- Eight dead after 6.6 magnitude quake hit Japan's northern island of Hokkaido
- SC decriminalises homosexuality, partly strikes down Section 377
- Meeting of Telangana Council of Ministers to be held today
- TN CM appeals 15th finance commission to sanction funds for State's growth
- Vice President to visit US to participate in 2nd World Hindu Congress
- Fake Sagarmala Website
- Boost to pro-people and pro-poor initiatives
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- Cabinet approves continuation of the Centrally Sponsored Umbrella Scheme of Integrated Development of Wildlife Habitats beyond 12th Plan
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- President of India in Bulgaria: delivers an address at Sofia University; leads delegation level talks. India and Bulgaria sign five agreements
- PM Modi's letter to the teaching community on Teachers' Day
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- India and US hold inaugural edition of 2+2 talks
- Homosexuality is not a crime: SC strikes down Section 377
- PMâs interaction with Medal Winners of 18th Asian Games
- SC decriminalises homosexuality, victory for gay rights (Second Lead)
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- Assured supply of BS-VI fuel by 2020: Minister
- Show on artist M.V. Dhurandhar to revive his legacy
- Actor Dia Mirza launches debut collection of poems
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- History owes apology to LGBT persons for discrimination: Key points SC made
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- The Maharashtra State Commission
- ONGC finds oil, gas reserves in MP, WB; to open 2 new basins in India
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- Rupee hits new low of 72.12, plunges 37 paise against US dollar
- The Indian rupee Thursday crashed below the 72-level for the first time ever on persistent global headwinds and concerns on macroeconomic front.
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- With Jet Airways delaying salaries of its pilots and engineers for the second consecutive month amid a severe financial crunch, its pilots have warned the management of "non-cooperation" over default on payments.
- Rajasthan assembly adjourned as opposition protests against dropped questions
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- Legendary actor Dilip Kumar, who was admitted to Lilavati hospital here due to chest infection, has been diagnosed with mild pneumonia, his wife Saira Banu said Thursday.
- Equal rights', 'historic judgment': Celebs hail SC's verdict decriminalising homosexuality
- Bollywood celebrities such as Karan Johar and Hansal Mehta welcomed the Supreme Court's judgement Thursday decriminalising consensual gay sex, calling it a historic victory for equal rights and a proud moment for the country.
- JK police nabs man absconding in drugs smuggling case
- The state police Thursday said it has nabbed a man who had been evading arrest for a year in a drugs smuggling case in Jammu and Kashmir's Samba district.
- Pakistan could emerge as world's 5th largest nuclear weapons state: report
- Pakistan currently has 140 to 150 nuclear warheads and the stockpile is expected to increase to 220 to 250 by 2025 if the current trend continues, according to a latest report by authors keeping a track of the country's nukes.
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- The Saudi-led coalition backing the Yemeni government acknowledged Thursday there may have been "collateral damage" from August 23 strikes that the UN says killed 26 children south of the port of Hodeida.
- US repatriates two antique statues stolen from India
- Two antique statues worth hundreds of thousands of dollars stolen from India and displayed at two American museums have been repatriated to India by the US.
- LGBT leaders may boost company performance: Study
- Organisations and businesses with one or more LGBT people in senior leadership positions report higher overall performance, a US study has found.
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- Tollywood actor Payel Chakraborty found dead
- Indian rupee breaches 72 to the dollar to hit new low, no RBI intervention seen
- Foreign money flows into Asian equities not likely to be sustained - analysts
- Gold climbs higher as U.S. dollar eases
- HCL Technologies Ltd up for five straight sessions
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- Rapid Urbanisation Expected To Offer Significant Opportunities For Domestic Real Estate
- Paper stocks rally; West Coast, Star Paper, Seshasayee Paper up over 7%
- History owes apology to LGBT persons for discrimination: 10 points SC made
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- Huawei's Sub-Brand Honor Announces Surprise Slider Phone With Almost No Bezels Ahead Of IFA
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- Jeff Bezos Gives $10 Million To Help Put More Veterans In Congress
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- The President, Shri Ram Nath Kovind at the Banquet hosted by the President of Bulgaria, Mr. Rumen Radev, at Boyana Residence, in Bulgaria on September 05, 2018.
