha Autohaus, we will continue to set new standards in the luxury car market in the region and provide to our customers and prospects in Mangaluru and the Karnataka region." Kapil Kanuri, Dealer Principal, Varsha Autohaus said, "We are delighted to represent BMW India in Mangaluru. Varsha Autohaus reflects our commitment to offer ultimate luxury experience to our clientele and further tap the growing luxury automobile market in the region. Situated at a prime location and equipped with the latest technologies, this facility will play an instrumental role in creating an unrivalled sales and service experience for our discerning customers." Strategically located, the new 'Fully Fledged' facility is spread over 33,400 sq ft, the new dealership has an ultra-modern showroom integrated with an after-sales service facility featuring service bays and a spare parts inventory. The showroom can display four cars and the workshop is equipped with eight service bays that can service up to 20 cars per day. The latest range of BMW Lifestyle Collection is showcased for automotive enthusiasts. The facility also has installed a 24 kw DC Charger for charging of in its parking area. An interactive Emotional Virtual Experience (EVE) - A seamless journey integrating online and offline touchpoints along with a car configurator helps customers to evaluate and select their dream car as per their choice. Further, the lounge offers a relaxed ambience to enjoy a cup of the finest brewed coffee and discuss various aspects of owing a BMW vehicle with sales consultants. A range of individual and attractive financing options are through BMW India Financial Services available for new and used cars. A dedicated team of finance and insurance consultants offer personalised advice and provide suitable financing options as per customers' needs and future plans. Customers can choose a trade-in offer for a fair exchange value, hassle free documentation and evaluation of vehicle at their doorsteps. As with every other , Varsha Autohaus has provided its staff intense training to ensure customers receive
fair exchange value, hassle free documentation and evaluation of vehicle at their doorsteps. As with every other , Varsha Autohaus has provided its staff intense training to ensure customers receive best-in-class pre and post sales ownership experience. A team of sales and service engineers have also been trained at the state-of-the-art BMW Group India Training Center in Gurugram, Haryana. The facility diligently follows comprehensive sanitisation process of its premises, display vehicles and workstations.
Audi India inaugurates Audi Approved: plus facility in Mangalore New Delhi: Audi, the German , Friday inaugurated a new : plus facility in Mangalore, Karnataka. This new facility is located at Door No 3, 93, Junction, Kuloor, Kavoor in Mangalore. Audi Approved: plus guarantees the high quality . Every pre-owned Audi vehicle displayed and sold at Audi Approved: plus showrooms undergo mechanical, bodywork, interior and electrical inspections at 300+ multi-point checks, along with a full on-road test to ensure peace of mind. Under the program, offers 24x7 Roadside Assistance and complete vehicle history before purchase. Additionally, customers can also avail easy financing and insurance benefits through the program, the company said in a media release. , Head of Audi India, said, “The opening of this new facility in Mangalore underscores our unwavering commitment to providing a best-in-class pre-owned car buying experience. The pre-owned luxury car segment is a critical growth driver, and we are well-positioned to capitalize on this opportunity through our rapidly expanding Audi Approved: plus network and uncompromising quality standards. We envision the Approved: plus program to be the benchmark for pre-owned luxury car ownership in India.” Amit Jain, CEO, Jubilant MotorWorks, said, “This state-of-the-art facility represents our commitment to delivering exceptional performance, luxury and customer experience that is synonymous with the Audi brand. This new Audi Approved: plus facility is set to revolutionize the benchmarks of quality and service in the pre-owned luxury car market, providing unmatched standards and service excellence to our valued clientele.” Audi Approved: plus the pre-owned car business grew at 50% in FY23-24. In the period January to March 2024, Audi Approved: plus witnessed a robust growth of 25%. The brand will continue to expand and add three more pre-owned car facilities this year.
