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Union Minister of Road Transport Highways, <keyword id="19897455" type="General" weightage="20" keywordseo="nitin-gadkari" source="keywords">Nitin Gadkari</keyword> on Tuesday said that <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> will soon be in a position to export <keyword id="459398" type="General" weightage="20" keywordseo="Lithium-ion-batteries" source="Orion">lithium-ion batteries</keyword>. Speaking at the Society of Indian Automobile Manufacturers (SIAM's) 64th convention in New Delhi, the Union Minister said," I'm confident that we'll be in a position to export <keyword id="1607661" type="General" weightage="20" keywordseo="Lithium-ion" source="Orion">lithium-ion</keyword> batteries to the different parts of the world. At the same time, the research is going on. The aluminium, ironic oil, and different types of chemistry. I feel that it is also a good thing and there is a huge market for that." <keyword id="19934966" type="General" weightage="20" keywordseo="gadkari" source="keywords">Gadkari</keyword> said with government initiatives and incentives many Indian companies are venturing into lithium-ion battery manufacturing. "The good thing is that lithium-ion manufacturing is now <keyword id="19898586" type="General" weightage="20" keywordseo="adani" source="keywords">Adani</keyword>, <keyword id="19904884" type="General" weightage="20" keywordseo="tata" source="keywords">Tata</keyword>, Maruti, LG, and Samsung. They are all coming in this business. Because...Take the example of semiconductors the government adopted is such a good policy because of that after 2 three years we will be the number one in the manufacturing of the semiconductors in the world," he said. Going further, Gadkari stated that India's EV market is expected to grow to one crore units of annual sales by 2030 and will create five crore jobs. Indian EV market has the potential to become Rs 20 lack crore by 2030. Gadkari asked the industry to focus on quality, better designs, and use the latest technology if they want to compete in the segment and boost exports. Consumers are now conscious of quality. The government is working on establishing a testing agency for better research and testing of vehicle manufacturing. CIIT Training Institute will be established in Pune with a sanctioned cost of Rs 450 crore. "Regarding the Testing Agency for Better Research and Development and Development world-class Testing Agency in CIIT Pune we have decided to start a new venture there with international standards and having all types of the facility which are available in the world and my department has sanctioned 450 Cor or that already DPR is in process and next three months we will try to start this project and that is to be very important for the industry where we will get maximum service and maximum to all the industry," he said. The Union Minister requested the automobile industry to support and cooperate with the government for India's scrappage policy. Gadkari asked the industry to promote and come up with better incentives for the scrappage of old vehicles. The vehicle manufacturers of the USA and Europe have increased their sales by 9 to 12 per cent by promoting scrappage policy. He also thanked the industry for the decision to provide a 3 percent discount for vehicle owners for scrapping their vehicles, adding that the cost of components can be reduced by 20-40 per cent due to the move. Gadkari urged the industry to establish their own scrappage centres. In his remarks, Gadkari said, "The automobile industry plays a pivotal role in realizing the Prime Minister's vision of transforming India into a 5 trillion-dollar economy and elevating it to the third largest economy globally. Our ambition is to extend it as the number one auto manufacturing industry worldwide. As we target a carbon-neutral status by 2070, innovation and sustainable practices in the auto sector are crucial." SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ather-energy-looks-to-raise-3100-crore-files-ipo-papers-with-sebi/articleshow/113214971.cms">Ather Energy looks to raise ₹3,100 crore, files IPO papers with SEBI</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-iphone-16-pro-max-india-price-specifications/articleshow/113204340.cms">iPhone 16 Pro and iPhone 16 Pro Max with bigger displays, A18 Pro chipset launched starting at ₹1,19,900</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-iphone-16-plus-price-specs/articleshow/113203568.cms">iPhone 16, iPhone 16 Plus with A18 chipset launched starting at ₹79,900</a>

India will soon be in a position to export Lithium-ion batteries: Nitin Gadkari

<keyword id="8692" type="General" weightage="50" keywordseo="indonesia" source="Orion">Indonesia</keyword> has extended its zero-levy policy for palm oil exports until October 31, the <keyword id="14847454" type="General" weightage="80" keywordseo="coordinating-ministry-for-economic-affairs" source="Orion">Coordinating Ministry for Economic Affairs</keyword> said. "The extension of the export levy tariff of $0 will maintain the current momentum where the prices of crude palm oil and domestic cooking oil have stabilized, and the price of fresh fruit bunches has increased so that farmers could enjoy the benefits," said Coordinating Minister for Economic Affairs <keyword id="7883987" type="General" weightage="80" keywordseo="airlangga-hartarto" source="Orion">Airlangga Hartarto</keyword>. Indonesian palm oil producers have struggled with high stockpiles after the country imposed a three-week export ban from April 28 to May 23 to reduce domestic cooking oil prices. The temporary policy of cutting the palm oil export levy to zero from around $200 per ton was introduced by the world's largest palm oil producer in July, to boost exports and reduce oversupply in the domestic market. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/power-grid-delays-tender-that-pushes-outdated-tech-in-smart-meters/articleshow/93869617.cms">Power Grid delays tender that pushes outdated tech in smart meters</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-is-now-the-third-richest-person-in-the-world-as-per-bloomberg/articleshow/93868294.cms">Gautam Adani is now the third richest person in the world, only behind Elon Musk and Jeff Bezos</a>

