Piyush Goyal deliberates on ways to reduce imports in auto sector

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Commerce and Industry Minister on Thursday held a meeting with various industry associations to discuss ways to reduce imports in the automobile industry and increase localisation of auto components.


The ministry is working to push local manufacturing in several other sectors, including furniture and ACs, and reduce imports from countries like China.



“Held meetings with representatives from various industry associations and chambers of commerce along with government officials. Discussed ways to reduce imports in the automobile industry and increase localisation of auto components to promote Make in India,” Goyal said in a tweet.


In 2018-19 India imported auto components worth USD 17.6 billion, of which 27 per cent (USD 4.75 billion) were from China.


The major component imports from China include drive transmission and steering parts, electronic and electrical items, cooling systems, suspension and braking parts.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Efforts on to make up for the lost time due to Covid-19: Punj Lloyd

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on Thursday said it is making efforts to make up for the lost time due to the COVID-19 pandemic, adding it does not foresee any significant impact due to the non-fulfilment of its contractual obligations towards customers.


The company is currently being managed by Resolution Professional Ashwini Mehra, as per the provisions of the Insolvency and Bankruptcy Code (IBC).



“With the graded opening of sites, the Company is making every effort possible to make up for the lost time due to the pandemic, during the year. “The impact of the lockdown disruption will have to assess from time to time and communicated as we progress into the financial year,” the company said in a BSE filing.


It is premature to forecast the future impact with credibility at this stage, it added.


Adequate steps are being been taken to ensure effective internal financial controls and various austerity measures are taken, it said.


“At present, the Company does not foresee any significant impact due to the non-fulfilment of its contractual obligations to the customers or any other counter party arising out of Covid-19 pandemic,” it

US Suspends Private Charter Flights To Cuba

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The United States is suspending all private charter flights to Cuba as another way to starve the government in Havana of revenue, Secretary of State Mike Pompeo announced Thursday.

The measure intensifies a previous order that had banned all US charter flights to Cuba except to the capital Havana.

Pompeo slammed the communist regime in Cuba for continuing to jail reporters and pro-democracy activists, suppress dissent, oversee “horrific” physical abuse and prop up President Nicolas Maduro in Venezuela, among other offenses.

The announcement marks the latest hardening of US policy toward Cuba under President Donald Trump, who reversed a thaw in relations with Havana that began under his predecessor Barack Obama.

“The suspension of private charter flights will deny economic resources to the Castro regime and inhibit its capacity to carry out abuses,” Pompeo said in a statement.

“This administration will continue to target and cut the revenue the Cuban government earns from landing fees, stays in regime-owned hotels, and other travel-related income,” Pompeo added.

Cuba has been under a US embargo since 1962 and Trump has ramped up sanctions again, canceling or suspending many of the agreements made under Obama.

In October of last year, the United States had

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