After Telangana, Maharashtra's Jayant Patil invites Elon Musk to invest in the state Close on the heels of Telangana industry and commerce minister KT Rama Rao making an entreaty to and , Maharashtra's Water Resources Minister Jayant Patil made an overture to the tech mogul touting the benefits of setting up a manufacturing operation in the State. "Maharashtra is one of the most progressive states in India," he said on Twitter responding to a tweet from Musk saying that his company was facing challenges launching operations in India. "We will provide you all the necessary help from Maharashtra for you to get established in India. We invite you to establish your manufacturing plant in Maharashtra," Patil said. The Tesla boss had tweeted on Thursday about facing challenges launching operations in India, which was the latest of numerous such tweets over the past few years. On Friday night, KT Rama Rao made a pitch to Tesla to set up shop in Telangana. “Will be happy to partner Tesla in working through the challenges to set shop in India/Telangana,” the minister said on Twitter. “Our state is a champion in sustainability initiatives and a top-notch business destination in India.” The world’s most valuable car company has pitched for a cut in import duties ahead of its local launch. Tesla said the levies imposed by India are the highest among large countries and that it can only consider setting up a factory locally if it succeeds with imported models. India charges 60% duty on vehicles with a net CIF (cost, insurance, freight) value of up to $40,000 and 100% duty on vehicles costing more. All of Tesla’s vehicles will be subject to the higher duty, given their pricing. Tesla has sought 40% duty. Import duties are a central subject and out of the purview of state governments. Also Read:
BMW Group introduces Retail.Next concept for its dealerships in India has introduced the innovative Retail.Next concept for its dealerships in India. Retail.Next is a holistic and progressive approach focussed on customer-centricity, flexibility, sustainability, and best in class premium experience. It has opened the first Retail.Next dealership, Speed Motorwagen, in Agra, UP, at 607, Mauja Artoni, NH2, the company said. Speed Motorwagen also represents Group India with sales and service facilities in Lucknow and Kanpur, in the state. The holistic approach is not only based on new design but also focussed on new processes, digital tools and roles. The foundation is based on a seamless phygital (physical and digital) engagement which puts customers and products at the centre stage. The retail experience reflects the iconic status of BMW in a renewed design and floor plan layout that creates an easy, warm and welcoming premium atmosphere at dealerships. Sales and Service has a premium overall appearance including one entrance, one floor under one ceiling, the company said in a media release. , President, BMW Group India, said, “At BMW we are always elevating the luxury experience for our customers. Each time they step into a BMW dealership, they step into a unique world with which they have an instant connection. It is modern, progressive and luxurious in the true sense. With Retail.Next Dealership concepts we have reimagined our customer-centric approach blending phygital innovation with modern aesthetics and engaging environment. We are delighted to bring the first Retail.Next dealership in the country to Agra with our trusted partner - Speed Motorwagen and will continue to introduce more Retail.Next dealerships across the country.” Divij Narain, Dealer Principal, Speed Motorwagen, said, “Our partnership with BMW Group India has flourished over the years and we are very proud of the growth we have achieved. With thriving business operations in Uttar Pradesh, launching the first Retail.Next dealership in Agra heralds a new chapter of success in our story. We thank BMW Group India for this opportunity and are excited to offer unrivalled services and luxurious experiences to BMW customers in the region.” The Retail.Next dealership facility delivers extremely high-quality standards in all processes of Service, Spare-parts and Business Systems to ensure that customers receive best-in-class pre and post sales ownership experience, the release said. The dealership has a three-car display zone, lifestyle and accessories and workshop with three service bays. The dealership also offers attractive financial solutions through BMW Financial Services India. Customers can avail attractive finance and insurance options for the products of their choice, the release added.
Up to INR 5 lakh discounts, other benefits on cars this month: How to get the best deal for your next car Are you planning to buy a new car — your first wheels or a much-awaited upgrade of the old one? Then the festive season could be the right time to purchase as several companies offer discounts and attractive deals now. Moreover, you will get reduced interest rates on car loans from various lenders at this time. It may sound exciting on paper but could be a bit daunting in reality when deals and offers are pouring in from every corner. It is important to understand and evaluate the benefits that a deal is offering. Is it really saving you some extra bucks or just a mere eyewash? Read on to find out how you can make the most of the festive season deals on cars. Buying a car? Always go for cash discounts Look for cash discounts while buying a car as it will bring down the total price of the car. Even if you go for a car loan, it will reduce the equated monthly instalments (EMIs), i.e., the overall cost of the car. Several manufacturers or dealers offer attractive cash discounts during the festive season. However, do not expect cash discounts on cars that have just been launched or are in great demand. So, always ask for cash discounts as it makes more sense than other freebies such as free insurance or accessories. Do not forget to bargain for the discount with your dealer to maximise savings. Corporate discounts can save you big Do you know if you work at a reputed company, you can get corporate discounts? Some car manufacturers offer discounts for employees of select companies, known as corporate discounts. The dealers usually have a pre-approved list of companies for corporate discounts. If your company is on that list, you will be eligible for a corporate discount. If you are not sure whether you will get a corporate discount, do not hesitate to ask your dealer about it. Do note that the pre-approved list and discounts will vary from one dealer to another, says Nitin Chadha, Senior Vice President, ACKO Drive. Midsize sedan cars discounts #Discounts are valid till month-end #These offers are applicable in Delhi. These offers are subject to change at any time and may change in other cities depending on availability Source: Myhelpline.com Upgrading your car or buying a second car? Look for exchange offers, loyalty bonus offers If you already own a car, you can check with the manufacturer if you are eligible for a loyalty bonus. Usually, the manufacturer offers loyalty bonuses to keep their existing customers with them. If you already have a car, the dealer may give you exchange offers. A lot of people prefer exchange offers to escape the hassles of selling their old vehicles. However, they may not always yield the best value for the old vehicle. To get a good deal on the exchange, you need to find out what is the right price for the car. You can check the resale value of your car from companies such as Cars24, Carwale, AckoDrive, and other used
