Author: Parikshit Luthra

Centre planning quarterly disbursements of PLI incentives, simplified SOPs to meet targets: DPIIT Secretary

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Department for Promotion of Industry and Internal Trade has urged all government departments to move towards quarterly disbursements of production linked incentive (PLI) incentives.

Speaking exclusively to CNBC-TV18 about the performance of PLI schemes, DPIIT Secretary Rajesh Kumar Singh said sectors where incentives were rolled out every quarter have seen a faster processing of claims.

The government is also working towards simplification of SOPs, expansion of definitions and allowing some flexibility in product lines to encourage more investments through PLI schemes that have so far seen tepid response, he said.

Also Read: PLI schemes attract over a lakh crore in investments till Dec 2023: pharma and solar modules are top beneficiaries

The government had launched PLI schemes for 14 sectors in FY22 with a total outlay of ₹1.97 lakh crore. Singh said that nine out 14 PLI schemes have already met or exceeded investment targets. The Centre is now looking at ways to encourage investments due to PLI schemes in sectors like IT hardware, auto, auto components, textiles and ACC battery storage.

The official told CNBC-TV18 that while the disbursement of incentives has been to the tune of ₹5,500 crore, the total investments have been ₹1.06 lakh crore which is a third of the ₹3 lakh target. “We have seen Incremental sales of ₹9 lakh crore due to PLI and exports to the tune of ₹3 lakh crore. Sectors like electronics, mobile phone manufacturing, food processing, pharma have moved faster. Others such as steel and textile PLI need some tweaking to ensure they lead to higher subscription and growth”, he said.

Also Read: PLI schemes for high-efficiency solar PV modules see less than 21% of targeted investment by December 2023

Speaking about the government’s 100-day agenda, the secretary said that one of the primary goals of the DPIIT is to ensure sustained double digit growth in the manufacturing sector. The government is also likely to bring the second version of the Jan Vishwas Bill and a Deep Tech Policy for startups very soon, he added.

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FAME-II scheme likely to get extension with ₹500 crore outlay | Exclusive

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Central government is likely to grant a temporary four-month extension to the FAME-II scheme with an outlay of ₹500 crore, government sources told CNBC-TV18. A government spokesperson, however, told CNBC-TV18 that no decision has been taken to grant the extension as of now.

Launched five years ago, the second version of FAME or Faster Adoption and Manufacturing of Electric Vehicles Scheme is set to expire on March 31, 2024.

The sources said the Ministry of Heavy Industries might grant an extension to avoid any disruption to the electric vehicle ecosystem in the country. The total outlay of the FAME-II scheme was ₹10,000 crore and an additional outlay of ₹500 crore is likely to cover incentives for electric two- and three-wheelers.

The Ministry of Heavy Industries had recently proposed a ₹12,600 crore FAME-III scheme to the Finance Ministry. Sources say the expenditure finance committee has expressed support for a ₹10,000 crore FAME-III scheme but the approval for the same is likely to take time.

CNBC-TV18 has learnt that the proposal for the FAME-III scheme will now only be taken up by the Cabinet after the general elections.

Sources add that the ₹500 crore outlay for the four-month extension of the FAME-II scheme will be adjusted against the ₹10,000 crore outlay for FAME-III when approved by the government after elections.

CNBC-TV18 reported earlier that the government is mulling a new FAME-III scheme for two years with a plan to include electric trucks and electric tractors apart from electric two, three and passenger vehicles.

(The copy has been updated to reflect a response from a government spokesperson saying no decision has been taken to grant the extension as of now.)

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Tata Motors against differential treatment for Tesla and any tax reduction on hybrid cars

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s leading electric car maker by market share, Tata Motors launched its fourth electric vehicle Punch EV at a starting price of ₹11 lakh rupees ex showroom on January 17.

Tata Motors has been dominating the electric car market with the Nexon, Tigor and Tiago EV and now expects Punch to contribute to at least 20% of the company’s electric car sales.

“Punch EV design centred around the battery pack. This will be the only electric car in India to offer 315 kms and 420 kms of range packs in ₹11-13 lakh price point”, Shailesh Chandra, the company’s managing director told CNBC-TV18 in an exclusive interview.

The car maker hopes is eying 40% growth in electric car sales in FY24. It has already sold over 50,000 electric cars this fiscal. Ahead of the interim budget due in February 2024, Chandra urged the government to consider subsidies on electric cars bought by individuals for personal use. Currently, the government subsidies only support electric cars bought for shared mobility and on those bought by cab aggregators.

