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Luxury Meets Green

With its electric drive, forward-looking design and latest technology, the all-new BMW CE 04  scooter is built for a fresh mobility experience…reports Asian Lite News

BMW Motorrad India has launched its first electric offering – the all-new BMW CE 04 – India’s first premium electric scooter. The urban electric scooter will be available as a Completely Built-up Unit (CBU) in select metropolitan cities in India. Deliveries will commence from September 2024.

With its electric drive, forward-looking design and latest technology, the new scooter is built for a fresh mobility experience. The lightness of a scooter paired with the technology of a motorbike has been perfected for an urban environment.

Vikram Pawah, President and Chief Executive Officer, BMW Group India said, “The all-new BMW CE 04 is the beginning of a whole new era of electro-mobility at BMW Motorrad India. It is the new electric star, made for the city. Quiet, quick and agile, the BMW CE 04 slips easily through the city, turning the urban sprawl into a playground. It’s big on design statement with futuristic and innovative style. Impressive power, latest technology and abundant range deliver a fun riding experience that you want to wake up for every day. An ideal companion for anyone who feels part of new urban living.”

The ex-showroom price of BMW CE 04 starts at INR 14,90,000.

BMW India Financial Services offers customized and flexible financial solutions for BMW Motorrad. Customers can get their loans approved before delivery takes place. For complete peace of mind, all BMW Motorrad vehicles come with a standard warranty for ‘three years, unlimited kilometres’, with an option to extend the warranty to fourth and fifth year. Road-Side Assistance, a 24×7 365 days package ensures prompt services in case of breakdown and towing situations.

The design of BMW CE 04 combines functionality and clear aesthetics with digital reality. The shape is dominated by large, calm surfaces, contrasted by sharp edges. The long, stretched form envelops the slim energy storage unit in the underfloor assembly and the compact drivetrain. The front end is excitingly broken up while the rear end reveals technological components, a typical feature of motorcycles. Powerful LED lighting all round increases safety. The floating seat underscores visual lightness. Side design is practical too, for instance, the charging compartment and helmet storage unit fold out towards the side. Trend-setting 15″ standard wheels have a disc-like look and the side stand seamlessly blends in the styling. The low center of gravity represents a further benefit: fun handling, surprising dynamism and timeless riding pleasure.

Two striking colour concepts convey the modern and unmistakable design of BMW CE 04. The base variant is available in Light White and the optional Avantgarde style in Imperial blue metallic colour. The use of bright orange in seat of Style Avantgarde and the tinted wind shield creates an interesting contrast.

BMW CE 04’s innovative electric drive with liquid-cooled electric motor delivers a maximum output of 42 hp (31 kW). The permanent magnet electric motor is mounted in the frame between the battery and the rear wheel, similar to BMW cars. For the classic ‘traffic light starts’ from 0 to 50 km/hr, it gives instant acceleration in just 2.6 seconds. The maximum speed is 120 km/hr for speedy progress not just in the city but on main roads and motorway sections, too.

The lithium-ion battery with net capacity of 8.5 kWh provides abundant range of 130 kms and energy consumption of 7.7 kWh/100 kms. BMW CE 04 will come with a complimentary 2.3 kW home charger which takes 3 hrs 30 mins for 0 – 80% charge. An optional BMW Wallbox charger is also available.

Directionally stable suspension with one-piece tubular steel main frame provides smooth handling and a high level of ride comfort. At the front, the double disc brake is designed for reliable deceleration, assisted by the single disc brake at the rear. BMW Motorrad Anti-lock Braking System (ABS) adds additional active safety. Just as with conventionally powered BMW Motorrad models, the BMW CE 04 also comes with Automatic Stability Control (ASC). The new BMW CE 04 features three riding modes ECO, Rain and Road.

The multifunctional instrument cluster comes with a 10.25-inch TFT color split screen with Bluetooth connectivity. The smartphone stays safe in the watertight and ventilated storage compartment and can be charged at the same time using a 12-volt port.

With the optional ‘Comfort Package’, riders can add Heated Grips and Backrest Comfort Seat. The optional ‘Dynamic Package’ offers Riding Modes Pro, Headlight Pro, ABS Pro, Adaptive Headlights and Daytime Riding Light. A comprehensive range of optional equipment and original BMW Motorrad accessories is available for individualization.