get a good deal on the exchange, you need to find out what is the right price for the car. You can check the resale value of your car from companies such as Cars24, Carwale, AckoDrive, and other used car apps. Once you have an estimate of its value, you can ask your dealer to match it. Compare all the offers and then take a decision. Discounts on compact sedan cars #Discounts are valid till month-end #These offers are applicable in Delhi. These offers are subject to change at any time and may change in other cities depending on availability Source: Myhelpline.com Financing your car: How to get the best car loan How are you planning to finance your car? If you are thinking of taking a loan, several lenders offer attractive rates on auto loans during the festive season. Choosing the right car loan is not easy. Adhil Shetty, CEO, BankBazaar.com says, "Take the time to shop around and compare offers from banks, NBFCs, and the dealership. Get quotes from multiple sources and consider both the interest rate and the overall loan terms, including the duration of the loan and the prepayment options. Choosing a lender with more favorable terms can significantly reduce your overall car loan cost." "Opt for a loan tenor that aligns with your financial goals and capacity. A longer tenor may result in lower monthly payments, but often leads to higher overall interest costs, while a shorter tenor may mean higher monthly payments but can save significantly on interest. Choose a balance that suits your budget and minimises the total cost of the loan," Shetty says. Discounts on Mid SUV cars #Discounts are valid till month-end #These offers are applicable in Delhi. These offers are subject to change at any time and may change in other cities depending on availability Source: Myhelpline.com Several dealers also provide options to finance your car. It may be convenient as you do not have to shop for your auto loan but it comes with higher interest rates or added fees, says Amit Setia - Head of Car Loans, Capri Loans. "Comparing dealer offers with banks or other lenders can reveal better terms. If the dealer's terms align with or surpass other offers, it might be worthwhile. However, securing pre-approval from outside sources empowers buyers during negotiation, potentially leading to better rates. Careful consideration of repayment terms from various sources ensures the best financing choice," he adds. Freebies are never free When buying a car, dealers may offer freebies like free accessories or insurance. "Understand that nothing comes for free, but you can definitely save by negotiating independently with the dealer and the lender," says Chintan Panchmatiya, Founder of Switch My Loan. Most experts advise purchasing insurance directly from insurers to save on the insurance premium, Panchmatiya adds. Even if the dealer offers you free insurance, that cost is usually adjusted somewhere. Check the premiums and terms and conditions carefully before finanlising the deal.
premium, Panchmatiya adds. Even if the dealer offers you free insurance, that cost is usually adjusted somewhere. Check the premiums and terms and conditions carefully before finanlising the deal. "However, extended warranties and annual maintenance contracts are important and help in reducing the cost of ownership especially in the premium segment," he says. Did you get the best deal? How to evaluate To ensure that you have got the best deal, you need to compare the on-road price (final price) you will be paying and what inclusions are there in that price, says Chadha. "In some cases, the On Road Price may be the same between two deals but the inclusions and accessories may differ making one deal more expensive in the long run. Customers need to carefully compare the accessories they are getting with the car, the inclusions in the insurance as well as any hidden fees in the finance that may balloon the price of the car," he adds.
Odisha govt may auto debit traffic fines from bank accounts of violators Bhubaneshwar: A word of caution for traffic rule violators, who have been ignoring e-challans issued by the police and not paying fines for months. If the state government implements a plan, the fine amount may automatically be debited from the bank accounts of traffic violators. The (SCCoRS) has given a proposal to the state government to explore the feasibility of collecting penalties directly from the bank accounts of the traffic violators if they fail to deposit the fine amount within a stipulated time. The SC committee’s secretary, , who recently visited the state and held a meeting with former chief secretary Suresh Chandra Mahapatra, advised the government and Odisha Police to discuss with different stakeholders, including banks to introduce auto-debit of fine amounts directly from the bank accounts of offenders. The panel came up with the auto-debit proposal after observing poor compliance of penalty rules by the violators. Even though more than 4 lakh e-challans are usually issued to various traffic rule violators in a year in the state, the disposal rate (those who deposit the fine amounts) is about 27%. Challans of traffic violators are sent to courts if they fail to deposit the fine amount in time. “It was decided to develop a proposal for intervention of the SCCoRS as many challans are pending in the courts for years. It was also decided to examine the automatic transfer of challan amount from the bank account of the offenders on issue of e-challan,” read minutes of the meeting held between Mital and state government officials on February 16. As per the minutes of the meeting, the government is contemplating to introduce a higher motor insurance premium system for habitual traffic violators. State commerce and transport department secretary Usha Padhee said a higher motor insurance premium, if levied, will serve as a deterrent to rash drivers. “It has been decided to discuss with insurance companies to enhance the insurance premium of vehicles of habitual offenders, so that, they will be discouraged,” the minutes read. As per the plan, the proposed traffic violation premium would be charged in addition to the existing own damage, third-party and personal accident premiums offered by the motor insurance companies. “A system should come in place to identify rash and safe drivers and maintain their profiles. Nature of of each driver should be linked to the driving licence and shared with the motor insurers. A lower premium should be offered to safe drivers and a higher premium for rash drivers. Whenever they approach the insurer for renewal of insurance, they would be asked to pay the traffic violation premium,” a senior transport official said.
