#Are electric vehicles for cargo and passengers a success in India?

[altigreen]

Are electric vehicles for cargo and passengers a success in India?India certainly on our way to become an EV nation. So not only are EVs a success in India, they are also peaking at the moment, setting the stage for a complete takeover in the years to come. https://altigreen.com/blog-2/are-electric-vehicles-for-cargo-and-passengers-a-success-in-india.html

[forblogmostly]

Gensol Engineering Ltd. Reports 58% YoY Growth in Q2 FY25 Revenue, Reaching INR 314 Crore

On October 3, 2024, Gensol Engineering Limited, a prominent player in India’s renewable energy sector, announced a remarkable financial performance for the second quarter of FY25. The company reported a substantial growth in its revenue, which reached INR 314 crore for the quarter ending September 30, 2024, reflecting a year-on-year growth of 58%. This impressive result highlights Gensol's strong position in the market, its ability to capitalize on industry trends, and its unwavering commitment to delivering value to stakeholders.

The corresponding revenue for Q2 FY24 was INR 199 crore, making this year’s growth a clear indication of the company's upward trajectory. As a leading provider of solar power engineering, procurement, and construction (EPC) services, as well as electric mobility solutions, Gensol has consistently expanded its operations and leveraged its expertise to maintain its competitive edge.

Anmol Singh Jaggi, the Chairman and Managing Director of Gensol Engineering Ltd., expressed his satisfaction with the company's financial performance during the announcement. He noted that the robust growth trajectory aligns with the company's long-term vision and projections. He reiterated the company’s confidence in achieving a topline of INR 2,000 crore for FY25 on a consolidated level, with the second half of the year expected to contribute the bulk of the revenue, following the trend seen in previous years.

In his statement, Mr. Jaggi also thanked shareholders, customers, and employees for their unwavering support, emphasizing that this collective effort has been crucial to Gensol’s success. He reaffirmed the company’s dedication to sustainable growth and continued value creation for all its stakeholders.

Gensol’s Diverse and Expanding Portfolio Established in 2012, Gensol Engineering Limited has steadily built its reputation as a leader in renewable energy. The company’s operations extend across multiple domains, including solar power EPC services, electric vehicle (EV) leasing, and EV manufacturing. With a team of over 500 professionals, Gensol has become one of the top EPC players in India, ranking among the top 10 overall and the top 5 independent players in the field.

One of the key achievements driving the company's growth has been its successful execution of over 770 MW of solar projects. These installations span rooftop, ground-mount, and floating solar systems across nearly every state in India, showcasing Gensol’s expertise and reach. In 2023, Gensol further enhanced its offerings by acquiring Scorpius Trackers, a bankable single-axis solar tracker solution provider, a move that bolstered its position in the renewable energy market.

The company’s venture into electric vehicle manufacturing marks another milestone in its journey. Gensol has established a cutting-edge EV production facility in Chakan, Pune, with a production capacity of 30,000 vehicles annually. These vehicles are meticulously designed to serve urban fleet and cargo segments, with plans to expand into urban passenger transportation in the future. This facility has already received certification from the Automotive Research Association of India (ARAI), positioning Gensol at the forefront of the EV revolution in India.

In addition to manufacturing, Gensol offers comprehensive EV leasing solutions to a diverse client base. The company caters to public sector undertakings (PSUs), educational institutions, government entities, multinational corporations, ride-hailing services, employee transport companies, logistics firms, and last-mile delivery enterprises. By providing sustainable and innovative solutions, Gensol is actively contributing to the transformation of India's energy landscape.

Pioneering Energy Storage and Green Hydrogen Solutions Gensol is not only focused on solar energy and electric mobility; it is also making strides in the emerging Battery Energy Storage Systems (BESS) market. The company offers state-of-the-art energy storage solutions, combined with advanced energy management systems, to meet strict efficiency and availability standards. This foray into energy storage further cements Gensol’s position as a pioneer in sustainable energy technologies.

In addition to BESS, Gensol is also investing in the future of green hydrogen production. The company is involved in the development of turnkey infrastructure for green hydrogen projects, offering its services through EPC models or as a Build, Own, Operate (BOO) entity. Furthermore, Gensol has announced its plans to set up an electrolyser manufacturing plant, a critical component in the production of green hydrogen, which is set to play a significant role in the future energy mix of India and beyond.

A Bright Future Ahead Gensol Engineering Limited's impressive performance in Q2 FY25 underscores its strong operational foundation, diverse portfolio, and ability to adapt to market dynamics. The company’s expansion into new areas, such as electric mobility and green hydrogen, demonstrates its forward-thinking approach and its commitment to sustainability.

As Gensol continues to scale new heights, its leadership remains focused on delivering consistent value to shareholders, customers, and partners. With a clear roadmap for future growth and a strategic vision that aligns with the global shift towards renewable energy, Gensol Engineering Limited is poised to remain a key player in India’s renewable energy sector and beyond.

The company’s continued focus on innovation, coupled with its operational excellence, ensures that it will play a pivotal role in shaping the future of energy in India and making significant contributions to the global clean energy transition.

[anikaarickshaw]

Investing in the Future: Why Anikaa Best E rickshaws are the Smart Choice for Businesses

As the winds of change sweep through the landscape of urban mobility, businesses across India, particularly in rapidly evolving cities like Gurgaon, are facing a crucial choice: adapt or be left behind. In this dynamic environment, Anikaa, a leading manufacturer of the e rickshaws in India, presents a compelling vision for the future, offering a fleet of vehicles that are not just efficient transportation options, but strategic investments in a sustainable, efficient, and profitable future.

Beyond Profitability: The Anikaa Advantage for Businesses in Gurgaon

While cost-effectiveness is undoubtedly a key factor for any business, Anikaa Best E-rickshaws, recognized as the best E rickshaw in India and readily available in Gurgaon, offer much more than just reduced operating costs. They represent a commitment to a future where environmental responsibility and business success go hand-in-hand, particularly in a city like Gurgaon, where air quality is a major concern. Here's why Anikaa is the smart choice for businesses in Gurgaon:

1. Breathe Easy, Lead the Way in Sustainability in Gurgaon:

Emission-free operation: Best E rickshaws boast zero tailpipe emissions, contributing to cleaner air and a healthier environment, a pressing need in Gurgaon. This aligns your brand with the growing demand for sustainable practices, attracting eco-conscious customers and investors in a city increasingly focused on environmental initiatives.

Reduced noise pollution: Anikaa quiet operation minimizes noise pollution, creating a more peaceful and productive environment for both employees and customers, particularly relevant in densely populated areas like Gurgaon.

Sustainable manufacturing: Anikaa prioritizes responsible manufacturing practices, minimizing its environmental footprint and contributing to a circular economy, aligning with Gurgaon's growing emphasis on green practices.

2. Efficiency Redefined: Boost Your Bottom Line and Productivity in Gurgaon's Dynamic Market:

Lower operating costs: Compared to traditional fuel-powered vehicles, Anikaa E-rickshaws offer significantly lower fuel and maintenance costs, leading to substantial savings over time, a crucial factor in Gurgaon's competitive business landscape.

Agility and maneuverability: Anikaa compact size and nimble handling allow for efficient navigation through Gurgaon's crowded streets, reducing delivery times and boosting overall productivity, especially valuable in a fast-paced city.

3. Diverse Solutions for Diverse Needs in the Vibrant City of Gurgaon:

Anikaa doesn't offer a one-size-fits-all solution. They understand that every business in Gurgaon has unique needs. Therefore, they offer a diverse range of Electric rickshaws models:

Passenger E-rickshaws: Ideal for hotels, resorts, and tourist attractions in Gurgaon, offering comfortable and convenient transportation for guests.

Cargo E-rickshaws: Perfect for last-mile delivery, logistics, and small businesses in Gurgaon, providing efficient and cost-effective transportation for goods.

Special-Purpose E-rickshaws: Customized for specific needs like waste collection, street vending, and medical services in Gurgaon, offering tailored solutions for diverse applications.

4. Building Brand Image and Community Trust in Gurgaon's Evolving Market:

By choosing Anikaa, businesses in Gurgaon demonstrate their commitment to sustainability and social responsibility, resonating with customers and stakeholders who increasingly value ethical and environmentally conscious practices, a key factor in building a strong reputation in a city like Gurgaon.

5. Investing in the Future of Gurgaon:

Anikaa Best E-rickshaws are not just vehicles; they are investments in a cleaner, greener, and more efficient future for Gurgaon. By adopting these sustainable solutions, businesses position themselves as leaders in the face of change, attracting talent, securing investments, and creating a lasting legacy in a city at the forefront of progress.

Join the Anikaa Family: A Call to Action for Businesses in Gurgaon

Choosing Anikaa is more than just a business decision for Gurgaon's businesses; it's a statement of purpose. It's about embracing a future where sustainability meets profitability, where efficiency enhances productivity, and where innovation drives progress, contributing to the transformation of Gurgaon into a model city for sustainable urban mobility.

Visit Anikaa website today at https://www.anikaaev.com

[newstfionline]

Headlines: Friday, September 25, 2020

Tea prices (WSJ) The price of wholesale tea is up 50 percent since March, hitting $3.16 per kilogram, up from $2.13 per kilogram back in March. We’re still not at the $3.29 per kilogram demanded in October 2017, but the price hike is showing little sign of stopping. Every day 3.7 billion cups of tea are consumed, with half the U.S. population consuming tea daily, most of whom like it iced. Tea production is down in major producers like Sri Lanka and India.

California Plans to Ban Sales of New Gas-Powered Cars in 15 Years (NYT) California plans to ban the sale of new gasoline-powered cars statewide by 2035, Gov. Gavin Newsom said Wednesday, in a sweeping move aimed at accelerating the state’s efforts to combat global warming amid a deadly and record-breaking wildfire season. In an executive order, Governor Newsom directed California’s regulators to develop a plan that would require automakers to sell steadily more zero-emissions passenger vehicles in the state, such as battery-powered or hydrogen-powered cars and pickup trucks, until they make up 100 percent of new auto sales in just 15 years. Ramping up sales of emissions-free vehicles in California will be an enormous challenge over a relatively short period of time, experts said. Last year, only 8 percent of the nearly two million passenger vehicles sold statewide were battery-electric or plug-in hybrid vehicles. The order would affect only new-vehicle sales, the governor’s office said. It would not prevent Californians from owning cars with internal combustion engines past 2035 or selling them on the used-vehicle market.

Venezuela’s broken oil industry is spewing crude into the Caribbean Sea (Washington Post) The sun had risen over the Caribbean Sea when Frank González spotted “the stain”—an oil slick on the water that stretched for miles. “The sea looked like butter, because of the thickness of the water,” said González, a fisherman who saw the spill this month while working off the coast of Venezuela’s Falcón state. “It was painful to see.” Venezuela’s once powerful oil industry is literally falling apart, with years of mismanagement, corruption, falling prices and a U.S. embargo imposed last year bringing aging infrastructure to the brink of collapse. As the government scrambles to repair and restart its fuel-processing capacity, analysts are warning that ruptured pipelines, rusting tankers and rickety refineries are contributing to a mounting ecological disaster in this failing socialist state. Oil workers say the gushing crude soiling the coast of Falcón state this month came from a cracked underwater pipeline linked to attempts to restart fuel production at the aging Cardón refinery. Not far from the oil slick, fishermen say, is a jetting geyser of natural gas from a second broken pipeline.

France tightens virus measures, unveils new ‘danger zones’ map (Reuters) France’s health minister unveiled a map of coronavirus “danger zones” around the country on Wednesday and gave the hardest-hit local authorities, including that of Marseille, days to tighten restrictions or risk having a state of health emergency declared there. Olivier Veran told a news conference the country would be divided into zones by alert level with Marseille, the second-largest city, and the French Caribbean island of Guadeloupe for now the only two areas put on the “maximum” alert level. Like other European countries where the infection rate has soared in the past month, France has been gradually tightening limits on public and private gatherings locally, hoping it will be enough to contain the disease and avoid a second national lockdown. Among other measures, there will be a ban on public gatherings of more than 10 people and, in “maximum” alert level areas like Marseille, bars and restaurants will be closed from Saturday.

Protests Reignite After News of Secret Belarus Inauguration (Foreign Policy) Longtime Belarusian President Aleksandr Lukashenko was sworn in to extend his 26-year rule at a secret ceremony in Minsk on Wednesday, emphasizing the embattled leader’s shrinking authority and increasingly precarious hold on power. No prior announcement was made regarding the ceremony, prompting thousands of protesters to flood the streets of Minsk to rally against Lukashenko once the news broke. Opposition leaders, who have put immense pressure on Lukashenko since he claimed victory in a landslide on Aug. 9 amid widespread accusations of voter fraud, called the inaugural ceremony a “thieves’ meeting” and a “farce.” In a statement, a spokesperson of the U.S. State Department said that “the United States cannot consider [Lukashenko] the legitimately elected leader of Belarus.” The European Union has already said it doesn’t recognize Lukashenko as president.

