 "FTA, Free Trade Agreement, Trade Ties, Deals, Partnership")
Need for subsidy to come down as manufacturing gains scale: Nitin Gadkari
At a time when incentive schemes for the electric vehicle (EV) sector have come under the spotlight, Union Minister for Road Transport and Highways Nitin Gadkari is open to a rethink on subsidies. “Once manufacturing has gained scale, my opinion is that we do not need a subsidy. But still, the government is supporting the sector…. After that, it is for the finance ministry to take a decision on the matter,” Gadkari said during a fireside chat at the Business Standard EV Dialogues in New Delhi late on Tuesday. However, while responding to a question on the merit of subsidies for the EV sector, he clarified that the matter was outside the purview of his ministry. Read more
Can Tesla sell a Rs 20-lakh electric car produced in Indian giga-factory?
In discussions with the government a few weeks ago Tesla reportedly sprang a surprise. It said it would sell its electric car for Rs 20 lakh in India and set up a plant with an annual capacity of 500,000 units. With that, the company has sparked a new debate. It has models that retail at a starting price of around $41,900 (Rs. 34.39 lakh) in the US and had lobbied for a duty reduction in completely built-up units (CBUs) imported from China just a year ago — which the Indian government rejected. Can Tesla make an electric car at this price? Read more
First year of FTA with UAE: India's fuel exports grow faster than non-fuel
A year after the free trade agreement (FTA) with the United Arab Emirates (UAE) kicked in, India's non-petroleum exports grew at a relatively slower pace than exports of refined petroleum products to the West Asian nation. Commerce and industry ministry data showed that non-oil exports witnessed a 3 per cent jump at $22.95 billion, while the overall shipments to the UAE grew 9.5 per cent at $30.98 billion during May 2022-April 2023. Read more
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Centre moots unified portal for drug regulation to build trust in quality
The Indian drug regulatory system is set for an overhaul. The Centre is working on a digital drugs regulatory system (DRS) -- a unified online portal for all regulatory activities. A proposal for the same was recently shared by Drugs Controller General of India (DCGI) Rajiv Singh Raghuvanshi with all state drug controllers, pharma manufacturing associations, Customs, Bureau of Indian Standards, Indian Council of Medical Research, Department of Consumer Affairs, etc, seeking their comments and suggestions. Business Standard has seen a copy of the proposal. Read more
Higher discounts likely to prompt India to buy more crude oil from UAE
Higher discounts on crude oil offered by the United Arab Emirates (UAE) to wean India away from Russian crude may soon see Indian refiners ramping up purchases from the Gulf nation, officials at multiple refiners said. They also pointed to the recent agreement on trade settlement in national currencies signed between India and the UAE as a reason for this. Read more