Fisker introduces Fisker Finance; Reaffirms nomination of retail financing partners New Delhi : American electric vehicle automaker recently introduced , a digital financing platform offering seamless and convenient loan purchase options to Fisker customers. The company also reaffirmed the nomination of Chase in the US and Santander Consumer Finance in Europe as retail financing partners, as noted in its February 2022 earnings release, with more announcements to come. Fisker Finance plans to begin offering financing in the fourth quarter of 2022. Fisker expects to nominate financing partners in additional regions, with more announcements to come. Starting with buyers of the class-leading, limited edition all-electric, five-passenger , the Fisker Finance direct-to-consumer digital platform will enable customers to apply for vehicle financing, receive competitive, personalized decisions, plus the ability to finance vehicle accessories such as home charging equipment and factory-installed accessories. Production of the is on track starting November 2022 at a carbon-neutral factory in Austria, a company statement said. “Fisker is a digital car company, first and foremost, focused on a seamless customer experience at every step. Providing finance options on our digital platform, including financing factory-installed options, is part of providing our customers with a completely hassle-free experience respectful of their time,” said , Chairman and CEO, Fisker. The automaker also aims to provide insurance on our digital platform as we designed and engineered the Fisker Ocean with affordable premiums in mind, it said. On July 1, Fisker began offering early reservation holders in select markets the opportunity to secure a Fisker Ocean One by committing to a USD 5,000 deposit. This pre-order deposit allows Fisker to plan its manufacturing build more accurately, as customers provide information regarding their desired specifications, including exterior and interior colors and accessories. As Fisker schedules production of each vehicle, Fisker Ocean One buyers will finalize pre-order specifications, and the company will assign a specific number ranging from #1 to #5000 to each limited-edition vehicle. The company further added that reservation holders opting out of the Fisker Ocean One remain in line for future versions of the emissions-free Fisker Ocean SUV. Also Read:
Hero Electric partners with OTO to offer E2W financial solutions for B2B customers New Delhi: has partnered with , a two-wheeler financing startup, to offer low-cost financing solutions to B2B companies for its electric scooter product range. With this partnership, the B2B partners and riders who opt for OTO’s flexible Super EMI Plan can book a test ride with their choice of electric scooter and choose to pay later offering its services to e-commerce and food delivery platforms, the company said in a release. Under this agreement, Hero Electric plans to deploy 20,000-plus vehicles from now up to March 2023. An additional cushion through its leasing option would also be available from the range of e-bikes, the release added. , CEO, Hero Electric, said, “This association will allow easy financing options in the to promote a sustainable transportation model. With the government’s focus on EV adoption, we are confident about greater acceptance of clean and in India. The tenure leasing option is an attractive concept for the evolving Indian customers." According to the company, the collaboration will also enable the customers to enjoy owning the scooter without purchasing it. The plan allows them to opt for ownership through multiple tenure plans on a fixed monthly charge. The monthly fixed charge includes RTO and Insurance, enabling customers to purchase the vehicle at the end of the tenure. The customer can also opt to foreclose the tenure plan at any point with no pre-termination penalty. “Two-wheelers are the most popular mode of personal transportation in India. With the increasing consumer interest and favourable policies, the industry is picking up pace. We take great pride in partnering with Hero Electric in the journey of making EV more accessible. Through this partnership with Hero Electric, we are looking at facilitating our expertise of providing a wholesome digital buying experience with flexible financing options to drive the e-mobility business in India,” from OTO said. The EV maker said that customer safety is a priority in these difficult times. The vehicles sold to businesses and individuals through the OTO e-commerce platform will promote social distancing and paperless documentation procedures. OTO also has launched the REP programme to give easy financial access to the riders, eliminating the cost they spent on two-wheeler rentals thereby making them self-sufficient. Also Read:
Oil deal with Russia to go through soon, sources say India's old ally may be all set to sell India 3.5 million barrels of its crude at deep discounts, people in the know have told TOI. As a part of the deal, Russia will also take care of shipping and insurance for delivering the crude to India. So far, India has abstained from taking any stand in the Russia-Ukraine war except that of resolution via dialogue. The White House earlier on Tuesday had said that if India were to take up the Russian offer of discounted oil, it would not violate sanctions deployed by Washington. Oil minister Hardeep Puri on Monday had told the Rajya Sabha that India was looking into a Russian offer of discounted oil. Though the amount being discussed presently with Russia for crude is not very large, a discount will also help lower the cost for India. TOI has further reported that the said oil will be delivered over a few months. The Centre is yet to work out the payment mechanism, however, a Rupee-Rouble arrangement has been reported. A final decision on the issue is expected over the next few days with other options also on the table. India depends on imports to meet 85% of its oil need. At 3.6 million tonne, Russian crude accounted for 2% of 176 million tonnes imported by India between April 2021 and January 2022. Officials of the Biden administration have shown an understanding of India's position and have told lawmakers that New Delhi has a major dependence on Russian military supplies for its national security. However, Indian-American Congressman Dr Ami Bera expressed disappointment over reports that India is contemplating buying Russian oil at a steeply discounted rate. "If reports are accurate and India makes this decision to buy Russian oil at a discounted price, New Delhi would be choosing to side with Vladimir Putin at a pivotal moment in history when countries across the world are united in support of the Ukrainian people and against Russia's deadly invasion," he said. In what has turned out to be a volatile streak, oil has tumbled into a bear market after losing more than 20% since closing at the highest level since 2008 just over a week ago. Caught between Chinese lockdown, Russia-Ukraine war & Iran nuclear talks, oil futures in New York declined for a second session and closed below $97 a barrel while Brent settled below $100. Also Read:
