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<ul class="summary-list"><li>Israel over the weekend launched strikes on Iran.</li><li>Observers feared that Israel would hit Iranian energy infrastructure.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/israel-strikes-iran-middle-east-tensions-next-moves-2024-10">Israel's recent attack</a> on Iran's air defense network was limited in its scope, but all the same left a significant opening.Though Israel fell short of a major strike some feared, its attack over the weekend means Iran is more vulnerable to follow-up attacks should they come, according to experts on the region.The <a target="_blank" class="" href="https://www.businessinsider.com/israel-military-idf-targets-iran-retaliatory-strikes-missile-barrage-2024-10">long-anticipated attack</a> was retaliation, almost a month later, for Iran <a target="_blank" class="" href="https://www.businessinsider.com/iran-attacks-israel-with-missiles-after-hezbollah-leader-killing-2024-10">launching ballistic missiles at Israel.</a>It is an unprecedented back-and-forth between two nations that used to do their fighting arm's length.Unnamed officials told <a target="_blank" class="" href="https://www.nytimes.com/2024/10/26/world/middleeast/israel-air-defenses-iran-energy-sites.html">The New York Times</a> that the strikes specifically targeted air-defense systems around key energy sites, though not the sites themselves.They are said to include the Bandar Imam Khomeini petrochemical complex and the Abadan oil refinery.In a <a target="_blank" class="" href="https://www.understandingwar.org/backgrounder/iran-update-october-27-2024-0">Sunday update,</a> the Institute for the Study of War said the Israel Defense Forces struck and disabled parts of three or four sites guarded by the Russian-made S-300 air-defense systems.The loss, it said, undermined Iran's ability to counter future strikes.The IDF strike also appeared to hit drone and missile production facilities across Iran, with satellite imagery <a target="_blank" href="https://www.theguardian.com/world/2024/oct/27/israel-strikes-iran-air-defence-systems-energy-sites">published by The Guardian</a> showing damage near the Parchin military base, a site previously linked by <a target="_blank" class="" href="https://www.lemonde.fr/proche-orient/article/2011/11/09/le-rapport-de-l-aeia-ou-la-derniere-fenetre-de-tir-pour-mettre-la-pression-sur-l-iran_1600879_3218.html">the International Atomic Energy Agency suspects</a> to Iran's nuclear explosive development.Israeli Prime Minister Benjamin Netanyahu <a target="_blank" class="" href="https://www.jns.org/netanyahu-israel-severely-damaged-irans-capabilities/">said</a> on Sunday had "severely damaged Iran's defense capability and its ability to produce missiles."In the aftermath of the attack, Iranian authorities sought to downplay the strikes, which killed four Iranian soldiers. Iran's military joint staff <a target="_blank" class="" href="https://www.abc.net.au/news/2024-10-27/iran-says-israeli-strike-did-limited-damage/104523656">claimed in a statement</a> that planes were intercepted and the attack only caused "limited damage."Iran's supreme leader, Ayatollah Ali Khamenei, offered an unusually measured response on Sunday, <a target="_blank" class="" href="https://www.bbc.co.uk/news/articles/ced99eznje9o">saying</a> that the strikes should neither be "downplayed nor exaggerated."Meanwhile, Iranian President Masoud Pezeshkian <a target="_blank" class="" href="https://www.naharnet.com/stories/en/308898-iranian-president-vows-to-respond-appropriately-to-israeli-strikes">said</a> in a cabinet meeting that Iran would respond "appropriately," saying that Tehran was not seeking war.On Monday, a senior advisor close to Khamenei <a target="_blank" class="" href="https://www.ft.com/content/17d025d6-b224-4be5-9620-d362822c5a95">told the Financial Times</a> that the Israeli strikes were "much ado about nothing."Ali Akbar Velayati, who told the publication he was "open" to closer ties with the West, accused Israel of further destabilizing the region and having the potential to "create the spark that would set the regional powder keg alight."<a target="_blank" class="" href="https://oilprice.com/oil-price-charts/">Oil prices fell</a> on Sunday and continued to drop on Monday after it became clear that Israel had not directly targeted oil and gas sites.Ori Wertman, a research fellow at the University of South Wales specializing in Israeli national security, told Business Insider that Israel "absolutely" made Iran more vulnerable with its attack."This is something really substantial because now it made Iran vulnerable to any Israeli attack from the air," he said, suggesting that Israel now has an opportunity, should it choose, to <a target="_blank" class="" href="https://www.businessinsider.com/israel-not-able-to-take-down-iran-nuclear-sites-own-2024-10">directly target Iran's nuclear facilities.</a>Alex Vatanka, founding director of the Iran program at the Middle East Institute, told BI that the strikes gave Iranian officials "something to think about."He said: "If they had illusions that the Russian S-300s are going to protect them, clearly that's not the case."Vatanka said the attack was a demonstration of <a target="_blank" class="" href="https://www.businessinsider.com/israel-military-superiority-lacks-strategic-vision-iran-lebanon-gaza-war-2024-10">Israel's capabilities, </a>and also avoided pushing Iran into a position where it would have to "hit back harder."

Israel's hit on Iran, though limited, widened a vulnerability

In FY25, Punjab is set to experience financial challenges as its capital-to-revenue expenditure ratio is the lowest among all states, standing at just 6.2%, highlighted a research report by the <keyword id="19938957" type="General" weightage="100" keywordseo="National-Stock-Exchange" source="keywords">National Stock Exchange</keyword> (NSE). This means that for every rupee Punjab spends, a very small portion is being allocated towards capital expenditure, which is crucial for long-term <keyword id="19971350" type="General" weightage="20" keywordseo="infrastructure-development" source="keywords">infrastructure development</keyword>. In contrast, the research showed that the states like Gujarat lead the way with a much higher ratio of 36.2%, signaling a stronger focus on capital spending that can drive future growth. "The capital-to-revenue expenditure ratio, a measure of expenditure quality, is set at 20.7 % for FY25BE, declining from 21.2 % in FY24RE. Punjab has the lowest ratio at 6.2 %, while Gujarat leads at 36.2 %" said the report. The report also highlighted that the overall, capital expenditure by Indian states is expected to moderate in FY25 after three years of strong growth. It stated that the total capital spending for the fiscal year is estimated to increase by just 6.5 % to Rs 6.5 lakh crore. This is a notable slowdown compared to the sharp 39.3 % rise in FY24, which was marked by a post-pandemic push to boost infrastructure and public projects. The capital-to-revenue expenditure ratio, a key indicator of the quality of spending, is also set to decline slightly to 20.7 %in FY25 from 21.2 %in FY24, reflecting a more cautious approach by states. At the same time, revenue expenditure, which covers recurring costs like salaries, subsidies, and interest payments, is expected to grow by 8.9 % to Rs 44.2 lakh crore. This is the slowest growth in the last four years, indicating tighter control over everyday spending. "<keyword id="23614983" type="General" weightage="20" keywordseo="committed-expenditure" source="keywords">Committed expenditure</keyword> (interest payments and pensions), on the other hand, remains high, comprising about 24 % of total revenue expenditure and consuming nearly a quarter of revenue receipts" the report added. Despite this, the report noted that a large portion of revenue expenditure remains committed to non-discretionary costs. Interest payments and pensions alone account for about 24 % of total revenue expenditure and consume nearly a quarter of the revenue receipts, limiting states' flexibility in spending. Some states are more burdened than others by this committed expenditure. Punjab, Kerala, Himachal Pradesh, and Tamil Nadu have earmarked over 35 %of their revenue receipts for these fixed costs in FY25, putting additional pressure on their finances. This leaves less room for discretionary spending and makes it harder for these states to invest in development and growth-oriented projects.