- The President, Shri Ram Nath Kovind addressing at the India-Bulgaria Business Event, in Bulgaria on September 05, 2018.
- The President, Shri Ram Nath Kovind addressing at the Sofia University, in Bulgaria on September 05, 2018.
- The President, Shri Ram Nath Kovind and the President of Bulgaria, Mr. Rumen Radev delivering the press statements, at the Administration of the President Building, in Bulgaria on September 05, 2018.
- Key Indian equity indices open in green
- US dollar ticks down on stronger euro, pound
- Facebook, Twitter to face new US probe over censorship concern
- Important for actors to set right examples: Kareena Kapoor Khan
- The Indian rupee breached the 72 per US dollar mark for the first time on Thursday.
- Union Minister Dharmendra Pradhan on Thursday assured the automobile industry of a steady supply of Bharat Stage-6(BS-6) emission norms compliant fuel by 2020.
- The Tripura Gramin Bank (TGB), which had earlier secured the fifth position amongst India's 56 regional rural banks (RRBs) in terms of its business and growth, on Thursday felicitated its 107-year-old customer.
- BREAKING NEWS: Rupee breaches 72/$ for the 1st time
- (26 minutes ago)
- The Tripura Gramin Bank (TGB), which had earlier secured the fifth position amongst Indias 56 regional rural banks (RRBs) in terms of its business and growth, on Thursday felicitated its 107-year-old customer.
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- In a historic verdict, the Supreme Court on Thursday decriminalised homosexuality between consenting adults by declaring Section 377, the penal provision which criminalised gay sex, as "manifestly arbitrary".
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- A poetry collection, "The Sound of Silence", composed by debut author Akanksha G. Mittal explores the themes of love, longing, and liberation, and was launched by actor Dia Mirza here.
- Cloudy Thursday morning in Delhi
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- It was a cloudy Thursday morning in the national capital with the minimum temperature recorded at 26.5 degrees Celsius, a notch above the season's average, Met said.
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- US lawmakers grill Twitter CEO, Facebook's Sandberg
- Twitter CEO Jack Dorsey and Facebook COO Sheryl Sandberg on Wednesday appeared before the US Congress, admitting to the lawmakers that they were "too slow to act" and "ill-prepared" to tackle foreign interference on their platforms.
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- Section 377 arbitrary, irrational: What the SC said
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- 01:20 PM | 06 Sep
- The rupee, one of the worst-performing EM currency, has fallen more than 12% on a year-to date basis.
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- Stock market update: Over 40 stocks touch 52-week lows on NSE
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- Being gay is no longer a crime in India
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- Coal, however, is projected to remain the mainstay of Indian energy systems at least until 2030.
- The local currency has fallen more than 12 per cent on a year-to date basis.
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- Buy YES Bank Ltd. at a price target of Rs 503.
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- GST has improved economic efficiency, but may have also have forced hundreds of thousands out of jobs.
- External Affairs Minister Sushma Swaraj and Defence Minister Nirmala Sitharaman held the talks with US Secretary of State Michael R Pompeo and Defence Secretary James Mattis.
- Kale, who was arrested in May this year by the Karnataka Police's Special Investigation Team (SIT) in connection with Lankesh's killing. will be produce before a court in Maharashtra's Pune district.
- The issue of Section 377 was first raised by NGO Naaz Foundation, which had in 2001 approached the Delhi High Court.
- Chief Minister K Chandrasekhar Rao is scheduled to address a press conference at 2.30 PM, official sources said.
- Shops and business establishments remained shut in several areas. Vehicular movement was also affected.
