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  • Stock Market: Sensex crosses 84,000 for first time, Nifty hits record high

    Sensex, Nifty close at all-time high

    India front-line indices were trading at an all-time high on Friday in midsession following positive sentiments in the market after the US Fed rate cut.

    Sensex and Nifty made a new all-time high of 84,213 and 25,716 respectively. It is the first time the Bombay Stock Exchange (BSE) benchmark traded over 84,000.

    At 11:16 a.m., Sensex was up 1,028 points or 1.21 per cent at 84,190 and Nifty was up 287 points or 1.13 per cent at 25,700.

    The market trend remained positive. On the National Stock Exchange (NSE), 1,733 shares were in the green and 650 in red.

    Sharp buying was also seen in the midcap and smallcap stocks. Nifty midcap 100 index was 527 points or 0.89 per cent at 59,879 and Nifty smallcap 100 index was 199 points or 1.04 per cent at 19,344.

    Almost all sectoral indices were trading in the green. Auto, metal, realty, energy and FMCG were the major gainers.

    Sensex

    In Sensex, JSW steel, M&M, L&T, Maruti Suzuki, Tata Steel, Power Grid, ICICI Bank, Nestle, Bharti Airtel and Tech Mahindra were major gainers. TCS and Axis Bank were major losers.

    According to the market experts, “The Dow and S&P 500 setting yet another record highs yesterday is indicative of the strength of this ongoing global bull run led by the mother market US. The good labour market data from the US indicates that the labour market is only slowing, not deteriorating. With inflation under control, this means the US is set for a soft landing under a declining interest rate scenario. This is positive for global equity markets.”

    “A significant trend in India is the outperformance of Bank Nifty which is up two per cent this week against Nifty’s rise of 0.2 per cent. Weakness in the broader market on valuation concerns is another important trend. These trends are likely to continue,” they added.

    The foreign institutional investors (FIIs) turned net sellers as they sold equities worth Rs 2,547 crore on September 19, while domestic institutional investors extended their buying as they bought equities worth Rs 2,012 crore on the same day.

    (With inputs from IANS)

     

  • Indian Stock Market Rises, Echoing Asian, US Market Cues

    Sensex trades higher on positive global cues

    IANS

    • Indian equity indices, Sensex and Nifty, surged due to positive cues from Asian and US markets.

    • Midcap and smallcap stocks also saw a rise, indicating a broad-based rally and buoyant investor sentiment.

    • Top gainers included JSW Steel, Tata Steel, and M&M, while Titan, Axis Bank, and Tata Motors were among the top losers.

    • The market’s trajectory will be influenced by global cues, monetary policy decisions, and the buying/selling position of institutional investors.

    The bustling financial hub of Mumbai witnessed a positive start to the Indian equity indices on Friday, September 20. This optimistic beginning was largely influenced by encouraging cues from Asian and US markets, reflecting the interconnectedness of global financial markets.

    As of 9.46 a.m., the Sensex, a free-float market-weighted stock market index of 30 well-established and financially sound companies listed on Bombay Stock Exchange, was up by 82 points or 0.10 per cent, standing at 83,267.

    Concurrently, the Nifty, a benchmark Indian stock market index for the equity market, was up by 40 points or 0.16 per cent, standing at 25,455.

    Midcap and Smallcap Stocks Witness Buying Interest

    The positive trend was not confined to the large-cap stocks alone. The midcap and smallcap stocks also witnessed buying interest. The Nifty midcap 100 index, which represents the midcap segment of the market, was up by 313 points or 0.53 per cent, standing at 59,665.

    Similarly, the Nifty smallcap 100 index, representing the smallcap segment, was up by 137 points or 0.72 per cent, standing at 19,282. The green wave was seen across almost all sectoral indices.

    The sectors that emerged as major gainers included Auto, PSU Bank, Financial Services, FMCG, Metal, Realty, Energy, and Infrastructure. This broad-based rally underscores the buoyant investor sentiment prevailing in the market.

    Market Analysis and Global Trends

    In the Sensex pack, several companies emerged as top gainers. These included JSW Steel, Tata Steel, M&M, Maruti Suzuki, Bharti Airtel, L&T, Nestle, Reliance, Bajaj Finserv, HUL, Sun Pharma, SBI and Kotak Mahindra Bank. On the other hand, Titan, Axis Bank, Tata Motors, NTPC, Bajaj Finance, IndusInd Bank, TCS and UltraTech Cement were among the top losers.

