The latest business news on July 6, 2024, brings updates on various aspects of the industry. The PLI scheme for drones is highlighted as a means to kickstart the industry and not a permanent subsidy, according to Union Minister Piyush Goyal. This move is expected to drive technological progress in the drone sector, benefiting farmers with higher quality and yield of crops.
In other news, passenger vehicle sales have seen a 7% decline in June, attributed to the heatwave that has curtailed showroom visits. However, two and three-wheeler sales have shown slight signs of growth.
Indian pharmaceutical companies are hopeful of receiving incentives for innovation in the upcoming Union Budget 2024. The sector aims to transition from producing generic drugs to focusing on innovation.
Additionally, timely rainfall is expected to moderate the prices of essential commodities like potatoes, onions, and tomatoes. While cultivation and supply have increased, the price of a vegetarian thali has risen this month.
On the regulatory front, the RBI has penalized five banks, including PNB, for non-compliance with regulatory norms. PNB faces a penalty of ₹1.31 crore for violations related to loans and KYC norms.
Furthermore, the EU’s Carbon Border Adjustment Mechanism has raised concerns about being a trade barrier for India. European countries aim to reduce the carbon intensity of imported goods, posing challenges for Indian industries claiming sustainability in their products.
Lastly, a report by Citigroup suggests that India may struggle to create enough jobs over the next decade, even if the economy grows at 7%. With only 21% of the workforce holding salaried jobs, the job market faces challenges in the post-pandemic era.
Stay tuned for more updates on the latest business news and developments in the industry.