The World Opinion

Category: Economy

  • From Curvv, Basalt To Thar 5-Door: New Car Launches In August 2024 | Auto News

    Upcoming Cars In August 2024: At least five car launches are scheduled for August, including the Tata Curvv, Citroen Basalt, and the Mahindra Thar 5-Door (Roxx). Let’s take a look at the upcoming car launches in August 2024.

    1. Nissan X-Trail
    The fourth-generation Nissan X-Trail is set to go on sale in August 2024. It will be available as a CBU model. Initially, the company will bring 150 units of the X-Trail. It is expected to be priced around Rs 40 to Rs 45 lakh, ex-showroom.

    2. Citroen Basalt
    Citroen is all set to launch its new product in the Indian market, named Basalt. It will be based on the CMP architecture. This coupe-designed SUV will feature a sharp, receding roofline that gives the car a sporty edge. It is expected to be launched on August 2, and is likely to feature a 1.2-liter turbo-petrol engine.

    3. Tata Curvv, Curvv EV
    Tata Motors is set to launch its upcoming coupe SUV, called Curvv, in August 2024. It will be available with both ICE and EV powertrains. The launch is slated for August 7. The ICE-powered Curvv is expected to come with three engine options, while the Curvv electric is likely to offer two battery pack options.

    4. Mahindra Thar Roxx
    One of the most anticipated cars of the year, the Thar Roxx, is scheduled for launch on August 15. The Thar Roxx is the 5-door version of the current Mahindra Thar, featuring a longer wheelbase, additional doors, updated features, and new design elements, making it more practical than the ongoing Thar.

    5. Lamborghini Urus SE Hybrid
    Lamborghini plans to launch the top-of-the-line Urus in India on August 9, called the Urus SE Hybrid. It will feature exterior enhancements over the standard Urus and additional features, such as a new 12.3-inch central touchscreen. It is expected to be equipped with a 4.0-liter, twin-turbocharged V8 engine paired with a plug-in hybrid system.

    6. Mercedes-Benz CLE Cabriolet
    Mercedes-Benz is set to launch the CLE Cabriolet in India on August 8. This brand-new convertible, built on Mercedes’ Modular Rear Architecture (MRA) platform, shares its underpinnings with the current C-Class and the upcoming E-Class. It will likely be offered in two variants: the CLE 300 4MATIC and the CLE 450 4MATIC.

    7. Mercedes-AMG GLC 43 4MATIC Coupe
    In addition to the CLE Cabriolet, Mercedes-Benz will unveil the facelifted AMG GLC 43 4MATIC Coupe in India on August 8. The AMG GLC 43 4MATIC Coupe, derived from the GLC, features a 2.0-liter, four-cylinder turbocharged engine coupled with mild-hybrid technology.

  • Government To Implement e-Office In Subordinate Offices And Autonomous Bodies Within 100 Days | Economy News

    New Delhi: As part of its DARPG’s 100-day agenda, the government will implement e-Office in all attached, subordinate offices, and autonomous bodies of the Government of India, the Ministry of Personnel, Public Grievances, and Pensions said in an official release on Sunday. eOffice is a digital workplace solution that is part of the Digital India Programme.

    The Ministry added that between 2019 and 2024 the adoption of e-Office gained significant momentum in the Central Secretariat, with 37 lac files, i.e., over 94 percent of files and receipts being handled electronically as e-Files and e-Receipts. The government has developed e-Office analytics to further deepen this initiative, as per the release. The decision was taken after the successful implementation of the e-Office platform in the Central Secretariat.

    For the implementation, about 133 attached, subordinate offices and autonomous bodies were identified for implementation following inter-ministerial consultations. DARPG issued the guidelines for the adoption of e-Office in attached, subordinate offices and autonomous bodies on June, 24 this year, the release read.

    The onboarding roadmap and technical modalities were firmed up in inter-ministerial meetings, according to the release. As per the information provided by the ministry, each ministry and department will coordinate with their respective attached, subordinate offices, and autonomous bodies to appoint nodal officers who will oversee the e-office implementation process, according to the press release.

