The World Opinion

Category: Economy

  • Chinese Vehicle Sales Continue To Decline For Third Consecutive Month | Auto News

    China Car Sales Continue To Decline: Like the real estate market, China’s automotive sector is experiencing a significant revenue decline. Vehicle sales dropped for the third consecutive month in August, reflecting ongoing economic challenges. Data released on Tuesday shows that domestic demand for passenger and family cars has weakened due to poor consumer spending. Total vehicle sales, including exports, saw a 5 per cent year-on-year decrease, now standing at 2.45 million units, Nikkei Asia reported.

    The China Association of Automobile Manufacturers (CAAM) revealed that domestic passenger car sales fell by 9.4 per cent, totaling 1.74 million units. Citing the CAAM data, Nikkei Asia emphasized how the slump in consumer confidence is playing a central role in the downturn.

    To counteract these trends, the Chinese government is offering subsidies aimed at encouraging new car sales and replacing older vehicles. However, these incentives have not been enough to reverse the drop in sales. Gasoline-powered vehicle sales took a dramatic hit, falling by 34.1 per cent to just 795,000 units.

    This decline is indicative of a larger trend in the market, with electric vehicles and hybrids slowly gaining more traction. At the same time, commercial vehicle sales also suffered, dropping 20.9 per cent, leaving the total at 198,000 units.

    The dip in commercial vehicle sales is closely tied to poor investment in infrastructure construction and the deteriorating real estate sector, which has become a major drag on the overall economy. The reduced construction activity directly impacts the demand for commercial transport, leading to lower sales, reported Nikkei Asia.

    On another front, the China Evergrande New Energy Vehicle Group (CENEVG), an electric vehicle unit of the larger Evergrande Group, is facing severe financial troubles. The company is undergoing bankruptcy proceedings and has entered into talks with potential buyers. The situation has only worsened, as creditors are now seeking repayment of massive debts.

    A Chinese court recently heard an application from creditors claiming heavy financial losses, further complicating Evergrande’s financial standing. Liquidators are pursuing billions of dollars from key Evergrande executives, including the company’s founder, Hui Ka-Yan.

    The struggles of Evergrande’s electric vehicle arm highlight the broader financial instability in China’s property development sector, adding to the woes of the country’s economic outlook.

  • Israel Offering Rs 2 Lakh Salary, Medical Insurance, Food, And Housing To 10,000 Indian Workers | Economy News

    New Delhi: Israel has recently reached out to India for a new recruitment drive, seeking to fill 10,000 construction worker positions and 5,000 caregiver roles to address skill shortages in its infrastructure and health sectors. This request follows a similar one made earlier this year, according to the National Skill Development Corporation (NSDC).

    Around 5,000 workers have been recruited through each of two main channels: Government-to-Government (G2G), managed by the National Skill Development Corporation (NSDC), and Business-to-Business (B2B), handled by private agencies under the Ministry of External Affairs. According to NSDC, the Population, Immigration, and Border Authority (PIBA) has put in a request across four specific job roles: Framework, Iron Bending, Plastering, and Ceramic Tiling.

    A team from PIBA, comprising assessors, is to visit India in the coming week to carry out the necessary skill tests for selecting those who meet their criteria and skill requisites. The second round of recruitment drive for construction workers is to take place in Maharashtra, it stated.

    Further, Israel also requires 5,000 caregivers to boost its healthcare services. They have stated candidates who have completed at least their 10th standard along with holding a certificate issued by a recognised Indian institute and completing a caregiving course with at least 990 hours of on-the-job training can apply, NSDC stated.

    In the first round of recruitment of construction workers for Israel, a total of 16,832 candidates appeared for skill tests in their trade out of which 10349 candidates were selected. Those selected will earn a salary of Rs 1.92 lakh per month, along with medical insurance, food, and accommodation. A bonus of Rs 16,515 per month is also provided to these candidates.

    The National Skill Development Corporation (NSDC) reached out to all states to carry out recruitment after the government-to-government (G2G) agreement was signed in November 2023. The first round of recruitment drive was carried out in Uttar Pradesh, Haryana and Telangana.

    The agreement was signed after India and Israel initiated a Framework Agreement on Temporary Employment of Indians in May 2023. All the candidates, going through the G2G pathway are mandated to undergo pre-departure orientation training. This encompasses a manual to understand Israeli culture and way of life and get accustomed to their new home.