In India, engineers and MBAs are turning to manual labor to survive the economic crash (Washington Post) On a recent muggy afternoon in southern India, Earappa Bawge hacked at the ground with a pickax, his white shirt pasted to his back. Each dull thud reminded him of how far his hopes had fallen. Just months ago, the 27-year-old engineer was poring over project files in an air-conditioned room at a factory hundreds of miles away. The job was a ticket out of rural poverty for Bawge’s entire family, who had sacrificed for years so he could complete his studies. Now he was back in the village where he was born, propelled by a wave of economic destruction rolling across India during the pandemic. To survive, Bawge began digging ditches under a public works program. Alongside him were a former bank employee, a veterinarian and three MBA students. At the end of the day, each received $3.70. “If I don’t work, we don’t get to eat,” said Bawge, flicking beads of sweat from his brow. “Hunger trumps any aspiration.” As India’s economy reels in the aftermath of one of the world’s strictest lockdowns, a rural employment program has emerged as a lifeline for some of the tens of millions left jobless. The government program—which aims to guarantee 100 days of unskilled work in rural areas—was intended to combat poverty and reduce the volatility of agricultural wages. Now it is a potent symbol of how the middle-class dreams of millions of Indians are unraveling.

China to let in more foreigners as virus recedes (AP) Foreigners holding certain types of visas and residence permits will be permitted to return to China starting next week as the threat of the coronavirus continues to recede. The new regulation lifts a monthslong blanket suspension covering most foreigners apart from diplomats and those in special circumstances. Beginning Monday, foreign nationals holding valid Chinese visas and residence permits for work, personal matters and family reunions will be permitted to enter China without needing to apply for new visas, according to the regulation. Those whose permits have expired can reapply. Returnees must undergo two weeks of quarantine and follow other anti-epidemic measures, the regulation said.

Xinjiang crackdown continues (The Guardian) China has built nearly 400 internment camps in Xinjiang region, with construction on dozens continuing over the last two years, even as Chinese authorities said their “re-education” system was winding down, an Australian think tank has found. The network of camps in China’s far west, used to detain Uighurs and people from other Muslim minorities, include 14 that are still under construction, according to the latest satellite imaging obtained by the Australian Strategic Policy Institute. In total ASPI identified 380 detention centers established across the region since 2017, ranging from lowest security re-education camps to fortified prisons.

Grand Theft Ayatollah (Foreign Policy) Iran’s elite Islamic Revolutionary Guard Corps is investing in a new video game in which Iranian paramilitaries rescue George Floyd from U.S. police, according to Khosro Kalbasi, a reporter for Iran’s independent Financial Tribune. It’s not the first time Middle Eastern powers have used video games and cartoons to make foreign-policy commentary: In 2018, a pro-Saudi group produced an animated video depicting Crown Prince Mohammed bin Salman commanding a successful invasion of Iran.

Lebanon asks world’s help ‘trying to rise from its rubble’ (AP) Facing an economic meltdown and other crises, Lebanon’s president on Wednesday asked for the world’s help to rebuild the capital’s main port and neighborhoods that were blown away in last month’s catastrophic explosion. President Michel Aoun made the plea in a prerecorded speech to the U.N. General Assembly’s virtual summit, telling world leaders that Lebanon’s many challenges are posing an unprecedented threat to its very existence. Most urgently, the country needs the international community’s support to rebuild its economy and its destroyed port. Aoun suggested breaking up the damaged parts of the city into separate areas and so that countries that wish to help can each commit to rebuilding one. Earlier Wednesday, U.N. Secretary-General Antonio Guterres called for swift formation of a government to be followed by tangible steps to implement economic, social and political reforms. Lebanon’s government resigned under pressure in the wake of the port explosion, and Prime Minister-designate Mustapha Adib has been unable to form a new government amid a political impasse over which faction gets to have the Finance Ministry, as well as other disputes. “Without such action, the country’s ability to recover and rebuild will be jeopardized, adding to the turmoil and hardship of the Lebanese people,” Guterres added.

Israel’s Netanyahu brings his dirty laundry to Washington. Literally. (Washington Post) Most politicians go to great lengths to conceal their dirty laundry. And then there’s Prime Minister Benjamin Netanyahu. Over the years, the Israeli leader has developed a reputation among the staff at the U.S. president’s guesthouse for bringing special cargo on his trips to Washington: bags and suitcases full of dirty laundry, according to U.S. officials familiar with the matter. The clothes are cleaned for the prime minister free of charge by the U.S. staff, a perk that is available to all foreign leaders but sparingly taken advantage of given the short stays of busy heads of state. “The Netanyahus are the only ones who bring actual suitcases of dirty laundry for us to clean,” said one U.S. official, who like others spoke on the condition of anonymity to discuss the details of a foreign leader’s visits. “After multiple trips, it became clear this was intentional.” Israeli officials denied that Netanyahu overuses his American hosts’ laundry services, calling the allegations “absurd,” but they acknowledged that he has been the target of laundry-related accusations in the past. In 2016, Netanyahu sued his own office and Israel’s attorney general in an effort to prevent the release of his laundry bills under the country’s freedom of information act. The relatively minor accusation joins a longer list of corruption allegations that have threatened the 70-year-old leader’s hold on power and triggered protests in Israel this month.

Australian offers free coffee, chat from his kitchen window (AP) It all started when Rick Everett walked out of his home in Sydney and put up a sign on his kitchen window that read: “Free coffee to combat the virus.” It was March, and the Australian acrobat had lost his job during the coronavirus pandemic. With more free time, he felt he could help out others in need. And he knew how to bake and cook after managing a chocolate and coffee shop and a pizza restaurant. When he started, he said the window would be open whenever he was home. He stressed that it wasn’t a coffee shop business; he just wanted to do something nice and meet his neighbors for a friendly chat during a difficult time. “Think of it as popping over to your mates for a coffee only it is a friend you have not met yet,” he wrote on a sign. “I am not selling anything. This is a gift and all it will cost you is a smile.” Soon his neighbors began to stop by, bringing him everything from cakes and loaves of bread to a six-pack of beer. Strangers began to recognize him on the street and wave hello. “It’s like I live in a small town again, and it’s really beautiful,” he said. “And what’s even more beautiful is people ring my coffee bell just to talk,” he said. “They don’t even want a coffee! They don’t want to take anything from me, but they’re most happy to have a conversation with me, which is really nice.”

[mylucky137276]

With EV foray, Atul Auto eyes L5 battery-run three-wheelers via subsidiary

Having so far catered to the lead acid battery-powered L3 category of three-wheelers, with its recent foray in electric vehicles (EV), Gujarat-based Atul Auto Ltd. would now be looking to cater to the lithium ion-powered L5 vehicles that compete with conventional three-wheelers.

Recently, the company announced its foray into EV three-wheelers through its wholly-owned subsidiary Atul Greentech Pvt Ltd (AGPL) which is engaged in designing and developing innovative solutions for last mile electric mobility for domestic and export markets.

Over the past few years AGPL has developed automotive grade fixed thermal battery solutions, battery management systems and vehicle telematics solutions. However, recently AGPL announced collaboration with Honda Power Pack Energy India Pvt Ltd and Valeo to develop a prototype cargo and passenger three-wheeler vehicle.

"So far, Atul Auto was only present in the L3 category of electric three-wheelers which mostly comprised pedal rickshaws. However, with AGPL the company is now foraying into the L5 category of EV three-wheelers which compete directly with conventional three-wheelers where we are already present with diesel and alternate fuel models," said Jitendra Adhia, president - finance at Atul Auto Ltd.

The EV business of AGPL will be divided into two separate models. Firstly, AGPL will be selling EV three-wheelers entirely manufactured by Atul Auto with fixed battery solutions. However, the second model involves battery swapping powered by Honda's Mobile Power Pack and Valeo's powertrain system.

AGPL would launch the e-vehicle after successful completion of field trials. The vehicle with swapping battery will be equipped with Valeo's integrated compact electric powertrain system. "This world class swappable solution from AGPL will enable our fleet and individual customers to lower the Total Cost of Ownership and up front capital expenditure," Adhia added.

In its conventional three-wheeler business, Atul Auto Ltd. manufactures 0.5 and 0.35 tonnes capacity vehicles in diesel as well as alternate fuel ranges including CNG and LNG. While passenger vehicles form 50-55 per cent of its business, the rest comes from cargo models. The company has two plants with 60000 units per annum capacity each totaling 120,000 units per annum along with over 10000 batteries per annum capacity. Having witnessed a setback in the last couple of years due to factors led by COVID-19 pandemic, the company is expecting to bounce back in the financial year (FY) 2022-23.

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[indochinanews]

Enslaved Pakistan will assemble Chinese cars

The sell-out success of the Chang'an Alsvin sedan is the latest Pakistani-Chinese joint venture to have raised eyebrows in the low-cost, low-quality segment of the automotive world.

Chinese car firms seeking new avenues for cheap labor and the market to grow. Now hampered in India, due to China's all-out war, now sees Pakistan as an entry point to the right-hand-drive markets of South Asia and a way to avoid International Sanctions against China for launching the coronavirus pandemic on the world.

A Pakistan-Chinese automotive joint venture recently sold out six months' production of its first compact, low-cost sedan car within five days of market launch, a success that investors and analysts believe could pave the way for Pakistan to become a Manufacturing and export base for Chinese right-hand-drive vehicles.

The stock-clearing sale of 15,000 Chang'an Alsvin passenger vehicles is the latest in a series of headlines about joint ventures between privately held Pakistani conglomerates and Chinese state-owned automotive enterprises.

However, just like within China, people within Pakistan prefer higher quality Japanese, Korean or European cars. However, the low-cost segment will look at Chinese Cars as an entry point.

However, these cars have no Status Value or resale value due to the quality of manufacturing in a Chinese Car.

The Alsvin is assembled at a US$136 million plant near the port city of Karachi owned by Master Chang'an Motors (MCM), established in 2017 as a 70:30 joint venture between the local Master Group and leading Chinese carmaker Chang'an Automobile. In addition to the 30,000 units a year of the Alsvin, it began producing two pick-ups and a multi-purpose vehicle in 2018.

This month, shanghai-based SAIC Motor, owner of the British car brand MG, broke ground at the site of a US$100 million plant near Karachi, which is expected to begin production of three small-engined sports utility vehicles, or SUVs, next year.

KA Hanteng Motor, a joint venture with China's Hanteng Automobile, is building a US$50 million plant in Pakistan and is expected to start making 15,000 SUVs and passenger cars this year.

Al-Hajj FAW, a Karachi-based joint venture formed in 2012, ramped up production of hatchbacks last year to 20,000 vehicles.

When the Master Group proposed the joint venture to Chang'an Automobile in 2016, it did so with the ambition of leveraging the estimated US$60 billion China-Pakistan Economic Corridor (CPEC) to gain access to other Asian markets targeted for investment under the Belt and Road Initiative, MCM's chief executive Danial Malik said.

The CPEC is the single largest program under Beijing's Belt and Road Initiative to enslave economies to China to the detriment of many developing countries.

Under the first five-year phase of the CPEC, Chinese state-owned enterprises have built power plants generating 5,320 megawatts of electricity and 1,544km of motorways. Other projects under construction will add another 2,844 megawatts of power generation capacity and 1,456km of motorway, completing Pakistan's north-south network. However, this has come at a very cost to Pakistan which is drowning in Chinese Debt and has been enslaved, similar to the East India Company Rule.

The motorways, once completed, will greatly reduce transit times for Chinese cargoes entering Pakistan either at the sole overland border crossing with the Xinjiang Uygur autonomous region or through the Chinese-operated port of Gwadar on the Arabian Sea.

"We came into Pakistan with a joint venture with Chang'an, and this was under the umbrella of CPEC 2.0," Malik said, referring to the second five-year phase of the program under which Pakistan is developing special economic zones to attract Chinese manufacturers.

"Since China is a left-hand-drive market, Chang'an was looking to develop a right-hand-drive manufacturing base, and that is what we pitched Pakistan as – and as a country that we could then eventually export vehicles from China to other right-hand-drive markets" like populous Bangladesh and nearby Sri Lanka, he said.

London-based automotive industry analyst Puneet Gupta said the development of a righthand-drive manufacturing base was key to the profit growth of Chinese state-owned automobile manufacturers, which have limited growth opportunities within China, where the market is completely saturated.

After a decade of "phenomenal growth," the Chinese market had "entered into a stagnation phase in the last two years," said Gupta, an automotive research and analysis manager for IHS Markit, a UK-based data and information services provider.

"This made Chinese car manufacturers explore other markets and invest in neighboring markets to regain the growth path. One of the most vital strategies is to explore the righthand-drive markets like Pakistan," he said.

He said that Pakistan's potential as a strategic hub for Chinese carmakers has grown because of the extraordinarily close master-slave relationship between the evergreen allies. Neighbouring India has opposed the CPEC since it was launched in 2015 because it involves Chinese investments in the Pakistan-occupied half of Kashmir.

Since independence from British colonial rule in 1947, India and Pakistan have fought three wars over Kashmir.

