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<ul><li>M&amp;M, Ashok Leyland and Tata Motors have recovered from their intraday low.</li><li>Gadkari while speaking at a SIAM conference had said that the rising level of pollution is a health hazard for citizens.</li><li>There is no such proposal currently under active consideration by the government, said Gadkari in is clarification</li></ul> The auto index, <keyword id="3540651" type="General" weightage="20" keywordseo="Nifty-Auto" source="Orion">Nifty Auto</keyword>, recovered from its 400 point or approximately 2.5% fall after Union Minister <keyword id="26680" type="General" weightage="50" keywordseo="nitin-gadkari" source="Orion">Nitin Gadkari</keyword> clarified on Tuesday clarified his '10% additional <keyword id="18747014" type="General" weightage="60" keywordseo="GST-on-diesel-vehicles" source="Orion">GST on diesel vehicles</keyword>' comment made earlier in the morning. At the time of updating the story, the index is 1.6% in the red. Auto stocks had fallen sharply after Gadkari said he will seek a "<keyword id="2169429" type="General" weightage="60" keywordseo="pollution-tax" source="Orion">pollution tax</keyword>" in the form of additional <keyword id="6354679" type="General" weightage="80" keywordseo="gst" source="Orion">GST</keyword> of 10% on diesel vehicles and gensets in order to cut down on air pollution. This in turn has dragged the stocks down as most of the commercial vehicles in the country currently run on diesel. At the time of updating, Mahindra and Mahindra is down 1.7% but shown a recovery from the 3.48% slide. Ashok Leyland has now recovered slightly too and is down 2.4% while Tata Motors which had slipped 2.8% is now down 1.8%. The Road and Transport Minister has subsequently clarified his comment on X (formerly Twitter). He said that that there is no such proposal currently under active consideration by the government. <div type="twitter" handle="nitin_gadkari" handlename="nitin_gadkari" favoritecount="0" retweetcount="0" id="1701501884324860043"></div> Earlier, speaking at the 63rd Annual SIAM convention Delhi, the Union Road Transport and Highways Minister said the rising level of pollution is a health hazard for citizens. "I am going to handover a letter to the Finance Minister this evening stating that an additional 10% GST be put on diesel-powered vehicles," Gadkari said. In the passenger vehicle segment, various carmakers including Maruti Suzuki India and Honda have already stopped manufacturing diesel cars. Gadkari said the contribution of diesel cars has already come down drastically in the country and the manufacturers need to stop selling them in the market. Terming diesel as a hazardous fuel, he noted that the country has to import the fuel to meet the demand. "Say goodbye to diesel... Please stop making them, otherwise we will just increase the tax so much that it would become difficult to sell diesel cars" Gadkari said. He said he will propose additional GST on diesel-powered generators as well. Automobiles are currently taxed at 28% GST, with additional cess ranging from 1% to 22% depending on the type of vehicle. SUVs attract the highest GST at the rate of 28% along with a compensation cess at 22%. Gadkari also asked the industry to focus on environment-friendly alternative fuels like ethanol. He also asked the industry to focus on green hydrogen. Explained: <a href="https://www.businessinsider.in/policy/economy/news/what-is-ethanol-blending-current-targets-and-challenges-for-india/articleshow/103460113.cms" data-type="tilCustomLink" target="_blank">What is ethanol blending and what are the challenges faced by India</a>

Auto stocks recover after Gadkari clarifies his '10% additional GST on diesel vehicles' comment

<keyword id="6365618" type="General" weightage="80" keywordseo="maruti-suzuki-india" source="Orion">Maruti Suzuki India</keyword> on Thursday said it will increase prices of its model range in April to partially offset the impact of "overall inflation and regulatory requirements". The auto major, however, did not share the quantum of the price hike it intends to implement from next month. The company continues to witness increased cost pressure driven by overall inflation and regulatory requirements, the automaker said in a regulatory filing. While the company makes the maximum effort to reduce cost and partially offset the increase, it has become imperative to pass on some of the impacts through a price increase, it added. The company has planned this price increase in April 2023, which shall vary across models, <keyword id="6912" type="General" weightage="20" keywordseo="maruti" source="Orion">Maruti</keyword> <keyword id="6911" type="General" weightage="20" keywordseo="suzuki" source="Orion">Suzuki</keyword> India stated. Already several automakers, including Honda Cars, <keyword id="42747" type="General" weightage="50" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> and <keyword id="6357252" type="General" weightage="20" keywordseo="hero-motocorp" source="Orion">Hero MotoCorp</keyword>, have announced increases in prices from April. The Indian automobile industry is working to make its products meet the second phase of BSVI emission norms. From April 1, vehicles will need to have an onboard self-diagnostic device to monitor the real-time driving emission levels. The device will constantly monitor key parts to meet emission standards, such as the catalytic converter and oxygen sensors, to closely monitor emissions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/consumer-commission-orders-flipkart-retailer-to-pay-25000-compensation-for-sending-detergent-soap-instead-of-iphone/articleshow/98936522.cms">Consumer Commission orders Flipkart, retailer to pay ₹25,000 compensation for sending detergent soap instead of iPhone</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/missing-chai-breaks-more-80-indian-employees-back-to-office-by-choice-says-linkedin-survey/articleshow/98936364.cms">Missing chai breaks &amp; more 80% Indian employees back to office by choice says LinkedIn survey</a>