Indonesia extends zero export levy on palm oil till October 31

Just six weeks after the <keyword id="12430412" type="General" weightage="20" keywordseo="glasgow-climate-summit" source="Orion">Glasgow climate summit</keyword> (<keyword id="8557638" type="General" weightage="20" keywordseo="cop26" source="Orion">COP26</keyword>), where the world agreed to phase down coal, Australia is opening the world's biggest new coal basin, the <keyword id="948066" type="General" weightage="20" keywordseo="galilee-basin" source="Orion">Galilee Basin</keyword> in Queensland. Coal giant <keyword id="76451" type="General" weightage="20" keywordseo="adani" source="Orion">Adani</keyword> is commencing its first exports of coal from the Carmichael mine. Adani says the first coal for export is "being assembled" at its coal port in Bowen, the North Queensland Export Terminal. Adani plans for the mine to be Australia's biggest, but has faced 10 years of opposition from Wangan and Jagalingou traditional owners and climate campaigners. Responding to the development, Joseph Sikulu, 350.org Pacific Coordinator, recently returned from COP26, says: "Just last month I was at the Glasgow climate summit when global governments pledged to phase down coal. Adani is doing the opposite of this agreement. "Adani and the governments who enabled them are throwing a wrecking ball at global efforts to protect the Pacific from the impacts of climate change. But we won't let them, we stand in solidarity with the Wangan and Jagalingou people. "We are in the fight of our lives to stop dangerous climate change. We simply cannot afford for Adani's mine to expand to 60 million tonnes per year. We will fight to keep every single tonne of coal in the ground where it belongs." Julien Vincent, Executive Director of Market Forces said: "People power has kept tens of millions of tonnes of Adani's coal in the ground. We'll keep fighting to prevent as much climate-wrecking coal from being mined and burned by Adani as we can. "At this point in the climate crisis, every tonne of coal counts if we are to avoid catastrophic climate impacts like mega fires and superstorms. Adani plans to pour fuel on the fire, continuing to build the Carmichael mine to be Australia's biggest, as well as new coal mines and plants overseas. "We're so close to denying Adani a critical source of finance it needs to be able to keep running the Carmichael mine: insurance. Over 100 companies have walked away from this disastrous project so far. If we keep pushing, we can stop it, permanently." On opposition to Adani's mine, Adrian Burragubba, Senior Elder and spokesperson for the Nagana Yarrbayn, Wangan and Jagalingou Cultural Custodians, said: "Wangan and Jagalinagou people first said no to Adani's mine in 2012, and we continue to say no. Adani has never had free prior and informed consent from the Wangan and Jagalingou people. "We will continue to resist Adani's coal mine, practice our culture, and assert our human rights as the first nations people of this country. We are not going away: this is our land and we have human rights." Wangan and Jagalingou people have been conducting the cultural ceremony Waddananggu for over 120 days on Wangan and Jagalingou country and Adani's mining lease. "This Ceremony will continue and our Human Rights to practice ceremony on the country must be respected," Burragubba added. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-sun-pharma-dr-reddys-and-other-hot-stocks-to-watch-out-for-on-december-29/slidelist/88556621.cms" data-type="tilCustomLink">Reliance Industries, Sun Pharma, Dr Reddy’s and other hot stocks to watch out for on December 29</a> <a href="https://www.businessinsider.in/business/startups/news/nykaa-zomato-paytm-oyo-and-policybazaar-made-their-employees-millionaires/slidelist/88552831.cms" data-type="tilCustomLink">19 people who became millionaires by working for Indian tech startups</a> <a href="https://www.businessinsider.in/finance/banks/news/there-is-a-small-pool-of-hope-amid-all-the-fear-around-rbl-bank/articleshow/88538626.cms" data-type="tilCustomLink">There is a small pool of hope amid all the fear around RBL Bank</a>

Adani is commencing its first exports from world's biggest coal basin despite the protests