    Ministries and departments are tasked with setting up the necessary data centres to support the e-office infrastructure. Offices will submit requisitions to NIC detailing the number of users and licenses required, ensuring a smooth and timely onboarding process.

    The roadmap for e-office implementation is structured to ensure all 133 offices are onboarded within the government’s 100-day agenda. This initiative is expected to bring about a significant transformation in how government offices manage their operations, leading to enhanced transparency, efficiency, and accountability. 

  • UltraTech Cement Acquires Majority Stake In India Cements At High Premium | Companies News

    Mumbai: UltraTech Cement on Sunday announced it will acquire a majority stake in India Cements, the country’s largest cement maker, at a steep premium of $120.76 per tonne.

    The Board of Directors of UltraTech approved the purchase of a 32.72 per cent equity stake of the promoters and their associates in India Cements Ltd, subject to regulatory approvals.

    UltraTech will pay Rs 3,954 crore at Rs 390 share for buying a 32.72 per cent stake in India Cements. Kumar Mangalam Birla, Chairman, Aditya Birla Group, said that UltraTech Cement’s investments over the years, both organic and inorganic, have been designed to propel India to become a building solutions champion globally.

    “Every investment in a core sector like cement accelerates economic activity and drives progress. These investments have also facilitated India’s nationwide infrastructure upgrade, powering our country’s growing need for housing, roads, and other vital infrastructure,” Birla said in a statement.

    UltraTech made a financial investment in India Cements to acquire 22.77 per cent equity at a price of Rs 268 per share in June this year. After the financial investment, the promoter group approached UltraTech as they wanted to sell their holding in the company, and “we found it appropriate to acquire their stake in the company”.

    India Cements has a total capacity of 14.45 million tonnes per annum (MTPA) of grey cement. Of this, 12.95 MTPA is in the south (particularly Tamil Nadu) and 1.5 MTPA is in Rajasthan.

    “The India Cements opportunity is an exciting one as it enables UltraTech to serve the Southern markets more effectively and also accelerates our path to 200+ MTPA capacity,” said Birla

  • India Needs To Strive To Be USD 30 Trillion Economy By 2047 To Become Developed Country: NITI Aayog paper | Economy News

    New Delhi: India needs to strive to be a USD 30 trillion economy by 2047 with a per capita income of USD 18,000 per annum to become a developed economy, NITI Aayog has said in an approach paper ‘Vision for ‘Viksit Bharat @2047’.

    According to the paper, which was discussed in the NITI Aayog meeting on Saturday,  India needs to avoid the middle-income trap. The paper said that Viksit Bharat is envisioned to be built on the three pillars of ‘Demography, Democracy and Diversity’.

    Prime Minister Narendra Modi chaired the Ninth Governing Council meeting of NITI Aayog. The paper said that studies have shown that barely a dozen middle-income countries have broken out to become develop high income countries in the last 70 years. “Progressing from a middle-income to a high-income level requires sustained growth in the range of 7-10 per cent for 20–30 years.

    Very few countries have managed to do this. The reasons have been well analysed and include structural, institutional, and other socioeconomic factors. As a nation we need to avoid this trap and carefully work towards breaking out of it,” the paper said.

    “As for the economy, to become a developed nation, we need to strive to be a USD 30 trillion economy by 2047 with a per capita income of USD 18,000 per annum. The GDP would have to grow nine times from today’s USD 3.36 trillion and the per capita income would need to rise eight times from today’s USD 2,392 per annum,” the approach paper said.   

    Referring to the tangible gaols for Viksit Bharat, the paper said that on the demographic front, India can aim for raising the average life expectancy to around 84 years. “The Total Fertility Rate (TFR) will be gradually declining to about 1.80 and the population stabilising at about 165 crores by 2047.

    Being a youthful nation, the working age population would be around 112 crores, making it the single largest workforce of any nation in the world. In a similar manner, we can aim for tangible goals on some basic parameters such as literacy and health with a target of universal literacy and a very low Infant Mortality Rate (IMR),” it said.  

