CUMULATIVE EXPORTS
Defence manufacturer Bharat Electronics secures export order worth Rs 230 crore
Bharat Electronics Limited (BEL) receives a significant export order from Thales Reliance Defence Systems (TRDS) for TR modules used in fighter aircraft radars. BEL also secures additional orders valued at Rs 192 crores. Indian defence manufacturing sector shows growth with increasing exports and government initiatives.
India catching up with China, Vietnam on phone exports
India is rapidly narrowing the gap with China and Vietnam in mobile phone exports. In FY24, while mobile phone exports from China and Vietnam declined by 2.78% and 17.6% respectively, Indian exports surged by 40.5%, according to officials citing global trade data. India has captured nearly 50% of the reduction in mobile phone exports from these two countries, aligning with its objective of absorbing a significant portion of the supply chain shift from China.
Mobile phone exports: India captures 50% share of fall in shipment from China, Vietnam
India's proactive strategies in capturing supply chain shifts, coupled with diversification efforts through the China+1 strategy, have propelled the country into a leading position in mobile phone exports. The remarkable growth in exports, particularly in the iPhone segment, signifies a significant milestone for India in the global market.
Higher demand from US, Turkey, UAE, Saudi Arabia drive engineering exports in May: EEPC India
Inclusion of steel in the RoDTEP scheme may provide greater incentive for steel exporters in India, said EEPC India Chairman.
Tesla vs Tata Motors: Elon Musk's $56 billion salary more than TaMo revenue
Musk's compensation package not only outstrips TaMo but also surpasses the total revenues of other prominent Indian entities, including HPCL, SBI, Rajesh Exports, and TCS
Hold your horses! Wait for real results before making big moves: Swaminathan Aiyar
In Modi 1, he, for instance tried to take on land acquisition. He retreated. Again, in Modi 2, one of the things that he retreated on perhaps was whether we have a national register of citizens, which the Muslim community is extremely afraid of, that is a non-economic subject. But I mean, these were some of the areas Mr Modi has shown that he is capable of retreating when he comes across a very serious resistance.
India's chemicals market to hit $29.7 bn in 2024, set for steady growth with 3.26% CAGR through 2029
India's chemicals market, valued at USD 220 billion in 2023, is projected to grow to USD 383 billion by 2030, with an 8.1% CAGR. This sector, currently the sixth largest globally by sales, has attracted USD 21.7 billion in FDI from April 2000 to September 2023, benefiting from 100% FDI under the automatic route. Investments in Petroleum, Chemical, and Petrochemical Investment Regions (PCPIRs) are expected to reach USD 420 billion. The establishment of educational institutes like CIPET and IPFT will drive skill development.
Oil extends decline on signs of weak fuel demand, strong dollar
Brent crude futures slid 26 cents, or 0.3%, to $82.53 a barrel by 0025 GMT while U.S. West Texas Intermediate crude futures was at $78.03 a barrel, down 23 cents, or 0.3%.
Govt to give focused attention to promote India's textiles exports: Textiles secretary
The cumulative exports of textiles and apparel from India during April 2023-March 2024 registered a de-growth of 3.24 per cent at USD 34.4 billion, as compared to USD 35.5 billion in April 2022-March 2023.
FSSAI allows 10 times more pesticide residue in herbs, spices
India dilutes pesticide norms for herbs and spices, raising MRL to 0.1mg/kg. Activists fear harm to exports. Concerns include health risks, cumulative pesticide effects, and harm from unknown pesticides on imports.
Surge in shipments to WANA, CIS countries push engineering exports in FY24
Increase in value-added exports and more FTAs with important trade partners especially in Latin America key for trade diversification: EEPC India Chairman
JSW, Reliance, TVS place bids for battery PLI sops
JSW Neo Energy, Reliance Industries, Lucas TVS, ACME Cleantech, Amara Raja, Anvi Power, and Waaree Energies have participated in a production linked incentive (PLI) auction for new-age battery manufacturing capacity in India. The companies bid for a cumulative capacity of 70 Giga Watt hours (GWh), with sops available only for 10 GWh. Technical bids for Rs 3,620 crore of PLI were opened.
India becomes Suzuki's second market to cross 3 crore cumulative production mark
Suzuki Motor Corporation's subsidiary, Maruti Suzuki India, achieves a significant milestone by producing over 3 crore units in India, making it the second country after Japan to reach this feat. The achievement comes in just 40 years and 4 months since production began in December 1983, outpacing Japan's record.
Engineering exports to Russia doubled till February in FY'24: EEPC
India's engineering exports to Russia doubled to USD 1.22 billion in the 2023-24 fiscal, according to the Engineering Export Promotion Council (EEPC). Exports to the US fell by 7% to USD 15.95 billion, while China's shipments saw a marginal decline to USD 2.38 billion. Exports to the UAE and Australia, with which India signed an FTA, remained positive.
Engineering exports to Russia double to $1.22 billion in FY24 up to February, shipments to US dips
Engineering shipments to UAE and Australia with which India signed a free trade agreement (FTA) remained positive in FY24 up to February.
India's exports will close fiscal at same level as last year despite uncertainties: Goyal
Goyal also said that the government measures such production-linked incentives schemes and focus on high-quality goods and services would help in containing the country's trade deficit.
India's electronics industry meets targets; ranks 2nd in mobile phone production
The Indian electronics manufacturing industry has become the second largest manufacturer of mobile phones in a 10-year period, with cumulative production worth Rs19.45 lakh crore. Mobile phones are also the fifth largest exported commodity from India. The industry aims for large-scale manufacturing and domestic value addition with government support.
Suzuki Motor Gujarat crosses 30 lakh cumulative production mark
Maruti Suzuki India (MSI) has surpassed a 30 lakh cumulative production milestone in Gujarat, with Suzuki Motor Gujarat (SMG) having 7.5 lakh units annually. The Gujarat plant, which began operations in February 2017, has an annual production capacity of 7.5 lakh units and sells vehicles in both domestic and export markets.
Amazon set to cross $8 billion in cumulative exports from India in 2023
The Seattle-headquartered firm has reached 1.25 lakh exporters through the programme, officially called Amazon Global Selling, since inception, the statement said. Of them, over 1,200 exporters had crossed Rs 1 crore in sales in 2022, it added.
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