Latest Business News, Live Updates Today July 6, 2024
The latest business news on July 6, 2024, reveals that the Production-Linked Incentive (PLI) scheme for drones is aimed at kickstarting the industry and not providing a permanent subsidy, according to Union Minister Piyush Goyal. This move is expected to drive technological progress in the drone industry, benefiting farmers by improving the quality and yield of crops.
In other updates, passenger vehicle sales saw a 7% decline in June, with only two and three-wheeler sales showing slight growth. Indian pharmaceutical companies are hopeful of receiving incentives for innovation in the upcoming Union Budget 2024, as they aim 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. However, despite increased cultivation and supply, the price of a vegetarian thali has risen this month.
Furthermore, the Reserve Bank of India (RBI) has penalized five banks, including Punjab National Bank (PNB), for regulatory non-compliance, with PNB facing a penalty of ₹1.31 crore for violations related to loans and KYC norms.
The European Union’s Carbon Border Adjustment Mechanism (CBAM) has raised concerns among Indian industries, with many questioning whether it could be a trade barrier for India. The EU aims to reduce the carbon intensity of imported goods, prompting Indian industries to highlight the sustainability of 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 a rate of 7%. With only 21% of the workforce currently in salaried jobs, compared to 24% before the pandemic, job creation remains a significant challenge for the country.
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