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Indian Auto Industry Up 9.8%, Bright Outlook Ahead

The turnover for the year reached ₹6.14 lakh crore (USD 74.1 billion), according to the ACMA, which represents India’s auto component manufacturing industry, in its review of the fiscal year 2023-24…reports Asian Lite News

The turnover of India’s automotive component industry registered a growth of 9.8 per cent in the financial year 2023-24, according to the Automotive Component Manufacturers Association of India (ACMA).

The turnover stood at Rs 6.14 lakh crore (USD 74.1 billion) during the year, said the ACMA, the body representing India’s auto component manufacturing industry, in its review for the fiscal year 2023-24, as per a release.

Shradha Suri Marwah, President, ACMA, and CMD, Subros, said that apart from an increase in vehicle production, higher value addition from the component sector has led to growth in the auto components sector.

“On the front of trade, whilst overall merchandise exports from India witnessed degrowth in FY24, auto component exports have grown despite geopolitical challenges and an increase in logistics costs,” Marwah said.

Elaborating on the mood of the industry and outlook for the near future, Marwah mentioned, steady growth in the vehicle industry has resulted in the industry reaching pre-pandemic levels of performance in 2023-24 in most segments, however, the first quarter of FY25 witnessed somewhat slower offtake in vehicle sales, especially in passenger vehicles and commercial vehicles, given the high base, due to inclement weather conditions and elections.

“With strong macro-economic indicators, conducive government policies, and over 7 per cent growth projected for the Indian GDP, we are hopeful that the auto components industry will continue to perform well in 2024-25,” Marwah added in the release.

Following are some of the key findings of the ACMA Annual Industry Performance Review:

Auto component sales to Original Equipment Manufacturers (OEMs) in the domestic market were at Rs 5.18 lakh crore (USD 62.4 billion), growing 8.9 per cent compared to the previous year. Consumption of increased value-added components, a thrust on localisation, and a shift in market preference towards larger and more powerful vehicles contributed to the increased turnover of the auto-components sector.

Exports of auto components witnessed growth of 5.5 per cent to Rs USD 21.2 billion in 2023-24 in contrast to USD 20.1 billion in 2022-23. North America accounted for 32 per cent of exports. Europe accounted for another 33 per cent and Asia for 24 per cent, respectively. Exports to Europe grew by 12 per cent while to Asia remained flat.

The key export items included drive transmission and steering, engine components, body and chassis, suspension and braking systems.

Component imports grew by 3.0 per cent in 2023-24 to USD 20.9 billion from USD 20.3 billion in 2022-23.

Further, increased vehicle movement and a surge in demand for used vehicles led to buoyancy in the aftermarket across all segments.

The turnover of the aftermarket in 2023-24 stood at Rs 93,886 crore (USD 11.3 billion) compared to Rs 85,333 crore (USD 10.6 billion) in the previous year. The aftermarket, with an increase in e-commerce, is witnessing enhanced penetration, especially in the hinterland, and a gradual evolution into the organised sector. (ANI)

ALSO READ: Budget 2024 vs. Interim: What’s Changed?

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Budget 2024 vs. Interim: What’s Changed?

New Delhi: Finance Minister Nirmala Sitharaman leaves to present the budget in Parliament in New Delhi on Tuesday July 23, 2024. (Photo: IANS)

The Interim Budget has limitations, as it’s presented by a government in its final year to secure parliamentary approval for withdrawing funds from the Consolidated Fund of India…reports Asian Lite News

The full budget for 2024-25 presented by the Finance Minister in Parliament on Tuesday has accelerated the thrust of the Interim Budget on empowering youth, women, farmers and the poor, with the introduction of bold path-breaking initiatives to increase employment and enhance incomes in these priority segments of society.

As part of the bigger push to create more jobs, the Finance Minister announced the Prime Minister’s package comprising five schemes aimed at facilitating employment and skilling, with an allocation of Rs 2 lakh crore in the full budget.

There has been a huge increase in the support for micro, small and medium enterprises (MSMEs) that have the potential of generating large scale employment.

The budget has also allocated as much as Rs 3 lakh crore in programmes that will enable more women to enter the workforce and contribute to the country’s inclusive development aligned with the ‘Viksit Bharat’ goal, the Finance Minister said.

Similarly, a robust allocation of Rs 5.2 lakh crore has been made for agriculture and allied sectors to enhance the earnings of farmers.

