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Luxury Car Sales Skyrocket in India Amid Wealth Surge

IANS

India’s luxury car market is witnessing a significant boom, with high-end brands like Lamborghini, Ferrari, McLaren, and Aston Martin reporting robust demand. This surge is attributed to a generational mindset shift, with an increasing number of Indians willing to splurge on luxury goods, including super-expensive cars. Industry data reveals a substantial increase in the sale of luxury cars, with experts predicting the sale of approximately 1,200-1,300 luxury cars in the Indian market this year. This is a significant leap from 2023 when sales more than doubled to 1,000 units in the top-end car segment.

Lamborghini, the Italian luxury sports car manufacturer, has reportedly sold all cars allocated for the Indian market. The brand’s models like Huracan, Urus, and Revuelto, priced between Rs 5 crore and Rs 10 crore, are in high demand. Other luxury brands like Ferrari, McLaren, and Aston Martin are also experiencing robust growth, indicating a strong market for luxury vehicles in India.

Mercedes-Benz and Audi’s luxury models now have waiting periods of up to a year, with prices ranging from Rs 2.5 crore to Rs 4.5 crore. This high demand and extended waiting period further underscore the growing appetite for luxury cars among Indian consumers.

Aston Martin, the British luxury sports car manufacturer, recently launched its new sports car ‘Vantage’ in India. Priced at Rs 3.99 crore (ex-showroom), the car boasts a muscular physique and unmistakable presence, with design cues inspired by Aston Martin’s legendary One-77 supercar.

IANS

BMW Group India has also reported a strong performance in the first half of the year, with a boost of over 21 per cent in car sales. This growth is fuelled by high demand for its sports activity vehicles, luxury class, and electric cars. BMW’s luxury class vehicles registered a growth of over 17 per cent, contributing 18 per cent to total sales. The BMW X7 was the highest-selling luxury class model.

Vikram Pawah, President, BMW Group India, attributes this strong affinity for their vehicles to their competitive edge in exclusive mobility, unmistakable driving pleasure, and best-in-class innovations. Audi, the German luxury car manufacturer, recently launched two new cars under its Bold Edition — Q3 and Q3 Sportback, in India.

The surge in luxury car sales is also linked to the increasing number of ultra-wealthy individuals in India. According to the latest wealth report by Knight Frank, the number of individuals possessing a net worth exceeding $30 million is expected to reach 19,908 by 2028, up from 13,263 in 2023.

This trend is not unique to India. Historically, luxury car sales have seen a surge in various markets worldwide during periods of economic growth and increasing wealth. For instance, in the post-war boom of the 1950s, luxury carmakers experienced a significant increase in sales as the world’s economy recovered and wealth increased.

August 18, 2024
Manipal Institute of Technology (MIT) NSS Units Honored with National Humanitarian Excellence Award for Exemplary Social Service

Manipal, August 17th, 2024: The National Service Scheme (NSS) Units I & II of the Manipal Institute of Technology (MIT) were recently honored with the prestigious “Humanitarian Excellence Award 2024.” The award, presented by the I Care Foundation India under the aegis of NITI Aayog & MSME, Government of India, recognizes the outstanding social work initiatives undertaken by the NSS units. The award ceremony coincided with the 78th Independence Day and World Humanitarian Day and took place at the Radisson Blu Hotel in New Delhi, Dwarka.

The award was received by Commander (Dr.) Anil Rana, Director of MIT Manipal, and Dr. Balakrishna S. Maddodi, MIT NSS Program Officer, alongside MIT Administrative Officer Sri Ratnakar Samanth. The award was presented by Honorable Sri Santosh Bagrodia, former Coal Minister of India and Member of Parliament, Rajya Sabha. The event also featured the presence of veteran actor Sri Surendra Pal Singh, renowned for his role as Dronacharya in the Mahabharat series, who commended the remarkable efforts of the NSS units in uplifting communities.

