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You are here: Home / 2022 / Archives for December 2022

Archives for December 2022

Flutter in Chhattisgarh Congress over CM aspirant remark

December 21, 2022 by Nasheman

RAIPUR:  Chhattisgarh’s sulking Congress leader TS Singhdeo, health minister in the Bhupesh Baghel-led ministry, has kept his chief ministerial hopes alive ahead of the Assembly polls due next year. On Tuesday, Singhdeo told the media that he is going to take some decisions “regarding his future” ahead of the polls, creating a flutter in the party circles. Singhdeo considers himself the CM-in-waiting ever since Rahul Gandhi reportedly gave him his word for a 2.5-year rotational arrangement with Baghel after the Congress came to power in the state in 2018. 

The CM aspirant said he would decide after holding discussions with party workers. To a question as to how he would convince his “disillusioned” supporters, he said his decision depended upon the workers’ views and the issues that lead them to work.

Last year, Singhdeo met Rahul Gandhi and other top leaders in Delhi who promised to “resolve the issue.” Yet nothing happened. On Tuesday’s remarks, the opposition BJP said Singhdeo’s betrayed signs of frustration. “Such a statement implies that there is a policy of going solo with no teamwork existing in the government. Earlier too, a senior minister had publicly expressed his annoyance over the work carried out in his area. It clearly shows what’s going on within the Congress”, said Narayan Chandel, the leader of Opposition.

However, CM Bhupesh Baghel found nothing wrong in what his senior cabinet colleague said. “Everyone has a right to decide about their future. We also take a decision after consulting party workers. His (Singhdeo) statements have been misinterpreted,” Baghel said. Senior Congress leaders maintained that the party never talked about the 2.5-year formula. “After Singhdeo’s comments, it’s going to be a wait-and-watch situation in Chhattisgarh,” said an observer. 

Filed Under: India, News & Politics

Woman thrown out of flat over ownership row in Bengaluru

December 21, 2022 by Nasheman

BENGALURU: A 42-year-old woman approached police after she was thrown out of her flat near Richards Park on Monday by some men, following which she had to spend the night on the road.

The victim, identified as Sara, alias Sonam Mishra, in her complaint with Pulakeshinagar police, stated that Abdul Rehman and his associates trespassed her flat by breaking open the locks. The accused took away all her gold ornaments and are staying illegally in her flat, she said.

“There has been a dispute over the flat between the complainant and suspects for the past one year. The complainant has alleged that she had invested in the flat and the suspects have no say in it. There is no clarity on the ownership of the flat. Since it is a civil dispute, both parties have to approach court.

However, the woman has accused the suspects of criminal trespass,” said an officer who is part of the investigation.

On Tuesday, the woman approached the city police commissioner’s office, accusing the local police of not taking her complaint. Further, investigations are on.

Filed Under: bangalore, India

Veerappan’s aide Gnanaprakash released on bail due to ‘poor health’ from Mysuru Prison

December 21, 2022 by Nasheman

MYSURU: Slain forest brigand Veerappan’s aide Gnanaprakash was released on bail from the Mysuru Central Prison on Tuesday.

The 63-year-old Gnanaprakash was released on bail from prison at around 8.30 am. The prison authorities had received the court order on Monday evening and based on the court’s direction, he was released on Tuesday morning. 

He will be visiting his native Sandhanapalya in Hanur taluk in Chamarajanagar district after spending 28 years in jail.

The Supreme Court granted interim bail to Gnanaprakash on November 26. Based on the order, advocate PP Baburaj had filed an application at the Chamarajanagar District and Sessions Court which ordered for the release of Gnanapakash furnishing surety of two persons and a Rs 5 lakh personal bond.

Gnanaprakash was not in the pink of his health for the past few years. Recently, he was detected to suffer from lung cancer during a medical checkup in KR Hospital. So he was sent for medical examination to Victoria Hospital and later Kidwai Cancer Hospital in Bengaluru for confirmation.  

Mysuru Central Prison KC Divyshree told TNIE that Gnanaprakash was released after SC awarded interim bail.

“The SC will hear the case in February 2023 where it will decide whether to continue the bail or surrender,” he said.

Divyashree said that while two Simon and Bilavendran died due to age-related ailments, Gnanaprakash was suffering from ill health. Gnanaprakash was given any work in the jail due to health issues while Meesekara Madaiah works in the handloom unit.

