Tuesday, November 26
Central government workers can expect an increase in dearness allowance (DA) soon. The average CPI-IW over the last 12 months is 392.83, and the DA is expected to be rounded up to 50% from the current 46%. The hike will have a retrospective effect from January 1, 2024, benefiting over one crore employees and pensioners.
From April 4, 2024, the salary threshold for new applicants under the ‘Skilled Worker route’ will increase to GBP 38,700 per year. Existing Skilled Worker visa holders will also see an increase in their minimum salary.
Indian single malts, produced by Indian-origin makers, have overtaken global giants in sales, cornering around 53% of the market share in 2023. The local brands grew by 23% compared to 11% growth of imported ones. Diageo and Pernod Ricard have launched local brands to tap into the craze for 'Made in India' products. Indian single malt makers pride themselves on the fantastic quality and experimentation, dismissing the arrogance of Scotch puritans. Vinod Giri of CIABC sees this as a milestone for Indian whisky makers, who have come a long way in terms of quality and refinement.
The Auto Expo, India's premier motor show, is set to lose some sheen as the government introduces the Bharat Mobility Expo. This three-day event will bring together 11 agencies representing various segments of the automotive industry. Commerce and industry minister Piyush Goyal has suggested expanding the Mobility Show to include other venues such as Yashobhoomi and the Noida Expo Centre. While the Auto Expo has been held every alternate year, Goyal's suggestion has sparked discussions about the possibility of continuing the mobility show next year.
Gautam Adani reclaims the title of Asia's wealthiest person, surpassing Mukesh Ambani, after India's Supreme Court concludes no new probes are needed into allegations against Adani's conglomerate. Adani's net worth rises by $7.7 billion in a day to $97.6 billion. The Adani Group faced a tumultuous year dealing with Hindenburg Research's allegations of corporate fraud, resulting in a market value loss of over $150 billion. However, the Supreme Court's decision brings a $13.3 billion wealth gain for Adani. Adani is diversifying his empire, investing $100 billion in green transition, data centers, and artificial intelligence.
Kinetic Green Energy and Power Solutions appoints S. Sundareswaran as Director of Manufacturing & Operations. Sundareswaran, with over three decades of experience in automotive and auto component industries, will lead manufacturing, operations, and strategic sourcing teams. He will spearhead plant performance and ensure implementation of manufacturing capacity augmentation strategies. Sundareswaran's career includes senior positions at Ashok Leyland Ltd., Switch Mobility Automotive Ltd., and TAFE Ltd. He has successfully created an electric vehicle plant and launched four new EV products.
India will eventually move to a lower customs duty regime and cannot protect domestic manufacturers by citing infant industry argument, according to a senior government official. Customs duties are not considered a revenue source and are used as a policy tool to protect certain sectors. Tariffs may be used creatively to protect industries from predatory pricing or dumping. While weak sectors need protection, high tariff walls for successful segments must be reduced. Experts recommend India to cut import duties to integrate with global value chains.
Audi India Head Balbir Singh Dhillon expects 50% of sales in India to come from electric vehicles (EVs) by 2030. The company plans to expand its product range to achieve this target and is working with its global headquarters to introduce more affordable EVs in India. Audi is also counting on the development of charging infrastructure in the country to help achieve its goal. Dhillon mentioned that the duties on EVs in India are favorable, but the cost of imported EVs remains high. Assembling EVs in India would reduce costs further.
