Biz Update: GTRI suggests – Let domestic EV companies grow on their own’ ; foreign exchange reserves at new high

New Delhi| The government should allow domestic electric vehicles i.e. EVs to grow on their own without relying on incentives. This will save the country from becoming an EV colony of China. India is facing challenges in large-scale EV adoption that other countries are not facing, the Global Trade Research Initiative (GTRI) said in the report.  These challenges include 80 per cent of electricity generated from fossil fuels such as coal, frequent power outages and dependence on imports for components needed to make EVs such as batteries and critical minerals, GTRI said in the report on Friday.

The country’s foreign exchange reserves have risen by $2.3 billion to a record high of $683.99 billion in the week ending August 23. It had increased by $7.02 billion in the week before. According to RBI, foreign currency assets have increased by $1.49 billion to $599 billion. Gold reserves increased by $862 million to reach $61.8 billion.

RBI has imposed fine on three companies including HUDCO for violating various rules. HUDCO has been fined Rs 3.5 lakh, Godrej Housing and Aadhaar Housing Finance Rs 5 lakh each, the central bank said on Friday. Cigarette manufacturing company Godfrey Phillips can give a bonus of one share on two shares. For this, the company’s board of directors will meet on September 20. The company told the stock exchanges on Friday that its record date will be announced later.

Surrounded by financial crisis, SpiceJet plans to raise Rs 3,200 crore through equity and debt. Promoters can also invest money in this. The amount will be used to commission aircraft that are parked. The company will raise 2,500 crore from QIP.