Tesla's Indian Component Coup ⚡🚗

Good Morning ☕

Tesla's got its sights set on a quirky twist in its global component shopping spree! With a sparkle in its electric eye, the automotive marvel plans to scoop up components worth a dazzling $1.9 billion from the vibrant land of India this year. Commerce and Industry Minister Piyush Goyal spilled the beans, predicting a jolt in demand for electric vehicles that's bound to rev up the sector's growth. As the Tesla-powered wave sweeps through, it's not just about boosting the manufacturing scene, but also unleashing a symphony of new job opportunities.

Important News of the Day

1. Tesla may source parts worth $1.9 billion from India this year: Goyal

Electric vehicle manufacturer Tesla is planning to source components worth around $1.9 billion from India this year, according to Commerce and Industry Minister Piyush Goyal. Tesla aims to increase its component sourcing from India to between $1.7 billion and $1.9 billion this year, nearly double the amount it bought last year. Goyal said that the demand for electric vehicles will increase in the future, which will help in pushing the growth of the sector. Tesla's plan to source components from India is expected to boost the country's manufacturing sector and create job opportunities.

2. ‘Money trail is very clearly seen’: Andhra CID on N Chandrababu Naidu

The Criminal Investigation Department (CID) of Andhra Pradesh has claimed to have traced a clear money trail in a government-funded skill development project, linking it to the Telugu Desam Party (TDP) chief N Chandrababu Naidu. CID authorities stated that the funds for the said project had been diverted through shell companies. The alleged fraud has caused a huge loss to the state government in excess of Rs 300 crore. Naidu is considered the principal conspirator behind the scam, orchestrating the transfer of public funds to private entities via shell companies. The CID interrogation of Naidu is currently underway.

3. Return asset papers within 30 days of loan repayment: RBI

The Reserve Bank of India (RBI) has mandated that regulated entities must release original property documents to retail loan borrowers within 30 days of full repayment, and any delay would attract a penalty of Rs 5,000 per day that banks must pay the borrower for each day of delay in returning the original documents. Failure to return documents after loan repayment could result in banks paying borrowers a compensation of Rs 5,000 per day. The RBI has also said that in case of a delay in releasing the original movable or immovable property documents, or a failure to file the charge, the lenders will have to compensate the borrowers by paying Rs 5,000 for each day of delay.

4. ‘Govt to set up import management system for IT hardware soon’

The Indian government is planning to introduce an import management system for IT hardware products, including laptops and servers, from trusted jurisdictions. The framework is expected to be put in place this month and aims to exit the ‘non-sustainable’ model of relying on imports. The government has also limited the imports from non-trusted jurisdictions, including China, to a certain number of units. The move comes after the government's decision to impose a licensing requirement for the import of laptops and personal computers in early August, which invoked feelings of a backlash.

5. Delhi concerned over Russia oil output cuts

India is concerned about Russia's crude production cuts to comply with the OPEC+ agreement, even from assets where Indian state-run firms are stakeholders. India has invested $16 billion in Russian energy assets. Due to higher purchases of discounted Russian oil, the share of imports has increased to 40% in May 2023. India is the world's third-biggest oil consumer and importer, buying more than 80% of its oil from overseas markets. Saudi Arabia and Russia have decided to extend voluntary oil supply cuts until the end of 2023.

6. Banks tap certificates of deposit to meet rising credit demand

Banks in India are turning to cheaper certificates of deposit (CDs) to meet credit demand which has outpaced deposit growth. Led by public sector banks, lenders issued CDs worth ₹2.62 trillion between April and August this year against ₹2.5 trillion in the same period last year. CDs are ideal deposit products for banks for managing their cash reserves because they have a fixed maturity date and cannot be as easily liquidated as a checking or money market account. Locking in deposits helps banks manage their cash flow expectations, and they are willing to pay higher rates in order to reduce cash flow uncertainty.

7. Bank acct holders lose online access on faulty details: Survey

According to a survey, 19% of bank account holders in India were unable to access their accounts online due to the bank putting their account in dormant status, while 60% of them found the bank to be bureaucratic and inefficient when approached for re-enabling their or their family's account access online. This issue is not unique to India, as banks in the US have also been closing customer accounts with little explanation, and Bank of America was fined $225 million for automatically and unlawfully freezing people's accounts with a faulty fraud detection program.

8. Cabinet clears ₹1,650 crore for 75 lakh free LPG connections

The Indian Cabinet has approved a budget of ₹1,650 crore ($220 million) for free LPG connections and ₹7,210 crore ($960 million) for the eCourt Phase 3 project. The free LPG connections will benefit around 1.5 crore (15 million) households and will be implemented over the next three years. The eCourt Phase 3 project aims to provide end-to-end digital services to courts across India and will be implemented over a five-year period. The project will help in the faster disposal of cases and will make the judicial system more efficient.

9. Special session to debate bill on ECs, discuss ‘parliamentary journey’

The Indian government has announced a special session of Parliament from September 18-22 to discuss several key bills, including one to change the way election commissioners are picked. The session will also discuss India's 75 years of parliamentary journey. Opposition parties have criticized the lack of transparency regarding the session's agenda. The government has also listed the bill on the appointment of the Chief Election Commissioner and other election commissioners. All-party meetings will be held on September 17 to discuss the agenda.

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