The full budget has also strengthened the country’s financial consolidation path as the fiscal deficit target has been reduced to 4.9 per cent of the GDP for 2024-25 compared to 5.1 per cent fixed in the Interim Budget.

The government has reduced its planned gross market borrowing by Rs 12,000 crore for FY 2025. The new borrowing target is Rs 14.01 lakh crore, down from the Rs 14.13 lakh crore announced in the Interim Budget.

This has been made possible as tax collections in the fast-growing economy have turned out to be higher than expected and the RBI has also delivered a huge dividend to the government.

The reduced borrowings by the government will leave more money in the banking system for companies to borrow for investments which will help to spur growth and create more jobs, according to economists.

A lower fiscal deficit also helps to keep inflation in check which ensures a stable growth path for the economy.

The Interim Budget has its limitations as it is presented by a government in its last year in office to seek fresh approval from Parliament to withdraw money from the Consolidated Fund of India to run the country since the 2023-24 Budget was valid only till March 31 this year.

Consequently, no major tax reforms could be announced in the Interim Budget.

Union budget word on wooden cube with indian currency

Senior officials point out that the Finance Minister had indicated at the time that “no big bang tax reforms” should be expected in the Interim Budget. In the full Union Budget, the Finance Minister has announced a big relief in the tax burden for the middle class which will place more purchasing power in the hands of people that will spur economic growth.

Similarly, wide-ranging changes in customs duties have now been announced in the full budget which will remove inverted duty structure in some sectors and result in the increase in domestic production and higher exports.

Besides, the Finance Minister has announced a comprehensive review of the Income Tax Act, 1961 aimed at reducing disputes and litigation.

The review will be carried out on a fast track and be completed in six months, she said.

At the same time, some allocations made in the Interim Budget have been retained as part of the continuity in the planning process.

In the case of big infrastructure projects in the highways, ports, railways and airports sectors to be taken up in 2024-25 the Interim Budget had seen an over 11 per cent increase in allocation to a staggering Rs 11.1 lakh crore.

The full budget has retained this capital expenditure target as these big projects with large gestation lags have already been identified.

Similarly, the emphasis on green energy and tourism in the Interim Budget also finds its place in the full budget as part of the continuity in the country’s planning for development.

The Union Budget of 2024-25 has also retained an allocation of Rs 6.22 lakh crore for the Ministry of Defence (MoD), which is the highest among the ministries.

While maintaining the allocation made to MoD during the Interim Budget, the government has earmarked an additional outlay of Rs 400 crore, in the Union Budget presented on Tuesday, on innovation in Defence through the Acing Development of Innovative Technologies with iDEX (ADITI) scheme.

The allocation is aimed to promote ‘Aatmanirbharta’ in Defence technology and manufacturing and equip the armed forces with modern weapons/platforms along with creation of job opportunities for the youth.

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India Challenges China with Mineral Budget

Sitharman said that the mandate for the Critical Mineral Mission will include technology development, a skilled workforce, an extended producer responsibility framework, and a suitable financing mechanism…reports Asian Lite News

Union Finance Minister Nirmala Sitharaman, presenting the Budget 2024-25 on Tuesday, announced the setting up of a Critical Mineral Mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets. 

The step will give a major impetus to India emerging as an alternative to China in the supply chain for this crucial input for manufacturing high-tech electronic products.

Critical minerals such as lithium, chromium, nickel, graphite, cobalt, titanium, and rare earth elements are essential raw materials for sectors like electronics, electric vehicles, renewable energy, defence and high-tech telecommunications.

Sitharman said that the mandate for the Critical Mineral Mission will include technology development, a skilled workforce, an extended producer responsibility framework, and a suitable financing mechanism. She also said the government will launch the auction of the first tranche of offshore blocks for mining, building on the exploration already carried out. Currently, the extraction of critical minerals is dominated by a few countries such as China which makes the supply chain vulnerable to geopolitical uncertainties. India is viewed as part of the alternative supply chain that needs to be developed to break China’s dominance in this crucial segment.

The Narendra Modi government has accelerated the exploration of critical minerals in India over the last two years as a result of which over 100 critical mineral blocks are now in the pipeline and will be put up for auction to mining companies.

India, China military-level talks end on positive trajectory.

