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

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

Union Minister of <keyword id="19994242" type="General" weightage="20" keywordseo="road-transport" source="keywords">Road Transport</keyword> and Highways, <keyword id="19897455" type="General" weightage="20" keywordseo="Nitin-Gadkari" source="keywords">Nitin Gadkari</keyword>, asked states to pitch for reducing GST on flex-engine cars. Gadkari stated that the government needs the support of the states to promote <keyword id="23007559" type="General" weightage="20" keywordseo="flex-engine-vehicles" source="keywords">flex engine vehicles</keyword> by reducing GST up to 12 per cent on <keyword id="23007560" type="General" weightage="20" keywordseo="flex-engines" source="keywords">flex engines</keyword>, cars, and scooters. "We will try to convince all the finance ministers. Yesterday I had the opportunity to discuss with the finance minister of Maharashtra and I told him, you please go to the meeting and put up this proposal for reducing GST up to 12 per cent on flex engines, cars, and scooters," he said. Addressing IFGE's India Bio-Energy and Tech Expo in New Delhi, the Union Minister added that factors such as economic viability, proven technology, availability of raw material, and marketability of the finished product are in favour of the development of these engines. Gadkari said that developing flex-fuel engines is the target of the government, and we have the "proven technology" to make it possible. "I feel that now the flex fuel is very, very important. Already the managing director of Tata, Suzuki and Toyota, they have decided to start flex engine car in the country," the Union Minister stated. Gadkari added, "So the flex engine is the ultimate target. As far as the market is concerned, there is huge potential. Everywhere, as far as a comparison between fossil fuel and <keyword id="20228373" type="General" weightage="20" keywordseo="biofuel" source="keywords">biofuel</keyword>, in the Indian scenario, the cost of biofuel is less and there is no pollution. So that is the important reason that it is going to be advantageous to the common man also," the Minister stated. Going further, Gadkari said that vehicle companies such as Bajaj, TVS, and Hero, along with two or three other companies, have their models ready with flex engines to run on 100 per cent <keyword id="20069651" type="General" weightage="20" keywordseo="ethanol" source="keywords">ethanol</keyword>. He said, "Many of the generator manufacturers are working to change the diesel generators into ethanol. One of the companies is also they are taking an interest in converting 5 lakhs of telecommunication towers there and 250 crore litre consumption of diesel. Now they are also changing into ethanol." He further stated that the raw material is already available in India, there is a need to think about ways to increase the production of biomass, which can be useful for making biofuel. (ANI) "I feel that this is the time for the country that we have got very good potential. We need to create positivity and confidence in the minds of the stakeholders. Now things are open. The market is going to increase. Availability of ethanol, again, I am very much thankful to Hardeep Puri ji, our Minister group is there. We already have a clear policy now," Gadkari said. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/webstories/realme-13-plus-5g-vs-iqoo-z9s-pro-battle-of-the-under-25000-smartphones/slidelist/112924868.cms">Realme 13 Plus 5G vs iQOO Z9s Pro – Battle of the under ₹25,000 smartphones</a> <a href="https://www.businessinsider.in/stock-market/webstories/baazar-style-retail-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112920678.cms">Baazar Style Retail IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-september-2024/slidelist/112917920.cms">Upcoming cars launching in India in September 2024</a>