Gnanaprakash along with Simon Anthonyappa, Meesekara Madaiah and Bilavendran were arrested for the killing of 22 policemen and injuring many others in the landmine blasts at Palar on the border of Karnataka and Tamil Nadu on 9 April 1993.

The four were part of the 124 persons who were arrested in connection with the case and booked under the Terrorist and Disruptive Activities (TADA) Prevention Act in 1994. While 117 were acquitted, seven persons were sentenced to life imprisonment. Among them, the Supreme Court ordered death sentences to these four in connection with planting the mine.

The four who were housed in Mysuru Central Prison were shifted to Hindalga Central Prison in Belgaum in 2004 after SC awarded the death sentence. However, in 2014, the SC commuted their death sentence to life imprisonment. All four were shifted back to Mysuru Prison.

While Simon died in 2019, Bilavendra died in 2020 due to age-related ailments. Advocate Venugopal, who represented the four, had urged the government to release Madaiah and Gnanaprakash, considering their age and illness.

Filed Under: India, News & Politics

Will resign as Twitter CEO as soon as I find someone foolish enough to take the job: Musk

December 21, 2022 by Nasheman

Tesla CEO Elon Musk

SAN FRANCISCO:  Elon Musk said Tuesday he would resign as chief executive of Twitter once he finds a replacement, in an apparent response to a poll he launched that suggested users wanted him to step down

Musk has fully owned Twitter since October 27 and has repeatedly courted controversy as CEO, sacking half of its staff, readmitting far-right figures to the platform, suspending journalists and trying to charge for previously free services.

“I will resign as CEO as soon as I find someone foolish enough to take the job!” Musk tweeted, saying he will then only run software and server teams at Twitter.

In the poll results which were posted on Monday, 57 per cent of voters, or 10 million votes, favoured Musk stepping down just weeks after he took ownership of the company for $44 billion.

Musk has used the Twitter polls to take other decisions on the platform, including the reinstatement of the account of former US president Donald Trump and other suspended users.

Earlier this week he used a laughing emoji to ridicule a report he was in search of someone to take over as boss of Twitter, and tweeted that “no one wants the job who can actually keep Twitter alive.”

Analysts have pointed out that the stock price of his electric car company Tesla has slumped by one-third since Musk’s Twitter takeover, and some suggest Tesla’s board was putting pressure on him to quit his Twitter role.

“Finally a good step in the right direction to end this painful nightmare situation for Tesla investors,” said Wedbush analyst Dan Ives on Tuesday.

In discussions with users after posting his latest poll, Musk had renewed his warnings that the platform could be heading for bankruptcy.

Policy by poll?

The unpredictable entrepreneur posted his poll on his resignation shortly after trying to extricate himself from yet another controversy.

On Sunday, Twitter users were told they would no longer be able to promote content from other social media sites.

But Musk seemed to reverse course a few hours later, writing that the policy would be limited to suspending accounts only when that account’s “primary purpose is promotion of competitors.”

The attempted ban prompted howls of disapproval and even bemused Twitter cofounder Jack Dorsey, who had backed Musk’s takeover.

Analyst Ives noted that “advertisers have run for the hills and left Twitter squarely in the red ink potentially on track to lose roughly $4 billion per year.”

Shortly after taking over the platform, Musk announced it would charge $8 per month to verify account holders’ identities, but he had to suspend the “Twitter Blue” plan after an embarrassing rash of fake accounts. It has since been relaunched.

On November 4, with Musk saying the company was losing $4 million a day, Twitter laid off half of its 7,500-strong staff.

Musk also reinstated Trump’s account — though the former US president indicated he had no interest in the platform — and said Twitter would no longer work to combat Covid-19 disinformation.

In recent days, he suspended the accounts of several journalists after complaining some had published details about the movements of his private jet, which he claimed could endanger his family.

Some of the suspended accounts have since been reactivated.

On Monday, the head of the European Parliament, speaker Roberta Metsola, sent a letter to Musk inviting him to testify before the legislature, her spokesman said.

The parliament has no power to compel Musk to turn up, and his response was not immediately known.

