India challenges arbitration ruling in Vodafone case India has challenged in Singapore an international arbitration court s verdict against it over a $2 billion tax claim involving Vodafone Group Plc, a senior government official told Reuters on Thursday on condition of anonymity. Vodafone in September had won the case against India, ending one of the most high-profile disputes in the country that had caused concern among investors over retrospective tax claims on companies.
RBI sees economy recovering faster
Indian economy is recovering faster than expected and may post minor positive growth in the third quarter, but efforts need to be redoubled to fight inflation so that it doesn’t hurt the incipient growth impulses, according to the State of the Economy report in the December Bulletin of the Reserve Bank of India (RBI).
BW Businessworld
November Nirvana
The worst may be behind for the Indian auto industry due to the festive season offtake but the ecosystem needs to stabilise before demand can get back to pre-2018 levels
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The Indian Automotive sector has witnessed its worst nightmare since the financial meltdown of 2008. A prolonged slowdown in the economy over the past two years brought on by a severe liquidity crunch due to the crisis in the NBFC sector and reluctance of the banks to lend owing to a dramatic rise in bad loans, the impending migration to BS-VI emission norms and, f inally, the Covid-19 pandemic pulverised demand out of shape. And with the nationwide lockdown in April this year, sales turned zero!
BW Businessworld
Gearing Up For The Future
India s commercial vehicles industry s struggle with overcapacity, subdued may not end anytime soon. But the rough road to recovery is getting shorter freight availability, financing issues, the pandemic and lockdown rather than longer as demand shows an uptick in volumes
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No industry mimics the health OF THE economy as closely as the automotive sector, especially the commercial vehicles (CV) segment. And with a slowdown gripping the Indian economy over the past two years, it is hardly surprising that the CV industry, which until 2018 was booming with India as the world s third largest market and the fastest-growing globally, has slid into its worst recession in a decade.
SUVs beat other body styles to become fastest growing segment
Mid-size SUVs and compact SUVs turned the demand tide in 2020, which was otherwise a forgettable year for the industry. As of the end of November, compact SUVs controlled 15.5 percent of the passenger vehicle market, up from 11.46 percent at the end of August. December 23, 2020 / 10:24 AM IST
Favoured for their high seating position, extra body room, luggage space and better resale value compact SUVs have become the most sought-after segment for manufacturers. The Kia Sonet has remained the top-selling compact SUV in India since launch three months ago followed by the Hyundai Venue. The former leader of the segment, Maruti Suzuki Vitara Brezza, has now slipped to the third spot.
Bumpy ride: TN’s auto exports fall 50% in April-Sept December 22, 2020, 12:46 PM IST
The nearly six-week lockdown till May and partial industrial shutdown till the first week of July have impacted the export of automobiles and parts from Tamil Nadu, which almost halved to $1.7 billion during April-September 2020, down from $3.3 billion a year ago.
Known as the Detroit of the south, TN’s export basket has always been dominated by automobile and auto components traditionally comprising 40% of total exports. Exports were flat in April-September 2018 and April-September 2019 at around $3.3 billion. Vehicle, component and tyre factories in the Sriperumbudur and Oragadam region hit peak production only in the run-up to the festival season in August and September.