India is also working in close collaboration with Australia, the world’s top producer of lithium accounting for as much as 47 per cent of the mineral. A government-to-government agreement has been signed between the Ministry of Mines and DSIR under which five projects of lithium and cobalt have been selected where project feasibility is being carried out.

KABIL, a Joint Venture Company formed by NALCO, HCL and MECL – all Central public sector enterprises under the Ministry of Mines – is entrusted with the important mission of identifying, exploring, acquiring, and developing critical and strategic mineral assets overseas.

An international summit was also held in Delhi at the end of April this year to woo foreign investors with details of fiscal and non-fiscal incentives being offered to push growth in the sunrise sector. The steps announced in the Budget will help to accelerate the country’s march to achieving the goal of securing the supply of critical minerals to take forward its green energy transition and emerge as an important part of a more global supply chain.

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Realty sector hails Budget

Industry lauded the move to slash capital gains tax from 20 to 12.5 per cent which will attract greater investment into the realty sector…reports Asian Lite News

The Indian realty sector has largely given a thumbs up to the Union Budget 2024-2025 presented in the Parliament on Tuesday by Finance Minister Nirmala Sitharaman, terming it visionary and vibrant which will sustain India’s growth story over the next five years.

The President of the Confederation of Real Estate Developers Association of India, Boman Irani, said that with the PM Awas Yojana-Urban, the housing needs of one crore poor and middle-class families will be addressed with an outlay of Rs 10 lakh crore, including central assistance of Rs 2.2 lakh crore in five years.

The Chairman of the National Association of Realtors-India (NAR), Sumanth Reddy, lauded the move to slash capital gains tax from 20 to 12.5 per cent which will attract greater investment into the realty sector, but said that reducing GST on real estate brokerage services to 5 per cent remains pending.

Giving a score of 8/10 to FM Sitharaman, Niranjan Hiranandani, Chairman, National Real Estate Development Council (NAREDCO), said that a monumental allocation of Rs 10 lakh crore for PMAY-Urban for three crore houses, 12 new industrial parks, and focus on rental housing through dormitories in industrial parks would boost affordable rental homes for industrial workers, and underscore a robust vision for urban development.

Maharashtra NAREDCO President Prashant Sharma said the comprehensive approach to job creation and boosting consumption are positive signs for the realty sector, while the other initiatives will create a ripple effect enhancing the economic landscape and boosting demands for residential and commercial properties.

“Significant infrastructure investments continuing over the next five years, including a provision of Rs 11,11,111 crore for capex, will have a multiplier effect that will drive private investment in infrastructure. The introduction of a market-based financing framework and simplified rules for Foreign Direct Investments (FDIs) will further facilitate economic growth and stability,” Sharma said.

The President of CREDAI-Maharashtra Chamber of Housing Industry, Domnic Romell, said the proposal to reduce stamp duty for women house buyers is a progressive step, especially in places like Mumbai where realty prices are among the highest, besides “promoting gender equity through lower duties for women purchasers is a socially responsible move, which we have been advocating for long”.

CREDAI-MCHI Vice President Pritam Chivukula said that keeping in mind the Viksit Bharat initiative, the Budget will give a significant boost to housing both in rural and urban areas, and help the people get a roof over their heads, particularly the one crore poor and middle-class sections.

Similarly, the Rs 2.66 lakh crore for rural infra development will help the people in Mofussil India become self-reliant and uplift their living standards while discouraging the rural migration to urban centres, thus ensuring overall development, Chivukula said.

Other top realtors and industry experts like Tribhuwan Adhikari, MD & CEO, LIC Housing Finance; Amit Sinha, MD & CEO, Mahindra Lifespace Developers Ltd; Sandeep Runwal, MD, Runwal Group; Kamal Singal, MD & CEO, Arvind SmartSpaces Ltd; Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd; Atul Bohra, Group CEO, Kolte-Patil Developers Limited; Shashank Paranjape, MD, Paranjape Schemes Construction Ltd; Ramesh Nair, CEO, Mindspace Business Parks REIT; and Nagaraju Routhu, CEO, Experion Developers, also hailed various other facets of the Budget.

These include the proposed industrial corridor that will spur employment, industrial growth and economic progress, the digitalisation of urban land records with GIS mapping and an IT-based system that will enhance transparency and efficiency while reducing risks linked with unclear titles or property disputes, the capital gains tax adjustments proposals, the tax incentives under Section 80EEA, GST reliefs, etc., which herald a progressive future for the industry and the country.

