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The Dollar Business Bureau  NITI Aayog Chief Executive Officer (CEO) Amitabh Kant said on Thursday that the strong push by the Government towards e-mobility is targeted towards making India an export hub for electric vehicles. “The vehicle penetration in the country is the lowest among the developing countries. At present, India has 20 cars per 1,000 people whereas the US has 800 cars,” Kant said while addressing the 57th Annual Convention of SIAM in New Delhi. “Other countries will have the problem to make the switch to electric but India has the advantage to become the leader because of its low penetration levels. We must make India the export hub for electric vehicles,” he said. He also said that the country may be slow ...

Aamir H Kaki  Under the new goods and services tax (GST) regime, the luxury cars will become cheaper and for buying small cars the buyers have to shell out a little more.  Luxury cars, sports utility vehicles (SUVs) and larger sedans would be benefitted from some rationalisation in tax structure as even after a 15% cess on the total levy, it will be lesser than the tax currently being levied on such models.   Under the new tax regime, there will be a uniform rate of 28% on cars, unlike the multiple rates of tax levied presently. An additional cess of 1% and 3% is being discussed to be imposed on small cars of petrol and diesel, respectively.   Larger cars and SUVs are ...

The Dollar Business Bureau South Korea’s automobile manufacturer is in the final process of establishing its first company- Kia Motors Corp. in India. The decision will be made shortly once the location is finalised. The two preferred states that the company wishes to establish its manufacturing units are Andhra Pradesh (AP) and Maharashtra. According to the media communication released by the company, the new unit is likely to begin its operations either by the end of 2018 or the beginning of 2019. Speaking to the media, an anonymous official from one of the chosen locations said AP seems to be more favourable and is likely to be finalised. The official said if, Kia Motors Corp. finalises AP location for its establishment it would have ...

The Dollar Business Bureau Ongoing impeachment of South Korea's President Park Geun-hye has heavily weighed on the country's economy, as it shows a quarterly growth of 0.4% (October-December 2016), slowest in more than a year. Due to reducing consumption and weak consumer sentiment in a politically unstable environment, South Korea's GDP grew only by 0.4% during the last quarter of 2016, compared to previous quarter's growth of 0.6%. In comparison with the same period (October-December) in 2015, the GDP expansion has slumped from 0.7% to 0.4%. Not sounding very optimistic, Chung Kyu-II, Director, Bank of Korea, said, "It is hard to say the overall picture is positive. Weakened private consumption, which accounts for around half of the GDP, is most to blame.” Private consumption expanded 0.2%, in comparison with 0.5% in the previous quarter (July-September 2016) ...

The Dollar Business Bureau  “Generations of Indian and Hindu Americans have strengthened our country…your values of hard work, education and enterprise have truly enriched our nation.” “They are taking our jobs. China is taking our jobs. Japan is taking our jobs. India is taking our jobs. It is not going to happen anymore, folks!” "Today we are transferring power from Washington DC to the people!" "From this day forward it will only be America first!" Yes, all those statements come from one person, none other than Donald Trump, who has been sworn-in as the 45th President of the United States of America on January 20, 2017. If statements made during the long-drawn election campaign form the basis of elaborate predictions about the impact of ...

Sharath Chowdary The Telangana government is ready to offer land parcels for various Korean companies to set up their base in the state. The government will work on creating an investment cluster to cater to the basic needs of Korean companies investing in the state, Telangana Industries Principal Secretary Arvind Kumar told The Dollar Business. He was speaking to the media while taking part in the Korean Caravan 2016 in Hyderabad on Wednesday. The Caravan was organised by the Confederation of Indian Industry (CII) in association with the Embassy of the Republic of Korea. Arvind Kumar said, “Last month, Telangana Chief Secretary Rajeev Sharma had proposed to develop an exclusive industrial park for Korean companies, during a meeting with the Union government in New ...

The Dollar Business Bureau Ford India’s EcoSport SUV smashed the records and emerged as the top exported car from India in financial year 2015-16. Registering a 51 percent growth in its exports, 83,325 units of Ford’s SUV have been shipped. EcoSport was fourth most exported model in FY2015. Nissan Micra Hatchback, which was the top exported model in FY2015, slid down to second position recording 75,456 units of exports. One percent decline was also observed in the exports of Nissan Micra. According to the Society of Indian Automobiles Manufacturers (SIAM) data, Vento Sedan of Volkswagen is the top third exported model from India. The German automotive maker exported 63,157 units recording 13 percent rise in its exports. Maruti Suzuki’s Alto bagged fourth position in the ...

Source: PTI Car exports from India declined marginally to 2,67,043 units in the first six months of the current fiscal due to challenges in various markets including Sri Lanka and Bangladesh. India had exported 2,68,863 units in the same period of last fiscal, 2014-15. According to Society of Indian Automobile Manufactures (SIAM), during April-September, 2015-16, the largest car exporter from the country Hyundai Motor India saw 13.91% drop in car exports to 83,522 units from 97,021 units in April-September period of 2014-15. On the other hand, Maruti Suzuki India's (MSI) exports during the period rose by 6.34% to 61,202 cars compared to 57,552 units in same period of previous fiscal. Japanese car maker Nissan's exports also declined 3.64% to 53,704 units in ...