Top headlines: India EV penetration at 1.1%, RBI surplus to surpass targets

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EV penetration: At 1.1%, India is far behind Asian average of 17.3%
India has to push the pedal harder if it wants to be a significant player in the Asian electric vehicle (EV) and supply chain sweepstakes.
According to research from S&P Global Ratings, the EV penetration rate (EV sales as a percentage of total light vehicle sales, including passenger vehicles and light commercial vehicles) in India in calendar year 2022 was only 1.1 per cent, as compared to the Asian average of 17.3 per cent. Read more...
Govt expects Reserve Bank surplus to easily surpass Budget targets

The Centre expects a windfall surplus transferable from the Reserve Bank of India (RBI) for the current fiscal year (2023-24, or FY24), Business Standard has learnt.
Sources said any dividend from the RBI, to be decided at the central bank’s board meeting on Friday and likely to be transferred this month itself, to be comfortably above the FY24 Budget Estimates (BE) for dividends from the RBI, state-owned banks, and financial institutions combined, of Rs 48,000 crore. Read more...

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Satcom spectrum auction: DoT likely to nudge Trai for recommendations
The Department of Telecommunications (DoT) is likely to communicate to the Telecom Regulatory Authority of India (Trai) that its recommendations on the auction of spectrum for space-based communication services are still “awaited”.
This request is expected to be incorporated in the department’s communication to the regulator, seeking its recommendations on the auction of spectrum in the frequency bands for international mobile telecommunications (IMT). Read more...
Cabinet approves Rs 38,000-cr subsidy for non-urea fertilisers this kharif

To ensure that fertiliser prices remain unchanged for farmers, the Union Cabinet has approved a Rs 38,000-crore subsidy for non-urea fertilisers for the coming kharif season.
In total, the central government will spend Rs 1.08 trillion in subsidies during kharif 2023-24, which is almost 62 per cent of the Budget Estimates for financial year 2023-24 (FY24). Of the Rs 1.08 trillion, around Rs 70,000 crore is for urea, while the rest is for non-urea fertilisers till September. Read more...

Space Mantra, five other firms lead race to acquire Future Retail
In an exchange filing, debt-ridden Future Retail on Wednesday said it had received bids from six resolution applicants for its assets.
“The aforesaid submissions were opened in the meeting of the Committee of Creditors (CoC) of the corporate debtor held on May 16, 2023, in presence of the prospective resolution applicants,” it said.
According to media reports, Reliance Retail and Adani Group have not bid for Future Retail’s assets. Reports state that the highest bid came from Space Mantra, and the five other companies that placed bids were Pinnacle Air, Palgun Tech LLC, Lehar Solutions, Goodwill Furniture, and Sarvabhishta E-waste Management. Read more...

First Published: May 18 2023 | 8:30 AM IST

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