The NSS units at MIT Manipal have consistently made a significant impact on society by promoting social responsibility among students, academics, and the community. During the academic year 2023–24, the units organized over 45 community-centric programs. These initiatives included blood donation camps to raise awareness about the importance of blood donation, environmental conservation programs such as rainwater harvesting, and plantation drives aimed at protecting and nurturing the environment.

Other notable initiatives included Swachh Bharat programs like beach cleaning and single-use plastic eradication, as well as a range of awareness campaigns covering crucial topics such as career guidance, first aid, CPR training, and cancer awareness. These efforts have positively influenced the lives of thousands in the community, leaving a lasting legacy of social responsibility.

Commander (Dr.) Anil Rana, Director of MIT Manipal, expressed his gratitude for the recognition: “This award is a testament to the dedication and passion of our NSS volunteers, who have tirelessly worked to make a difference in the lives of others. At MIT, we believe that education is not just about academic excellence but also about creating responsible citizens who contribute meaningfully to society. We are immensely proud of our NSS units for setting an example of how young minds can be agents of positive change.”

Lt. Gen. (Dr.) MD Venkatesh, Vice Chancellor of Manipal Academy of Higher Education (MAHE), also praised the achievement, stating, “The NSS units of MIT Manipal have demonstrated how academic institutions can play a pivotal role in addressing societal challenges. Their commitment to humanitarian causes is inspiring and aligns with MAHE’s vision of fostering a culture of social responsibility. We are honored to receive this recognition, which will further motivate us to continue our efforts in serving the community.”

The award ceremony saw the participation of numerous distinguished guests, including former ONGC Director Dr. Jauhari Lal, Sri Vinay Choudhary, National Co-Incharge of Research & Policy at the Bharatiya Janata Party, and Sri Gaurav Gautham, Founder of the I Care Foundation. Over 85 individuals and institutions were honored for their remarkable contributions to the community and humanity at large.

The MIT NSS units remain committed to their mission of driving social change and continue to inspire others to join the movement for a better and more compassionate world.

August 18, 2024
Dyson beauty line gets new addition; its first wet line styling products [read now]

Dyson beauty line gets new addition; its first wet line styling products [read now]Dyson

Dyson has unveiled its first wet line styling products, the Dyson Chitosan range, marking a significant step into the beauty industry. The range, powered by chitosan derived from oyster mushrooms and engineered with Dyson Triodetic technology, reflects over a decade of investment in hair health. Dyson’s new products promise flexible, all-day hold without stiffness, even in high humidity, designed to work seamlessly with their hair tools.

The launch of the Dyson Chitosan range is part of Dyson’s broader expansion into ingredient science. This move comes eight years after Dyson’s entry into beauty with the Supersonic hair dryer, followed by the Airwrap multi-styler. The company continues to innovate in hair care, now integrating their scientific approach into styling formulations.

Dyson beauty line gets new addition; its first wet line styling products [read now]Dyson

James Dyson, Founder and Chief Engineer, emphasized the brand’s commitment to creating high-performance, flexible hair products. Kathleen Pierce, President of Dyson Beauty, highlighted the rigorous testing behind the optimal chitosan formulation for all-day hold.

The new range includes a pre-style cream and post-style serum, designed for all hair types, and engineered to combat frizz, add shine, and maintain natural movement. Dyson has also developed a precision dosing system for the products, ensuring consistent application and reducing waste.

Dyson Chitosan range will soon be available in select markets, including India. Stay tuned for updates.

August 16, 2024
Foxconn Investment to Boost Global Manufacturing Aspirations: IT minister

IANS

Hon Hai Technology Group, popularly known as Foxconn, has announced its investment plans for the country. The news was confirmed by Union Minister for Railways, Electronics and IT and I&B, Ashwini Vaishnaw, who met with Young Liu, Chief Executive Officer and Chairman of Foxconn, in New Delhi on August 16. Vaishnaw, in a post on a social media platform, expressed his gratitude towards Liu for his continued investment plans. He stated, “As we strive to make Bharat a global manufacturing hub, thanks to Foxconn’s Chairman Young Liu for his continued investment plans.” This statement reflects the Indian government’s commitment to transforming the country into a global manufacturing powerhouse.