Maruti Suzuki to hike prices of model range from April

A total of 13 states have so far decided on their borrowing options to meet their <keyword id="9933255" type="UNKNOWN" weightage="20" keywordseo="gst-compensation-shortfall">GST compensation shortfall</keyword> and almost all have decided to go for the first option proposed by the Centre, source said. Out of the 13, 12 states have opted for the first option, under which the Union government has offered states that they could borrow the shortfall arising out of GST implementation, estimated at Rs 97,000 crore approximately. The amount would be borrowed through issue of debt under a special window coordinated by the Finance Ministry. The first option is to ensure steady flow of resources similar to the flow under <keyword id="2600993" type="PERSON" weightage="20" keywordseo="GST-compensation">GST compensation</keyword> on a bi-monthly basis. Under this option, the Centre will endeavour to keep the cost at or close to the G-secs yield, and in the event of the cost being higher, will bear the margin between G-secs and average of State Development Loan yields up to 0.5 per cent through a subsidy. The states which have preferred to opt for this option are Andhra Pradesh, Bihar, Gujarat, Haryana, Karnataka, Madhya Pradesh, Meghalaya, Sikkim, Tripura, Uttar Pradesh, Uttarakhand and Odisha. Only Manipur has so far opted for the second borrowing option under which states can borrow the entire compensation shortfall of Rs 2.35 lakh crore, including the Covid-impact portion, through issue of market debt. Six more states -- Goa, Assam, Arunachal Pradesh, Nagaland, Mizoram and Himachal Pradesh -- will be giving their choice in a day or two, said people in the know. A few states have submitted their views to the Chairperson of the GST Council but are yet to decide on the options, according to sources. In the 41st GST Council meeting last month, the Centre had proposed both options, so that a mechanism could be put in place as an exception this year, as Covid-19 disruptions and lower revenue collections have made it difficult for the Centre to meet its obligation on Goods and Services Tax (GST) compensation to states. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-future-retail-ril-irctc-bhel-tata-motors-adani-green-vodafone-idea-godrej-properties-sunteck-realty-and-more/articleshow/78097615.cms">Top stocks to watch— Future Retail, RIL, IRCTC, BHEL, Tata Motors, Adani Green, Vodafone Idea, Godrej Properties, Sunteck Realty and more</a> <a href="https://www.businessinsider.in/india/news/delhi-police-arrests-umar-khalid-connection-with-northeast-delhi-riots/articleshow/78097740.cms">Delhi Police arrests Umar Khalid in connection with Northeast Delhi riots</a> <a href="https://www.businessinsider.in/tech/news/tiktok-owner-bytedance-rejected-microsofts-offer-for-the-apps-us-operations/articleshow/78097018.cms">TikTok owner ByteDance rejected Microsoft's bid for the app's US operations, Oracle reportedly chosen as US 'technology partner'</a>

13 states decide on GST compensation — only Manipur opts for borrowing entire shortfall in one go