<keyword id="6367820" type="General" weightage="20" keywordseo="Adani-Group" source="Orion">Adani Group</keyword> Chairman <keyword id="111343" type="General" weightage="20" keywordseo="Gautam-Adani" source="Orion">Gautam Adani</keyword> said that he "believes - I am what I am - because I never over evaluate or over think the choices in front of me". "I personally find this aspect the most liberating and this liberation is what makes me an entrepreneur. "I firmly believe that India holds the potential to build a 100 <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Groups. And there could be no better place than India to be an entrepreneur today," he said. Addressing an event in Palanpur where Adani recounted his journey, he said that first-generation entrepreneurs mostly start with a unique advantage - the advantage of having nothing to lose. "This belief is their strength. In my own mind, this was liberating. "I had no legacy to follow - but I had the opportunity to create a legacy. "I had nothing to prove to anybody - but had an opportunity to prove to my own self that I could rise. "I had nothing to risk by jumping into uncharted waters. I had no expectations to fulfil except those of my own. "These beliefs became a part of me," Adani said. "And my first real break came in the year 1985. This happened following the general elections with Rajiv Gandhi becoming the Prime Minister of the country and liberalising the import policies," Adani said. "While I had no trading experience, I took advantage of the opportunity and moved swiftly to establish a trading organisation. We started importing polymers, to supply to the raw-material-deprived small-scale industries. This move laid the initial foundation of the global trading business I was soon to build," Adani said. "In 1991, India was going through its worst foreign exchange reserve crisis. We were, as a nation, down to less than 10 days of foreign exchange. "It was then that P.V. Narasimha Rao, the Prime Minister and his Finance Minister, Manmohan Singh ji, announced a series of bold decisions including a dramatic depreciation of the rupee to boost exports. "Here again, I made an immediate decision and moved swiftly to establish a full-fledged global trading house dealing in polymers, metals, textiles, and agro products," he said. "We became the largest global trading house in the country within 2 years. I had turned 29 and had a full appreciation of the value of two dimensions that would define everything we did - scale and speed," Adani said. "Over the years I have realised you may not always be able to 'time things right' but your tenacity can 'right time things'. And our third big break was the result of a series of right-timed opportunities," he added. "And the opportunity came in 1995, when the Gujarat government decided to develop its coastline, he noted. "It was around this same time that global commodities trader Cargill approached us with a proposal to source the salt produced across the Kutch coastline. "To cut a long, interesting story short, the partnership did not proceed. But we were left with about 40,000 acres of marshy land to harvest salt and an approval to build a captive jetty at Mundra for the export of salt. "Following the formalisation of the ports policy, the Gujarat government chose us as their partner to build out a full-fledged commercial port in Mundra," Adani said. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-aap-ki-adalat-interview-dhirubhai-ambani-is-my-role-model-mukesh-ambani-a-very-good-friend/articleshow/96828407.cms">Dhirubhai Ambani is my role model and Mukesh Ambani a very good friend, says Gautam Adani</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-reliance-jio-and-vodafone-idea-q3-earnings-preview-tariff-hikes-a-key-trigger/articleshow/96796094.cms">Churn and fewer 4G subscribers to slow down telecom revenue growth in Q3</a> <a href="https://www.businessinsider.in/stock-market/news/foreign-institutional-investors-sell-shares-nearly-5000-crore-in-first-four-trading-days-of-2023/articleshow/96790974.cms">Foreign institutional investors sell nearly ₹5,000 crore worth equities in first four days of 2023</a>

India holds the potential to build 100 Adani groups says Gautam Adani

The Centre has restored the status quo as was prevailing prior to May 22 and withdrawn the <keyword id="139959" type="General" weightage="20" keywordseo="export-duty" source="Orion">export duty</keyword> on iron ores lumps and fines below 58 Fe content, iron ore pellets and the specified steel products, including pig iron. The import duty concessions on Anthracite/PCI coal, coking coal, coke and semi coke and ferronickel have also been withdrawn. Officials said that the current measures will provide a fillip to the domestic steel industry and boost exports. With effect from Saturday, exports of iron ore lumps and fines with less than 58 per cent Fe will attract nil export duty and with more than 58 per cent Fe will attract lower export duty of 30 per cent. Similarly, exports of iron ore pellets will attract nil export duty and exports of pig iron and steel products classified under HS 7201, 7208, 7209, 7210, 7213, 7214, 7219, 7222 and 7227 will attract nil export duty. In May, in the wake of a sharp and steady rise in prices of steel and in order to augment the availability of both finished steel as well as raw materials or intermediates required for steel manufacture, the government took several tariff measures earlier this year. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/india-on-course-to-become-worlds-second-largest-economy-by-2050-says-gautam-adani/articleshow/95622223.cms">India on course to become world’s second largest economy by 2050, says Gautam Adani</a> <a href="https://www.businessinsider.in/entertainment/article/festive-releases-fail-at-the-box-office-but-theatres-pin-hopes-on-big-ticket-releases-to-return-to-pre-covid-glory/articleshow/95608276.cms">Festive releases fail at the box-office, but theatres pin hopes on big-ticket releases to return to pre-Covid glory</a> <a href="https://www.businessinsider.in/stock-market/news/all-is-not-that-well-say-market-experts-even-as-stocks-chase-new-highs/articleshow/95599973.cms">‘All is not that well’, say market experts even as stocks chase new highs</a>

