India working to fast-track Tesla approvals
India is working on getting government departments to provide approvals to Tesla by January 2024. The company has said that it is interested in manufacturing in India as well as bringing its supply chain ecosystem to the country. The PMO has recently held a meeting to take stock of the next phase of EV manufacturing proposals including Tesla’s.
Weak coalition after polls could hit growth: Morgan Stanley
A weak coalition that moves away from supply side reforms as well as oil prices inching up to $110 a barrel could hit India’s growth stability. If this happens the current account deficit could widen to 2.5 percent of GDP. High oil prices could upset fiscal deficit calculations and it would not be possible to pass them on to consumers beyond a point. A weak coalition government could lead the country back to distributive policies.
Auto sales decline on account of shraad, inventories rise
Auto retail sales fell by 8 percent in October as the shraad period resulted in consumers postponing auto purchases. As a result inventories surged to 63-66 days and the Federation of Automotive Dealers Associations said that year-end discounting may resume. Another factor that could dent sales in the near term is the outcome of state elections.
(Business Standard, BusinessLine)
Adani may invest $1.5 billion in Dharavi
The Adani group is considering an infusion of Rs 12,000 crore in the Dharavi redevelopment project. The Adani group will fund this through internal accruals. The Dharavi redevelopment project is a special purpose vehicle that is 80 percent owned by the Adani group and the rest by the Maharashtra government to redevelop the 590-acre cluster housing 900,000 people.
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