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Almost 1 in 5 Indian adults aged 60+ show signs of mild neurocognitive disorder, according to a study. Given an estimated 138 million adults over 60 years of age in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>, these estimates suggest approximately 24 million and 9.9 million older adults in India are living with mild and major neurocognitive disorder, respectively, revealed the study published in the journal <keyword id="20516892" type="General" weightage="20" keywordseo="plos-one" source="keywords">PLOS One</keyword>. The findings showed that the prevalence of major neurocognitive disorder was greater with older ages - from about 4 per cent among those aged 60-64 years to 15.2 per cent among those aged over 80 years. "India, with its rapidly aging population, faces an alarming burden of dementia," said the team including from St. John's Medical College in Bengaluru and Johns Hopkins University in the US. For the study, the team recruited almost 4,100 participants residing in 18 geographically and linguistically diverse states such as Jammu &amp; Kashmir, Punjab, Delhi, West Bengal, Maharashtra, Karnataka, <keyword id="19896558" type="General" weightage="20" keywordseo="tamil-nadu" source="keywords">Tamil Nadu</keyword>, among others. The majority of the group was aged 60-79 years. They found that the prevalence is higher with older age, less educational attainment, and among illiterate and rural-living older adults. These findings highlight the growing importance of dementia in India. "The prevalence of dementia in India is higher than previously recognised. These findings, coupled with a growing number of older adults in the coming decades in India, have important implications for society, public health, and families," the researchers said in the paper. The team analysed the participants using the Diagnostic and Statistical Manual of Mental Disorders (DSM-5) -- a widely recognised clinical diagnostic authority. Tbe results showed that the population prevalence of DSM-5 mild and major neurocognitive disorder was 17.6 per cent and 7.2 per cent, respectively. Further, 12 per cent reported severe loss in at least one ADL (activities of daily living) and 8.5 per cent reported impairment in any IADL (instrumental activities of daily living). Major neurocognitive disorder was more prevalent among illiterate (9.3 per cent) than literate (5 per cent) and rural (10.3 per cent) than urban (4.9 per cent) SEE ALSO:<a href="https://www.businessinsider.in/tech/news/affordability-propels-indian-smartwatch-shipments-to-rise-by-50-in-2023/articleshow/107517214.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/affordability-propels-indian-smartwatch-shipments-to-rise-by-50-in-2023/articleshow/107517214.cms" target="_blank">Affordability propels Indian smartwatch shipments to rise by 50% in 2023</a><a href="https://www.businessinsider.in/business/auto/webstories/top-ten-selling-cars-in-india-in-january-2024/slidelist/107547644.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-ten-selling-cars-in-india-in-january-2024/slidelist/107547644.cms" target="_blank">Baleno regains the top selling car spot as Maruti Suzuki dominates the Jan top-10 list</a><a href="https://www.businessinsider.in/stock-market/webstories/tcs-crosses-15-lakh-crore-market-cap-a-look-at-indias-biggest-companies/slidelist/107478912.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/tcs-crosses-15-lakh-crore-market-cap-a-look-at-indias-biggest-companies/slidelist/107478912.cms" target="_blank">TCS crosses ₹15 lakh crore market cap – A look at India’s biggest companies</a>

1 in 5 Indian adults over 60 show signs of mild neurocognitive disorder: Study

The government's decision to remove <keyword id="22142879" type="General" weightage="20" keywordseo="indexation-benefit" source="keywords">indexation benefit</keyword> on sale of old property will result in huge <keyword id="22544904" type="General" weightage="20" keywordseo="inflow-of-black-money" source="keywords">inflow of black money</keyword> in <keyword id="19895040" type="General" weightage="100" keywordseo="real-estate" source="keywords">real estate</keyword> and investments in the sector will go down, AAP Rajya Sabha member <keyword id="19934326" type="General" weightage="20" keywordseo="Raghav-Chadha" source="keywords">Raghav Chadha</keyword> said on Thursday. Asking the government to roll back the proposal, Chadha, while taking part in the discussion on the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25, said people will never be able to buy their "dream homes". "Restore indexation on <keyword id="20584761" type="General" weightage="20" keywordseo="long-term-capital-gains" source="keywords">long-term capital gains</keyword>. Throughout the world, to woo investors to invest they are incentivised. In this country, by removing indexation we are disincentivising the investor class," he said, adding that removing indexation is not imposing <keyword id="19987671" type="General" weightage="20" keywordseo="tax" source="keywords">tax</keyword> but it is equivalent to "penalising investors". He said as a result of the step proposed by <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman in the Budget 2024-25, individuals selling old properties will incur higher tax outgo. "If you do not bring back indexation three things will happen in this country. First, <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> in real estate will go down and people will never be able to buy their 'dream homes'," Chadha asserted. He further said there will be undervaluation of property deals, people will buy properties at 'circle rates' and will never disclose the real value of the property. "Third, there will be a huge inflow of <keyword id="20592248" type="General" weightage="20" keywordseo="black-money" source="keywords">black money</keyword> if you don't roll back this decision to withdraw indexation," he said. In the Union Budget 2024-25, the government proposed reducing the long-term capital gains tax on immovable properties to 12.5 per cent from 20 per cent, but removed the indexation benefits to adjust for inflation. As per the Memorandum to the Union Budget, with rationalisation of rate to 12.5 per cent, indexation available under Section 48 of the Income Tax Act has been proposed to be removed for calculation of any long-term capital gains, which is presently available for property, gold and other unlisted assets. Chadha also highlighted the high tax burden faced by common people and asked for a comprehensive review of both direct and indirect taxes. "We impose taxes like the Europeans do, to get services like sub-Saharan countries," he added. Taking part in the discussion, Debashish Samantaray of the BJD said the central government has given a raw deal to all eastern states like Odisha, Jharkhand, West Bengal in the Budget. He charged that in spite of Odisha giving 20 seats to the BJP, there was hardly anything for the state in the Union Budget. He noted that "regional aspiration should be addressed", and asked the central government to treat all states as equal. RJD's Sanjay Yadav attacked the government stating the Budget had nothing for the poor and marginalised and only catered to the rich and powerful. He noted that his party has been demanding special category status for Bihar for a very long time. Yadav said instead of dividing people on the basis of religion and caste, the government should work towards generating employment in the country. Medha Vishram Kulkarni of BJP and Rajani Ashokrao Patil of INC also participated in the debate. C V Shanmugham of AIADMK said allocation in the Budget does not significantly address the pressing needs of Tamil Nadu's infrastructure, health care, Social justice and education. The government has mentioned 76 projects in Tamil Nadu, but most of them are pre-existing ones getting a facelift. Moreover, in the Budget, no help in flood mitigation was provided, despite the state being prone to cyclones. There is no mention of a linkage of Kaveri and Godawari in the Budget, he said. Samirul Islam of AITC said this Budget is anti-people, anti-poor and anti-Bengal. It only satisfies Bihar and Andhra Pradesh's allies and is to save the government. "The Budget has deprived Bengal," he said. It has also ignored the people, especially the unorganised sector. 83 per cent of India's workforce is employed by unorganised sectors and failed to announce a comprehensive scheme for them and migrant workers, he said. M Mohamed Abdulla of the DMK said the Budget has provoked a constructive debate and disappointment in Tamil Nadu, a state known for its economic contributions. Tamil Nadu expected support and recognition in the budgetary allocations, but received nothing. The government is supposed to represent the people of the country as a whole. However, it is very unfortunate and unfair to see unequal distribution to the state governments, especially for the non-BJP ruled states like Tamil Nadu which provides the highest tax for the government, he said.

