Entry-Level 2-Wheeler Sales Surge First Time Post Pandemic, Nepal Bans Import Of MDH, Everest Masala

In A Post-Covid First, Entry-Level 2-Wheeler Sales Surge

The sale of entry-level two-wheelers, mostly bought by rural consumers, rose in strong double digits in the second half of FY24, underscoring a recovery in demand for the first time since the pandemic, the Economic Times reported.

The trend continued in April, driven by an improvement in income levels thanks to healthy economic growth, making the automobile industry bullish of a sustained recovery in the two-wheeler segment.

Sales of motorcycles (up to 110 cc) rose by 17.5 per cent year-on-year between October 2023 and March this year, while entry scooters (up to 125 cc) and mopeds rose by 21 per cent, respectively. In April, sales of entry motorcycles, scooters and mopeds surged 35 per cent, 21 per cent and 20 per cent, respectively. Read more 

India To Replicate Chabahar Port Model For More Strategic Locations

India aims to replicate the Chabahar port model in other strategic locations in the region to gain access to more such assets, the Economic Times reported quoting Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal. India is actively exploring opportunities to enhance its maritime presence and trade connectivity, he said in the interview. 

India recently signed a 10-year pact with Iranian authorities for a long-term bilateral contract to operate Chabahar port. The project was first proposed during former Prime Minister Atal Bihari Vajpayee’s regime. The project is India’s regional strategic response to Gwadar port in Pakistan being developed under China’s Belt and Road Initiative. More here

SBI Asked To Study Poor Response To Co-Lending

The Finance Ministry has asked the State Bank of India to set up a committee to address issues related to the co-lending business model, the Business Standard reported quoting an unnamed government official. 

The RBI had allowed banks to co-lend or co-originate loans with non-banking finance companies, including housing finance companies, to enhance credit to unserved and underserved sections of the economy. Non-banking finance companies can take a maximum of 20 per cent, according to the norms.

The official said some co-lending issues have been identified some co-lending issues and therefore asked SBI to form a committee. The panel will have representatives from major banks and non-banking financial services. More here

Corporate India Moves To Hire More Women For Entry-Level Jobs

With corporate India making a stronger business case to put diversity front and centre, companies including RPG Group, Deloitte, Tata Steel, Amazon and Zinnov are increasing efforts to drive up the number of women right from the entry level, the Economic Times reported.

Measures being taken by organisations include boosting diversity hiring at the campus level; incentivising recruitment agencies to provide high-potential female candidates; networking platforms to connect potential women hires to organisational leaders; building communities around industry sectors and exploring innovative talent acquisition models like hire-train-deploy or train-hire-deploy frameworks. At Tata Steel, for instance, more than 40-45 per cent entry-level hires are women. More here

Nepal Bans Everest, MDH Masala Sales and Import Over Ethylene Oxide

Nepal has banned the import, consumption and sale of Indian spice brands Everest and MDH as it starts test for levels of ethylene oxide, the Business Standard reported quoting ANI.

The Department of Food Technology and Quality Control banned these two brands after news about high levels of ethylene oxide traces in the products. A department spokesperson said the ban on import was imposed a week earlier along with a ban on their sale. It will stay in place until test are concluded.

The report said Indian government sources said use of thylene oxide is allowed in different countries from 0.73 per cent to up to 7 per cent. More here 

Home Ministry Discusses Proposal To Track Crypto Deals

The draft standard operating procedure prepared by the Indian Cyber Crime Coordination Centre, an arm of the home ministry, has proposed moving proceeds from cyber crimes in crypto by scammers to a proposed special account under the control of a law enforcement agency, the Economic Times reported. This would be dependent on linking crypto exchanges with the cybercrime reporting system.

Soon after a transaction by a scammer or the use of a mule account to purchase cryptos is tracked, the virtual digital assets (VDAs) can be moved to the account under the law enforcement agency. The proposed framework was discussed a fortnight ago at a meeting between senior government officials and members of fintech and payment firms. More here