Economy

The Society of Manufacturers of Electric Vehicles (SMEV) said on Thursday that total electric vehicle sales in India are likely to reach around 10 lakh units this year, about equal to what was sold in the previous 15 years, owing to the high traction seen by electric two-wheelers. SMEV claimed in a statement that sales of electric two-wheelers (E2Ws) in the country more than doubled in 2021 to 2,33,971 units, driven by a robust traction of high-speed scooters, compared to 1,00,736 units in 2020.

According to a research report, the government’s Emergency Credit Line Guarantee Scheme (ECLGS), which was implemented in 2020 to help MSMEs affected by the COVID-19 pandemic, has prevented 13.5 lakh businesses from going bankrupt, saving 1.5 crore jobs.

India has declared that it will provide five lakh (500,000) free e-tourist visas to launch inbound travel, and the country is now opening up for international travel in a calibrated manner, according to a government release.

The previous record high was of 90,000 employees in 2018-19, which was shattered in the first half of FY22 as they hired 110,000 employees. This has led to increased salaries due to which margins may be impacted in the next few quarters. Jefferies expects highest margin decline of Wipro and HCL Tech in the third quarter of FY 22.