Removal of indexation benefit will lead to huge inflow of black money in real estate: Raghav Chadha

<keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s first woman judge of the <keyword id="6354977" type="General" weightage="100" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> <keyword id="77775" type="General" weightage="20" keywordseo="Fathima-Beevi" source="Orion">Fathima Beevi</keyword> breathed her last at a private hospital at Kollam on Thursday. She was 96-years-old and was in hospital for a while. Beevi, who was living at her home in Pathanamthitta after retirement, has a number of firsts to her name. Apart from being the first woman judge of the apex court she was the first Chairperson of the National Human Rights Commission and the first Muslim female Governor (<keyword id="20154" type="General" weightage="80" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>). Incidentally Beevi enrolled herself as an advocate in 1950 and began her career in the lower judiciary in Kerala. Beevi was appointed as a Munsiff in the Kerala Sub-ordinate Judicial Services in May 1958. She was promoted as the Sub-ordinate Judge in 1968, as the Chief <keyword id="169412" type="General" weightage="80" keywordseo="judicial-magistrate" source="Orion">Judicial Magistrate</keyword> in 1972 and as District and Sessions Judge in 1974. Beevi was further appointed the Judicial Member of the Income Tax Appellate Tribunal in January 1980 before being elevated to the <keyword id="6355392" type="General" weightage="80" keywordseo="high-court" source="Orion">High Court</keyword> as a Judge on August 4, 1983. Beevi became permanent Judge of the High Court on May 14, 1984. She retired as the Judge of the High Court on April 29, 1989 but was further elevated to the Supreme Court as a Judge on October 6, 1989 where she retired on April 29, 1992. Beevi later went on to become the Governor of Tamil Nadu on January 25, 1997 and she quit in 2001 following a decision of the Union Government recommending to the President to recall her. SEE ALSO:<a href="https://www.businessinsider.in/india/news/66-year-old-loses-1-52-crore-in-courier-scam-what-it-is-and-how-to-protect-yourself/articleshow/105440830.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/66-year-old-loses-1-52-crore-in-courier-scam-what-it-is-and-how-to-protect-yourself/articleshow/105440830.cms" target="_blank">66-year-old loses ₹1.52 crore in courier scam – what it is and how to protect yourself</a><a href="https://www.businessinsider.in/sports/webstories/these-players-who-missed-out-on-world-cup-and-australia-t20i-series-also/slidelist/105434595.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/these-players-who-missed-out-on-world-cup-and-australia-t20i-series-also/slidelist/105434595.cms" target="_blank">Sanju Samson to Yuzvendra Chahal, players who missed out on World Cup and Aus T20I series</a><a href="https://www.businessinsider.in/stock-market/webstories/list-of-favourite-stocks-of-indias-richest-investors/slidelist/105417702.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/list-of-favourite-stocks-of-indias-richest-investors/slidelist/105417702.cms" target="_blank">Favourite stocks of India’s richest investors: from Radhakishan Damani to Hemendra Kothari</a>