    For Bharat@2047, the paper projects a median population age of 37 years. In terms of social profile, it calls for 100 per cent literacy rate, over 70 per cent female labour participation (from current 37 pc), 100 per cent skilled workforce and top 10 in global gender equality.

    In terms of economic profie, the paper calls for over USD 18,220 per capita GDP, 34 per cent industry contribution to GDP and 55 per cent reduction in carbon emission intensity from 2005 level. “These goals are just a few illustrative examples of what our nation should aim to achieve.

    Viksit Bharat @ 2047 is ambition of every Indian. States can play an active role to achieve this aim as they are directly connected with the people: Prime Minister @narendramodi at the 9th Governing Council Meeting of #NITIAayog. The Governing Council Meeting is being attended by…
    — NITI Aayog (@NITIAayog) July 27, 2024

    There should be similar goals in all spheres of life, be it for individuals, for the economy or for governance. It is only the steadfast pursuit of these goals across all spheres of human endeavour that will enable India to become a Viksit Bharat. Team India will have to work together to realise this Vision by strategizing, planning and implementing policies, programmes and interventions in a spirit of cooperative federalism,” the paper said.   

    The paper said that Viksit Bharat represents “our collective vision to transform India into a developed country where each individual will live up to her/ his potential with meaningful lives and livelihoods, and the entire society and economy will flourish.”

    “As India stands at this crucial juncture, poised to take off on its growth trajectory, it is important to realise that tremendous dedication and belief in India’s destiny is necessary to realise this potential. There is enormous work that needs to be undertaken in a mission mode to achieve the vision of a Viksit Bharat by 2047.”

    “Business as usual will not do. We must create the future. It is important to channelise our innovative ideas into actions. There must be a sense of purpose, dedication and steadiness to use the Amrit Kaal in building a nation that our freedom fighters envisaged and sacrificed for….

    “This has to be a collective endeavour of the Centre and States. Most of the actions in social sectors are to be done by States and a significant portion of capital investments too have to be done by States. We need to see that all States develop rapidly and also converge in their incomes and in the quality of life they are able to provide. We need to integrate all markets across the country, for goods, labour and capital,” the paper added. The approach paper also defines what is Viksit Bharat.

    “It is a Bharat which will have all the attributes of a developed country with a per capita income that is comparable to the high-income countries of the world today. It is a Bharat whose social, cultural, technological, and institutional features will mark it out as a developed nation with a rich heritage and one that is capable of functioning at the frontiers of knowledge.

    The World Bank defines high income countries as those whose annual per capita income is more than US $ 14,005 (in 2023). India has the potential and aims to be a high-income country by the centenary of its independence in 2047,” the paper said.

    The paper talks of India’s transformation on many fronts, specially in the last decade, demonstration of quantum leap capabilities, unique advantages as also internal challenges that should be addressed. 

  • Vistara Announces 20 Minutes of Inflight Free WiFi At 35,000 Feet For Fliers On These Routes | Aviation News

    In a first for airliners in India, Tata-Singapore Airlines’ joint venture Vistara has announced free wifi services for its international passengers. It’s to be noted that the facility is not available to domestic passengers at present. The inflight Wi-Fi facility will be available to international passengers for 20 minutes free. Wi-Fi will be available to passengers flying Vistara’s Boeing 787-9 Dreamliner and Airbus A321neo aircraft even at the height of 35,000 feet.

    Passengers in all cabins can enjoy a complimentary 20-minute Wi-Fi session, enabling them to stay connected, said Vistara. Those who wish to purchase extended Wi-Fi plans can conveniently do so using Indian credit or debit cards. This service allows users to receive one-time passwords via email, making it easy to buy extended in-flight Wi-Fi during the session.

    On Vistara’s international flights, all Club Vistara members, regardless of their tier or cabin class, can use the free chat feature throughout the flight.

    Other passengers can access messaging apps like WhatsApp and Facebook Messenger with unlimited data for Rs 372.74 plus GST. For general internet browsing, the airline charges Rs 1577.54 plus GST, which includes audio and video streaming for social media and web content. For Rs 2707.04 plus GST, customers receive unlimited data that supports all streaming protocols.