    Hardik Matalia, a Derivative Analyst, offered his perspective on the market movement. He stated, After a positive opening, Nifty can find support at 25,350 followed by 25,300 and 25,250. On the higher side, 25,500 can be an immediate resistance, followed by 25,600 and 25,650. His analysis provides valuable insights into the potential trajectory of the Nifty.

    Institutional Investors and Market Movement

    The bullish sentiment was not confined to the Indian market alone. Most of the  markets in Asia, including Tokyo, Hong Kong, Seoul and Bangkok, were also in the green. However, the markets of Shanghai and Jakarta were trading in the red. The US markets had closed in the green on the previous day, Thursday. The yen, the official currency of Japan, remained volatile ahead of a Bank of Japan monetary policy decision.

    Sensex high

    IANS

    Traders were eagerly anticipating clues about potential tightening. This was significant in light of Japan’s consumer price index inflation aligning with expectations in August, indicating higher wages and increased consumption. On September 19, the foreign institutional investors (FIIs) turned net sellers as they sold equities worth Rs 2,547 crore. On the other hand, domestic institutional investors extended their buying as they bought equities worth Rs 2,012 crore on the same day.

    In conclusion, the performance of the Indian equity market on September 20 was a reflection of the broader trends in the global financial markets. The positive opening, the broad-based rally, and the buying interest in midcap and smallcap stocks all point towards a buoyant investor sentiment.

    (With inputs from IANS)

     

  • Omdia reports record semiconductor revenue in 2Q24, despite market weakness

    LONDON, September 18, 2024: In a new analysis, Omdia reports that total semiconductor revenue reached a record high of $162.1 billion in 2Q24 , marking a 6.7% quarterly growth. This figure surpasses the previous record set in 4Q21 by approximately $500m. The record growth was largely driven by NVIDIA, the industry’s top revenue generator, which now has quarterly semiconductor revenue $18 billion higher than 4Q21.

    While 2Q24 set a new revenue record, not all companies are benefitting. Although revenue for the semiconductor market is $33 billion higher than a year ago, over 50% of the companies tracked recorded lower semiconductor revenue compared to a year ago. This shows that the market’s revenue growth is not being shared by half of the companies. Of the 125 companies tracked in both the record quarters of 4Q21 and 2Q24, more than 70% had lower semiconductor revenue in 2Q24 than in 4Q21.

    NVIDIA’s revenue is now more than four times greater than it was during the semiconductor industry’s previous record in 4Q21. Without NVIDIA, the market would be far from reaching a new revenue high. Excluding NVIDIA’s revenue, the record remains 4Q21 with total revenue of $155.8 billion, while 2Q24 revenue stands at $138.2 billion – over $17 billion lower.

    Image

    NVIDIA’s dominant position is mainly due to AI demand, though other semiconductor segments are also benefitting from AI growth.

    Memory firms are benefitting from AI demand, particularly due to High-Bandwidth Memory (HBM) chips that support AI processors. Additionally, the memory market has seen an improved supply/demand balance, boosting other areas. Following a challenging 2023 the market has recovered, with quarterly revenue now exceeding $40 billion.

    Commenting on the latest industry performance, Cliff Leimbach, Principal Analyst, Omdia stated: “The top semiconductor companies are growing larger. The top ten companies by revenue now account for 64% of the total market in 2Q24,   the highest share on record and up seven percentage points over the five-year average of 57%. A comparison to the last record revenue quarter in 4Q21 shows that the market gains are being concentrated among fewer companies. In 4Q21 the top ten held 57% of the revenue share.

    “NVIDIA continues to expand its market share, now representing 14.8% of the semiconductor market by revenue, driven by strong AI demand. Intel, historically either the top or the second largest company remains in third place for the third consecutive quarter. With a 7.5% share in 2Q24, this marks Intel’s lowest market share since Omdia began tracking the semiconductor market, in 1Q02,” concludes Leimbach.