Government withdraws export duty on steel

<ul><li><keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword> there are multiple false narratives being created in the allegations made by <keyword id="191733" type="General" weightage="80" keywordseo="hindenburg" source="Orion">Hindenburg</keyword> Research.</li><li>Hindenburg deliberately ignores Indian legal processes and regulations in their insinuations against us, <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Group said.</li><li>The company claimed that it is in compliance with all applicable laws and regulations.</li></ul>The Adani Group, referring to allegations made by Hindenburg Research, on Sunday said that there are multiple false narratives being created in relation to certain allegations concerning diamond exports, which matters have all been closed by the Appellate Tribunal (CESTAT) in their favour. This decision has been further confirmed by the Supreme Court itself twice over, a fact which has been deliberately ignored and concealed in the Hindenburg report (which contemptuously raises questions on the competence of the Appellate Tribunal with baseless claims that it has ignored evidence). An example of where the report exposes its motives is the question around "convoluted structures" and multiplicity of subsidiaries, while failing to comprehend that in the infrastructure business, especially in a sprawling geography like India, most large corporates operate in a similar fashion because projects are housed in separate SPVs and these need to be ring fenced from a lender perspective for limited recourse project finance and in many cases on account of specific regulatory requirements, Adani Group said. As an example, transmission projects in India are awarded under tariff-based competitive bidding, in such bidding, the successful bidder has to acquire the SPV which is undertaking the project. Hence, it is a regulatory requirement as part of the Electricity Act, 2003 and the regulations of the Central Electricity Regulatory Commission to execute projects in different SPVs. Hindenburg deliberately ignores Indian legal processes and regulations in their insinuations against us, Adani Group said. For instance, they have raised several questions around the offer for sale undertaken by Adani Green Energy Ltd in 2019, while maliciously ignoring the fact that in India the process for OFS is a regulated process, implemented through an automated order book matching process on the platform of the stock exchange. This is not a process which is controlled by any entity and the purchasers are not visible to anyone of the platform. Adani Group said on Sunday that it is in compliance with all applicable laws and regulations. "We are committed to the highest levels of governance to protect the interests of all our stakeholders," a statement said. The Adani Portfolio also has very strong internal controls and audit controls. All the listed companies of Adani Portfolio have a robust governance framework. The Audit Committee of each of the listed companies is composed of 100 per cent of Independent Directors and chaired by an Independent Director. The Statutory Auditors are appointed only upon recommendation by the Audit Committee to the Board of Directors. Adani Portfolio companies follow a stated policy of having global big 6 or regional leaders as Statutory Auditors. The focus of the Adani portfolio and the Adani verticals is to contribute to nation building and take India to the world. "We will exercise our rights to pursue remedies to safeguard our stakeholders before all appropriate authorities and we reserve our rights to respond further to any of the allegations or contents of the Hindenburg report or to supplement this statement," Adani Group said. Adani Group, in a statement, said it is shocked and deeply disturbed to read the report published by the "Madoffs of Manhattan" - Hindenburg Research on January 24, 2023 "which is nothing but a lie". "The document is a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive," Adani Group said. This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors. "It is tremendously concerning that the statements of an entity sitting thousands of miles away, with no credibility or ethics has caused serious and unprecedented adverse impact on our investors. The mala fide intention underlying the report is apparent given its timing when Adani Enterprises Ltd is undertaking what would be the largest ever further public offering of equity shares in India. This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," Adani Group said. There are three key themes from the Hindenburg Report: (i) Selective and manipulative presentation of matters already in the public domain to create a false narrative (ii) Complete ignorance or deliberate disregard of the applicable legal and accounting standards as well as industry practice, (iii) Contempt for the Indian institutions including the regulators and the judiciary, Adani Group said. The report has been put out with the admitted intent of Hindenburg (holding short positions in various listed companies of the Adani portfolio through US traded bonds and non-Indian-traded derivatives, along with other non-Indian-traded reference securities) to profiteer at the cost of our shareholders and public investors. Hindenburg has not published this report for any altruistic reasons but purely out of selfish motives and in flagrant breach of applicable securities and foreign exchange laws, it said. "The truth of the matter is that Hindenburg is an unethical short seller. A short seller in the securities market books gain from the subsequent reduction in prices of shares. Hindenburg took 'short positions' and then, to effect a downward spiral of share price and make a wrongful gain, Hindenburg published a document to manipulate and depress the price of stock, and create a false market. The allegations and insinuations, which were presented as fact, spread like fire, wiping off a large amount of investor wealth and netting a profit for Hindenburg. The net result is that public investors lose and Hindenburg makes a windfall gain. "Thus, the report is neither 'independent' nor 'objective' nor 'well-researched'. The report claims to have undertaken a '2-year investigation' and 'uncover evidence', but comprises of nothing other than selective and incomplete extracts of disclosed information which has been in the public domain for years if not decades, attempts to highlight allegations which have since been judicially determined to be false, narrates as fact what is attributed to hearsay, rumours and gossip spread by unnamed sources such as 'a former trader' or 'touts' of a 'close relationship', questions the independence of the judicial processes and regulators in the nation, and selectively extracts statements devoid of their context and with no understanding of Indian law or industry practice," Adani Group said. It is telling that not one of the allegations is a result of any independent or journalistic fact finding. The allegations and innuendoes made in the Hindenburg report are knowingly false. Hindenburg's conduct is nothing short of a calculated securities fraud under applicable law, Adani Group said. Ironically for an organization that seeks transparency and openness, nothing much is known about either Hindenburg or its employees or its investors. Its website alleges that the organisation has an experience that 'spans decades' and yet appears to have been set up only in 2017. Despite all its talks of 'transparency', Hindenburg has actively concealed the details of its short positions, the source of its own funding, who is behind them, the illegality underlying the synthetic structures by which they hold such positions, or the profit it has made by holding such positions in our securities, Adani Group said. Not one of these 88 questions is based on independent or journalistic fact finding. They are simply selective regurgitations of public disclosures or rhetorical innuendos colouring rumours as fact. The report seeks answers to '88 questions' - 65 of these relate to matters that have been duly disclosed by Adani Portfolio companies in their annual reports available on their websites, offering memorandums, financial statements and stock exchange disclosures from time to time. Of the balance 23 questions, 18 relate to public shareholders and third parties (and not the Adani portfolio companies), while the balance 5 are baseless allegations based on imaginary fact patterns. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-group-companies-lose-3-22-lakh-crore-in-market-value-amidst-tussle-with-hindenburg-research/articleshow/97374612.cms">Adani Group companies lose ₹3.22 lakh crore in market value amidst tussle with Hindenburg Research</a> <a href="https://www.businessinsider.in/stock-market/news/asias-richest-person-doubles-down-on-defence-against-fraud-allegations-ahead-of-a-massive-share-sale/articleshow/97373382.cms">Asia's richest person doubles down on defence against fraud allegations ahead of a massive share sale</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-20000-crore-fpo-now-open-analysts-maintain-cautious-optimism/articleshow/97369358.cms">Adani Enterprises’ ₹20,000 crore FPO now open, analysts maintain cautious optimism</a>

