Electric car sales in India are expected to rise. CareEdge Advisory projects over 7% sales by FY28. This depends on resolving rare earth element supply issues. New models and charging infrastructure are growing. Government's PLI scheme supports battery production. Electric car ecosystem has grown rapidly. Policy support and reduced costs will boost EV adoption in India.
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Prime Minister Narendra Modi is set to visit London on July 24 to sign a free trade agreement with the United Kingdom, accompanied by Commerce Minister Piyush Goyal. The FTA, finalized on May 6, aims to boost bilateral trade to $120 billion by 2030 by eliminating duties on key exports and reducing import tariffs.
NLC India, a state-owned enterprise, is in advanced talks with a Russian entity to secure lithium from a mine in Mali, Africa, a crucial move for India's energy transition. This initiative aligns with India's strategy to ensure consistent lithium supplies for its clean energy goals, particularly for electric vehicle batteries.
Infosys McCamish Systems (IMS) settled with Vermont's Department of Financial Regulation for failing to provide timely information during a cybersecurity incident investigation and delaying notifications to affected parties. IMS will pay a $125,000 penalty without admitting violations. This follows a $17.5 million settlement in March to resolve class-action lawsuits related to the 2023 breach.
India faces trade deficits with most countries having free trade agreements. These partners contribute significantly to India's overall trade deficit. Newer agreements show better utilization compared to older ones. Reviews of trade pacts with ASEAN and Korea are underway. India's reliance on FTA partners has increased, with imports rising. Efforts are ongoing to balance trade and improve agreement utilization.
In 2024-25, the Indian government disbursed Rs 10,114 crore under Production-Linked Incentive (PLI) schemes, with large-scale electronics manufacturing receiving Rs 5,732 crore and pharmaceuticals securing Rs 2,328 crore. These two sectors collectively accounted for approximately 70% of the total incentive disbursements, highlighting their significant role in the PLI initiative.
India's petroleum regulator, PNGRB, has mandated a uniform rate for piped natural gas (PNG) for all households, regardless of consumption. This directive addresses concerns that tiered pricing systems may encourage misuse of subsidized gas by commercial entities misclassified as domestic consumers.
Good news for senior citizens. Higher returns are available on fixed deposits. Small finance banks offer up to 8.5% interest on three-year FDs. Utkarsh Small Finance Bank leads with the highest rate. Be mindful of tax deducted at source. Submit Form 15H to avoid TDS if income is below the taxable limit.
Malaysia has placed immediate restrictions on the movement of high-performance AI chips from the US. This is to prevent unauthorized rerouting to countries like China. All movements of US-origin AI chips now need a permit. This move follows concerns about transshipment of chips via Malaysia. Malaysia is investigating reports of Chinese firms circumventing US export controls.
Improving your credit score is crucial for financial well-being. Paying bills on time, using secured loans wisely, and managing credit utilization are key strategies. Frequent EMI conversions and taking on new debt to cover old debts can negatively impact your score.
BSE and NSE shares have plummeted due to the Jane Street controversy, regulatory actions, and declining derivatives volume, resulting in a significant market capitalization loss. BSE has entered a bear market, while NSE approaches a substantial reduction.