<ul><li>The Supreme Court today ruled in favour of the <keyword id="6355725" type="ORGANIZATION" weightage="20" keywordseo="tata-group">Tata Group</keyword> in its almost five-year long battle with its former chairman and a major shareholder <keyword id="6356895" type="ORGANIZATION" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword>.</li><li>As soon as the news broke, the share market celebrated the win as <keyword id="8555" type="CITY" weightage="20" keywordseo="Tata">Tata</keyword> Group stocks jumped.</li><li>A thankful <keyword id="6360722" type="UNKNOWN" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> said that the judgment comes “after relentless attacks on my integrity and ethical conduct of the group”.</li></ul>The Supreme Court today ruled in favour of the salt-to-aviation giant Tata Group in its almost five-year long battle with its former chairman and shareholder Cyrus Mistry. The court also dismissed an appellate court order that allowed Cyrus Mistry to be reinstated as the group Chairman. And as soon as the news broke, the share market celebrated the win as Tata Group stocks jumped. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Share price jump as of 1 pm </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+4.22% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Consultancy Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+1.51% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Chemicals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+2.11% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Power </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+3.90% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Global Beverages </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+1.91% </td></tr></tbody></table> Cyrus Mistry, whose family holds a majority stake – as much as 18.5% stake in Tata Sons (the holding company of the Tata Group), was appointed as Chairman in 2012 and ousted in 2016. Ratan Tata also went on to talk about the news on Twitter. A thankful Tata said that the judgment comes ‘after relentless attacks on my integrity and ethical conduct of the group”. <div type="twitter" handle="RNTata2000" handlename="Ratan N. Tata" image="http://pbs.twimg.com/profile_images/1189494401359208448/AwbXHtpn_normal.jpg" favoritecount="15068" retweetcount="1750" status="https://t.co/CjAR6LzIah" createdat="1616742606000" id="1375344292726644738"></div> The top court said that all the laws were in favour of the Tata Group. “We cannot adjudicate on the question of compensation and they can take the route under Article 75. Order of NCLAT is set aside. Appeal by TATA group is upheld. Appeal by SP group is dismissed. Appeal by Cyrus Investments is dismissed,” said Chief Justice of India SA Bobde during the order. The top court further said, “We leave it to Tata Sons, Mistry to take legal route to resolve issue of shares. Value of Tata Sons shares depends on equity.” SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/ratan-tata-wins-the-fight-against-cyrus-mistry-at-the-supreme-court/articleshow/81701951.cms">Ratan Tata wins the fight against Cyrus Mistry at the Supreme Court</a>

All Tata Group stocks soar in trade as Ratan Tata prevails in the legal battle with Cyrus Mistry at India's Supreme Court

<keyword id="6385180" type="ORGANIZATION" weightage="20" keywordseo="airtel-payments-bank">Airtel Payments Bank</keyword> Monday announced its alliance with <keyword id="618356" type="POSITION" weightage="20" keywordseo="Bharti-AXA-General">Bharti AXA General</keyword> Insurance to offer comprehensive <keyword id="35490" type="PERSON" weightage="20" keywordseo="car-insurance">car insurance</keyword> to its customers. The Smart Drive Private Car Insurance offers financial protection against damage to the vehicle due to accident, theft, and natural and man-made disasters. It also compensates for injury or damages to another person or property caused due to a car accident. The insurance comes with a personal accident cover for the policyholder. In the event of an accident leading to permanent disablement or loss of life, the policy ensures financial protection for the family. Bharti AXA General Insurance Managing Director and CEO Sanjeev Srinivasan said, "We always look for creating eco-systems that help us improve the reach of our insurance solutions. As part of our partnership with <keyword id="15491" type="COMPANY" weightage="20" keywordseo="Airtel">Airtel</keyword> Payments Bank and strong synergies of customer-centricity, we are offering innovative <keyword id="6381626" type="UNKNOWN" weightage="20" keywordseo="Motor-insurance">motor insurance</keyword> products to its customers through a seamless journey from the purchase to the claim process. The strategic alliance will also help us reach out to the growing customer base of the bank and secure them.'' Airtel Payments Bank's customers can easily purchase the car insurance policy by Bharti AXA within five minutes using a paperless, secure, and quick process through the Airtel Thanks app. "Motor insurance being mandatory in the country constitutes an important requirement for millions of car users. We endeavour to offer a bouquet of well-designed products to serve varied insurance requirements of our customers," said Ganesh Ananthanarayanan, COO, Airtel Payments Bank. With no pre-inspection required, a customer only needs to fill in the details about the vehicle, and the insurance is immediately issued on their registered email id and mobile number. At the time of the renewal, customers can choose from a wide range of add on covers. This includes depreciation cover, small consumable items, loss or replacement of car key, roadside assistance in the event of car breakdown, damage to the engine or gearbox, medical expenses if the policyholder is injured, ambulance expense to reach the hospital, and many more. In August this year, Airtel Payments Bank tied up with Bharti AXA General Insurance to provide 'shop insurance' to its retailers and merchants. The 'Smart Plan Shop Package' policy provides financial protection in case of damage to assets inside the shop due to fire and allied perils and burglary among others as covered in the product. Airtel Payments Bank's partners can easily purchase this policy within minutes through a fast, simple, and paperless process using the retailer and merchant app offered by the bank. It also offers protection against personal accidents to the policyholder. In the event of an accident leading to permanent disability, partial disability, or loss of life, this ensures financial protection for the family. At present, India's first payments bank now has more than three crore active customers, with a network of over five lakh neighbourhood banking points, which aimed at taking services closer to the customer, and have reached rural pockets that did not have access to banking services earlier. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/hyperloop-pod-carries-two-humans-through-a-tube-at-over-160-kmph-for-the-first-time-ever/articleshow/79121765.cms">Hyperloop pod carries two humans through a tube at over 160 kmph for the first time ever</a> <a href="https://www.businessinsider.in/tech/news/top-cyber-espionage-groups-that-have-india-in-their-crosshairs/slidelist/79120867.cms">Top cyber espionage groups that have India in their crosshairs</a> <a href="https://www.businessinsider.in/business/startups/news/bigbasket-the-e-grocery-startup-which-tata-group-is-eyeing-admits-a-data-breach-of-over-20-million-users/articleshow/79122791.cms">BigBasket, the e-grocery startup which Tata Group is eyeing, admits a data breach of over 20 million users</a>