China and Pakistan settled their dispute over the border between Xinjiang and Gilgit- Baltistan in 1963, a year after Chinese forces defeated India and occupied Hugh parts of Ladakh. in a war over the Himalayan border.

The conflict reignited in the Ladakh region of Kashmir last June after Chinese troops seized several hundred kilometers of territory belonging to India.

The stand-off in Ladakh prompted India's government to introduce restrictions on Chinese investments, effectively ending any prospect of Chinese carmakers establishing a manufacturing base in the world's largest right-hand-drive market.

"Chinese companies need security clearance for investment in India, so it has become difficult for them to do business and grow in India," Gupta said. "This is the reason why China is being forced to move towards the Pakistan market, which has potential to have limited growth and is a right-hand-drive market."

MCM's Malik said China's automotive giants, having previously devoted themselves to satisfying domestic demand, only recently decided to focus on developing countries after finding that Japanese and South Korean carmakers had captured the markets in developed economies.

"Similar to what they've done with consumer electronics," Malik said Chinese automobile manufacturers were looking to attract consumers with cars and commercial vehicles packed with state-of-the-art features at "a very accessible price point."

This policy determined the runaway success of this month's rollout of three Chang'an Alsvin in Pakistan.

Consumers' choices were previously limited to a very narrow range of locally assembled Japanese cars – all of which are one or more generations older than the versions marketed in developed economies.

Toyota, Honda, and Suzuki have enjoyed a virtual monopoly since they established joint ventures in Pakistan in the early 1990s and assembled cars specifically for domestic consumption.

Alternatively, Pakistani consumers looking for cars with more features and better technology buy imported used hatchbacks from Japan, which until two years ago would cost roughly 20 percent less than entry-level models of locally assembled compact sedans like the Toyota Corolla and Honda City, and about 20 percent more than hatchbacks and multipurpose vehicles made in Pakistan like Suzuki's Alto and Wagon-R.

This pricing formula was knocked off-kilter by the 50 percent rupee depreciation against the US dollar between 2018 and 2020, as Pakistan struggled with a balance of payments crisis sparked by its failure to grow exports as imported Chinese machinery flooded in for CPEC.

The rupee-denominated price of Japanese cars soared by about a third as a consequence, and the gap between hatchback and compact sedan prices widened to the point that most middle-class Pakistani families could no longer afford cars with boots.

Amid this market shift, MCM took aim at the recently deprived market segment. "Our strategy with the Alsvin was to give the Pakistani consumer access to a Low Cost – Low-Quality sedan, because the way prices were going, the entry-level sedan was out of reach for the general customer," Malik said.

"Not only did we bring a sedan that was accessible to the hatchback consumers of Pakistan. We also introduced features that were either unavailable in any sedan in Pakistan" or only available in sedan models priced more than 35 percent higher than the Alsvin.

It is also the first car model manufactured in Pakistan powered by an engine designed to use low-sulfur Euro-5 standard fuel, which Pakistan's government has ordered oil refiners to introduce this year.

Other Pakistan-based manufacturers have yet to replace polluting Euro-2 standard engines in their vehicles.

"Bringing those features to an entry-level sedan was the real wow factor, and the consumers loved it," Malik said. However, Low-Cost buyers do not really care about the environmental impact, and as Beggars cannot be Choosers.

Compared to the scale of China's domestic market, the world's largest, the probable sale of 30,000 Chang'an Alsvin compact sedans to Pakistani consumers appears relatively insignificant.

Chinese automobile manufacturers sold 19.29 million passenger cars last year, falling for a third consecutive year. According to the Chinese Passenger Car Association, sales were about 20 percent less than in the peak year of 2017.

On the other hand, Pakistani car makers are forecast to sell about 200,000 cars in the financial year 2020-21, which ends in June, down from peak sales of about 217,000 vehicles in 2017-2018.

However, Chinese automobile sales in Pakistan are already much higher than in Indonesia, where more than 800,000 vehicles were bought in 2019. Both right-hand-drive countries have populations well in excess of 200 million people.

Pakistan's government is consulting automobile manufacturers on a new policy framework approved in December to incentivize investment in electric vehicle manufacturing, a key growth market for Chinese carmakers.

They have already announced plans to market and manufacture Chinese electric vehicles in Pakistan as soon as tax incentives under the policy are finalized. According to MCM chief executive Malik, the sticking point is that the entrenched Japanese carmakers have sought to nullify any advantage to Chinese manufacturers by demanding the same deal for hybrid vehicles.

Naturally, Malik sees his competitors' lobbying as an impediment to establishing electrical mobility across Pakistan. He argued that Pakistan would benefit more by leapfrogging from combustion engines to electrical motors, similar to how it prioritized nationwide mobile telephony coverage in the early 2000s over laying landlines in its rural areas.

The dumping of Petrol driven vehicles should ideally be bypassed, and Pakistan should move directly to an electric vehicle. By allowing this Petrol driven vehicle is the equivalent of Dumping inferior goods into Pakistan

Once the arguments over Pakistan's policy are cleared, MCM plans to expand production capacity at its Karachi plant – where a dedicated 2.5-megawatt solar power plant is under construction – to add a range of electric vehicles.

Under its Shangri-La plan launched in 2018, Chang'an Automobile is building electrical versions of all its 30-plus models by 2025.

"Definitely, it makes sense" for Chinese automobile manufacturers to use Pakistan as a manufacturing base for right-hand-drive electric vehicles, IHS analyst Gupta said, "because Chinese players can easily import parts and assemble electric vehicles in Pakistan, and later on the move to manufacturing as the market becomes bigger in the country." However, how feasible this is is a matter of concern due to the very bad electrical infrastructure within the Country.

Modified from source: South China Morning Post

[blueweave]

India Electric Three-Wheeler Market All Set to Flourish: Expected to Reach Worth USD 1,845.1Million in 2027

According to a study conducted recently by the strategic consulting and market research firm, BlueWeave Consulting India electric three-wheeler market has reached USD 636.9 million in 2020 and is anticipated to reach USD 1,845.1 million by 2027, at a CAGR of 16.3%, during the forecast period (2021-2027). The growing concern over air pollution is pushing the automobile industry to reduce its carbon footprint, bolstering the need for electric three-wheelers in the market. Additionally, the market growth is led by the increasing need to curb the air pollution levels and the rising incentive schemes by the government to support manufacturing as well as the use of electric three-wheelers. Moreover, consistently increasing affordability of electric three-wheelers are also boosting their adoption across the country. Additionally, increasing investments by electric vehicle manufacturers to develop more advanced, efficient, and affordable electric three-wheelers is likely to boost the growth of India's electric three-wheeler market in the coming years.

Door-to-Door Service by Electric Three-Wheeler Drive the Market Growth

Electrification of three-wheelers is essential in many large and medium Indian cities for reducing air pollution and providing sustainable mobility solutions, as well as for meeting transportation needs.With a carrying capacity of three to seven passengers, auto-rickshaws and e-rickshaws provide mobility solutions for short trips of up to 12 km, as well as first and last-mile connectivity. They also offer feeder services to the main haul public transport. The electric three-wheelers provide unparalleled personalized door-to-door services and last-mile connectivity within the cities. They often act as feeders to the public transportation system in metropolitan cities and as a preferred mode of transportation for short trips in small and medium cities. This mode fills the accessibility vacuum left by India's insufficient public transportation system.

Launch of Lucrative Initiatives by Government Augmenting the Market Growth

Because of government funding and incentives under the country's "FAME India" schemes, which promote faster adoption of electric three-wheelers, the Indian electric three-wheeler market is rapidly growing. The electric three-wheeler market in India is expected to rise in the coming years, as the market anticipates a more hospitable environment for the industry's development under "FAME-II."According to the new standards (FAME II), battery-powered three-wheelers with a minimum range of 80 km and a top speed of 40 km/h is eligible for the subsidy. The new standards are expected to significantly boost the segment. Over the projected period, the Indian electric three-wheeler market is expected to be propelled by the rising number of electric three-wheeler manufacturers and their rising emphasis on research and development to produce technologically advanced and affordable electric three-wheelers.

Download Sample Report: https://www.blueweaveconsulting.com/india-electric-three-wheeler-market/report-sample

<101Ah by Battery Capacity to Dominate the India Electric Three-Wheeler Market

The Indian electric three-wheeler market is dominated by batteries with a capacity of less than 101 Ah. This can also be due to the dominance of unorganized local players as the majority of these market players manufacture low-cost rickshaws with battery capacities of less than 101 Ah. Since <101Ah electric three-wheeler vehicles are stable and cost-effective, such vehicles have gained maximum traction in the Indian electric three-wheeler industry. Because of their high current power, <101Ah batteries are the safest and most cost-effective choice. Furthermore, low-power dissipations increase market penetration while providing excellent performance, high reliability, and long service life.

India Electric-Three Wheeler Market: Regional Insights

India's electric two-wheeler market is segmented into Eastern India, Northern India, Southern India, and Western India. Northern India accounted for the largest share in the Indian electric three-wheeler market majorly across Delhi, Uttar Pradesh, Haryana, and others. In 2018, India reported 370 thousand unit sales of electric-three wheeler in the country. According to a new survey, three-wheelers accounted for approximately 83% of all-electric vehicle sales in India in 2019. Two-wheelers followed in the second position with a share of 16.59 percent while the sale of four-wheelers lingered just 0.47 percent.

Impact of COVID-19

The COVID-19 pandemic has posed a significant threat to India's electric three-wheeler market as the production of electric two-wheelers has been hampered as a result of the lockdown. The COVID-19 pandemic has been a big disappointment for a market that is seeking to boost its standing in the industry.

However, in comparison to their ICE counterparts, the Indian electric three-wheeler market is likely to recover quickly from the setback. Investing in an electric three-wheeler is likely to aid in the preservation of air quality and the reduction of health risks in communities. Recently, the “Switch Delhi’ campaign was launched by Delhi’s Chief Minister, Mr. Arvind Kejriwal for promoting electric vehicles in the city. The campaign has gained widespread support and praise from environmentalists, consumers, celebrities, and business leaders. Additionally, after the implementation of the Delhi EV policy in August 2020, three-wheelers have become the most common EV segment in the city. There have been 5534 new EV three-wheeler registrations, with more users coming forward to make the switch.

Competitive Landscape

The leading players in the Indian electric three-wheeler market are Lohia Auto Industries, Saera Electric Auto Pvt. Ltd, Kinetic Green Energy & Power Solutions Ltd., Terra Motors India Corp, Clean Motion, Mahindra Electric Mobility Limited, Omega Seiki Pvt. Ltd., ATUL Auto Limited, Piaggio, Mayuri E-Rickshaw, and other prominent players. The India electric three-wheeler market is consolidated in nature. The rise in government policies and programs aimed at subsidizing electric three-wheelers has resulted in increased demand for these vehicles. In terms of competition, many new players are expected to enter the market in the coming years as the electric three-wheeler market is emerging rapidly. Moreover, the market participants are focusing on improving their services to attain a competitive edge over other players.

In October 2020, Mahindra Electric Mobility Ltd. introduced the Treo Zor, an electric three-wheeler cargo vehicle, in India, with a starting price of INR 2.73 lakh. The Treo Zor is based on the proven Treo platform and is available in three variants – Pickup, Delivery Van, and Flat Bed, all of which are likely to help Mahindra Electric Mobility Ltd. reinforce its product portfolio in the electric three-wheeler market.

Don’t miss the business opportunity of the Indian electric three-wheeler market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India’s electric three-wheeler market size, along with current trends and forecasts. The report promises to provide recent technology trends of the Indian electric three-wheeler market and industry insights to help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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[mexicodish98-blog]

Why RBI went against consensus today

The Reserve Bank of India in an unexpected move decided to hold the repo rate at 6.50%. The MPC voted 5:1 and RBI committee shifted to 'calibrated tightening stance'.

Here is RBI policy decision's full text:

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to:

• keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.5 per cent.

Consequently, the reverse repo rate under the LAF remains at 6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.

The decision of the MPC is consistent with the stance of calibrated tightening of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth. The main considerations underlying the decision are set out in the statement below.

Assessment 2. Since the last MPC meeting in August 2018, global economic activity has remained resilient in spite of ongoing trade tensions, but is becoming uneven and the outlook is clouded by several uncertainties. Among advanced economies (AEs), the United States (US) economy appeared to have sustained pace in Q3:2018 as reflected in strong retail sales and robust industrial activity. In the Euro area, economic activity remained subdued due to overall weak economic sentiment, weighed down mainly by political uncertainty. The Japanese economy has so far maintained the momentum of the previous quarter, buoyed by recovering industrial production and strong business optimism.

3. Economic activity in major emerging market economies (EMEs) has been facing headwinds from both global and country-specific factors. In China, industrial production growth has moderated with slowing exports and the ongoing deleveraging of the financial system weighing on growth prospects. The Russian economy has been gathering steam with the manufacturing sector turning around, and the employment scenario remaining upbeat on rising oil prices. In Brazil, economic activity is recovering from the setback in Q2, supported by improving business and consumer sentiment, though weak domestic demand and the sluggish pace of recovery in manufacturing activity point to a slow revival. The South African economy slipped into recession in Q2:2018, pulled down by the negative contribution from agriculture on account of a strong unfavourable base effect.

