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NDTV
29 minutes ago
- NDTV
Indian Automotive Industry To Take Top Spot Globally By 2030: Gadkari
New Delhi: The government's aim is to make India's automobile industry the number one in the world in the next five years, Union Minister Nitin Gadkari said on Tuesday. Launching a report prepared by The Express Industry Council of India (EICI) and KPMG, Gadkari said the future of express industry is very good in the country. "The size of Indian automobile industry is now Rs 22 lakh crore... my aim is to make India's automobile industry number one in the world in the next five years," Gadkari said. The minster further said when he took charge of the transport ministry in 2014, the size of the automobile industry was Rs 7.5 lakh crore and today its size is Rs 22 lakh crore. Presently, the size of the US automobile industry is Rs 78 lakh crore, followed by China (Rs 47 lakh crore) and India (Rs 22 lakh crore). Gadkari said the dream of Prime Minister Narendra Modi is to make India third largest economy in the world and logistics sector will play an important role in achieving this dream. Gadkari said until recently, logistics cost in India was about 16 per cent of the gross domestic product (GDP). "I want to share that, according to a joint IIM-IIT survey, we have brought this (logistics cost) down to 10 per cent. "That is a major milestone and we are aiming to bring logistics cost down to single-digit soon," Gadkari said. The minister credited the fall in logistics cost to massive investments in expressway and economic corridors. According to the report titled 'Powering India's Economy, Connecting Business and Markets', express industry contributes USD 1-1.5 billion GST and USD 650 million to customs revenue annually. "The size of express industry sector is projected to double from USD 9 billion in FY25 to USD 18-22 billion by 2030, creating 6.5-7.5 million jobs," it said. The report noted that the express industry has transformed from a logistics facility to an essential service provider. Domestic express accounts for about 70 per cent of the total market, valued at USD 6.3-6.5 billion, with surface express contributing the largest share, it added. The report added that international express segment with a share of about 30 per cent, handled 19.5 million shipment, weighing about 1,52,300 tonnes in FY24.
NDTV
29 minutes ago
- NDTV
Ahead Of Regional Conferences Gujarat Emerges As Global Automotive Hub
Gandhinagar (Gujarat): With Suzuki Motors Gujarat's facility of 7.5 lakh car units per annum production capacity, North Gujarat has rapidly transformed into one of India's leading automotive manufacturing hubs, attracting global players with its strong infrastructure, investment-friendly policies, and strategic location, an official statement from the Gujarat Chief Minister's Office (CMO) said. They have also announced the establishment of a fourth production line by investing 32 billion rupees, in order to increase the production of Electric Vehicles in the future. Between 2012 and 2015, Gujarat witnessed a wave of investments from international automobile manufacturers. A milestone moment came in 2014 when SUZUKI signed an MoU to establish a mega manufacturing unit in the state. Over the years, they have significantly invested in Gujarat, generating ample employment opportunities for the people in the region. Today, Suzuki Motor's Gujarat plant ranks amongst the largest automobile manufacturing facilities in India and has catalysed large-scale investments in the auto component industry around Mehsana. Gujarat's robust port infrastructure has further strengthened its position as a strategic export hub for the global automobile industry. Gujarat accounted for approximately INR 3,459 crore in 2024, with South Africa, Saudi Arabia, Japan, the UAE and Chile emerging as key export destinations, the statement said. Moreover, the invested capital in the automobile sector in Gujarat amounted to Rs 29,700 crore in FY 2022-23, recording a strong CAGR of 16.4 per cent over the last five years. The state's Mandal Becharaji SIR (Special Investment Region) has emerged as a major auto-industrial hub. Recent marquee announcements of Suzuki Motor Corporation include the setting up of a Battery Plant for Electric Vehicles (Rs 7,300 crore) and an EV Manufacturing Facility (Rs 3,100 crore), the statement added. These developments underscore Gujarat's emergence as a global automotive powerhouse as the state prepares to host the Vibrant Gujarat Regional Conferences (VGRC). The conferences will showcase Gujarat's dynamic growth story, highlighting opportunities for global investors in the automotive and allied sectors.