    Airlines have been providing in-flight Wi-Fi for over a decade. While many charge for this service, some, like US budget carrier JetBlue, have been offering free, unlimited high-speed Wi-Fi since 2013. Other international airlines, such as Philippine Airlines, Norwegian Airlines, China Eastern Airlines, and Air New Zealand, also provide free Wi-Fi, though some restrict data usage, often providing more data to business and first-class passengers.

    Additionally, several airlines link Wi-Fi access to their loyalty programs. For example, Emirates, Qatar Airways, Turkish Airlines, Delta Airlines, and Singapore Airlines offer free Wi-Fi to frequent flyer members. However, these airlines often impose conditions for economy class passengers, with free Wi-Fi typically available only to those in business and first class.

  • PNB Records Its Highest Ever Quarterly Profit Of Rs 3,252 Cr | Markets News

    New Delhi: Punjab National Bank (PNB) on Saturday reported its highest-ever quarterly standalone profit at Rs 3,252 crore in April-June FY25 helped by a decline in bad loans and an improvement in interest income.

    The state-owned bank posted a net profit of Rs 1,255 crore in the June quarter of FY24. This is the highest ever quarterly profit recorded by the bank on account of improvement in various parameters, including net interest income, recovery and CASA, Managing Director Atul Kumar Goel said.

    Total income in the quarter rose to Rs 32,166 crore from Rs 28,579 crore in the same period a year ago. The lender’s interest income also increased to Rs 28,556 crore from Rs 25,145 crore in the same quarter a year ago, as per a regulatory filing.

    Net Interest Income (NII) increased to Rs 10,476 crore in Q1 FY25 from Rs 9,504 crore earlier, showing an improvement of 10.23 per cent. Gross Non-Performing Assets (NPAs) declined to 4.98 per cent of gross advances by June 2024 from 7.73 per cent in the same quarter a year ago.

    Similarly, net NPAs declined to 0.60 per cent from 1.98 per cent. As a result, provisions for bad loans came down drastically to Rs 792 crore in April-June FY25 as against Rs 4,374 crore in the year-ago period.

    Provision Coverage Ratio improved to 95.9 per cent as of June 2024 from 89.83 per cent a year ago.

    On a consolidated basis, the bank reported a net profit of Rs 3,976 crore in the quarter under review as against Rs 1,342 crore a year ago. The consolidated financial result of the bank comprises five subsidiaries and 15 associates.

    The capital adequacy ratio of the bank improved to 15.79 per cent at the end of June 2024 compared to 15.54 per cent in the year-ago period. With improvement in capital position, Goel said, the bank has decided to cut the proposed share sale size through Qualified Institutional Placement (QIP) to Rs 5,000 crore from an earlier estimate of Rs 7,500 crore.

    Asked when the capital will be raised, he said the bank is evaluating the opportune time for that. Besides, he said, the board has given approval to raise Rs 7,000 crore from Tier I bonds and Rs 3,000 crore from Tier II bonds to fund business growth.

    As far as recovery is concerned, he said, the bank is targeting Rs 18,000 crore collection from this including from NCLT realisation. “We are hoping recovery of Rs 3,000 crore from NCLT cases,” he said.

    During the quarter, he said, slippages were Rs 1,755 crore against a recovery of Rs 3,249 crore.

    Going forward, the bank is aiming net NPA of less than 0.5 per cent, a gross NPA of less than 4 per cent and a Return on Asset of 1 per cent by March. As far as business growth is concerned, he said, credit growth is estimated at 11-12 per cent while deposit 9-10 per cent and Net Interest Margin at 2.9-3 per cent.

    Low-cost fund Current Account and Savings Account (CASA) deposit would increase to 42 per cent from the current level of 40.08 per cent of total deposits, he added. On improving its digital competitiveness, he said, PNB has earmarked Rs 2,500 crore to be spent on IT.