India's first woman judge of Supreme Court Fathima Beevi passes away at 96

<ul><li>The government of <keyword id="20154" type="ORGANIZATION" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword> currently imposes 10% <keyword id="935478" type="PERSON" weightage="20" keywordseo="motor-vehicle-tax">motor vehicle tax</keyword> on four wheelers below ₹10 lakh and 15% on vehicles above the said amount.</li><li>Tamil Nadu accounts for almost 10% of all vehicles registered in India, according to the Ministry of Road Transport and Highways.</li><li>A car with a price tag of ₹10 lakh would cost over ₹12.8 by the time you can drive it out of the showroom.</li></ul>The Tamil Nadu government recently released a white paper ⁠— and the state’s Finance Minister Palanivel Thiagarajan echoed the sentiment ⁠— that complained that the tax on motor vehicles in the state had not changed in nearly 15 years. The statement only hints towards one direction, that the government has finally taken notice of the matter that had been lingering around for the past decade and a half. The state — which is also home to the automobile hub of India, Chennai — may also take some action to fix this in the near-future. The small to midsize-car owners and makers of cars ranging upto ₹20 Lakh — may still be able to sail past these potential policy updates. But the risk is much higher for luxury car owners and makers like Mercedes, BMW and any other car maker that sells cars at more than ₹20 lakhs a unit. This could even include the high-end cars from Indian auto giants like Tata Motors and Mahindra. If the Tamil Nadu government decides to act on the white paper, it would make at least one in every 10 cars sold in the country more expensive, at a time when car sales have been slow for over three years. Tamil Nadu is the third largest state in terms of vehicle registration , according to data <a href="https://vahan.parivahan.gov.in/vahan4dashboard/">shared</a> by the Ministry of Road Transport and Highways. As per the data, Tamil Nadu accounts for 10% of vehicles registered between 2017 to August 12 of 2021. Notably, Tamil Nadu currently charges 10% motor vehicle tax on vehicles below ₹10 lakh and 15% tax rate on vehicles above ₹10 lakh. The current car taxation policy in Tamil Nadu: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">Costs/Taxes </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;">Amount </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;">Cost of car </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;">₹10,00,000 </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;">Motor Vehicle Tax in Tamil Nadu (at 10% rate) </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;">₹1,00,000 </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;">GST* (at 18% rate) </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;">₹1,80,000 </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;">Road Safety Tax </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;">₹1500 </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;">Fee </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;">₹600 </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;">Service Charge </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;">₹200 </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;">Total </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;">₹12,82,300 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>*GST ranges between 18-28% based on the size and engine power of the car. The government charges 28% GST or above on sports utility vehicles (SUVs) and luxury cars. As it is visible above, a car with a price tag of ₹10 lakh would be worth ₹12,82,300 by the time you can drive it out of the showroom. This also includes the Goods and Service Tax (GST) imposed by the Union government and split with the state government. Now, Finance Minister Thiagrajan’s worry is that the state is losing revenue and many people from neighbouring states like Kerala and Karnataka are registering their cars in Tamil Nadu because the taxes are lower. The Tamil Nadu government expects to collect a little over ₹6500 crore taxing new motor vehicles by FY22, Finance Minister Thiagarajan said in his state budget speech this week. He also added that the government expects a 12% growth rate in such revenue in each of the next two years. Tax on four wheelers in Tamil Nadu and neighbouring states: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">States </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;">For vehicles four wheelers upto ₹5 lakhs </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;">For purchase value upto ₹10 lakhs </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;">For vehicles between ₹15-₹20 lakhs </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;">For vehicles above ₹20 lakh </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;"><a href="https://tnsta.gov.in/taxes_thirdschedule_sub.jsp">Tamil Nadu</a> </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;">10% of purchase price </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;">10% of purchase price </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;">15% of purchase price </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;">15% of purchase price </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;"><a href="https://www.coverfox.com/personal-finance/tax/road-tax/kerala/">Kerala </a> </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;">6% of purchase price </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;">8% of purchase price </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;">10% of purchase price </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;">20% of purchase price </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;"><a href="https://www.bankbazaar.com/tax/karnataka-road-tax.html">Karnataka</a> </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;">13% of purchase price </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;">14% of purchase price </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;">17% of purchase price </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;">18% of purchase price </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> While the Tamil Nadu government is talking about taxing motor vehicles in general, the data shows that the multiple tax slab schemes been a major point of difference when compared to Karnataka and Kerala. The multiple tax slabs have allowed both Kerala and Karnataka government to charge much higher motor vehicle tax rate to customers buying luxury cars above ₹20 lakh. The other interesting bit here is that while Karnataka taxes motor vehicles more, it still ranks right after Tamil Nadu in terms of the number of vehicles registered in the state. This shows that the tax alone may not be the determining factor. As per the data <a href="https://vahan.parivahan.gov.in/vahan4dashboard/">shared</a> by the Ministry of Road Transport and Highways, Karnataka earned ₹49,782 crore and Tamil Nadu earned ₹44,031 crore in the same period. Kerala, despite not being mentioned as one of the top five states in terms of vehicle registration, was the fifth biggest collector with ₹30,950 crore revenue between the same time frame. Meanwhile, Tamil movie stars <a href="https://www.financialexpress.com/india-news/tamil-actor-vijay-gets-relief-from-madras-high-court-in-rolls-royce-ghost-car-tax-exemption-plea-case/2298732/">Vijay</a> and <a href="https://indianexpress.com/article/cities/chennai/dhanush-faces-hc-wrath-for-seeking-tax-exemption-for-imported-rolls-royce-7440719/">Dhanush</a> had recently approached the courts seeking tax waivers on their imported luxury cars. The courts rejected the plea. A slowing economy, lack of mobility due to lockdowns and increased work from home, has kept car sales in India on the slow lane for a while now. <div type="image" title="Tamil Nadu government is upset about losing money on luxury cars" msid="85322721" hostid="261"></div> Car sales growth rate witnessed a 21-year-low dip in December 2019, according to data<a href="https://economictimes.indiatimes.com/industry/auto/auto-news/reverse-gear-domestic-car-sales-plunge-for-the-10th-straight-month-down-41-in-august/articleshow/71044021.cms?from=mdr"> shared</a> by the Society of Indian Automobile Manufacturers (SIAM). COVID-19 further resulted in <a href="https://www.businessinsider.in/business/auto/news/covid-19-lockdowns-and-curfews-affecting-worlds-fourth-largest-automobile-market/articleshow/82195326.cms">shutting down </a>of production at original equipment manufacturers (OEMs), disrupted supply chain and reduction in consumer demand. Higher duties in states like Tamil Nadu could deter buyers even more. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/india-now-has-four-edtech-unicorns-byju-unacademy-eruditis-upgrad/articleshow/85300757.cms">From Byju’s to Eruditus — India now has four edtech unicorns, thanks to a $4 billion funds flowing in since 2020</a> <a href="https://www.businessinsider.in/business/startups/news/travel-app-ixigo-files-for-a-1600-crore-ipo/articleshow/85292327.cms">Travel app ixigo files for a ₹1,600 crore IPO</a> <a href="https://www.businessinsider.in/business/ecommerce/news/swiggy-reports-nearly-three-fold-increase-in-annual-revenue-in-neck-and-neck-race-with-zomato/articleshow/85233393.cms">Swiggy reports nearly three-fold increase in annual revenue, in neck and neck race with Zomato</a>

