TVS Motor Co, India’s third largest two wheeler maker, has increased the prices of its vehicles by 350 rupees to 1,500 rupees across various models effective March 1, a senior official said on Tuesday. The hike follows an increase in excise duty by 2 percent in the federal budget announced on Friday.
Japanese carmaker Nissan today said it is in talks with Hinduja flagship company Ashok Leyland for developing a small car for the global market that could be priced around $4,500-5,000. The company, which is also a partner in the development of an ultra low cost car with Bajaj Auto and Renault, said the project is yet to find a solution to produce such a cheap car.
State Bank of India (SBI) Chairman O P Bhatt today said lending rates are unlikely to rise in the next 3-4 months as hiking rates in a low-demand scenario could hurt the margin of the bank.
“That (increasing lending rates) may not happen till May-June till the liquidity surplus goes away from the system,” O P Bhatt told reporters on the sidelines of an event here.
As India and Pakistan prepare for Foreign Secretary-level talks in Delhi next week, the US has said it is keen to see the two countries reach a “stable” relationship on their own terms at the appropriate time.
“While we would like to see India and Pakistan reach a stable relationship, they will do so on their terms at the appropriate time,” Assistant Secretary of State for South and Central Asian Affairs Robert Blake said at the Chicago Council on Global Affairs yesterday.
The Centre today said it may go in for phased withdrawal of incentives to sectors which had consolidated their growth but would continue support to some labour-intensive sectors that were yet to pick up recovery.
Sectors which have consolidated their growth may need less support and the government may go in for a “phased withdrawal” of support and measures, Union Commerce and Industry Minister Anand Sharma told reporters here.
The finance ministry has advocated an increase in auto and cooking fuel prices only after the Budget is tabled in Parliament on February 26 in an effort to avert possible united protests from the United Progressive Alliance’s non-Congress allies and opposition parties ahead of a busy opening week of Parliament. Parliament opens on February 22 and the first week will see the presentation of the Economic Survey and two Budgets (Railway and general).
The US is keen to work with India to conclude the Doha round of trade talks this year, a top Obama administration official said here. “Multilaterally, the US wants to work with India to bring the Doha round to a balanced and ambitious conclusion in 2010. Minister of Commerce Anand Sharma has made a concerted effort to change the tone and substance of India’s trade dialogue with the US,” Bureau of South and Central Asian Affairs Assistant Secretary Robert Blake Jr said.
The Dutch coalition government collapsed today over irreconcilable differences on whether to extend the Netherlands’ military mission in Afghanistan. Prime Minister Jan Peter Balkenende announced that the second largest party in his three-party alliance is quitting, in a breakdown of trust in what had always been an uneasy partnership.
UTV Software Communications’ (UTV) chairman, Ronnie Screwvala, is stepping up film production and distribution, signing deals with foreign producers, distributors and betting money that his gaming companies will leapfrog his company to become a media and entertainment house to be reckoned with.
Maldives today sought the cooperation of India in accessing new technologies and data-gathering to tackle climate change, which threatens to submerge the tiny island. Maldivian vice president Mohammaed Waheed Hassan said Asian countries should take a lead on seeking innovative and pragmatic solution to complement the implementation of UNFCCC processes in dealing with challenges related to climate change.