Top 5 fastest bikes under INR 3.5 lakh: KTM, Kawasaki, Royal Enfield & more There was a time about a decade ago when a motorcycle priced at or above INR 1 lakh would generate immense astonishment for those who asked 'kitne ki hai?' (how much is it?). Now though, the times they-have-a-changed, the Indian motorcycle market is much evolved over and above just seeking fuel efficiency figures. Performance, power, speed and handling have taken centre stage. And a lot can happen in a budget of INR 3.5 lakh (ex-showroom) or under. Here we list five motorcycles worth spending the bucks on. This supersport makes the list of top five motorcycles rather frequently. For a long time, the RC 390 has not had a direct rival in the market owing to the level of performance it offers and the price that it's offered at. It is powered by a 373cc single-cylinder engine that makes 44 hp and 37 Nm of torque and is paired with a six-speed gearbox. It promises a top speed of 170 kmh. Price: INR 3.37 lakh (ex-showroom) If the budget does not allow a stretch of additional amount for the RTO registration and insurance over INR 3 lakh, the Apache RR 310 is a fully-grown sports bike available at INR 3 lakh (on-road). It is powered by a 312.2cc single-pot engine that makes 34 hp and 27.3 Nm of torque and is paired with a six-speed gearbox. The Apache too promises a top speed of 160 kmh. Price: INR 3.05 lakh (ex-showroom) Granted the 390 and RC 390 have the same engine specs but the personalities are two sides of a coin. While the RC is a supersport-style motorcycle that needs the rider to remain committed to the stance at all times, the Duke offers a streetfighter-style stance that is much eased with an upright seating position and wide handlebars. Price: INR 2.94 lakh (ex-showroom)
FADA's Vinkesh Gulati on why the auto sector is sluggish and when it will recover “There is a lot of distress on ground zero, because of which customers are not coming out to buy entry-level cars or entry-level two-wheelers which is a major concern. The semiconductor issue is preventing an increase in production. The demand is there, waiting period is there but as we go towards the two-wheeler category, we have a similar position in the premium class of two-wheelers, says , President, Federation of Automobile Dealers' Association ( ) Why is it that you are so cautious about further recovery in ? 76% of the auto retail comes from the two-wheeler category and that is where the major distress is. Whatever story we are listening to, the economy at the rural or lower or lower-middle-class level is still struggling. That is where the major distress is. 14% of the two-wheeler market is down and 14% is a really big number, it is around 2 lakh vehicles. That takes the overall industry down and that is where we are cautious. Another point to be cautious about is how external forces are affecting the supply chain in India. The supply chain lacks consistency. We are not seeing any positive signs on the lower level or the rural market, where FADA is cautious on its near-term outlook. If you have to pin down reasons why we are seeing a slowdown in Motown besides PV and tractor sales, would it be the semiconductor chip shortage, the spike in raw material costs or has the consumer sentiment been taking a back seat because the consumer out there is getting hit by inflation? In the passenger vehicle category, there is still a long waiting period. Customers are waiting and because of the hype of new model launches that is one category where we are not disturbed despite the inflation and even today’s message that RBI may increase the rates also. The category is insulated for at least another six months. The semiconductor issue is not allowing an increase in production, but the demand is there. There is a waiting period but the situation is similar in the premium class of two-wheelers which are above 150cc category. But most of the distress is in the below 150 cc catrgory. The rural economy no doubt has improved, and the monsoon has been good but still, the fear of Covid is there and the rural people are not out of the woods. They are still very sceptical about investing their savings in things like vehicles or consumer durables. They are still very distressed because of whatever has happened in the last two years. Their purchasing power is increasing but they are not utilising it as they want to save it for future problems. The people of lower-middle-class level, their jobs are slowly improving but still not to the pre-Covid level. The salaries had not increased for the past two years and are seeing a good jump this year. But the regular growth which would have been achieved without Covid is no way near. So, there is a lot of distress on ground zero because of which
past two years and are seeing a good jump this year. But the regular growth which would have been achieved without Covid is no way near. So, there is a lot of distress on ground zero because of which customers are not coming out to buy entry-level cars or two-wheelers and that is a major concern. The government has also cut the excise duty on fuel prices to a certain extent which will alleviate pressures. How much of a positive rub-off do you expect on the two-wheeler space in particular? What happens positive rub off on this should always be seen and it normally is there in the market. Also the spike in on two-wheelers is a negative rub-off. The problem is we are not able to get a normal month. If we compare it to April. In April two-wheeler space was down by around 10.75% compared to 2019 but, in May it increased to 13.91%, which shows that while the fuel price cut should have been a positive rub-off, other external reasons are giving a negative rub off. In May's first week, we saw the rate of interest going up, then at the end of May, the insurance prices went up and the acquisition price of two-wheelers has gone up by 30%. So overall, no doubt the fuel price going down has supported a bit, but it is not showing its effect on the ground due to other reasons. How much of a deterrent will be the increase in third-party insurance premium? For two-wheelers, the price increase is around 3-4%, because of the third-party insurance premium and whenever the price increases, the customers who are already in touch with the dealership tend to delay their decision. Some may also cancel their decision because their budget goes way above what they had planned. However, for a short period, we see a lull and again after 15 days, the prices stabilise, and the customers come in again. So, May was the month where this increase had an effect. If this was not there, around 5% of the market would have been better off if the increase was not announced or implemented.