Punjab's capital expenditure lowest in FY25 at 6.2% vs highest of Gujarat at 36.2%: NSE

<keyword id="19986399" type="General" weightage="20" keywordseo="tata-electronics" source="keywords">Tata Electronics</keyword> has signed a memorandum of understanding with <keyword id="20120108" type="General" weightage="20" keywordseo="tokyo-electron" source="keywords">Tokyo Electron</keyword> to buy equipment and services for its under-construction chip units in Gujarat and Assam. Under the agreement, Tata Electronics and <keyword id="20423333" type="General" weightage="20" keywordseo="tel" source="keywords">TEL</keyword> will also focus on training Tata Electronics' workforce on TEL equipment and supporting ongoing improvement and research and development initiatives. "Tata Electronics...signed a memorandum of understanding with <keyword id="23110637" type="General" weightage="20" keywordseo="tokyo-electron-limited" source="keywords">Tokyo Electron Limited</keyword> (TEL), a leading global supplier of semiconductor equipment and services. The two companies will collaborate to accelerate semiconductor equipment infrastructure for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s first Fab being built by Tata Electronics in Dholera, Gujarat, and for its assembly and test facility in Jagiroad, Assam," Tata Electronics said on Monday. Tata Electronics is building India's first Fab in Dholera, Gujarat, with a total investment of Rs 91,000 crore and assembly and testing of semiconductor chips with investment of Rs 27,000 crores in Jagiroad, Assam. Together, these facilities will produce semiconductor chips for applications across automotive, mobile devices, artificial intelligence (AI), and other key segments to serve customers globally, the statement said. "TEL has a history of working closely with its customers, and its expertise in the semiconductor equipment space will help build a dynamic ecosystem to support the timely execution of bringing up our Fab and advanced packaging factories," Tata Electronics managing director and CEO, Randhir Thakur said. TEL will explore opportunities to leverage India's talent to establish an engineering service in India to support its global product development, the statement said. "This strategic collaboration spans both front-end fabrication and back-end packaging technologies, highlighting our commitment to delivering exceptional support and value to Tata Electronics. By leveraging our collective strengths, we aim to accelerate development and drive innovation across multiple technology nodes," TEL, President and CEO, Toshiki Kawai said. 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>

Tata Electronics signs pact with Tokyo Electron to buy semicon equipment

<ul class="summary-list"><li>OpenAI CEO Sam Altman, in a Monday blog post, called for massive investments in AI infrastructure.</li><li>Insufficient infrastructure, Altman warned, will lead to wars being fought over the technology.</li></ul>In a Monday <a target="_blank" href="https://ia.samaltman.com/">blog post</a>, OpenAI CEO Sam Altman argued that massive investment in AI infrastructure is key to market dominance — and avoiding global conflict."If we want to put AI into the hands of as many people as possible, we need to drive down the cost of compute and make it abundant (which requires lots of energy and chips)," Altman wrote. "If we don't build enough infrastructure, AI will be a very limited resource that wars get fought over, and that becomes mostly a tool for rich people."While promoting the development of <a target="_blank" href="https://www.businessinsider.com/america-ai-infrastructure-data-center-microsoft-blackrock-2024-9">AI infrastructure</a> is the new focus of industry leaders like Altman, researchers on the technology's social, environmental, and economic impacts told Business Insider that the development of the data centers and hardware systems needed to achieve artificial general intelligence or superintelligence will cost far more than money.Representatives for OpenAI did not respond to a request for comment from Business Insider.<h2 id="71040451-7ee2-4474-ac54-2c383f024bc4">A sharp industry focus on AI infrastructure</h2>The new hot topic in artificial intelligence is infrastructure — investing in it, planning a massive expansion of computing power, and creating the data centers needed to develop the technology at scale.Last week, Microsoft and BlackRock <a target="_blank" class="" href="https://news.microsoft.com/2024/09/17/blackrock-global-infrastructure-partners-microsoft-and-mgx-launch-new-ai-partnership-to-invest-in-data-centers-and-supporting-power-infrastructure/">announced</a> the launch of a $30 billion fund to "enhance American competitiveness in AI while meeting the growing need for energy infrastructure to power economic growth."Earlier this month, the White House hosted a <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/09/12/readout-of-white-house-roundtable-on-u-s-leadership-in-ai-infrastructure/">roundtable</a> with AI infrastructure leaders from around the country — including Altman and executives from Microsoft, Meta, Amazon, and Anthropic, among others — to "discuss steps to ensure the United States continues to lead the world in AI" and ensure the tech's development is aligned with "national security, economic, and environmental goals."While some experts are cautiously optimistic about AI, others pointed to pitfalls in the rapid build-up of infrastructure.<h2 id="0aa9a51a-d85a-46f5-bd85-fb71b3470c95">AI's unclear economic benefits</h2>Alex de Vries, an economist and the founder of <a target="_blank" class="" href="https://digiconomist.net/">Digiconomist</a>, a platform dedicated to exposing the unintended consequences of digital trends, told Business Insider the current conversation on AI infrastructure is focused on the development of large-scale data centers, with industry insiders trying to convince national governments to greenlight expansion — despite unclear benefits."It costs a whole lot of resources, while data centers don't generate that many benefits for the local economy — not too many jobs, very little other business activity because no one has to be near a data center," de Vries said. "So for now, the trade-off is really bad."The <a target="_blank" class="" href="https://www.businessinsider.com/ai-return-investment-disappointing-goldman-sachs-report-2024-6">return on investment</a> in artificial intelligence is increasingly murky. With companies like OpenAI and others preparing to spend over $1 trillion on artificial intelligence in the coming years, a June Goldman Sachs <a target="_blank" rel=" nofollow" href="https://www.goldmansachs.com/intelligence/pages/gen-ai-too-much-spend-too-little-benefit.html">report</a> asked the question: "Are we spending too much for too little reward?"Proponents of the technology argue it could eventually help save lives by <a target="_blank" href="https://www.businessinsider.com/ai-chatbots-tech-doctors-medicine-healthcare-system-empathy-quality-email-2023-6">revolutionizing the healthcare industry</a> or, as the United Nations climate technology <a target="_blank" class="" href="https://unfccc.int/ttclear/artificial_intelligence">website</a> suggests, "scaling up transformative climate solutions for mitigation and adaptation action in developing countries." However, chatbots and image generators have been the most publicly celebrated advancements in AI from the major Big Tech players — and <a target="_blank" class="" href="https://www.businessinsider.com/hallucinate-cambridge-dictionary-word-of-the-year-artificial-intelligence-2023-11">errors created by AI-generated content</a> have been <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-generative-ai-cant-be-trusted-gary-marcus-openai-2024-8">well documented</a>.In recent earnings calls, executives from <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-365-potential-price-changes-ai-investment-roi-2024-6">Microsoft</a> and <a target="_blank" class="" href="https://www.businessinsider.com/meta-amazon-alphabet-spend-big-ai-investors-concerned-roi-2024-8">Alphabet</a> have repeatedly fended off investors' questions about when to expect a return on their AI expenditures.Shaolei Ren, an associate professor of electrical and computer engineering at the University of California, Riverside, told Business Insider that, despite Altman's prediction in his blog post that we could be "a few thousand days" from an AI superintelligence, he's not optimistic that we're as close as Altman says we are — and he argued OpenAI's reliance on large language models is not the right path to get there.Rather than a single model that can do it all, Ren said he believes the industry needs to focus on smaller, more specialized models that require fewer resources and can be built to handle more precise tasks."I think we need to shift the way we build AI, not just rely on bigger and bigger models," Ren said. "This is not really sustainable or scalable."<h2 id="53158441-3f88-40ef-a72f-35691ba29f3a">An environmental disaster in the making</h2>Both de Vries and Ren said that beyond the financial costs, ensuring AI infrastructure is developed at the scale industry players like Altman seek comes with <a target="_blank" class="" href="https://www.businessinsider.com/chatgpt-generative-ai-environment-climate-change-global-emissions-2023-9">massive environmental costs</a>."If you're talking about large-scale data centers, they are going to be consuming a huge amount of power and a huge amount of water," de Vries said.He noted that data centers consume tons of water for their cooling systems — some of which evaporates, so it cannot be reused. Electricity consumption also skyrockets, driving up demand and increasing reliance on fossil fuels despite the industry's use of <a target="_blank" class="" href="https://www.businessinsider.com/inside-the-6-billion-market-for-renewable-energy-certificates-2020-3">renewable energy certificates (RECs)</a>.Wind and solar companies generate RECs for each unit of energy they create and then sell them. Buyers of RECs can then say they source renewable energy, even if they're using power from nonrenewable sources."The environmental consequences of a big surge in power demand are typically very, very bad — way, way worse than is being acknowledged by the Big Tech companies," de Vries said.<h2 id="733c12a0-a965-422f-be12-05faf7693bb2">A growing risk to the social order</h2>That's not to mention what Cary Coglianese, a professor of law and political science and the director of an interdisciplinary program focused on research on effective regulation at the University of Pennsylvania, describes as AI's impact on "social ordering."While Coglianese describes himself as "cautiously optimistic" about the benefits of artificial intelligence, he said even if we achieve advanced uses for the tech, the feat will come with "trade-offs.""Any human endeavor that involves an optimization challenge can be made more efficient through artificial intelligence," Coglianese said. "Some of those uses can be good, like finding malignancies on MRI scans — a great use of AI technology — but we'll also be making much more efficient weapon systems, or automating weapon systems, or creating tools that can oppress people that can be made more, quote-unquote, 'efficient.'"In his blog post, Altman writes that the dawn of what he calls the Intelligence Age comes "with very complex and extremely high-stakes challenges.""It will not be an entirely positive story," Altman wrote. "But the upside is so tremendous that we owe it to ourselves, and the future, to figure out how to navigate the risks in front of us."Altman didn't mention the current negative social impacts AI is already causing — such as <a target="_blank" class="" href="https://www.businessinsider.com/ai-deepfakes-threaten-havoc-with-the-worlds-year-of-elections-2024-1">deepfakes infiltrating our political system,</a> a proliferation of <a target="_blank" class="" href="https://www.businessinsider.com/cgi-ai-fake-video-audio-news-hoaxes-information-warfare-revenge-porn-2017-8">AI-generated revenge porn</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/dell-layoffs-ai-strategy-workers-more-effective-jobs-fulfilling-2024-8">workers being replaced</a> as companies increasingly invest in the tech."There's a real disconnect between where the world is today socially and where it is technologically — and that's something that the technologists and the techno-optimists can often overlook," Coglianese told Business Insider. "I'm cautiously optimistic too, but we have to recognize that until we have a social ordering that's different than it is, a new technology won't be some magic elixir that will transform the globe into a utopia."