Filed Under: Business & Technology, World

KCR’s daughter Kavitha has stake in Indo Spirits, says ED

December 21, 2022 by Nasheman

Bharat Rashtra Samithi (BRS) MLC K Kavitha after questioning by the CBI in connection with the 'Delhi excise policy scam', in Hyderabad. (Photo | PTI)

NEW DELHI:  The Enforcement Directorate has made a sensational accusation that Telangana Chief Minister K Chandrashekar Rao’s daughter K Kavitha and a partner together hold about 65% stake in liquor company Indo Spirits, which is allegedly involved in the Delhi liquor scam. The agency, in a chargesheet filed last month, said Kavitha holds the stake through proxies who have been identified and questioned.
The ED chargesheet was filed in the Special Court of judge M K Nagpal, who took cognisance of it on Tuesday and listed the case for hearing on January 5.

The ED chargesheet gives a detailed description of how the scam unfolded. It says “one of the crucial pieces of evidence of this scam and conspiracy is the circumstances under which the partnership of India Spirits was formed. As revealed by Sameer (Mahendru) in his statement dated November 12, he was introduced to Arun Pillai by Vijay Nair as part of a group which has deep pockets and are friends of Delhi CM Arvind Kejriwal… they sought a stake in Sameer’s Delhi business.

Sameer did not agree to this partnership condition as it meant him sharing his profit for no significant investments from these persons. Vijay Nair then told Sameer that if he takes this deal, Vijay will ensure that they get Pernod (Ricard)’s business. …Sameer agreed hereby to give stakes of 65% to these persons. During the course of his interaction with these persons, Sameer had become aware of MSR (Magunta Sreenivasulu Reddy) and K Kavitha being the actual partners in Indo Spirits, who were represented by their fronts Prem Rahul and Arun Pillai.”

As for Arun Pillai, he “revealed that during his interaction with Sameer Mahendru it was made clear to him that the ultimate control of the 65% stakes in his business was with MSR and K Kavitha. Arun Pillai has confirmed that he has arranged facetime calls with Kavitha and Sameer Mahendru as well. He had also arranged a meeting of Sameer Mahendru and Kavitha at her residence at Hyderabad, wherein she took general updates of Indo Spirits business from Sameer Mahendru.”

The ED said that Dinesh Arora in his statement dated 1.10.2022 revealed that he coordinated transfer of Rs 30-31 crore kickbacks from the South Group, of which Kavitha is allegedly a part, from Hyderabad to Delhi for Vijay Nair.

Filed Under: India, News & Politics

312 track maintenance Railways staff died on duty in last four years

December 19, 2022 by Nasheman

NEW DELHI: Over 300 Railway Track Maintenance (RTM) personnel have lost their lives on duty after being by trains in the last four years over the Indian Railways. The highest number of RTM staff had died on duty from different railway sections in Uttar Pradesh from 2018 to December 5 in 2022.

The Railways informed the Rajya Sabha (RS) that a total of 312 track maintenance staff had died in the last four years on duty in different parts of the country.

Union Railway Minister Ashwini Vaishnaw on Friday in a written reply said that ex-gratia compensations were paid to the families of Railway track maintenance staff who lost their lives while performing bonafide official duties after being hit by trains.

“We are conducting regular counselling of track maintenance staff for ‘personal safety first’ while working near the tracks. They have also been equipped with protective equipment, safety helmets, and retro-reflective high visibility jackets for duty”, the minister informed the House, adding that work site remote control hooters and whistles were provided to track maintenance staff.

The minister also said that periodic medical examination is regularly being conducted to ascertain the fitness of track personnel.

The most notable information the minister gave in the Upper House was that the government has sanctioned the very high frequency-based ‘Approaching Train Warning System’, which is also called ‘Rakshak’, on the Golden Quadrilateral-Golden Diagonal routes on Indian Railway. “For this system, Rs 91.21 crores have been sanctioned”, the minister added.

According to data shared by the minister in the RS, 61 track maintenance personnel lost their lives after having been hit by trains during duty in Uttar Pradesh from 2018 to December 5 in 2022. 48 track maintenance personnel died in Maharashtra during duty in the same period.

Filed Under: India, News & Politics

As three Northeast states gear up for polls, a question of survival for Congress

December 19, 2022 by Nasheman

GUWAHATI:  The upcoming polls in three states of the Northeast will be a battle for survival for the Congress, which once ruled the entire region but has got reduced to a shadow of its glorious past. The Congress’ slide in the Northeast began after the BJP’s emergence as a powerhouse in 2014. Simultaneous elections in the 60-member Assemblies of Nagaland, Meghalaya and Tripura are expected in February. As it appears now, Congress is not in the race to power in any of the states. It lacks leaders after many of them embraced the ruling party or other parties over a period of time amid the BJP’s juggernaut.