- The river rose by over two metres in the last 24-hours. The famous Ganga aarti from the boats has also been banned.
- 377 makes consensual sex, both homosexual & heterosexual, a crime if they are against the order of nature.
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- make money with them.What do you think the markets will continue to do? Will they remain polarised and in the near term, high PE, high growth stocks will continue to outperform?My feeling is that we will see defensive sectors, defensive stocks getting higher allocation of capital in view of the volatility ahead but the moment we see growth returning, we will see uncertainty receding either because oil prices have come down or because US Fed is saying that look we have raised enough interest rates and now we are on hold or if central bankers around the world start re-injecting liquidity. As uncertainty recedes, the markets will focus on the valuation gap between high PE stocks and low PE stocks. There will be rotation but that rotation will be driven by events or expectation of events.How will you play the digital and the disruptive theme? Do you think it is time to buy a bank, do you see a decent digital revolution in some of the new banks what they are claiming and indicating now?If we believe that history will repeat itself then there is a clear success story of a particular NBFC from western India. They adopted technology like no other company adopted and for the last almost a decade from a really low point in their career, they have created enormous wealth for the shareholders. While there are many contributing factors for that spectacular success, to a great extent, it can be attributed to their ability to ride technology in blending their business, in creating a niche for themselves which others fail to exploit. That example should serve as a lamppost, as a guidance and companies across the sectors which blend technology and digital revolution to disrupt existing business model to dis-intermediate intermediaries, to provide products and services which enhance value to the customers, will be the winners in this game. We have to find out companies which are riding the wave of disruption rather than which is getting under the wave of disruption.Do you expect corporate banks to do well? Could there be a bottom in place around the corner?Many of the corporate banks have already moved up by 25-30% over the last couple of fortnights and this is on expectations that the NPA cycle is behind us and the good days are coming for corporate banks. This is a case by case rather than sectoral call. There are some corporate banks where hopefully NPA cycle is coming to an end over the next one or two quarters. We believe there are a few corporate banks where the NPA cycle is not coming to an end. They will have to provide further NPAs in the power sector. They will have to provide further NPAs in SME sector and I want to particularly highlight the SME sector where credit flow is getting restricted. Eleven out of 21 PSU banks are under PCA. They cannot lend money unless and until your rating is highest. This along with six other PSU banks which are not under PCA but which have probably adopted voluntary PCA, contribute to a substantial size of banking balance sheet in the country. Their credit flow is restricted to SME segment and that is creating a kind of choke-up for the SME sector and could result in higher NPAs going forward. You have to be careful with corporate lending banks. It a bottom-up stock selection rather than top-down sector call, especially after last 25-30% run.You mentioned case by case, but in the digital space, the way to evaluate the opportunity is really going business model per business model. Disruption will actually slow down growth for most obsolete players. How are you looking at opportunity within the digital segment?This is a case where if you are looking for market outperformance by and large over next four-five years and have companies that are disrupting existing business model, they are likely to be the winners. Companies which are allowing their business to be disrupted are likely to be the losers. Digital disruption, technological revolution, they will have to be measured on a case by case basis. The past laurels will not be sufficient. There might be a start-up in a remote part of India which is already creating a model which will disrupt the giants. This is a fight between David and Goliath, obviously size alone cannot guarantee you success.India has always been a big consumption story. Of late, one is getting the sense that global brokerages are downgrading stocks like a Unilever, Britannia etc. Do you think some profit booking or shifting is advised in high PE consumer durable names as they have run up so much already?From a trading point of view, it might be so, but from a long term investment point of view, we still remain bullish on consumption sector. Maybe, it is worth rotating money from high PE highly valued consumption sector stocks to reasonably priced consumption stocks. Some amount of sector rotation might be worthwhile. We might see some shift coming from higher PE to lower PE stocks. We might see some shift coming from urban focussed consumer stocks to rural focussed consumer stocks. That sector rotation will be seen in consumer related stocks.