    Neel Achary

  • A Vibrant Celebration of Studio Pottery at the 4th Edition of The Pune Potters Market 2024


    Pune Potters Market 2024

    PUNE:: The fourth edition of Pune Potters Market is all set to captivate art lovers, transforming The Pavilion Mall on Senapati Bapat Road into a bustling hub of creativity and craftsmanship. Taking place over two weekends, September 20-22 and September 27-29, 2024, this annual event promises an immersive experience in studio pottery. The market will be open from 11:00 am to 09:00 pm and entry to the market is free for all.Organized by IGA GALLERIA and supported by Bhoomi Pottery, the Pune Potters’ Market 2024 will showcase an impressive array of ceramics created by 40 artists from across India. Each weekend will feature 20 artists presenting their unique creations, making this a unique opportunity to witness and purchase unique pieces rarely found in retail outlets.The unique appeal of this year’s event is that the showcase includes crafts created in artists’ studios. Artists from Pune, Mumbai, Bengaluru, Hyderabad, Agra, Bhopal, Kolkata, Raigad, and Ajmer will showcase their regional styles in a range of mediums including earthenware, stoneware, and terracotta. Attendees can look forward to a diverse selection of pottery, including home decor, tableware, jewelry, sculptures, miniature sculptures, and magnets.The market will witness visits by various guests including architects, designers, corporations, social organizations, NGOs, and representatives from educational institutions. In addition to the market itself, interactive pottery painting workshops will be available for art enthusiasts of all ages, providing a hands-on opportunity to engage with the craft.

  • CNG Vehicles Leading the Market Boom

    It appears that India is moving towards sustainability as many consumers have been preferring alternate fuel cars like Compressed Natural Gas (CNG).

    Economic Times reported that Similarly, hybrids witnessed 19% growth and EVs registered 7% growth.

    ET citing Jato Dynamics noted that CNG car sales in India surged 46% year-on-year, between January and August 2024.

    Similarly, hybrids witnessed 19% growth and EVs registered 7% growth.

    The total car sales registered a growth of 6% to 2.87 million units in the same period.

    Also, automobile companies have been coming up with more CNG models, followed by hybrids and electric vehicles.

    Amid rising CNG sales, EV car manufacturers are slashing prices and giving more flexible finance options, among other benefits. Experts believe that limited infrastructure and high initial acquisition costs are a few factors hampering the sales of EV cars.

    Union Minister Nitin Gadkari also suggested people to consider other fuel alternatives in addition to EVs.

    CNG being cost effective is preferred by gig workers and small businesses.

    There is also demand for hybrid car models but the only drawback is that they come at a higher price.

  • Master These 5 In-Demand Skills to Stay Ahead in this Competitive Job Market

    Learn, Unlearn, Upskill, and Repeat – This seems like an ongoing mantra for employees these days when it comes to climbing up the corporate ladder. Gone are the days when freshers used to join a company and retire from the same. Workplaces have evolved now, today it’s all about refining your skills continuously and adapting to the changing demands of the industry. So, to enhance your career prospects and remain competitive, it’s crucial to cultivate skills that are not only in high demand but also relevant to the future of work. By learning these skill sets you can not only increase your employability but can also land you a high salaried job. Here are five in-demand skills that can significantly boost your career prospects.

    Master These 5 In-Demand Skills to Stay Ahead in this Competitive Job Market

    1. Data Analytics

    In today’s data-driven world, the skill to analyze and make sense of complex datasets is in high demand. Companies across different sectors depend on data to make smart choices, boost operations, and forecast future patterns. Being good with tools like Excel, SQL, Python, and data display platforms such as Tableau can make you stand out. Knowing how to get useful insights from data will make you a valuable asset for any employer.

    2. Digital Marketing and SEO

    As online channels become the primary channels to reach customers, having expertise in digital marketing and Search Engine Optimization (SEO) is key. Companies want to hire people who can create strong digital marketing plans, run social media campaigns and create content that aligns with algorithms and search engines. If you know how to use tools like Google Analytics, AdWords and different social media sites, you can generate more sales. Companies are eager to hire professionals who can navigate the digital landscape and boost their online presence.

    3. Project Management

    Effective project management ensures that projects are completed on time, within scope, and on budget. Skills in project management involve planning, carrying out, and watching over projects to make sure they finish on time, don’t go over budget and reach their goals. Being good with project management methods like Agile or Scrum and tools such as Microsoft Project or Trello can position you for various roles across industries. Certification in project management, such as PMP (Project Management Professional) can further enhance your credibility and career prospects.

    4. Soft Skills

    Technical skills are vital, but people skills are key when it comes to working in a collaborative environment. Being good at communicating and writing helps you share ideas, work well with others, and build connections with clients and coworkers. Also, knowing how to team up with different groups and departments is essential to reach shared goals and help the company succeed. Putting effort into getting better at interpersonal skills can boost how well you do your job and help you move up in your career.

