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Economic Times
5 days ago
- Automotive
- Economic Times
How Jaguar, Land Rover, Rolls Royce, Bentley lost quite a bit of shine ahead of India-UK FTA
Getty Images The trade deal is expected to take approximately a year to implement fully, meaning any reduction in duties would not be immediate. In the lead-up to the India-UK FTA, the luxury car market saw a lot of certainty that led to a decline in bookings after the provisions of the CETA, cleared by the Cabinet a few days ahead of the deal, showed that the current hefty import duty on cars will reduce from 75-125% to just 10%, ToI reported on July 24. Luxury car brands such as Jaguar, Land Rover, Rolls Royce, and Bentley, which are popular in India, saw a marked shift in customer behaviour as the deal drew near. Following the announcement of the trade deal in May, many affluent buyers chose to hold off on their orders or even cancel them entirely, hoping to benefit from the anticipated lower import duties, ToI's report (by Pankaj Doval) said. A dealer from a prominent luxury brand told ToI that customers delayed bookings despite orders being placed with manufacturers. He warned that this trend could tarnish India's reputation in the luxury market, as brands often limit production to maintain exclusivity, potentially shifting focus to other uncertainty surrounding the timeline for the implementation of reduced import duties contributed to these delays. This lack of clarity caused significant financial strain for dealers. The same dealer pointed out that while buyers are eager for lower prices, the process of duty reduction might not be straightforward. He emphasised that it could take time before any reductions are realised, possibly occurring in stages over several years. While the initial rush to postpone orders was significant, the situation appeared to stabilise later as dealers communicate more detailed information to customers. Another dealer told the newspaper that prospective buyers were informed that waiting for a reduction in duties might not be trade deal is expected to take approximately a year to implement fully, meaning any reduction in duties would not be immediate. Furthermore, luxury vehicle prices typically increase by about 5% annually, alongside rising costs associated with currency a nutshell, while the CETA promises a more favourable import duty landscape for luxury cars, the current hesitance among high-end buyers poses challenges for dealers. With the potential for increased prices and the gradual implementation of duty reductions, customers may need to reconsider their waiting coming months will be crucial for the luxury car industry as it navigates these changes.
Time of India
5 days ago
- Automotive
- Time of India
How Jaguar, Land Rover, Rolls Royce, Bentley lost quite a bit of shine ahead of India-UK FTA
In the lead-up to the India-UK FTA , the luxury car market saw a lot of certainty that led to a decline in bookings after the provisions of the CETA, cleared by the Cabinet a few days ahead of the deal, showed that the current hefty import duty on cars will reduce from 75-125% to just 10%, ToI reported on July 24. Luxury car brands such as Jaguar , Land Rover , Rolls Royce , and Bentley , which are popular in India, saw a marked shift in customer behaviour as the deal drew near. Following the announcement of the trade deal in May, many affluent buyers chose to hold off on their orders or even cancel them entirely, hoping to benefit from the anticipated lower import duties, ToI's report (by Pankaj Doval) said. Explore courses from Top Institutes in Please select course: Select a Course Category Others Data Science Public Policy healthcare Management PGDM Technology MCA Product Management MBA Healthcare Degree Artificial Intelligence Finance Digital Marketing Data Science Project Management others Leadership Operations Management Cybersecurity CXO Design Thinking Data Analytics Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details A dealer from a prominent luxury brand told ToI that customers delayed bookings despite orders being placed with manufacturers. He warned that this trend could tarnish India's reputation in the luxury market, as brands often limit production to maintain exclusivity, potentially shifting focus to other markets. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Could Be the Best Time to Trade Gold in 5 Years IC Markets Learn More Undo The uncertainty surrounding the timeline for the implementation of reduced import duties contributed to these delays. This lack of clarity caused significant financial strain for dealers. The same dealer pointed out that while buyers are eager for lower prices, the process of duty reduction might not be straightforward. He emphasised that it could take time before any reductions are realised, possibly occurring in stages over several years. While the initial rush to postpone orders was significant, the situation appeared to stabilise later as dealers communicate more detailed information to customers. Live Events Another dealer told the newspaper that prospective buyers were informed that waiting for a reduction in duties might not be advantageous. The trade deal is expected to take approximately a year to implement fully, meaning any reduction in duties would not be immediate. Furthermore, luxury vehicle prices typically increase by about 5% annually, alongside rising costs associated with currency fluctuations. In a nutshell, while the CETA promises a more favourable import duty landscape for luxury cars, the current hesitance among high-end buyers poses challenges for dealers. With the potential for increased prices and the gradual implementation of duty reductions, customers may need to reconsider their waiting strategies. The coming months will be crucial for the luxury car industry as it navigates these changes.