    This international mobility aligns with the government’s vision to make India the Skill Capital of the world. NSDC through this mandate creates a pool of talented and skilled individuals, provides the necessary training through its various training institutions, issues technical advisories for the Global South and creates knowledge exchange and capacity building with its international partners. (With PTI Inputs)

  • Good News: No Toll Tax Required! Drive Free On Any Highway For This Much Kilometres – Check New Rules | Auto News

    New Toll Rules In India: Motorists using vehicles with a functional global navigation satellite system (GNSS) will be allowed to travel toll-free on highways and expressways up to 20 kilometres daily with effect from Tuesday, according to a government notification. The Ministry of Road Transport and Highways amended the National Highways Fee (Determination of Rates and Collection) Rules, 2008, which has come to effect from Tuesday.

    Under the new regulations, known as the National Highways Fee (Determination of Rates and Collection) Amendment Rules, 2024, fees will now be charged on the actual distance travelled if the distance exceeds 20 kilometres.

    “A driver, owner or person in charge of a mechanical vehicle other than a National Permit vehicle who makes use of the same section of the national highway, permanent bridge, bypass or tunnel, as the case may be, shall be levied a zero user fee up to 20 kilometres of a journey in each direction in a day under Global Navigation Satellite System based user fee collection system,” the notification said.

    “Provided also that exclusive lane can be earmarked for Global Navigation Satellite System On-Board Unit fitted vehicle and in case vehicle enters such lane, without a valid, functional Global Navigation Satellite System On-Board Unit, shall pay a fee equivalent to two times of the user fee applicable at that fee plaza,” it added.

    The highway ministry in July had said it decided to initially implement a GNSS-based toll collection system at select national highways on a pilot basis as an added facility along with FASTag.

    Union Road Transport and Highways Minister Nitin Gadkari had said that a pilot study with regard to a GNSS-based user fee collection system has been done on the Bengaluru-Mysore section of NH-275 in Karnataka and Panipat-Hisar section of NH-709 in Haryana.

    Gadkari had said a stakeholder consultation through an international workshop was organised on June 25, 2024, and global expression of interest (EOI) was invited for wider industrial consultation on June 7, 2024, with the last date of submission as July 22, 2024.

    NHAI plans to implement the GNSS-based electronic toll collection (ETC) system within the existing FASTag ecosystem, initially using a hybrid model wherein both RFID-based ETC and GNSS-based ETC will operate simultaneously.

    Implementation of GNSS-based electronic toll collection in India will facilitate smooth movement of vehicles along the National Highways and is envisaged to provide several benefits to highway users such as barrier-less free-flow tolling leading to hassle-free riding experience and distance-based tolling where users will pay only for the stretch they have travelled on a national highway, the ministry said.

    The GNSS-based collection will also result in more efficient toll collection as it helps to plug leakages and check toll evaders.

  • SpiceJet Says Carlyle Aviation To Write Off Lease Arrears Worth USD 40.17 Million | Aviation News

    New Delhi: SpiceJet on Tuesday said Carlyle Aviation will write off aircraft lease arrears worth USD 40.17 million as part of a settlement agreement that will also result in the entity hiking stake in the struggling airline.

    Facing multiple headwinds, the budget carrier is working on ways to raise funds to the tune of Rs 3,200 crore, including infusion of money by the promoter.

    On Friday, SpiceJet had mentioned about the settlement pact with Carlyle Aviation, which had earlier also restructured certain debt with the airline.

    In a release on Tuesday, the airline said there is a significant debt relief and Carlyle Aviation will write off USD 40.17 million in lease arrears.

    Besides, the entity will convert USD 30 million in lease arrears into SpiceJet equity at Rs 100 per share, following which its stake in the airline will increase significantly.

    Currently, Carlyle Aviation has around 6 per cent stake in the company. According to the release, Carlyle Aviation will also convert USD 20 million in lease arrears into compulsorily convertible debentures of SpiceXpress & Logistics Pvt Ltd.

    SpiceJet, which had a fleet of 74 planes in 2019, is operating around 20 aircraft. The outstanding liabilities include statutory dues worth Rs 650 crore. On Tuesday, shares of the airline rose 2.47 per cent to Rs 65.57 apiece.

  • Lykli Noida Project: All About Ikea’s 100,000 Sq Metre Project In Noida | Economy News

    New Delhi: The foundation stone for IKEA’s landmark mixed-use land project in Noida’s Sector 51 was unveiled by Uttar Pradesh Chief Minister Yogi Adityanath on Monday. It’s the first home furnishings retail location for the Swedish company in the state. The Swedish business plans to invest Rs 5,500 crore in the undertaking. By 2028, the complete complex is expected to be operational.