India's current account deficit likely at below 1% of GDP in FY24 A narrower-than-expected trade deficit and higher services exports in January have prompted economists to scale down the (CAD) estimates for FY24. Capital inflows through both foreign direct investment (FDI) and portfolio flows are expected to improve during the rest of the fiscal. But potentially higher foreign exchange inflows may not mean a stronger as the central bank could take this opportunity to shore up its reserves. India's merchandise trade deficit narrowed to a nine-month low of USD 17.5 billion in January, compared with USD 19.8 billion in December. Services surplus surged to USD 16.8 billion in January versus a USD 16 billion surplus in December. The trade deficit in the April-January period of the current fiscal is lower at USD 206 billion compared to a deficit of USD 229 billion in the same period last year. Net services exports during the period stand at USD 138 billion compared to USD 117 billion in the same period in FY23. "We are now tracking the current account deficit to be lower than 1% of for 2023-24 given better than expected performance of services and merchandise exports, combined with a lower oil import bill," said in a report. FDI flows have improved in October-November after a net outflow in the September quarter. "Factoring in the recent trends in trade and capital flows, we revise our FY2024E CAD/GDP to 1.1% from 1.4% earlier, with a lower goods trade deficit of USD 250 billion than USD 259 billion estimated earlier," said Upasana Bharadwaj, chief economist, . has revised down its estimate of the current account deficit for FY24 to 1.0% of GDP from 1.2% earlier. While QuantEco Research maintains its FY24 current account deficit forecast of 1.3% of GDP (USD 47 billion), it acknowledges a downside risk to this estimate. Kotak Mahindra Bank pencils in the FY24 estimated capital account inflows at USD 84 billion from USD 69 billion estimated earlier, factoring in higher net FDI inflows of USD 21 billion compared to USD 15 billion estimated earlier and higher banking-capital-related flows. However, the rupee is unlikely to appreciate significantly with the capping volatility; especially stemming from capital flows. "The RBI is likely to prevent sharp appreciation moves which could limit rupee gains. On the balance, we see 82.80-83.20 as the near-term range for the rupee," the HDFC report said. India's foreign exchange reserves are at USD 617 billion as of February 9. "The risk of rising freight and insurance costs and extended transit times (leading to delays) negatively impact exports in the coming months lingers," Bharadwaj said.
VinFast delivers first 45 cars in US market Vietnamese electric vehicle maker delivered its first 45 cars to customers in California on Wednesday, its first sales outside Vietnam. The company, a subsidiary of conglomerate Vingroup JSC, had shipped 999 vehicles to California in November but faced more than two months of costly delays in preparing them for delivery. Last week, the company slashed the lease price on the VF8 electric crossover by 50%. VinFast faced anger and frustration from early reservation holders when it said the initial shipment of VF8 cars would have a lower than the company had flagged in marketing. It also dropped an option for consumers to rent the 's battery, a plan it had advertised as a way to bring down the cost of ownership. VinFast said on Wednesday the VF8 City Edition Eco, a rebranded version of the car to account for its lower range, would have an EPA estimated battery range of 207 miles (333 km). The first cars were available for lease through US Bancorp, VinFast said. The National Highway Traffic Safety Administration (NHTSA) has not yet provided a safety rating. VinFast has signaled it expects the lease to qualify for a subsidy of up to USD 7,500 under the President Joe Biden administration's incentive program payable to the finance company. VinFast is not yet certified to participate in the subsidy. It is looking to compete with established carmakers at a time when major automakers, led by Tesla, are driving prices down and bringing a range of new EVs to market. Analysts say quarterly results from U.S. electric vehicle startups , and electric semi truck maker all reflected pressure from lower orders, higher interest rates and increased competition. At VinFast's store in Marina Del Rey, California, James and Christine Wang took possession of a VF8 they had reserved earlier this year. "We're early adopters, we like to try things out," said James Wang, 36. Andrew and Nikki Le, who ordered 11 VinFast cars, took delivery of the first of those at the store. They had toured the VinFast factory in Haiphong, Vietnam in May as part of a promotion by the company, they said. VinFast said insurers including State Farm, Allstate and Progressive would provide policies for the new model. Vehicle subscription service Autonomy has a deal to purchase 2,500 vehicles from VinFast, the companies said last year. Autonomy did not respond to a request for comment on when it would take delivery. With its initial vehicle deliveries stalled, VinFast cut dozens of jobs in the United States and Canada and merged those operations earlier this year. The company is waiting for final regulatory approval to begin construction of a USD 4-billion plant in North Carolina. Also Read:
SC refers to larger bench matter pertaining to LMV driving licence New Delhi: A three-judge bench of the has referred to a larger bench to consider whether or not Light Motor Vehicle (LMV) require a separate endorsement for driving carrying up to 7,500 kilograms. A three-judge bench of justices Uday Umesh Lalit, S Ravindra Bhat and Pamidighantam Sri Narasimha said, "We deem it appropriate to refer the matters to a larger bench of more than three Judges as the Chief Justice of India may deem appropriate to constitute." The apex court directed the registry to place these matters before the Chief Justice of India to constitute a Bench of appropriate strength to consider all these issues. Earlier, a two-judge bench had referred the matter to the three-judge bench to consider an earlier decision in the case of Mukund Dewangan wherein it was held that holders don't need a separate endorsement for driving transport vehicle up to 7,500 kg vehicle. A three-judge Bench of the top Court in 2017 had earlier held in Mukund Dewangan v Oriental Insurance Company Limited, a matter that a transport vehicle and omnibus, the gross vehicle