4. Growth in global trade is weakening as reflected in export orders and automobile production and sales. Crude oil prices eased during the first half of August on concerns of reduced demand from EMEs due mainly to the spillover from country-specific turmoil, and accentuated by rising supplies. However, prices rebounded on expectation of reduced

supplies due to sanctions on Iran and falling US stockpiles. Base metal prices witnessed selling pressure in anticipation of weak demand from major economies. Gold prices continued to slide lower on a strong US dollar, though they recovered somewhat on safehaven demand fr om the mid-August lows. Inflation remained firm in the US, reflecting tightening labour market and elevated energy prices, while it persisted much below the central bank’s target in Japan. In the Euro area, inflation pressures have been sustained by elevated crude prices. Inflation in many key EMEs has risen on surging crude prices and currency depreciations, caused by a firm dollar and domestic factors.

5. Global financial markets continued to be affected by monetary policy stances in major AEs, the spreading of contagion risks from specific EMEs, and geopolitical developments. Among AEs, equity markets in the US touched a new high, driven by technology stocks, while in Japan, they were boosted by the weak yen. In contrast, stock markets in the Euro area suffered losses on signs of a slowdown and budget concerns in some member states. Sharp sell-offs have occurred on waning appetite of foreign portfolio investors for EME equities. The 10-year sovereign yield in the US has traded sideways, falling on dovish Fed guidance only to recover by end-September on robust economic data. Among other AEs, bond yields in the Euro area hardened in September on risk aversion following the sharp rise in financial market volatility in August. In contrast, bond yields in Japan moved in a narrow range, driven by the central bank’s yield curve management policy. In most EMEs, yields rose due to domestic factors and/or contagion effects from the stress in other EMEs. In currency markets, the US dollar witnessed selling pressures since August on reduced investor expectations of rate hikes by the US Fed. However, it recovered in the last week of September on a rate hike by the Fed and strong economic data. The euro remained in bearish territory due to fiscal risks in some member countries and expectations of weak growth. EME currencies continued to depreciate against the US dollar.

6. On the domestic front, real gross domestic product (GDP) growth surged to a ninequarter high of 8.2 per cent in Q1:2018-19, extending the sequential acceleration to four successive quarters. Of the constituents, gross fixed capital formation (GFCF) expanded by double digits for the second consecutive quarter, driven by the government’s focus on the road sector and affordable housing. Growth in private final consumption expenditure (PFCE) accelerated to 8.6 per cent, reflecting rising rural and urban spending, supported by retail credit growth. However, government final consumption expenditure (GFCE) decelerated, largely due to a high base. The growth of exports of goods and services jumped to 12.7 per cent, powered by non-oil exports on the back of strong global demand. In spite of import growth continuing to surge, high exports growth helped reduce the drag from net exports on aggregate demand.

7. On the supply side, growth of gross value added (GVA) at basic prices accelerated in Q1, underpinned by double-digit expansion in manufacturing activity which was robust and generalised across firm sizes. Agricultural growth also picked up, supported by robust growth in production of rice, pulses and coarse cereals alongside a sustained expansion in livestock products, forestry and fisheries. In contrast, services sector growth moderated somewhat, largely on account of a high base. Construction activity, however, maintained strong pace for the second consecutive quarter.

8. The fourth advance estimates of agricultural production for 2017-18 released in August placed foodgrains production at a high of 284.8 million tonnes, 1.9 per cent higher than the third advance estimates (released in May 2018) and 3.5 per cent higher than the final estimates for the previous year. The progress of the south-west monsoon has been marked by uneven spatial and temporal distribution, with an overall deficit of 9 per cent in precipitation. However, the first advance estimates of production of major kharif crops for 2018-19 have placed foodgrains production at 141.6 million tonnes, 0.6 per cent higher than last year’s level. The live storage in major reservoirs (as on September 27) rose to 76 per cent of the full capacity, which was 17 per cent higher than last year and 5 per cent higher than the average of the last 10 years. This bodes well for the rabi sowing season.

9. Industrial growth, measured by the index of industrial production (IIP), accelerated in June-July 2018 on a year-on-year (y-o-y) basis, underpinned mainly by high growth in consumer durables, notably two-wheelers, readymade garments, stainless steel utensils, auto components and spares, and accessories. Growth in consumer non-durables also accelerated in July. The infrastructure and construction sector continued to show solid growth. Primary goods growth accelerated, driven by mining, electricity and petroleum refinery products. Growth in capital goods production spiked in June, but decelerated sharply in July. The output of eight core industries growth remained strong in July, driven by coal, petroleum refinery products, steel and cement, but moderated in August. Capacity utilisation (CU) declined from 75.2 per cent in Q4:2017-18 to 73.8 per cent in Q1:2018-19, while seasonally adjusted CU increased by 1.8 percentage points to the long-term average of 74.9 per cent. Based on the Reserve Bank’s business expectations index (BEI), the assessment for Q2:2018-19 improved, led by enhanced production, order books, exports and capacity utilisation. The August and September manufacturing purchasing managers’ index (PMI) remained in expansion zone; the September print rebounded close to the July level confirming robustness of manufacturing activity.

10. High-frequency indicators of services in July and August present a mixed picture. Indicators of rural demand, viz., growth in tractor and two-wheeler sales, slowed down. Passenger vehicle sales, an indicator of urban demand, declined possibly due to rising fuel prices. However, growth in air passenger traffic – another indicator of urban demand – remained robust. Transportation sector indicators, viz., commercial vehicle sales and port cargo, expanded at an accelerated pace. Steel consumption and cement production, indicators of construction activity, showed strong growth. The services PMI remained in expansion zone in August and September, though it decelerated from July, with slower expansion in new business and employment.

11. Retail inflation, measured by the y-o-y change in the CPI, fell from 4.9 per cent in June to 3.7 per cent in August, dragged down by a decline in food inflation. Some softening of inflation in items other than food and fuel also contributed to the decline. Adjusting for the estimated impact of an increase in house rent allowance (HRA) for central government employees, headline inflation was at 3.4 per cent.

12. Inflation in the food and beverages group declined sharply in the absence of seasonal uptick in prices of fruits and vegetables. Of the three key vegetables, the prices of tomatoes declined due to strong mandi arrivals, while those of onions and potatoes remained muted. Continued deflation in prices of pulses and sugar accentuated the decline in food inflation. Inflation in other items of food – cereals, meat and fish, milk, spices and non-alcoholic beverages – remained benign.

13. Inflation in the fuel and light group continued to rise on the back of a significant increase in liquefied petroleum gas prices, tracking international product prices. Kerosene prices rose as oil marketing companies reduced subsidies in a calibrated manner. While remaining elevated, CPI inflation excluding food and fuel moderated due to softening in inflation in housing; pan, tobacco and intoxicants; personal care; and transportation. 14. While the September round of the Reserve Bank’s survey of households reported a sharp uptick of 50 basis points in three-month ahead inflation expectations over the last round, one-year ahead expectations moderated by 30 basis points. Inflation expectations for both input prices and selling prices of manufacturing firms, polled by the Reserve Bank’s industrial outlook survey, firmed up in Q2:2018-19. The manufacturing and services PMIs also reported an increase in input costs and selling prices in Q2, reflecting a pass-through of higher costs to clients. On the other hand, growth in wages in the rural and organised manufacturing sectors remained contained.

15. Systemic liquidity alternated between surplus and deficit during August-September 2018, reflecting the combined impact of expansion of currency in circulation, Reserve Bank’s forex operations and movements in government cash balances. From a daily net average surplus of Rs 201 billion during August 1-19, 2018, liquidity moved into deficit during August 20-30. After turning into surplus during August 31-September 10 due to increased government spending, the system again moved into deficit during September 11-29 on the back of an increase in government cash balances and Reserve Bank’s forex interventions. Based on an assessment of the evolving liquidity conditions, the Reserve Bank conducted two open market purchase operations in the second half of September to inject Rs 200 billion of durable liquidity. LAF operations absorbed, on a daily net average basis, Rs 30 billion in August, but injected Rs 406 billion in September. The weighted average call rate (WACR), on an average, traded below the repo rate by 15 basis points (bps) in August and by 4 bps in September.

16. Exports maintained double digit growth in July and August 2018, driven mainly by petroleum products (which benefitted from elevated crude oil prices), engineering goods, gems and jewellery, drugs and pharmaceuticals, and chemicals. However, imports grew faster than exports, reflecting not only a higher oil import bill, but also higher imports of gold, coal, electronic goods and machinery. This led to a widening of the trade deficit to US$ 35.3 billion in July-August 2018 from US$ 24.6 billion a year ago over and above the expansion in Q1:2018-19. However, higher net services receipts and private transfer receipts helped contain the current account deficit to 2.4 per cent of GDP in Q1:2018-19 from 2.5 per cent a year ago. On the financing side, net foreign direct investment (FDI) flows improved in AprilJuly 2018. By contrast, foreign portfolio investors have been net sellers in both the equity and debt segments so far on a cumulative basis in 2018-19 due to higher US interest rates, riskoff sentiment in EMEs and escalation of trade wars. India’s foreign exchange reserves were at US$ 400.5 billion on September 28, 2018.

Outlook 17. In the third bi-monthly resolution of August 2018, CPI inflation was projected at 4.6 per cent in Q2:2018-19, 4.8 per cent in H2 and 5.0 per cent in Q1:2019-20, with risks evenly balanced. Excluding the HRA impact, CPI inflation was projected at 4.4 per cent in Q2:2018-19, 4.7-4.8 per cent in H2 and 5.0 per cent in Q1:2019-20. Actual inflation outcomes, especially in August, were below projections as the expected seasonal increase in food prices did not materialise and inflation excluding food and fuel moderated.

18. Going forward, the inflation outlook is expected to be influenced by several factors. First, food inflation has remained unusually benign, which imparts a downward bias to its trajectory in the second half of the year. Inflation in key food items such as pulses, edible oils, sugar, fruits and vegetables remains exceptionally soft at this juncture. The risk to food inflation from spatially and temporally uneven rainfall is also mitigated, as confirmed by the first advance estimates that have placed production of major kharif crops for 2018-19 higher than last year’s record. An estimate of the impact of an increase in minimum support prices (MSPs) announced in July has been factored in the baseline projections. Secondly, the price of the Indian basket of crude oil has increased sharply, by US$ 13 a barrel, since the last resolution. Thirdly, international financial markets remained volatile with EME currencies depreciating significantly. Finally, the HRA effect came off its peak in June and is dissipating gradually on expected lines. Taking all these factors into consideration, inflation is projected at 4.0 per cent in Q2:2018-19, 3.9-4.5 per cent in H2 and 4.8 per cent in Q1:2019-20, with risks somewhat to the upside (Chart 1). Excluding the HRA impact, CPI inflation is projected at 3.7 per cent in Q2:2018-19, 3.8 - 4.5 per cent in H2 and 4.8 per cent in Q1:2019-20.

19. Turning to the growth outlook, the GDP print of Q1:2018-19 was significantly higher than that projected in the August resolution. Private consumption has remained robust and is likely to be sustained even as the recent rise in oil prices may have a bearing on disposable incomes. Improving capacity utilisation, larger FDI inflows and increased financial resources to the corporate sector augur well for investment activity. However, both global and domestic financial conditions have tightened, which may dampen investment activity. Rising crude oil prices and other input costs may also drag down investment activity by denting profit margins of corporates. This adverse impact will be alleviated to the extent corporates are able to pass on increases in their input costs. Uncertainty surrounds the outlook for exports. Tailwinds from the recent depreciation of the rupee could be muted by the slowing down of global trade and the escalating tariff war. Based on an overall assessment, GDP growth projection for 2018-19 is retained at 7.4 per cent as in the August resolution (7.4 per cent in Q2 and 7.1-7.3 per cent in H2), with risks broadly balanced; the path in the August resolution was 7.5 per cent in Q2:2018-19 and 7.3-7.4 per cent in H2. GDP growth for Q1:2019-20 is now projected marginally lower at 7.4 per cent as against 7.5 per cent in the August resolution, mainly due to the strong base effect.

20. While the projections of inflation for 2018-19 and Q1:2019-20 have been revised downwards from the August resolution, its trajectory is projected to rise above the August 2018 print. The outlook is clouded with several uncertainties. First, the government announced in September measures aimed at ensuring remunerative prices to farmers for their produce, although uncertainty continues about their exact impact on food prices. Secondly, oil prices remain vulnerable to further upside pressures, especially if the response of oil-producing nations to supply disruptions from geopolitical tensions is not adequate. The recent excise duty cuts on petrol and diesel will moderate retail inflation. Thirdly, volatility in global financial markets continues to impart uncertainty to the inflation outlook. Fourthly, a sharp rise in input costs, combined with rising pricing power, poses the risk of higher passthrough to retail prices for both goods and services. Firms covered under the Reserve Bank’s industrial outlook survey report firming of input costs in Q2:2018-19 and Q3. However, global commodity prices other than oil have moderated, which should mitigate the adverse influence on input costs. Fifthly, should there be fiscal slippage at the centre and/or state levels, it will have a bearing on the inflation outlook, besides heightening market volatility and crowding out private sector investment. Finally, the staggered impact of HRA revision by the state governments may push up headline inflation. While the MPC will look through the statistical impact of HRA revisions, there is need to be watchful for any second-round effects on inflation. The inflation outlook calls for a close vigil over the next few months, especially because the output gap has virtually closed and several upside risks persist.