    The Lykli Noida

    The Ingka Centres are part of the Ingka Group which includes IKEA Retail and Ingka Investments. The IKEA store named Lykli in Noida will be built on 47,833 square metres of land. 


    Lykli Noida: A meeting place in India 

    Lykli Noida will feature a “meeting place” design that combines retail with community areas. It will be a destination where people can shop, work, socialize, and relax. 

    Under the Lykli brand, Lykli Noida is the second meeting spot in India. With a hotel and shopping center housed under one roof as part of its mixed-use development, it will be the first gathering spot for Ingka Centres worldwide. Along with two towers of commercial space, it will have a fully integrated IKEA store and a nine-story hotel. 

    Innovative work areas, hospitality areas, Edutainment learning spaces, and venues for social and cultural activities will all be features of Lykli Noida.

    Both the Aqua Line and the Blue Line Metro stations will be directly connected to the store. Parking for 4,500 cars and 70 EV charging stations will be available at the center. 

    Lykli Noida To Create 9,000 jobs

    The Lykli Noida is expected to draw over 25 million visitors, according to a statement from the company. Over 9,000 direct jobs and thousands of indirect jobs will be generated by it. It is one of the biggest retail developments in Delhi NCR.

    IKEA stores in India

    Ingka Centers has launched its concept in Uttar Pradesh, after the cities of Bengaluru, Mumbai, Hyderabad, and Gurugram. IKEA store will also serve as the anchor in the company’s first Lykli project, which is scheduled to open in Gurugram in 2025.

  • LIC New Business Premium Up 35 Per Cent To Rs 19,309 Crore In August | Economy News

    Mumbai: Life Insurance Corporation (LIC) of India saw a 35.1 per cent surge in its new business premium for the month of August to Rs 19,309.10 crore, from Rs 14,292.53 crore in the same month last year, showed data by the Life Insurance Council on Monday. 

    The LIC’s new business premium collection for the first five months of FY25 rose by 27.73 per cent to Rs 95,180.63 crore, up from Rs 74,516.31 crore in the same period last year. The individual premium segment saw collections of Rs 5,047.36 crore in August, representing a 4.60 per cent rise from Rs 4,825.52 crore in August 2023.

    Meanwhile, the group premium segment experienced a significant increase of 46 per cent, amounting to Rs 13,559.22 crore in August, compared to Rs 9,287.40 crore in August 2023. Notably, group yearly premiums surged by 291.14 per cent to Rs 702.52 crore, a substantial increase from Rs 179.61 crore in the previous year.

    Late last month, LIC presented a cheque of Rs 3,662.17 crore to Finance Minister Nirmala Sitharaman as the government’s share of the company’s dividend, approved by the shareholders. LIC has completed 68 years since its incorporation and has an asset base of over Rs 52.85 lakh crore (as of March 31, 2024).

    For the first five months of fiscal year 2025, LIC’s individual premium segment accrued Rs 22,396.28 crore, marking an 11.75 per cent growth from Rs 20,041.36 crore during the same period in fiscal year 2024.

    The group premium segment also saw considerable growth, up by 32.82 per cent to Rs 71,789.38 crore, from Rs 54,049.22 crore last year.

    Group yearly premiums increased by 133.71 per cent, totalling Rs 994.97 crore in the first five months of fiscal 2025, compared to Rs 425.72 crore in the corresponding period of fiscal 2024.

    The total number of policies and schemes issued by LIC in August experienced a slight decline of 4.45 per cent, reaching 16.36 lakh, down from 17.12 lakh in August 2023.

    For the first five months of FY25, LIC saw a 3.65 per cent increase in the total number of policies and schemes issued, reaching 68.35 lakh compared to 65.95 lakh in the same period the previous year, as per the data.

  • Medical Insurance To Be Exempted Under GST? FM Nirmala Sitharaman Says THIS | Economy News

    GST Cut On Medical Insurance: A Group of Ministers has been tasked to look into GST rates related to medical insurance and come up with a report by October so that the GST Council can take up the matter in the November meeting.”There were a lot of discussions about whether we should reduce the rate or exempt it, whom should we exempt and whom should not, what happens to group insurance; are we going to carve out only for senior citizens, will this not complicate the implementation?” Finance Minister Nirmala Sitharaman told reporters after hours-long GST Council meeting held on Monday.