  • Money Saving Tips: Bring Your Home Loan Interest Rate Effectively Below 3%, Follow Expert Advice | Personal Finance News

    Home Loan Tips: Buying and owning a home is a dream of many. People often use their savings clubbed with a loan to purchase their home. However, home loans are not always cheaper if someone pays for a tenure of 15 or 20 years, the amount almost gets doubled due to the high-interest payments. Saving money on your home loan interest can significantly impact your financial well-being. Mitigating your home loan interest payout involves proactive financial management. Refinancing, making extra payments, opting for a shorter loan term, utilizing an offset account, and negotiating with your lender are all strategies that can help you save significantly on interest. 

    Pankaj Mathpal, Investment Advisor and Founder-Managing Director, of Optima Money Managers, said that those taking home loans can definitely reduce their interest payout by making small investments into different instruments available in the market. 

    Investment Into SIP

    Pankaj Mathpal said that investing in mutual funds through SIP is a good idea as it can yield high returns in the long term. This helps reduce the loss incurred towards interest payment. Mathpal suggested people increase their SIP amount every year, so to help not only overcome the loss but also make some gains. 

    The 10% Rule

    The investment advisor suggested that borrowers should try to follow the 10% rule. As per the 10% rule, one should make a SIP of 10% of their home loan EMI amount. Suppose, for a home loan of Rs 30 lakhs at the rate of 7.9%, your home loan EMI is Rs 25,000 per month for 20 years. Then, you should invest at least Rs 2,500 in mutual funds per month for 20 years. 

    After 20 years, you would have repaid the home loan with Rs 30 lakh principal and around Rs 30 lakh interest. Thus, a home loan of Rs 30 lakh costs Rs 60 lakh. Now, the SIP of Rs 2,500 per month for 20 years returns around Rs 28,64,000 (Rs 6 lakh investment + Rs 22,64,000 return) at the rate of 13%. Thus, if adjusted against the EMI, it almost mitigates the interest paid to the bank as the interest paid to the bank on the home loan stands around Rs 1,36,000 (Rs30,00,000-Rs 28,64,000). Thus, your effective interest rate goes down below one per cent.

    13 EMIs A Year

    Pankaj Mathpal suggested that if a person is not willing to make any investment, then he/she should follow the 13 EMI rule every year. He said that the borrower should make an extra payment equivalent to one EMI every year. In this way, the 20-year loan can be repaid in around 16 years while saving around Rs 5 lakhs on the interest.

    Increase EMIs Every Year

    Pankaj Mathpal further shared that if the borrower is not interested in any of the two concepts, then he/she can opt for increasing the EMI every year if salary/income increases. He shared that increasing the EMI amount by 10% every year could also lead to significant savings while helping repay the loan much before the tenure. He said that if the EMI was Rs 25,000 per month, then it could be increased to Rs 27,500 per month from the next year, Rs 30,250 from next to next year and so on. 

    No Risk Investment

    Those not willing to take the risk and want an assured return can go for PPF or Fixed Deposits. While PPF has an upper ceiling of Rs 1.5 lakh per year for 15 years, the interest rate is 7.1%. On the other hand, the FDs offer an interest rate of between 5-8 per cent depending upon the amount and tenure. If you invest Rs 10,000 per month or Rs 1,20,000 per year, then you would get around Rs 32,54,000 (including the investment amount of Rs 18 lakhs) after 15 years. You could further invest this Rs 32 lakh into the FD for five years and may earn an interest of around Rs 12,00,000 at the rate of 6.5%. Thus, at the end of 20 years, you would have Rs 44,17,343.

  • Come August 1, Major Changes In Offing: From LPG Cylinder Prices To Google Maps Charges & More | Personal Finance News

    New Delhi: Several important changes in financial rules and regulations will come into effect starting August 1, 2024. The changes will impact the daily lives of many citizens. Each month brings adjustments to various laws and this August is no different.

    Among the notable changes, HDFC Bank, the country’s largest private sector lender will modify its credit card rules while Google will update its charges for Google Maps in India. It’s important to stay informed about these upcoming changes to understand how they might affect you. Here’s a look at what’s changing next month.