weight of either of which does not exceed 7,500 kg would be a light motor vehicle and also motor car or tractor or a road roller, 'unladen weight' of which does not exceed 7,500 kg and holder of a to drive class of "light motor vehicle" as provided in section 10 (2) (d) is competent to drive a transport vehicle or omnibus, the gross vehicle weight of which does not exceed 7,500 kg or a motor car or tractor or road-roller, the "unladen weight" of which does not exceed 7,500 kg. Later in 2018, a two-judge Bench in civil appeal and other connected matters, which raised similar questions, listed the matter to the three-judge bench. The two-judge bench noted that in three-judge Bench of the Supreme Court in Mukund Dewangan v Oriental Insurance Company Limited (2017), considered inter alia question whether a person holding a driving licence in respect of "Light Motor Vehicle", could on the strength of that licence, be entitled to drive a "transport vehicle of light motor vehicle class" having unladen weight not exceeding 7,500 kgs. During the hearing in the Supreme Court recently, senior advocates Jayant Bhushan, Gopal Sankaranarayanan, Siddhartha Dave, as well as lawyers Amit Singh, Archana Pathak Dave, Kaustubh Shukla, Meenakshi Midha and Rajesh Kumar Gupta, appearing for insurance companies have invited court's attention to some of the other provisions, namely, second provision to Section 15 and Sections 180 and 181 of the Motor Vehicles Act, 1988 apart from those quoted in the referral order. It was submitted that though Section 3 was quoted in the decision in Mukund Dewangan, the latter part of Section 3 and the effect thereof was not noticed by the Court. The latter part of said Section 3 stipulates that "no person shall so drive a transport vehicle other than the motor cab or motorcycle hired for his own use or rented under any
noticed by the Court. The latter part of said Section 3 stipulates that "no person shall so drive a transport vehicle other than the motor cab or motorcycle hired for his own use or rented under any scheme made under sub-section (2) of Section 75 unless his driving licence specifically entitles him sp to do." The counsel thus submitted that the provisions contemplate different regimes for those having a licence to drive Light Motor Vehicles as against those licensed to drive transport vehicles. "Having bestowed our attention to the contentions raised by the counsel and the issues which fall for consideration, in our view, the referral order was right in stating that certain provisions were not noticed by this Court in its decision in Mukund Dewangan (supra). We are prima facie of the view that in terms of the referral order, the controversy in question needs to be re-visited," the top Court said recently. "Sitting in a combination of three judges, we deem it appropriate to refer the matters to a larger bench of more than three judges as the Chief Justice of India may deem appropriate to constitute," said the top court.
FAME-2 portal down for maintenance since March 21, claims may get delayed New Delhi: India’s flagship (EV) promotion scheme Faster Adoption and Manufacturing of Hybrid and Electric Vehicles ( )’s website has been under maintenance since March 21, 2022. The website is a critical step for claiming the subsidies and the sale and purchase of EVs, which may get delayed due to the maintenance process. According to the website, the portal is upgraded now. However, “it will be held back for testing and to monitor and fine-tune the server performance.” “Please keepfeedback to fame.india@gov.in with issues and screenshots,” it said. The ( ) informed the OEMs about the lag in an e-mail about a week ago. However, the Ministry did not specify the time taken to get it upgraded. “For about 10 days, the FAME- 2 site has not been working. We are unable to sell EV because of Fame-2 as our first step is to verify Aadhar on Fame- 2, then insurance and RTO,” said a Twitter user. Demand for EVs has been on the rise, several new players have entered the nascent industry and conventional OEMs have announced their EV plans. According to data from the government's , India registered 311,000 (BOV) in 2021, compared with 119,000 the previous year. As per the 2022-2023 Budget document, the subsidy under FAME for fiscal 2023 is projected at INR 2,908 crore. Also Read:
Mahindra Finance partners with CRIF to broaden credit access across India New Delhi: Mahindra & Mahindra Financial Services, ( ), part of the Mahindra Group, on Monday announced that it has partnered with Solutions Private Limited (CRIF) to offer a seamless on-boarding experience for customers seeking loans. Through this association, Mahindra Finance would leverage an automated decision-making platform StrategyOne – A Forrester- rated Enterprise Business Rules Engine provided by CRIF – to integrate its customer acquisition channels across multiple retail asset product lines, the company said in a release. This association is expected to facilitate quicker loan approval decisions, by combining automation and risk analysis. "Delivering consistent and convenient customer experiences is an all-important success metric for us at Mahindra Finance. This digital solution is a natural fit which will further improve our on-boarding experience levels for customers at the dealer channel, branch as well as the mobile/web digital channels created for customers. We are happy to partner with CRIF and their relevant product lines in this initiative," , VC&MD, Mahindra Finance, said. According to Raul Rebello, COO, Mahindra Finance, this rule engine platform solution will ensure the customer information we capture and consume by our AI based scorecards combined with bureau information, consistently adheres to our underwriting guidelines. "This entire solution, being a cloud-based offering, will result in quicker approvals across both in-person and online channels. Holistic and extensive engagement with credit bureaus is a key agenda as we progress on our path towards a high AUM growth," Rebello added Wilfred Sigler, Senior Director, Market Development & Digital Solutions, CRIF India, said, "We are excited about our partnership with Mahindra Finance as we share a common goal of broadening credit access across India. Through the platform, we aim to enable the company to further expand its coverage of loans and offer a convenient and hassle-free on-boarding experience. It will help expedite the loan journey, thereby benefiting the company and `borrowers-at-large”.