    A lot of issues were brought up for further discussion today in the GST Council, Sitharaman said, adding that which is why they felt it should go through a rigorous looking into by the GoM.It will be the rate rationalisation GoM headed by the Deputy Chief Minister of Bihar but with newer members added for this limited purpose.

    #GSTCouncilMeet | Union Finance Minister @nsitharaman announces that the GST compensation cess is projected to reach ₹8,66,706 crores by March 2025, with ₹6,64,203 crores already paid out as of September 5.

    The extended compensation cess, which will continue until March 2026,… pic.twitter.com/Dcj6SyGTKj
    — DD News (@DDNewslive) September 9, 2024

    “We have told them that they will look into this matter and come up with a report by the end of October 2024. The #GST Council which will meet in November, will finalise based on this report which will come from the GoM,” she added.

    Both life insurance and medical insurance premiums attract a GST rate of 18 per cent.Recently, many leaders from opposition-ruled states have requested Finance Minister Sitharaman to reduce GST on medical insurance and premiums. 

    Recommendations during 54th meeting of the GST Council

     GST Council recommends Group of Ministers (GoM) on life and health insurance related GST with existing GoM on Rate Rationalisation; to submit report by end of October 2024

     GST Council also recommends formation of a… pic.twitter.com/FYX3o4Txgv
    — Ministry of Finance (@FinMinIndia) September 9, 2024

    West Bengal Chief Minister Mamata Banerjee has requested the central government to withdraw the Goods and Services Tax (GST) on life insurance and health insurance premiums, terming the taxation on such items as “anti-people.”During the recently concluded Parliament session, the INDIA alliance leaders held a protest against the Central government outside the Parliament, demanding to roll back GST on health and life insurance products. 

    Congress leader Rahul Gandhi also joined the protest.Against that context, Sitharaman had asked the members to write to their respective state’s finance minister so that they could take it up in the GST Council meeting.Speaking on the suggestions by many Opposition members to reduce GST on health insurance premiums, Finance Minister Nirmala Sitharaman stated that taxes were imposed on such items even before the GST regime came into effect in 2017.

    The GST Council, consisting of the Union Finance Minister and representatives from all States and Union Territories, was established to make decisions on various aspects of GST, including tax rates, exemptions, and administrative procedures.The GST regime was brought in to remove the inefficiencies and complexities of the previous archaic taxation system. 

    Over the years, GST has, among others, simplified compliance and reduced the cascading impact of tax. Before July 1, 2017, the indirect tax regime was highly fragmented. The Centre and States were separately taxing goods and services.The GST Council, a federal body, comprises the Union Finance Minister as its Chairman and Finance Ministers from states and Union territories. 

  • Massive Oil, Gas Reserves Found In Pakistan; Can It Change The Cash-Strapped Country’s Destiny? | Economy News

    Islamabad: A substantial deposit of petroleum and natural gas has been discovered in Pakistan’s territorial waters, a cache so large its exploitation could change the country’s destiny, according to a media report.

    A three-year survey was undertaken in collaboration with a friendly country to verify the presence of the oil and gas reserves, DawnNewsTV quoted a senior security official as saying on Friday.

    The geographic survey has allowed Pakistan to identify the location of the deposits, and the relevant departments have informed the government of the resources found in Pakistani waters.

    Terming it an effort to benefit from what he called the ‘blue water economy’, the official said that proposals for bidding and exploration were being studied, meaning that the exploration work can be started in the near future.

    However, he said the work of digging wells and actually getting oil out could take several years.

    But the ‘blue water economy’ can yield more than just oil and gas; there are several other valuable minerals and elements that can be mined from the ocean.

    The official said that taking the initiative and acting quickly could help turn around the country’s economic fortunes.

    Some estimates suggest that this discovery constitutes the fourth-largest oil and gas reserves in the world.

    Currently, Venezuela is thought to be the leader in oil reserves with around 3.4 billion barrels, while the US has the most untapped shale oil reserves.

    Saudi Arabia, Iran, Canada and Iraq constitute the rest of the top five.

    While talking to DawnNewsTV, former Ogra (Oil and Gas Regulatory Authority) member Muhammad Arif said even though the country should remain optimistic, there’s never 100 per cent certainty that the reserves would be discovered as expected.

    When asked if these reserves are enough to meet the country’s energy needs, he said it depends on the size and recovery rate of the production.

    “If this is a gas reserve, it can replace LNG imports and if these are oil reserves, we can substitute imported oil.” However, he cautioned that it is “wishful thinking” until the prospects for the reserves are analysed and the drilling process begins.