Gadkari asked states to pitch for reducing GST on flex engine vehicles

Union Minister <keyword id="19897455" type="General" weightage="20" keywordseo="Nitin-Gadkari" source="keywords">Nitin Gadkari</keyword> has said that <keyword id="22181136" type="General" weightage="20" keywordseo="highway-agencies" source="keywords">highway agencies</keyword> should not charge tolls if <keyword id="20028505" type="General" weightage="20" keywordseo="roads" source="keywords">roads</keyword> are not in good condition. Gadkari was speaking at a global workshop on satellite-based tolling, set to be implemented over 5,000 km this financial year. "If you don't provide good quality service, you should not charge <keyword id="20071846" type="General" weightage="20" keywordseo="toll" source="keywords">toll</keyword>... We are in a hurry to start tolling to collect <keyword id="20085256" type="General" weightage="20" keywordseo="user-fee" source="keywords">user fee</keyword>s and protect our interest," the road transport and highways minister said. "You should collect the user fee where you provide the best <keyword id="22190322" type="General" weightage="20" keywordseo="quality-road" source="keywords">quality road</keyword>. If you collect toll on roads with potholes, mud, then there will be a backlash from people," he added. State-owned <keyword id="20198815" type="General" weightage="20" keywordseo="NHAI" source="keywords" meta.keywordsubtype="org" meta.entityname="NHAI" meta.hostid="261" meta.entityid="NHAI">NHAI</keyword> plans to implement (Global Navigation Satellite System) <keyword id="21980580" type="General" weightage="20" keywordseo="GNSS-based-Electronic-Toll-Collection" source="keywords">GNSS-based Electronic Toll Collection</keyword> (ETC) system within the existing <keyword id="22190323" type="General" weightage="20" keywordseo="FASTag-ecosystem" source="keywords">FASTag ecosystem</keyword>, initially using a hybrid model where both (Radio Frequency Identification) RFID-based ETC and GNSS-based ETC will operate simultaneously. NHAI proposes to roll this out on commercial vehicles initially then private vehicles, considering scalability and privacy concerns. The highway authority has also recommended driver behaviour analysis and back-end data analysis for fraud detection. "With GNSS, the payment modes might be converted from prepaid to postpaid. Banks and financial institutions might be able to provide faster credits based on travel plans," NHAI has recommended.

Highway agencies should not charge toll if roads are not in good condition: Highway Minister Nitin Gadkari

As part of his ambition to make <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> a green economy, Union minister <keyword id="19897455" type="General" weightage="20" keywordseo="nitin-gadkari" source="keywords">Nitin Gadkari</keyword> wants to slash GST on hybrid vehicles and has vowed to rid the country entirely of the over 36 crore petrol and diesel vehicles. "One hundred per cent," <keyword id="19934966" type="General" weightage="20" keywordseo="gadkari" source="keywords">Gadkari</keyword>, the Union Minister for Road Transport and Highways, said when asked whether it is possible for India to get rid of petrol and diesel cars altogether. "It is difficult but not impossible. This is my vision," Gadkari said in an interview to PTI. He said India spends Rs 16 lakh crore on fuel imports. This money will be used for improving the life of farmers, villages will be prosperous and the youth will get employment, the minister said. Gadkari did not give any timeline to meet this ambitious target which even proponents of green energy believe is mind bogglingly difficult. The proposal to reduce GST on hybrid vehicles to five per cent and to 12 per cent for flex engines has been sent to the Finance ministry which is considering the requisition, Gadkari said. The minister said he firmly believes the country can end fuel import by promoting the use of biofuels. Environmental activists welcomed Gadkari's vision for increasing green mobility, but also struck a word of caution by flagging the use of fossil fuels in the production of electricity. "In India, we are still heavily dependent on a fossil fuel-based energy system to power electric cars, and this needs to be changed. There is urgent need to ensure 100 per cent renewable energy alongside electric vehicles to tackle the climate crisis," <keyword id="21152150" type="General" weightage="20" keywordseo="avinash-chanchal" source="keywords">Avinash Chanchal</keyword>, a campaigner for Greenpeace India, told PTI. Gadkari said he has been pitching for alternative fuels since 2004 and is confident things will change in the coming five to seven years. "I cannot give you a date and year for this transformation to take place as it is very difficult. This is difficult but not impossible," Gadkari asserted. He said he firmly believes that given the speed with which electric vehicles are being introduced, the coming era will be of alternative and biofuels and this dream will come true. Gadkari said auto companies such as Bajaj, TVS and Hero are also planning to manufacture motorcycles using flex engines and auto rickshaws using similar technology too were on the way. "I roam around in a car that runs on hydrogen. You can see electric cars in every other household. People who used to say this was impossible, have changed their views now and started believing in what I have been saying for the last 20 years," the minister said. "Tatas and <keyword id="19906966" type="General" weightage="20" keywordseo="ashok-leyland" source="keywords">Ashok Leyland</keyword> have introduced trucks that run on hydrogen. There are trucks that run on LNG/CNG. There are 350 factories across the country of bio-CNG," he said. "Definitely, a revolution is taking place. The fuel imports will end and this country will become self-reliant - <keyword id="19952544" type="General" weightage="20" keywordseo="atmanirbhar-bharat" source="keywords">Atmanirbhar Bharat</keyword>. I strongly believe in this," Gadkari said. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/ussd-based-call-forwarding-to-be-suspended-soon-to-curb-fraud/articleshow/108933705.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/ussd-based-call-forwarding-to-be-suspended-soon-to-curb-fraud/articleshow/108933705.cms" target="_blank">USSD-based call forwarding to be suspended soon to curb fraud</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-april-2024/slidelist/108869757.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-april-2024/slidelist/108869757.cms" target="_blank">Upcoming cars and two-wheelers launching in India in April 2024</a><a href="https://www.businessinsider.in/tech/apps/news/from-ai-photo-editing-to-international-upi-payments-here-are-upcoming-whatsapp-features/articleshow/108815797.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/from-ai-photo-editing-to-international-upi-payments-here-are-upcoming-whatsapp-features/articleshow/108815797.cms" target="_blank">From AI photo editing to international UPI payments, here are upcoming WhatsApp features</a>