The Congress does not have a single MLA in Nagaland, just one in Tripura and five in Meghalaya. However, the five in Meghalaya were suspended earlier this year by the party’s central leadership for cosying up to the Conrad K Sangma government where the BJP is a component. The Congress had emerged as the single largest party in the 2018 Meghalaya elections but the National People’s Party-led motley alliance kept it at bay by forming the government. 

In November last year, 12 of the 17 Congress MLAs, led by former CM Mukul Sangma, jumped ship and joined Trinamool Congress (TMC). Their desertion had relegated the grand-old party to a smaller party and made the Mamata Banerjee-led TMC, the state’s principal opposition party overnight. Shillong MP, Vincent H Pala is now the Congress’ lone prominent face in the Christian-majority state. The Congress will not, perhaps, have a single MLA by the time it goes to elections as the five suspended legislators have more or less ditched the party and are likely to contest the polls on the tickets of other political parties.

In Tripura, Sudip Roy Barman is the Congress’ only MLA. He had won the last election on the BJP’s ticket and was inducted into the ministry but he resigned from the Assembly and the party in February this year after falling out with the then CM Biplab Kumar Deb.

Later, he won a by-election, necessitated by his resignation. The Congress had failed to win a single seat in the 2018 Tripura elections, which the BJP swept, decimating the Left.  The Congress had also drawn a blank in the Nagaland elections in 2018. “So what if we have one MLA? Atal Bihari Vajpayee had just two MPs but he went on to become the PM,” said Tripura Congress chief Birajit Sinha. 

Filed Under: ELECTION, India

Madhya Pradesh government to scrutinise educational content of madrasas after complaints

December 19, 2022 by Nasheman

BHOPAL:  The Shivraj Singh Chouhan-led BJP government has decided to scrutinize the study material of Madrasas in Madhya Pradesh following complaints and reports about Hindu children not only having been enrolled in madrasas instead of schools but also being taught books containing objectionable religious content.ADVERTISEMENTAds by 

“Objectionable religious content being taught to students at some madrasas has come to our knowledge. To prevent any untoward incident in future, the district collectors will be directed to get the study material of madrasas scrutinized by the education department of the concerned districts,” MP home minister and state government’s official spokesperson Narottam Mishra said on Sunday.

In an official statement released by Mishra’s office, it was mentioned that it has come to the state government’s knowledge that some books that contain objectionable content about those who don’t believe and follow Islam are being taught at madrasas in some districts. “All district collectors will soon be directed to thoroughly scrutinize the study material being given to students. The state government is serious on the issue and will ensure that controversial content or books aren’t taught at madrasas,” the statement added.

Importantly, the National Commission for Protection of Child Rights (NCPCR) has recently taken congizance of reports, about some Hindu children from lower socio-economic strata not getting admission at government schools and instead ending up being taught at madrasas meant for Muslim students in the same areas of at least two districts, including Vidisha and Datia.

The Commission had also received complaints about objectionable religious content being taught at these madrasas. While at one madrasa in Datia district of the Gwalior-Chambal region, out of the total 67 students 26 reportedly are Hindu, whereas in Vidisha district a group of Gond tribe children were being taught. The NCPCR chairperson Priyank Kanoongo said, “The main question arises as to how come Hindu kids were being taught Islamic religious education.”

Filed Under: India, News & Politics

FIFA World Cup 2022: Argentina Crowned As World Champions

December 19, 2022 by Nasheman

Lionel Messi

CHENNAI: Rosario’s rose-tinted boy finally has the World Cup trophy, Two years after losing Diego Maradona, a football-obsessed, trophy-starved nation will look up to the heavens not thinking about the past but about the present. Thirty-six years after one of Argentina’s greatest sporting heroes delivered them the sport’s holy grail, they have once again reached the promised land.  

Holders France, who had the opportunity to become the first team to go back-to-back since  Brazil in 1958 and 1962, were expected to seriously challenge for the title. And they did. After taking time to enter into the encounter — Argentina were winning 2-0 with 10 minutes left on the clock when the defending champions belatedly woke up — they threatened to spoil Lionel Messi’s dream farewell.  

From 2-0 and one hand on the trophy, France scored twice inside 100 seconds to equalise. The identity of both those goals was Kylian Mbappe, whose hat trick illuminated a packed Lusail Stadium.