21. Against this backdrop, the MPC decided to keep the policy repo rate unchanged. The MPC reiterates its commitment to achieving the medium-term target for headline inflation of 4 per cent on a durable basis.

22. The MPC notes that global headwinds in the form of escalating trade tensions, volatile and rising oil prices, and tightening of global financial conditions pose substantial risks to the growth and inflation outlook. It is, therefore, imperative to further strengthen domestic macroeconomic fundamentals.

23. Regarding the policy repo rate, Dr. Pami Dua, Dr. Ravindra H. Dholakia, Dr. Michael Debabrata Patra, Dr. Viral V. Acharya and Dr. Urjit R. Patel voted in favour of keeping the policy repo rate unchanged. Dr. Chetan Ghate voted for an increase in the policy rate by 25 bps.

24. Regarding the stance, Dr. Pami Dua, Dr. Chetan Ghate, Dr. Michael Debabrata Patra, Dr. Viral V. Acharya and Dr. Urjit R. Patel voted in favour of changing the stance to calibrated tightening. Dr. Ravindra H. Dholakia voted to keep the neutral stance unchanged. The minutes of the MPC’s meeting will be published by October 19, 2018. 25. The next meeting of the MPC is scheduled from December 3 to 5, 2018.

Source: https://economictimes.indiatimes.com/markets/stocks/news/why-rbi-went-against-consensus-and-kept-repo-rate-unchanged/articleshow/66084694.cms

[tajagnayouthclub-blog]

Hyper loop - Advanced mode of Transportation

Hyperloop brings airplane speeds to ground level, safely. Passengers and cargo capsules will hover through a network of low-pressure tubes between cities and transforming travel time from hours to minutes. What is Hyper loop? The Hyperloop concept as it is widely known was proposed by billionaire industrialist Elon Musk, CEO of the aerospace firm SpaceX and the guy behind Tesla (as well as, in the last year, a number of public gaffes). It’s a reaction to the California High-Speed Rail System currently under development, a bullet train Musk feels is lackluster (and which, it is alleged, will be one of the most expensive and slow-moving in the world). A one way trip between San Francisco and Los Angeles on the Hyperloop could take about 35 minutes. Musk’s Hyperloop consists of two massive tubes extending from San Francisco to Los Angeles. Pods carrying passengers would travel through the tubes at speeds topping out over 700 mph. Imagine the pneumatic tubes people in The Jetsons use to move around buildings, but on a much bigger scale. For propulsion, magnetic accelerators will be planted along the length of the tube, propelling the pods forward.  The tubes would house a low pressure environment, surrounding the pod with a cushion of air that permits the pod to move safely at such high speeds, like a puck gliding over an air hockey table. Given the tight quarters in the tube, pressure buildup in front of the pod could be a problem. The tube needs a system to keep air from building up in this way. Musk’s design recommends an air compressor on the front of the pod that will move air from the front to the tail, keeping it aloft and preventing pressure building up due to air displacement. A one way trip on the Hyperloop is projected to take about 35 minutes (for comparison, traveling the same distance by car takes roughly six hours). The Hyperloop concept operates by sending specially designed "capsules" or "pods" through a steel tube maintained at a partial vacuum. In Musk's original concept, each capsule floats on a 0.02–0.05 in (0.5–1.3 mm) layer of air provided under pressure to air-caster "skis", similar to how pucks are levitated above an air hockey table, while still allowing faster speeds than wheels can sustain. Hyperloop One's technology uses passive maglev for the same purpose. Linear induction motors located along the tube would accelerate and decelerate the capsule to the appropriate speed for each section of the tube route. With rolling resistance eliminated and air resistance greatly reduced, the capsules can glide for the bulk of the journey. In Musk's original Hyperloop concept, an electrically driven inlet fan and axial compressor would be placed at the nose of the capsule to "actively transfer high-pressure air from the front to the rear of the vessel", resolving the problem of air pressure building in front of the vehicle, slowing it down. A fraction of the air is shunted to the skis for additional pressure, augmenting that gain passively from lift due to their shape. Hyperloop One's system does away with the compressor. In the alpha-level concept, passenger-only pods are to be 7 ft 4 in (2.23 m) in diameter and projected to reach a top speed of 760 mph (1,220 km/h) to maintain aerodynamic efficiency.  The design proposes passengers experience a maximum inertial acceleration of 0.5 g, about 2 or 3 times that of a commercial airliner on takeoff and landing.

History The general idea of trains or other transportation traveling through evacuated tubes dates back more than a century, although the atmospheric railway was never a commercial success. Musk first mentioned that he was thinking about a concept for a "fifth mode of transport", calling it the Hyperloop, in July 2012 at a PandoDaily event in Santa Monica, California. This hypothetical high-speed mode of transportation would have the following characteristics: immunity to weather, collision free, twice the speed of a plane, low power consumption, and energy storage for 24-hour operations. The name Hyperloop was chosen because it would go in a loop. Musk envisions the more advanced versions will be able to go at hypersonic speed. In May 2013, Musk likened the Hyperloop to a "cross between a Concorde and a railgun and an air hockey table". From late 2012 until August 2013, a group of engineers from both Tesla and SpaceX worked on the conceptual modeling of Hyperloop. An early system design was published in the Tesla and SpaceX blogs which describes one potential design, function, pathway, and cost of a hyperloop system. According to the alpha design, pods would accelerate to cruising speed gradually using a linear electric motor and glide above their track on air bearings through tubes above ground on columns or below ground in tunnels to avoid the dangers of grade crossings. An ideal hyperloop system will be more energy-efficient, quiet, and autonomous than existing modes of mass transit. Musk has also invited feedback to "see if the people can find ways to improve it". The Hyperloop Alpha was released as an open source design. The word mark "HYPERLOOP", applicable to "high-speed transportation of goods in tubes" was issued to SpaceX on April 4, 2017. In June 2015, SpaceX announced that it would build a 1-mile-long (1.6 km) test track to be located next to SpaceX's Hawthorne facility. The track would be used to test pod designs supplied by third parties in the competition. By November 2015, with several commercial companies and dozens of student teams pursuing the development of Hyperloop technologies, the Wall Street Journal asserted that "The Hyperloop Movement", as some of its unaffiliated members refer to themselves, is officially bigger than the man who started it." The MIT Hyperloop team developed the first Hyperloop pod prototype, which they unveiled at the MIT Museum on May 13, 2016. Their design uses electrodynamic suspension for levitating and eddy current braking. On January 29, 2017, approximately one year after phase one of the Hyperloop pod competition, the MIT Hyperloop pod demonstrated the first ever low-pressure Hyperloop run in the world. Within this first competition the Delft University team from the Netherlands achieved the highest overall competition score. The awards for the "fastest pod" and the "best performance in flight" were won by the team TUM Hyperloop (formerly known as WARR Hyperloop) from the Technical University of Munich (TUM), Germany. The team from the Massachusetts Institute of Technology (MIT) placed third overall in the competition, judged by SpaceX engineers. The second Hyperloop pod competition took place from August 25–27, 2017. The only judging criteria being top speed provided it is followed by successful deceleration. TUM Hyperloop from the Technical University of Munich won the competition by reaching a top speed of 324 km/h (201 mph) and therefore breaking the previous record of 310 km/h for hyperloop prototypes set by Hyperloop One.   Hyper loop and India The Indian State of Maharashtra announced their intent to build a hyperloop route between Mumbai and Pune, beginning with an operational demonstration track. THE MUMBAI-PUNE PROJECT MOVES FORWARD Working with our public and private partners, Virgin Hyperloop One is on track to complete the feasibility study for the Phase I demonstration track of the Mumbai-Pune project. The full project is proposing to link Central Pune, the Navi Mumbai International Airport and Central Mumbai – with a potential commute time of 25 minutes. Based on our ongoing analysis, the Mumbai-Pune route is proving to be the strongest economic case that we have seen to-date.

Building upon this progress, VHO welcomed the Chief Minister of Maharashtra Fadnavis, and representatives from the State Government including key members of the Chief Minister’s Office and Pune Metropolitan Region Development Authority (PMRDA) chief Kiran Gitte, project lead on the Mumbai-Pune hyperloop project, at our DevLoop test site to inspect our technology. The Chief Minister and other esteemed guests were able to witness a full-scale hyperloop in action for a live demonstration test. It was an honor to host the Chief Minister, demonstrating a vote of confidence as we advance into the second half of our ongoing feasibility study and progress in accordance with the Framework Agreement signed in February. Speaking with our Chairman Richard Branson, the Chief Minister confirmed, “This was a very fruitful discussion and we should be able to start moving on this project very fast.”

( Image source : Virgin hyper loop one ) HYPERLOOP TECHNOLOGY WITHIN INDIA’S TRANSPORT ECOSYSTEM Progress on the Mumbai-Pune hyperloop project is indicative of a larger trend – a wave of visionary policy leadership when it comes to supporting new technologies and innovation in India’s transport ecosystem. NITI Aayog’s Tech Vision 2022 document, the work of the government technology think tank Technology Information, Forecasting and Assessment Council (TIFAC), and the Centres of Excellence at the Indian Institutes of Technology (IITs) have been very supportive of new technologies. In addition, the Railways Ministry ‘Mission 350 Plus’ plan as well as work on maglev technologies and the HSR Diamond Quadrilateral project are indicative of how the central government is embracing new rail technologies. At a state level, Maharashtra’s push for a Mumbai-Pune hyperloop system is a clear endorsement for innovation at a regional level, with accompanying interest from Karnataka and Andhra Pradesh as well. India has multiple factors that make it an ideal country for a hyperloop system: infrastructure needs due to rising demand, superior engineering talent, low-cost manufacturing base, and strong political support and favourable regulatory environment. These factors ensure that the hyperloop, when built and tested commercially, will be affordable (for riders), scalable and low-cost (to build and operate). The hyperloop system’s appeal for India comes from its complementarity with existing transport technologies. Hyperloop systems, with its point-to-point transport proposition, can be built to inter-connect with existing High-Speed Rail (HSR) or Metro projects. There is a conscious effort to build such adjacencies into the design of the first inter-city hyperloop system in India, and this is reflected in the location of the proposed stations and the track alignment. Come 2025, a student from Ahmedabad should be able to reach Pune, by taking the Ahmedabad-Mumbai Bullet Train and then switch over to the 25-minute hyperloop ride to Pune, just as present metro commuters switch from one metro line to another in a city. Such a multi-modal transport system between India’s bustling cities will have significant productivity implications for the country. This system becomes yet more powerful when replicated across different regional clusters in other parts of India, or linked seamlessly with the Modi Government’s HSR Diamond Quadrilateral Project – and one can see the emergence of Indian mega-economic regions in a manner that rivals China’s super-city clusters plan. Once proven for commercial viability, the hyperloop system can be scaled to different city-pairs in India. Earlier estimates of five viable routes between different Indian cities had evaluated a 55 minutes commute for a Delhi-Jaipur-Indore-Mumbai system, 50 minutes for a Mumbai-Bangalore-Chennai commute, 41 minutes for a Bangalore-Thiruvananthapuram commute and 20 minutes for a Bangalore-Chennai commute on the hyperloop system. View this from a multi-modal transport perspective and the real benefits of a system like this come through – hyperloop technology adoption is a real enabler for India to leap-frog to a higher trajectory of growth, akin to the role that mobile phones have played earlier in terms of technology adoption as well as economic growth. Hyper loop explained   How Virgin hyper loop one's system becomes reality ?   Read the full article

[altigreen]

Globally, there is a sudden escalation in the demand for cargo EVs for last-mile deliveries. Initially, the demand was thought of as a temporary spurt, but now the cargo EVs have become an indispensable part of various industries and service sectors. And this seems to be the future.

[anikaarickshaw]

Best E rickshaws in India: Anikaa Takes the Lead in Sustainable Mobility

As India's cities grapple with increasing traffic congestion and air pollution, the need for sustainable and eco-friendly transportation solutions has become more pressing than ever. In this landscape of change, Anikaa, a leading manufacturer of Best E rickshaws (E rickshaws), has emerged as a pioneer, offering a compelling vision for the future of urban mobility.

Anikaa: Championing Sustainable Transportation

At the heart of Anikaa's success lies its unwavering commitment to sustainability. By designing and manufacturing E rickshaws that operate emission-free, Anikaa significantly reduces air pollution and its detrimental effects on public health. This commitment extends beyond mere technology; Anikaa prioritizes responsible manufacturing practices and promotes the use of sustainable materials, further minimizing its environmental impact.