Tamil Nadu government is upset about losing money on luxury cars

<ul><li><keyword id="6602160" type="General" weightage="80" keywordseo="ola-electric-mobility" source="Orion">Ola Electric Mobility</keyword> Private Ltd. has signed a MoU with the <keyword id="20154" type="General" weightage="80" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword> government to invest ₹7,614 crore.</li><li>According to the Tamil Nadu government, Ola Electric Mobility's group companies -- <keyword id="16569311" type="General" weightage="50" keywordseo="ola-cell-technologies-private-ltd" source="Orion">Ola Cell Technologies Private Ltd</keyword> and <keyword id="16569310" type="General" weightage="50" keywordseo="ola-electric-technologies-private-ltd" source="Orion">Ola Electric Technologies Private Ltd</keyword> -- will set up the lithium ion cell plant and EV car plant respectively.</li></ul>Chennai, Electric vehicle (EV) player Ola Electric Mobility Private Ltd. has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to invest ₹7,614 crore to make EV cars and lithium ion cells in the state. According to the Tamil Nadu government, Ola Electric Mobility's group companies -- Ola Cell Technologies Private Ltd and <keyword id="16569309" type="General" weightage="80" keywordseo="ola-electric-technologies" source="Orion">Ola Electric Technologies</keyword> Private Ltd -- will set up the lithium ion cell plant and EV car plant respectively. The Ola Electric Technologies will invest Rs 5,114 crore for making lithium cells and Ola Electric Technologies will invest Rs 2,500 crore for the car plant, the state government said. The two plants will come up in Krishnagiri district. Several days ago, the Tamil Nadu government unveiled its new EV industry policy. "Ola will set up the world's largest EV hub with integrated 2W, car and lithium cell Gigafactories in Tamil Nadu. Signed MoU with Tamil Nadu today. Thanks to Hon.CM@mkstalin for the support and partnership of the TN govt! Accelerating India's transition to full electric!" Bhavish Aggarwal, Co-Founder tweeted. SEE ALSO: <a href="https://www.businessinsider.in/science/news/china-clones-three-super-cows-to-produce-milk-by-the-gallons/articleshow/97570773.cms">Holy Cow! China clones three 'Super Cows' to produce milk by the gallons</a> <a href="https://www.businessinsider.in/tech/mobile/news/new-patent-suggests-that-apple-could-bring-a-foldable-iphone-with-a-self-healing-display-in-the-future/articleshow/97302738.cms">New patent suggests that Apple could bring a foldable iPhone with a self-healing display in the future</a>