Messi had scored one and contributed to a thrilling counter-attacking goal to make it 2-0 before Mbappe showed why he’s ideally placed to replace Messi as the best player in world football. In the second half of extra time, Messi added a third, his second of the evening that just dribbled over the line before it was cleared (it was clearly over), before Mbappe added a third from the penalty spot.

Both teams had at least one very presentable chance to win it in 120 minutes after it became 3-3 — Emiliano Martinez made himself big to deny Kolo Muani from close range when it seemed difficult to miss — before Lautaro Martinez headed wide with seconds remaining on the clock.

In the shoot-out, Argentina, as they had shown against the Netherlands, kept their nerve. Both Mbappe and Messi took responsibility to open and succeeded. Kingsley Coman, who shone throughout the match after coming in as a substitute, saw his penalty saved before Paulo Dybala gave his country daylight. When Aurelien Tchouameni shanked his penalty wide, the grins on the Argentines became wider. The roars became louder. And they were confirmed as world champions after both Leandro Paredes and Gonzalo Montiel, who conceded a penalty for handball in extra time atoned for his error.


The match itself was largely pedestrian in terms of quality before France’s late onslaught. It’s possible they took time to get going because of a flu that had been going on in their camp.

While that may have been a factor in Les Bleus’ poor start, what changed the momentum from the very off was the inclusion of Angel di Maria. Even before the opening goal, Argentina were playing the kind of football they like to play. Front-foot, energetic and full of freedom. That kind of ethos was why coach Lionel Scaloni opted to bring Di Maria, an attacking player, in place of Leandro Paredes, a defensive midfielder.

It made wonders as Di Maria, before being substituted just past the hour mark, had scored, assisted and given the French right-back, Jules Kounde, a horrible evening.

Perhaps, it’s not a surprise. Di Maria is one of the biggest big-game players in modern Argentine history. That is especially true for his country. Coming into the match, he had scored winners at the 2008 Olympics as well as at the Copa America final in 2021.

In Doha, the 34-year-old ran with a childish vigour. It left France with multiple migraines. His goal at the time seemed like sticking the knife into an already limp France performance. It was a move that was started by Julian Alvarez, and involved Messi before Alexis Mac Allister squared for Di Maria to score. It was coast to coast in the blink of an eye.

In that same blink of an eye, the match turned as France came back. Mbappe, who will surely go on to break all World Cup goalscoring records, scored two in the time it takes to wash a hand properly these days. Then Messi and Mbappe traded a goal each before Martinez, one of the best keepers from 12 yards, stood out to give his country a third World Cup title.

As Montiel found the back of the net to lift 36 years of hurt, Messi, standing in the centre circle, slumped to his knees. The man who had famously been slagged off for not feeling Argentine enough, a man who had been attacked by a few of his compatriots for not singing the national anthem with passion had had a big hand in winning the title they crave.

Filed Under: Sports, World

Automobile industry looks to sustain growth momentum in 2023

December 19, 2022 by Nasheman

NEW DELHI: The Indian automobile industry is setting out on a journey with hopes for a sustained growth momentum in 2023 and further embracing clean technology amid the lurking speed breakers of rising interest rates and cost increases due to new emission and safety norms, having witnessed a strong comeback from the COVID-led downturn this year. 

While the passenger vehicles (PV) segment is set for record sales in 2022 despite the lingering effects of supply chain constraints and semiconductor shortages, the two-wheeler space is yet to see sustained sales buoyancy after having suffered for most of the year.

According to industry estimates, PV sales can reach around 38 lakh units this year.

The three-wheelers and commercial vehicles segments have also witnessed good growth in 2022 compared to 2021, albeit on a low base of last year, which was affected by the second wave of COVID-19 and manufacturers will be keen to carry forward the momentum to the new year.

As per industry observers, 2023 will also see acceleration in adoption of electric vehicles, which has already started taking root in 2022, especially in the two-wheelers segment.

For potential passenger vehicle buyers, 2023 may not ring in the best news as vehicle prices are set to increase next year as companies prepare to conform to stricter emission norms which kick in from April 1, 2023.

Many manufacturers like Maruti Suzuki, Tata Motors and Hyundai have already announced plans to increase prices from January next year.

Besides, rising interest rates and not so bright global economic situation and its impact on India in the days to come are some of the factors which are keeping the industry in a cautious mode.

“Increase in price always has a certain negative impact on sales. But we still do not know how much the prices will go up and what will happen to input cost and foreign exchange. These are uncertainties which will always be there,” Maruti Suzuki India Chairman R C Bhargava told PTI.

