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- Sale of vehicles and automotive parts is on an all-time-high
- Last year 4 million cars were sold alone in India
- The numbers are indicating towards a potential upswing
Sales of vehicles and automotive parts continue to increase in India. And just last year, the country saw at least four million cars sold. For a country touted to be one of the largest automotive industries in the Asia-Pacific region, the numbers only show a potential upward swing.
India saw the sale of 4 million vehicles last year.At the very least, we can expect both motorists and automotive companies to have confidence in the future on account of robust sales figures. Industry projections also provide reasons to feel elated. For one, the industry is set to grow at a pace of 10 to 15 percent. Given the right conditions and institutional support, it is set to reach a value of $16.5 billion by 2021.
Despite these positive figures, however, it is important to recognize the factors that will either bring new innovations to the table or worsen current challenges.
Here are some of the most important trends to watch out for this year.
India is indeed a haven for international car companies seeking to establish assembly lines at low costs. The availability of skilled labor and, with that, low wages will continue to play a vital role in improving annual production rates. China is the powerhouse for now, but local car manufacturers in India are maximizing the current labor climate in a bid to outrank its oriental neighbor.
Focus on research and development
Safety and environmental concerns continue to be a priority among international car manufacturers. Consumers are still reeling from the serious recalls Toyota had to implement in response to factory defects. The experience created an atmosphere of caution, where buyers have become more focused on ensuring their own safety on the road. Design and manufacturing have thus skewed more towards ensuring better airbag systems, quality assessment procedures and environmental compliance.
Ventures with other companies
Innovations and technological shifts are a given, but it remains crucial for manufacturers to forge stronger relationships with OEM and tier partners such as machining services, AC parts suppliers, and windshield installations. However, due to incessant innovations, suppliers will have to update existing technologies or undergo acquisitions by larger OEMs where the sharing of vital resources of knowledge is very much possible.
Also Read: Electric Cars: The Newest Trend In India
Reliance on digital marketing
As with previous years, manufacturers and dealerships will continue to adapt to current digital trends. In terms of distribution, using online platforms can actually help in saving costs by selling directly to buyers, hence bypassing retailers. What’s more, using their online brand presence, car manufacturers can do better market research and outreach activities, allowing them to shorten the time it takes before buyers can make their decisions.
Focus on reforms
In a 2017 blog article by Priyam Saraf for The World Bank, policy reforms in the country are crucial for enhancing India’s competitiveness. Investments in research and development should also go hand in hand with reduction of tariffs as a way towards lessening the pressures on the automotive industry. More importantly, measures for improving compliance to global standards can further strengthen the industry’s performance in the face of rising competition that lies close to home.
Hackers have stolen crypto tokens worth $120 million from Blockchain-based decentralised finance (DeFi) platform BadgerDAO. Several crypto wallets were drained before the platform could stop the cyber attack. In a tweet, Badger said it has received reports of unauthorised withdrawals of user funds. "As Badger engineers investigate this, all smart contracts have been paused to prevent further withdrawals. Our investigation is ongoing and we will release further information as soon as possible," the company said late on Thursday.
According to the blockchain security and data analytics Peckshield, the various tokens stolen in the attack are worth about $120 million, reports The Verge. According to reports, someone inserted a malicious script in the user interface (UI) of their website. Badger has retained data forensics experts Chainalysis to explore the full scale of the incident and authorities in both the US and Canada have been informed. "Badger is cooperating fully with external investigations as well as proceeding with its own," it said. DeFi is a collective term for financial products and services that are open, decentralised and accessible to anyone. DeFi products open up financial services to anyone with an internet connection and they are largely owned and maintained by their users. While the attack didn't reveal specific flaws within Blockchain tech itself, it managed to exploit the older "web 2.0" technology that most users need to use to perform transactions, according to reports. (IANS/ MBI)
(Keywords: crypto wallets, BadgerDAO, decentralised finance, Blockchain, 120 million, crypto tokens, Hackers)
A total of 120 top Bollywood and other celebrities are expected to attend the wedding of film stars Katrina Kaif and Vicky Kaushal which is scheduled on December 9 in Rajasthan, said Rajendra Kishan, the District Collector (DC) of Sawai Madhopur district of the state on Friday. The District Collector told mediapersons: "These 120 guests shall follow all COVID-19 protocols and fully vaccinated guests will get entry in the much-hyped celebrity wedding."
Kishan said that the organisers have been asked to strictly follow all Covid-19 protocols. Also, those who are not vaccinated, will not be allowed without the negative RT-PCR test report, he added. "We have been informed by organisers that a total of 120 guests are invited to the wedding and the events will take place between December 7 to December 10," he added.
Earlier at 10.30 a.m., Kishan called a meeting which was attended by administrative, police and forest department officials, hotel and event managers to ensure adequate arrangements for crowd control, smooth regulation of traffic, and law and order situation amid the VIP movement. The wedding venue Fort Barwara, that has been converted into a heritage hotel, is situated in the panchayat samiti Chauth Ka Barwara. The venue is around 22 km away from Sawai Madhopur and is around 174 km from Jaipur. Sawai Madhopur district is famous for the Ranthambore National Tiger Reserve and as per reports, the guests are likely to be taken for a tiger safari. (IANS/ MBI)
(Keywords: Rajasthan, December 9, Vicky Kaushal, Katrina Kaif, film stars, celebrities, Bollywood, Katrina-Vicky)
The National Centre for Biological Sciences (NCBS), which confirmed the first two cases of the Omicron variant in Bengaluru on Thursday, is continuously monitoring the situation in four cities - Bengaluru, Hyderabad, New Delhi, and Pune. The NCBS is a part of a consortium of national laboratories performing genomic surveillance across four city clusters. The consortium was established four months ago with support from The Rockefeller Foundation's Pandemic Prevention Institute, and is led by the Centre for Cellular and Molecular Biology (CCMB) in Hyderabad.
Dr Rakesh Mishra at the CCMB said on Friday that the consortium is continuously monitoring the situation in all the four cities and has upscaled its efforts to sequence as many samples as possible Apart from the CCMB and the NCBS, the consortium includes CSIR-Institute of Genomics and Integrative Biology - IGIB in New Delhi and the Pune Knowledge Cluster, Indian Institute of Science Education and Research (IISER), Pune, and CSIR-National Chemical Laboratory in Pune.
The first case of the Omicron variant was detected in South Africa and reported to the World Health Organization on November 24. | Unsplash
The consortium is focused on upscaling genomic surveillance as part of national efforts led by the INSACOG - Indian SARS-CoV-2 Genomics Consortium - to respond to the Covid-19 pandemic. The consortium intensified its sequencing efforts after the World Health Organisation announced Omicron as a Variant of Concern. Such an intensified effort enabled the Bengaluru team at the NCBS, a member laboratory of INSACOG, in collaboration with Strand Life Sciences and the Bruhat Bengaluru Mahanagara Palike (BBMP), to detect, rapidly sequence and verify the existence of the omicron variant in samples from two Covid-19 infected individuals.
They hope this will aid in a rapid response to contain the spread of variants of concern. Prof Satyajit Mayor from the NCBS conveyed the information to local and national authorities, and the Indian government released a statement on December 2, all within four days of receiving the samples. Both SARS-CoV-2 genomes have also been uploaded to the global repository for SARS-CoV-2 sequences, GISAID, so that they can be publicly available to the scientific community, the NCBS said. (IANS/ MBI)
(Keywords: Hyderabad, New Delhi, Pune, Bengaluru, The National Centre for Biological Sciences, Situation, NCBS, Omicron)