Ola group to invest ₹7,614 cr in TN for lithium ion cell, EV cars

France-based automobile manufacturer <keyword id="43777" type="General" weightage="80" keywordseo="renault" source="Orion">Renault</keyword> and Japan-headquartered <keyword id="46283" type="General" weightage="100" keywordseo="nissan" source="Orion">Nissan</keyword> on Monday committed investments of USD 600 million (around ₹5,300 crore) in the country 15 years after foraying into the <keyword id="20154" type="General" weightage="80" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword> automobile industry. The fresh round of investments would witness rollout of six new models between the two companies, including two electric vehicles, representing the two global brands, Nissan Global Chief Operating Officer and Member, Alliance Board Ashwani Gupta said here. Currently, both automakers produce four models at the Chennai plant located at Oragadam, about 45 kilometres from here. According to Gupta, the Renault-Nissan manufacturing facility would also become 100 per cent carbon neutral by 2025 with use of renewable energy. The investments would see creation of 2,000 new jobs at the Renault Nissan Research and Development and Business Centre located at Mahindra Research City in Singaperumalkoil. Gupta, in the presence of Chief Minister M K Stalin, Renault <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> Country CEO Venkatram Mamillapallee exchanged memorandum of understanding with the Tamil Nadu government promoted nodal agency Guidance Bureau MD and CEO <keyword id="16485351" type="General" weightage="50" keywordseo="vishnu-venugopal" source="Orion">Vishnu Venugopal</keyword> at an event here. Elaborating on the new models, Gupta said: "Today is almost 15 years of Renault-Nissan announcing plans of a manufacturing facility in Chennai following the signing of an agreement with the Government of Tamil Nadu." "Since then, our factory (in Chennai) has produced more than 2.4 million cars and exports to over 108 countries. I am delighted to announce that our partnership (Renault-Nissan) continues with a new agreement with Government of Tamil Nadu," he said. Gupta termed the signing of agreement with the government as a 'long-term commitment' of the automakers to India and the wider region. On the signing of the new agreement, he said India is one of the key markets and it is poised to become the third largest automotive market in the world. "That is why we are thrilled to announce our new long-term vision for the country where we will introduce six new models, including two battery-operated vehicles to be made at our plant in Chennai. This plant will become an international export hub," he said. The increased activity in new projects at its technical centres including digital and software development would see creation of up to 2,000 jobs at Mahindra World City, he added. "We are (also) transforming our Chennai plant into a carbon neutral manufacturing power house. This is really a great day for the alliance...," he said. The Chennai plant already sources more than 50 per cent of its electricity from renewable energy including solar, biomass and wind. The existing solar plant would become more than six times bigger, expanding to a 14 MW plant from 2.2 MW currently, the company said. On the rollout of new products, Gupta said, "Of the six new models manufactured here, three will be made by Nissan and three by Renault -- to the four existing Nissan and Renault vehicles. These vehicles will be built on a common alliance platform while keeping individual distinctive brand identities." Gupta said the new manufacturing products would include four new 'C' segment Sports Utility Vehicles (SUVs) while it would be the first for Nissan in India. "Importantly, this lineup will include Nissan and Renault's first-ever electric vehicles for India," he said. Two new 'A' segment electric vehicle products would be built on both brands (Renault and Nissan) and would have mass market electrification, he said referring to the success of the company's electric vehicles Nissan Aria and Secura. The investment announcements made by the company signals significant increase in exports from India showcasing the skilled manufacturing capabilities that would benefit the customers in the world, he said. "Our plant will boost plant utilisation, up to 80 per cent securing thousands of jobs in years to come," he said. By 2025, 100 per cent of the electricity used in the plant would be renewable energy, Gupta said. "This is an ambitious and important target as you can see we are fully committed to the Indian market in electrification..." Under the new framework of agreement, Renault Nissan Automotive India Pvt Ltd would move to an ownership of 51 per cent Nissan and 49 per cent Renault. Renault Nissan Technology Business Centre would move to an ownership of 51 per cent Renault - 49 per cent Nissan. "This reinforces the partnership for the long-term and will empower the joint ventures with more responsibility and more autonomy," the company said in a statement. Gupta recalled that he was present during the inauguration of the company's research and development and formation of Renault Nissan Automobile India Pvt Ltd about 17 years ago in Chennai and in other parts of the country. "It is personally very significant for me to be back here and to be a part of building a future for the company and for our people," he said. According to a company statement, the new models to be produced at the Chennai plant would not only serve the domestic customers but also signal a significant increase in exports from India, boosting plant utilisation levels to 80 per cent. Nissan's Africa, Middle East, India, Europe and Oceania region Chairperson Guillaume Cartier said: "Renault and Nissan are fully committed to the Indian market, committed to electrifying the Indian market and committed to minimising our impact on the environment." "India was the first Alliance plant and India will be at the centre of this new chapter of the alliance, with new vehicles, new R&amp;D activities and new export markets taking our joint operations to the next level," he said. "Renault and Nissan have renewed their commitment to India today and we thank the Tamil Nadu government for their strong partnership and support," Cartier said. Tamil Nadu Industries Department additional chief secretary S Krishnan said, "The Renault-Nissan Alliance in Tamil Nadu has had manufacturing and design facilities in operation in the state for more than 15 years now. This is a very valuable and important relationship for the Government of Tamil Nadu and the Alliance. It employs about 15,000 people indirectly in the State..." "We are very excited about this new proposal of modernisation and fresh investment by the Renault-Nissan Alliance in Tamil Nadu. This genuinely brings to life 'Make in Tamil Nadu' and 'Make in India for the World'," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/yamaha-bikes-to-be-e20-compliant-by-end-of-this-year-drives-in-new-range-with-traction-control-system/articleshow/97865654.cms">Entire motorcycle range to be E-20 compliant by end of the year: Yamaha</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/cancer-diagnosis-can-affect-a-persons-ability-to-keep-a-job-says-a-study-in-american-academy-of-neurology/articleshow/97866989.cms">Cancer diagnosis can affect a person's ability to keep a job says a study in American Academy of Neurology</a>