Sam Altman believes wars will be fought over AI unless there's massive spending on infrastructure. But that comes with a cost.

<ul class="summary-list"><li>EV charging has improved, but there is still a long way to go to convince the average driver.</li><li>Demand for electric vehicles in the US fell 14% in 2023, according to EY's study.</li></ul>We're getting closer to a cure for range anxiety, so why don't more people <a target="_blank" class="" href="https://www.businessinsider.com/automakers-back-to-the-drawing-board-ev-plans-2024-2">want an EV</a>?Only 34% of US shoppers planning to buy a vehicle in the next two years say they're likely to buy an EV, down significantly from the prior year, despite diminishing concerns about things like range anxiety and charging.The diverging trends were illustrated in EY's annual <a target="_blank" class="" href="https://www.ey.com/en_us/newsroom/2024/09/us-consumers-less-likely-to-purchase-an-ev-than-last-year">Mobility Consumer Index</a>, which surveyed 20,000 respondents in 28 countries who said they were considering buying a new car in the next 24 months. Among US respondents, the firm found that only 24% of potential buyers cited range limitations as a top concern (down from 30% in the prior year), and only 23% are concerned about finding a place to plug in (down from 34%).This dip in demand is reflected in a <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">stagnation in EV sales growth</a> over the past year as companies adjust to a new crop of more practical green-car shoppers. Simply put, these shoppers are also much more difficult to please than the enthusiastic early adopters of years past. EY found that only 24% of US car buyers named range limitations a top concern, down from 30% a year ago. Meanwhile, only 23% of US buyers said they were concerned about <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-range-ev-charging-station-infrastructure-issues-2024-5">finding a place to plug in</a>, down from 34% of respondents in 2023.That should be a huge deal, but <a target="_blank" class="" href="https://www.businessinsider.com/ev-electric-car-sales-plateau-early-adopters-competition-2023-8">today's electric-car shoppers</a> are less willing to endure the steep learning curve associated with switching to a fully electric car — even if they're getting cheaper and the tech is getting better."To keep momentum and make EV ownership appealing, it's imperative to educate and create a seamless customer experience from the dealership to the charge point," EY's Americas Power &amp; Utilities eMobility Leader Marc Coltelli said in the study.Battery-powered cars accounted for a record 7.6% of all car sales in 2023, according to Kelley Blue Book, up from 5.9% in 2022. But that sales growth has hit a plateau after years of exponential growth. Industry executives and analysts this year are estimating a more modest increase by the end of 2024, with EVs expected to account for between 8% and 10% of sales this year.<h2 id="5e995481-cafc-4a05-bbdd-943490394d6e">EV charging has improved, but there is still a long way to go</h2>Both the automotive industry and the US government have rallied around this issue, and at the start of this year the number of public charging stations in the US had doubled from 2020, according to Pew Research and the Department of Energy.In addition to this improvement in infrastructure, several EVs have been engineered to drive about as far as a gas car on a single charge, and batteries today are built to charge faster.But it's still not enough. The network of 61,000 public charging stations in the US pales in comparison to the roughly 120,000 gas stations nationwide. And just because a charger exists doesn't mean it's in the right place or compatible with the EV you're driving.<a target="_blank" class="" href="https://www.jdpower.com/business/press-releases/2024-us-electric-vehicle-experience-evx-public-charging-study">JD Power</a>'s annual study of EV public charging experiences released in August found that 19% of respondents visited a charger but were not actually able to charge their vehicle. A majority of these failed charging visits were due to lack of availability or the charger being broken, JD Power found.Affordability is also a key issue for today's electric car shoppers, an issue the industry has tried to address with lower sticker prices. The average price paid for an EV has fallen steadily for the past year, and some of the best <a target="_blank" class="" href="https://www.businessinsider.com/ev-pile-up-dealer-lots-deals-discounts-leasing-2024-8">leasing deals</a> are reserved for electric cars right now.But EV shoppers have found a new cost to angst over.EY also found improvements in <a target="_blank" class="" href="https://www.businessinsider.com/meet-dozens-of-startups-leading-the-electric-car-charging-market-2022-2">charging and range attitudes</a> were dampened by an increase in worry about battery life and maintenance fees, with 27% of US respondents reporting concerns about expensive batteries.<h2 id="4c339c1e-7bfe-4082-9692-fca09b6cc911">EVs are still a tough sell for the average buyer</h2>US consumers are still quite skeptical about making the jump to a fully electric car, with 21% of respondents in EY's study saying they prefer a gradual transition from gas-powered cars to battery-powered cars.That's stoking demand for <a target="_blank" class="" href="https://www.businessinsider.com/car-buyer-interest-hybrids-as-electric-vehicle-adoption-slowing-2023-10">hybrid vehicles</a>, which come in plug-in varieties or with gas-electric engines that don't need to recharge at all, due to the higher mileage per gallon and less of a lifestyle switch."With many still hesitant to go all in with EVs, hybrids offer an 'easier-to-swallow' solution," EY Americas Aerospace, Defense and Mobility Leader Raman Ram said in the report. "For those who are looking to transition due to the environment, hybrids allow owners to lessen their reliance on fuel and creates options for batteries and parts. For many, it's a win-win."It's not quite that simple, though. Hybrids are hard to find right now as automakers rush back to the once-withering segment. The current mismatch between supply and demand for these vehicles makes shopping for them stressful and <a target="_blank" class="" href="https://www.businessinsider.com/plug-in-hybrid-prices-soaring-demand-electric-cars-2024-9">prices hard to swallow</a>.