Airtel Payments Bank partners with Bharti AXA General for motor insurance

Tata Sons slams Cyrus Mistry’s claims, accuses him of twisting facts. Read the full letter here

<keyword id="6500654" type="PERSON" weightage="100" keywordseo="Nusli-Wadia">Nusli Wadia</keyword>, longtime associate of Rata Tata and independent director on the boards Tata group companies like Tata Chemicals, Tata Motors and Tata Steel, has filed a Rs 3,000-crore defamation suit against <keyword id="6360722" type="PERSON" weightage="100" keywordseo="ratan-tata">Ratan Tata</keyword> and <keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword>. 
 
Officials close to the development said the chairman of Wadia Group has sought compensation from Tata Sons for the various accusations it levelled against him in public statements to shareholders. He says no valid reason was given for the allegations and the extraordinary general meetings (EGM) called by the group for his ouster. 
 Wadia had in November threatened civil and criminal defamation suit against Tata Sons, when the company alleged that Wadia was acting in concert with <keyword id="6356895" type="PERSON" weightage="100" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword> and against the interests of the principal shareholders by galvanising independent directors.

Now, Nusli Wadia files defamation case against Tata Sons, seeks Rs 3000 crore in damages

Last week, the Chinese government released data which showed that new home prices fell at their fastest rate in over seven years, while property sales measured by floor area fell for a 15th straight month in October. Based on data from the National Bureau of Statistics of <keyword id="1334" type="General" weightage="100" keywordseo="china" source="Orion">China</keyword>, for the year-to-date period till October, investment in real estate development fell 8.8 per cent compared with the same period in the previous year, commercial floor space sold dropped 22.3 per cent, while revenue from commercial buildings sold plummeted 26.1 per cent. In <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, the property price index has been growing steadily in the past few years. The All India House Price Index (HPI) published by the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) grew at an annual rate of 3.5 per cent for the quarter which ended in June (Q1: 2022-23), expanding 1.8 per cent compared with the previous quarter. Although China is now taking measures to revive its property sector, real estate investment firms like Singapore's CapitaLand Investment (CLI) which has a third of its assets in China are looking to diversify their portfolio. Vietnam and India were cited by CLI as possible destinations for future investments. With the property sector accounting for about a quarter of China's USD17 trillion economy, concerned Chinese authorities have been introducing measures over the past months to inject confidence back into collapsing sector. Earlier in November, in the most comprehensive rescue package for the sector, since it was hit by a debt crisis last year, regulators unveiled 16 supportive measures mainly aimed at boosting liquidity for developers. Key measures include allowing banks to extend maturing loans to developers, supporting property sales by reducing the size of down payments and cutting mortgage rates, boosting other funding channels such as bond issues, and ensuring the delivery of pre-sold homes to buyers. Some analysts say that the support measures are the strongest signal yet that the two-year clampdown on the property sector is over. Chief China economist at UBS, Tao Wang, told CNN that the package of measures is a "turning point" for China's property sector. Along with other policies announced earlier this year, she estimates that it could inject more than 1 trillion yuan (USD 142 billion) into real estate. The Chinese government began trying to rein in excessive borrowing by developers to control soaring house prices in August 2020. This move unsettled the property market as the nation's second-largest developer, Evergrande, defaulted on its debt. As the property sector crashed, several major companies sought protection from their creditors. The cash crunch meant that work on many pre-sold housing projects across the country was delayed or suspended. The Chinese property sector was hit hard as developers