Renault-Nissan commits ₹5,300 cr to TN; to introduce 6 new models including EVs

Nearly 88 per cent of the investments made by Alternative Investment Funds (<keyword id="1006423" type="General" weightage="80" keywordseo="aifs" source="Orion">AIFs</keyword>) under the Startups <keyword id="3483659" type="General" weightage="80" keywordseo="ffs" source="Orion">FFS</keyword> (Fund for Funds) Scheme have gone to five states. <keyword id="6354780" type="General" weightage="20" keywordseo="karnataka" source="Orion">Karnataka</keyword> has topped the list of states with an investment of Rs 4,687 crore out of the total investment of Rs 14,077 crore spread across the country. The Fund of Funds for Startups (FFS) Scheme was approved and established in 2016 with a corpus of Rs 10,000 crore, with contribution spread over the 14th and 15th Finance Commission cycle based on progress of implementation, to provide a much-needed boost to the Indian startup ecosystem and enable access to domestic capital. As on December 31, 2022, under FFS, Rs 7,980 crore has been committed to 99 AIFs and Rs 3,400 crore has been disbursed to 72 AIFs which have in turn made investments of Rs 14,077 crore in 791 startups. The government data said that while Karnataka got an investment of Rs 4687 crore for 240 startups under the scheme, Maharashtra's 176 startups received an investment of Rs 3,426 crore and Delhi's 138 startups got Rs 2,254 crore. Similarly, in Haryana 60 startups received an investment of Rs 1,148 crore and in <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>, 29 startups got an investment of Rs 826 crore. Under FFS, the Scheme does not directly invest in startups, instead it provides capital to SEBI-registered Alternative Investment Funds (AIFs), known as daughter funds, who in turn invest money in growing Indian startups through equity and equity-linked instruments. The <keyword id="104385" type="General" weightage="50" keywordseo="small-industries-development-bank-of-india" source="Orion">Small Industries Development Bank of India</keyword> (SIDBI) has been given the mandate of operating this Fund through selection of suitable daughter funds and overseeing the disbursal of committed capital. AIFs supported under FFS are required to invest at least two times of the amount committed under FFS in startups. The Government with an intent to build a strong ecosystem for nurturing innovation, startups and encouraging private investments in the startup ecosystem of the country launched Startup India initiative on January 16, 2016. The flagship Schemes including Fund of Funds for Startups (FFS), <keyword id="9949511" type="General" weightage="50" keywordseo="startup-india-seed-fund-scheme" source="Orion">Startup India Seed Fund Scheme</keyword> (SISFS) and Credit Guarantee Scheme for Startups (CGSS) support startups at various stages of their business cycle to enable startups to graduate to a level where they are able to raise investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions. Officials said that over 50 regulatory reforms have been undertaken by the Government since 2016 to enhance ease of doing business, ease of raising capital and reduce compliance burden for the startup ecosystem. Besides, to enable ease of procurement, Central Ministries and Departments have been directed to relax conditions of prior turnover and prior experience in public procurement for all DPIIT recognised startups subject to meeting quality and technical specifications. Further, Government e-Marketplace (GeM) Startup Runway has been developed which is a dedicated corner for startups to sell products and services directly to the Government. The Government also implements flagship annual exercises and programs including States' Startup Ranking, National Startup Awards and Innovation Week which play an important role in holistic development of the startup ecosystem. The Government also facilitates participation and engagement of the Indian startup ecosystem at international platforms. SEE ALSO: <a href="https://www.businessinsider.in/thelife/news/chatgpt-wrote-6-love-letters-as-the-bard-chandler-bing-an-srk-fan-more-heres-what-it-missed/articleshow/97823242.cms">ChatGPT wrote 6 love letters as the Bard, Chandler Bing, an SRK fan &amp; more – here’s what it missed</a> <a href="https://www.businessinsider.in/finance/news/direct-tax-collections-fy-2022-23-records-growth-at-15-67-lakh-cr/articleshow/97821630.cms">Direct Tax Collections (FY 2022-23) records growth at ₹15.67 lakh cr</a> <a href="https://www.businessinsider.in/thelife/news/poet-amjad-islam-amjad-passes-away-at-78-adnan-sami-pays-condolences/articleshow/97815855.cms">Poet Amjad Islam Amjad who wrote Man Ki Lagan, passes away at 78</a>

88% of ₹14,000 cr AIF funding goes to startups in 5 states - Karnataka tops the list