The meeting between Vaishnaw and Liu followed a previous discussion between Liu and Prime Minister Narendra Modi. The two leaders explored several opportunities in futuristic sectors such as artificial intelligence (AI), semiconductors, local electronics manufacturing, and more. These sectors are considered critical for India’s technological advancement and economic growth. In his Independence Day address, PM Modi emphasized India’s potential to develop a ‘Made in India’ chip for every piece of equipment. He highlighted the country’s transformation from an importer of mobile phones to a significant manufacturing hub. The Prime Minister also stressed the importance of semiconductors, modern technologies, and artificial intelligence, stating that they are inextricably linked to our future. He further revealed that work has already begun on the Indian Semiconductor Mission.

Foxconn, a key supplier for Apple and a leading player in the global technology industry, is known for its significant contribution to iPhone exports from India. The Taiwanese technology giant, which manufactures around 70 per cent of iPhones globally, is investing heavily in local manufacturing in India. This move aligns with the Indian government’s push for ‘Make in India’ and is expected to boost the country’s manufacturing sector. Foxconn’s commitment to India is further demonstrated by its plan to invest an additional Rs 3,300 crore in its manufacturing facility in Telangana. This investment will take the company’s total investment in the state to more than Rs 4,550 crore. This substantial investment is a testament to Foxconn’s confidence in India’s manufacturing capabilities and its potential as a global manufacturing hub.

IANS

The Indian government’s commitment to reforms and the creation of a conducive environment for businesses has been instrumental in attracting global investments. PM Modi, in his address, emphasized that the reforms are not out of any compulsion but are aimed at making India and its economy stronger. He stated, Our commitment is Nation First with national interest being supreme. The Prime Minister also highlighted the overhaul of the banking sector, which has strengthened the formal economy and addressed the banking needs of the poor and middle class. He called for a state-level investment competition, urging state governments to establish clear policies to attract investments and ensure good governance.

Foxconn’s investment in India is a significant milestone in the country’s journey to become a global manufacturing hub. It not only underscores the confidence of global companies in India’s potential but also aligns with the government’s vision of making India a leader in futuristic sectors like AI, semiconductors, and electronics. With continued reforms and a conducive business environment, India is well on its way to realizing its dream of becoming a global manufacturing powerhouse.

August 16, 2024
US considering breakup of Google after court verdict on its monopoly: reports

US considering breakup of GoogleIANS

A bid to break up Alphabet Inc.’s Google is being considered by the US Department of Justice (DOJ) after a landmark court ruling found that the company has monopolised the online search market, US media cited sources familiar with the deliberations as saying.

“The move would be Washington’s first push to dismantle a company for illegal monopolization since unsuccessful efforts to break up Microsoft Corp. two decades ago,” said Bloomberg on Tuesday.

“Less severe options include forcing Google to share more data with competitors and measures to prevent it from gaining an unfair advantage in AI products, said the people, who asked not to be identified discussing private conversations,” the report said, according to Xinhua news agency.

“Justice Department officials are considering what remedies to ask a federal judge to order against the search giant,” said The New York Times. “They are discussing various proposals, including breaking off parts of Google, such as its Chrome browser or Android smartphone operating system.”

US Gov’t Eyes Crackdown on Google’s DominanceIANS

Other scenarios under consideration include forcing Google to make its data available to rivals, or mandating that it abandon deals that made its search engine the default option on devices like the iPhone. The government is meeting with other companies and experts to discuss their proposals for limiting Google’s power, according to the report.

US Federal antitrust regulators have sued Meta Platforms, Amazon and Apple in the past four years, claiming the companies illegally maintained monopolies. Microsoft had settled with the DOJ in 2004 on claims it forced its Internet Explorer Web browser on Windows users.

(With inputs from IANS)

August 15, 2024
Google brings new Pixel 9 devices with advanced AI to India, seeks to expand footprint

Google brings new Pixel 9 devices with advanced AI to India, expands footprintIANS

Doubling down on its India growth plans, Google on Tuesday unveiled its latest Pixel 9 series of devices with latest AI features for users in the country.

