India auto industry to log single digit growth in FY24

CHENNAI, APR 4 (IANS):

The Indian automobile industry in fiscal 2023-24 is expected to see a single digit growth after closing the FY23 with double digit growth, said Federation of Automobile Dealers Associations (FADA).

As the high-growth period has now passed, FY’24 is expected to see tapered growth in the low single digits due to a high base, inflationary pressures, routine price hikes, and regulatory changes, FADA said.

Additionally, for the third consecutive month, US Government agencies have warned of the possibility of El NiAo’s arrival later this year, which could lead to poor monsoons, hampering rural India’s growth potential.

According to FADE, the untimely rains and hailstorms in North and Central India have destroyed key rabi crops and delayed harvesting, which will have a negative impact on rural

B20 delegates look forward to explore Nagaland

(From p-1) the State as well as for the nation.

A delegate from the Icelandic Business Council said he was looking forward for possible collaboration in art, culture, tradition and technology. Pointing out that those were the possible avenues for collaboration, he expressed the hope that the State would be able to exploit its potential.

A delegate from Canada expressed his country’s desire to invest in the State’s renewable energy sector. He however mentioned that his interest had sifted to tourism and textile industry after only a few minutes of being in the State and appreciated the traditional welcome.

Most delegates expressed their desire to invest and get involved in sectors such as tourism, technology and agri and allied sector. They also acknowledged the warmth and hospitality of Nagas. sales. The year will also witness high electric vehicle (EV) penetration which will eat into the internal combustion engine (ICE) market share.

They also expressed their willingness to visit the State again as tourists and not as business delegates, while appreciating the scenic beauty and colourful tradition of Nagas.

It has been learnt that around eight VVIPs had arrived during the day, even as many foreign delegates cancelled their trip.

Meanwhile, it was reported that several student leaders held a brief demonstration near Chathe bridge (Kohima road) holding a banner to draw the attention of the G20 delegates, that arrived on Tuesday, on their way to Kohima.

“Overall, FY’24 will be a year of consolidation for the India Auto Retail Industry with an overall single digit growth over previous year,” FADA said. Looking back at the fiscal that went by FADA President, Manish Raj Singhania said, “FY23 was the first full year without any impact of Covid after a gap of two years. Consequently, overall retail sales during the year experienced double-digit growth of 21 per cent. Similarly, all categories except for tractors saw double-digit growth, with two-wheelers, three-wheelers, passenger

NSDMA predicts moderate rainfall across Nagaland

vehicles, and commercial vehicles growing by 19 per cent, 84 per cent, 23 per cent, and 33 per cent, respectively. Tractors, however, only grew by 8 per cent.”

The two-wheeler segment fell to seven years low with total retails of 15.9 million during the year. EV penetration in this category during the year was at 4.5 per cent. The three-wheeler category maintained its impressive growth rate of 84 per cent year over year. Electrification in this category reached 52 per cent, primarily driven by the e-rickshaw segment. The availability of finance, along with the availability of alternative fuels and state subsidies, has contributed to the growth of this segment.

Singhania said the retail sales of passenger vehicles reached a record high of 3.6 million vehicles, growing 23 per cent YoY. The previous high was in FY’19 when retail sales were 3.2 million vehicles.

DIMAPUR, APR 4 (NPN): Nagaland State Disaster Management Authority (NSDMA) has predicted partly cloudy weather conditions with light to moderate rainfall in the State from April 5 to 10.

In a weather update, NSDMA said there was a chance of thunderstorms with lightning and strong winds in specific areas of the districts of Peren, Dimapur, Kohima, Tseminyu, Wokha, Mokokchung, Tuensang, Mon, Longleng, and Phek on April 5. It mentioned that the State’s minimum and maximum temperatures would vary between 9°C and 36°C during this period.

NSDMA urged the people to exercise caution to avoid any eventualities during this period. It also requested all District Disaster Management Authorities and other line departments to be on alert to save lives and properties during this season.

Govt removes windfall tax on crude oil production, cuts for diesel

NEW DELHI, APR 4 (IANS): The Central government has slashed windfall tax on crude oil production to zero from Rs 3,500 rupees per tonne, which became effective from today, according to an official notification. The windfall tax on diesel has been slashed to Rs 0.5 per litre from Rs 1 per litre earlier.

There is no windfall tax on petroleum and jet fuel or aviation turbine fuel (ATF).

Windfall tax is levied by government on unexpectedly high profits earned by companies.

It was levied in July 2022 as high energy prices had led to high profits for oil producers. Since then, windfall taxes for crude oil have declined from Rs 23,250 per tonne in July 2022 to Rs 3,500 per tonne as of March 21 this year.

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Senior IS commander killed in Syria: US military BEIRUT, APR 4 (AP): A drone strike carried out by the American-led coalition in northwestern Syria has killed a senior member of the Islamic State group who was in charge of planning attacks in Europe, the United States military said Tuesday.

The man killed Monday in the strike was identified by a U.S. military statement as Khalid Aydd Ahmad al-Jabouri.

The military statement added that his death “will temporarily disrupt the organization’s ability to plot external attacks.”

Monday’s strike was the latest by the U.S. military to kill a top official with the extremist group that once controlled large parts of Iraq and Syria, where it declared a “caliphate.”

21 killed by flash floods in Somalia: UN

MOGADISHU, APR 4

(IANS): Flash floods caused by heavy rains killed at least 21 people, displaced over 100,000 more and destroyed property in the past two weeks in Somalia, the UN humanitarian agency said on Monday.

The Office for the Coordination of Humanitarian Affairs (OCHA) said the lives were lost in the worst affected Bardhere district, Gedo region which has experienced the heaviest rainfall in recent days, reports Xinhua news agency.

6.4-magnitude quake jolts Indonesia

JAKARTA, APR 4

(IANS): An earthquake measuring 6.4 on the Richter scale struck off Indonesia’s western province of North Sumatra, leaving no damage or casualties, according to a local official.

The jolts of the quake late Monday did not cause damage or casualties, said Zul Indra, head of the operation unit of the search and rescue office of the province.

“All the reports we got from our posts in this province said there were no buildings or houses destroyed, or those injured or killed,” he told Xinhuanews agency by phone.

Iranian President to visit Saudi Arabia

TEHRAN, APR 4

(IANS): Less than a month since Tehran and Riyadh agreed to restore diplomatic relations, Iranian Presient Ebrahim Raisi has accepted an invitation from Saudi Arabia’s King Salman bin Abdulaziz Al Saud to visit the kingdom, a top official confirmed here.

Iran’s first vice president Mohammad Mokhber made the remarks on Monday while he was asked by the media respond to the Saudi King’s invitation to Raisi of visiting Riyadh, Xinhua news agency reported.

Pakistani rupee hits all-time low

KARACHI, APR 4

(IANS): The Pakistani rupee hit a new all-time low, at Rs 288 against the US dollar, on Tuesday in the interbank market amid delays in the revival of the International Monetary Fund (IMF) loan programme and the looming high risk of default on foreign debt repayment, media reports said.The currency slumped 1 per cent (or Rs 2.86) to Rs287.90 against the greenback at around 10.23 a.m. on Tuesday. A day earlier, the rupee had closed at Rs 285.04 per US dollar, the Express Tribune reported.