Chennai, Tamil Nadu's ruling <keyword id="19897149" type="General" weightage="20" keywordseo="dmk" source="keywords">DMK</keyword>, a key constituent of the INDIA bloc, in its manifesto released on Wednesday promised to repeal the Citizenship Amendment Act, 2019 if the opposition alliance wins the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> polls. Restoration of statehood to Jammu and Kashmir and holding polls there, scrapping the New Education Policy 2020, slashing fuel prices, annulling Article 361 of the Constitution that provides protection to governors from legal action and appointment of Governors following consultation with Chief Ministers, were among the key promises made by the DMK. The recommendations of the M S Swaminathan committee will be adopted to ensure that MSP for agricultural products "is set at total production cost plus 50 per cent," the DMK said. Also, it announced that if voted to power, the INDIA bloc will withdraw the Agnipath scheme and reintroduce "permanent recruitment service" in the Indian Armed forces. "From now on, population census, including caste-wise census and census concerning people below the poverty line, will be conducted by the Union government once every five years simultaneously." The DMK will firmly insist on the removal of Article 356, which allows the dismissal of duly elected state governments and imposition of President's rule. The Congress party's ally in Tamil Nadu said that "new constraints" on States' borrowing capacity, imposed by the union government beyond the limits in each state's FRBM-equivalent Act will be eliminated. "A recommendation to share cess revenues with states will be made. It will be proposed that the Finance Commission increase the horizontal devolution of tax revenue (to all States together) from 42 per cent to 50 per cent." The Union government's financial contributions to states will be based on the income tax and GST collected in those states. Thus, financial contributions will be assured based on the taxes collected within each state. The finance provided to states will be permanently determined based on the 1971 population. A 33 per cent reservation for women in Parliament and legislative assemblies will be implemented immediately. "DMK will insist that the Union government enact a law providing menstrual leave to women, emphasizing the journey towards gender equality." Petrol and diesel prices "will be set at Rs 75, Rs 65 (per litre)" and cooking gas cylinders shall be made available at Rs 500 (per cylinder). "The introduction of the Uniform Civil Code will be strictly prevented" to preserve India's secular nature as stated in the Constitution's preamble. "The 2019 CAA law will be repealed, and all minorities will be treated equally without any discrimination. The recommendations of the Sachar Committee for the improvement of the lives of Muslims and other minority communities will be implemented." Facilitation will be provided for <keyword id="21027983" type="General" weightage="20" keywordseo="sri-lankan-tamil" source="keywords">Sri Lankan Tamil</keyword> refugees to get Indian citizenship. Assistance will be provided to those who wish to return to Sri Lanka. Also, the manifesto said efforts will be made to implement reservation for minorities at the all-India level, similar to Tamil Nadu. "The financial assistance previously provided to minority educational institutions has now been stopped. Action will be taken to resume this assistance." For "political" reasons, funding from foreign countries to non-governmental organisations (NGOs) has currently been stopped. "The Foreign Exchange Regulation Act will be properly amended, and measures will be taken to ensure these financial aids continue to reach NGOs without any problems." The proposal of 'One Nation, One Election' will be abandoned, and for the allocation of Lok Sabha seats to states, the current practice, based on the 1971 census will continue. All "people-unfriendly" laws introduced by the BJP government over the last 10 years will be reviewed immediately by the INDIA alliance government. The "labour-hostile laws" introduced by the BJP government will be "reformed." Through the Employees' Provident Fund (EPF), the Union government will ensure a minimum pension of Rs 5,000 per month. The number of working days under the Mahatma Gandhi National Rural Employment Guarantee Act will be increased from 100 to 150 days. "A wage of Rs 400 will be provided across states/ union territories nationwide." Disbanding the current NITI Aayog, set up by the BJP regime and establishing again the Planning Commission to draft plans based on the requests of state governments is another assurance the DMK has made. "Measures will be taken to reclaim Kachchatheevu to ensure India's security and to protect the welfare of the fishermen." A mandatory "cooling-off period" of 2 years will be introduced for retired judges and secretaries before they could join private companies or political parties, the manifesto said. Waiving loans and interests for farmers in nationalised and scheduled banks, waiver of educational loans for students, monthly entitlement of Rs 1,000 for all women in every state and formation of <keyword id="21027984" type="General" weightage="20" keywordseo="state-development-council" source="keywords">State Development Council</keyword> by including Chief Ministers were among the promises made by the DMK. Exemption for Tamil Nadu from the NEET exam and complete removal of toll booths on national highways, forms part of poll promises of the Dravidian party. Further, the DMK said amendments will be made to relevant laws to ensure that state governments, elected by the people, appoint Vice-Chancellors to state-run universities, rather than Governors. Stopping government's divestment from public sector enterprises, implementing the Sethusamudram project, law to ban online gambling, setting up a <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> branch in Chennai, providing statehood for <keyword id="19901639" type="General" weightage="20" keywordseo="puducherry" source="keywords">Puducherry</keyword>, equal funding for all state languages including Tamil, were among the host of other promises made by the DMK. Establishment of Tamil departments in varsities and stopping construction of <keyword id="19950851" type="General" weightage="20" keywordseo="mekedatu" source="keywords">Mekedatu</keyword> dam were also promised by the DMK. "The <keyword id="19996334" type="General" weightage="20" keywordseo="vishwakarma-scheme" source="keywords">Vishwakarma Scheme</keyword>, introduced by the BJP government to encourage caste-based occupations, will be restructured on the basis of social justice."

DMK vows to repeal CAA if INDIA bloc is voted to power

<ul><li><keyword id="144036" type="General" weightage="70" keywordseo="jsw-group" source="Orion">JSW Group</keyword> is considering a foray into the manufacturing of EVs.</li><li>JSW Group company <keyword id="45609" type="DOMAIN" weightage="20" keywordseo="jsw-steel" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="jsw steel" meta.entityname="JSW Steel Ltd." meta.entityid="8352" meta.seoname="jsw-steel-ltd">JSW Steel</keyword> owns and operates a one million tonne per annum (MTPA) steel plant at <keyword id="6357470" type="General" weightage="20" keywordseo="salem" source="Orion">Salem</keyword> in <keyword id="20154" type="General" weightage="20" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>. </li></ul>Sajjan Jindal-led conglomerate JSW Group is considering a foray into the manufacturing of electric vehicles, according to a top official of the group. "The group had examined EV manufacturing plans earlier also but now it is becoming attractive," JSW Group Chief Financing Officer Seshagiri Rao told PTI. The manufacturing of EVs is being discussed actively at the group level, he said while divulging JSW Group's plan to expand its presence into more sectors. The group is looking to manufacture four-wheelers, Rao said. When asked about details of the manufacturing location, he said it is yet to be decided. On the timeline for the launch of an EV manufacturing facility, he said, "it (plan) is at advanced stages." JSW Group company JSW Steel owns and operates a one million tonne per annum (MTPA) steel plant at Salem in Tamil Nadu. The company manufactures auto-grade steel at Salem plant and supplies the high-value steel to automobile companies including the EVs makers. Besides, the USD 22 billion group has a significant presence in sectors like energy, infrastructure, cement, paints, <keyword id="15308892" type="TOPIC" weightage="60" keywordseo="Venture-Capital" source="TOPIC" sourcekeytype="economy,investopedia" meta.keywordsubtype="null" meta.seopath="v/venture-capital" meta.entityname="Venture Capital" meta.hostid="153" meta.entityid="venture-capital">venture capital</keyword> and sports. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/ces-2023-dates-news-products-and-what-to-expect/articleshow/96591686.cms">All-new Apple CarPlay features to AI for automobiles — here are some car technologies expected to arrive in 2023</a> <a href="https://www.businessinsider.in/tech/news/ces-2023-dates-news-products-and-what-to-expect/articleshow/96591686.cms">CES 2023: Dates, news, products, and what to expect</a>