    5. Programming and Coding

    In today’s time programming and coding are skills that extend beyond IT experts. These skills are in high demand because they have proven to be useful in many sectors. Familiarity with languages like Python, JavaScript and Java can unlock opportunities in various roles, from software creation to data examination and task automation. Grasping basic coding skills can also boost your problem-solving skills and will improve your flexibility in a tech-driven environment.

    To get ahead in a tough job market, you need to focus on getting and sharpening these in-demand skills. Data interpretation, online marketing, programming, project oversight and clear communication are crucial areas where expertise can make you stand out. By gaining expertise in these skills, you can not only boost your career but also position yourself as a forward-thinking professional who is ready to tackle the challenges of the modern workplace.

    Platforms like Apna.co, India’s largest jobs and networking platform, provides excellent opportunities to connect with like-minded professionals and discover new job openings that match your skill set. By leveraging resources like Apna.co, you can position yourself strategically for growth in your career and find the right opportunities to showcase your talents.

  • Stock Market: Sensex, Nifty close at all-time high, led by metal and auto shares

    Sensex, Nifty close at all-time high, led by metal and auto shares

    IANS

    Indian equity indices closed in the green on Thursday led by metal, auto and banking stocks.

    Sensex closed at 1,439 points or 1.77 per cent higher at 82,962 and Nifty closed 470 points or 1.89 per cent higher at 25,388.

    Intraday, both Sensex and Nifty made a new all-time high of 83,116 and 25,433 respectively.

    Buying was seen in the midcap and smallcap stocks. The Nifty Midcap 100 index was at 59,640, up 702 points or 1.19 per cent and the Nifty Smallcap 100 index was at 19,354, up 192 points or 1.01 per cent.

    Rupak De, Senior Technical Analyst, LKP Securities said: “The Nifty has broken out of its recent consolidation on the daily chart, indicating a rise in optimism. Additionally, the index has been sustaining above the critical 21-day EMA, a near-term moving average. The RSI on the daily chart shows a bullish crossover, reinforcing the positive sentiment. The trend is expected to remain strong, as the index closed above the recent consolidation high.”

    Sensex

    “On the upside, the rally could potentially continue toward the 25,470–25,500 range, while support is seen at 25,100,” he added.

    In the Sensex pack, NTPC, Bharti Airtel, M&M, Wipro, JSW Steel, Tech Mahindra, SBI, L&T, Tata Steel, Kotak Mahindra Bank, Infosys, UltraTech Cement and HUL were the top gainers. Only Nestle closed in the red in the Bombay Stock Exchange (BSE) benchmark.

    Almost all indices closed in the green. Auto, IT, PSU, fin Service, pharma, metal and energy were major gainers.

    Narendra Solanki, Head Fundamental Research – Investment Services, Anand Rathi Shares and Stock Brokers said, “The markets gained strength on news of China cutting rates by 50 bps on $5 trillion mortgages as soon as this month to boost consumption came out ahead of a European Central Bank (ECB) policy meeting later in the day; providing much needed sentimental boost to the markets.”

    (With inputs from IANS)

     

  • Biogetica Solidifies Presence in India & US Market with a Range of Evidence-Based Natural Medicines

    12th Sept 2024  Mumbai, Maharashtra, India; New York, United States Biogetica, a pioneer in integrative and holistic medicine, strengthened its commitment to advancing the future of evidence-based natural medicine in the Indian and US markets. Biogetica’s approach is rooted in blending the strengths of all medical systems, ensuring that each product is backed by rigorous scientific validation. Biogetica combines supplements, nutraceuticals, herbs, and homeopathy to bring balance across all five planes of human existence.

    Biogetica gained global recognition through its groundbreaking clinical trials for COVID-19, pain management, weight loss and Herpes, setting a new precedent in the healthcare industry. The COVID-19 trial of Reginmune and Immunofree is now a part of the WHO database and serves as a reference point for many other research studies. Biogetica offers a comprehensive range of products tailored to bolster immune support, facilitate gentle detoxification, and promote and nurture mental well-being. The company prioritizes preventive care and seeks to unravel the underlying causes of health concerns, aiming to address these at their source rather than merely alleviating superficial symptoms. Biogetica paved the way for strengthening evidence-based natural medicine’s role in healthcare by combining ancient techniques with modern science, offering a holistic approach to wellness.