ALSO READ: Budget allocation for rural development ministry up by 12%

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Budget allocation for rural development ministry up by 12%

Sitharaman also announced the launch of the fourth phase of the Pradhan Mantri Gram Sadak Yojana (PMGSY) to provide all-weather connectivity to 25,000 rural habitations…reports Asian Lite News

The rural development ministry has been allocated ₹1,77,566.19 crore in the 2024-25 Union Budget, marking an increase of about 12% from last year’s ₹1,57,545 crore allocation. Finance Minister Nirmala Sitharaman presented the budget in Parliament on Tuesday.

Compared to the revised estimates, the mid-year review by the ministry placed expenditure at ₹1,71,069.46 crore, indicating an increase of approximately 3.7%.

Rural Development Minister Shivraj Singh Chouhan praised the budget, stating it will further develop the rural sector. The flagship Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) has been allocated ₹86,000 crore, a 43% increase from the previous year’s ₹60,000 crore. The revised expenditure for MGNREGS last year also stood at ₹86,000 crore. In 2022-23, the scheme had an allocation of ₹73,000 crore, with actual expenditure reaching ₹90,805 crore. MGNREGS guarantees employment to at least one member of every household willing to do unskilled manual work, reserving at least one-third of jobs for women.

The Pradhan Mantri Awas Yojana-Gramin (PMAY-G) aims to build two crore rural houses with an allocation of ₹54,500.14 crore. Last year, ₹54,487 crore was allocated, but revised estimates showed ₹32,000 crore spent, about 41% of the allocated amount. Chouhan emphasized the budget’s focus on building more houses for the rural poor.

Sitharaman also announced the launch of the fourth phase of the Pradhan Mantri Gram Sadak Yojana (PMGSY) to provide all-weather connectivity to 25,000 rural habitations, with an allocation of ₹12,000 crore. In 2023-24, ₹19,000 crore was allocated for PMGSY, with revised estimates at ₹17,000 crore.

The National Livelihood Mission-Ajeevika received ₹15,047 crore, about 6% more than last year’s ₹14,129.17 crore. The revised estimates for the scheme matched the previous year’s allocation. Chouhan highlighted the budget’s potential to empower the poor and women through the National Rural Livelihood Mission, aiming to enable three crore women to earn ₹1 lakh per annum. Training for rural youth under the Deendayal Upadhyay Skill Development Scheme and benefits for five crore tribal people under the PM Janjati Unnat Gram Abhiyan were also emphasized. This scheme will improve socio-economic conditions in tribal areas and aspirational districts, covering 63,000 villages.

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Experts: New Taxonomy to Standardize Green Bonds

The budget strengthens the regulatory framework to support green housing….reports Asian Lite News

Centre’s move to develop climate finance taxonomy, as announced in the Union Budget on Tuesday, will help standardise green bond and green finance markets in India, said experts.

In her seventh budget speech, Union Finance Minister Nirmala Sitharaman announced plans to “develop a taxonomy for climate finance for enhancing the availability of capital for climate adaptation and mitigation”.

“This will support the achievement of the country’s climate commitments and green transition,” she said.

“These are steps on the right path because India’s energy security requires diversity in the energy mix,” Hisham Mundol, Chief Advisor, Environmental Defense Fund in India, told IANS.

“The development of a taxonomy for climate finance will provide the required standardisation and transparency to rapidly globalise our green bond and green finance market,” added Ramnath Iyer, CEO & Co-Founder of ESGDS.

To support energy transition — critical in the fight against climate change — the FM proposed to “expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country”.

“‘This budget is a crucial step forward for adoption of green energy. Finance Minister Nirmala Sitharaman highlights the budget’s strong emphasis on climate resilience. Expanding the list of exempted capital goods to solar energy projects is crucial for accelerating the transition to green energy. As the world’s third largest GHG emitter, emissions reduction in India is a global priority,” Iyer said.

The budget also strengthens the regulatory framework to support green housing.

“This could include implementing stricter energy efficiency standards for new green building projects, encourage use of sustainable materials and promote environmental conservation,” he noted.

Mundol “lauded” the budget proposal for “raising agricultural productivity and building climate resilient varieties and towards this end the investment in agricultural research and the ambition to transform agricultural research”.