    He pointed out that exploration alone required a hefty investment of around USD 5 billion and it might take four to five years to extract reserves from an offshore location.

    He said if the exploration resulted in the discovery of reserves, then further investment would be needed for wells and laying down the infrastructure to extract the reserves and produce fuel, reported Dawn.

  • Farmer’s Son’s Launches Startup Earning Rs 2 Cr Per Month; His Journey From Poverty To A Successful Entrepreneur | Economy News

    New Delhi: Some entrepreneurs must navigate difficult pathways and overcome obstacles to succeed. Nevertheless, despite several setbacks and difficulties, they persevere in their battles and realize their dreams. One such businessman who overcame all obstacles to success is Dr Akram Ahmad. It is incredible how Dr Ahmad, raised in a family of humble farmers, left his Rs 6 lakh job to create Academically Global, which brings in Rs 2 crore a month revenue. 

    Early life and struggle of Akram Ahmad

    Akram Ahmad, born into a farming family in Uttar Pradesh, aspired to become a pharmacist and open a medical store. His academic strengths led his father to enroll him in medical education, leading him to pursue a Doctor of Pharmacy at Annamalai University. Once during a discussion with a US speaker at his university, Ahmad came to know about the opportunities available abroad for medicine aspirants and professionals. 

    Exploring opportunities abroad

    After pursuing several chances, Ahmad landed his first job in Malaysia as a pharmacology lecturer. Eventually, he made a good living working in Sydney and Malaysia.

    Ahmad was studying for a PhD at the University of Sydney when he noticed that medical professionals from India and other nations relocated abroad in pursuit of better job opportunities in the medical field. But because they were ignorant of resource materials, licensing exams, and the routes to better, higher-paying careers in the healthcare sector, they were forced into menial labor.

    The Birth of Academically Global

    While working as a research manager at Sydney Children’s Hospitals Network, Dr Ahmad started sharing knowledge on YouTube about exams for foreign medical job opportunities, gaining a large following on the online platform.

    Akram Ahmad Quit Rs 6 lakh/Month Job, Now Earns Rs 2 Crore Monthly

    In 2022, quitting his job of Rs 6 lakhs a month, Dr Ahmad launched Academically Global, a healthcare EdTech platform based in Sydney and India, offering medical professionals courses to prepare for licensing exams for higher-paying foreign medical jobs.

    Started with an investment of about $50,000 Academically Global witnessed a dramatic increase in applicants. Currently, the EdTech platform serves students across 75 countries helping them clear licensing exams. The EdTech platform startup is also earning Rs 2 crore in monthly revenue.

    Dr Ahmad is dedicated to ensuring every student has the opportunity to succeed, regardless of their background.

  • Green Energy Push: Gujarat To Install Solar Rooftop Systems On Govt Buildings | Economy News

    New Delhi: The Gujarat government has announced plans to install 48 MW of solar rooftop systems on various state government buildings during the 2024-25 fiscal year as part of its ongoing efforts to promote renewable energy and reduce reliance on traditional fuels. The state’s Climate Change Department has earmarked Rs 177.4 crore to facilitate the installation.

    “The state has already seen success in its solar energy initiatives. As of March 2024, over 3,000 government buildings have been equipped with solar rooftop systems, with a combined capacity of 56.8 MW. With an estimated solar energy potential exceeding 36 GW, Gujarat is emerging as a leader in renewable energy production.

    By expanding solar projects and infrastructure, Gujarat is not only meeting the energy needs of its citizens but also contributing to environmental sustainability and economic growth, ” officials shared. In 2023-24, the state produced 24,765.3 million units (MU) of renewable energy, of which 9,637 MU came from solar power and 14,201 MU from wind energy.

    These efforts have placed Gujarat at the forefront of India’s green energy revolution, which is driven by projects like the successful Charanka Solar Park. In June 2024, Gujarat was awarded the “1st Rank” for India’s highest wind power installed capacity, surpassing Tamil Nadu, at a ceremony held in New Delhi under the Ministry of New and Renewable Energy (MNRE). The award was presented at the “Pawan – Urja: Powering the Future of India” event, commemorating Global Wind Day.

    As of May 2024, Gujarat leads with 11,823 MW of installed wind power capacity, ahead of Tamil Nadu (10,743 MW) and Karnataka (6,312 MW). Gujarat also boasts a solar power capacity of 14,182 MW, second only to Rajasthan (22,180 MW). With a combined renewable energy capacity of 28,200 MW, Gujarat holds the top position among the states.