Time of India
01-07-2025
- Business
- Time of India
Airtel's push for Voda Idea-like debt conversion finds no favour with govt
Airtel 's proposal to convert its statutory dues into equity is facing a stiff challenge from the Department of Telecom (DoT), The Times of India reported on July 1. According to government sources cited by ToI, the request is unlikely to be approved, primarily due to the company's robust financial standing. This development comes after Airtel surprised many industry observers by seeking a similar bailout to what financially deeply troubled Vodafone Idea received, the report (by Pankaj Doval) said. Vodafone Idea's business has been struggling in a big way, with its debts exceeding Rs 2 lakh crore and quarterly losses mounting. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Bank Owned Properties For Sale In Randu Agung (Prices May Surprise You) Foreclosed Homes | Search ads Search Now Undo In stark contrast, Airtel reported a remarkable turnaround, with its consolidated net profit soaring to Rs 33,556 crore for the financial year ending March 31, 2025, compared to Rs 7,467 crore the previous year. Additionally, its revenue from operations increased by 15%, reaching Rs 1.7 lakh crore. Live Events According to latest reports, the DoT has conducted a preliminary review of Airtel's request and has concluded that there is no necessity to discuss the proposal further. A source close to the situation told ToI, "There seems to be no need to discuss this proposal. The company is sufficiently healthy and does not appear to be in need of such a financial bailout." The govt's stance highlighted the contrast between Airtel's financial health and the dire circumstances faced by Vodafone Idea. Airtel's decision to seek an equity swap was primarily driven by its desire to conserve cash amid outstanding dues of over Rs 70,000 crore, which includes Rs 40,000 crore in adjusted gross revenue (AGR) dues.
Time of India
29-05-2025
- Business
- Time of India
Construction equipment sales, key marker of India's infra sector health, run out of steam; FY25 growth at lowest ever
India's construction equipment industry witnessed a significant slowdown in FY25, with growth dropping to 3% compared to the double-digit growth of previous years, due to election-related restrictions on new projects, delays in ongoing projects, and payment delays to contractors, impacting sales of heavy machinery from major companies and raising concerns about the pace of infrastructure development despite optimism for future growth, ToI reported on May 29. The Rs 86,000 crore construction equipment industry, crucial for large infrastructure projects, saw a considerable deceleration after growing by 24% in FY24 and 21% the year before, the report (by Pankaj Doval) said citing data from the Indian Construction Equipment Manufacturers Association (ICEMA). The slowdown is attributed to several factors. Restrictions on the announcement of new projects due to the model code of conduct before elections led to delays by the central government and some states. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 한국인 위가 훼손되는 진짜 이유, 99%가 모르는 '이것' 조선 health & 메디 더 알아보기 Undo ICEMA president V Vivekanand, who is also MD of the Indian subsidiary of Caterpillar , noted the impact of the election cycle. "Restrictions on new project announcements due to the model code of conduct before elections saw the central govt, as well as some states (which also went to polls), delay new project announcements." Live Events Vivekanand also highlighted a deceleration in infrastructure activities. "The pace of execution is a cause of concern. The pace of construction of roads has slowed down, not just the national highways but even the rural roads. Sometimes the projects were not delivered on time, and in other cases, the projects were not awarded on time and thus got delayed. Even in mining, demand was muted for the past 15 months." Delays in payments to contractors also contributed to the slowdown. Deepak Shetty, CEO & MD of Indian operations of British manufacturer JCB , pointed to this issue. "Payments to contractors were believed to have been delayed in many states, which led to a slowdown in purchases of new equipment. Work on many state highways has also slowed down. In some cases, there is a lack of availability of funds for infrastructure projects." Sandeep Singh, MD of Tata Hitachi, emphasised the importance of resolving execution challenges. Singh told ToI that "resolution of challenges in execution" of projects is key to kickstart demand. Dimitrov Krishnan, MD of Volvo CE India, suggested government support to stimulate demand. "Govt support, in the form of incentives for both manufacturers and end-users, could accelerate this transition. Inclusion of construction equipment in the PM e-drive scheme and reduction of GST on electric machines are potential enablers," Krishnan told the newspaper. Despite the recent slowdown, there is optimism for future growth. Jaideep Shekhar, the India MD of Terex, expressed a positive outlook. Major companies in the construction equipment industry include Caterpillar, JCB, Tata Hitachi Construction Machinery , Cummins , and Volvo CE. These companies are key providers of machinery for infrastructure projects across the country.