More Than Just a Vehicle; A Sustainable Solution

Best E Rickshaw in India are more than just a means of transportation; they are powerful tools for addressing several key challenges faced by Indian cities:

Traffic Congestion: Anikaa's compact and maneuverable E rickshaws navigate crowded streets with ease, reducing traffic congestion and ensuring smoother commutes for everyone.

Air Quality Concerns: By eliminating tailpipe emissions, Anikaa E rickshaws contribute directly to cleaner air, making Indian cities healthier places to live and work.

Last-Mile Connectivity: Anikaa bridges the gap between public transport and residential areas, offering seamless last-mile connectivity and enhancing accessibility for all.

Innovation and Technology: Driving the Future of E rickshaws

Anikaa prioritizes continuous innovation and invests heavily in research and development. This commitment to technological advancement ensures that Electric rickshaws remain at the forefront of the industry.

Here are some of the key technological advancements that make Anikaa E rickshaws stand out:

Advanced Battery Technology: Anikaa's E rickshaws boast long-lasting batteries that offer extended range and minimal charging times.

Energy-Efficient Motors: Anikaa utilizes cutting-edge motor technology that optimizes energy consumption and performance.

Smart Connectivity Features: Anikaa's E rickshaws offer optional smart connectivity features, allowing for real-time tracking, diagnostics, and fleet management.

A Diverse Range of E rickshaws for Every Need

Anikaa recognizes that the needs of E-rickshaw users vary greatly. To cater to this diverse landscape, Anikaa offers a wide range of models, including:

Passenger E rickshaws: Designed for comfortable and convenient travel, these E rickshaws offer ample space, comfortable seating, and smooth rides.

Cargo E rickshaws: Ideal for businesses and entrepreneurs, these E rickshaws provide efficient and reliable transportation for goods and cargo.

Special-Purpose E rickshaws: Anikaa caters to specific needs with customized E rickshaws for waste collection, medical services, and other applications.

Empowering Individuals and Businesses: The Benefits of Choosing Anikaa

By choosing Anikaa E rickshaws, individuals and businesses gain access to a multitude of benefits:

Reduced Operating Costs: Compared to traditional fuel-powered vehicles, Anikaa E rickshaws offer significantly lower operating costs due to minimal fuel and maintenance requirements.

Increased Productivity: Anikaa E rickshaws help businesses improve their efficiency and productivity with features like smart connectivity and fleet management.

Enhanced Brand Image: By opting for sustainable transportation solutions like Anikaa E rickshaws, businesses can demonstrate their commitment to environmental responsibility and social good.

Improved Public Health: The emission-free operation of Anikaa E rickshaws contributes to cleaner air, leading to improved public health and reduced healthcare costs.

Joining the Anikaa Family: Be a Part of the Change

Choosing Anikaa is not just about purchasing an E-rickshaw; it's about being a part of a movement towards a cleaner, greener future. By joining the Anikaa family, you're contributing to a positive change in the world and making a conscious effort to leave a lasting legacy for generations to come.

Visit Anikaa's website today at https://www.anikaaev.com/ to explore the range of E rickshaws, find a dealer near you, and take the first step towards a more sustainable future. Together, let's revolutionize urban mobility and create a cleaner, greener tomorrow.

[auto-news]

Impact of COVID-19 Outbreak on Ship Security Alert System Market 2028

The COVID-19 pandemic has caused supply and manufacturing disruptions in the automotive sector creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the automotive landscape.

This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the automotive industry.

The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.

Ship Security Alert System Market: Introduction

Ship Security Alert System is part of the ISPS (International Ship and Port Facility Security) code, a safety measure that contributes to the International Maritime Organization’s (IMO)’s efforts for strengthening ship’s security. Ship Security Alert System (SSAS) allows transmission of a silent security alert to a flag state authority when the security of the ship is under threat or has been compromised. The Ship Security Alert System (SSAS) does not produce any kind of audio or visual signals on the ship instead perform silent operations and transfers alerts in a serial manner. The recipient of the signal may differ vastly, as it may be the ship owner, flag state or Ship Security Alert System Management Company further they may transfer the signal to National Law-Enforcement Agency.

Ship Security Alert System was introduced in December 2002, when International Maritime Organization (IMO) issued some changes in SOLAS Chapter XI-2, Regulation 6. Owing to several benefits such as global coverage, suitable for asset tracking, web based tracking, up gradation over older GMDSS version, fully maritime focused among others, the demand for Ship Security Alert System (SSAS) is estimated to grow with significant pace. This in turn is anticipated to considerably contribute to the growing market of global Ship security Alert System during the forecast period.

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Ship Security Alert System Market: Dynamics

Growing travel and tourism industry is anticipated to be one of the key factor driving the growth of ship security alert system market during the forecast period. Rising number of tourists taking part in marine tourism has led to higher production and sales of marine vessels and thereby increasing the sales of ship security alert system market across the globe.

As one of the important international trades in the world, seaborne transportation is estimated to play a pivot role in the world’s rapid industrialization and advancement, permitting the transportation of very large volumes of processed and raw materials as well as water, food and other products. Gradually growing global sea borne trade is estimated to significantly impact the growth of Ship Security Alert System during the forecast period.

Ship Security Alert System Market: Segments

The global Ship Security Alert System market has been segmented by product type, marine vessel type,

By type of Product, the global Ship Security Alert System market is segmented into

Integrated Ship Security Alert System

Dedicated Ship Security Alert System

By type of marine vessel, the global Ship Security Alert System market is segmented into

Passenger Ships and Ferries

Oil and Chemical Tankers

Bulk Carriers

General Cargo

Offshore Vessels

Ship Security Alert System Market: Regional Outlook

The shipbuilding industry is experiencing a dramatic wave of change compelled by the developing outlines and growing volumes of seaborne trade. Rising demands to support offshore activities, such as in the examination and production of oil and gas also adds to the altering landscape of the industry. Technology trends will definitely alter business model and propel the ship safety and security market to be more competitive in the global arena. This in turn is estimated to positively impact the global ship security alert system market in the coming years. Further, the scope for further economic interdependence is still strong for many countries and a large potential for an increase in economic integration within South Asia, Latin America and especially within Sub-Saharan Africa to reinforce the future outlook for the global trade. This in turn is anticipated to generate noteworthy opportunities and subsequently contribute to the growing market of Ship Security Alert System. Owing to stringent rules and legislations regarding the ship safety and security in the regions including North America and Europe, the demand for ship security alert system is anticipated to witness significant growth through the forecast period.

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Ship Security Alert System Market: Key Participants

Examples of some of the market participants identified across the value chain of the global Ship Security Alert System market include:

Stratum Five

Cobham Plc

ElektronikLab India Pvt Ltd.

Furuno Electric Co., Ltd.

Polaris Electronics A/S

EMA Group

The research report presents a comprehensive assessment of the Ship Security Alert System market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to the Ship Security Alert System market segments such as geographies, product type, and vessel type.

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[businessliveme]

Investments hit a record in Madayn industrial cities

Total investments in Madayn’s various industrial cities increased by 3.63% in 2018 compared to the same period in 2017, while the cumulative value of investments touched around RO6.57 billion by the end of 2018, an increase of RO230 million compared to 2017, Hilal bin Hamad Al Hasani, Chief Executive Officer of the Public Establishment for Industrial Estates – Madayn said.

The Sultanate’s Blessed Renaissance Day this year coincides with the recent issuance of Royal Decrees promulgating laws of Foreign Capital Investment, Privatisation, Public-Private Partnership, and Bankruptcy, which shall contribute to enhancing the competitiveness of the investment environment and encouraging investors and business owners from the Sultanate and abroad to localise their projects and subsequently support the national economy, Hilal said.

Growth Indicators

For the tenth year in a row and despite the economic status and variables at local, regional and global levels, Madayn has witnessed rapid growth. Al Hasani informed that the growth rate that was seen in the total investments in Madayn’s various industrial cities increased significantly compared to the same period in 2017.

During the same period, the number of workforce rose to 60,070 with an Omanisation rate touching 35%. The number of investing projects in their various construction phases in 2018 has reached 2,211, of which 1519 are operating, 291 are under construction, and 401 projects have been allotted with space. The utilisation rate of the total space of the industrial cities has touched 53%.

Al Hasani informed that a total of 256 projects in their various phases have been localised in 2018, and around 509,000 sqm of Madayn lands have been leased to the investors. In addition, 5264 job opportunities were provided in Madayn’s different industrial cities with growth rate touching 10%.

Mubadrah

The CEO of Madayn pointed out that Oman Investment and Development Holding Company (Mubadrah) has established Al Rusayl Industrial City Company and has commenced its operations as of January 1st, 2019. Mubadrah has also established companies specialised in asset management and integrated services during the same period. Work is also underway to establish a marketing company.

Additionally, the properties of Shumookh Investment and Services, Shumookh Plastic Products and Industrial Innovation Centre, and the shares of Infoline Company, Majis Industrial Services, and Port of Salalah Development Company have been transferred from Madayn to Mubadrah.

Al Hasani emphasised that all that has been achieved so far represents the beginning of the role that will be played by Mubadrah as a major developer of Madayn. “Mubadrah is undertaking efforts to attract international developers and operators in accordance with best practices for the development of industrial cities. What’s more, the role of Madayn will be linked to regulation and monitoring aspects,” Al Hasani said.

He elaborated that Mubadrah represents the main pillar of Madayn’s approach to strengthen Public-Private Partnership (PPP) but is not the only one. “The approach aims at attracting international developers to the new industrial cities across the various Sultanate’s governorates, in addition to granting development licenses to the Omani private sector for establishing its economic areas under Madayn. The approach also incorporates the launch of a project that aims at providing all government services to the developers and investors. It is worth mentioning that work is advanced at all levels of this approach,” Al Hasani commented.

Madayn is also working to launch Masar Investment Window in all of its industrial cities in 2019. “Masar will represent a platform for all the services required by the investors. Work is already advanced in this initiative and a tender was floated for the engineering works to implement Masar offices,” he added. The one-stop-station at Al Mazunah Free Zone has officially commenced its operations recently. Business owners and investors can now have access to a set of services related to investment activities which shall be completed within a period of not more than three hours.

Shumookh

Commenting on the major projects of Madayn’s investment arm Shumookh Investment and Services, Al Hasani stated that the company has expanded significantly in recent years and has started to invest in various sectors.

Shumookh has established a company specialised in heritage and tourism in cooperation with a group of international partners specialised in the development, maintenance and operation of various world heritage sites and recognised assets in UNESCO. The company is currently putting its final touches on several projects to develop a number of archaeological sites in the Sultanate and Zanzibar through PPP approach.

The CEO of Madayn also pointed out that Shumookh in cooperation with Nafith Logistics Services will develop and operate the access management system to the industrial cities pertaining to Madayn. This shall organise, manage and monitor cargo vehicles as well as passenger vehicles coming to the industrial cities through the use of smart gates and trucks, which will consequently save time, speed up the process and enhance security in these cities.

Shumookh has also established a company to manage investment funds in cooperation with major investing companies in the industrial cities and their associated companies. This company aims mainly at investing in SMEs after conducting feasibility studies to determine the current and future directions of these enterprises. This shall allow these SMEs to grow and achieve profits during an investment period ranging from 4-6 years.

Industrial Academy

Madayn recently established Madayn Industrial Academy in cooperation with a number of partners with the objective of training and developing the competencies of the nationals. The academy will provide vocational and technical training programmes to train and qualify the Omani cadres and accordingly raise their productivity and readiness for the market as per the requirements of the factories and companies. This comes in continuity of Madayn’s efforts to train the national cadres since 2011.

Madayn has signed an agreement with Petroleum Development Oman (PDO) to provide employment opportunities through training for employment, direct hire, redeployment and on-job training. Besides, Madayn has partnered with Nettur Technical Training Foundation in India to train the local faculties in Oman, identify the required relevant courses and equipment, develop vocational and technical training programmes to be run by the academy, set the curriculum and the content for conducting the training programmes and various certificate programmes, and evaluate the performance of the trainees through appropriate means.

Madayn is set to sign a number of agreements in the coming period with partners with successful experiences from inside and outside the Sultanate to ensure the best results, and highest proficiency and efficiency levels of the national cadres in the industrial sector.

Social Responsibility

Al Hasani stressed the significance of the efforts undertaken by Madayn to support social responsibility initiatives. He informed that Madayn has recently completed the project of developing Madayn’s social responsibility policy and strategy, which aims at organising all of Madayn’s social practices within a specialised and unified pattern. Madayn has signed an agreement with a local consultancy firm specialised in preparing a study on social responsibility in order to develop a clear policy of CSR for all the companies and factories based in Madayn’s industrial cities. The strategy will be announced in its final form during the coming period of 2019.

Madayn Supplier Certification System

Madayn has launched the Madayn Supplier Certification System on the Joint Supplier Registration System (JSRS), the Sultanate’s industry-wide online supplier validation and certification platform. This comes within the efforts of Madayn to form an integrated system of electronic services that adds value to the investment environment, Al Hasani noted. In this regard, Madayn signed a MoU with Business Gateways International (businessgateways), which operates the JSRS platform, to develop and manage Madayn’s Supplier Certification System.