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- âठà¤à¤§à¤¾à¤§à¥à¤¨â à¤à¥ मà¥à¤¯à¥à¤à¤¿à¤ डायरà¥à¤à¥à¤à¤° à¤à¤¾ âठपहरणâ, à¤à¤¯à¥à¤·à¥à¤®à¤¾à¤¨ à¤à¥à¤°à¤¾à¤¨à¤¾ नॠशà¥à¤¯à¤° à¤à¤¿à¤¯à¤¾ वà¥à¤¡à¤¿à¤¯à¥
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- Section 377: ‘à¤à¥à¤¨à¥à¤¹à¥à¤à¤¾à¤°à¥à¤à¤¾ à¤à¤²à¤à¤ पà¥à¤¸à¤²à¤¾’
- #Section377: सà¥à¤ªà¥à¤°à¥à¤® à¤à¥à¤°à¥à¤à¤¾à¤à¥à¤¯à¤¾ à¤à¤¤à¤¿à¤¹à¤¾à¤¸à¤¿à¤ निरà¥à¤£à¤¯à¤¾à¤µà¤° à¤à¤°à¤£ à¤à¥à¤¹à¤° मà¥à¤¹à¤£à¤¾à¤²à¤¾…
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- The United States on Thursday said that the visiting delegation is excited about the inaugural 2 Plus 2 Indo-US Dialogue being held here and maintained that the bilateral talks between US Secretary of State Michael Pompeo and External Affairs Minister Sushma Swaraj was "excellent".
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- âBharat Bandhâ called by upper caste organisations to protest against the Parliament passing an amendment to the Scheduled Castes and Schedule Tribes (Prevention of Atrocities) Act that overrode a Supreme Court diluting it evoked good response across Bihar today.
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- Tamil Nadu Chief Minister Edappadi K Palaniswami on Thursday urged the 15th Finance Commission headed by its Chairman N K Singh to devolve funds to the state based on 1971 population data.
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- NEW DELHI, SEP 6
- External Affairs Minister Sushma Swaraj meeting James N Mattis, US Secretary of Defense, in New Delhi on TThursday. UNI PHOTO-21U
- External Affairs Minister Sushma Swaraj meeting James N Mattis, US Secretary of Defense, in New Delhi on TThursday. UNI PHOTO- 20U
- Defence Minister Nirmala Sitharaman and External Affairs Minister Sushma Swaraj along with US Secretary of Defense James Mattis and US Secretary of State Michael R Pompeo at the first ever â2+2 Bilateral Dialogueâ between the two countries,in New Delhi on Thursday.UNI PHOTO-19U
- Defence Minister Nirmala Sitharaman and External Affairs Minister Sushma Swaraj along with US Secretary of Defense James Mattis and US Secretary of State Michael R Pompeo at the first ever â2+2 Bilateral Dialogueâ between the two countries,in New Delhi on Thursday.UNI PHOTO-18U
- External Affairs Minister Sushma Swaraj meeting Michael R Pompeo, Secretary of State of United States Of America for Bilateral talks in New Delhi on Thursday. UNI PHOTO-17U
- External Affairs Minister Sushma Swaraj meeting Michael R Pompeo, Secretary of State of United States Of America for Bilateral talks in New Delhi on Thursday. UNI PHOTO- 16U
- Defence Minister Nirmala Sitharaman leading the Indian delegation during 1+1 bilateral meeting with the US Secretary of Defence James Mattis at South Block in New Delhi on Thursday. UNI PHOTO-AK5U
- Defence Minister Nirmala Sitharaman receiving the US Secretary of Defence James Mattis at South Block in New Delhi on Thursday.UNI PHOTO-AK4U
- Defence Minister Nirmala Sitharaman receiving the US Secretary of Defence James Mattis at South Block in New Delhi on Thursday.UNI PHOTO-AK3U
- Defence Minister Nirmala Sitharaman and External Affairs Minister Sushma Swaraj along with US Secretary of Defense James Mattis (Left) and US Secretary of State Michael R Pompeo (2nd Left), just before the first ever â2+2 Bilateral Dialogueâ between the two countries,in New Delhi on Thursday.UNI PHOTO-AK2U
- Defence Minister Nirmala Sitharaman and External Affairs Minister Sushma Swaraj along with US Secretary of Defense James Mattis (Left) and US Secretary of State Michael R Pompeo (2nd Left), just before the first ever â2+2 Bilateral Dialogueâ between the two countries,in New Delhi on Thursday.UNI PHOTO-AK1U