Gadkari vows to eliminate petrol, diesel vehicles in India, bats for lower tax for hybrid cars

New Delhi, <keyword id="2518729" type="General" weightage="50" keywordseo="union-road-transport" source="Orion">Union Road Transport</keyword> and Highways Minister <keyword id="26680" type="General" weightage="80" keywordseo="nitin-gadkari" source="Orion">Nitin Gadkari</keyword> on Thursday said dealers of automobiles should also open <keyword id="14986732" type="General" weightage="20" keywordseo="vehicle-scrapping-facilities" source="Orion">vehicle scrapping facilities</keyword>. Addressing the fifth <keyword id="11938231" type="General" weightage="20" keywordseo="auto-retail-conclave" source="Orion">Auto Retail Conclave</keyword>, Gadkari said the government is encouraging a circular economy, and accordingly the government will give permission to dealers to start vehicle scrapping facilities. He also noted that India is encouraging use of alternate fuel and biofuel and pointed out that the government is working to make India the largest manufacturer of green hydrogen. The minister pointed out that India is the fastest growing major economy in the world and <keyword id="128764" type="General" weightage="20" keywordseo="auto-dealers" source="Orion">auto dealers</keyword> will play an important role in making India a USD 5 trillion economy. India is the fourth largest manufacturer of passenger vehicles and the sixth largest manufacturer of commercial vehicles, he said. Gadkari said his dream is to make India the top automobile hub in the world In August 2021, Prime Minister Narendra Modi had launched the National Vehicle Scrappage Policy and had said that it will help phase out unfit and polluting vehicles and also promote a circular economy.