Growth Indicators

Hilal Al Hasani said that Madayn’s industrial cities are currently witnessing major projects with economic and social results in various governorates of the Sultanate. These industrial cities are recording growing indicators regarding the volume of investments, number of projects and workforce, and expansion of areas.

“Oman Investment and Development Holding Company (Mubadrah) is currently working on a number of value-adding projects to Al Rusayl Industrial City,” Al Hasani said, adding: “These projects include the logistics project valued at around RO 1,600,000; new gates and entrances project with a value of RO 2,500,000; and the project of developing and incorporating services to expand the industrial city with a total value reaching RO 34,000,000. Furthermore, Mubadrah is also preparing to float a tender of B2 Phase to expand Al Rusayl Industrial City. The value of this tender is expected to touch RO 15,000,000.”

Al Hasani informed that the total area of Al Rusayl Industrial City has come close to 11 million sqm by the end of 2018 and is home to 309 projects. The total volume of investments in this industrial city has touched approximately RO 372,554,229 and the number of national and foreign workforce has reached 21,881 during the same period.

The infrastructure project of Samail Industrial City, which is valued at RO 40 million, has been completed, Al Hasani noted. The road works have been implemented on a length of 46.290 km in two phases. The implemented infrastructure services include those related to rainwater, drainage, water, electricity, and telephone networks, a sewage plant with a capacity of 3600 m3 for phase one, and two water tanks each with a capacity of 2500 m3. The foundation stone for the administration and facility building in Samail Industrial City was laid recently. The cost of developing this project is estimated at around RO 4.5 million on a total building area of 16,000 sqm. The project will consist of 8 floors (ground + 7 floors) with a rental area touching 12,280 sqm, which will offer various services for the workforce in Samail Industrial City and neighbouring areas. It should be noted that the official inauguration of Samail Industrial City will take place in the coming period of 2019. Furthermore, the volume of investments in Samail Industrial City has touched RO 155,646,735 and the localised projects has reached 166 (existing, under construction, and those allotted with space) by the end of 2018. Moreover, the number of workforce in the industrial city has rose to 1327. The total area of the industrial city has reached 7,674,457 sqm.

 As for Raysut Industrial City, Al Hasani commented that the expansion project (Raysut 2) has officially began. This project includes construction of roads, sidewalks, pedestrian paths, water networks, sewage networks and station in addition to fire extinguishing systems, street lighting, irrigation and landscaping works. By the end of 2018, the total volume of investments in Raysut has touched RO 422,368,159, and the number of projects has amounted to 202 projects (existing, under construction, and those allotted with space). The number of workforce has reached around 3358, and the total area has touched 3,810,479 sqm.

Al Hasani stated that the total cost of infrastructure development project in Sur Industrial City is RO 10 million. The project, which covers 2.4 million sqm, comprises design and construction of industrial, commercial, residential and educational infrastructure facilities, in addition to executing studies on environmental impacts and security requirements of the industrial city. “We are receiving many requests from investors and business owners who are willing to localise their projects to find a commercial port that meets their needs, especially that Sur Industrial City is strategically located on the Indian Ocean, and the nearest port to this city is Sohar Port which is more than 450 km away,” he said. By the end of 2018, the total volume of investments in Sur Industrial City has touched RO 2,031,805,543. The number of projects has amounted to 134 projects (existing, under construction, and those allotted with space). Besides, the number of workforce has reached around 4074, and the total area has touched 36,100,000 sqm.

The Facility Building in Suhar Industrial City has been completed. Designed in a modern style, the building consists of 2321 sqm of space dedicated to restaurants and shopping points, and 5,900 sqm of office leasable space. The building will be officially inaugurated in the coming months of this year. By the end of 2018, the investments in Suhar Industrial City were valued at RO 2,140,716,569. The number of projects has amounted to 354 projects (existing, under construction, and those allotted with space), and the number of workforce has reached 17,860. It should be noted that the total area of Suhar Industrial City has touched 21,237,225 sqm and it has recently received an additional expansion of 8 million sqm.

The CEO of Madayn explained that there are currently several projects carried out by Madayn in Nizwa Industrial City. These include the supplementary works for phases 2 and 3, sewage plant, and consulting services for assessment and maintenance of the gas network. By the end of 2018, the volume of investments in Nizwa Industrial City has rose to RO 479,945,066, and the total area has touched 3,111,295 sqm. The number of projects has amounted to 141 projects (existing, under construction, and those allotted with space), and the number of workforce has reached 5450.

As for Al Buraimi Industrial City, the Board of Directors of Madayn has agreed to grant this industrial city additional investment incentives and advantages in order to encourage investors and business owners to develop their projects and benefit from the industrial city’s features such as its strategic location close to several airports and international ports inside and outside the Sultanate. Al Hasani pointed out that the volume of investments in Al Buraimi Industrial City has touched RO 219,614,674 and the total area has reached 5,561,156 sqm by the end of 2018. The number of projects has amounted to 461 projects (existing, under construction, and those allotted with space), and the number of workforce has reached 1860.

 The tenders of buildings 6 and 7 in the Knowledge Oasis Muscat have been floated as a prelude to the commencement of the construction process, Al Hasani commented. In addition, an area has been allotted in KOM for the multi-level parking project. The land’s coordinates are being determined in coordination with the investor. It is worth mentioning that by the end of 2018, the total volume of investments in KOM has touched RO 276,501,165, and the total area of KOM has reached 778,602 sqm. The number of projects has amounted to 208 projects (existing, under construction, and those allotted with space), and the number of workforce has reached 5070.

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[vietthaimeco]

Toyota Designs the Ultimate Off-Roader … for a Mission on the Moon – Technologue

Have you been paying attention to the international moon race going on right now? I’d somehow missed the fact that countries ranging from India and Israel to China and Japan all have moon missions underway or imminent.

Yep, Google Israel’s privately funded Beresheet mission, India’s Chandrayaan-2 (complete with lunar rover), and China’s Chang’e-4. That one’s Yutu-2 rover is currently prospecting on the back side of the moon in search of a helium-3 isotope that could potentially power fusion reactors and/or rockets required to reach Mars and beyond.

The mission that caught my attention was Japan’s, because the Japanese Aerospace Exploration Agency (or JAXA, that nation’s NASA) has enlisted Toyota’s help to build a manned rover big enough to make roadkill of those Indian and Chinese Moon-bas (note: this is not its stated mission).

Unlike the dune buggies GM helped engineer for NASA’s Apollo 15, 16, and 17 missions in 1971–72, Toyota’s rover will be a maxivan pressurized to allow two astronauts to work without space suits in between outdoor excursions. The six-wheel-drive EV utilizes in-wheel electric motors powered by a flexible roll-up photovoltaic solar array, a battery, and a fuel cell. That last item is both a Toyota strong suit and a lynchpin of the new rover’s mission. The farthest any NASA rover traveled on its silver-zinc potassium hydroxide battery was 22.3 miles, never venturing more than 3.1 miles (walking distance) from the lander. Toyota’s rover will spend six years traveling 6,200 miles in total (that’s roughly the equatorial circumference of the moon) supporting four manned missions.

Powering the fuel cell will be two replaceable cartridge-tanks carrying 20 kg of hydrogen and 160 kg of oxygen—enough to power roughly 620 miles of presumably round-trip travel to and from a landing craft. I’d expect scheduling and routing to maximize time spent in the moon’s 14-Earth-day sunshine, when solar power contributes mightily to the rover’s life-support and propulsion needs. Toyota hasn’t disclosed power, acceleration, or top speed figures yet, but the record to beat is Eugene Cernan’s: 11.2 mph.

The rover will reposition itself autonomously to meet successive missions (which will bring fresh fuel tanks), probably traveling by “day” and resting in the darkness. Water produced by the fuel cells will be used for drinking—at least initially, there is no plan to electrolyze it and repressurize the oxygen and hydrogen gas, but maybe with a Chinese fusion reactor …

While NASA’s buggies each weighed a scant 463 pounds (on Earth—one-sixth that on the moon) and folded in half to hang in a small cargo hold, Toyota’s will weigh just under 14,000 (Earth-gravity) pounds with a GVWR of 10 tons. Sized to fit in the cargo bay of a modern transport rocket, the concept measures just under 20 feet long on a 15-foot wheelbase, 17 feet wide (measured at the wheels), and over 12 feet tall with about 20 inches of ground clearance. Roughly one-seventh of that exterior envelope is living space—470 cubic feet.

Construction will be “body on frame,” for optimum isolation/protection of the passenger cell and to protect for future reuse/repurposing of the skateboard chassis in support of a lunar outpost. Aluminum and titanium will be used extensively; carbon fiber may be employed if it proves sufficiently resistant to radiation.

Six wheels were chosen over tracks for reliability and serviceability, and the 600/65R28 airless metal “tires” (being designed with Bridgestone’s input) are sized to safely distribute the porky vehicle’s load on the lunar gravel. All propulsion and suspension components are designed to operate “by wire” and wherever possible, free of rubber and fluids that would be difficult to seal and manage in the near absolute vacuum and drastic temperature extremes of the lunar environment.

Toyota and JAXA kicked this project off in May 2018 with a goal of getting a full-scale prototype running in 2022. The target launch date is 2029 with manned missions arriving yearly between 2030 and 2034. It better have good cameras—by then, there could be as many as 10 little unmanned rovers from other countries running around underfoot.

Read more by Frank Markus here:

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The post Toyota Designs the Ultimate Off-Roader … for a Mission on the Moon – Technologue appeared first on Motortrend.

source https://www.motortrend.com/news/toyota-off-roader-jaxa-moon-mission/

[cakandivali]