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- unnatural sex, irrational, indefensible and manifestly arbitrary</p>
- community, resulting in discrimination.</p>
- animals and children remain in force</p>
- of IPC, says Justice Chandrachud</p>
- community doesn't face discrimination: Justice Nariman</p>
- concerned, it is neither harmful nor contagious to society</p>
- discrimination on this grounds is violative of fundamental rights</p>
- dignity is recognised as fundamental right: SC</p>
- denial of self expression is akin to inviting death</p>
- citizens, says SC</p>
- 06-09-2018 | 12:53 pm
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- Copyright:(C)Thu 06 Sep 2018, 13:17:222018Thu 06 Sep 2018, 13:17:22 Bennett Coleman & Co. Ltd, http://info.indiatimes.com/terms/tou.html
- Rupee continues its woeful run, falls below 72 for first ever timeThe rupee, one of the worst-performing EM currency, has fallen more than 12% on a year-to date basis.
- Being gay is no longer a crime in IndiaA five judge bench unanimously diluted sec 377 to exclude all kinds of adult consensual sexual behaviour.
- Gadkari adds fuel twist to India's e-car rideThe tone of Gadkari's comment is in stark contrast to his 'bulldoze' warning to automakers last year.
- GST effect? Thousands laid off despite growthGST has improved economic efficiency, but may have also have forced hundreds of thousands out of jobs.
- Copyright:(C)Thu 06 Sep 2018, 12:53:582018Thu 06 Sep 2018, 12:53:58 Bennett Coleman & Co. Ltd, http://info.indiatimes.com/terms/tou.html
- The Supreme Court on Thursday restored a landmark Delhi High Court judgement which had decriminalised homosexuality in a move that was immediately hailed by the minority LGBT community.A five-judge bench led by CJI Dipak Misra read down Section 377 of the Indian Penal Code, to exclude all kinds of adult consensual sexual behaviour. The law will still stand on the statute book to deal with unnatural sexual offences against minors and animals such as sodomy and bestiality.
- The dreaded section not only made any kind of homosexual behaviour but also other kinds of âunnaturalâ sex such as oral and anal sex etc a criminal offence.A.M. Khanwilkar, R.F. Nariman, D.Y. Chandrachud and Indu Malhotra, were the other benches on the bench. The judgement was unanimous.The bench, however, stopped short of striking down the law. It also refrained from making a positive declaration of the communityâs right to life and dignity which includes the right to make a choice of sexual preference.The Delhi High Court had in 2009 taken this view, but a bench of the top court had controversially undone the ruling saying changing mores were best left to Parliament to deal with.Section 377 makes even consensual sexual acts -- both homosexual and heterosexual â" a crime if they are against the order of nature.Those in favour of diluting the law to decriminalise all consensual sexual behaviour have argued that majoritarian morality must make way for constitutional morality which makes it mandatory for the state to provide equality to all.No one can be discriminated against only on the grounds of their sexual orientation and called for constitutional protection to even sexual minorities.Those against diluting Section 377, sundry religious outfits and individuals, have cited morality, religion and cultural ethos of India and urged the court to retain the law on the statute book.The government on its part left the issue to the court, but insisted it cannot go beyond debating criminality, to examine other civil rights for the community such as the right to marry, adopt etc.Several leading lights of the small but significant LGBT community had challenged the very existence of the law on the statute book. A review of the top courtâs 2013 judgement is still pending.