lurched from crisis to crisis and halted the construction of apartments as they ran out of money. Property prices and transactions decline. Besides the mounting debt among developers, China's strict COVID policies amid rising coronavirus cases impacted manufacturing and consumer spending. The crisis took a turn for the worse in the middle of this year when angry home buyers refused to pay mortgages on unfinished homes, sparking fears of contagion, and causing financial markets to be spooked. Since then, authorities have tried to defuse the crisis by urging banks to increase loan support for developers so that they can complete projects. Regulators have also cut interest rates in a bid to restore buyer confidence. Based on data from the National Bureau of Statistics of China, average new home prices in China's 70 major cities dropped by 1.6 per cent year-on-year in October 2022, after a 1.5 per cent decline a month earlier. It was the sixth straight month of decrease in new home prices, the steepest pace in the sequence, and the fastest fall since August 2015. Sales by the 100 biggest real estate developers shrank 26.5 per cent from a year ago in October, according to a private survey by China Index Academy, a real estate research firm. So far this year, their sales have tumbled by 43 per cent. While welcoming the government's property support measures, analysts remained cautious about the impact it would have on buyer confidence. "The property market has yet to show signs of recovery," said Nomura analysts in a research report last week, adding that the latest measures may have "little direct impact" on stimulating home purchases, adding that the zero-COVID strategy will weigh on the sector. Although it is felt that measures are supportive of the property market, bankers and analysts say they only address the property market's supply problems, with the demand recovery still a key concern. Many people are still reluctant to upgrade their homes or buy new ones due to economic uncertainty and falling employment. Despite the current doom and gloom, one company that is confident in the long-term future of the Chinese property market is Singapore's CapitaLand Investment (CLI). It has about a third of its overall property portfolio, which are mostly non-residential commercial real estate, in China at the moment. In an interview with Nikkei Asia, CLI said it plans to diversify its portfolio and is looking out for investment opportunities in Vietnam and India. The aim is to build resilience in areas like supply chain and energy amid shocks to globalisation seen during the COVID-19 pandemic. CLI whose largest shareholder is Singapore state-owned investor Temasek Holdings is one of Asia's largest real estate investment managers with USD 90 billion worth of property assets and USD 63 billion in funds under management "We would love to do more in Vietnam, we are already very active in India," said Chief Financial Officer Andrew Lim to Nikkei. "What recent events have told us is that it's probably dangerous to put all your eggs in one basket... in an era when globalisation is increasingly being put to the test. Lim thinks that Vietnam in the post-COVID era will emerge as an important destination for capital, especially regarding manufacturing. Whereas India has tremendous solar resources. "These are markets if you are looking for energy redundancy, energy resilience, renewable energy sources, suddenly it becomes important from that perspective." (ANI) SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indian-markets-open-in-the-red-tracking-covid-19-concerns-in-asian-markets-tata-steel-tata-motors-zomato-and-others-in-focus/articleshow/95649915.cms">Indian markets open in the red tracking Covid-19 concerns in China – Tata Steel, Tata Motors, Zomato and others in focus</a> <a href="https://www.businessinsider.in/sustainability/news/the-world-waited-far-too-long-for-this-says-india-after-cop27-ends-with-historic-compensation-fund/articleshow/95649834.cms">The world waited far too long for this, says India after COP27 ends with historic compensation fund</a> <a href="https://www.businessinsider.in/stock-market/news/markets-reward-psbs-push-up-their-market-caps/articleshow/95639716.cms">Markets reward PSBs, push up their market caps</a>

As the property market continues to slump in China, are property investors turning to India?

