INCENTIVIZE GLOBAL MANUFACTURERS
How Budget 2024 can cash in on the PLI scheme to unlock Aatmanirbhar Bharat's manufacturing potential
Budget 2024 Expectations: The PLI scheme promotes manufacturing in 14 sectors, including electronics, textiles, and white goods. Reopened for textiles, white goods, railways, furniture, and toy industries, it aims to reduce imports and modernize production. Launched in 2020, it enhances economic resilience, job creation, and export growth under the Aatmanirbhar Bharat initiative.
VIEW: Cues on the critical need to support India’s solar and renewable energy industry
NDA 3.0 aims to revitalize India’s economy with a focus on clean energy in the 2024-25 budget. Priorities include policy continuity, fiscal incentives, and significant investments in renewable technologies, particularly solar. By allocating 5-10% of GDP to clean energy, India can foster economic growth, employment, and global leadership in renewable energy.
Union Budget 2024-25: Extension of concessional tax regime for India’s manufacturing sector
BUDGET EXPECTATIONS: India's upcoming Union Budget for FY 2024-25 is anticipated to extend the 15% concessional tax rate for new manufacturing companies, boosting investor confidence in the sector. This measure aligns with India's "Make in India" initiative, promoting self-reliance and economic growth. The move aims to sustain GDP growth, projected at 6.9% in 2024, and position India as a competitive global manufacturing hub.
A 60% fall! Does falling FDI call for policy recalibration?
RBI reported a 62% drop in net FDI flows into India to USD 10.6 bn in FY24, the lowest since 2007. Select sectors benefit from the "China+1" trend, attracting opportunistic foreign investments. India requires comprehensive policy recalibration, aligning with sectoral strengths, and genuine market access.
Manufacturing mutual funds offer up to 68% in one year. Should you consider?
Manufacturing mutual funds, including ICICI Prudential Manufacturing Fund and Mirae Asset Nifty India Manufacturing ETF, have delivered impressive returns up to 68% in the last year. Modi's 'Make in India' initiative has boosted the manufacturing sector, attracting investors to thematic and sectoral funds.
Mahindra Group to invest Rs 37,000 crore in auto sector, plans to launch 23 new vehicles by 2030
Mahindra Group announces plans to invest Rs 37,000 crore in the auto sector over the next three years, with a focus on launching 23 new vehicles by 2030. The investment includes new ICE SUVs, BEVs, and light commercial vehicles. The company emphasizes the importance of ICE models in the short term while investing significantly in the EV segment. The expansion plans also include enhancing manufacturing capacity and remaining open to future mobility trends, including hybrid vehicles. The company welcomes India's new EV policy and emphasizes its commitment to the 'Make in India' initiative.
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India aims for 30 percent of all vehicle sales to be electric by 2030: Care Edge Ratings
The demand for vehicles powered by traditional fuels is shifting towards alternative fuels, with petrol vehicle sales declining from 86% in 2020 to 76% in 2023. Alternative fuel-driven vehicles saw a 400% growth in CY 2023 compared to CY 2020. EVs offer the lowest lifetime cost, followed by CNG. India aims for 30% of vehicle sales to be electric by 2030.
BMW and other German automakers express fear over new EV policy favoring new entrants
German companies express concerns over India's new EV policy favoring new entrants with lower import rates, seeking fair treatment for early investments in localisation. Korean automakers, local embassies also advocate for a level-playing field in the industry.
Mobile phone manufacturing jumps 21 times to Rs 4.1 lakh cr in 10 yrs: ICEA
Over the past decade, mobile phone manufacturing in India has seen a remarkable 21-fold increase to reach Rs 4.1 lakh crore, driven by government policies like the Production Linked Incentive (PLI) scheme. This surge has enabled India to fulfill 97% of its mobile phone demand domestically, with 30% of production targeted for export in FY'24, amounting to an estimated Rs 1.2 lakh crore.
Tamil Nadu to offer sops for creation of high paying jobs in Global Capability Centres
The Tamil Nadu government plans to incentivise high-paying job creation in Global Capability Centres (GCCs) through a payroll subsidy. This initiative aims to boost competitiveness, accelerate sector growth, and attract top talent and investment to the state. However, Chennai's parochial outlook and hate politics need to be addressed for optimal impact.
GTRI flags slow progress in payment of sops under PLI schemes
The Rs 4,415 crore disbursement is only 2.25 per cent of the total outlay of Rs 1.97 lakh crore of incentives over five years under the PLI schemes announced in 2020, the Global Trade Research Initiative (GTRI) said on Sunday. "This slow fund spend is unsurprising, considering that setting up greenfield or new manufacturing operations takes time," it said. "PLI criteria for various sectors include thresholds on investments, production, sales, degree of localization, inputs used and many more. Manufacturers may not be able to tick on all boxes," GTRI Co-Founder Ajay Srivastava said.
Budget 2024: How extending concessional corporate tax rate can boost India’s manufacturing ecosystem
Budget 2024: India's manufacturing sector has been a key driver of the economy. The government introduced section 115BAB in the Income-tax Act, offering a reduced tax rate of 15% to newly established domestic manufacturing companies. The sunset date for this incentive has been extended to March 2024, but industry players are calling for a further extension.