Indian Express
29 minutes ago
- Indian Express
CAG flags strain due to Congress' Karnataka guarantees: Rs 5,229 crore cut in infrastructure spend
The Congress's five guarantees in Karnataka, which are largely seen to have propelled it to power in the state in 2023, resulted in a Rs 5,229 crore reduction in capital expenditure on infrastructure in the 2023-2024 fiscal year and will cause a strain on the economy if the subsidies are not rationalised, a Comptroller and Auditor General (CAG) report has said. According to the CAG report, which was tabled in the Assembly on Tuesday, the reduction in expenditure has also resulted in a 68 per cent delay in projects across the state. 'The State also reduced the capital expenditure towards infrastructure by around Rs 5,229 crore when compared to previous year. This has an impact on the increase in incomplete projects by 68 per cent when compared to previous year. This compression in gross capital formation may prove to be detrimental to future growth prospects,' the report stated. Currently, the Siddaramaiah-led Congress government implements five direct benefit transfer (DBT) schemes: the Gruha Lakshmi (Rs 2,000 to each woman from poor households), Yuva Nidhi (a monthly unemployment allowance of Rs 3,500 for graduates and Rs 1,500 for diploma holders, Gruha Jyoti (free power), Anna Bhagya (free rice) and Shakti (free bus travel for women). For the schemes, the government had allocated a total of Rs 36,538 crore, which amounts to 15 per cent of the state's revenue expenditure for the 2023-2024 fiscal year. It used the entire amount to implement the schemes, except the unspent Rs 40 crore of the Rs 7,384 crore allocated for the Anna Bhagya scheme. While the state's revenue grew by 1.86 per cent in 2023-24 compared to the previous year, the expenditure grew by 12.54 per cent. 'The increase in growth of expenditure was mainly on account of the guarantee schemes which was the contributing factor for the Revenue Deficit of Rs 29,271 crore. This mismatch of receipt and expenditure during the current year (2023-24) had resulted in the state witnessing revenue deficit of Rs 9,271 crore after its recovery during 2022-23 from Covid-19 economic slowdown. Consequently, the fiscal deficit of the state also increased from Rs 46,623 crore in 2022-23 to Rs 65,522 crore in 2023-24,' the report stated. 'To finance the guarantee schemes and the deficits arising thereof, the state availed net market borrowing of Rs 63,000 crore which was Rs 37,000 crore more than last year's net borrowings (Rs 26,000 crore). This would not only increase repayment burden in the near future but also would enormously increase the interest burden…,' the report added. The implementation of the five guarantee schemes without rationalising existing subsidies/ financial assistance and benefits will put a strain on state resources and have an influence on fiscal deficits and debt levels, the report has stated. While admitting to the CAG's observations, the state finance department said the five guarantees boosted local economy, reduced economic disparities and supported the growth of human capital. 'Though the cash transfers such as Yuva Nidhi and Gruha Lakshmi empowered the youth and women and also gave security and enhanced their purchasing power, these cash transfers along with the other three subsidy schemes without rationalisation of existing subsidies would strain the financial economy of the state… The government in its medium-term fiscal plan 2024-28 has projected a revenue deficit of Rs 27,354 crore and thereby increasing its borrowings to Rs 1,05,246 crore,' the CAG noted. The gap between the revenue receipt and revenue expenditure, which results in revenue deficits/surpluses shows that Karnataka had a revenue surplus of Rs 13,496 crore in 2022-23 (0.62 per cent of GSDP) and Rs 19,271 crore (0.36 per cent of GSDP) in 2023-24, the CAG noted. 'The state government spent Rs 52,120 crore on the capital account. This was around 17 per cent of the total expenditure in 2023-24. The borrowings exceeded the capital expenditure by Rs 38,160 crore and the amount was utilised for meeting the expenses towards five guarantee schemes,' the report stated.