To make Pixel smartphones more accessible, Google also announced expansions in its after-sales services with the launch of three Google-owned walk-in centres, in collaboration with Flipkart’s service arm.

The tech giant also expanded local retail presence with Pixel products which will be available in over 150 retail outlets in 15 cities, the company said in a statement.

Pre-orders for Pixel 9 and Pixel 9 Pro XL starts from Wednesday and these devices will be available starting August 22. The company also unveiled Pixel 9 Pro Fold, Pixel Watch 3 and Pixel Buds Pro 2 which will become available later in the year.

Pixel 9, Pixel 9 Pro and and Pixel 9 Pro XL are priced at Rs 79,999, Rs 1,09,999, and Rs 1,24,999, respectively in India.

Google has also announced a reduction in prices of its earlier generation of Pixel phones in IndiaIANS

Google has also announced a reduction in prices of its earlier generation of Pixel phones in India.

According to the company, the Pixel 9 phones feature the latest from Gemini AI, an evolution of Google’s iconic design language, and the best camera system ever in a Pixel phone.

The Pro model is available in two sizes: Pixel 9 Pro (6.3-inch) and Pixel 9 Pro XL (6.8-inch). Both devices have brightest Super Actua displays yet and a new 42 MP front camera for sharper, brighter low-light photos.

Pixel 9 offers a 6.3-inch Actua display, 35 per cent brighter than Pixel 8, and is rated the best in its class. It shares the same main and ultrawide cameras as the Pro models, a significant upgrade, and the front camera now has autofocus for even sharper selfies.

Pixel 9 offers approximately 20 per cent longer battery life during active use with the screen on compared to Pixel 8. All Pixel 9 phones come with seven years of OS, Pixel Drops, and security updates, said the company.

The Pixel 9 family, including the Pixel 9 Pro Fold, is powered by the brand new Google Tensor G4 chip. The Pixel 9 has 12GB of RAM, while the Pro models have 16GB.

The company also introduced Gemini Live, available on Pixel 9 Pro, Pixel 9 Pro XL, and Pixel 9 Pro Fold, allowing for natural conversations with Gemini directly from your phone or Pixel Buds.

Whether it’s planning, repairs, or brainstorming, Gemini Live offers a new level of help in a more intuitive, natural way, said the company.

(With inputs from IANS)

August 14, 2024
East Coast Railway Embraces Advanced Ballastless Track Technology for Tunnel Projects

IANS

The East Coast Railway (ECoR) has taken a significant stride towards enhancing the safety, efficiency, and sustainability of rail transport. The railway authority has adopted advanced ballast less track technology for the construction of new railway tunnel projects within its jurisdiction. This strategic decision, announced on August 14, is set to revolutionize rail transport, particularly in challenging tunnel environments.

The ECoR has initially implemented this technology in Tunnel No.1, a 600-meter tunnel between Baiguda and Kakirigumma stations. This is part of the Koraput-Singapur Road Doubling Project of East Coast Railway. The railway sources have confirmed that this system will also be implemented in all the under-construction tunnels of various ongoing projects.

Furthermore, the ECoR has plans to replace existing tracks in tunnels with ballastless tracks in a phased manner. The ongoing tunnel works are being carried out in Kottavalasa-Kirandul, Koraput-Rayagada Doubling projects, and in new line projects like Khurda Road-Balangir and Talcher-Bimalagarh Rail Line projects.

Ballastless train tracks, particularly in tunnels, offer several significant advantages. These include enhanced durability and longevity, increased stability and safety, reduced maintenance cost, improved ride comfort and noise reduction, efficient space utilization, and improved drainage and water management. The quicker installation and commissioning of these tracks also contribute to the overall efficiency of the rail transport system.

The ECoR sources have stated that ballastless tracks are more robust and require less maintenance compared to traditional ballasted tracks. The absence of ballast eliminates issues like ballast degradation and shifting, which can cause track misalignment. The materials used in ballastless tracks, such as concrete and steel, provide a longer service life, making them a more sustainable option for tunnels.

This technology is also environment-friendly due to its reduced need for maintenance and the long service life of the tracks. The absence of ballast, which often involves quarrying, is another environmental benefit. The rigid construction of ballastless tracks ensures consistent alignment and reduces the risk of derailment.

The adoption of ballastless track technology by the ECoR is a significant step towards modernizing India’s railway infrastructure. This move is in line with global trends, as several countries have already adopted this technology for their railway systems. For instance, Germany has been using ballastless track technology since the 1970s for its high-speed rail lines. Similarly, China has extensively used this technology in its vast high-speed rail network.

Ballastless tracks generate less dust and debris, which is especially important in the enclosed environment of a tunnel. This improves air quality and reduces the need for cleaning. The rigid construction of ballastless tracks ensures a smoother ride for passengers, with reduced vibrations and noise. This is a significant advantage in tunnels, where noise levels can otherwise be amplified. Ballastless tracks can incorporate noise-damping materials, which further reduce noise pollution, improving the environment for both passengers and workers in the tunnel.

The design of ballastless tracks includes integrated drainage systems that efficiently manage water accumulation, which is particularly crucial in tunnels. This helps to prevent water-related issues such as track deformation, corrosion, or flooding, thereby enhancing the overall durability and safety of the track.

The adoption of advanced ballastless track technology by the ECoR is a significant milestone in the evolution of India’s railway infrastructure. This move not only enhances the safety, efficiency, and sustainability of rail transport but also sets a benchmark for other railway zones in the country. As the ECoR continues to innovate and adopt advanced technologies, it is poised to redefine the future of rail transport in India.

August 14, 2024
As sale of EVs decrease, automotive firms slash technology spend

After a post-pandemic surge, global automotive companies have started showing weakness this year. This is majorly because of sluggishness in EV (electric vehicle) sales, whereas last year saw an f EV boom. Consumers across the world purchased EV vehicles both in four-wheeler and two-wheeler segments in big numbers. This prompted automobile companies to come up with many new launches and splurge on research and development activities. But, the euphoria around EVs seems to be undergoing a sobering effect. Of course, there are many reasons for this. According to Goldman Sachs, there are concerns with regard to capital costs of EVs. It pointed out that used EVs were not able to realise much price in the market place. This has raised questions over return on capital on buyer’s mind. Secondly, consumers and investors are keenly looking at the policy norms coming out from different governments with regard to EVs. In an election year in the US and European economies, key stakeholders are waiting important policy announcements with regard to EVs such as subsidies and duties, among others. In the absence of that clarity, buyers are in a wait and watch mode. Thirdly, as EVs see higher adoption, there is now tangible deficit of charging infrastructure.

Without the support of such critical facilities, buyers are holding back their purchases. This holds true for both developed and developing economies like India. Against this backdrop, now EV sales are falling for most segments across nations. For instance, sales in India plummeted by a sharp 14 per cent in June at 106,081 units as against May’s figure. This also marked the lowest monthly sale in the current calendar year. Last year, EV sales in the country declined due to the Centre’s decision to reduce the maximum subsidy for electric two-wheelers from approximately Rs. 60,000 to around Rs. 22,500. This move led to an increase of more than 20 per cent in the average price of two-wheelers. Experts also are of the opinion that consumers are giving preference to hybrid vehicles over EVs. As the sales figures dip, EV makers are now also holding back their investment plans. Many are reducing headcount, some are slashing spend on R&D. This spending cut is gradually impacting IT and engineering services companies across the world.

Globally, automotive firms were betting big on EVs and that was the reason that technology firms had benefitted from higher technology spends. Today the spending cut is leading to loss of projects or ramp downs in the technology world. The market has already started to witness this factor playing out in the first quarter of FY25. Most engineering firms and even IT companies have not been to see much growth in this segment during Q1, mostly because the volume of work has come down. Most analysts don’t see the spend coming back till sales recovery in the EV space. This has forced IT and engineering services firms to go back to the drawing board and devise new plans for navigating through this evolving situation.

August 14, 2024
Novel self-powered smart fabric may enhance your health

Novel self-powered smart fabric may enhance your healthIANS

Imagine clothing that not only keeps you warm during winter walks but also harnesses solar energy to do so, or a shirt that monitors your heart rate and temperature seamlessly. A team of Canadian researchers on Wednesday announced a smart fabric with these remarkable capabilities.

The innovative fabric, created by a team at Waterloo University in Canada can convert body heat and solar energy into electricity, potentially eliminating the need for external power sources. This opens up possibilities for integrating various sensors to monitor temperature, stress, and more within the fabric itself.

The material can detect temperature fluctuations and incorporate sensors to monitor pressure, chemical composition, and other parameters. One exciting application is the development of smart face masks that can track breath temperature and rate while detecting chemicals that may indicate viruses, lung cancer, or other health conditions.

“We have created a fabric with multifunctional sensing capabilities and the potential for self-powering, bringing us closer to practical smart fabric applications,” said Yuning Li, a professor in the Department of Chemical Engineering at the University

Dr. Yuning Li is a Chemical Engineering Professor and a researcher at the University of Waterloo.University of Waterloo

Unlike current wearable devices, which often rely on external power sources or frequent recharging, this breakthrough offers a fabric that is more stable, durable, and cost-effective.

The research, conducted in collaboration with Jiangnan University in China, demonstrates the potential of combining advanced materials like MXene and conductive polymers with cutting-edge textile technology to advance wearable smart fabrics.

“This new smart fabric is a significant step forward in making continuous data collection and monitoring practical, supporting the rapid evolution of AI technology in health monitoring, environmental tracking, and more,” said Li.

The next phase of research will focus on enhancing the fabric’s performance and integrating it with electronic components. Collaboration with electrical and computer engineers will aim to develop a smartphone app to track and transmit data from the fabric, enabling real-time, non-invasive health monitoring and everyday use.

(With inputs from IANS)

August 14, 2024
India’s 5G smartphone market share surges 77 pc in Q2
5G mobile subscriptions in India to reach 130 mn in 2023IANS

India’s 5G smartphone market share increased to 77 per cent in the second quarter (Q2) — up from 49 per cent in the same quarter last year — while the average selling price declined by 22 per cent to $293 (about Rs 24,000), a report said on Tuesday. Nearly 27 million 5G smartphones were shipped in the April-June quarter.

The Indian smartphone market shipped 69 million smartphones in the first half of 2024, with 7.2 per cent growth YoY (year-over-year), according to the International Data Corporation (IDC). In Q2, the market shipped 35 million smartphones, with growth of 3.2 per cent YoY.

The report said that although it is the fourth consecutive quarter of YoY shipment growth, muted consumer demand and rising average selling prices (ASPs) continue to restrict swift annual recovery.

“Apart from old inventory clearance in the first half of the quarter, vendors also started to launch new smartphones, especially in the mid-premium/premium segment (mostly China-based vendors) from mid-quarter onwards, for monsoon sales in July and August,” said Upasana Joshi, Senior Research Manager, Devices Research, IDC India.

Key models were the iPhone 13, Galaxy S23FE, iPhone 12 and OnePlus12IANS

The entry-level (sub-$100) segment witnessed a strong decline of 36 per cent YoY to 14 per cent share, down from 22 per cent a year ago. Xiaomi continued to lead this space, followed by Poco and realme.

Shipments to the mass budget (above $100 and below $200) segment grew by 8 per cent YoY. The top 3 brands were Xiaomi, realme and vivo, making up 60 per cent of this segment.

According to the report, the premium segment held 2 per cent share and declined by 37 per cent in unit terms. Key models were the iPhone 13, Galaxy S23FE, iPhone 12 and OnePlus12. Apple’s share increased YoY to 61 per cent, while Samsung’s share increased to 24 per cent, from 21 per cent a year ago.

In Q2, shipments to online channels grew by 8 per cent YoY, and its share increased to 50 per cent in Q2 compared to 47 per cent in Q2 2023.

(With inputs from IANS)
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