Concurrently, finished steel production in India increased by 12.7% year-on-year, reaching 139 MT. In a shift from its status as a net exporter of steel since fiscal 2017, India has become a net importer in fiscal 2024, recording an overall steel trade deficit of 1.1 million tonnes (MT), according to a CRISIL report. The development… Continue reading Domestic demand for steel soars in India, country turns net importer in FY24: CRISIL Report
Author: Economic Times of India Online News
Vietnam wants Russian oil firm Zarubezhneft to invest in green energy
In a separate statement sent to Vietnamese media on Wednesday, Russian ambassador Gennady Bezdetko said Russia was willing to supply “clean energy technologies” to Vietnam, including nuclear energy. Vietnam wants Russian state oil firm Zarubezhneft to invest in green energy in the country, the government said on Wednesday. “Vietnam and Russia have a lot more… Continue reading Vietnam wants Russian oil firm Zarubezhneft to invest in green energy
Rupee squeezed by weak Asia, to be likely boosted by positional flows
Asian currencies were down on the day and the dollar inched higher against a basket of its major peers. U.S. markets were closed on Wednesday. The Indian rupee is likely to open largely unchanged on Thursday amid a decline in Asian peers and a widely held expectation that the currency will not drop below a… Continue reading Rupee squeezed by weak Asia, to be likely boosted by positional flows
Probe into imported Toyota, Yamaha models over fraudulent Japanese testing
It, however, discovered that some models of Toyota’s Lexus RX line and Yamaha’s Tmax and YZF-R3 motorcycle models sold in the country were equipped with the same engines and horns as ones in problematic models. The South Korean government said on Thursday it has carried out a probe into some imported vehicles made by Japanese… Continue reading Probe into imported Toyota, Yamaha models over fraudulent Japanese testing
FAME III, tax rationalization, PLI tweak & more – What the Indian EV sector needs from Budget 2024-25
The EV sector in the country scaled new heights recently with 100% FDI, new manufacturing hubs, better charging infrastructure, battery manufacturing, subsidies, favourable policies and incentives. India has come a long way in transforming its roads to electric. According to IBEF, India is the world’s third-largest automobile market, the largest manufacturer of three-wheelers, passenger vehicles,… Continue reading FAME III, tax rationalization, PLI tweak & more – What the Indian EV sector needs from Budget 2024-25
Expired Delhi EV Policy yet to get extension
The initial EV Policy was notified on August 7, 2020 for a duration of three years, and was later extended until December 31, 2023. The Delhi Electric Vehicle (EV) Policy that expired on December 31 last year is yet to be extended, leaving customers in the lurch as they are unable to get government subsidy… Continue reading Expired Delhi EV Policy yet to get extension
Plan to double market share in country: Volvo CE India MD
He said the CE sector in India is growing fast with the development of infrastructure. Volvo CE India, a subsidiary of the Swedish Volvo group, aims to double market share in the segments it operates in the country, a top company official said on Wednesday. “We are present in 40% of the earth moving and… Continue reading Plan to double market share in country: Volvo CE India MD
Iron ore struggles for direction as prospect of China steel output cut weighs
Similarly, the benchmark July iron ore on the Singapore Exchange narrowed gains to trade 0.5% higher to USD 107 a ton, as of 0745 GMT, after climbing more than 1%. Iron ore futures pared early gains on Wednesday and struggled for a clear direction, as market discussions over potential steel production cuts in top consumer… Continue reading Iron ore struggles for direction as prospect of China steel output cut weighs
Hubject and Exicom partner to enhance EV charging experience in India
With this new standard, EV drivers in India can expect to connect their vehicles to compatible charge points and start charging instantly using automatic EV-to-charging station authentication. New Delhi: Hubject, one of the leaders in EV interoperability, has formed a strategic partnership with Exicom, an EV charger manufacturer. Together, they aim to leverage Hubject’s innovative… Continue reading Hubject and Exicom partner to enhance EV charging experience in India
Auto industry’s ability to hike prices will be lower in FY25 but value growth to be strong: Primus Partners
Passenger car segment which declined 4% in value in line with a decline of 9% in its production volume was the only outlier. Automakers will have less of a pricing power this fiscal owing to a muted demand. As a result, the average price increase is expected to be 4% to 5% this fiscal as… Continue reading Auto industry’s ability to hike prices will be lower in FY25 but value growth to be strong: Primus Partners