Atal Pension May Double Before Labour Code On Social Security; Truck Sales Point To Strong Growth

In other news, Centre commits to buying onions from Maharashtra at a better price before polls, and Uttar Pradesh cuts registration fee for strong hybrids.

Finance Ministry Considers Double Atal Pension Yojana Sum

The government may double the minimum guaranteed amount under the Atal Pension Yojana to Rs 10,000 in the upcoming budget, the Economic Times reported. This proposal is being assessed for its fiscal impact.

There is a growing view in the government about deepening the social security framework as it prepares the ground for rolling out the labour code on social security.

The scheme had total enrolments of 66.2 million, with 12.2 million accounts opened in 2023-24. At present, there is a guaranteed minimum pension ranging from Rs 1,000-5,000 per month. Read more

Policy On Electric Car Manufacture In India To Be Out In September

Policy guidelines for the Centre's “Scheme to Promote Manufacturing of Electric Passenger Cars in India” (SPMEPCI), including reduced customs duties for imported cars with investment commitments, are expected by September, according to the Business Standard.

The scheme allows reduced import duty for interested electric-vehicle makers to 15 per cent from 70 per cent now, or 100 per cent on vehicles having a CIF (cost, insurance, and freight) value of US$35,000 (Rs 29 lakh) and above for five years from the date of issuing the approval letter by the government.

All original equipment manufacturers qualify for this reduction if they invest at least US$500 million (Rs 4,150 crore) and set up a manufacturing plant within three years. More here

Growth In Commercial Vehicle Sales Hint At Strong Year In Rural India

Sales of commercial vehicles (CV), a barometer of economic activity, surpassed expectations last quarter driven by strong replacement demand and continued government spending on infrastructure, the Economic Times reported.

As per industry estimates, over 234,000 trucks and buses were sold in the three months ended June, a 4.5 per cent rise from 224,000 vehicles sold a year earlier.

Tata Motors and Ashok Leyland expected sales to decline in the fiscal first half due to the election code and slower infrastructure activity. More here

Corporate Affairs Ministry Monitoring Companies On Adherence To Rules

The Ministry of Corporate Affairs has intensified enforcement actions in recent quarters to ensure stricter adherence to rules, even as the government has lessened the compliance burden on India Inc, the Economic Times reported. 

In the June quarter, various Registrars of Companies (RoCs) issued 321 orders for alleged lapses, a 25 per cent increase from the previous quarter. Currently, 560 companies are under inquiry, 270 under book inspection, and 73 cases are being investigated by regional directors. More here

Ahead Of Maharashtra Polls, Centre Splurges On Onion Crop Buyouts 

The Centre is buying onions in Maharashtra at a price 74 per cent higher than last year ahead of the assembly polls, the Economic Times reported.

The Centre is procuring onions at Rs 29.5 per kg this year, up from Rs 16.93 per kg last year, with plans to spend Rs 1,500 crore in Maharashtra alone. Last year, the government spent Rs 1,200 crore on onion procurement.

Rising onion prices had previously driven food prices and inflation higher in most of 2023 and beginning of 2024, leading to an export ban. More here

Uttar Pradesh Cuts Fees On Strong Hybrid Cars, Puts Them On Par With EVs

Strong hybrid car prices in Uttar Pradesh have dropped by up to Rs 4 lakh after the state waived their registration fees to boost green technology, the Business Standard reported quoting automobile industry sources.

Around 100 strong hybrid cars were sold per month in Uttar Pradesh in FY24. With the new directive effective from July 1, hybrid vehicles are now grouped with electric vehicles (EVs) for registration fee exemptions.

This move is anticipated to invigorate sales of these vehicles in the state, which is among the largest EV markets in India. Unlike mild hybrids, which constantly need the engine, strong hybrids can run solely on the electric motor for short distances, enhancing their appeal. More here