Auto dealers should also open vehicle scrapping facilities: Nitin Gadkari

Union Minister for Road Transport and Highways, <keyword id="26680" type="General" weightage="50" keywordseo="nitin-gadkari" source="Orion">Nitin Gadkari</keyword> on Tuesday launched <keyword id="3367686" type="General" weightage="100" keywordseo="bharat-ncap" source="Orion">Bharat NCAP</keyword>, India's own crash testing safety programme, saying that it was a historic day for the country and that requests have been received for crash testing of 30 models. Addressing a gathering following the launching of Bharat NCAP, <keyword id="6361025" type="General" weightage="80" keywordseo="gadkari" source="Orion">Gadkari</keyword> said: "Today is a very important day in the history of Indian automobile industry but even also it is important for the society. I really appreciate the way in which the Indian automobile industry cooperates and because of their cooperation today it is a time for all of us that we are launching the Bharat NCAP programme." Regarding the programme, the Minister said: "It was a mission of the government. Cost of testing from abroad is Rs 2.5 crore and in India under the Bharat NCAP it is Rs 60 lakhs. And with global standards your market is going to increase. I am really happy that it is helpful for the consumers. By the star rating people can understand the quality of the product and now we are going to create awareness in the mind of the people." He also said that there is a huge demand for higher star rating vehicles. "People are cautious about safety, pollution. People want to use different type of fuel. If anywhere there is a new alternative available then they are ready to use," he said. "Today we have got a request to test and certify 30 models from several manufacturers. We have received 30 vehicles for the rating under Bharat NCAP and I am happy with the response." Gadkari also highlighted that India is facing two important challenges -- one is road accidents and another is air pollution, and "in some way our Ministry is responsible for that". He said that every year 5 lakh accidents and 1.5 lakh deaths takes place in India. "Every day 1,100 accidents and 400 deaths and every hour 47 accidents and 18 deaths. 70 per cent death is of 18 to 34 years and loss of GDP is 3.14 per cent." He also said head on collisions killed 27,000 people, while 18,000 died due to side collisions. Emphasising on saving lives, Gadkari said that "this is the time we have highest priority for how we can save the lives of the people and road safety is the most important thing for that". "But it is not that only the automobile industry is responsible, somewhere road engineering is a big problem." The Minister further said that at the same time the other important factor is automobile engineering. But these are the things we need to improve. He also said that now the market is not only cost-centric but quality centric. "Now the most important thing which I feel is that the market, the market is not cost centric, but it quality centric. The automotive market in India has been changing lately with consumer's focus shifting from being cost-centric to quality-centric," he said. He also said that "our dream is to make Indian Automobile industry above Rs 15 lakh crore". "When I had taken charge as the Minister, our industry in the world was at number seven. Now just two to three months before we have surpassed Japan and now are at number three. First is China and second is US." Gadkari also said that many of the Indian brands of two wheelers are already exporting 50 per cent of their production and there is also a lot of technologically changes particularly in the form of using different type of fuels. "I am very sure about it that as far as cost is concerned we are very very competitive in the world and in the quality point of view if you are equal to that anywhere whatever the cost maybe in US even I am confident that a day will come that we will be equally reasonable with China also and day will come that people will prefer cost wise and quality wise that they will prefer our vehicle first," he said, adding that for that reason there is huge potential available for the export. "The dream of Prime Minister (<keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword>) to make India a 5 trillion economy is the basic backbone of the automobile industry, which is one of the largest employers, biggest export and biggest tax payer sector for the government. This industry is giving maximum GST to the state and the Central government. He also asserted that the mission is to make India number one in manufacturing hub in the world." SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/how-to-find-unclaimed-bank-deposits-using-udgam-portal/articleshow/102830161.cms">Have unclaimed bank deposits? Here’s how to find it using UDGAM portal</a> <a href="https://www.businessinsider.in/tech/news/indian-pc-market-declines-for-fourth-consecutive-quarter-reports-15-decline/articleshow/102822733.cms">Indian PC market declines for fourth consecutive quarter, reports 15% decline</a> <a href="https://www.businessinsider.in/tech/apps/news/gboard-checkout-upcoming-features-of-google-app/articleshow/102649444.cms">Gboard to onboard AI for stickers, proofreading and more</a>