“Overall, this budget will substantially accelerate our transition to a low carbon economy,” Iyer said.

ALSO READ: BUDGET 2024: What Becomes Cheaper And What’s Costlier?

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Budget Boost for Agriculture Sector

New Delhi, July 23 (ANI): Union Minister of Finance and Corporate Affairs Nirmala Sitharaman presents the Union Budget 2024-25 in the Lok Sabha during the Monsoon Session, at Parliament in New Delhi on Tuesday. (ANI Photo/Sansad TV)

The measures unveiled to enhance productivity and resilience in the agriculture sector include use of digital public infrastructure…reports Asian Lite News

Finance Minister Niramala Sitharaman announced an outlay of Rs 1.52 lakh crore in Budget 2024-25 to boost production and resilience in the agriculture and allied sectors.

The measures unveiled to enhance productivity and resilience in the agriculture sector include use of digital public infrastructure, ‘atmanirbharta’ for oil seeds, large-scale clusters for vegetable production, and financial support for the network of Nucleus Breeding Centres for shrimp broodstock.

Terming ‘Annadata’ (farmer) as one of four major castes which need to be focused upon, the minister said that the government has announced higher Minimum Support Prices a month ago for all major crops, delivering on the promise of at least a 50 per cent margin over costs.

Buoyed by the success of the pilot project, the government, in partnership with the states, will facilitate the implementation of the digital public infrastructure (DPI) in agriculture for coverage of farmers and their lands in 3 years.

The Finance Minister said that during this year, a digital crop survey for Kharif using DPI will be taken up in 400 districts. The details of 6 crore farmers and their lands will be brought into the farmer and land registries. The issuance of Jan Samarth-based Kisan Credit Cards will be enabled in 5 states.

Sitharaman said that a strategy is being put in place to achieve ‘atmanirbharta’ for oil seeds such as mustard, groundnut, sesame, soybean, and sunflower. The government will strengthen their production, storage and marketing.

She also said that large-scale clusters for vegetable production will be developed closer to major consumption centres. The government will promote Farmer-Producer Organisations, cooperatives and start-ups for vegetable supply chains including for collection, storage, and marketing of the products. She said that financial support for setting up a network of Nucleus Breeding Centres for shrimp broodstocks will be provided. The financing for shrimp farming, processing and export will be facilitated through NABARD.

The Finance Minister also announced that the government will undertake a comprehensive review of the agriculture research set-up to bring the focus on raising productivity and developing climate-resilient varieties. Funding will be provided in challenge mode, including to the private sector. Domain experts both from the government and outside will oversee the conduct of such research, she added.

She said another 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers. The Finance Minister also announced that in the next two years, one crore farmers across the country will be initiated into natural farming supported by certification and branding. Implementation will be through scientific institutions and willing gram panchayats and 10,000 need-based bio-input resource centres will be established for the purpose, she added.

Besides, the government will bring out a National Cooperation Policy for systematic, orderly and all-round development of the cooperative sector. Fast-tracking growth of the rural economy and generation of employment opportunities on a large scale will be the policy goal, she added.

ALSO READ: INTERVIEW: Pankaj Munjal, Chairman & MD, Hero Motors

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INTERVIEW: Pankaj Munjal, Chairman & MD, Hero Motors

An interview by Asad Ahmad at this year’s India Week UK with one of the most influential figures in the global business landscape, Mr. Pankaj Munjal. As the Chairman and Managing Director of Hero Motors, Pankaj Munjal has propelled the company to extraordinary heights, establishing it as a leading player in the automotive industry. Under his visionary leadership, Hero Motors has not only maintained its dominance in the market but has also expanded its global footprint, embodying innovation and excellence.

This insightful conversation took place during this year’s India Week, held from June 29th to July 6th in the United Kingdom. India Week is an annual celebration that showcases the rich tapestry of Indian culture, business, and innovation. It serves as a platform for fostering stronger ties between India and the UK, highlighting the dynamic contributions of the Indian diaspora and providing a stage for thought leaders and industry pioneers to share their insights.

Join us as we delve into the mind of Pankaj Munjal, exploring his perspectives on the future of mobility, his experiences at the helm of Hero Motors, and his vision for the intersection of technology and transportation. This interview promises to offer a wealth of knowledge and inspiration, reflecting the spirit of India Week in celebrating the profound impact of Indian ingenuity and leadership on the world stage.