Also Read: Tata Motors’ EV subsidiary starts production at Sanand facility, aims to add 1,000 new jobs

The company’s Managing Director strongly advised against any tax concessions for hybrid vehicles.

“Hybrid is not a new technology and has been around for many years. At the end of the day, hybrid cars may have an electric motor but also run on fossil fuels and have gasoline engines. Globally, the electric space is seeing a lot of competition and the focus of regulations is to encourage adoption of electric vehicles. The policy direction needs to be clear, there is no need for digression from the governments electric vehicle roadmap”, he said.

Chandra’s remark came after DPIIT recently wrote to the Ministry of Heavy Industries asking them to consider cess reduction on hybrid cars.

Tata Motors MD has also sought a level playing field with the likes of Tesla and Vinfast that are looking to enter the Indian EV market. “Competition is welcome, but there should be a level playing field. No company should ask or get differential treatment and concessions.”

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Keep us informed on import restrictions being considered, US Trade Representative tells India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The year 2023 was a gangbuster year for India US trade and bilateral partnership and both countries are moving from a tradition of locking horns to a commitment to taking trade to new heights, said US Trade Representative Katherine Tai after her meeting with Commerce Minister Piyush Goyal in New Delhi.

However, the top American diplomat expressed concerns around the proposed import restrictions on laptops, computers and servers.

In August last year, the Ministry for Electronics and IT had announced that companies importing laptops, computers and other IT Hardware into India would require a license.

The intention was to guarantee entry of trusted hardware and systems into India. Following objections by the industry and countries like the United States, the government decided to roll-back the order.

Instead, a new import management system was introduced, which made it mandatory for companies to register the quantity and value of imports. The government said that it would evaluate the data and consider any further measures by September 2024.

On Friday, the USTR took up India’s import management policies with her counterpart Piyush Goyal in the Indo-US Trade Policy Forum. “Ambassador Tai raised the issue of India’s new import requirements for computers, tablets, and servers. USTR urged India to ensure that the end-to-end online system for IT Hardware does not restrict trade going forward“, said the joint statement.

Speaking to the media, Katherine Tai said that India should keep the United States government informed about import policy measures being considered.

“We had candid discussions about India’s laptop import licensing requirements. We are hearing India’s sensitivity and concerns around security. We hope the government will create a place for consultation and feedback from all stakeholders and make sure that any approach is tailored to those concerns and does not disrupt the regulatory environment”, she said.

According to the joint statement, both ministers reiterated their commitment to ensure that technical regulations, such as Quality Control Orders, do not create unnecessary barriers to trade by providing sufficient opportunities for stakeholder consultations.

Elaborating on the discussions, Tai said that notice and process of consultation and feedback before implementation of import procedures and QCO’s is important for building confidence in the regulatory environment.

During the meetings, Commerce Minister Piyush Goyal had sought restoration of Generalized System of Preferences and faster processing of business visas for Indian professionals. The GSP program eliminates duties on thousands of products coming into US from designated developing countries. The Trump administration has revoked the benefits for India.

The USTR told the media, that the decision on the framework for restoring GSP benefits for India lies with the US Congress. “We remain open to working with the US Congress on this”, said Tai.

Seeking greater market access for US agricultural products was a priority for USTR and both sides reviewed steps to ease access for American walnuts, almonds, blueberries, cranberries, alfalfa hay, turkey, duck and pork into India. The Indian government sought greater market access for grapes, pomegranates and mangoes.

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Exclusive | Ather Energy IPO: E-scooter maker Ola Electric’s rival pads up to list on D-Street by Diwali 2024

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ather Energy, one of the first electric two-wheeler startups in India, is gearing up for its initial public offering (IPO). The maker of the 450X electric scooter aims to list on Dalal Street by Diwali next year or early 2025, a source aware of the developments told CNBC-TV18 on December 14.

Ather has started seeking inputs on the IPO plan and valuations and is likely to appoint bankers by March 2024, the source said. The person added that the process of appointing independent directors will be completed shortly.

Launched in 2013, by IIT Madras graduates Tarun Mehta and Swapnil Jain, Ather has sold over 1.73 lakh electric scooters to date. Currently, Ather is among the top four electric scooter manufacturers in the country, along with Ola Electric, TVS and Bajaj Auto.

The company has a 12% market share in the electric two wheeler segment, and will soon begin deliveries of its high performance 450 Apex scooter. Ather is placing a big bet on its new family scooter that will be launched by May 2024.

