The news that the tax burden on the middle class has been reduced under the Modi government will come as a relief to the common people. Especially the tax burden on the middle class with income below Rs 20 lakh is being reduced, while the number of people with income above Rs 50 lakh filing ITRs has increased five-fold. This figure shows that the number of income tax payers has increased significantly over the past decade. Experts believe that the number of taxpayers has increased due to the stringent anti-tax evasion and black money laws implemented by this government.
According to income tax department sources, the number of people earning more than Rs 50 lakh annually in 2023-24 has increased to over Rs 9.39 lakh. This number is five times the 185,000 in 2013-14. The income tax burden on people earning more than Rs 50 lakh has increased by 3.2 times from Rs 252 crore in 2014 to Rs 962 crore in 2024.
Two-wheeler sales hit record
There is also good news for the Indian two-wheeler market. In October alone, two-wheeler sales reached a record high of 21.64 million units. In October 2023, the number was 1.896 million. The Society of Indian Automobile Manufacturers (SIAM) has released the latest data in this regard. Accordingly, two-wheeler sales across the country increased by 14.2% in October.
Auto experts said that with the two major festivals of Dussehra and Diwali coming in October 2024, the procurement situation has improved. Traditionally, people have the desire to buy vehicles during this period. The festival has had a positive impact on the automotive industry. Even passenger vehicles (PV) hit an all-time high of 393,000 units in October 2024.
Tricycles slightly down
But at the same time, three-wheeler sales fell slightly by 0.7% compared with October last year. Some market analysts believe that the increase in two-wheeler sales is due to the increase in income of people in rural areas. Overall, the sales performance of the Indian auto industry in October 2024 was mixed.
Utility vehicle production increases
According to SIAM statistics, India’s passenger car production totaled 3,67,185 units in October. These include 1,28,097 passenger cars, 2,26,924 utility vehicles and 12,164 trucks. In October 2023, India produced 1,56,250 passenger cars, 2,13,380 utility vehicles and 12,759 trucks, totaling 3,82,395 passenger cars.
That is, in October 2024, the production of passenger cars and trucks fell by 18% and 4.7% respectively, but the production of utility vehicles increased by 6.3%. Domestic sales are seeing a similar trend. In October 2024, utility vehicle sales were 2,25,934 units and in October 2023, utility vehicle sales were 1,98,356 units, a growth of 13%.
Hyundai Motor India is excited
Hyundai Motor India is excited about the boom in the automotive industry. To meet growing demand, Hyundai Motor recently expanded its production capacity by constructing a new plant in Pune. Hyundai Motor India has announced that it is preparing to build a strategic production center keeping in mind the conditions in the Indian market. The company said there is an urgent need to capitalize on this opportunity as demand for cars increases in India, along with demand for cars in the Middle East, Africa, South Asia and Latin America.
Apple exports grow in India
On the other hand, the record business is also making its mark in the Indian mobile market. In the past seven months, Apple’s exports of products made in India have reached US$7 billion. Apple’s iPhone exports have reached 600 billion rupees, or about $7 billion, in the first seven months of this fiscal year (April to October), breaking all previous records for smartphone exports. This represents an average of $1 billion in exports per month, a first for any company.
Apple is not only exporting iPhone 14, 15 and 16 from India, it is also exporting Pro and Pro Max models for the first time since it started producing iPhone 16 Pro and Pro Max in India in October this year. The dollar value of the Pro and Pro Max models is approximately 1.5-2 times that of other iPhone models.
The tablet market is booming
Meanwhile, market research firm Cyber ​​Media Research said the Indian tablet market grew 46% year-on-year in the July-September quarter. Apple’s iPad leads the market with a 34% share, and prices of tablets priced between Rs 20,000-30,000 have surged by 108% compared to last year, the report said.
Advances in solar products
In addition to the automotive and mobility markets, India continues to grow in the solar sector. India’s exports of solar products have grown 20-fold in the past two years, reaching $2 billion. The report shows that India’s exports of solar photovoltaic (PV) products increased 23 times from fiscal year 2022 to 2024.
According to a report by the Institute of Energy Economics and Financial Analysis (IEEFA) and JMK Research and Analysis, this marks significant progress in the Indian solar product sector.
It is understood that the United States has become the main market for India’s solar photovoltaic exports. The report stated that in fiscal years 2023 and 2024, more than 97% of India’s solar photovoltaic exports were sold to the United States.
Total renewable energy reserves increase
According to MNRI, the share of renewable energy in the total power generation capacity of 453 GW has increased to 46%. The country’s total renewable energy capacity has exceeded 200 gigawatts. MNRI said India’s renewable energy capacity increased by 24.2 GW (13.5%) in just one year to reach 203.18 GW by October 2024.
Jewelry e-commerce business is booming
On the other hand, the Indian jewelry e-commerce market also shows huge business volume. Sellers and buyers are enjoying online e-commerce. According to reports, the jewelry e-commerce market has a turnover of US$22 billion within three years. Online sales are expected to increase to 20% within 2 to 3 years, from 1% currently. Market experts believe that the boom in business indicates that traditional gold buying trends will face huge challenges.
Record-breaking holiday season
India’s festive season business hits record high. Sales during the festive season grew by 12% to Rs 118 crore, a report said. This includes not only large cities but also small cities. The report points out that the fastest growing industry is the fashion industry. Sales during the holiday season tripled compared to normal business months. In addition to fashion, electronics, homewares and groceries were also purchased in large quantities.
India’s space investment flight
S. Somnath, Chairman of ISRO, the Indian Space Research Organization, shared an important message. He said that for every Rs 1 spent by ISRO, it gets Rs 2.5 in return. He said that between 2014 and 2024, the aerospace sector contributed US$60 billion to the country’s GDP and created millions of jobs.
S. Somnath said these achievements show why India is a world leader in space. He said that India’s space sector revenue will increase to $6.3 billion by 2023. The space sector creates 4.7 million jobs, including 96,000 jobs in the public and private sectors.