Q; Pankaj Munjal, you’re of the wealthiest individuals in the world and chairman of Hero Motors, a giant business which is growing globally, how do you feel?

Pankaj Munjal: I don’t consider myself that rich, but I work hard. Yes, I’m on the shop floor, working diligently.

Q – You come from a family with a brand name that holds a special place in people’s hearts in India. You must be very proud of the company Hero, started by your father. Does this pride also bring pressure to maintain the brand’s reputation and loyalty across India and now globally?

Pankaj Munjal: I wouldn’t call it pressure, but rather a goal. We have set a standard and now aim to raise the bar, continuously working towards that. It’s a big brand name with significant responsibilities, certainly.

Q:  People familiar with the Hero name might think you’ve moved from one success to another. However, it hasn’t always been smooth sailing, has it? The mopeds you once produced that didn’t go as planned. Rather than seeing it as a negative, you turned it into a positive. Can you tell us about that and your philosophy?

Pankaj Munjal: I’ll go back a bit. My father came from Pakistan with nothing. He and my uncle built an empire from scratch, working tirelessly to serve the customer. Throughout our journey, we faced many failures. I could write a book on them. But those failures were steps to growth. Obstacles are part of the journey to success and wisdom.

Q:  How do you prevent obstacles or failures from stopping you, and instead turn them into successes? What’s your magic touch?

Pankaj Munjal: My father was a tough man, like a guru. I couldn’t look him in the eye. He always said, “Die to win, die to achieve.” You don’t have to die, but you have to live with your goals. If you face a challenge, strive to work hard, find ways, and win. That’s the path, and you keep moving forward. When you look back, you see the journey and the distance travelled.

Q: You speak of big principles. Despite being a billionaire, you seem motivated by more than money. Is it fair to say you’re driven by serving people and running a business well rather than by wealth?

Pankaj Munjal: You can’t chase money, except in a casino. You can chase a goal, new product development, change management, satisfaction, and technology. Money follows these milestones. There’s a company in Europe losing money significantly. I spoke with the owners, and we worked out a plan. If it goes through, it will be the biggest deal of my lifetime. That’s how you build wealth for all.

Q: You still have the same zest for success and building your companies as your father did. Is that fair?

Pankaj Munjal: The zest is greater now. We have a large team—33,000 people. There’s a lot to do, and we’re growing. I’m excited to say that on July 9th, We opened a tech centre here in the UK. We make bikes, motorcycles, gearboxes, braking systems for cars, and now we’re venturing into tech, design, and engineering in research and development. That’s the next level.

Q: That’s a significant investment. You’ve also invested heavily in the UK with bases in Maidenhead and Manchester, and now this tech centre. Why have you chosen Britain for investment?

Pankaj Munjal: I like the food and the people here. In other countries, you feel like a foreigner. Here, it feels like home.

Q: You don’t feel foreign here?

Pankaj Munjal: It feels very nice and comfortable here. Rationally, we did a lot of studies. We considered France and Germany, where we also have growing investments, but the UK feels like home. The cultural fit is seamless and has worked well for us.

Q: What’s the focus for Hero Motor Company now? Your father started with bicycles, and now you’re the chairman of Hero Motor Company. What’s your focus?

Pankaj Munjal: I see two worlds: the Western one, which is advanced and satisfied, and another that is hungry and developing. We aim to build a bridge between the two with a seamless supply chain. That will take us to the next level. The group will double in size, with London as the base.

Q: Some businesses were concerned about money flowing into the UK after Brexit. Has it made the UK more attractive, less attractive, or has it not changed at all for you as an investor from India?

Pankaj Munjal: There are many pluses and minuses. From the UK, we can reach the US, EU, and India. Duties and barriers exist everywhere. It’s fine; there will be pluses and minuses.

Q: Would Brexit have affected your decision to invest in the UK if we were still in the EU?

Pankaj Munjal: I don’t think it would have had a big impact. There are always pros and cons, and we make decisions based on them. These things change, but our core business remains our focus. That’s our DNA.

Q: You’ve built a strong team globally. Are you ever tempted to leave everything to them and relax, given how hands-on you are?