Industry sources say Ather is banking on the family scooter to significantly drive up sales volumes ahead of the IPO.

Also Read: TVS introduces custom built bikes, aims to create 500 premium biking touchpoints by end of 2023

Ather Energy’s plans for an IPO had been delayed because of reduction in FAME subsidies but the company is now in full preparation mode. “Ather is not looking to wait for profitability but will target a revenue run rate of Rs 3,500-4,000 crore before going for an IPO”, an industry source said, requesting anonymity.

Ather Energy is backed by India’s largest two-wheeler maker by volume Hero MotoCorp, which has a 34% stake in the EV startup. Sources say, Ather may be open to another round of funding before going for a public listing.

Also Read: TVS Motor vs Ola Electric: Who will win the EV two-wheeler race?

The company’s big focus currently is also on ramping up the sales footprint. It is looking to launch 15-20 new stores every month and have at least 400-450 stores by the end of 2024.

CNBC-TV18 has reached out to Ather Energy for a comment and is awaiting a reply.

The development comes days after sources suggest that Ola Electric is preparing to file a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) before December 20, 2023.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

OpenAI Crisis | Microsoft in AI pole position after roping in Sam Altman: Expert

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The seismic shift caused by Sam Altman’s move to Microsoft, a move that is expected to reshape the dynamics of the industry, has the tech community abuzz with speculation. Manish Maheshwari, Co-Founder of Fanory.ai, speaking to CNBC-TV18, said the move is a strategic win for Microsoft, which he speculates could now re-evaluate its investment in OpenAI.

Maheshwari said with Altman’s proven expertise, Microsoft gains not just an individual but a powerhouse team that positions them at the forefront of artificial intelligence (AI) innovation.

“Microsoft has been an early backer of OpenAI, they have placed their bet on the right horse, and today they have been able to get almost the entire relevant team of OpenAI, it’s an accurate hire for them at almost zero cost,” he said.

Further, he said the anticipated surge in Microsoft’s valuation is keeping market observers on the edge — the US markets are poised for a reaction, with expectations running high for Microsoft’s valuation to experience an upward trajectory, validating their newfound strength in AI.

As Altman joins Microsoft, questions arise about the future of Microsoft’s investments in OpenAI. The departure of key personnel, including Altman, could prompt a reassessment of Microsoft’s commitment to OpenAI, potentially redirecting their focus toward internal AI initiatives.

“Altman joining Microsoft changes the whole equation. OpenAI without Sam has a different goal in terms of how it wants AI to progress, and may not want to commercialise things very quickly, so the investors may not see value to the same extent when Sam was there and the company was in that strategic direction. So to my mind, yes, there would be a serious reassessment of the investment in OpenAI after this,” he explained.

Meanwhile, Microsoft and Khosla Ventures said they stand firmly behind Altman, underscoring the industry’s recognition of Altman’s strategic importance in shaping the future of AI.

To be clear, Khosla Ventures wants @sama back at @OpenAI but will back him in whatever he does next

— Vinod Khosla (@vkhosla) November 19, 2023

Maheshwari said right now, AI has divided the tech community into two camps — sceptics, dubbed “Doomers”, and the “Boomers,” who believe AI holds the key to elevating human intelligence to unprecedented heights.

“These two camps could and should continue to exist — I think different companies will take different stances across the spectrum,” he said.

Despite the ongoing debate, Maheshwari said there is a prevailing sentiment that investments in AI will witness a substantial increase. The tangible impact of AI in solving everyday problems is driving this optimism, he said, paving the way for heightened economic activity in the AI sector.

Acknowledging the influence of Sam Altman, Maheshwari suggests that irreversible damage has been done in what can be termed as the “Sam Altman Saga.” The potential exodus of key figures from OpenAI raises concerns about the organisation’s future, leaving it as a mere shell of its former self.

“If key people, key researchers and key leaders move out of Open AI, it will just remain a name and a shell company. The soul or the driving force of the company has moved out and if many of them choose to join Microsoft, then it;s good for Microsoft. I think too much has transpired too quickly and Microsoft has come in and cashed in on it,” he added.

Microsoft emerges as the primary beneficiary in this transformative period, he said. The die is cast, and there’s no turning back from the moment when Microsoft cements its position as a leader in the AI revolution.