Drivers are feeling better about EV range and charging infrastructure, but still aren't ready to go electric

Shares of Anil Ambani-led group firms -- <keyword id="20367971" type="General" weightage="20" keywordseo="reliance-home-finance" source="keywords">Reliance Home Finance</keyword> Ltd, <keyword id="6360089" type="General" weightage="20" keywordseo="Reliance-Power" source="Orion">Reliance Power</keyword> and <keyword id="46907" type="General" weightage="20" keywordseo="Reliance-Communications" source="Orion">Reliance Communications</keyword> -- hit their <keyword id="10112182" type="General" weightage="20" keywordseo="lower-circuit-limits" source="Orion">lower circuit limits</keyword> on Monday as investors continued to desert the counters after markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> barred the industrialist and 24 others from the securities market for five years on charges of diversion of funds from <keyword id="19936674" type="General" weightage="20" keywordseo="Reliance" source="keywords">Reliance</keyword> Home Finance Ltd. The stock of Reliance Power dropped 4.99 per cent to hit the lower circuit limit of Rs 32.73 on the BSE. Shares of Reliance Home Finance Ltd tumbled 4.93 per cent to Rs 4.24 -- the lowest trading permissible limit for the day. Reliance Communications dived 4.92 per cent to touch the lower circuit of Rs 2.32. Reliance Infrastructure also declined 2.90 per cent to Rs 205.55. Shares of Reliance Infrastructure, Reliance Home Finance and Reliance Power had slumped on Friday also. Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from serving as a director or Key Managerial Personnel (KMP) in any listed company or Sebi-registered entity for five years. Besides, a fine ranging Rs 21 crore to Rs 25 crore has been levied on 24 entities. Also, the regulator barred Reliance Home Finance from the securities market for six months and slapped a fine of Rs 6 lakh on it. After receiving multiple complaints alleging the diversion/siphoning of funds of Reliance Home Finance Ltd, Sebi conducted an investigation for the period of FY 2018-19 to ascertain any regulatory violations. In its probe, Sebi found that <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>, with the help of RHFL's KMPs -- Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah -- have orchestrated a fraudulent scheme to "siphon off" funds from RHFL by disguising them as loans to entities linked to him. Although the board of directors of RHFL had issued strong directives to stop such lending practices and review corporate loans regularly, the company's management ignored these orders. Sebi, in its 222-page order on Thursday, noted the cavalier approach by the company's management and promoter in approving loans worth hundreds of crores to companies that had little to no assets, cash flow, net worth, or revenue. This suggests a sinister objective behind the 'loans'. The situation becomes even more suspicious when considering that many of these borrowers were closely linked to the promoters of RHFL. Eventually, most of these borrowers failed to repay their loans, causing RHFL to default on its own debt obligations. This led to the company's resolution under the RBI Framework, leaving its public shareholders in a difficult position.

Reliance Home Finance, Reliance Power shares hit lower circuit limits

<ul><li>India's real GDP grew at around 8.2% in real terms in Fy24: Economic Survey </li><li>Retail inflation dipped to 5.4% in FY24, notes Economic Survey</li><li>Unemployment dipped to 3.2% in FY24</li></ul><keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> is set to present the union budget on 23rd July, at 11 am. The budget session is scheduled to last between 22nd July and 12th August. This will be <keyword id="19956941" type="General" weightage="20" keywordseo="FM-Sitharaman" source="keywords">FM Sitharaman</keyword>'s seventh consecutive budget presentation under the third term of <keyword id="20205025" type="General" weightage="20" keywordseo="Bhartiya-Janata-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Bhartiya Janata Party" meta.hostid="261" meta.entityid="Bhartiya Janata Party">Bhartiya Janata Party</keyword> (BJP). All budget-related documents will be available at indiabudget.gov.in. You can watch the presentation live on Doordarshan, Sansad TV, and also on various official government YouTube channels. With this budget, Sitharaman will only precede former PM <keyword id="20342248" type="General" weightage="20" keywordseo="Morarji-Desai" source="keywords">Morarji Desai</keyword>, who has presented the highest number of budget (10) till date, followed by <keyword id="22330828" type="General" weightage="20" keywordseo="P-Chidambaram" source="keywords">P. Chidambaram</keyword> with 9 budgets, and Pranab Mukherjee, who has 8 budgets to his credit. In her recent address in parliament, Sitharaman noted that significant social and economic decisions will be a highlight of this budget. Notably, she concluded <keyword id="901788" type="General" weightage="20" keywordseo="pre-budget-consultations" source="Orion">pre-budget consultations</keyword>, which began on June 19th, on July 5th, where she met 20 invitees across 10 groups, including representatives from agriculture, skill development, finance and banking, energy, <keyword id="17408" type="General" weightage="20" keywordseo="Infrastructure" source="Orion">infrastructure</keyword> sector and more. <h2>Key expectations from Budget 2024</h2>Experts note that this budget will mainly focus on improving consumption, and boosting <keyword id="174143" type="General" weightage="20" keywordseo="infrastructure-development" source="Orion">infrastructure development</keyword>. Per reports, the government is also mulling raising the threshold of standard deduction under income tax regimes from the present Rs 50,000 to Rs 1 lakh. Additionally, to boost healthcare accessibility for the underserved in the country, the government is also contemplating to double the annual coverage offered under the <keyword id="20097876" type="General" weightage="20" keywordseo="Ayushman-Bharat-health-insurance-scheme" source="keywords">Ayushman Bharat health insurance scheme</keyword> from the present Rs 5 lakh to Rs 10 lakh over the next 3 years, along with also covering individuals aged over 70. Mr. Tashwinder Singh, CEO &amp; MD, Niyogin Fintech Limited, which offers credit to MSMEs, noted that upcoming regulatory changes should focus on simplifying compliance, taxation policies that encourage entrepreneurship, and incentivise innovations that drive R&amp;D investments. "We hope that the government takes measures to support the lending industry through access to capital and affordable interest rates, enabling entrepreneurs to realize their vision. Furthermore, we look forward to relaxed norms for NBFCs, allowing them to contribute more substantially to the economy. These measures will collectively propel India's economic growth, boost job creation, and position the Indian fintech industry as a strong contender in innovation and entrepreneurship", he continues. As for bolstering green infrastructure and clean energy production, Ms Aditi Balbir, Co-founder, EcoRatings notes that the 2024 union budget should prioritize investments in sustainable infrastructure projects and clean energy solutions, as 70% of greenhouse gas emissions stem from energy, industry, and buildings. "This will create a future-proof foundation for economic growth and help in achieving net-zero targets. Infrastructure is crucial in addressing climate change and meeting diverse societal needs. A transformative overhaul of our current and future infrastructure assets is essential. The budget should introduce financial incentives, such as lower interest rates on loans and dedicated grants, for companies committed to ESG compliance. This will create a clear link between sustainability efforts and economic benefits", she continued. <h2>Focus on Agri-credit, Real Estate in Budget 2024</h2>The government could also raise the target for agricultural loans disbursed during the year by up to 25%, setting the target at Rs 25 lakh crore. The government will also have to revamp the MSP (minimum support price) system in this space, focusing on challenges such as narrow coverage, dipping export competitiveness, discouraging private investment in this space and more. Another area that demands significant attention is real estate. Shubhi Jain, Principal Partner &amp; Head of CRM, Square Yards anticipates significant reforms in the upcoming budget under the new government. Securing industry status will unlock a plethora of legal and administrative benefits, along with much-needed tax incentives. "Also, while government’s focus on affordable housing under PMAY is commendable, recalibrating strategies in light of escalating construction costs is imperative for sustained inclusiveness and effectiveness. Moreover, enhanced tax reliefs and increased deductions on home loans, currently capped at INR 2 lakhs, are pivotal in stimulating demand and supporting prospective buyers", she says. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Assistance for Nalanda's development as a tourist center" mstype="2" mssubtype="0"></div><h2>Short-term outlook positive, notes Economic Survey </h2>FM Sitharaman presented the Economic Survey 2023-24 in the parliament today, ahead of the budget. The survey noted that the Indian economy had managed to recover and expand in an orderly fashion post the pandemic, with the real GDP growing by 8.2% in FY24. Going ahead, prospects for continued strong growth in FY25 remain robust. India also managed to bring down its current account deficit (0.7% of GDP in FY24), while projecting a 7%+ growth rate in the medium term. On the employment front, the survey noted that AI might moderate India's services export growth by as much as 0.3 to 0.4 percentage points annually over the course of the next decade. As such, greater emphasis and focus is needed on areas like blockchain, artificial intelligence (AI), machine learning, Internet of Things, cybersecurity, cloud computing, big data analytics, augmented reality, virtual reality, 3D printing, and web and mobile development. The Indian labour market indicators have significantly improved over the past 6 years, with unemployment rates dipping to 3.2% in 2022-23. However, even as net payroll additions to EPFO have doubled over the last 5 years, signaling a healthy formal employment market, job creation and increasing women participation in workforce remain key areas of concern. For all updates and latest information related to the budget, don't forget to follow <a href="https://www.businessinsider.in/budget" data-type="tilCustomLink" target="_blank">Budget Insider</a>! SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: FM Sitharaman announces internships for 10 million youth in 500 top companies</a> <a href="https://www.businessinsider.in/budget/news/loan-limit-under-mudra-scheme-to-be-doubled-to-20-lakh-sitharaman/articleshow/111950024.cms" data-type="tilCustomLink" target="_blank">Loan limit under MUDRA scheme to be doubled to ₹20 lakh: Sitharaman</a>

Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?

<ul class="summary-list"><li><keyword id="19906203" type="General" weightage="20" keywordseo="Trump" source="keywords">Trump</keyword> said at a rally on Saturday that he supports <keyword id="19895203" type="General" weightage="100" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> because <keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword> endorsed him.</li><li>However, he also criticized <keyword id="20415012" type="General" weightage="20" keywordseo="EV-infrastructure" source="keywords">EV infrastructure</keyword> and <keyword id="22767001" type="General" weightage="20" keywordseo="Bidens-EV-mandates" source="keywords">Biden's EV mandates</keyword>.</li></ul>Former President <keyword id="19918985" type="General" weightage="20" keywordseo="donald-trump" source="keywords">Donald Trump</keyword> said he had "no choice" but to support electric vehicles after <a target="_blank" class="" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Tesla CEO Elon Musk</a> "endorsed" him. Trump then went on to criticize the EV industry at length. Musk has long been a champion of the pivot to electric vehicles. His company, <keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword>, has largely led the way in developing the industry, which for a time made Musk a darling of the <keyword id="22767002" type="General" weightage="20" keywordseo="climate-conscious" source="keywords">climate-conscious</keyword> left. But Musk has more recently embraced conservative politics, especially the issue of free speech. Musk bought Twitter in 2022, rebranded it to X, and has dismantled many of the checks and balances meant to limit hateful speech and misinformation on the platform. Musk has publicly supported Trump since <a target="_blank" class="" href="https://www.businessinsider.com/trump-not-going-to-become-nice-shooting-didnt-change-him-2024-7">the assassination attempt</a> last month. Musk, however, has denied reports that he pledged <a target="_blank" class="" href="https://www.businessinsider.com/musk-trump-donation-campaign-finance-reform-2024-7">a $45 million donation</a> to a pro-Trump super PAC. At a rally in Georgia on Saturday, Trump told the crowd he supported electric cars but thought people should still have access to <keyword id="20758116" type="General" weightage="20" keywordseo="gas-vehicles" source="keywords">gas vehicles</keyword>. "I'm for electric cars. I have to be because, you know, Elon endorsed me very strongly," Trump told the crowd. "So, I have no choice." He then clarified that he only supports them as a "small slice" of the larger auto industry. "You want to have gas-propelled cars. You want to have hybrids. You want to have every kind of car," he said. Trump has repeatedly attacked the Biden administration's electric vehicle regulations, including its <a target="_blank" class="" href="https://www.businessinsider.com/biden-is-probably-going-to-ease-strict-ev-requirements-2024-2">plan to grow electric vehicle sales</a> to half of all new vehicle sales by 2030. While speaking at a bitcoin conference in July, Trump gave similar remarks when referencing Biden's regulations, which also make it more <a target="_blank" href="https://www.businessinsider.com/why-car-dealers-worried-about-biden-ev-mandate-letter-2023-11">difficult for gas-powered cars to meet EPA standards</a>. "Not everybody has to have an electric car. I told him that," Trump said, referencing Musk. "So we're going to get rid of that mandate if you don't mind. Some people want gasoline-propelled cars, some people want a hybrid, and some people like an electric car." Trump has also repeatedly criticized the cost of installing EV chargers nationwide. He erroneously claimed the government built eight chargers in the Midwest for $9 billion. He's given wildly inconsistent estimates for how much it would cost to install EV chargers nationwide. At the bitcoin conference, he said it would cost $12 trillion. At a North Carolina rally on July 24, he said it would cost $5 trillion. And at the Atlanta rally on Saturday, he said it would cost $9 trillion. The bipartisan Infrastructure Investment and Jobs Act of 2021 included $7.5 billion to help pay for thousands of electric vehicle chargers around the country, <a target="_blank" class="" href="https://www.eenews.net/articles/trump-targets-anemic-biden-effort-to-build-ev-chargers/">Politico reported</a>. The White House's infrastructure tracking website shows that only 15 charging stations have been installed so far. An analysis published by research firm Atlas Public Policy shows that each station received about $770,000 in federal funding, Politico reported. Correction: August 5, 2024 — An earlier version of this story misstated when Trump's Atlanta and North Carolina rallies were. His Atlanta rally was on Saturday, not Sunday, and his North Carolina rally was on July 24, not Thursday. It also misstated when he gave different estimates for the cost of installing EV chargers nationwide. He said it would cost $5 trillion at the North Carolina rally and $9 trillion at the Atlanta rally, not the other way around.