ETMarkets Smart Talk: Track any changes govt takes to incentivize global manufacturers in Budget 2024: Mohit Ralhan
Mohit Ralhan says: Investors should focus on the steps the government takes to incentivize global manufacturers to set up shop in India and keep an eye on any incentives the FM rolls out to attract such flows. Spotting beneficiaries of such a move could lead to substantial wealth generation. India, with its strong macroeconomic fundamentals and political stability, has emerged as a preferred destination for global investors.
China import concerns spur US to launch semiconductor supply chain review
The review aims to identify how US companies are sourcing so-called legacy chips - current-generation and mature-node semiconductors - as the department moves to award nearly $40 billion in subsidies for semiconductor chips manufacturing.
Gujarat focuses on green hydrogen ahead of Vibrant Gujarat Global Summit 2024
Gujarat presently contributes around 15% to India's Renewable Energy capacity and aims to source 50% of its energy from renewable sources as part of the Renewable Energy Policy 2023, thus supporting India's target of reducing carbon emissions by 45% by 2030.
India needs to position itself as global mfg hub as China witnessing repeated outbreaks: GTRI
A health ministry statement on November 26 said that the Government of India is closely monitoring the situation and indicated that there is no need for any alarm. The report said that China supplies more than 90 per cent of laptops and produces most components in-house. The same applies to washing machines, solar PV cells and EV batteries.
Indian talent aligns well innovation & tech achievements of Nordic-Baltic region
External Affairs Minister S Jaishankar highlighted India's synergy with Baltic e-governance and innovation during the CII-Nordic Baltic conference in New Delhi. Stressing on strategic ties, he outlined economic collaboration, trade statistics, and growing Indian presence in the region. Discussions spanned sectors like renewable energy, maritime cooperation, technological advancements, and India's keen interest in Arctic collaborations, aiming for a robust partnership.
Demystifying Bharat NCAP: Your roadmap to safer car selection
The Ministry of Road Transport and Highways in India has introduced the Bharat New Car Assessment Programme (Bharat NCAP) to improve road safety. The program evaluates the safety performance of passenger vehicles and assigns star ratings based on comprehensive crash tests and assessments. The goal is to harmonize India's safety standards with other countries. The ratings empower consumers to make informed choices and encourage manufacturers to meet higher safety standards.
Make globalization more transparent, Finance Minister Nirmala Sitharaman says during US visit
India's Finance Minister, Nirmala Sitharaman, has said that the country will not reverse the benefits of globalisation but is aiming to increase transparency. During a meeting with the Peterson Institute for International Economics, Sitharaman said that India must find ways to encourage production of goods locally, gradually stopping imports of such items. Despite incentivising India’s own production, there could still "some collateral", she said while identifying the need to prioritise value chain creation to produce goods not just for India, but to export across the globe.
World Bank warns of 'lost decade' in global growth without bold policy shifts
Average potential global economic growth will slump to a three-decade low of 2.2% per year through 2030, ushering in a "lost decade" for the world's economy, unless policymakers adopt ambitious initiatives to boost labor supply, productivity and investment, the World Bank warned on Monday.
Inside the global race to turn water into fuel
A section of energy experts believe that green hydrogen has a potential to replace fossil fuel use in steelmaking, shipping, and other industries.
The next 25 years: India’s golden opportunity to become a manufacturing powerhouse
Over the past two decades, the services sector grew rapidly without a manufacturing boom, unlike other countries where manufacturing growth precedes services.
Corporates to push more millets as budget expects India becoming global hub for Millets
India is already the largest producer and second largest exporter of millets and the continued focus on domestic production, consumption and export potential will help us to earn foreign exchange. The prices of millets will remain steady following the government's move, industry experts said.
How Budget is shaping the journey for the catalyst of India's world factory dreams
Union Budget 2023: PLI schemes have been introduced to boost domestic manufacturing, enhance employment opportunities, reduce imports and increase exports, which is likely to result in a positive Current Account Balance for the country. The schemes have been triggered at an opportune time to grasp the attention of leading manufacturers in the world looking for a cost-effective and competitive location to set up their facilities, post-disruption due to the pandemic.
Green Hydrogen Mission to help India meet net-zero targets: Experts
The objective of the Mission is also development of a production capacity of at least 5 MMT (Million Metric Tonnes) per annum with an associated renewable energy capacity addition of about 125 GW in the country by 2030. "I expect that the emphasis on demand creation, incentives and partnerships will kick-start the green hydrogen industry in the country and enable Indian companies to be on a level footing with the global energy suppliers.
India charts strategy to enter global chip market, eyes homegrown tech
From a crippling shortage during the Covid pandemic, the supply of semiconductors has eased a little, but analysts predict the sector’s growth to slow through 2022. India is, however, assiduously wooing chip makers to set up shop.
Automotive PLI scheme - A strong financial boost for manufacturing
The government is investing in the long-term growth of our manufacturing sector by providing a strong financial booster shot in the form of the Production Linked Incentive Scheme. The intent is very clear - to make our manufacturing sector globally competitive and thereby making India Atamanirbhar. The Automotive PLI scheme more than proves the point.
Vedanta, Foxconn to form joint venture to manufacture semiconductors in India
According to the MOU signed between the two companies, Vedanta will hold the majority of the equity in the JV, while Foxconn will be the minority shareholder. Vedanta Chairman Anil Agarwal will be the Chairman of the joint venture company.
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