Hindenburg ignores Indian legal processes: Adani Group on the firm's allegations

<ul><li>India’s <keyword id="9490244" type="General" weightage="20" keywordseo="defense-exports" source="Orion">defense exports</keyword> hit ₹13,000 crore during the fiscal year 2021-22.</li><li>50% of India’s defense exports from 2017 to 2021 were to Myanmar, followed by Sri Lanka at 25%.</li><li>Defence Ministry is gearing up to launch 75 products in the domains of unmanned, robotics systems, intelligent monitoring systems, and more.</li></ul>India's efforts to become self-reliant in the defense sector are showing positive signs. During the fiscal year 2021-2022, India's defense exports touched a record ₹13,000 crore, said Defence Secretary Ajay Kumar. This is an increase of 54.1 percent as compared to the financial year 2020-21. The private sector accounted for 70 percent of the total exports, while the public sector companies did only 30 percent of the exports. In addition, Defence Ministry said the US was the principal buyer, following nations in Southeast Asia, Africa, and West Asia. The defense official said India exports <keyword id="214289" type="General" weightage="20" keywordseo="military-hardware" source="Orion">military hardware</keyword>, including advanced light helicopters, missiles, offshore patrol vessels, surveillance systems, personal protective gear, and various radars. Besides this, light combat aircraft, air-to-air missiles, sonars, and Akash surface-to-air missile systems hold export potential for India. In January, India signed a $374.96-million deal with the Philippines to supply three batteries for the BrahMos cruise missile. This deal emerged as the biggest defense export order for India. Sources said the majority of India’s defense export is in the aerospace sector, in which Indian companies have been manufacturing fuselage for foreign companies. For example, all fuselages of the American helicopter Apache sold worldwide are made in India and developed by a joint venture between Tata and Boeing. Similarly, Lohia Group and Adani Defence are making fuselages for Israeli drones. <cmsannotation type="cmsannotation" annotationid="₹35,000 crore export in next five years" comment="subhead" text="₹35,000 crore export in next five years">₹35,000 crore export in next five years</cmsannotation> Back in 2020, Prime minister Narendra Modi's government had set a target of ₹35,000 crore export in the aerospace sector and defense services and goods in the next five years. In addition, over 100 products are in the pipeline, including infrastructure to process and store data for classified applications of AI. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/how-to-safe-my-smartphone-from-security-threats-and-data-leaks-in-2022/articleshow/92848396.cms">Five apps to keep your smartphone safe from security threats and data leaks in 2022</a> <a href="https://www.businessinsider.in/tech/enterprise/news/cios-may-be-the-answer-to-the-data-problem-in-esg-implementation/articleshow/92844908.cms">CIOs may be the answer to the data problem in ESG implementation</a>