- NEW DELHI: The government is not against petrol and diesel but the emphasis is to increase the share of alternate fuels such as ethanol and methanol, which cost lower and are environment friendly, Union road transport and highways minister Nitin Gadkari said.The tone of the comment is in stark contrast to his warning to automakers last year to switch to alternative fuel or else get "bulldozed". Gadkari had earlier sent out a cautionary note on compulsorily moving to electric vehicles by 2030, saying whether the automakers like it or not, the government has taken its decision and has a crystal clear policy to reduce imports (of crude oil) and curb pollution.Speaking at the Auto Component Manufacturers Association (ACMA) annual conference, Gadkari said the petroleum ministry will soon come out with a policy to increase usage of methanol as the government is firm on its stance that "e-mobility comes first".Seeking auto makersâ support for scaling up the use of alternate fuel, the minister said, "I am not against diesel or petrol and I am not shutting down any industry". "Our import (crude oil) is very high and this is a worrying sign," the minister said, adding that the government has lot of expectations from the automobile industry.Over 83% of India's oil consumption is met through imports. The country spent $87.7 billion (about Rs 5.65 lakh crore) on import of 220.43 million tonnes (MT) of crude oil in 2017-18. For 2018-19, the imports are pegged at almost 227 MT.Some government officials have earlier said that India's crude oil import bill is likely to jump by about $26 billion in 2018-19 as the rupee has fallen to record lows.Gadkari said the government's clear focus is to reduce imports and increase exports, while working on various methods to reduce pollution. The highways ministry has also decided a pilot to run methanol-powered buses in Maharashtra and Assam.The minister also stressed on the usage of waterways for logistics to trim down the cost and lower pollution, which in turn will contribute to the growth of the economy.Stating that the cost of waterways is much lower than air and road transport, Gadkari said lower logistics cost will help beef up marketing budget and economic viability will improve as cost of shipping goods is far lower than that of roads and rail. On expansion of the highways network, the minister said the road length of national highways has been increased. "We are making a highway from Delhi to Mumbai, which will reduce the distance by 125 km," he said.The government has saved Rs 16,000 crore for the Delhi-Mumbai highway by acquiring land in backward and tribal areas in Rajasthan, Madhya Pradesh and Gujarat.
- HCL Technologies is exploring the idea of introducing some of its advancements in the autonomous vehicles space in Indian market, which can prove a template for deployment in other cost-sensitive markets facing the twin challenges of on-road discipline and connectivity.HCL Technologies helps engineering companies accelerate product development in a range of industries from aerospace and defence to semiconductors as part of a vertical that makes up a $2-billion business for the Noida, Uttar Pradesh-headquartered company.As part of this vertical, HCL started investing in creating software for autonomous vehicle space about 12 months ago. âOur focus is on what is required for the Indian market. Even though the ecosystem in terms of discipline and connectivity is still improving, we are exploring what we can do as and when the Indian market gets ready for autonomous cars,â said GH Rao, president for engineering and services at HCL. While autonomous cars are being tested in developed markets, the traffic congestion and lack of lane discipline are seen as deterrents for the entry of the emerging technology on Indian roads. At the same time, Indian companies have locally built cars that have components of autonomous technologies such as assisted parking and collision warning systems.HCL Tech is also looking to harness the expertise in image recognition and systems engineering from work it has done for non-automobile clients in its efforts to develop the underlying technologies for autonomous vehicles. As of now, HCL has made advancements in areas like image processing, remote software upgrades and safety systems. HCL has also developed a technology for a car to automatically detect an obstacle on road and apply brakes.Rao said there are possibilities of retrofitting such technologies in existing cars to enable autonomous capabilities incrementally. He views HCLâs foray into autonomous vehicles as a âcontinuumâ from the companyâs involvement in devising safety systems for cars, and is confident that simultaneous developments in the fields of IoT , VR and communications would unlock more potential.