Pankaj Munjal: I tell my wife I’m the fireman. I’m chairman of many boards, and sometimes I don’t see those companies for weeks or months. Where there’s a fire, I have to be there. I’m the glue that keeps things together. We’ve made many successful investments and fixed many issues. I’m the fireman, managing all the fires from my dashboards.

Q: Does retirement interest you?

Pankaj Munjal: I don’t think I will ever retire!

Q: Imagine you’re on a beach in a few months, with a lovely sea and sky, and a cold drink in your hand. Is that a perfect holiday or a nightmare?

Pankaj Munjal: I’d have Wi-Fi and my phone, checking the red and yellow curves and talking to the team. And I don’t drink!

Q: You have a young team around you, focusing on social media and growth. Does the next generation give you confidence for the future?

Pankaj Munjal: The team must have young blood and fresh ideas. We work with diverse cultures, each with different approaches. Japanese want a 10-year plan, Americans seek quarterly innovation. Ideas rule the world, and that’s what we develop. We’re now into tech that reads drivers’ habits, alerting if they’re not focused. That’s our direction.

Q: You sound like India’s Elon Musk, pushing boundaries in technology. Any desire to venture into space?

Pankaj Munjal: I stick to my core. If it’s within our core, I’ll pursue it. Otherwise, I won’t. We’ll strengthen our core and become world leaders in what we do—bicycles, motorcycles, braking systems.

Q: You’re advancing in electric scooters and batteries. India faces significant pollution issues. Are you bringing these cutting-edge transport models to India?

Pankaj Munjal: India is already the world’s number one in electric scooter consumption. We’re building bridges between supply chains and product development. India has arrived, and we need the UK connection to go further.

Q: That’s what the UK offers you?

Pankaj Munjal: And good golf courses.

Q: What advice would you give to someone aiming to build a global brand?

Pankaj Munjal: My father’s philosophy guides us. Focus on one line of business and become a world leader in it. For any startup, find your edge and stick to it.

Q: If your moped business hadn’t bounced back, what would you be doing now?

Pankaj Munjal: It was embarrassing, my father shut the business. We had debts and workers to pay. I went to the factory and told everyone we were out of business, but no one left. We reached out to companies like BMW and Bombardier. Bombardier asked us to make gearboxes, and we signed a contract the next day. When sinking, grab any rope to climb. That’s what we did, and we never looked back.

Q: How would you describe the relationship between India and Britain?

Pankaj Munjal: We haven’t signed a free trade agreement yet. Goods should flow freely, benefiting both sides.

Q: Are you hopeful this might happen?

Pankaj Munjal: I’ve been hopeful for a long time.

Q: Looking at Anglo-Indian trade, are you optimistic?

Pankaj Munjal: Very optimistic and bullish. Indians love English whisky, bread—everything. We have an unmatched bond with the UK.

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BUDGET 2024: What Becomes Cheaper And What’s Costlier?

The Finance Minister announced a reduction of customs duty on mobile phones and mobile chargers to 15 per cent in Union Budget, reports Asian Lite News

With Finance Minister Nirmala Sitharaman announcing a major reduction in customs duty on cancer drugs and mobile phones, it is set to considerably bring down their prices in the market. The three cancer drugs are Trastuzumab deruxtecan, Osimertinib and Durvalumab.

The Finance Minister also announced a reduction of customs duty on mobile phones and mobile chargers to 15 per cent.

“The government will exempt three cancer treatment drugs from customs duty. I will also reduce basic customs duty on mobile phones, chargers and other mobile parts,” FM Sitharaman said presenting the Budget 2024.

Other products that are set to become cheaper include mobile phones, imported gold, silver, leather goods and seafood.

The reduction in duties on gold and silver by 6 per cent will significantly give a fillip to the retail demand.

FM Sitharaman also proposed a reduction in customs duties on platinum by 6.5 per cent and 5 per cent cut on seafood which includes shrimps and fish feed.

For the salaried class, the Finance Minister announced tax sops for over 4 crore salaried individuals.

Those under the new tax regime, have been given relaxation in the standard deduction limit from Rs 50,000 to Rs 75,000 while the deduction on family pension for pensioners has been enhanced from Rs 15,000 to Rs 25,000.

This will provide relief to about four crore salaried individuals and pensioners, the Finance Minister said.

ALSO READ: BUDGET 2024: Relief For Salaried Class On Tax Slabs