India's defense exports surge to ₹13,000 crore — private companies beat govt

Czech car maker <keyword id="101122" type="General" weightage="80" keywordseo="skoda-auto" source="Orion">Skoda Auto</keyword> has said <keyword id="3658" type="General" weightage="60" keywordseo="india" source="Orion">India</keyword> will become an export hub for the company as it is set to commence exports of vehicle kits for assembly in Vietnam from next year. The company, which posted a whopping 125 percent year-on-year surge in its vehicle sales at 53,721 units in 2022, also sounded hopeful of growing into double-digit this year as well. Similarly, <keyword id="166267" type="General" weightage="60" keywordseo="volkswagen-group" source="Orion">Volkswagen Group</keyword> sales grew 85.48 per cent year-on-year at 1,01,270 units in the previous calendar year. The Group is present through <keyword id="6361542" type="General" weightage="60" keywordseo="skoda" source="Orion">Skoda</keyword> Auto, <keyword id="6361865" type="General" weightage="80" keywordseo="volkswagen" source="Orion">Volkswagen</keyword>, Audi, Porsche and Lamborghini brands under Skoda Auto Volkswagen India Pvt Ltd (SAVWPIL). "India is an absolutely important market as part of our regional strategy of Skoda Auto, and India will become an export hub for Skoda," <keyword id="14798920" type="General" weightage="80" keywordseo="petr-solc" source="Orion">Petr Solc</keyword>, Brand Director at Skoda Auto India told PTI in an interaction. Volkswagen is already exporting vehicles from India to Mexico and South Africa while Skoda Auto is exporting to the Middle East and North Africa. "From next year we will start exporting vehicle kits for assembly in Vietnam," Solc stated. Export is already an important part and will continue to be an important part of the strategy for Skoda and Volkswagen, he stated. Noting that Skoda Auto India for the first time delivered more than 50,000 cars in the domestic market last year, he said "we would like to grow with the market or even faster and our ambition is to grow into double digits." He said that 2022 was specific for the company on account of the Slavia launch and added that "So, there was this kind of a one-time effect of any new model introduction." "Now, we have both models (all-new Slavia sedan and <keyword id="10576650" type="General" weightage="60" keywordseo="kushaq-suv" source="Orion">Kushaq SUV</keyword>) in the market and can now enjoy having both models for the full year in the market," he said. Solc said that the 7-seater updated SUV Kodiaq will also play a role in terms of the company's growth strategy, particularly when there is a much greater supply now. To a question on Audi, which at a point of time was the undisputed leader in the domestic premium luxury car market, Christian Cahn Von Seelen, Member of the Board for sales, marketing and digital at SAVWPIL said that its growth has been "impressive" in terms of volume in 2022 compared to the year earlier and that was still hampered significantly by the chip supply situations even in Europe. "So the growth of Audi is impressive, and we are definitely planning to continue...So as much (as) I think, I can say we will see loads of new product introductions here on the other side." On the company's EV foray in the Indian market, Solc said it depends on the development of the segment in the country. Late last month, the European car maker Skoda announced its EV roadmap, which includes six electric cars in a phased manner by 2026. "We as a manufacturer and Skoda, we will be ready. And if we see good traction, we are talking about the prognosis that the car market or the EV can go within 5-10 years, up to 20, maybe 30 per cent. We don't know necessarily," he said. "So this could be part, we would like to be also within that range, but depends again, on the response. If we see more manufacturers going, there is an infrastructure built here and there's an acceptance from the customers to buy electric cars, and we will be ready," he said. He said that the company is discussing which models it should bring in the future also to India as an EV. "And if we see the potential in the market, we will bring them as well. So I cannot say necessarily what the percentage will be. But if the market is going towards more than 20 per cent of the electric vehicles of the total market, we would like to penetrate within the EV segment," Solc added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/india-adds-1839-covid-infections-active-cases-down-to-25178/articleshow/100063997.cms">India adds 1,839 Covid infections, active cases down to 25,178</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-group-stocks-tumble-after-msci-tweak-market-capitalisation-falls-by-23000-crore/articleshow/100066101.cms">Adani group stocks tumble after MSCI tweak, market capitalisation falls by ₹23,000 crore</a>

India to become export hub for Skoda Auto from next year, says co-official

<ul><li>India ports saw a decline in port volumes in July even as truck utilisation improved. </li><li><keyword id="895682" type="General" weightage="80" keywordseo="adani-ports" source="Orion">Adani Ports</keyword>, India’s largest commercial ports operator, also witnessed a decline in volume, but continued to account for half of India’s major port volumes. </li><li>On the domestic front, container volumes continued to grow, with truck freight growing sharply. </li><li><keyword id="6360114" type="General" weightage="80" keywordseo="lpg" source="Orion">LPG</keyword> demand remained positive overall despite a 30% increase in prices. </li></ul>Indian port volumes declined in July, led by a fall in exports of chemicals and engineering goods, according to an analysis of ports data by research firm <keyword id="6354527" type="General" weightage="100" keywordseo="nomura" source="Orion">Nomura</keyword>. However, the value of imports remained steady, even as India imported the same amount of coking coal at a 40% decline in value. According to Nomura, overall, major Indian ports witnessed a 4% decline in volume in July, on a sequential basis. <keyword id="76451" type="General" weightage="80" keywordseo="adani" source="Orion">Adani</keyword> Ports, the largest commercial ports operator in the country, also witnessed a 2% decline in this period, but its volumes continue to account for half of India’s major ports volume. While major ports volumes stood at 63.4 million tonnes, Adani Ports alone accounted for 31.2 million tonnes. “Adani Ports has consecutively maintained &gt;30 million tonnes run rate since May-22, and we expect it to range between 30 million tonnes and 35 million tonnes during 2HFY23F, owing to tailwinds in port activities. Thus, we estimate that Adani Ports volumes can exceed management guidance of 350-360 million tonnes for FY23F,” the report said. <cmsannotation type="cmsannotation" annotationid="Positives on the domestic logistics front – Railways gains" comment="subhead" text="Positives on the domestic logistics front – Railways gains">Positives on the domestic logistics front – Railways gains</cmsannotation> There’s positive news on the domestic logistics front, with container volumes for July surging 19.7% year-on-year, and 2.6% sequentially. While the overall import-export volumes declined 8% sequentially, the railways’ export-import container volumes remained flat, suggesting that the government-owned service gained market share during July. Railways’ movement of key commodities like iron, cement, and coal was a mixed bag. In the period when India’s total iron ore imports rose 14%, the railways only saw only a 5.5% sequential rise in the movement of this commodity. On a year-on-year basis, this fell by 25%. <div type="image" title="Rail movement of key commodities July 2022." msid="93749023" hostid="261" sizebytes="15002" caption="&amp;lt;p&amp;gt;Rail movement of key commodities in July 2022&amp;lt;/p&amp;gt;"></div> <div type="Article" hostid="261" msid="93726444" title="India on the cusp of the post-Covid capex boom, say analysts" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="Truck utilisation sees a sharp improvement" comment="subhead" text="Truck utilisation sees a sharp improvement">Truck utilisation sees a sharp improvement</cmsannotation> Truck utilisation – another key metric that measures how freight is moved within and between states – also witnessed a drastic improvement in July, with Nomura observing a sharp uptick in inter-state truck movement. Truck freight grew 51% year-on-year even as diesel prices rose a meagre 3% in this period, suggesting improved profitability. “Fuel cost, as a percentage of freight, was below the three-year average, aiding profitability for trucks,” the report said. <cmsannotation type="cmsannotation" annotationid="LPG consumption improves even as prices surge up to 30%" comment="subhead" text="LPG consumption improves even as prices surge up to 30%">LPG consumption improves even as prices surge up to 30%</cmsannotation> India’s overall LPG consumption witnessed an 8% year-on-year growth in July even as LPG prices surged up to 30% in this period. LPG companies managed to meet the demand despite a 6.7% decline in imports. A closer inspection reveals that the domestic LPG demand for July declined 1.7% from a year earlier, while commercial consumption surged 11%. One of the reasons behind this could be companies gradually requiring employees to return to offices. Overall, domestic gas prices in the period surged 26% from a year earlier, while commercial prices witnessed a 30% jump. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-group-sheds-94000-crore-in-value-after-a-report-says-its-deeply-over-leveraged/articleshow/93728528.cms">Adani group sheds ₹94,000 crore in value after a report says it’s ‘deeply over-leveraged’</a> <a href="https://www.businessinsider.in/business/corporates/news/india-on-the-cusp-of-the-post-covid-capex-boom-say-analysts/articleshow/93726444.cms">India on the cusp of the post-Covid capex boom, say analysts</a> <a href="https://www.businessinsider.in/business/telecom/news/the-economics-of-reliance-jios-5g-rollout/articleshow/93641787.cms">The economics behind Reliance Jio’s operations</a>