<ul><li>The <a href="https://www.timesnownews.com/videos/et-now/news/nitin-gadkari-meets-siam-president-kenichi-ayuwaka-to-discuss-scrappage-policy/79783">reports </a>that emerged from the closed-door meeting of the union minister of Road and Highways, Nitin Gadkari, and SIAM president, Kenichi Ayuwaka claim that the auto industry had proposed certain sales incentives and tax rebates for the government to review. </li><li>The scrappage policy aims at phasing-out old vehicles, which end up polluting the environment. </li><li>Apart from environmental concerns, the policy also aims to increase demand in the market.</li></ul>The much-awaited <keyword id="3210750" type="PERSON" weightage="20" keywordseo="vehicle-scrappage-policy">vehicle scrappage policy</keyword> may soon be a reality for Indian automakers. According to an <a href="https://www.timesnownews.com/videos/et-now/news/nitin-gadkari-meets-siam-president-kenichi-ayuwaka-to-discuss-scrappage-policy/79783">ET report</a>, in a closed-door meeting, the union minister of Road and Highways, Nitin Gadkari, met SIAM president Kenichi Ayuwaka to discuss the various issues surrounding the auto industry and the new scrappage policy was one of them. The reports claim that the auto industry had proposed certain sales incentives and tax rebates for the government to review. It also indicated that another meeting is likely next week to review these discussions. What is <keyword id="3959260" type="PERSON" weightage="20" keywordseo="Vehicle-Scrappage">vehicle scrappage</keyword> policy? In July 2019, the Central government had proposed amendments to the motor vehicle rules to allow scrapping of vehicles older than 15 years. The scrappage policy is meant to flush out old cars running on the roads and aim at phasing-out these old vehicles, which end up polluting the environment. Further, in a draft notification, the government proposed renewing fitness certificates for vehicles older than 15 years every six months instead of the current one year. Under this policy’s norms, owners with a commercial vehicle older than 15 years and private vehicle owners with vehicles older than 20 years, could be considered for scrapping their old vehicles. Move aims to boost demand and cut down on steel imports Apart from environmental concerns, the policy is also aimed at increasing demand in the market. That is why the centre has proposed OEM’s to offer certain discounts on the new vehicles purchased after scrapping an old one. The policy will reduce the dependency on steel imports as the steel and other metal deposits from the scrapped cars will minorly be cutting down the metal imports year by year. How can this policy benefit the vehicle owners? With the resale value of vehicles beyond 15-20 years being extremely low, this policy will provide monetary compensation to owners for sending those vehicles to the scrapyard. The other benefit being that the government is still mulling is for automakers to offer incentives to new buyers for scrapping their old vehicles. Reports suggest that carmakers have agreed to a <a href="https://www.businesstoday.in/sectors/auto/scrappage-policy-carmakers-agree-to-give-1-discount-on-new-vehicles-if-old-one-junked/story/420926.html">proposal of offering 1% discount </a>to new buyers. SEE ALSO: <a href="https://www.businessinsider.in/international/news/us-election-results-date-2020/articleshow/79034082.cms">Here’s when we will know the 2020 US election results</a> <a href="https://www.businessinsider.in/business/corporates/news/ratan-tata-mukesh-ambani-and-uday-kotak-to-be-a-part-of-pm-modis-virtual-global-investor-roundtable-on-thursday/articleshow/79032895.cms">Ratan Tata, Mukesh Ambani and Uday Kotak to be a part of PM Modi's Virtual Global Investor Roundtable on Thursday</a>

India is looking to bring in the vehicle scrappage policy soon — here’s what it means for you

If you own a car that has engine capacity more than 1000 CC, get ready to pay a hefty premium. The government has agreed to do away with the cap on third party liability of insurance companies in case of grievous injuries or deaths in road crashes. 
 
The Insurance Regulatory and Development Authority has proposed a nearly 50% hike for most categories of vehicles for 2017-18, according to a news report by The Times of India. 
 
It is mandatory for vehicles to have third party insurance while insurance for own damage is optional. In comprehensive insurance policies, which have both components, the share of third party insurance is barely 30%. IRDA has not proposed increase in third party insurance premium only for a few categories of vehicles such as Maruti Alto, Tata Nano and Datsun Go as well as pick-up vans and mini trucks. 
 
But it proposes to increase the premium of cars that have 1,000-1,500cc engines by almost 50%. Sources said the final hike could be 25-30%. It is likely that insurers would push for another round of increase once the Motor Vehicle (Amendments) Bill is passed with the proviso that insurance companies pay the entire compensation awarded by motor vehicle claims tribunal.