    Dr. Apurve Mehra,

    Dr. Apurve Mehra, the visionary CEO & founder of Biogetica, stated, “We at Biogetica are dedicated to helping people and changing lives. We want to showcase that nature can help even when all else fails. We believe in a future where every human has access to evidence-based products that are present to them with their best chance at wellness. We also adhere to the principle of not turning away individuals who cannot afford treatments or medicines.”

    With the privilege of collaborating with doctors and experts from across the globe who share the same commitment to an integrated medicinal approach. Today, Biogetica is a collective of practitioners from diverse traditions coming together to blend nature with medicine and promote holistic healing. Biogetica has been recognized by the FDA, WHO, and various other bodies and numerous peer-reviewed research published.

    Innovative Patents and Research
    Biogetica’s unwavering dedication to innovation is exemplified by its numerous patents in the USA and India, Recent in-depth studies have delved into the emerging COVID-19 variants, showcasing the remarkable effectiveness of Biogetica’s holistic approach to medicine. These studies have brought to light the impressive ability of Biogetica’s supplements, nutraceuticals, herbs, and homeopathy.

    They also did considerable research for herpes when a scientist in India found Hypericum Mysorense from the Nilgiri Hills suppressing herpes in-vitro. They took this research further and now have a patent for their formula Hyperisince which makes this unique plant work in-vivo owing to a unique combination. Hyperisince is still second to none with a huge number of patients claiming that the formula has given them their lives back. Today, they have helped over 90,000 people and counting who had lost all hope. The AYUSH department of India has registered Hyperisince as a treatment for Herpes and the US Patent Office has granted it patent number 10744175 for a Herbal composition for the treatment of Herpes.

    The recent expansion of Biogetica in both India and the USA demonstrates the company’s deep-seated determination to bring holistic health within reach of more people. This development underscores Biogetica’s steadfast adherence to ethical standards and individualized patient care and highlights the company’s pioneering role in driving innovation within the global healthcare landscape.

    Biogetica offers free Homeopathic and Ayurvedic Doctor Consults to all on its website www.biogetica.com and then offers tailor-made protocols based on one’s constitution, health interests, and state of being.


    Mansi Praharaj

  • Indian Electric Vehicle Market Projected to Grow 40% by 2027

    Industry hails extension of FAME II scheme to bolster EV infra

    Industry hails extension of FAME II scheme to bolster EV infraIANS

    India’s Electric Vehicle (EV) market is poised for a significant surge, with a projected Compound Annual Growth Rate (CAGR) of 35-40% until 2027, according to a recent report by Niveshaay. This growth is expected to be driven by government incentives, rising fuel prices, and increased consumer awareness. The report, which was released on Wednesday, predicts that EV sales volume in India could reach around 3-4 million units by 2025, and 10 million by 2030. This is a significant increase from the current market, which is primarily concentrated on the two and three-wheeler EV segment, accounting for about 80% of the vehicle market.

    Arvind Kothari, smallcase Manager and Founder of Niveshaay, highlighted the Indian government’s efforts to boost local manufacturing and reduce import dependency. The Indian government has introduced Production Linked Incentive (PLI) schemes and reduced customs duties on critical minerals to boost local manufacturing, Kothari said. The government’s balanced approach to policy support and market development is facilitating India’s emergence as a remarkable contender in the global EV landscape. This is despite challenges like limited charging infrastructure, which the government is actively working to address. By 2030, EVs are expected to represent approximately 10-15% of new vehicle sales in India, including two-wheelers, three-wheelers, and passenger vehicles. This is a significant increase from the current market penetration of EVs. The report further predicts that by 2030, annual EV sales are projected to surpass 10 million units, with substantial growth in the deployment of electric buses, commercial vehicles, and private cars. EVs could represent 30-40% of new vehicle sales in the market.

     The study also predicts a strong EV Infrastructure, with more than two million public charging stations projected nationwide. This increase in EV Adoption, infrastructure, as well as manufacturing, can also be attributed to growth in Budget allocations for the EV sector. From Rs 10,000 crore allocated in FY2019-20 (FAME II scheme), it has increased to 19,744 crore (for Green Hydrogen mission) and 2,908 crore (continued FAME II Support) in FY2023-24. The Union Budget 2024-25 has allocated Rs 2,671.33 crore under the FAME scheme, primarily to cover remaining liabilities from FAME II. In addition, the government has introduced the Rs 500 crore Electric Mobility Promotion Scheme (EMPS) to boost electric two- and three-wheelers. The increased PLI Scheme for automobiles and auto components to Rs 3,500 crore and the exemptions in customs duty on lithium, cobalt, and other rare minerals to reduce battery production costs, via the Union Budget, make electric vehicles more affordable.