Also read: The OpenAI fight is a moshpit of super egos

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India mulls import duty reduction for companies that commit to making electric vehicles in India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Centre is mulling a reduction in import duties for electric vehicle (EV) companies which can manufacture in India. Sources tell CNBC-TV18 that after a high-level meeting at the Prime Minister’s Office, the government is considering reducing import duties for companies like Tesla if they commit to manufacturing and investing in India.

According to the sources, any such concessions would be in effect for a limited period until the company can begin manufacturing. However, no decision has been taken yet and any such policy change would be for all EV companies.

Former Commerce Secretary Anup Wadhawan believes that opening the Indian market to state-of-the-art manufacturing companies, such as Tesla, would be a positive step. He sees it as a way to enhance the sophistication of India’s electric vehicle manufacturing ecosystem and complement existing initiatives like Production-Linked Incentives (PLIs).

“I think it would be a step in the right direction especially if done on a general secular basis for all companies. It is important for India to facilitate the entry of state of the art manufacturing firms like Tesla to upgrade our manufacturing ecosystem. Apart from direct benefits these firms can have major economy-wise spin offs, forward and backward linkages and horizontal cross sectoral impacts. These impacts can raise the sophistication of the entire manufacturing ecosystem. The move will also supplement steps like the PLIs which we have had earlier,” Wadhawan said in an interview to CNBC-TV18.

EV giant Tesla has been in talks with the Indian government for duty concessions until the company can begin manufacturing in India. Tesla CEO Elon Musk had met PM Narendra Modi in US in June. Following the meeting, Musk had said that Tesla would like to come to India “as soon as humanly possible”.

Tesla has been expressing concerns about India’s high duty structures. Currently, all car imports attract a 70% duty for vehicles that cost up to $40,000, and a 100% duty on cars that cost higher. Tesla has sought a duty reduction to low double digits for fully built cars.

Randheer Singh, former Director of NITI Aayog and Founder of ForeSee Advisors, believes that Tesla’s entry into the Indian market has the potential to be a game changer. He sees it as a significant alignment with India’s electric vehicle initiatives and anticipates that Tesla’s presence could accelerate the adoption of electric vehicles in the country.

CNBC-TV18 sought a response from government officials on the possibility of a duty concession for Tesla. “All reports of government considering duty concession for Tesla are speculative and no decision has been taken,” said an official. CNBC-TV18 had earlier reported that Tesla could announce plans for India by January 2024 and is also considering an electric car in the range of ₹20 lakh for the Indian market.

According to a report in Reuters, India’s Commerce Minister Piyush Goyal is set to meet Tesla chief Elon Musk in the United States next week.

The government has also conveyed to Tesla that the company can take advantage of a local supply chain and ecosystem for electric vehicles created due to FAME and PLI schemes. The government is also considering the third phase of the FAME scheme with an outlay of ₹50,000 crore.

Also read: Tesla likely to import completely built up EVs from German facility to India

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

CECA to open up India-Australia cooperation in agriculture, critical minerals and defence

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India and Australia have a tremendous opportunity to boost trade in agriculture and the two countries must work towards removing barriers, Peter Dutton, Australia’s Leader of Opposition said on November 2.

In an exclusive interaction with CNBC-TV18 during his first visit to India as Leader of Opposition, Dutton outlined that critical minerals and defence manufacturing are also areas where both nations could cooperate under the proposed Comprehensive Economic Cooperation Agreement (CECA).

India and Australia had signed an Economic Cooperation and Trade Agreement in December last year under which the nations have decided to give tariff free access to each other’s goods for 85-96% of product lines. The trade gap between India and Australia has come down by 15% since the signing of the ECTA and both sides are now close to concluding talks on the CECA.

Also Read: India approves ₹20,773.7 crore for transmission line to evacuate power from Ladakh

Dutton said that the diaspora and strong people-to-people ties were the basis for the close economic cooperation between the two countries. The Leader of Opposition, who has also served as Minister for Defence, said China’s aggression was a cause for concern and cannot be accepted.

“We have a deep trading relationship with China and we want that relationship to grow. But China under Xi is a different China. We have seen Chinese aggression with the Philippines, in the South China sea and land border with India. The common ingredient between India and Australia is that China’s aggressive approach should not be accepted”, he said.

Speaking about the Israel-Hamas war, Dutton said the conflict was a test of Western leadership and the West must stand up to Hamas the way it did against Russia in the Ukraine war. “Role of the US has been crucial in sending a message to Iran and Hezbollah. So far the US has been successful in making sure this does not become a regional conflict but one cannot comment on the future”, he said.

