India Needs 8-10% Growth For A Decade To Reap Demographic Dividend: RBI New Delhi, Apr 23 (KNN) India's economy must grow at a pace of 8-10 per cent per annum over the next ten years to fully capitalise on its favorable demographic dividend, according to the Reserve Bank of India (RBI). In its latest monthly bulletin, released on Tuesday, the central bank emphasised that achieving India's developmental aspirations through 2055 hinges on this elevated growth trajectory during the ongoing period of demographic dividend that commenced in 2018.  Conditions are ripe for India to extend i ..read more

India's EV Policy Likely To Exclude Chinese Giants Like BYD Over Security Risks New Delhi, Apr 23 (KNN) India's recently announced electric vehicle (EV) policy, aimed at attracting global players like Tesla Inc., is expected to shut out Chinese companies from enjoying the promised concessions, according to a senior government official. The policy offers a reduced import duty rate of 15 per cent for EVs, subject to conditions such as a minimum investment of Rs 4,150 crore (around USD 500 million) and setting up local manufacturing facilities within three years, reported MoneyControl.  ..read more

WTO Members Condemn EU's Steel Safeguard Extension; India, China, Russia Among Critics New Delhi, Apr 23 (KNN) India, China, Russia and five other World Trade Organization (WTO) members voiced strong opposition to the European Union's decision to extend its existing safeguard measure on certain steel products beyond June 30th. During a WTO meeting on Monday, the criticizing members, which included major economies like China and India, argued that the EU's safeguard duties on steel imports are inconsistent with WTO rules.  These duties were first imposed in 2018 after the United Stat ..read more

UP Assembles 25,000-Acre Industrial Land Bank To Fuel $1 Trillion Economy Dream Lucknow, Apr 23 (KNN) In a bid to propel Uttar Pradesh towards a trillion-dollar economy by 2027, the state government has assembled an industrial land bank spanning 25,000 acres across 75 districts.  This strategic land acquisition drive, spearheaded by the UP State Industrial Development Authority (UPSIDA), aims to facilitate prompt allotment to industries and accelerate the state's economic transformation. According to UPSIDA Chief Executive Officer Mayur Maheshwari, land acquisitions have been undert ..read more

Small Exporters Urge Extension Of Amnesty Scheme For Default Settlement New Delhi, Apr 23 (KNN) Small exporters in India have requested the government to extend the amnesty scheme for one-time settlement of default in export obligations until September 2024. The appeal comes from a Ludhiana based Hand Tools Association where its President, S.C. Ralhan stated that many small exporters were unable to take advantage of the scheme due to their obligations to make payments to Micro, Small, and Medium Enterprises (MSMEs) within 45 days. The Finance Act 2023 introduced Section 43B(h) in the Income T ..read more

ONGC Launches Fresh Bid for Geothermal Power in Ladakh Ladakh, Apr 23 (KNN) Oil and Natural Gas Corporation (ONGC) is making another attempt to tap into geothermal energy in the Ladakh region, after a previous well drilling effort failed in 2022. The state-owned explorer plans to drill two new geothermal wells of 1,000 meters depth each in Puga, Ladakh starting in mid-June. If successful, the wells could pave the way for setting up Ladakh's first geothermal power plant of at least 1 MW capacity by next year. Geothermal energy, extracted via hot water and steam from deep underground reservoirs ..read more

India's Major Ports See 5% Rise in Cargo Traffic in FY24 New Delhi, Apr 23 (KNN) India's major ports handled 819.3 million tonnes (mt) of cargo traffic in the fiscal year 2023-24, registering a year-over-year increase of around 5 per cent, driven by rising iron ore exports and increasing coking coal imports. The cargo traffic in the previous fiscal year 2022-23 stood at 784.3 mt, according to data from the Indian Ports Association. Coking coal and PCI (Pulverised Coal Injection) shipments, including met coke, increased by 10.24 per cent to 65 mt in the last fiscal year, backed by strong domes ..read more

India Eyes Tripling Medical Device Exports To Russia in 5 Years New Delhi, Apr 23 (KNN) India's exports of medical devices to Russia could potentially triple in the next five years through increased collaboration between the two countries, according to the Association of Indian Medical Device Industry (AiMeD). This push comes after Indian manufacturers and Russian investors recently held an online meeting to explore opportunities in manufacturing and marketing medical equipment and devices. Currently, India's medical device exports to Russia stand at around USD 75 million annually. However, A ..read more

Tata Power Solar Partners With Indian Bank To Boost Solar Rooftop Adoption New Delhi, Apr 23 (KNN) Tata Power Solar Systems Limited (TPSSL), a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has announced a strategic partnership with Indian Bank aimed at enhancing the adoption of solar rooftop systems among residential consumers. This collaboration is geared towards facilitating financing solutions under the widely acclaimed Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme, catering to installations up to 3 KW. Additionally, the partnership seeks to extend support fo ..read more

Karnataka & Gujarat Lead; Jharkhand, Bihar Lag In Clean Energy Transition: Reports New Delhi, Apr 23 (KNN) New reports indicate that Karnataka and Gujarat are at the forefront of the clean energy transition, showcasing commendable progress in integrating renewable energy sources and advancing decarbonisation efforts. However, states such as Jharkhand, Bihar, West Bengal, and Uttar Pradesh are urged to intensify their efforts to catch up, according to a joint report released by the Institute for Energy Economics and Financial Analysis (IEEFA) and clean energy think tank Ember. The report u ..read more