Business
Auto ancillary’s FY23 revenue expected to grow at 10-15% YoY

Domestic auto ancillary sector’s revenue is expected to grow at 10-15 per cent year-on-year (YoY) in FY23.
Accordingly, the trend is supported by moderate growth of 5-9 per cent YoY in original equipment manufacturers’ volumes and continued healthy exports.
However, the FY23 growth is lower than the estimated at 20-25 per cent YoY rise in FY22, due to rising input cost.
“Demand from the aftermarket is likely to provide a steady contribution,” said India Ratings and Research (Ind-Ra).
“In addition to the volume growth, the realisations would be aided by the full-year impact of higher selling prices, as higher raw material prices in FY22 would largely be passed on by early FY23, and a continued increase in the sales to the medium and heavy commercial vehicles segment which are of a higher value than other segments.”
Besides, the agency expects profitability margins to remain flat to increasing marginally in FY23, as better operating leverage would be offset by firm commodity prices, continued supply chain issues and increased logistics cost due to higher fuel prices.A
“The sector performance remains exposed to downside risks, including those from evolving geopolitical tensions and any subsequent Covid-19 waves.”
Nevertheless, Ind-Ra noted that Capex is expected to be higher in FY23 in lieu of the onset of capex under the auto component and advanced chemistry cell batteries production-linked incentives schemes.
“The sector’s renewed focus on investments in R&D, technological tie-ups and/or inorganic acquisitions would continue in the near-to-medium term.”
National
‘Forests to be protected’, CM Fadnavis says development in Gadchiroli to continue

CM Devendr Fadnavis
Mumbai, June 12: Amid the Maharashtra government’s ambitious plan to develop Gadchiroli as the next steel city of India, Chief Minister Devendra Fadnavis has assured that forests will be protected and only essential tree cutting will be undertaken with rigorous environmental regulation while carrying out the mining development.
In his post on X, CM Fadnavis said, “There has been considerable discussion and concern regarding the Surjagad iron ore project in Gadchiroli. It is important to clarify the facts and address the misinformation currently being circulated in the media. No permission has been granted for simultaneous or uncontrolled tree cutting related to this project. The approach being followed is phased, responsible, and environmentally conscious. Only essential tree cutting will be undertaken, subject to rigorous environmental regulation and oversight. The widely circulated claim that ‘1 lakh trees will be cut’ is baseless, exaggerated, and misleading.”
“To ensure ecological balance, Lloyd company will plant 11 lakh trees as part of their obligations. The State Government is committed to planting 1 crore trees in Gadchiroli to strengthen the region’s green cover. Eco-restoration and compensatory afforestation will be carried out locally, and the entire cost will be borne by the Lloyd company. The Central Government has granted in-principle approval for using 937.077 hectares of forest land for scientific exploration and systematic mineral recovery — to be carried out strictly in 3 phases. Each phase will move forward only upon successful implementation and review of the previous one,” said the Chief Minister.
He said that the phased execution plan has been firmed up, comprising Phase 1: 500 hectares (300 hectares for infrastructure, 200 hectares for tailing yard), Phase 2: 200 hectares – only after satisfactory completion of Phase 1 and Phase 3: 237 hectares – subject to final review and clearance.
“Tree cutting will be allowed only where absolutely unavoidable, with strict adherence to the principle of minimum deforestation. This project aims to bring development, employment, and infrastructure to one of Maharashtra’s most aspirational districts, without compromising ecological integrity. Forest conservation and local growth will go hand in hand,” he added.
He further stated that clarity and transparency must lead the way, “not confusion or misinformation”.
CM Fadnavis during Gadchiroli visit last week said, “The district is on top priority list on development agenda and I have directed all government departments to give priority and carry out development works. I have consciously taken up the post of Guardian Minister here so that the issues of Gadchiroli should come directly to me. I have taken note of all the issues raised by the people’s representatives and others, and the policy decisions that need to be taken will be taken accordingly.”
He further stated that the government proposes to ensure security, boost development, industries and employment generation in Gadchiroli while keeping its original character of “jal, jameen, jungle (water, land, forest)”.
Crime
ED conducts raids in Delhi, Raj, Gujarat in ₹2,700 cr money laundering case involving real estate scheme

Jaipur, June 12: The Enforcement Directorate (ED) launched a massive crackdown on Thursday in connection with a Rs 2,700 crore money laundering case involving a real estate scheme. The ED conducted raids at approximately 24 locations across Delhi, Rajasthan and Gujarat.
According to agency sources, the ongoing investigation is linked to a large-scale financial fraud related to a real estate scheme named Red Nexa Evergreen.
In Rajasthan, ED teams carried out operations in cities including Jaipur, Jodhpur, Sikar, and Jhunjhunu.
Simultaneous raids were also conducted in Ahmedabad (Gujarat) and parts of Delhi. The crackdown is being executed under provisions of the Prevention of Money Laundering Act (PMLA).
The Red Nexa Evergreen project reportedly lured investors with promises of high returns or property allocations — either flats, land, or premium rates after a fixed tenure.
Allegations suggest that a significant number of investors were duped in the process.
Rajasthan Police had earlier registered an FIR against multiple individuals involved in the fraudulent scheme.
The ED’s investigation aims to uncover the financial trail and identify key beneficiaries of the scam. More details are expected to emerge as the search operations continue. Around 24 places are being raided in Rajasthan and Gujarat and Delhi.
The investors in this project were lured to invest their money till a particular time and told that they can get plots and flats in return for their investments.
However investors were duped as none of the promises were allegedly fulfilled.
In the end the frustrated investors filed many FIRs in this regard.
The raids have been conducted keeping money laundering in mind, said officials.
Once the search operation is done, action will be taken against those involved in the fraud.
Rajasthan police were acting in the matter till now, however now that the ED has come into the picture, fresh facts are expected to come out soon in the case, said sources.
National
CM Mohan Yadav to transfer Rs 150 crore ex-gratia assistance under Sambal scheme

CM Mohan Yadav
Bhopal, June 12: Madhya Pradesh Chief Minister Mohan Yadav will transfer Rs 150 crore with a single click under the ‘Sambal Yojana’ in 6,821 cases of ex-gratia assistance during a programme in Jabalpur on Friday.
The Sambal Yojana is a welfare scheme for millions of workers in the unorganised sector in Madhya Pradesh. Since its inception, over 1.76 crore workers have been registered under the scheme, and the registration process is ongoing. Under the scheme, the government provides Rs 4 lakh in case of accidental death, and Rs 2 lakh in case of natural death. An ex gratia of Rs 2 lakh is given for permanent disability, and Rs 1 lakh for partial permanent disability.
Additionally, it also provides Rs 5,000 for funeral expenses and Rs 16,000 for women as maternity assistance. All Sambal beneficiaries are also enrolled under the Ayushman Bharat – Niramay Yojana, enabling them to avail free annual medical treatment up to Rs 5 lakh. In a statement issued on Wednesday, the state government informed that following direction from Prime Minister Narendra Modi, labourers working at railway platforms in the state have also been included under the Sambal Scheme. Sambal beneficiaries also receive a ration eligibility slip, allowing them to access subsidised food grains provided by both the central and state governments, according to the MP government.
“The Sambal Yojana stands as a lifeline for unorganised sector workers, offering financial support from birth to death. It is support for labourers, and the credit for implementing this welfare scheme goes to the state government,” the MP government said. Moreover, several schemes are being run for registered construction workers through the Construction Workers Welfare Board. These include ex gratia assistance in case of death and support in cases of permanent or partial disability.
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