Also Read:  Peter Dutton, Australian opposition leader, sees ECTA as a game-changer for India’s critical minerals

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Maruti Suzuki hopes to sell over 9,300 cars every day until Diwali

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Maruti Suzuki expects the auto industry to clock in a million cars sales by Bhai Dooj, the last day of Diwali. This implies an 18% year-on-year growth in the festive season that began with Onam in August.

Shashank Srivastava, Senior Executive Director, Maruti Suzuki said that he was very positive about the next 15-20 days of the festive season that  would end with Bhai Dooj. “At least three lakh more cars are expected to be sold in the next 15 days, out of this total number, Maruti would sell around 1.4 lakh cars…For Maruti Suzuki, the highest sales have come from the Brezza, Vitara, Fronx, Baleno and the Swift Dzire (during the festive season),” he told CNBC-TV18 in an exclusive interaction.

Srivastava’s remark comes as India’s auto sector has witnessed a growth of 20% in the last 72 days of the festive season that began on August 17 with Onam. Approximately seven lakh cars were sold, of which Maruti Suzuki sold 3.1 lakh.

India’s largest carmaker also saw a 20% growth this festive season compared to last year. “Maruti sold roughly one lakh cars during Navratri, growth for industry is flat compared to last year. But overall for the entire festive season till November, we expect an 18% growth with a million cars sold across the industry”, he said.

Srivastava added that the sales of entry level cars have been largely flat this festive season, a trend that the auto industry has been witnessing for several quarters now with costs going up due to new regulations.

In fact, because of high inventory and lower demand, many of the Maruti dealers had been offering high discounts on Alto, Espresso and Celerio. Srivastava said, the number of festive offers and discounts are now likely to reduce with the company adjusting and cutting back on production of entry level cars.

Meanwhile, last week, the Delhi government launched a new policy that directs cab aggregators to have an all electric fleet by 2030. Reacting to the move, Srivastava said that he does not see the policy as a negative for the industry, despite the fact that 26% of Maruti sales come from CNG vehicles.

“We are still very bullish on CNG as there are a higher number of buyers who are purchasing such vehicles for personal use compared to the fleet segment”, he said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Exhibition on Indian democracy and a gala dinner to mark India’s G20 Summit, says I&B Secretary

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The G20 Leaders’ Summit will showcase India’s achievements to the world and efforts would be made to exhibit progress across Indian states to world leaders when they arrive in New Delhi for the G20 Leaders’ Summit on September 8, said Apurva Chandra, Secretary, Ministry of Information and Broadcasting. Chandra spoke exclusively to CNBC-TV18 ahead of the G20 summit next week.

At least ten thousand foreign visitors, including journalists are likely to fly down to New Delhi next week. Chandra said that managing security and hotels for such a large number of visitors were the biggest challenges for the government. “99 percent of the work is done. We are now ready to welcome foreign delegates to New Delhi for the leaders’ summit”, he said.

World leaders and foreign delegates will start arriving in New Delhi from September 8 for the G20 Leaders’ Summit. Chandra explained, that the actual summit will take place on September 9 and 10 and will be divided into three sessions. “On 9th morning, the leaders will first go to Rajghat to lay a wreath on the samadhi of Mahatama Gandhi, a tree sapling would be planted and then the leaders will head to the Bharat Mandapam for the inaugural session”, he said.

The Prime Minister will host a lunch for the 43 delegations and a gala dinner would be organised on the ninth floor of the India Trade Promotion Organisation (ITPO). “This will be a grand affair. I can assure you that millets will be on the menu. Cuisines from different parts of the country will be on the menu and there will be a cultural experience as well,” said Chandra.

The Bharat Mandapam is the special venue that has been constructed for the G20 summit, within the ITPO Complex in Pragati Maidan. “The Ministry of Culture, will organise a special exhibition with the theme – India the Mother of Democracy, this will be near the leaders venue. There will also be a special walkway showcasing culture of all the G20 nations,” said the secretary. The government will be organising a display of the India stack and digital public infrastructure, for foreign leaders to see and experience.

India’s One District One Product program will be on full display during the G20 summit. Products from across the country will be on display at a hall next to the media centre in ITPO and delegates and accredited participants will be able to purchase products as well.

Moreover, spouses of G20 leaders will have their own program. They are likely to be taken to the national gallery of modern art and will be able to experience Indian dances from across the country.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow