Top Headlines: Record car sales in 2022, 3rd highest GST collection in Dec

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2022 car sales zoom 23% to record high of 3.8 mn; 14% higher than 2018 peak

The auto industry posted its highest-ever annual domestic passenger vehicle (PV) sales in 2022 at 3.793 million units on the back of pent-up demand and better semiconductor chip supply. The figure was 23.1 per cent more than that of 2021. The highest growth in annual domestic PV sales was seen by Tata Motors, Kia India and Toyota Kirloskar at 58.2 per cent, 40.2 per cent and 22.6 per cent (see table), respectively, according to data shared by the companies. Read more...

Russia's domination over Indian crude market will continue in 2023: Experts

Russia steamrolled rivals Saudi Arabia and Iraq to dominate India's crude oil basket for the fourth consecutive month in December, maintaining its grip on the world’s fastest-growing major market for fuels. Russian oil will continue to power Indian vehicles and homes in January, according to data from western commodity analytics firms and Indian customs. Read more...

Tatas readying Air India's low-cost arm AIX Connect to expand flights

The Tata Group is getting Air India's low-cost subsidiary AIX Connect financially ready in order to expand its flight operations. It has raised AIX Connect's authorised share capital from Rs 5,200 crore to Rs 10,000 crore and increased its borrowing limit from Rs 2,800 crore and Rs 4,500 crore. Read more...

Railways rolls out energy efficiency plan to meet 2030 net-zero target

The railways ministry has rolled out a five-pronged energy efficiency plan to become carbon-neutral by 2030. The ministry is looking to reduce overall energy use with efficient operations and increase renewable energy usage. India, in its commitment to the United Nations Framework Convention on Climate Change, has set a target to become net zero by 2070. For the railways, the target year is 2030. Read more...

GST mop-up about Rs 1.5 trillion in Dec, third-highest ever: FinMin data

Gross goods and services tax (GST) collection for December rang up over Rs 1.49 trillion, the data released by the finance ministry showed. This is a surge of 15 per cent year-on-year, mainly driven by increase in retail prices of consumption items, high inflation, and action taken to ensure compliance. Read more...