Nitin Gadkari launches Bharat NCAP, India's car crash test programme

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

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

<ul><li>More than seven in 10 Indians will look at the safety rating of a car before marking their next purchase, finds a LocalCircles survey.</li><li>One in four will look at upgrading their vehicle if their <keyword id="18533333" type="General" weightage="50" keywordseo="current-vehicle" source="Orion">current vehicle</keyword> doesn’t meet the prescribed mark.</li><li><keyword id="3367686" type="General" weightage="90" keywordseo="bharat-ncap" source="Orion">Bharat NCAP</keyword> ratings was launched by <keyword id="26680" type="General" weightage="100" keywordseo="nitin-gadkari" source="Orion">Nitin Gadkari</keyword> earlier this week and will be rolled out from October 1.</li></ul> The average car buyer in India has rarely cared about safety standards, while making a purchase. This was because safety benchmarks were not spelt out. Armed with better information and regulatory changes, Indians are more aware and discerning. A survey by LocalCircles has found that more than seven in 10 Indians will look at the safety rating of a car before marking their next purchase. Moreover, one in four will look at upgrading their vehicle if their current vehicle doesn’t meet the prescribed mark. Earlier this week, on August 22, Union Minister for Road Transport and Highways, <a href="https://www.businessinsider.in/business/auto/news/gadkari-launches-bharat-ncap-indias-car-crash-test-programme/articleshow/102942949.cms">Nitin Gadkari launched</a> Bharat NCAP, India's own crash testing safety programme, saying that requests have already been received for crash testing of 30 models. He pointed out there is a huge demand for higher star rating vehicles. "People are cautious about safety, pollution. People want to use different types of fuel. If anywhere there is a new alternative available then they are ready to use," Gadkari said. The LocalCircles survey, which received over 24,000 responses from citizens across the country, found that 72% of consumers who plan to buy a new car in the next three years indicated that they “would want to know” the safety star or B-NCAP rating of different cars available in the market. According to a report by insurance firm Acko, a look at the current safety rating of cars sold in India shows that foreign manufacturers like Volkswagen and Skoda score highly on global safety standards (Global NCAP Rating 2023). Amongst Indian OEMs, Mahindra &amp; Mahindra and Tata Motors score in the top five with Scorpion N and Punch respectively. From Maruti, the Brezza makes it to the top-20 list. The next question which arises is that once a consumer gets to know that the safety rating of the current car is low, what is the likely response going to be. The survey received 11,858 responses on this question with 48% of car owners stating that if the B-NCAP safety star rating of their car comes out to be low, they are likely to “ensure speed and safety belt compliance when on the high speed roads/ highways". Interestingly, more than a quarter, 28% to be precise, indicated that they would “upgrade to a car with higher safety star rating. 8% indicated that they would “avoid usage of the car on high-speed roads/ highways. <cmsannotation type="cmsannotation" annotationid="Bharat NCAP at a glance" text="Bharat NCAP at a glance">Bharat NCAP at a glance</cmsannotation> Lower cost of testing: Gadkari pointed out at the launch that manufacturers will only need to spend ₹60 lakh per car instead of the ₹2.5 crore required for testing in Europe. Rating: The crash tests will evaluate vehicle safety performance and award ratings from 0 to 5 stars, as is the international norm. Standard: Bharat NCAP will crash-test cars according to the Automotive Industry Standard (AIS) 197. Test details: Three tests will be conducted - frontal, side and side pole impact. The evaluation will cover Adult Occupant Protection (AOP), Child Occupant Protection (COP) and Fitment of Safety Assist Technologies. For 3-star and above: The car must have front seat belt reminder and electronic stability control fitted.

Safety top priority now for Indian car buyers, existing owners may upgrade if ratings are low