JSW Group mulls foray into EVs, to manufacture 4-wheelers

<ul><li>The government has announced a new scheme aimed at increasing investment in the EV market.</li><li>The scheme is aimed at increasing domestic EV manufacturing by offering a short-term reduction in import duty.</li><li>This is expected to pave the way for <keyword id="6355315" type="General" weightage="20" keywordseo="elon-musk" source="Orion">Elon Musk</keyword>’s <keyword id="107096" type="General" weightage="20" keywordseo="tesla" source="Orion">Tesla</keyword> in India.</li></ul>In what may come as a big boost to Tesla’s plans to enter India, the Indian government has announced a new scheme aimed at boosting domestic manufacturing of electric vehicles. The Indian government aims to achieve the dual goal of promoting less-polluting EVs as well as ensuring ‘make-in-India’ through the upcoming policy changes. The lower import taxes on certain electric vehicles are contingent on companies committing an investment of at least $500 million in setting up manufacturing facilities within three years. <cmsannotation type="cmsannotation" annotationid="Here’s what the new policy entails" comment="subhead" text="Here’s what the new policy entails">Here’s what the new policy entails</cmsannotation> As part of this policy, companies will be able to import a limited number of electric vehicles in India. These companies will have to invest a minimum of $500 million to establish local manufacturing facilities within three years. Additionally, at least 25% of the components will have to be sourced domestically within three years and at least 50% within five years. Companies that follow this will be allowed to import 8,000 completely built-up (CBU) electric cars per year at an import duty of 15% on cars costing above $35,000 (approx. ₹28.99 lakh). At present, India levies a tax of 70% to 100% on imported cars, based on their value. This means that the import duty has been reduced by up to 85% for companies under this scheme. The investment commitment made by companies will be backed by a bank guarantee which will be invoked if the company fails to follow the policy guidelines. <cmsannotation type="cmsannotation" annotationid="Would the new policy pave the way for Tesla’s entry?" comment="subhead" text="Would the new policy pave the way for Tesla’s entry?">Would the new policy pave the way for Tesla’s entry?</cmsannotation> Many industry experts believe that the new policy could pave the way for the entry of Tesla into the country. Musk has been at loggerheads with the India government over the imposition of import duties on electric vehicles. Four models of Tesla, including the Tesla Model 3 and Model Y were reportedly<a href="https://www.businessinsider.in/business/auto/news/tesla-inches-closer-to-its-india-debut-as-four-models-approved/articleshow/85792404.cms"> approved</a> in India in 2021 but a 2022 report revealed that the company’s India debut was put on<a href="https://www.businessinsider.in/business/auto/news/elon-musk-dashes-hopes-of-tesla-fans-in-india-entry-plan-put-on-hold/articleshow/91543214.cms"> hold</a> as Musk was not able to obtain lower tariffs for the company. It’s not just Tesla, other electric vehicle makers will also benefit from this policy. Vietnamese EV maker VinFast recently announced its plans to invest $2 billion in India and has started constructing its first factory in Tamil Nadu. <cmsannotation type="cmsannotation" annotationid="Impact on existing companies" comment="subhead" text="Impact on existing companies">Impact on existing companies</cmsannotation> The move could come as a hit to companies like Tata Motors and Mahindra and Mahindra, which have been reportedly lobbying officials to not lower import taxes on electric vehicles to protect the domestic industry. Tata Motors is India’s biggest electric car maker and enjoys a market share of over 70%. It’s not just these companies, other existing EV makers are also expected to be impacted by Tesla’s entry. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/retail-auto-sales-grow-by-13-in-february-but-elevated-inventory-levels-a-concern/articleshow/108289901.cms">Retail auto sales grow by 13% in February, but elevated inventory levels a concern</a> <a href="https://www.businessinsider.in/business/auto/news/byd-seal-electric-sedan-launched-in-india-starting-at-41-lakh/articleshow/108234000.cms">BYD Seal electric sedan launched in India starting at ₹41 lakh</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-grow-by-24-in-february-2024-ola-electric-leads-with-over-40-market-share/articleshow/108227956.cms">Electric two-wheeler sales grow by 24% in February 2024, Ola Electric leads with over 40% market share</a>

You Searched For "tamil nadu car tax" and got 10 results

1 in 5 Indian adults over 60 show signs of mild neurocognitive disorder: Study

IANS

Removal of indexation benefit will lead to huge inflow of black money in real estate: Raghav Chadha

PTI

India's first woman judge of Supreme Court Fathima Beevi passes away at 96

IANS

Tamil Nadu government is upset about losing money on luxury cars

Kritti Bhalla

Ola group to invest ₹7,614 cr in TN for lithium ion cell, EV cars

IANS

Renault-Nissan commits ₹5,300 cr to TN; to introduce 6 new models including EVs

PTI

88% of ₹14,000 cr AIF funding goes to startups in 5 states - Karnataka tops the list

IANS

DMK vows to repeal CAA if INDIA bloc is voted to power

PTI

JSW Group mulls foray into EVs, to manufacture 4-wheelers

PTI

New EV Policy: Elon Musk’s Tesla may soon enter India as import taxes slashed for electric vehicles

Sourabh Jain

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