Trump says he has 'no choice' but to support electric vehicles because Elon Musk 'endorsed me very strongly'

It can be gruelling to choose between a gourmet meal and your mom’s homemade biryani — more often than not, the familiar wins out. Despite the buzz around electric vehicles, a growing number of drivers in India and the world are hitting the brakes on their electric vehicle (EV) journey and revving up their old petrol and diesel cars. But why are we witnessing this unexpected switch, and what does it spell for the future of driving? <h2>Waning EV enthusiasm</h2>A recent Park+ survey reported that 51% of Indian EV car owners expressed a desire to return to internal combustion engine (ICE) vehicles. This statistic — despite the study’s limited sample size of just 500 EV owners — is certainly surprising, given the evident success of India's push toward electrification with the attractive FAME and EMPS schemes. This isn’t even a special case; a similar survey revealed that 29% of EV-owners shared the same sentiment internationally — perhaps not that large of a number, but certainly not an unnoticeable one either. The number is even higher when you look at just the United States. According to McKinsey &amp; Co., 46% of US <keyword id="22369438" type="General" weightage="100" keywordseo="electric-vehicle-owners" source="keywords">electric vehicle owners</keyword> are “very” likely to purchase a gas-powered vehicle the next time. <h2><keyword id="21396729" type="General" weightage="20" keywordseo="range-anxiety" source="keywords">Range anxiety</keyword> remains a major roadblock</h2>While the world has seen massive leaps in EV tech over the past few years, many still complain that the primary concerns still prevail. For instance, several cite the persisting inadequacy of <keyword id="20111395" type="General" weightage="20" keywordseo="charging-infrastructure" source="keywords">charging infrastructure</keyword> as a primary reason for the shift back to ICE vehicles. While urban areas in developed countries may boast a fair number of charging stations, the time taken to charge and faulty stations remain significant problems for a daily EV long-distance commuter. For instance, one user sparked up a conversation on Reddit after explaining that they had begun to consider moving back to a hybrid of regular gas vehicles since they wanted to explore the countryside. This is a sentiment that reflects broader consumer concerns that influence purchasing decisions. “Once I was in Big Bear there was only two DC chargers in town, one of which was out of order. There was a line to use them. It was overall an unpleasant experience and took up a lot of time we could have spent actually enjoying Big Bear,” another responded, noting that this was just one of many unpleasant experiences they’ve experienced with the charging infrastructure. “Most of the time at least one or two chargers are out of order and it's just a pain to charge. I love EV's but the infrastructure isn't adequate and reliable enough for me to ditch an ICE car completely.” <div type="Article" hostid="261" msid="111341259" title="EV charging is so bleak that some owners are considering going back to gas-powered cars, survey finds" mstype="2" mssubtype="0"></div>Further, you have to reconcile with the fact that these are still concerns for the urban rich, and that rural and less developed regions are still lagging significantly behind in this matter. Take India, for instance, where the charging infrastructure is still in its nascent stages, despite years-long government efforts. Long queues at charging stations, inconsistent availability, and longer charging times compared to refuelling <keyword id="21283001" type="General" weightage="20" keywordseo="ICE-cars" source="keywords">ICE cars</keyword> are major deterrents for the average Indian EV consumer. Further, range anxiety continues to be a significant barrier, especially in countries like India that value long-distance trips. Despite advancements in <keyword id="20172158" type="General" weightage="20" keywordseo="battery-technology" source="keywords">battery technology</keyword>, two-wheeler EVs boast a maximum range of only 200-300 kilometres, while cars have a 300-400 kilometre range. <h2>Cost and practicality concerns</h2>The initial cost of EVs also remains higher than that of their ICE counterparts, despite decreasing battery prices. For many consumers, especially in price-sensitive markets like India, this cost difference is substantial. Additionally, the practical concerns of battery life and replacement costs add to the apprehension. “While consumers still have plenty of concerns surrounding an EV’s battery range, price remains the higher priority when purchasing an EV,” reported Julia Martinez, a US energy and auto expert. <div type="Article" hostid="261" msid="112062360" title="Government extends EV subsidy scheme till September 30, increases outlay" mstype="2" mssubtype="0"></div>While EVs are often touted for their lower maintenance costs, the reality can be different. Many lament that specialised service centres, the availability of parts, and skilled technicians are not as widespread for EVs as they are for ICE vehicles. This disparity in service infrastructure makes EV ownership less appealing to some consumers, both in India where mechanics are still grappling with learning about the new tech, and globally. <h2>Car-makers are rethinking their approach</h2>This “rejection”, along with the fact the global and US <keyword id="20623482" type="General" weightage="20" keywordseo="EV-market" source="keywords">EV market</keyword> has been stagnating for a while now, has already begun to bleed into real-life corporate decision-making as automakers reevaluate their EV strategies. For instance, Ford and General Motors have recently announced a downscaling of their EV production plans due to slower-than-expected market uptake. Even <keyword id="107096" type="General" weightage="20" keywordseo="tesla" source="Orion">Tesla</keyword> — the very company that arguably made EVs “cool” in the first place — has found itself in an awkward position having to fan some flames away. Not only is the Musk-led company struggling to entice more people into buying their cars, studies have also shown that car buyers are connecting better with EVs built by more traditional automakers than Tesla owners. These developments suggest a broader hesitancy and a rebalancing towards consumer choice, including the retention of ICE options. <div type="Article" hostid="261" msid="112145967" title="Tesla is having trouble wooing new EV shoppers" mstype="2" mssubtype="0"></div>The transition from ICE to EVs is not as straightforward as initially anticipated. While EVs offer significant benefits, various factors such as infrastructure, cost, range anxiety, and consumer sentiment are causing some to reconsider their choices. In India, the journey toward widespread <keyword id="20421629" type="General" weightage="20" keywordseo="EV-adoption" source="keywords">EV adoption</keyword> is marked by impressive sales growth but also significant challenges that need to be addressed. The automotive industry's future may lie in striking a balance between advancing <keyword id="19945562" type="General" weightage="20" keywordseo="EV-technology" source="keywords">EV technology</keyword> and maintaining the reliability of ICE vehicles to meet diverse consumer demands.

EV-iction notice: Why are electric vehicle owners switching back to petrol and diesel (ICE) cars?