How to build a competitive export ready business? An exporter navigating through the field of international trade is often burdened with an array of responsibilities, trade compliances, tedious procedures and other crucial activities that they must perform to the best of their abilities before sending goods or services overseas. To remain on track and establish themselves in the business world, exporters should ideally draft a checklist. Be it modifying the product to cater to a particular market, assessing the risks involved in the export process or defining the responsibilities of the involved parties, exporters should be on their toes always. They should also consider the following vital components prior to shipping their consignments: Shipment Loadingloading cost, transportationloading charges till the port, insurance95damage of ships, cargo, terminal and includes any other means of transport by which goods are transferred, acquired, or held between the points of origin and the final destination. Conclusion Exporters who stay abreast of the market trends, build a good rapport with their buyers, and possess the basic knowledge of global trade are likely to succeed in this highly competitive field. After following this checklist to the tee and, after compiling all the necessary documents, you can hope to be export-ready. Good luck! (The writer is CEO/Co-Founder of Drip Capital) Also Read:
Ashish Sapra to succeed G Venkatraman as CEO of TVS Credit Services from Sept Chennai: After successfully leading for the past 10 years, will retire as Director and CEO on August 31, 2022. He will be succeeded by as CEO, who will join the organization in the first week of September 2022. , Director, Limited, said, “Over the past few years, TVS Credit has really done well to grow in a fast and profitable way. In a short time, the Company has grown to an AUM of Rs. 15,000+ Cr with a healthy balance sheet. I am thankful to Venkat for his leadership combined with passion and prudence. For the next phase, our focus will be on increased digitization, newer customer acquisition, and rapid growth. Ashish comes with the relevant experience and track record, and I am confident that under his leadership, TVS Credit will scale new heights and grow multi-fold.” Ashish Sapra comes with 25-plus years of professional experience and has worked across a wide array of financial products including retail assets, insurance, cards, and wealth management and brings strong expertise in cross-selling. Prior to joining TVS Credit, he was associated with the Bajaj Group for 14-plus years across its Housing Finance, General Insurance, and NBFC businesses. He brings the experience of P&L management, driving digital and technology initiatives, efficiently managing senior stakeholders, launching, and turning around businesses to optimize profitability. He has also worked with American Express, HSBC, and Standard Chartered Bank, a company release said. Also Read:
US Treasury's Yellen says oil prices could spike in winter WASHINGTON: Janet Yellen on Sunday said Americans could experience a spike in gas prices in the winter when the significantly cuts back on buying , adding that a proposed Western price cap on Russia's oil exports is being designed to keep prices in check. "It's a risk, and it's a risk that we're working on the price cap to try to address," Yellen told CNN. The possible price increase could come because the EU "will cease for the most part buying Russian oil" and impose a ban on services that allow Russia to ship oil by tanker, she said. The price cap plan agreed to by calls for participating countries to deny insurance, finance, brokering, navigation and other services to oil cargoes priced above a yet-to-be-determined price cap on crude and oil products. Yellen said the price cap is aimed at lowering revenue Russia could use to wage war in Ukraine while maintaining Russian oil supplies to keep global prices down. Read More:
JK Tyre raises INR 500 cr through QIP mainly for growth Capex New Delhi: & Industries Limited has raised INR 500 crore by way of Qualified Institutional Placement ( ). The QIP was priced at INR 345 per share (including a premium of INR 343 per share with face value of INR 2 per share). QIP received overwhelming response from marquee investors including Indian mutual funds, insurance companies and foreign institutional investors, the company said in a media release. Raghupati Singhania, Chairman and Managing Director, JK Tyre, said; “We are pleased to have successfully completed QIP of INR 500 crore. This is an important milestone in our corporate journey. Participation of several reputed investors in the issue endorses their faith and confidence in the company’s growth story. The QIP funds will be used for growth and strengthening of the balance sheet”. JKTI, the flagship company of the JK group is one of the leading tyre manufacturers in India with a wide range of products catering to diverse business segments including, truck/bus, light commercial vehicles (LCV), passenger cars, multi-utility vehicles (MUV) and tractors. It is one of the few companies to have a multi-tier product approach, the release said. JK is also one of the leading players in truck and bus radial tyres in India. It has grown to be one of the largest manufacturers of passenger car tyres in India as of fiscal 2023 and is also one of the few Indian companies to have developed PCR tyre with high sustainable, recycled and renewable materials. JK Tyre has secured ESG-2 grading for the second consecutive year in ESG performance from CareEdge, the release added.
Salary remains a key motivator for 74% Indian jobseekers With markets slowly opening up again, more than 50% professionals are looking forward to switching their in the next 3 months, finds Apna Bharat Back to Work”, a study conducted by professional networking platform , with more than 5000 professionals across Tier I and Tier II cities. According to the survey, across domains, 4 out of 5 professionals would like to continue in the same job profile. The majority of the respondents are certain about their preferred locationpursue alternate forms of income generation such as tuition from home The youth of the country is also becoming more independent as many schools/college students look out for part-time jobs to finance themselves. Also Read:

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