<ul><li>No changes, or announcements for the old tax regime</li><li>FMlowered the tax burden by increasing the standard deductions in the new regime </li><li>Tax slabs also revised under the new regime</li></ul> <keyword id="7706673" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="Orion">Finance Minister Nirmala Sitharaman</keyword> presented the Union <keyword id="18656923" type="General" weightage="20" keywordseo="budget-2024-25" source="Orion">Budget 2024-25</keyword> in the parliament recently, unveiling the Narendra Modi-led government’s budget for the fiscal year 2024-25. While the government announced some changes to direct taxation, including revised tax slabs for the new tax regime, most experts called the budget lackluster. Nitin Chaudhary, Founder of NC Financial Advisory Services highlights his disappointment, noting that this Budget has actually been not at all impactful as it was expected to be. "It is more of a Budget for Coalition rather than any common man and tax payer. Neither there was any major drastic change in allocation as such and nor there was any major relief and tax benefits that was passed on to the tax payer. There is a slight change in the tax slab rate owing to which there will be a very limited benefit to the tax payer in terms of tax outflow", continued Chaudhary. <h2>Changes in new tax regime</h2>In a bid to make the new tax regime more lucrative, the FM proposed to hike the standard deduction limit to Rs 75,000 from earlier Rs 50,000, exclusively under the new tax regime. Similarly, the deduction available for family pension is also proposed to be increased from Rs 15,000 to Rs 25,000. More than two-thirds of taxpayers have availed of the new <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">Income Tax</keyword> regime, as per <keyword id="129243" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="Orion">Nirmala Sitharaman</keyword>. The FM announced a review of the comprehensive tax regime. Per FM, under the new regime, taxpayers will be able to save up to Rs 17,500 as taxes, annually. The government has revised the tax rate structure for the new regime, which are now as follows - <h2>New income tax slab rates</h2> <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Income slabs </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax rate </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 to 3L </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 to 7L </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 to 10L </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 to 12L </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12 to 15L </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Above 15L </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Prior to the changes announced today, the new tax regime was structured as follows: <h2><table class="redcator-table-advance" style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 850.594px; font-family: Merriweather; letter-spacing: 0.121826px; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;"><tbody><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">Income Slab (In Rs)</td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">Tax Rate</td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">Up to 3,00,000</td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">No Tax</td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">3,00,001 - 6,00,000</td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">5%</td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">6,00,001 - 9,00,000 </td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">10% (Tax Rebate up to Rs 7 lakh)</td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">9,00,001 - 12,00,000</td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">15%</td></tr><tr><td class="se-table-selected-cell" style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">12,00,001 - 15,00,000 </td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">20% </td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">Above 15,00,000 </td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">30%</td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> </h2>Says T Manish, Research Analyst, SAMCO Securities, "FM announces revised tax rate under new tax regime, apart from the above slab revisions, the Standard deduction from 50,000 to 75,000 for individuals opting for new tax regime. This would result in savings of around Rs. 17500 in net taxes in the hands of individual. This would benefit directly to the companies in FMCG segment such as HUL, ITC, Dabur, Nestle and second order beneficiaries would be suppliers to these FMCG giants such as Polyplex, Uflex. Further, increased saving would also boost the inflow to wealth management (AMC’s)in the form of SIP's, and to Stock broking companies through brokerage". <h2>Capital gains simplified</h2>FM also moved to rationalise and simplify short-term capital gain (STCG) tax. Going ahead, STCG on specific financial assets will be charged at 20%, while the remaining financial and other non-financial assets will be charges as per applicable rates. This threshold was set at 15% previously. The long-term capital gains tax on financial and non financial assets was raised from its earlier threshold of 10% to 12.5%. However, the exemption limit under LTCG has been enhanced. This means that now, all long-term capital gains tax earned during the year to the tune of Rs 1,25,000 will be tax exempt. This limit was earlier set at Rs 1,00,000. Specified listed financial assets will be considered long-term provided they have been held for more than 12 months. As Anand Rathi, Co-founder of MIRA Money notes, the FM aims to send a clear message to the investors: avoid short term trading and leveraging. This is reflected in the increased security transaction taxes on futures and options, which is a positive step. However, the increase in short term capital gains tax from 15% to 20% is a notable drawback for many traders. "Previously, if your capital gain was 2 lakh rupees, 1 lakh was exempted, and you had to pay 10% on the remaining 1 lakh, amounting to 10,000 rupees. Now, with the same 2 lakh rupees capital gain, you would pay 12.5% tax on the remaining 75,000 rupees after the exemption, which is beneficial", Rathi explained. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Angel tax to be scraped" mstype="2" mssubtype="0"></div> <h2>Higher tax on F&amp;O trading</h2>In a bid to stop fund inflows into speculative trading, the securities transaction tax (STT) on trading in futures and options was increased. While STT on options was increased from 0.062% to 0.1%, while the STT on futures was raised from 0.0125% to 0.02%. While this might seem as a major setback to those trading in futures and options, experts opine that this is unlikely to significantly trading volumes in the segment. Note that this change is set to come into effect starting October 1, 2024. Says Deepak Ramaraju, Senior Fund Manager, Shriram AMC, "Hike in short-term capital gains and long-term capital gains have been sentimentally negative for the equity markets. This has resulted in short-term selling pressure. However, this can be the beginning of reforming the capital markets and curbing retail participation in the F&amp;O segment. We can expect more measures in the F&amp;O space in the days to come". <h2>Other tax changes</h2><ul><li>The TDS rate on e-commerce operators has been reduced from 1% to 0.1%</li><li>Angel tax, the tax levied on the capital raised via the issue of shares by unlisted companies has been abolished.</li><li>TDS payable on insurance commission reduced from 5% to 2%, starting 1st October, 2024.</li><li>TDS payable on rent paid over Rs 50,000 to be reduced from 5% to 2%. </li></ul> SEE ALSO: <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div> <div type="Article" hostid="261" msid="111952160" title="Sitharaman announces cut in customs duty on gold, silver to 6%" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div>