<ul class="summary-list"><li>The era of electric air taxis is near, with eVTOLs expected to fly commercially starting next year.</li><li>One expert said eVTOLs fly at low altitudes and could create airspace and security challenges.</li></ul>The US's first <a target="_blank" href="https://www.businessinsider.com/united-electric-air-taxi-archer-evtol-2023-6">electric vertical-takeoff and -landing aircraft</a> are expected to fly commercial passengers as soon as 2025.At launch, <a target="_blank" href="https://www.businessinsider.com/airlines-investing-in-evtol-aircraft-united-american-2022-8">these zero-emission, piloted air taxis</a> — which take off and land like a helicopter but fly like an airplane — are expected to hop between city centers and major airports as a faster and more efficient alternative to driving. The battery-powered vehicles are also much quieter than the <a target="_blank" href="https://www.businessinsider.com/helicopter-ride-nyc-east-hampton-price-increase-airport-noise-regulation-2022-4">noisy helicopters that commonly fly over densely populated cities</a>.According to <a target="_blank" href="https://www.aerosociety.com/news/will-the-aerial-taxis-of-the-future-be-safe/#:~:text=With%20orders%20for%2010%2C000%20eVTOLs,one%20estimate%20from%20JP%20Morgan.">the Royal Aeronautical Society</a>, more than 10,000 eVTOLs are on order worldwide in deals worth some $60 billion.Carriers, including American Airlines, United Airlines, and Virgin Atlantic Airways, as well as noncommercial operators like the <a target="_blank" href="https://www.businessinsider.com/first-electric-air-taxi-delivered-to-us-joby-evtol-2023-10">US Air Force, have placed orders</a> for the new type of aircraft.The investments signal confidence in the futuristic eVTOLs and the burgeoning market for urban air mobility, which JPMorgan analysts have predicted <a target="_blank" href="https://www.businessinsider.com/top-startups-evtol-flying-car-industry-urban-air-mobility-2022-4">could be worth about $1 trillion</a> by 2040.However, the widespread commercialization and expansion of eVTOLs will depend on public acceptance and how regulators and operators address infrastructure challenges both on the ground and in the air.<h2 id="1aca0131-7716-4576-b98f-4cfc4392b0c8">Existing landing zones will need to be electrified with expensive chargers</h2>With up to 200 of the US-based Archer Aviation's Midnight aircraft on order, United is expected to operate the <a target="_blank" href="https://www.businessinsider.com/united-to-use-electric-air-taxi-in-chicago-new-york-2023-3">US's first commercial eVTOL route starting in 2025</a>.In June, the aircraft<a target="_blank" href="https://www.businessinsider.com/flying-taxi-firm-archer-gets-faa-approval-for-commercial-operations-2024-6"> received federal approval to fly commercially </a>as a Part 135 operator, meaning it can run non-scheduled operations like on-demand private charters. It still needs further approvals to fly for airlines like United, but the latest certificate puts it one step closer.United's planned hopper service is set to fly 10 to 20 minutes between downtown Manhattan and Newark Liberty International Airport in New Jersey, offering an alternative to a drive that often takes more than an hour.A later, second United eVTOL route is planned between Chicago's city center and O'Hare International Airport.<div type="image" title="United Airlines Archer Aviation Midnight eVTOL concept drawing." height="1432" width="1866" msid="110773504" hostid="261" sizebytes="77084"></div>All the <a target="_blank" href="https://www.businessinsider.com/how-connectivity-software-can-make-flying-taxis-reality-2024-2">eVTOL destinations have established spots for the electric aircraft</a> to take off from and land on. This type of operation is favored because the landing spots don't take up much space and can be placed near high-density sites such as sports arenas, finance districts, or concert venues.Archer's chief growth and infrastructure officer, Bryan Bernhard, told Business Insider that <a target="_blank" href="https://www.businessinsider.com/see-inside-tour-evtols-the-flying-taxis-revolutionize-commuting-2023-11">Midnight would primarily use these existing heliports</a> or VTOL-specific "vertiports" to start. It also plans to repurpose already-built city infrastructure, such as parking-garage rooftops, as additional landing zones.Regardless of location, facilities that want to welcome eVTOLs like the Midnight must invest in chargers. Bernhard said Archer's would be expensive to purchase and install but would not put a massive new strain on the power grid.He said the challenge lay in striking the right balance between battery conservation and terminal convenience when choosing where to place landing zones.<div type="image" title="The rear two seats of an Archer Midnight eVTOL with x-shaped seatbelts." height="3024" width="4032" msid="110773503" hostid="261" sizebytes="963482"></div>"We're utilizing existing assets and existing routes, so it'll be easy to integrate into that," he said. "But you want to be strategic on where the charger is so the vehicle doesn't have a long taxi path before it can take off."Bernhard added that the Midnight's charger had about the same power output as a <a target="_blank" href="https://www.businessinsider.com/ev-charging-stations-explained-levels-plugs-tesla-supercharger-2022-12">high-speed EV charger.</a><h2 id="be9d0476-d82b-4eb1-a3d5-a187d219bab6">Newly built vertiports may not be welcome in less-urban areas</h2>Henry Harteveldt, a travel analyst, told BI that the continued development of high-density batteries was crucial to eVTOL operators' hope of carrying more people and cargo longer distances.This would lead to the need for newly built vertiports.<a target="_blank" href="https://www.jobyaviation.com/news/joby-to-launch-air-taxi-service-uae/">Joby Aviation,</a> the first and only other US eVTOL manufacturer to secure an FAA certification, has, for example, partnered with eVTOL infrastructure provider Skyports to build four vertiports around Dubai.A Joby spokesperson told BI the company's global operations, which it plans to also extend to places like <a target="_blank" href="https://www.jobyaviation.com/news/joby-ana-partner-nomura-real-estate-vertiports-japan/">Japan</a>, would "blend into the background" and not disrupt daily life."We worked with NASA to analyze the acoustic footprint of the aircraft, demonstrating that at takeoff, it is quieter than a conversation at a distance of 100 meters and is barely perceptive when flying overhead at an altitude of just 500 meters," Joby said.<div type="image" title="Joby in Dubai" height="1500" width="2000" msid="110773508" hostid="261" sizebytes="138736"></div>Across the world, Rani Plaut, the CEO of <a target="_blank" href="https://www.airev.aero/">Air</a>, an Israeli company developing a two-seater eVTOL, told BI that the more infrastructure built to support the growing air-taxi market, the quicker the public would become accustomed to it.Harteveldt said, however, that this unique challenge of public acceptance would be particularly difficult in less-urban communities."There could be an opportunity to build new vertiports in places like office parks or shopping centers," he said. "However, one thing we know to be true is that communities will not want eVTOLs buzzing in and out at all times, even if they're electric."Harteveldt suggested that the optimal places for new vertiports were on top of or adjacent to convention centers or on waterfronts in places like New York City and San Francisco.<div type="image" title="Pilots training in Joby Aviation's eVTOL." height="784" width="1185" msid="110773509" hostid="261" sizebytes="111536"></div>Fortunately for operators, the <a target="_blank" href="https://www.faa.gov/airports/new_entrants/aam_infrastructure">Federal Aviation Administration's</a> official vertiport guidance, coming in 2025, is set to be performance-based. Bernard said the fewer regulatory requirements would make building new US facilities quicker and less costly.<h2 id="09227db6-e9ec-4a66-b5e5-58d27f280cdd">eVTOL operators need to consider airspace safety, security, and efficiency</h2>While manufacturers will face infrastructure challenges on the ground, the industry must also figure out how to efficiently <a target="_blank" href="https://www.businessinsider.com/delta-makes-a-60-million-investment-in-evtols-joby-aviation-2022-10">incorporate eVTOLs into the airspace network</a>.Airspace is used by everything from helicopters and passenger airliners to private jets and student pilots — meaning everyone has to work together with air-traffic control to safely share the skies.<div type="image" title="Archer Aviation" height="1000" width="1500" msid="110773505" hostid="261" sizebytes="148762"></div>Bernhard said the first couple of years of flying the Midnight would involve a few vehicles on existing and approved aviation routes and that Archer intended to use the same operating procedures that exist for other rotorcraft vehicles.He said opening newly certified pathways and new landing locations would take another few years, but conversations about the logistics of air traffic management would ignite.While the era of air taxis is almost here, Harteveldt said he didn't see eVTOLs littering the skies anytime soon. He said this "Jetsons"-like dream would be limited by safety and noise restrictions, especially since the eVTOLs would be flying at lower altitudes."How do you ensure these aircraft don't intentionally do anything that jeopardizes safety and security in places like Washington, DC, or London or Paris, and many others," he said. "You aren't going to want to have these eVTOLs operating in proximity to some of these places."

Flying taxis are closer than ever to reality. The booming industry needs to overcome infrastructure hurdles. 

