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First Post
11 hours ago
- Automotive
- First Post
India tweaks guidelines for Made-in-India electric cars, allows importing vehicles at lower tariff
Heavy Industries Minister H.D. Kumaraswamy called the policy a strategic move to make India a manufacturing base for EVs, stating that the plan provides a strong policy framework to attract both foreign and domestic manufacturers read more India has rolled out a revised incentive program aimed at attracting foreign automakers to set up electric vehicle (EV) manufacturing operations within the country, offering significantly lower import duties in return for firm investment commitments. The Ministry of Heavy Industries on Monday (June 2) notified detailed guidelines for the scheme, which allows global manufacturers to import a limited number of fully built EVs valued at $35,000 or more at a concessional duty rate of 15 per cent. This compares with the existing duty structure of 70 to 110 per cent. STORY CONTINUES BELOW THIS AD In exchange, companies must commit to investing at least Rs 4,150 crore, or approximately $486 million, and begin producing electric passenger vehicles locally within three years of receiving approval. Heavy Industries Minister H.D. Kumaraswamy called the policy a strategic move to make India a manufacturing base for EVs, stating that the plan provides a strong policy framework to attract both foreign and domestic manufacturers seeking long-term presence in the growing Indian EV market, according to a report by Moneycontrol. Investment rules and revenue requirements Approved companies will be permitted to import up to 8,000 vehicles annually at the reduced tariff. Any unused quota may be carried over to subsequent years. The total benefit derived from the lower duties has been capped at Rs 6,484 crore or the actual investment made, whichever is lower. To qualify, applicants must belong to corporate groups with at least Rs 10,000 crore in annual revenue from automotive manufacturing and a minimum of Rs 3,000 crore in fixed assets. A non-refundable application fee of Rs 5 lakh will apply. The ministry said it will accept applications for at least 120 days starting this month, with a final deadline of March 15, 2026, although new windows may be opened at the government's discretion. Companies must meet revenue targets of Rs 5,000 crore in the fourth year after approval and Rs 7,500 crore in the fifth. Failure to meet these benchmarks could result in penalties of up to 3 percent of the shortfall in revenue. Domestic value addition and industry response The program includes mandatory local content targets. Manufacturers will need to achieve 25 percent domestic value addition (DVA) within three years and raise it to 50 per cent by the fifth year. The government believes these thresholds will support its 'Make in India' and 'Aatmanirbhar Bharat' initiatives while allowing firms to introduce advanced EV technologies. 'Through calibrated customs duty concessions and clearly defined DVA milestones, the scheme aims to balance technology infusion with local capability development,' said Kumaraswamy. The government had originally announced the plan in March 2024 but held it back for revisions to attract larger players and impose more stringent eligibility norms. Automakers such as Mercedes-Benz, Hyundai, Kia, Skoda and Volkswagen have expressed interest in entering the Indian market under the revised terms. Kumaraswamy added that Tesla, which has been in discussions with Indian officials for years, is not expected to manufacture cars in the country for now, although it is preparing to start vehicle sales. STORY CONTINUES BELOW THIS AD The new guidelines may ramp up competition for Indian automakers that currently dominate the local EV space. Tata Motors and Mahindra & Mahindra, which together lead the segment, had previously lobbied against a broad cut in import duties to protect their early investments. India's EV penetration remains modest. Just 2.5 per cent of 4.3 million passenger vehicles sold in 2024 were electric, but the government has set a goal of reaching 30 per cent by 2030.