He, however, stated that the domestic car industry has revived in the last few months and the semiconductor shortages are also going to abate in 2023.

“Putting it all together, our estimate would be that next year would probably be a reasonably good year for the industry. I think we should do at least as well if not better than 2022,” Bhargava said.

The country’s largest carmaker will keep bringing in cars, especially more SUV models, to cater to the customer demand, he noted.

Industry body Society of Indian Automobile Manufacturers (SIAM) Director General Rajesh Menon said the passenger vehicle industry adopted the second phase of fuel efficiency regulations this year from April 2022 and is gearing up to meet the stringent second phase of BS VI emission norms from April 2023.

Discussions are also underway to implement various new safety regulations for passenger vehicles in 2023, he said.

“Implementation of these new regulations could raise the cost of the vehicles and this coupled with global recessionary trends are of concern going forward in the year 2023,” Menon pointed out.

Besides, with rising inflation, the RBI was compelled to increase the repo rates a couple of times this year and this increase in interest rate can impact the demand trends for all vehicle segments, he cautioned.

Though the overall numbers from January to November 2022 have shown appreciable growth for all segments including passenger vehicles, this has been achieved in the backdrop of a low base in 2021, which was affected by the second wave of COVID-19, Menon stated.

Mahindra & Mahindra (M&M) Executive Director (Auto and Farm Sectors) Rajesh Jejurikar, however, remained confident about the industry maintaining the current sales momentum.

“At M&M, all models will comply with BS-VI.2 norms as per timelines set by the government and the price / cost difference may not be as steep as it was for the BS-IV to BS-VI transition,” he asserted.

While acknowledging that the semiconductor shortage continues to be dynamic and rising input costs and interest rates are some other challenges that the industry is managing, he remained optimistic about sales momentum continuing next year.

“Apart from these headwinds, we look forward to an action-packed 2023 on the back of huge demand from customers,” Jejurikar said.

Tata Motors Managing Director – Passenger Vehicle and Electric Vehicles Shailesh Chandra pointed out that it would be worthwhile to see the impact of macroeconomic factors like inflationary pressure on the industry.

“I would say that the growth is going to be high this year but next year on a very high base, with the interplay of so many tailwinds and headwinds, it would be still growth, but to what extent that growth would be on the high base, that will be seen,” he noted.

Kia India Chief Sales Officer Myung-sik Sohn said stricter emission norms are a positive for the industry’s collective efforts of trying to minimise pollution from vehicles.

However, they will surely have an impact on vehicle prices.

“You will see a hike in prices across all OEMs, but looking at the high demand for cars currently, we expect little impact on sales momentum,” he noted.

Automotive dealer’s body Federation of Automobile Dealers Associations (FADA) noted that the PV segment still continues to hold a strong order book for several models which is expected to continue for a few months.

“The OEMs (original equipment manufacturers) need to continue with the creation of excitement through new launches, product upgrades etc. We expect the production soon to be back to normal and we can bring down the long waiting period to normal,” FADA President Manish Raj Singhania stated.

The long waiting period and flexible consumer behaviour during the festive season have helped the industry to see movement in the segment, but once the demand and supply balance is restored, the slow-moving models will be a challenge for the industry, Singhania said.

Commenting on the sales growth outlook, ICRA Vice President and Sector Head Corporate Ratings Rohan Kanwar Gupta said the rating agency expects the industry demand to remain steady and volumes to grow by 6-9 per cent in FY2024.

“The capex outlay for OEMs is estimated to remain heightened (an estimated outlay of Rs 650 billion over FY2023-FY2025, with the OEMs also budgeting for a substantial outlay towards new product development, including development of capabilities/platforms for electric vehicles,” he added.

Elaborating on the luxury car segment, Mercedes-Benz India’s outgoing Managing Director and CEO Martin Schwenk said, “We have to see how the overall economic climate is there. Overall, confidence is there that 2023 should be a good year. The world is dynamic but at the moment, we are starting with a positive momentum into next year.”

As for the two-wheeler segment, Menon said while an increase in interest rate can impact the demand trends for all vehicle segments, the government has also hiked the long-term insurance premium, which specifically impacts the two-wheeler segment.

“Two-wheeler demand has remained weak over the past few years, with consumer sentiments impacted by factors such as income uncertainty during the pandemic period and a persistent hike in two-wheeler prices led by both regulatory changes and inflationary pressures,” ICRA’s Gupta said.

Filed Under: Business & Technology, India

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