OCTOBER, 20249Nitin Gadkari, the Union Minister, stated that India has numerous opportunities for exporting electric two-wheelers, especially to markets where Indian manufacturers are currently marketing traditional engine counterparts.While introducing Revolt Motors' electric commuter motorcycle, Gadkari noted that fifty percent of motorcycles produced in India are exported to other countries, with major corporations such as Bajaj Auto, Hero MotoCorp, and TVS establishing a significant presence worldwide.The minister appealed to Revolt Motors to inspect markets in nearby nations as well as Africa and Latin America.Anjali Rattan, Founder and Chairman of Rattan India Enterprises, the parent company of Revolt Motors, declared that the company has confirmed its export strategies to begin with Sri Lanka. The company is also investigating export potentials in Nepal, Africa, and Latin America.Revolt Motors introduced the RV1 commuter bike with two versions priced at Rs 84,990 and Rs 99,990, offering different battery capacities of 2.2 kwh for a 100 km range and 3.24 kwh for a 160 km range.Revolt seeks to combine past lessons and values with a focus on renewable energy for the future. Through collaborative efforts, Revolt drives the revolution forward, breaking norms to introduce a fresh perspective on the next gen mobility. The Employees Provident Fund Organisation (EPFO) subscribers are now allowed to withdraw up to 1 lakh at a time for personal financial requirements, instead of the earlier limit of 50,000, as stated by Union Labour Minister Mansukh Mandaviya, as per sources.According to the minister, the labor ministry has made several adjustments to the EPFO's procedures, such as a updated guidelines and a new digital platform, in order to improve flexibility and responsiveness and reduce inconvenience for subscribers. Furthermore, employees who have worked less than six months in their current position can now withdraw funds, which is different from the previous rule."People often turn to their EPFO savings to meet expenses such as weddings and medical treatment etc. We have enhanced the withdrawal limit to 1 lakh at a time," Mandaviya said on the occasion of the government's 100 days in office.The prior withdrawal cap was raised as it had become obsolete due to evolving consumption expenses. Provident funds offer retirement income to over 10 million workers in the formal sector and often serve as the main source of long-term savings for many employees. The salaried middle class closely watches the EPFO's savings interest rate, which is fixed at 8.25 percent for FY24, as a significant benchmark. TOP STORIESINDIAN EXPORTS TO EXPLORE NEW HORIZONS WITH ELECTRIC TWO-WHEELERSEPFO RAISES WITHDRAWAL LIMIT TO 1 LAKH FOR PERSONAL NEEDS
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