Chief economic advisor K Subramanian Wednesday called for a "mindset change" in the private sector by desisting from the tendency to grab profit and socialise losses and also seek sops in times of stress. He also said it will be only investment and not consumption that will help the economy grow, explaining that the latter boosts an economy with a higher per capita income of say $10,000 or more. The comments come amidst increasing criticism both from the corporate world as well as by analysts and economists outside the government about the issues plaguing the economy, and many a sector like the auto sending SoSes for help.
Stop personalising profits, socialising losses: CEA to India IncView More
The government on Wednesday said 63 clauses of Motor Vehicle Act, which includes higher penalties for traffic violation, will be implemented from September 1. “The bill (Motor Vehicles [AMENDMENT] Bill, 2019) was passed (in Parliament). And we have decided to implement 63 clauses (of the act) from September 1,” Minister for Road Transport and Highways Nitin Gadkari told reporters here. He was speaking after the launch of the new website of Ministry of Road Transport and Highways Ministry. “In these 63 clauses we have increased the penalties. In case of drunken driving, over speeding and overloading among others, the fine has been increased,” the minister said.
63 clauses of Motor Vehicle Act to be implemented from Sept 1: GadkariView More
India's economic growth is set to slow further in the April-June quarter of this year to 5.7 per cent amid contraction in consumption, weak investments and an under-performing service sector, says a Nomura report. According to the global financial services major, even though growth is set to slow further in Q2 (April-June) the economy is expected to see some recovery in the July-September quarter.
"High-frequency indicators continue to show familiar pain points – a deep contraction in consumption, weak investment, a slowing external sector and an under-performing services sector," Nomura said in a research note.
India's GDP growth set to slow further in Apr-Jun quarter to 5.7 per cent: NomuraView More
In what may come as a breather for the automobile sector, the transport ministry will not set any deadline for transition to electric vehicles, Union minister of road transport and highways Nitin Gadkari said. Responding to a question on the Niti Aayog’s draft guidelines that set a timeline for phasing out ICE-vehicles and transitioning to electric vehicles, Gadkari said that his ministry has not proposed any deadline for the same.
“We will not set any deadline for electric mobility. You see a lot of State governments are procuring electric buses, the transition will happen as a natural process,” Gadkari said on the sidelines of a press meet here on Wednesday.
Not setting deadline for transition to EVs: Nitin GadkariView More
The Commission has initiated an anti-dumping investigation into imports of hot rolled stainless steel sheets and coils from China, Indonesia and Taiwan….
EC starts investigation on Hot Rolled Stainless Steel from China, Taiwan and IndonesiaView More
China's refined copper production increased by 4.8% year-on-year to 801,000 tonnes in July, data released by the National Bureau of Statistics (NBS) showed….