Budget 2024-25: New tax regime sweetened by FM, hikes standard deduction to Rs 75,000

<keyword id="195740" type="General" weightage="100" keywordseo="hero-electric" source="Orion">Hero Electric</keyword> led the EV two-wheeler segment, selling 8,952 vehicles for the entire month, followed by <keyword id="6077703" type="General" weightage="80" keywordseo="okinawa-autotech" source="Orion">Okinawa Autotech</keyword> at 8,094 vehicles, the latest VAHAN data has revealed. Ather Energy sold just 1,279 EV two-wheelers for the full month of July from selling 3,829 vehicles in June -- a massive drop in numbers -- followed by <keyword id="4393078" type="General" weightage="50" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> which sold 3,852 vehicles from 5,891 vehicles in June. Ampere Vehicles Pvt Ltd, which sold 6,542 vehicles in June, saw a minor drop at 6,312 vehicles last month. The drop in EV two-wheeler sales, according to industry experts, is due to the fear among consumers regarding the safety of EV two-wheelers in light of several battery fire and explosion incidents in the recent past. <keyword id="2518729" type="General" weightage="50" keywordseo="union-road-transport" source="Orion">Union Road Transport</keyword> and Highways Minister <keyword id="26680" type="General" weightage="80" keywordseo="nitin-gadkari" source="Orion">Nitin Gadkari</keyword> last month told Parliament that all those EV two-wheelers companies have been served show-cause notices whose vehicles caught fire owing to battery issues. The Ministry constituted a committee of experts to suggest safety standards for batteries, battery components, and related systems. Based on the information of fire incidents available, the Ministry of Road Transport and Highways issued a show-cause notice to the CEOs and MDs of the electric two-wheeler manufacturers concerned, to explain the reasons as to why the relevant sections of the <keyword id="6377804" type="General" weightage="50" keywordseo="motor-vehicles-act" source="Orion">Motor Vehicles Act</keyword> should not be invoked against them. The Central Consumer Protection Authority (CCPA), which comes under the Ministry of Consumer Affairs, said this week that it issued notices to four to five EV two-wheeler makers in the light of several complaints raised by the consumers over battery explosions and fire incidents. The CCPA received several complaints from the EV two-wheeler buyers. The Defence Research and Development Organisation (DRDO) has also been informed. A DRDO probe had revealed defects in battery cells as well as battery design in nearly all EV fires. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-currency-gains-23-paise-to-end-at-79-02-against-us-dollar/articleshow/93276845.cms">Indian currency gains 23 paise to end at 79.02 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/indias-second-t20i-against-west-indies-to-start-at-10pm-ist-due-to-delay-in-significant-luggage-arrival/articleshow/93276571.cms">India's second T20I against West Indies to start at 10pm IST due to delay in significant luggage arrival</a>

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