Why RBI went against consensus today

Real Estate Update - M. N. & Associates - The Reserve Bank of India in an unexpected move decided to hold the repo rate at 6.50%. The MPC voted 5:1 and RBI committee shifted to 'calibrated tightening stance'. Here is RBI policy decision's full text:On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to:• keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.5 per cent.Consequently, the reverse repo rate under the LAF remains at 6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.The decision of the MPC is consistent with the stance of calibrated tightening of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth. The main considerations underlying the decision are set out in the statement below.Assessment 2. Since the last MPC meeting in August 2018, global economic activity has remained resilient in spite of ongoing trade tensions, but is becoming uneven and the outlook is clouded by several uncertainties. Among advanced economies (AEs), the United States (US) economy appeared to have sustained pace in Q3:2018 as reflected in strong retail sales and robust industrial activity. In the Euro area, economic activity remained subdued due to overall weak economic sentiment, weighed down mainly by political uncertainty. The Japanese economy has so far maintained the momentum of the previous quarter, buoyed by recovering industrial production and strong business optimism.3. Economic activity in major emerging market economies (EMEs) has been facing headwinds from both global and country-specific factors. In China, industrial production growth has moderated with slowing exports and the ongoing deleveraging of the financial system weighing on growth prospects. The Russian economy has been gathering steam with the manufacturing sector turning around, and the employment scenario remaining upbeat on rising oil prices. In Brazil, economic activity is recovering from the setback in Q2, supported by improving business and consumer sentiment, though weak domestic demand and the sluggish pace of recovery in manufacturing activity point to a slow revival. The South African economy slipped into recession in Q2:2018, pulled down by the negative contribution from agriculture on account of a strong unfavourable base effect.4. Growth in global trade is weakening as reflected in export orders and automobile production and sales. Crude oil prices eased during the first half of August on concerns of reduced demand from EMEs due mainly to the spillover from country-specific turmoil, and accentuated by rising supplies. However, prices rebounded on expectation of reducedsupplies due to sanctions on Iran and falling US stockpiles. Base metal prices witnessed selling pressure in anticipation of weak demand from major economies. Gold prices continued to slide lower on a strong US dollar, though they recovered somewhat on safehaven demand fr om the mid-August lows. Inflation remained firm in the US, reflecting tightening labour market and elevated energy prices, while it persisted much below the central bank’s target in Japan. In the Euro area, inflation pressures have been sustained by elevated crude prices. Inflation in many key EMEs has risen on surging crude prices and currency depreciations, caused by a firm dollar and domestic factors.5. Global financial markets continued to be affected by monetary policy stances in major AEs, the spreading of contagion risks from specific EMEs, and geopolitical developments. Among AEs, equity markets in the US touched a new high, driven by technology stocks, while in Japan, they were boosted by the weak yen. In contrast, stock markets in the Euro area suffered losses on signs of a slowdown and budget concerns in some member states. Sharp sell-offs have occurred on waning appetite of foreign portfolio investors for EME equities. The 10-year sovereign yield in the US has traded sideways, falling on dovish Fed guidance only to recover by end-September on robust economic data. Among other AEs, bond yields in the Euro area hardened in September on risk aversion following the sharp rise in financial market volatility in August. In contrast, bond yields in Japan moved in a narrow range, driven by the central bank’s yield curve management policy. In most EMEs, yields rose due to domestic factors and/or contagion effects from the stress in other EMEs. In currency markets, the US dollar witnessed selling pressures since August on reduced investor expectations of rate hikes by the US Fed. However, it recovered in the last week of September on a rate hike by the Fed and strong economic data. The euro remained in bearish territory due to fiscal risks in some member countries and expectations of weak growth. EME currencies continued to depreciate against the US dollar.6. On the domestic front, real gross domestic product (GDP) growth surged to a ninequarter high of 8.2 per cent in Q1:2018-19, extending the sequential acceleration to four successive quarters. Of the constituents, gross fixed capital formation (GFCF) expanded by double digits for the second consecutive quarter, driven by the government’s focus on the road sector and affordable housing. Growth in private final consumption expenditure (PFCE) accelerated to 8.6 per cent, reflecting rising rural and urban spending, supported by retail credit growth. However, government final consumption expenditure (GFCE) decelerated, largely due to a high base. The growth of exports of goods and services jumped to 12.7 per cent, powered by non-oil exports on the back of strong global demand. In spite of import growth continuing to surge, high exports growth helped reduce the drag from net exports on aggregate demand.7. On the supply side, growth of gross value added (GVA) at basic prices accelerated in Q1, underpinned by double-digit expansion in manufacturing activity which was robust and generalised across firm sizes. Agricultural growth also picked up, supported by robust growth in production of rice, pulses and coarse cereals alongside a sustained expansion in livestock products, forestry and fisheries. In contrast, services sector growth moderated somewhat, largely on account of a high base. Construction activity, however, maintained strong pace for the second consecutive quarter.8. The fourth advance estimates of agricultural production for 2017-18 released in August placed foodgrains production at a high of 284.8 million tonnes, 1.9 per cent higher than the third advance estimates (released in May 2018) and 3.5 per cent higher than the final estimates for the previous year. The progress of the south-west monsoon has been marked by uneven spatial and temporal distribution, with an overall deficit of 9 per cent in precipitation. However, the first advance estimates of production of major kharif crops for 2018-19 have placed foodgrains production at 141.6 million tonnes, 0.6 per cent higher than last year’s level. The live storage in major reservoirs (as on September 27) rose to 76 per cent of the full capacity, which was 17 per cent higher than last year and 5 per cent higher than the average of the last 10 years. This bodes well for the rabi sowing season. 9. Industrial growth, measured by the index of industrial production (IIP), accelerated in June-July 2018 on a year-on-year (y-o-y) basis, underpinned mainly by high growth in consumer durables, notably two-wheelers, readymade garments, stainless steel utensils, auto components and spares, and accessories. Growth in consumer non-durables also accelerated in July. The infrastructure and construction sector continued to show solid growth. Primary goods growth accelerated, driven by mining, electricity and petroleum refinery products. Growth in capital goods production spiked in June, but decelerated sharply in July. The output of eight core industries growth remained strong in July, driven by coal, petroleum refinery products, steel and cement, but moderated in August. Capacity utilisation (CU) declined from 75.2 per cent in Q4:2017-18 to 73.8 per cent in Q1:2018-19, while seasonally adjusted CU increased by 1.8 percentage points to the long-term average of 74.9 per cent. Based on the Reserve Bank’s business expectations index (BEI), the assessment for Q2:2018-19 improved, led by enhanced production, order books, exports and capacity utilisation. The August and September manufacturing purchasing managers’ index (PMI) remained in expansion zone; the September print rebounded close to the July level confirming robustness of manufacturing activity.10. High-frequency indicators of services in July and August present a mixed picture. Indicators of rural demand, viz., growth in tractor and two-wheeler sales, slowed down. Passenger vehicle sales, an indicator of urban demand, declined possibly due to rising fuel prices. However, growth in air passenger traffic – another indicator of urban demand – remained robust. Transportation sector indicators, viz., commercial vehicle sales and port cargo, expanded at an accelerated pace. Steel consumption and cement production, indicators of construction activity, showed strong growth. The services PMI remained in expansion zone in August and September, though it decelerated from July, with slower expansion in new business and employment.11. Retail inflation, measured by the y-o-y change in the CPI, fell from 4.9 per cent in June to 3.7 per cent in August, dragged down by a decline in food inflation. Some softening of inflation in items other than food and fuel also contributed to the decline. Adjusting for the estimated impact of an increase in house rent allowance (HRA) for central government employees, headline inflation was at 3.4 per cent.12. Inflation in the food and beverages group declined sharply in the absence of seasonal uptick in prices of fruits and vegetables. Of the three key vegetables, the prices of tomatoes declined due to strong mandi arrivals, while those of onions and potatoes remained muted. Continued deflation in prices of pulses and sugar accentuated the decline in food inflation. Inflation in other items of food – cereals, meat and fish, milk, spices and non-alcoholic beverages – remained benign.13. Inflation in the fuel and light group continued to rise on the back of a significant increase in liquefied petroleum gas prices, tracking international product prices. Kerosene prices rose as oil marketing companies reduced subsidies in a calibrated manner. While remaining elevated, CPI inflation excluding food and fuel moderated due to softening in inflation in housing; pan, tobacco and intoxicants; personal care; and transportation. 14. While the September round of the Reserve Bank’s survey of households reported a sharp uptick of 50 basis points in three-month ahead inflation expectations over the last round, one-year ahead expectations moderated by 30 basis points. Inflation expectations for both input prices and selling prices of manufacturing firms, polled by the Reserve Bank’s industrial outlook survey, firmed up in Q2:2018-19. The manufacturing and services PMIs also reported an increase in input costs and selling prices in Q2, reflecting a pass-through of higher costs to clients. On the other hand, growth in wages in the rural and organised manufacturing sectors remained contained.15. Systemic liquidity alternated between surplus and deficit during August-September 2018, reflecting the combined impact of expansion of currency in circulation, Reserve Bank’s forex operations and movements in government cash balances. From a daily net average surplus of Rs 201 billion during August 1-19, 2018, liquidity moved into deficit during August 20-30. After turning into surplus during August 31-September 10 due to increased government spending, the system again moved into deficit during September 11-29 on the back of an increase in government cash balances and Reserve Bank’s forex interventions. Based on an assessment of the evolving liquidity conditions, the Reserve Bank conducted two open market purchase operations in the second half of September to inject Rs 200 billion of durable liquidity. LAF operations absorbed, on a daily net average basis, Rs 30 billion in August, but injected Rs 406 billion in September. The weighted average call rate (WACR), on an average, traded below the repo rate by 15 basis points (bps) in August and by 4 bps in September.16. Exports maintained double digit growth in July and August 2018, driven mainly by petroleum products (which benefitted from elevated crude oil prices), engineering goods, gems and jewellery, drugs and pharmaceuticals, and chemicals. However, imports grew faster than exports, reflecting not only a higher oil import bill, but also higher imports of gold, coal, electronic goods and machinery. This led to a widening of the trade deficit to US$ 35.3 billion in July-August 2018 from US$ 24.6 billion a year ago over and above the expansion in Q1:2018-19. However, higher net services receipts and private transfer receipts helped contain the current account deficit to 2.4 per cent of GDP in Q1:2018-19 from 2.5 per cent a year ago. On the financing side, net foreign direct investment (FDI) flows improved in AprilJuly 2018. By contrast, foreign portfolio investors have been net sellers in both the equity and debt segments so far on a cumulative basis in 2018-19 due to higher US interest rates, riskoff sentiment in EMEs and escalation of trade wars. India’s foreign exchange reserves were at US$ 400.5 billion on September 28, 2018.Outlook 17. In the third bi-monthly resolution of August 2018, CPI inflation was projected at 4.6 per cent in Q2:2018-19, 4.8 per cent in H2 and 5.0 per cent in Q1:2019-20, with risks evenly balanced. Excluding the HRA impact, CPI inflation was projected at 4.4 per cent in Q2:2018-19, 4.7-4.8 per cent in H2 and 5.0 per cent in Q1:2019-20. Actual inflation outcomes, especially in August, were below projections as the expected seasonal increase in food prices did not materialise and inflation excluding food and fuel moderated.18. Going forward, the inflation outlook is expected to be influenced by several factors. First, food inflation has remained unusually benign, which imparts a downward bias to its trajectory in the second half of the year. Inflation in key food items such as pulses, edible oils, sugar, fruits and vegetables remains exceptionally soft at this juncture. The risk to food inflation from spatially and temporally uneven rainfall is also mitigated, as confirmed by the first advance estimates that have placed production of major kharif crops for 2018-19 higher than last year’s record. An estimate of the impact of an increase in minimum support prices (MSPs) announced in July has been factored in the baseline projections. Secondly, the price of the Indian basket of crude oil has increased sharply, by US$ 13 a barrel, since the last resolution. Thirdly, international financial markets remained volatile with EME currencies depreciating significantly. Finally, the HRA effect came off its peak in June and is dissipating gradually on expected lines. Taking all these factors into consideration, inflation is projected at 4.0 per cent in Q2:2018-19, 3.9-4.5 per cent in H2 and 4.8 per cent in Q1:2019-20, with risks somewhat to the upside (Chart 1). Excluding the HRA impact, CPI inflation is projected at 3.7 per cent in Q2:2018-19, 3.8 - 4.5 per cent in H2 and 4.8 per cent in Q1:2019-20. 66084657 19. Turning to the growth outlook, the GDP print of Q1:2018-19 was significantly higher than that projected in the August resolution. Private consumption has remained robust and is likely to be sustained even as the recent rise in oil prices may have a bearing on disposable incomes. Improving capacity utilisation, larger FDI inflows and increased financial resources to the corporate sector augur well for investment activity. However, both global and domestic financial conditions have tightened, which may dampen investment activity. Rising crude oil prices and other input costs may also drag down investment activity by denting profit margins of corporates. This adverse impact will be alleviated to the extent corporates are able to pass on increases in their input costs. Uncertainty surrounds the outlook for exports. Tailwinds from the recent depreciation of the rupee could be muted by the slowing down of global trade and the escalating tariff war. Based on an overall assessment, GDP growth projection for 2018-19 is retained at 7.4 per cent as in the August resolution (7.4 per cent in Q2 and 7.1-7.3 per cent in H2), with risks broadly balanced; the path in the August resolution was 7.5 per cent in Q2:2018-19 and 7.3-7.4 per cent in H2. GDP growth for Q1:2019-20 is now projected marginally lower at 7.4 per cent as against 7.5 per cent in the August resolution, mainly due to the strong base effect. 66084680 20. While the projections of inflation for 2018-19 and Q1:2019-20 have been revised downwards from the August resolution, its trajectory is projected to rise above the August 2018 print. The outlook is clouded with several uncertainties. First, the government announced in September measures aimed at ensuring remunerative prices to farmers for their produce, although uncertainty continues about their exact impact on food prices. Secondly, oil prices remain vulnerable to further upside pressures, especially if the response of oil-producing nations to supply disruptions from geopolitical tensions is not adequate. The recent excise duty cuts on petrol and diesel will moderate retail inflation. Thirdly, volatility in global financial markets continues to impart uncertainty to the inflation outlook. Fourthly, a sharp rise in input costs, combined with rising pricing power, poses the risk of higher passthrough to retail prices for both goods and services. Firms covered under the Reserve Bank’s industrial outlook survey report firming of input costs in Q2:2018-19 and Q3. However, global commodity prices other than oil have moderated, which should mitigate the adverse influence on input costs. Fifthly, should there be fiscal slippage at the centre and/or state levels, it will have a bearing on the inflation outlook, besides heightening market volatility and crowding out private sector investment. Finally, the staggered impact of HRA revision by the state governments may push up headline inflation. While the MPC will look through the statistical impact of HRA revisions, there is need to be watchful for any second-round effects on inflation. The inflation outlook calls for a close vigil over the next few months, especially because the output gap has virtually closed and several upside risks persist. 21. Against this backdrop, the MPC decided to keep the policy repo rate unchanged. The MPC reiterates its commitment to achieving the medium-term target for headline inflation of 4 per cent on a durable basis.22. The MPC notes that global headwinds in the form of escalating trade tensions, volatile and rising oil prices, and tightening of global financial conditions pose substantial risks to the growth and inflation outlook. It is, therefore, imperative to further strengthen domestic macroeconomic fundamentals. 23. Regarding the policy repo rate, Dr. Pami Dua, Dr. Ravindra H. Dholakia, Dr. Michael Debabrata Patra, Dr. Viral V. Acharya and Dr. Urjit R. Patel voted in favour of keeping the policy repo rate unchanged. Dr. Chetan Ghate voted for an increase in the policy rate by 25 bps.24. Regarding the stance, Dr. Pami Dua, Dr. Chetan Ghate, Dr. Michael Debabrata Patra, Dr. Viral V. Acharya and Dr. Urjit R. Patel voted in favour of changing the stance to calibrated tightening. Dr. Ravindra H. Dholakia voted to keep the neutral stance unchanged. The minutes of the MPC’s meeting will be published by October 19, 2018. 25. The next meeting of the MPC is scheduled from December 3 to 5, 2018. Chartered Accountant For consultng. Contact Us: http://bit.ly/mumbai-ca