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Increase in tax on electric vehicles will make it difficult for the electrification journey of the Indian automotive industry, Kia India Managing Director and CEO Gwanggu Lee said on Thursday.
The company, which unveiled its new company SUV Syros, is looking at around 17 per cent sales growth next year at 3 lakh units as compared to 2.55 units expected this year.
A big burden for EVs is still the high price, Lee told PTI here in an interaction.
"So without any tax incentive from the government it is very difficult," he said when asked about the impact on possible increase in tax on EVs.
New EVs at present attract 5 per cent GST.
There has been speculation that the GST rate on used EVs, currently taxed at 12 per cent, may be reclassified into the higher 18 per cent tax slab.
Kia India currently sells two EV models -- EV6 with price starting at Rs 60.96 lakh and EV9 tagged at Rs 1.3 crore.
Lee cited the example of Canada where sales of EVs crashed when the incentives on EVs were .

The company, which unveiled its new company SUV Syros, is looking at around 17 per cent sales growth next year at 3 lakh units as compared to 2.55 units expected this year

State-owned Oriental Insurance Company Ltd incurred a loss of Rs 194 crore during FY20 for failing to properly determine bidding rates for Pradhan Mantri Fasal Bima Yojna, said a CAG report.
According to report number 12 presented in Parliament earlier this week, Oriental Insurance Company Ltd determined the bidding rates for Pradhan Mantri Fasal Bima Yojna in 2019-20 by applying pricing components uniformly without specific determination as per the terms and conditions of the Agriculture Quota Share Reinsurance treaty with General Insurance Corporation of India, being Re-insurer.
"This led to imposition of Loss Corridor clause of the treaty by GIC and consequent loss of Rs 194.08 crore," it said.
Imprudent underwriting of Group Janta Personal Accident Policy of the Maharashtra state government by the public sector general insurance company without reinsurance cover and in violation of guidelines of Insurance Regulatory and Development Authority of India (IRDAI) in 2018-19 led to a 

As per the report, SBI Cards and Payment Services Ltd (SBCPSL) approved the renewal of the credit card facility of a client raising the credit limit from Rs 70 crore to Rs 90 crore

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The second edition of the Bharat Mobility Global Expo, scheduled to be held at three different venues in the National Capital and Great Noida, is expected to see more than three times footfalls this year compared to the inaugural version year, Engineering Exports Promotion Council (EEPC) said here on Thursday.
It is also expecting a higher participation from the exhibitors.
The council also said that Prime Minister Narendra Modi may inaugurate the six-day Bharat Mobility Global Expo 2025.
To be spread across more than 2,00,000 sq metres with concurrent shows, featuring automobile, auto component and construction equipment segments, among others, across three venues -- Bharat Mandapam in New Delhi, Yashobhoomi in Dwarka (West Delhi) and the India Expo Centre & Mart in Greater Noida, the mega event is likely to see half-a-million visitors this year compared to 1.5 lakh visitors at the 2024 edition, EEPC Chairman Pankaj Chadha told reporters here.
"The Bharat Mobility Expo 2025 ...

Over 34 vehicle manufacturers will be unveiling new models and EVs alongside displaying electric, hybrid, CNG, and biofuel-powered vehicles from international and domestic companies

The Central government has released Rs 47,225 crore to the states and union territories under the Smart Cities Mission till November 15 and out of which Rs 44,626 crore has been utilised, the Lok Sabha was informed on Thursday.
In a written reply to a question, Union Minister of State for Housing and Urban Affairs Tokhan Sahu said the work orders have been issued till November 15 in 8,066 crore amounting to Rs 1,64,669 crore, of which 7,352 projects (i.e. 91 per cent of total projects) amounting to Rs 1,47,366 crore have been completed under the mission.
The Ministry of Housing and Urban Affairs (HUA) has a multi-level review structure to expedite the progress of projects under the Smart Cities Mission, said Sahu, adding mission implementation at the state level is monitored by the state level high powered steering committee chaired by the chief secretary.
At the national level, the implementation is monitored by an apex committee headed by the HUA secretary, the minister said.
The

Work orders have been issued till November 15 in 8,066 crore amounting to Rs 1,64,669 crore

The official further noted that this year's Budget consultations are particularly significant due to the political outcomes of recent state elections

Stakeholders from the micro, small and medium enterprises (MSME) sought a reduction in GST, technology upgrade, and production-linked incentive scheme benefits for various segments in a pre-Budget meeting with Finance Minister Nirmala Sitharaman on Saturday.
The meeting aimed to seek inputs and suggestions for the Budget for 2025-26, expected to be presented on February 1.
Members from the Association of Women Entrepreneurs of Karnataka (AWAKE); Karnataka SC and ST Entrepreneurs' Association; Plant-Based Food Industry Association (PBFIA); Ambala Scientific Instruments Manufacturers' Association (ASIMA); Rajasthan Footwear Manufacturers' Association were among the participants at the meeting.
The All-India Plastics Manufacturers' Association; All India Manufacturers' Association; Gujarat Chamber of Small Industries Association; Federation of Associations of Cottage and Small Industries (based in West Bengal); Federation of Andhra Pradesh Small and Medium Association; and Laghu Udyog 

The meeting aimed to seek inputs and suggestions for the Budget for 2025-26, expected to be presented on February 1

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How many shots will India need to blunt third Covid wave?

Getting more shots into more arms is also crucial for ensuring that India's economy continues to grow in a sustained manner. We have done a reality check. Watch the video

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