New Delhi [India], June 5 (ANI): The Bharatiya Janata Party (<keyword id="19894848" type="General" weightage="20" keywordseo="bjp" source="keywords">BJP</keyword>)-led National Democratic Alliance (<keyword id="19938590" type="General" weightage="20" keywordseo="NDA" source="keywords">NDA</keyword>) secured a majority in the general elections, securing a third term for Prime Minister Narendra Modi. This victory indicates continuity in policy, particularly in <keyword id="21785272" type="General" weightage="20" keywordseo="infrastructure-spending" source="keywords">infrastructure spending</keyword> and boosting domestic manufacturing, which are expected to support robust <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. However, the NDA's slim margin of victory and the BJP's loss of an outright majority in parliament may slow down more extensive economic and fiscal reforms, potentially impeding <keyword id="20101140" type="General" weightage="20" keywordseo="fiscal-consolidation" source="keywords">fiscal consolidation</keyword> efforts. In fiscal 2023-24, India's real GDP accelerated to 8.2 per cent from 7.0 per cent the previous year, driven by significant gains in gross fixed capital formation as the government's infrastructure programs gained momentum, even as private consumption remained subdued. <keyword id="20227907" type="General" weightage="20" keywordseo="Moodys" source="keywords" meta.keywordsubtype="org" meta.entityname="Moody's" meta.hostid="261" meta.entityid="Moody's">Moody's</keyword> projects India's economic strength to continue, with an anticipated real <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> of around 7 per cent over the three-year period from fiscal 2023-24 to 2025-26. This growth is expected to benefit from ongoing infrastructure development and digitalization efforts. Despite this outlook, structural weaknesses pose risks to long-term growth potential. High youth unemployment and low productivity growth in the agriculture sector constrain economic expansion. The agricultural sector's modernization has been stalled by political challenges, as evidenced by the repeal of key reforms in 2021 following widespread farmer protests. Additionally, gains in manufacturing have been uneven, limiting labour force diversification away from agriculture, which still accounts for 40 per cent of total employment. Foreign direct investment (FDI) inflows have declined over the past three years, despite a favourable geopolitical climate amid US-China tensions. This trend suggests persistent constraints within India's investment climate. To address these challenges, further structural reforms and enhanced implementation of existing initiatives, such as the production-linked incentive schemes to promote manufacturing, calibrated liberalisation of cross-border trade, and reconsideration of labour reforms, are necessary. The government's focus on fiscal consolidation is expected to continue, but significant improvements in debt ratios and interest servicing have yet to be realised. Since the trough in fiscal 2020-21, the central government's deficit has likely narrowed for three consecutive years. The interim budget for fiscal 2024-25 projects a deficit of around 5 per cent of GDP, aiming for a 4.5 per cent deficit by fiscal 2025-26. However, India's fiscal consolidation post-pandemic has not outpaced other emerging markets in Asia-Pacific, and its fiscal and debt metrics remain weaker than those of Indonesia, the Philippines, Thailand, and other Baa-rated peers globally. India's general government debt is projected to stabilise above 80 per cent of GDP over the next three years, compared to 70.5 per cent in fiscal 2018-19. General government interest payments are forecast to fall to around 24 per cent of general government revenue over the next two years, down from over 28 per cent in fiscal 2020-21, but still higher than the pre-pandemic ratio of less than 23 per cent. While increased budgetary allocations for infrastructure indicate an improvement in spending quality, debt servicing remains a significant portion of expenditure, reflecting ongoing constraints on fiscal flexibility. This situation underscores the need for the incoming government to balance fiscal consolidation with growth-supportive measures. The upcoming final budget for the fiscal year ending March 2025 will provide further insights into India's fiscal policy direction through 2029. As the Modi administration embarks on its third term, the focus will likely remain on sustaining economic growth while addressing the persistent <keyword id="21500054" type="General" weightage="20" keywordseo="fiscal-challenges" source="keywords">fiscal challenges</keyword> that hinder India's long-term economic potential.

Modi 3.0 will offer policy continuity, but BJP's loss of outright majority may slow down fiscal reforms: Moody's

According to a recent online survey by <a href="https://m.economictimes.com/industry/renewables/budget-2024-survey-whats-stopping-indians-from-buying-evs/articleshow/107132645.cms" data-type="tilCustomLink">The Economic Times</a>, the majority of Indians cite one recurring issue holding them back from fully transitioning to an electric vehicle: range anxiety. Unlike petrol stations — whose vast numbers can almost rival the pani puri sellers in our country — <keyword id="20111395" type="General" weightage="20" keywordseo="charging-infrastructure" source="keywords">charging infrastructure</keyword> for EVs remainly severely limited in even our developed metro cities, much less the rest of the country. But imagine a future where a short chai and stretch break is enough to fully charge your electric car on a road trip. This once-futuristic vision is inching closer to reality, thanks to pioneering new study co-written by <keyword id="20756106" type="General" weightage="20" keywordseo="Ankur-Gupta" source="keywords">Ankur Gupta</keyword>, a researcher of Indian origin at the University of Colorado. The research, which leverages the movement of tiny charged particles called ions, holds immense promise in revolutionising <keyword id="20368669" type="General" weightage="20" keywordseo="energy-storage" source="keywords">energy storage</keyword>, making devices faster and more efficient than ever. Reports have suggested that this harnessing this technology could help charge a dead smartphone within a minute, or an electric car in just ten minutes. The charges that drive electricity work shockingly similar to fluids. For example, it isn’t entirely inaccurate to compare a battery to a pump that helps to maintain a constant flow of water. Gupta’s innovative research draws inspiration from similar fluidic processes, and pushes it to the extreme. The study repurposes chemical engineering techniques traditionally used for studying fluid flow in porous materials, such as oil reservoirs and water filtration systems. In particular, they focused on <keyword id="21612024" type="General" weightage="20" keywordseo="supercapacitors" source="keywords">supercapacitors</keyword> — battery-like energy storage devices used in EVs known for their rapid <keyword id="6453703" type="General" weightage="20" keywordseo="charging" source="Orion">charging</keyword> capabilities and longevity. “Supercapacitors are prized for their speed,” Gupta explained. “Our challenge was to accelerate the charging and discharging processes by enhancing ion movement efficiency.” You can think of an ion as a frenzied atom or molecule that carries a charge. This makes them highly reactive and constantly attracted to other particles with the opposite charge. The flow of ions makes part of what we know as current in our electronics. Meanwhile, supercapacitors store energy by accumulating ions in their pores. Gupta’s team discovered that ion movement at the intersections of these pores deviates significantly from what Kirchhoff’s law describes. This law, established in 1845, governs current flow in electrical circuits and is a cornerstone of electrical engineering. Ankur’s research is thus, quite literally, rewriting electrical engineering as we know it. By harnessing what they learned from this groundbreaking research, Gupta and his team believe that we can massively improve the movement of ions through supercapacitors, thereby improving the rate with which we charge and release energy. The implications of this research extend beyond personal electronics to <keyword id="19895203" type="General" weightage="100" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> and power grids, where efficient energy storage is crucial to balancing supply and demand. As the global demand for efficient and sustainable energy solutions grows, Gupta's research marks a pivotal step forward. It opens up a world of possibilities for energy storage innovation, potentially making ultra-fast charging a commonplace feature in the near future. “The future of our planet hinges on <keyword id="21427498" type="General" weightage="20" keywordseo="energy-innovation" source="keywords">energy innovation</keyword>,” Gupta remarks. “We found the missing link.” The findings of this research have been published in Proceedings of the National Academy of Sciences and can be accessed <a href="http://dx.doi.org/10.1073/pnas.2401656121" data-type="tilCustomLink">here</a>.

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