NEW DELHI: Auto Component Manufacturers Association of India (ACMA) on Wednesday sought reduction in GST rate to a uniform level of 18 per cent for the entire automobile industry to stimulate demand and help save around 10 lakh jobs, which are at risk due to prolonged slowdown in vehicle sales. The industry body, which represents the auto components industry that alone employs around 50 lakh people, also sought clarity on policy for electrification of vehicles. "The automotive industry is facing an unprecedented slowdown. Vehicle sales in all segments have continued to plummet for the last several months," ACMA president Ram Venkataramani told reporters here. Considering the auto component industry grows on the back of the vehicle industry, a current 15-20 per cent cut in vehicle production has led to a crisis-like situation, he said, adding "if the trend continues, an estimated 10 lakh people could be laid off". The process of layoffs has already started in some places, … [Read more...] about Auto component industry fears loss of 10 lakh jobs due to prolonged slowdown
New Delhi: India’s electricity demand has been growing although it fell last month because of excessive rain, the power ministry said, rubbishing reports that the decline indicated an economic slowdown. “Making a judgment on one month’s data while ignoring the high growth in the other months is nonsensical,” the ministry said in a statement. It said rising renewable and hydropower generation led to lower use of thermal plants. The Central Electricity Authority’s reports had earlier shown that October’s energy requirement of 98 billion units was 13% lower than the same month last year. In the previous two months, it was marginally lower than the corresponding period last year. “The monthly growth in electrical energy availability in the country has been in the range of 6.5% to 8.5% from April to July, 2019. The growth during the first quarter of the current year was around 7.5%, and in July it was 6.7%. Only in the month of October there was … [Read more...] about Power demand growing despite last month’s slump
Email By Anna Henderson and Dan Conifer Updated April 11, 2016 13:00:34 Related Story: Labor takes aim at big banks, promising royal commission Map: Australia Federal Opposition Leader Bill Shorten says an incoming Labor government would hold a royal commission into misconduct in the banking industry.We look at the role of royal commissions and what would likely be involved.What's a royal commission?Royal commissions are public inquiries governed by an act of Parliament. They can be called on any matter "connected with the peace, order and good government of the Commonwealth or any public purpose or any power of the Commonwealth".Why does Labor want one?The financial and banking sectors have been rocked by controversies in recent years. CommInsure scandal: Who's who?Meet some of the key players involved in the scandal engulfing one of Australia's biggest life insurers, CommInsure. In 2014 a Senate committee recommended a royal commission into the Commonwealth Bank … [Read more...] about What is a royal commission and why does Labor want one into the banking industry?
Video PlayerClose Models pose for photos after presenting costumes of ethnic people in Afghanistan during a fashion show in Kabul, capital of Afghanistan, Nov. 4, 2019. (Photo by Rahmatullah Alizadah/Xinhua) Modeling is a risky profession in Afghanistan. No girl in the early days of launching the industry was ready to perform cat walk in front of men but the problem has been solved gradually. "With firm resolve we have overcome the cultural barriers and developed the industry and that is why today many girls with the support of their families are ready to attend fashion show in this country," said the head of Afghanistan Modeling Team. by Abdul Haleem, Jawed Omid KABUL, Nov. 5 (Xinhua) -- "I have been working as a model over the past four years and my dream is to become a popular model to attend major overseas fashion shows in future," whispered Yalda Haidari. Wearing a traditional dress and cat walked in front of some 200 spectators with majority of them men, the courageous … [Read more...] about Fashion show, a new culture growing in Afghanistan
New Delhi: Hero Electric has decided to go ahead with its planned investments in capacity expansion programmes despite the prevailing demand slowdown in the domestic market. Managing director Naveen Munjal told ET that although sales of electric two-wheelers were subdued in the first half of this financial year, the company expects demand to pick up substantially in the coming years as legacy players such as Bajaj Auto enter the segment. Hero Electric plans to invest Rs 700 crore over the next three years to develop new products, expand dealer network and increase production capacity to retain leadership position in the segment. The resources will be raised through a mix of internal accruals and external capital. “To start off, the first few months were kind of slow because of the new policies which came into play… the new homologation norms (under Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India or FAME-II scheme). But now we are back on … [Read more...] about Hero Electric to go ahead with expansion plan amid slowdown