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As per the National Housing Bank (NHB) data released on Thursday, 43 cities out of 50 have registered an increase in property prices during fourth quarter of 2022-23.

While majority of the cities have registered an increase, seven cities have registered a decline in the property prices. The home loan rates are still lower than that of pre-Covid period leading to a healthy affordability overall, it said.

India’s eight key primary residential markets witnessed appreciating property prices during the January-March 2023 period. Ahmedabad with 10.8 per cent, Bengaluru (9.4 per cent), Chennai (6.8 per cent), Delhi (1.7 per cent), Hyderabad (7.9 per cent), Kolkata (11 per cent), Mumbai (3.1 per cent) and Pune (8.2 per cent) recorded an increase in the index on an annual basis as per the Housing Price Index (HPI) published by NHB.

The 50 city HPI based on valuation of properties collected from banks and housing finance companies (HPI @ Assessment Prices) recorded an annual increase of 5.8 per cent during the fourth quarter of FY23 as compared with 5.3 per cent a year ago, it said.

The annual change in HPI @ Assessment Price varied widely across the cities, ranging from an increase of 19.6 per cent (Gandhinagar) to a decline of 12.9 per cent (Ludhiana).

On a sequential (Q-o-Q) basis, it said, the 50-city index registered an expansion of 1.3 per cent in January-March 2023 as against 1.5 per cent in the previous quarter. The index is showing an increasing trend on Q-o-Q basis since June 2021.

On the supply side, it said, the 50 city HPI based on the quoted prices for under construction and ready to move unsold properties (HPI@ Market Price for Under Construction Properties), also recorded an annual increase of 11.7 per cent in March quarter as against 4.8 per cent a year ago.

The quoted prices witnessed an increase driven by the partial pass-on of the increased input cost coupled with increased demand in ready-to-move-in properties, more so in the affordable segment, it said.

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Today BloombergNEF released its seventh annual Electric Vehicle Outlook . The report offers reams of new data and projections around what’s become a familiar story: EV sales are growing at double digits each year and are now the only growth area in the global passenger vehicle market. China is the largest single market for EVs, and it’s also becoming a significant exporter of them. Additional EV adoption will mean much more extraction and processing of key materials like lithium.

Bloomberg News and Hyperdrive have covered the report’s key findings. Here are four additional takeaways:

1. EV sales are up, everywhere
Sales of passenger electric vehicles increased globally by more than 60% in 2022. They also increased in every major market. In India and Southeast Asia, traditionally small markets for EVs, sales were up more than 200%. They rose by 100% in Japan, close to 100% in China, 90% in Australia, 50% in the US and 17% in Europe.

What’s more, electric car sales rose against the backdrop of an essentially flat global auto market — sales of new cars across all powertrains rose only 2% year-on-year — and a declining market for new cars with internal combustion engines. Among the wealthy auto markets, only Australia saw increasing sales of ICE cars last year, and even then they rose only 1%.

Southeast Asia and India are the only two markets where both ICE and EV sales increased year over year. It’s worth watching to see how long it takes for their triple-digit EV growth rates to reverse sales trends for ICE cars.

2. EVs as a share of autos lag solar, wind, hydro and nuclear in the power sector, but they will catch up
Thanks to decades of deployment of hydropower, nuclear power and renewables like wind and solar, a significant share of global power generation is now zero-emissions. Last year, more than 40% of global electricity was zero-carbon. Passenger vehicles? Not so much. Last year, EVs made up only 1.7% of passenger vehicle kilometers driven.

That’s a sign that EVs have a lot of catching up to do. But EVs can catch up with a following wind, so to speak. The power sector is continuing to decarbonize and by 2050, it will be more than 80% zero-carbon. EVs will account for an increasing percentage of global driving while their energy input becomes cleaner every year.

By mid-century, these two trend lines will have nearly converged. More than three-quarters of all driving in 2050 will be in EVs, and the power that tops them up will be more than four-fifths zero-emission.

3. Long range is not where you might expect it
A half-decade ago, there were only nine electric vehicle options available globally with at least 400 kilometers (249 miles) of range. Last year there were more than 200. The number of long-range EV trims (pre-packaged sets of features for a particular car model) has risen in every market, but one market dominates: China, which had only six long-range EV trims in 2018 and now has 141.

North America, which had eight long-range trims in 2018, has 56 today; Europe, which started with the same number that China did, has 61.

These long-range EVs price at a premium. BMW and Mercedes-Benz’s battery electric vehicles in Europe and the US cost 30% more than their ICE counterparts. BNEF’s advanced transport team expects automakers to roll out a number of lower-range, and lower-priced, EVs in the future as their electric sales commitments become more pressing.

3. Long range is not where you might expect it
A half-decade ago, there were only nine electric vehicle options available globally with at least 400 kilometers (249 miles) of range. Last year there were more than 200. The number of long-range EV trims (pre-packaged sets of features for a particular car model) has risen in every market, but one market dominates: China, which had only six long-range EV trims in 2018 and now has 141.