- Auto industry body SIAM Thursday asked the government for long-term policy for promoting electric mobility in the country, saying absence of such guidelines is not helpful to the industry to plan future investments.The auto industry body also sought lower taxation for the vertical in order to help it realise its true potential.Speaking at the annual convention of Society of Indian Automobile Manufacturers (SIAM), outgoing president of the body Abhay Firodia regretted the government's decision to stay away from framing an electric vehicle (EV) policy."After the earlier significant announcement favouring large-scale electrification of vehicles in the country, in an unexpected way, the government came out and stated that it will not be issuing a formal policy promoting EVs, but rather rake specific actions to enable proliferation if EVs in the country," Firodia said.At the request of the government, SIAM had proposed policy measures for 40 per cent electrification by 2030 and 100 per cent by 2047, he added."However, the government stepped away from laying down a long-term approach, and... this is not very helpful for the industry. Laying down clear objectives will help the industry prepare for future investments," Firodia said.EVs cannot be just out in the market, they require infrastructure and a complete ecosystem, he added."I therefore see it more as a challenge for transformation, which needs to be gradual." Sudden moves could disrupt (the industry) and such disruption can seriously hamper Make in India aspirations, Firodia said.He added that in 2011 too, the industry had submitted a proposal to bring policy for electric mobility."I just want to emphasise that the industry does not oppose EVs... I can assure you that the industry will not be found wanting in delivering competitive and technically viable EVs if there is a clear policy that addresses consumers... and also the manufacturers," Firodia noted.He added that implementation of goods and services tax (GST) was a watershed moment which the auto industry was looking forward to for a long time."The GST rate of 28 per cent along with cess of 15 per cent was in line with expectations of the industry and was widely welcomed by the auto industry. However, soon after, the GST on passenger vehicles (PVs) was increased upwards in September last year to around the same level which was there in the pre-GST regime," Firodia said.This dented the confidence of the auto industry, he added."The industry seeks stable policy environment and change in the mindset (of consumers) where vehicles are not to be considered as luxury goods akin to sin goods and they don't need to be shunned," Firodia said."Vehicles are important for the progress a country and growth of the economy. Therefore, due recognition needs to be there by moderating taxes on vehicles," he added.Firodia said that average earnings before interest, taxes, depreciation, and amortisation (EBITDA) of the industry is about 10 per cent, but the overall GST on PVs ranges from 28 to 50 per cent."If we include state taxes, the overall taxation in some states goes up to 70 per cent," he added."This... is not a rational level of tax at about five times the EBITDA of the industry and is in contrast to some developed nations. It should be like Europe and Japan where taxation is in the range of 17-20 per cent," Firodia said.The very high proportion of tax does not allow the industry to grow to its full potential, he added."The industry had the potential to do much more if our policies had allowed it to grow in a more favourable regime," Firodia said.He said India had poor penetration of vehicles as compared to other countries.Stating the auto industry as the leading contributor of taxes to the government, Firodia also sought a single ministry to take care of auto industry issues.He also sought a long-term policy roadmap so that the industry could plan accordingly.Firodia said that the industry is the process of investing around Rs 1 lakh crore for upgradation to BSVI emission norms.Once the country moves to BSVI norms, there should not be "fuel-based discrimination".Responding to the demand from the auto industry, Niti Aayog Vice Chairman Rajiv Kumar said there was a need to plan for transition with least disruption to the industry."We can't go about it by putting together an assortment of policies across different departments.. It has got to be a unified and convergent view, not just within the government but within the society, which includes all the stakeholders like state governments, " he said.For example Karnataka has announced its own electric vehicle policy, Kumar said adding that it is for the centre and Niti Aayog to make sure that these policies are in convergence and not inconsistent.
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Thursday, September 6, 2018
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