GOVERNMENT INCENTIVES
Budget 2024: Top three moves that NDA govt must consider for employment generation
Budget 2024: Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget on July 23 in Lok Sabha, kicking off the parliamentary session running from July 22 to August 22. The upcoming budget under the NDA government is anticipated to prioritize sustaining economic growth, promoting job creation, and adhering to fiscal deficit targets.
Budget 2024: Capex, SOPs, bold reforms top infra and energy companies' wish list
Budget 2024: Finance minister Nirmala Sitharaman on Friday met representatives from the infrastructure and energy sector as a part of her pre-budget consultations. "While the capex support for the infrastructure was common, the industry wanted bold reforms to push infrastructure projects, support for energy transition and tax incentives for solar and sector to meet India's goal to attain net-zero by 2070," said a person aware of the details of the meeting. The industry is also seeking a government roadmap for creating better cities.
Drone industry seeks favourable policies, incentives, component ecosystem to push domestic manufacturing
Industry players at the Drone International Expo 2024 in Delhi called for improved policies and incentives to boost indigenisation in the Indian drone market, projected to reach USD 27 million revenue by 2024. Experts emphasised the need for a supportive ecosystem for domestic component manufacturing. Over 200 national and international manufacturers are showcasing innovations, highlighting advancements in surveillance for enhanced security measures against modern terrorist activities.
EV companies seek stability in incentives ahead of FAME-III rollout
The comparison between FAME-II and EMPS subsidies is crucial, as highlighted by a report from the Federation of Automobile Dealers Associations, emphasizing the importance of stable subsidy regimes for the EV industry's growth.
Retrofitting of inter-city diesel buses can generate over 50,000 jobs
Dr. Charan Singh and Davinder Sandhu emphasize the economic and environmental benefits of retrofitting. It offers a pragmatic solution for sustainable urban transport, driving economic revitalization and environmental improvements. Retrofitting leverages existing infrastructure while transitioning towards cleaner mobility, showcasing tangible progress in achieving sustainability goals.
Priyank Kharge meets IT minister Ashwini Vaishnaw, requests Centre's support for state's chip firms
Karnataka IT minister Priyank Kharge met Ashwini Vaishnaw, union IT minister, to seek support for the state's semiconductor and electronics space. Kharge said that the State has the highest share of 46% in India in housing innovative companies and contributes 10% of India's industrial output.
India's electronic manufacturing likely to double in the next five years: Govt sources
India's electronic manufacturing is likely to double in the next five years, according to sources in the Ministry of Electronics and Information Technology. The country's electronic manufacturing is likely to reach around USD 250 billion in the next 5 years, said a source in the ministry.
Govt steps help boost toy exports, manufacturing; more work needed: DPIIT Secretary
In the interim Budget in February, the Commerce and Industry Ministry has recommended an outlay of Rs 3,489 crore for the Production Linked Incentive (PLI) scheme for toys to boost domestic manufacturing of the sector.
Public sector banks pin hopes on new Govt for higher PLI for employees
State-run banks are optimistic about a more lucrative performance-linked incentive (PLI) for employees and are advocating for a five-day banking week as a new coalition government takes charge. Bank unions and employee associations seek a review of the current PLI scheme, introduced in 2020, which currently offers up to 15-days salary for growth exceeding 15%. Recent wage settlements have included a 17% salary increase and proposed a five-day week, pending government approval. Banks' cumulative profit exceeded ₹1.4 lakh crore in FY 2024.
Zoho applies for semiconductor manufacturing facility in India
Software company Zoho, aiming to tap into India's aspirations to become a global semiconductor player, has applied with a partner to set up a semiconductor manufacturing facility in India. Co-founder Sridhar Vembu confirmed the move, citing a stringent evaluation process. The initiative aligns with India's semiconductor manufacturing incentive plan.
Will an NDA-led Modi 3.0 see Centre more open to welfare measures?
Prime Minister Narendra Modi and the Bharatiya Janata Party (BJP) have consistently opposed the distribution of freebies, as seen in their manifesto "Modi ki Guarantee," which avoided commitments like guaranteed pensions for government employees or reinstating rail concessions for seniors. In contrast, the Congress party's promises included substantial financial incentives like Rs 1 lakh annual aid for women and waivers on education and farm loans.
FAME 3 rollout soon; Euler Motors fundraise
The next edition of the electric vehicle incentive scheme is likely to be unveiled within months of the new government taking charge. Details on this and more in today's ETtech Top 5.
FAME 3 likely to be rolled out soon with Rs 10,000 crore outlay
The third edition of the Modi government's FAME scheme, worth Rs 10,000 crore, will focus on electric two-wheelers, three-wheelers, and government buses. The inclusion of electric cars for institutional buyers like taxi aggregators is undecided.
View: Raise a glass to the job creators
In a recent interview, Narendra Modi emphasized the importance of supporting businesses and avoiding demonization. The Prime Minister's stance received positive feedback, contrasting with past socialist inclinations.
Govt to hold 2nd meet with stakeholders to issue draft guidelines for new EV policy
The Ministry of Heavy Industries is drafting guidelines for the new electric vehicle policy to attract global automakers like Tesla. Automakers, including Vietnam's Vinfast, must invest as per the new norms to avail incentives under the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) approved on March 15, 2024.
Expect good response on EV policy, FDI reforms in new govt; prepare for low tariff regime: DPIIT Secretary
India anticipates a positive response from numerous automobile companies to its electric vehicle (EV) policy, according to Rajesh Kumar Singh, DPIIT secretary. He noted that the government has adjusted tariffs to attract manufacturers without direct spending. Additionally, he stated that India might further liberalize FDI norms in select areas under the new government.
South side story: Can attractive sops turn Chennai into a hub for GCCs?
Can a slew of attractive sops from the state government and a competitive workforce turn Chennai into a hub for GCCs, positioning the state as a healthy alternative to Bengaluru and Hyderabad? In addition to banks and automotive firms, manufacturing, pharma, tech and product companies in the fintech space are considering setting up GCCs in Chennai.
17 cos to start production this year under IT hardware PLI 2.0
The Indian government is expecting most manufacturers qualified under the revised production-linked incentive (PLI) scheme for IT hardware to start production this year, according to the electronics and information technology ministry secretary S Krishnan. About 17 out of 27 PLI companies will start production, with six-seven starting last year and two planning to start next year.
Majority of manufacturers to begin production under revised PLI scheme
The government had approved the application of 27 companies, including HP, Dell, Flextronics, Lava International, Lenovo, Netweb Technologies, under a revised PLI scheme for IT hardware that offers higher incentives and includes a localisation schedule.
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