BUSINESS
PLI push of over Rs 6,000 cr for AC, LED light manufacturing
"It is designed to create a complete component ecosystem in India and make India an integral part of the global supply chains. The scheme is expected to attract global investments, generate large scale employment opportunities and enhance exports substantially," it said.
Cabinet approves PLI scheme for Solar PV module manufacturing
The approval was given by the Union Cabinet which met here under chairmanship of Prime Minister Narendra Modi.The new PLI scheme has been approved based on a proposal from the Ministry of New and Renewable Energy, and launched with an outlay of Rs 4,500 crore.
Stepping on the Gas: Tata Motors to foray into CNG space
Accordingly, few of the company's models will be offered with a factory fitted CNG kit. At present, Tata Motors provides an option to get the CNG kits fitted in some of its PVs at dealerships.The move assumes significance in the light of high transportation fuel prices, which have spiked recently. Also, the new option is expected to complement the company's portfolio of electric variants.
Mahindra starts end-to-end vehicle scrappage
The company has signed an MoU with Mahindra MSTC Recycling Private Ltd (MMRPL) towards offering its customers first of its kind end-to-end solution for scrapping of vehicles. At present, MMRPL is engaged in the business of acquiring used or end of life vehicles to dismantle and scrap it under the brand name of CERO.
Mercedes-Benz India YoY sales growth up 34% in Q1CY21
The company sold 3,193 units in the January-March 2021 period, hinting at a strong recovery ahead. It said the healthy performance came on the back of strong sales during January and February which remained at pre-Covid level, and also due to the recovery in March sales.
IL&FS sells its environment business, reduces debt by Rs 1,200 cr
IL&FS, as the promoter shareholder of IEISL, held 97.54 per cent of equity shares of the company. The balance 2.46 per cent was held by IL&FS Employee Welfare Trust. The entire shareholding in IEISL, held by IL&FS Group, has been transferred to EverEnviro.
GST should be citizen-friendly, provisional attachment draconian: SC
A bench comprising Justices D.Y. Chandrachud and M.R. Shah said: "The Parliament had intended the GST to be a citizen-friendly tax structure... the purpose of the Act is lost in the manner in which it is enforced in our country."
OPPO sells 1 crore 'F' series phones in India in 6 years
According to Damyant Singh Khanoria, Chief Marketing Officer, OPPO India, the company's recently launched F19 Pro series has made a strong impact on sales of F-series smartphones."F Series has always been a popular phone segment among the Indian consumers looking to get ahead in life, as it offers a sleek and fashionable design that represents their style," Khanoria told IANS.
Banks allowed priority sector lending to NBFCs for another 6 months
Recognising the role played by NBFCs in providing credit at the bottom of the pyramid it was decided in August 2019 to allow banks to classify lending to registered NBFCs (other than MFIs) as PSL up to 5 per cent of a bank's total PSL, for on-lending to Agriculture/MSME/Housing till March 31, 2020. This dispensation was later extended up to March 31, 2021.
RBI to publish Financial Inclusion Index
The FI Index would be based on multiple parameters and shall reflect the broadening and deepening of financial inclusion in the country, a statement on regulatory and developmental policies of RBI said. To begin with, the FI Index will be published annually in July for the financial year ending previous March.
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