North America, which had eight long-range trims in 2018, has 56 today; Europe, which started with the same number that China did, has 61.

These long-range EVs price at a premium. BMW and Mercedes-Benz’s battery electric vehicles in Europe and the US cost 30% more than their ICE counterparts. BNEF’s advanced transport team expects automakers to roll out a number of lower-range, and lower-priced, EVs in the future as their electric sales commitments become more pressing.

4. Fuel cells, small and regional
Fuel cell electric vehicles powered by hydrogen have been on the market for years. They are also a stubbornly small market, with fewer than 16,000 sold worldwide in 2022. Not only that, but this small market is intensely regional. Korea accounted for two-thirds of last year’s passenger fuel cell market, followed by the US with 18%.

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The government on Thursday said Primary Agricultural Credit Societies ( PACS ) can be employed as drone entrepreneurs for spraying fertilizers and pesticides, and for survey of property. This was among the five key decisions taken in a meeting between Cooperation Minister Amit Shah and Minister of Chemicals and Fertilisers Mansukh Mandaviya, the Ministry of Cooperation said in a statement.

In the meeting, it was decided that on the basis of mapping, PACS — which are not functioning as fertilizer retailers — will be identified and they will be encouraged to function as retailers on the basis of feasibility in a phased manner, it said.

Those PACS, which are not currently functioning as Pradhan Mantri Kisan Samruddhi Kendras (PMKSK), will be brought under the ambit of PMKSK, it added.

Further, PACS will also be connected with the marketing of organic fertilizers, especially Fermented Organic Manure (FoM)/ Liquid Fermented Organic Manure (LFOM)/ Phosphate Enriched Organic Manure (PROM).

Under the Market Development Assistance ( MDA ) scheme of the Department of Fertilizers , fertilizer companies will act as an aggregator for small bio-organic producers to market the end product, in this supply and marketing chain of bio-organic fertilizers, PACS will also be included as wholesalers/retailers.

“These important decisions will increase the income of PACS, as well as increase the employment opportunities in rural areas and farmers will be able to get fertilizers, pesticides, seeds and agricultural machinery at the local level,” the ministry added.

There are about one lakh PACS present across the country.

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Mother Dairy , which is a leading milk supplier in Delhi-NCR, on Thursday said it has reduced the maximum retail price (MRP) of edible oils sold under Dhara brand by Rs 10 per litre and the stocks with new rates will be available in the market from next week. The reduction in the MRP is in line with a fall in prices of edible oils in the global market , the company said.

Cooking oils are generally sold by retailers at a price below the MRP printed on the bottles/packets.

Last week, the Centre directed edible oil industry bodies to advise their members to further reduce the MRP of major edible oils by Rs 8-12 per litre with immediate effect.

“The maximum retail price (MRP) of all variants of Dhara edible oils is being reduced by Rs 10 per litre on account of the continued decline in edible oil prices internationally and better availability of domestic crops such as mustard,” a company spokesperson said.

The revised MRP stocks are slated to hit the market within a week, the spokesperson added.

The new rate of Dhara refined soyabean oil will be Rs 140 per litre, while Dhara refined rice bran oil MRP has been cut down to Rs 160 per litre.

The new MRP of Dhara refined vegetable oil will now be Rs 200 per litre.

Dhara kachi ghani mustard oil will be available at a MRP of Rs 160 per litre, while Dhara mustard oil at Rs 158.

The MRP of Dhara refined sunflower oil will now be Rs 150 per litre.

Dhara groundnut oil will be sold at a MRP of Rs 230 per litre, said Mother Dairy, which sells more than 30 lakh litres of milk per day in Delhi-NCR. Besides dairy products and edible oils, it is also into marketing of fruits and vegetables.

On June 2, Food Secretary Sanjeev Chopra held a meeting with the leading industry representatives, including Solvent Extraction Association of India (SEA) and Indian Vegetable Oil Producers’ Association (IVPA) to discuss further reduction in the retail prices of edible oils amidst a continued fall in the global prices.

“Some companies which have not reduced their prices and their MRP is higher than other brands have also been advised to reduce their prices,” the food ministry had said.

The associations were advised to take up the issue with their members immediately and ensure that the MRP of major edible oils to be reduced further by Rs 8-12 per litre, with immediate effect, the ministry had said in a statement.

The industry had informed that the global prices of different edible oils have fallen by USD 150-200 per tonne in the last two months.

They told that manufactures have reduced the MRP and will further reduce it shortly.

However, the association’s representative told that there is an element of time lag for reflection in the retail markets and the retail prices are soon expected to come down further.

A major importer of edible oils, India imported cooking oils worth Rs 1.57 lakh crore during 2021-22 marketing year (November-October).

It buys palm oil from Malaysia and Indonesia while soyabean oil is being imported from Argentina and Brazil.

India imports more than 50 per cent of its total edible oil requirements.

Edible oil import bill rose 34 per cent to Rs 1.57 lakh crore in 2021-22 marketing year, while in volume terms, it rose 6.85 per cent to 140.3 lakh tonnes.

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