    Update on LPG Cylinder Prices

    Every month major changes in LPG gas cylinder prices are implemented first. Last month, the Centre reduced the cost of a 19 kg commercial cylinder, and there are speculations that the government might lower the cost again this time.

    Google Maps Service Charges Reduced

    There will be significant changes in Google Maps rules in India starting August 1, 2024. The company announced that it has reduced service charges in India by up to 70 per cent and will now bill in Indian rupees instead of Dollars.Notably, these changes won’t affect regular users as no extra charges will be applied to them.

    HDFC Bank Credit Card Rule Changes

    Starting August 1, bank customers using services like CRED, Cheq, MobiKwik and Freecharge to pay rent will be charged 1 per cent of the transaction amount, this will restrict to Rs 3,000 per transaction. Further, fuel transactions under Rs 15,000 will not incur any extra charges but transactions over Rs 15,000 will attract a 1 per cent fee, also restricted  at Rs 3,000 per transaction.

  • Delhi Government To Provide Tax Concession For Scrapping Old Vehicles, Proposal Sent To LG | Auto News

    Tax Concession For Scrapping Old Vehicles In Delhi: The Delhi government is planning to provide a tax concession for scrapping old vehicles and has sent a proposal to Lt Governor VK Saxena for approval. The government has decided to give a concession in the Motor Vehicles Tax for the registration of new transport and non-transport vehicles, provided a certificate of deposit is submitted for an old vehicle handed over for scrapping at a Registered Vehicles Scrapping Facility (RVSF).

    Delhi Transport Minister Kailash Gahlot said the policy aims to encourage the scrapping of old, polluting vehicles and promote the use of newer, cleaner vehicles. “By offering tax concessions, we hope to make it easier for vehicle owners to transition to more environment-friendly options,” he added.

    For non-transport vehicles, the concession includes a 20% reduction in the Motor Vehicles Tax payable on the registration of new petrol, CNG, or LPG vehicles, and a 15% reduction for new diesel vehicles, a statement said.

    For transport vehicles, the concession includes a 15% reduction in the Motor Vehicles Tax payable on the registration of new petrol, CNG, or LPG vehicles, and a 10% reduction for new diesel vehicles. However, the total Motor Vehicles Tax concessions can not exceed 50% of the scrap value in both cases.

    The validity of the Certificate of Deposit is three years and it can be electronically traded, the statement added. In 2018, the Supreme Court banned diesel and petrol vehicles older than 10 and 15 years, respectively, in Delhi. It had said that the vehicles plying in violation of the order would be impounded.

    A 2014 order of the National Green Tribunal bars vehicles older than 15 years to be parked in public places. The Delhi government has deregistered 5.5 million overage vehicles.

  • Heart-Stopping Narrow Escape! School Bus With 40 Students Stuck At Level Crossing In Nagpur | Mobility News

    School Bus Stuck On Railway Tracks In Nagpur: Timely intervention by a loco pilot and locals saved the lives of 40 students after the school bus they were traveling on got stuck on railway tracks at a level crossing in Nagpur, an official said on Friday. The incident occurred at Khaperkheda around 4 pm on Thursday when the school bus driver did not stop even after seeing the red signal at the level crossing, the police official said.

    When the bus was on the tracks, both gates of the level crossing closed as a train was to pass through the area, he said. Within moments, panic and chaos prevailed at the road-rail intersection. Locals soon spilled onto the tracks in their efforts to signal the train driver to stop.

    A railway official said a passenger train was going from Chhindwara in MP to Itwari in Nagpur at the time. Seeing the school bus in the middle of the level crossing, the gatekeeper alerted the officials through a walkie-talkie.

    Sensing something was not right since many people had gathered on the tracks, the loco pilot applied the brakes and brought the train to a halt before the level crossing, he said. Within ten minutes, the track was cleared and the bus safely crossed to the other side, he said.

    Khaparkheda police station in-charge Dhanaji Zalak said the school bus driver was at fault as he drove the vehicle despite seeing the red signal and knowing the automatic gates would be closing. “On his part, the driver had moved the bus parallel to the railway tracks,” he said.