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First Post
2 days ago
- Business
- First Post
How modern trade agreements are powering fintech-led flows and digital economy
As global commerce becomes increasingly digital, fintech is no longer just a sector—it's an infrastructure, and trade agreements are becoming its enabler read more For fintech firms, especially in emerging markets, these modern agreements are creating smoother pathways for cross-border operations, compliance harmonisation, and access to capital. Representational image: Moneycontrol Trade agreements in the 21st century are no longer just about reducing tariffs. Increasingly, they are evolving into frameworks that facilitate data flows, digital services, and financial innovation. They are evolving into frameworks that facilitate data flows, digital services and financial innovation. According to the World Trade Organisation over 60 per cent of newly signed trade deals contained more provisions related to e-commerce and digital finance. For fintech firms, especially in emerging markets, these modern agreements are creating smoother pathways for cross-border operations, compliance harmonisation, and access to capital. STORY CONTINUES BELOW THIS AD As global commerce becomes increasingly digital, fintech is no longer just a sector—it's an infrastructure, and trade agreements are becoming its enabler. To a country like India, focusing on a viable strategy on the digital highway could mean more enterprises exporting services, ability for more financial organisations to provide capital elsewhere. Besides financial and diplomatic benefits, this is an immensely rewarding opportunity to innovative start-ups, fintechs and even Indian citizens to leverage. But, when money flows faster through the click of a button there are an equal number of challenges. And the global architecture of trade needs to reflect such economic realities and the associated solutions to such challenges. FTAs Tailored on Digital Aesthetics for Economic Diplomacy Free Trade agreements (FTAs) have been a way that countries have leveraged to improve their trade numbers. Digital economy focused trade agreements such as UK–Singapore Digital Economy Agreement (DEA) or UK–Australia Free Trade Agreement, or India-UK FTA, and scores of multilateral initiatives such as DEPA have been used as a stepping-stone towards a smarter and forward-looking approach. What makes such agreements particularly relevant is their capacity to unlock the potential of innovation, improvement of financial technology (fintech) and accessibility of digital finance. Several governments and businesses have sought resilience and inclusivity and perceive such trade agreements as viable tools to better their fintech cooperation, data interoperability, and even regulatory alignment. A classic example is the India-UAE CEPA (Comprehensive Economic Partnership Agreement) that includes dedicated chapters on digital trade, online consumer protection, and even digital identities allowing smoother regulatory alignment for Indian services platforms to offer value in the Gulf. The Digital Economy Partnership Agreement (DEPA), signed by Singapore, Chile, and New Zealand, is another example that goes further by introducing modular approaches to digital trade governance. What makes this deal strikingly unique are the chapters on fintech collaboration, digital identities, and data innovation - making it one of the first trade pacts designed from the ground up for a digitised economy. As a blueprint, DEPA shows how nations can align on principles while allowing flexibility for local regulations. STORY CONTINUES BELOW THIS AD Digital for Economic Diplomacy Focusing on digital nuances offers more opportunities to fintechs, financial enterprises and even countries. Fintech today is more than just a sector—it is a means of scaling financial inclusion, improving transparency, and enabling seamless business-to-business (B2B) and business-to-client (B2C) commerce. Trade agreements prioritising on fintech do more than promote commercial interests; they help build the financial plumbing of the future. Conversations hence around open finance frameworks, digital wallets, and interoperable payment can do more than just reduce friction for small and medium enterprises (SMEs). Countries that evaluate trade on such parameters enable their SMEs and organisations to participate meaningfully in the global economy. Smart trade agreements also realise that the game is not only about reducing tariffs but removing regulatory fragmentation, inconsistent cybersecurity standards, and even opaque cross-border data policies. However, addressing such issues requires more than goodwill—it also demands harmonised frameworks. Hence, provisions that support e-invoicing, electronic signatures, secure digital authentication, and real-time payment systems are not only technical footnotes but competitive advantages. Doing these may seem like too much. But the pursuit of such exercises creates a multiplier effect. It reduces transaction costs, increase access to credit for underserved businesses, and enables transparency that benefits regulators and participants alike. Smart trade architecture is therefore, not just pro-growth, it's also pro-governance. STORY CONTINUES BELOW THIS AD DNAs of a Modern Trade Agreement The most forward-looking trade deals share a distinct set of traits: they treat data as a tradable asset, digital infrastructure as a public good, and fintech as a strategic growth lever. The UK–Singapore DEA exemplifies this shift. It ensures the free flow of data with strong privacy protections, removes unjustified data localisation requirements, and encourages cooperation in fintech and regtech. These aren't symbolic add-ons—they're foundational elements that enable real-time cross-border payments, digital identity verification, and compliance automation, which in turn reduces the cost of doing business internationally. Similarly, the UK–Australia FTA includes an innovation chapter—an uncommon but powerful feature. This dedicated space for dialogue on emerging technologies fosters collaboration in digital payments, open banking, and AI regulation. It recognises that trade today is as much about trust in digital standards as it is about trust in goods and services. Building a Digital Trade Commons As more countries prepare for next-generation trade agreements, the