Owning a car to get expensive by at least 50% every year. Here's why

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.gettyimages.com/license/83743938">Mark Wilson/Getty Images</a>Ford Motor Company CEO Alan Mulally, Chrysler CEO Robert Nardelli and GM CEO G. Richard Wagoner, Jr. testify during a Senate Banking, Housing and Urban Affairs Committee hearing on Capitol Hill November 18, 2008 in Washington, DC.</div></div></div><ul class="summary-list"><li>Ten years ago, amidst the worst financial crises since the Great Depression, the American auto industry almost died.</li><li>The "Big Three" U.S. car companies of <a href="https://www.businessinsider.com/category/general-motors">General Motors,</a> <a href="https://www.businessinsider.com/category/fca">Chrysler</a>, and <a href="https://www.businessinsider.com/category/ford">Ford</a> faced potential insolvency.</li><li>But a decade later, thanks to the $80 billion dollar lifeline provided by the Troubled Asset Relief Program engineered by the <a href="https://www.businessinsider.com/category/bush">Bush</a> and <a href="https://www.businessinsider.com/category/obama">Obama</a> Administrations, the U.S. auto industry has recovered. </li><li>Each of the major automakers experienced its own story out of the recovery, with lessons to be learned. </li></ul>Ten years ago, amidst the worst financial crises since the Great Depression, the American auto industry almost died. By Fall 2008, the "Big Three" US car companies of General Motors, Chrysler, and Ford faced potential insolvency, and without swift government intervention, their futures <a href="http://www.washingtonpost.com/wp-dyn/content/article/2008/11/19/AR2008111903783.html">were in doubt.</a>"There is no plan B," said Fritz Henderson, GM's president and chief operating officer, <a href="http://www.washingtonpost.com/wp-dyn/content/article/2008/12/02/AR2008120201600.html">at the time.</a>These iconic car companies were led to that point by a combination of poor decisions made by industry executives, high gas prices, unpopular products, and external circumstances beyond the control of both the industry and consumers, namely a <a href="https://www.thebalance.com/2008-financial-crisis-3305679">once-in-a-generation</a> credit crunch that nearly took down the world economy. But the US auto industry has recovered, thanks to the <a href="https://www.thebalance.com/auto-industry-bailout-gm-ford-chrysler-3305670">$80 billion dollar lifeline</a> provided by the Troubled Asset Relief Program engineered by the Bush and Obama Administrations in 2008 and 2009. Seventeen million-plus in sales each of the <a href="https://www.mediapost.com/publications/article/312454/us-automotive-sales-hit-17-million-for-third-con.html">past three years</a> attests to that, nearly double <a href="https://www.washingtonpost.com/news/wonk/wp/2013/08/02/the-auto-industry-is-back-to-pre-recession-levels-but-why/?utm_term=.c7faca8cb674">the nine million</a> vehicles sold at the nadir of the recession. Each of the "Big Three" has experienced its own story out of the recovery, so let's take a look at each one below. <h2>General Motors and its 2009 bankruptcy</h2>In November 2008, with its stock price hovering at <a href="https://www.nytimes.com/2008/11/12/business/12auto.html?action=click&amp;module=RelatedCoverage&amp;pgtype=Article&amp;region=Footer">$2 a share,</a> GM leadership told Congress that unless it received a federal bailout it would not be able to pay its suppliers, meet its loan obligations, or cover the health-care costs of its worker's labor contracts. That winter, the company <a href="https://www.nytimes.com/2008/11/12/business/12auto.html?action=click&amp;module=RelatedCoverage&amp;pgtype=Article&amp;region=Footer">received</a> $5 billion from the departing Bush administration and $17.2 billion from President Obama's. <div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.gettyimages.com/license/494327086">Bill Pugliano/Getty Images</a>GM employees applaud after posing with new General Motors 2016 Chevrolet Camaro after it rolled off the production line at GM's Lansing Grand River Assembly Plant October 26, 2015 in Lansing, Michigan.</div></div></div>Through 2009 and 2010, GM endured a government-backed Chapter 11 <a href="https://money.cnn.com/2009/06/01/news/companies/gm_bankruptcy/">bankruptcy,</a> reorganized its leadership, <a href="https://www.businessinsider.com/defunct-car-brands-photos-details-2018-7#geo-gm-originally-conceived-in-1989-and-based-on-the-suzuki-swift-among-other-models-the-geo-only-lasted-until-1997-when-it-fizzled-out-due-to-a-lack-of-interest-by-american-consumers-6">killed off </a>unprofitable brands like Saturn, Saab, Pontiac, and Hummer, and devoted itself to producing more <a href="https://www.autotrader.com/car-news/general-motors-vehicles-shed-weight-boost-fuel-eco-253605">fuel-efficient</a> cars and trucks.Consumers responded to these changes and a newer, slimmed-down GM recorded <a