Indian ports witnessed a 4% decline in volume in July: Nomura

The Federation of Indian Chambers of Commerce and Industry (<keyword id="6355001" type="General" weightage="80" keywordseo="ficci" source="Orion">FICCI</keyword>) on Wednesday said the <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> 2023-24 presented by <keyword id="309842" type="General" weightage="50" keywordseo="union-finance" source="Orion">Union Finance</keyword> Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> will strengthen the fundamental pillars and ensure resilience, inclusivity and sustainability. <keyword id="542619" type="General" weightage="50" keywordseo="subhrakant-panda" source="Orion">Subhrakant Panda</keyword>, president of FICCI, said: "Budget is balanced and progressive which gives primacy to inclusive growth. "The announcements made today capture the pulse of the economy while retaining credibility both in terms of projections as well as committing to the fiscal consolidation glide path. Most importantly, a historic outlay for public capex is a continuation of the heaving lifting since the time of the pandemic and will have a multiplier effect across myriad sectors of the economy besides crowding in private investment," he added. "A push to investment and consumption was required to keep the growth cycle in motion. We are happy to note that the government has continued the thrust on capital expenditure with a 33 per cent increase in the capital outlay to Rs 10 lakh crore representing 3.3 per cent of GDP. This is a step in the right direction amidst a global economic situation which is still not at ease. Moreover, the revision in tax rates under the new regime will augur well on the consumption side," added Panda. "We also compliment the government on meeting the fiscal deficit target for the current financial year despite persisting uncertainty, this lends credibility to the budget. Moreover, by projecting a 5.9 per cent fiscal deficit for 2023-24 and reiterating the commitment to bring it below 4.5 per cent by 2025-26, the Finance Minister has imparted confidence that growth remains a priority without compromising on fiscal consolidation," he said. The FICCI president added that the announcements made on Wednesday further strengthen the fundamental pillars and ensure resilience, inclusivity and sustainability. "The government is committed to ensuring manufacturing competitiveness, ease of doing business, reducing compliance touch points, and supporting livelihoods across sections. This indicates a continuation of the good work the government has done, and puts in motion an action plan for 'Amrit Kaal'. "Even as <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> offers a ray of hope in the current global context, we are not decoupled from the rest of the world. We laud the government's promise to make India exports competitive given that a slowdown in growth globally could have an impact. In this context, some incentive to support exports would have been timely," he said. "The support contained in the budget for the MSME sector is welcome. The revamped credit guarantee scheme for MSMEs will benefit from an infusion of Rs 9,000 crore enabling credit flow of Rs 2 lakh crore with a 1 per cent lower cost. In addition, the move from an accrual based payment system to a cash based one has been a long standing demand from FICCI and will ensure MSMEs don't suffer as a result of delayed payments. "The emphasis on green growth in the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword> -- across sectors such as green energy, green farming, green building, green equipment -- is aligned with India's commitment towards <keyword id="66873" type="General" weightage="50" keywordseo="ndc" source="Orion">NDC</keyword> targets. The priority capital investments allocation towards energy transition, the target of 5 MMT annual production of green hydrogen by 2030, and notification of green credit program are important moves to forge ahead on the path of sustainable growth," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/evs-that-import-parts-to-get-costlier-as-budget-gives-a-boost-to-in-house-manufacturing/articleshow/97529239.cms">EVs that import parts to get costlier as Budget gives a boost to in-house manufacturing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-zooms-as-finance-minister-delivers-tax-bonanza-to-middle-class/articleshow/97510050.cms">Sensex and Nifty50’s post-budget rally fizzles out Adani Group stocks witness a rout, dragging markets down</a>