    Electric vehicle

     Government initiatives like the Production Linked Incentive (PLI) schemes and reduced customs duties are boosting local manufacturing and reducing import dependencyIANS

    Driven by key government initiatives like the FAME and the EMPS scheme, India is poised to become a major player in the global EV market, specifically amongst the emerging markets. While China dominated with 60% of global EV sales as of 2023, India’s large population and urbanisation are driving demand for affordable electric mobility. In contrast, the US and Europe, with EV penetration rates of around 7% and 14% respectively as of 2023, are focused on passenger vehicles and infrastructure development. Indian EV market is on the cusp of a significant transformation, driven by government initiatives, rising fuel prices, and increased consumer awareness. With the projected growth rates, India is set to become a major player in the global EV market. The government’s efforts to boost local manufacturing and reduce import dependency, coupled with the projected increase in EV infrastructure, are expected to drive this growth. This report serves as a testament to India’s potential in the EV market and the country’s commitment to sustainable and renewable energy.

  • Indian EV Market Projected To Grow At Over 40 pc CAGR Till 2027: Report

    Mumbai, Sep 11: The Indian Electric Vehicle (EV) market is expected to grow in the range of 35-40 per cent CAGR till the year 2027, according to a report on Wednesday.

    The report by Niveshaay, which manages the Green Energy smallcase (a portfolio of stocks, which will benefit from the renewable energy sector development), showed that EV sales volume in India could touch around 3-4 million units by 2025, and 10 million by 2030.

    Currently, the Indian EV market is concentrated on the two and three-wheeler EV segment, which accounts for about 80 per cent of its vehicle market.

    “The Indian government is aiming to boost local manufacturing and reduce import dependency. It has introduced Production Linked Incentive (PLI) schemes and reduced customs duties on critical minerals to boost local manufacturing,” said Arvind Kothari, smallcase Manager and Founder of Niveshaay.

    “The balanced approach to policy support and market development is facilitating India to emerge as a remarkable contender in the global EV landscape, despite challenges like limited charging infrastructure,” he added.

    The new report further stated that EVs are expected to penetrate the market with approximately 10-15 per cent of new vehicle sales in India (including two-wheelers, three-wheelers, and passenger vehicles), driven by government incentives, rising fuel prices, and increased consumer awareness.

    By the year 2030, annual EV sales are projected to surpass 10 million units, with substantial growth in the deployment of electric buses, commercial vehicles, and private cars. EVs could represent 30-40 per cent of new vehicle sales in the market.

    With more than two million public charging stations projected nationwide, the study predicts a strong EV Infrastructure, the report said.

    The increase in EV Adoption, infrastructure, as well as manufacturing, can also be attributed to growth in Budget allocations for the EV sector.

    From Rs 10,000 crore allocated in FY2019-20 (FAME II scheme), it has increased to 19,744 crore (for Green Hydrogen mission) and 2,908 crore (continued FAME II Support) in FY2023-24.

    Faster Adoption and Manufacturing of Electric Vehicles (FAME) was introduced in 2015 to encourage the adoption of electric and hybrid vehicles by offering upfront incentives on purchase.

    The Union Budget 2024-25 has allocated Rs 2,671.33 crore under the FAME scheme, primarily to cover remaining liabilities from FAME II.

    In addition, the government has introduced the Rs 500 crore Electric Mobility Promotion Scheme (EMPS) to boost electric two- and three-wheelers.

    The increased PLI Scheme for automobiles and auto components to Rs 3,500 crore and the exemptions in customs duty on lithium, cobalt, and other rare minerals to reduce battery production costs, via the Union Budget, make electric vehicles more affordable.

    Driven by key government initiatives like the FAME and the EMPS scheme, India is poised to become a major player in the global EV market, specifically amongst the emerging markets.

    While China dominated with 60 per cent of global EV sales as of 2023, India’s large population and urbanisation are driving demand for affordable electric mobility.

    In contrast, the US and Europe, with EV penetration rates of around 7 per cent and 14 per cent respectively as of 2023, are focused on passenger vehicles and infrastructure development, the report said.