opportunity lies in building a shared digital trade commons—open, secure, and inclusive. Multilateral initiatives like SADEA (Singapore Australia Digital Economy Agreement) or the DEPA (Digital Economy Partnership Agreement) show that it's possible to design agreements that are agile, modular, and deeply attuned to the digital age. STORY CONTINUES BELOW THIS AD The next phase of global trade will be driven less by the movement of containers and more by the movement of code, artificial-intelligence, or even compliance standards and capital flow. To policymakers therefore, the choice is clear: integrate fintech and digital finance as central pillars of trade policy, or risk creating agreements that are out of sync with economic realities. Those countries that embed digital economy thinking into their trade frameworks will hence not only future-proof their economic strategy but will emerge as new hubs of economic power. As the digital economy expands, aggregators and technology would become pivotal — not just in connecting services, but in shaping how countries, companies, and consumers participate in the global financial system. This is not just an opportunity for growth; it's a responsibility to help build the backbone of a more open, agile, and inclusive global economy. Rohit Arora is CEO and Co-Founder of Biz2X and Biz2Credit. Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect Firstpost's views. STORY CONTINUES BELOW THIS AD
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Business Standard
6 days ago
- Health
- Business Standard
Novo Nordisk to launch weight-loss drug Wegovy in India ahead of schedule
Novo Nordisk is preparing to introduce its blockbuster weight-loss medication, Wegovy, in India earlier than initially planned, according to a report by Moneycontrol. Originally slated for a 2026 launch, the Danish pharmaceutical company is now aiming for an earlier release to capitalise on the growing demand for obesity treatments in the country. The decision to expedite Wegovy's launch comes in the wake of Eli Lilly's recent introduction of its own weight-loss drug, Mounjaro, in the Indian market. Mounjaro's entry has intensified competition, prompting Novo Nordisk to accelerate its plans to maintain a competitive edge. 'As a healthcare company, we acknowledge our responsibility towards our patients by ensuring treatment availability, access and awareness. India faces a growing need for effective obesity treatments, and we are committed to addressing this urgent health challenge by expanding access to transformative therapies,' the company told Moneycontrol in an email statement. According to media reports, the impending expiration of semaglutide's patent in India by 2026 has spurred several Indian pharmaceutical companies to develop generic versions of the drug. Companies such as Sun Pharmaceutical, Cipla, Dr Reddy's Laboratories, and Biocon are actively working on their own formulations to tap into the burgeoning weight-loss drug market, projected to reach $100 billion globally by the end of the decade. Eli Lilly's Tirzepatide drug called Mounjaro – Weekly injection for type 2 diabetes Cost: ₹3,500 (2.5 mg), ₹4,375 (5 mg) Novo Nordisk's Semaglutide drug Rybelsus – Daily oral medication Cost: ₹12,000–₹13,000/month What is Wegovy and how does it help with weight management? Wegovy is a weekly injectable glucagon-like peptide-1 (GLP-1) receptor agonist drug. It contains the active ingredient semaglutide and aids weight loss by suppressing appetite and slowing the digestion process, helping individuals feel fuller for longer. However, it is important to note that some studies have found that many people using GLP-1 weight-loss drugs like Ozempic, Wegovy or Mounjaro regain the weight within months after stopping. For more health updates, follow #HealthWithBS
News18
6 days ago
- Business
- News18
ITC Shares In Focus As BAT Plans 2.3% Stake Sale Via $1.36 Billion Block Deal; Details
ITC Share Price: Shares of ITC Ltd are expected to remain in focus as British American Tobacco (BAT), the London-based global tobacco giant and ITC's largest shareholder, is preparing to offload another portion of its stake in the Indian conglomerate via a block deal, sources told Moneycontrol. BAT plans to dilute approximately 2.3 per cent of its holding in ITC through this transaction, the company disclosed. 'Investment banks Citi and Goldman Sachs are working on the proposed transaction," an industry source familiar with the development told Moneycontrol. 'At a floor price of Rs 400 per share, the size of the deal is estimated to be around Rs 1.36 billion," another source added.
Mint
6 days ago
- Business
- Mint
BDL Q4 Results: Standalone profit, EBITDA declines; declares dividend of ₹0.65
BDL Q4 results: Bharat Dynamics (BDL) on Tuesday, May 27, reported a 5.54 per cent year-on-year (YoY) fall in its Q4FY25 standalone net profit to ₹ 272.77 crore against a profit of ₹ 288.78 crore in the same quarter of the previous financial year. Total revenue from operations, however, more than doubled to ₹ 1,776.98 crore in Q4FY25 from ₹ 854.12 crore in Q4FY24. The defence company's total expenses during the quarter jumped nearly threefold, to ₹ 1,498.37 crore from ₹ 554.73 crore in Q4FY24. Standalone EBITDA for the quarter under review stood at ₹ 398.54 crore, down 1.57 per cent YoY against ₹ 404.90 crore in Q4FY24. EBITDA margin for Q4FY25 stood at 22.43 per cent against 47.41 per cent YoY. The board of directors of the company recommended a final dividend of ₹ 0.65 per equity share of ₹ 5 each. "We would like to inform you that the board of directors of the company has recommended a final dividend at ₹ 0.65 per share (face value of ₹ 5 each) for the year ended 31 March 2025. This dividend, upon approval by the shareholders at the ensuing Annual General Meeting (AGM), will be paid within 30 days from the date of the AGM," the company said in an exchange filing. The company had paid an interim dividend of ₹ 4 per equity share of ₹ 5 each for the year 2024-25 in February 2025. BDL share price ended 2.68 pr cent higher at ₹ 1,959.80 on the BSE on May 27. Meanwhile, the stock exchange sought a clarification from Bharat Dynamics regarding a Moneycontrol report that claimed the government is preparing an order worth ₹ 2,000–3,000 crore to procure Invar missiles from the company. As of 5:20 PM on May 27, Bharat Dynamics had not issued a response to the exchange.