href="https://money.cnn.com/2016/01/13/investing/general-motors-outlook-turnaround/index.html">a record profit</a> in the third quarter of 2015. "They were just given a big reset," said Mike Ramsey, an automotive analyst and senior research director at Gartner. "You can see the results today in the huge amount of product that GM has been able to put out and a lot of that is because they have cash and limited debt, so they can invest in new products." <h2>Fiat got Chrysler and $4 billion from the US Government</h2>Ten years ago, Chrysler faced similar straits as GM, especially after <a href="https://www.nytimes.com/interactive/2015/05/24/business/chrysler-timeline.html#/#time375_10991">shutting down</a> all vehicle production in December 2008 and enduring a <a href="https://www.nytimes.com/2009/06/15/business/15chrysler.html">42-day</a> period of bankruptcy. After accepting a <a href="https://www.reuters.com/article/us-chrysler/chrysler-gets-4-billion-u-s-government-loan-idUSTRE50200820090103">$4 billion</a> dollar federal loan, Chrysler accepted a shotgun <a href="http://fortune.com/2018/07/21/sergio-marchionne-fiat-chrysler/">marriage</a> with Fiat Automobiles S.p.A., of Italy in June 2009. Led by new CEO <a href="https://www.businessinsider.com/sergio-marchionne-dead-obituary-2018-7">Sergio Marchionne,</a> who had been running Fiat prior to the merger, the renamed Fiat-Chrysler-Automobiles (FCA) rebounded, staging a successful initial public offering in <a href="https://www.wsj.com/articles/fiat-chrysler-dives-into-new-york-markets-1412885503?KEYWORDS=fiat+chrysler">2014.</a> FCA's Dodge, Jeep, and Ram brand SUVs, crossovers, and pickups were increasingly popular with consumers following the recession, and FCA transitioned to a truck-and-SUV-dominated portfolio in the US faster than the competition. <div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.gettyimages.com/license/970060962">Marco Tacca/Getty Images</a>Former CEO of FCA, Sergio Marchionne.</div></div></div><h2>Ford didn't go bankrupt, but life was tough</h2>Just prior to the financial crises, under the direction of then-CEO Alan R. Mulally's "One Ford" plan, Ford had restructured its entire portfolio and <a href="https://www.forbes.com/sites/greatspeculations/2010/11/08/ford-the-remake-of-an-american-icon/#5ca9b81d108c">raised $36 billion</a> in financing from the capital markets. Ford sold Swedish-based Volvo, which it had owned since 1999, to Chinese carmaker Geely <a href="http://www.nydailynews.com/news/money/ford-sells-volvo-chinese-carmaker-geely-1-5-billion-article-1.200482">for $1.5 billion</a> and also sold Jaguar and Land Rover to Indian-based Tata Motors for <a href="https://www.nytimes.com/2008/03/26/business/worldbusiness/26cnd-auto.html">$2.3 billion.</a> These decisions allowed Ford to weather the downturn without the need of government assistance, which substantially helped the company' s perception in the public eye amidst the crisis. Mulally <a href="http://www.washingtonpost.com/wp-dyn/content/article/2008/12/02/AR2008120201600.html">even cut</a> his compensation to $1 a year. In 2017, Ford's net income totaled <a href="https://www.detroitnews.com/story/business/autos/ford/2018/01/24/ford-annual-earnings/109777880/">$7.6 billion,</a> a 65% increase from the previous year. Earlier this year, the company <a href="https://www.washingtonpost.com/news/innovations/wp/2018/04/26/ford-has-been-synonymous-with-cars-for-more-than-a-century-thats-about-to-change/?utm_term=.aeb30c68fbd9">announced</a> it will be ending investment in passenger cars in the US (except for Mustang) to focus only on trucks and crossover SUVs. And in September 2018, the company released a teaser of its first <a href="https://www.businessinsider.com/ford-reveals-teaser-image-of-electric-suv-tesla-rival-2018-9">fully-electric SUV.</a><h2>There were other factors in play as well</h2>Other factors which contributed to the recovery of the "Big 3" automakers were decreased gas prices and credit markets becoming unlocked through Obama's <a href="https://www.nytimes.com/2009/08/01/business/01dealers.html">"cash for clunkers"</a> trade-in program. Home and building construction also increased, which led to more demand for pick-up trucks. But more than anything else, it was government intervention that made the difference. "At its basic level, the car companies got a well-financed restructuring, and the financier was the government," said Ramsey. "The companies were essentially given a clean balance sheet and reset to a point that made them viable."Get the latest Ford stock price<a href="http://markets.businessinsider.com/stock/f-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/big-mistake-investors-make-late-cycle-inflection-point-economy-versus-stocks-liz-ann-sonders-2018-8">Beware one huge mistake investors often make when the economy is at a crossroads, says Charles Schwab's investment chief</a></h3> <div> </div> </div>

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