Page 13 - Banking Finance September 2021

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Industry News
Industry News
Industry News
Industry News
Industry News

Defence exports estimated Switch Mobility will be launching its Exports of petroleum, engineering, and
first electric light commercial vehicle gems and jewellery in July increased to
at Rs. 38,500 crore (e-LCV) in India by the end of Decem- $ 3.82 billion, $ 2.82 billion and $ 1.95

India exported military hardware and ber; it has secured 2,000 orders. These billion respectively, the data showed.
systems worth Rs 38,500 crore in the vehicles will be manufactured in India However, exports of oilseeds, rice and
last seven years, according to details and sold under the Switch brand. The
provided by the government in the Lok group has plans to invest $150-200 meat, dairy and poultry products have
Sabha. million in the EV space in the next few recorded negative growth in the month
under review. Imports of petroleum,
Replying to a question, Minister of years. crude, and products rose by 97 per cent
State for Defence Ajay Bhatt said the Ashok Leyland said, it has invested to $ 6.35 billion.
major items exported during 2014-15 around $136 million in Switch Mobility
and 2020-21 included armoured pro- and expects the new entity to raise its Similarly, imports of gold were up by
tection vehicles, weapons locating ra- own capital in the future. 135.5 per cent to $ 2.42 billion and
dar, light-weight torpedo and fire con- pearls, precious and semi-precious
trol systems and tear gas launchers. India's Exports rise to stones inbound shipments stood at $
1.68 billion in July. However, imports of
"Currently, the exports are being made $35.17 bn transport equipment, project goods
to about 75 countries. Names of the and silver have recorded negative
countries cannot be divulged due to India's exports grew by 47.19 per cent growth in July. Further exports to the
strategic reasons," he said. to $35.17 billion on account of healthy
growth in the outbound shipments of US, UAE, and Belgium increased to $
Ashok Leyland to launch petroleum, engineering, and gems and 2.4 billion, $ 1.21 billion and $ 489
jewellery, according to the provisional million in July.
first electric vehicle data of the commerce ministry. Im-
Commercial vehicles (CV) major Ashok ports during the month also rose by CBDT omits rules and
Leyland lined up its electric vehicle (EV) 59.38 per cent to $46.40 billion, leav- forms to do away with re-
road map, setting a target of becom- ing a trade deficit of $11.23 billion.
ing one of the world's top 10 CV Exports of petroleum, engineering, and dundant provisions
brands. gems and jewellery in July increased to As part of its efforts to do away with
The company's EV push will be done $ 3.82 billion, $ 2.82 billion and $ 1.95 redundant provisions and clean up the
through UK-based Switch Mobility - a billion respectively, the data showed. statutory framework, the Central
combined entity of Ashok Leyland's Imports during the month also rose by Board of Direct Taxes (CBDT) has
electric CV operations and the erst- 59.38 per cent to $46.40 billion, leav- dropped 24 rules and over 70 forms
while Optare of the UK. ing a trade deficit of $11.23 billion. from its playbook.

BANKING FINANCE | SEPTEMBER | 2021 | 13