Budget strengthens fundamental pillars of inclusivity, sustainability: FICCI

<keyword id="111343" type="General" weightage="80" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, Chairman, <keyword id="6367820" type="General" weightage="50" keywordseo="adani-group" source="Orion">Adani Group</keyword>, has said that the combined Group market capitalisation this year exceeded $200 billion. "We were able to raise billions of dollars from the international markets, a direct validation of confidence in the <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> and <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> growth story. Our growth and success have been recognised around the world. Several foreign governments are now approaching us to work in their geographies and help build their infrastructure. Therefore, in 2022, we also laid the foundation to seek a broader expansion beyond India's boundaries," he said at the annual general meeting (AGM) of Adani Enterprises Limited (<keyword id="236769" type="General" weightage="50" keywordseo="ael" source="Orion">AEL</keyword>). The success of the Adani Group is based on its alignment with the India growth story, and it is my strong conviction that there is no other nation that is as well positioned as India, said Gautam Adani. "The best evidence which showcased our confidence and belief in the future, is our investment of $70 billion in facilitating India's green transition. We are already one of the world's largest developers of solar power. Our strength in renewables will empower us enormously in the effort to make green hydrogen the fuel of the future. We are leading the race to turn India from a country over-reliant on import of oil and gas, to a country that might one day become a net exporter of clean energy. "While we now hold a major global renewable energies portfolio, we have made also remarkable progress in several other industries over the past 12 months. In one stroke, we have become the largest airport operator in India. "Around these airports that we operate today we are engaged in the adjacent businesses of developing aero-tro-polises and creating localised community based economic centres. We continue to grow as builders of India's infrastructure, winning some of the largest road contracts in the nation and growing our already substantial market share in business such as ports, logistics, transmission and distribution, city gas and piped natural gas. "Our successful IPO of Adani Wilmar makes us the largest FMCG company in the country. And following the acquisition of Holcim's assets in India that include two of the most recognised brand names across the country, <keyword id="6374289" type="General" weightage="50" keywordseo="acc" source="Orion">ACC</keyword> and <keyword id="105382" type="General" weightage="50" keywordseo="ambuja-cements" source="Orion">Ambuja Cements</keyword>, we are now the second largest cement manufacturer in India. This is a classic example of our adjacency based business model at work. In addition, we have also made entries in sectors ranging from data centres, digital super apps, and industrial clouds to defence and aerospace, metals, and materials, all aligned with the government's vision of an Atmanirbhar Bharat," he says. Gautam Adani said the group's rising market capitalisation has been supported by a robust and sustained growth in our cash flows. "Our focus on operational excellence across our portfolio and the accretive capacity addition delivered an EBITDA growth of 26 per cemt. Portfolio EBITDA stood at Rs 42,623 crore. This diversified growth was reflected across our range of businesses. Our utility portfolio grew by 26 per cent, our transport and logistics portfolio grew by 19 per cent, our FMCG portfolio grew by 34 per cent, and Adani Enterprises Limited, our incubator business, grew by 45 per cent. AEL's unique business model has no parallel and we intend to leverage this further." The high growth of AEL provides the Group with a reliable foundation for the continued development of new businesses for yet another big decade. "While we may look back and feel content, it is only now that we are gathering real momentum. What we have been able to achieve in two decades, is become India's largest integrated infrastructure business based on a rapid extension into adjacent businesses. This has resulted in our transformation into an integrated 'platform of platforms' that combines an energy platform with a logistics platform, both of which help us with unprecedented access to the Indian consumer. I today know of no company that has such an unique business model with potential access to an unlimited B2B and B2C market for the next several decades," Gautam Adani said.

You Searched For "adani exports" and got 11 results

India will soon be in a position to export Lithium-ion batteries: Nitin Gadkari

ANI

Indonesia extends zero export levy on palm oil till October 31

IANS

Adani is commencing its first exports from world's biggest coal basin despite the protests

IANS

India holds the potential to build 100 Adani groups says Gautam Adani

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Government withdraws export duty on steel

IANS

Hindenburg ignores Indian legal processes: Adani Group on the firm's allegations

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India's defense exports surge to ₹13,000 crore — private companies beat govt

Rahul Verma

India to become export hub for Skoda Auto from next year, says co-official

PTI

Indian ports witnessed a 4% decline in volume in July: Nomura

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Budget strengthens fundamental pillars of inclusivity, sustainability: FICCI

IANS

Our group's combined market cap exceeds $200 billion, says Gautam Adani

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