INDIA MANUFACTURING SECTOR
Aatmanirbhar Bharat helps mutual fund investors make 69% return in 1 year. All eyes now on Budget
Manufacturing-based mutual funds have shown impressive returns up to 69% in the last year. Expert suggestions include considering risk profile and time horizon before investing. Government initiatives like Make in India boosting sector growth.
India's industrial production beats estimates; growth seen at 5.9% YoY in May
India's Index of Industrial Production (IIP) increased by 5.9% in May, up from 5% in April, according to data from the Ministry of Statistics and Programme Implementation. The government reported factory output growth of 5.7% in May 2023, a slight increase from the previous high of 11.9% in October 2023.
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.
Underwater-launched UAV & more: DRDO sanctions seven new projects to private sector companies
DRDO's Technology Development Fund projects include simulator training tools by Oxygen 2 Innovation, ISR and MDA underwater vehicles by Sagar Defence, icing sensors by Craftlogic Labs, radar processors by Data Patterns, advanced timing systems by Accord Software, and graphene-based e-textiles using advanced nanocomposite materials by Alohatech. Aims to bolster India's military industrial ecosystem.
Industrial and warehousing sector absorption increases 21.9% year-over-year
The industrial and warehousing sector in India saw a 21.9% increase in absorption in the first half of 2024, with the 3PL sector driving demand with a 33% share. Tier I cities accounted for 78% of absorption, while Tier II and III cities accounted for 22%. The sector also saw a supply addition of 28.2 million square feet, with 77% concentrated in Tier I cities and 23% in Tier II and III cities. The e-commerce sector is expected to surge further as it adopts new models to expand urban distribution and extend its footprint into tier-II & III locations.
India's PMI surges in June, steel and services sectors drive economic growth: SBI
In June 2024, India's manufacturing sector saw a surge in the Purchasing Managers' Index and hiring activity, while the Eight Core Industries Index expanded by 6.5%. Steel demand boomed, driven by real estate, but auto sales slowed. The services sector excelled in digital payments, with strong domestic and international sales growth. Power consumption and UPI transactions also hit record highs, indicating a robust economic landscape for India in FY25.
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Govt, industry to discuss ways to promote growth of Indian toy sector on Jul 8
Government and industry to meet for discussions on boosting toy manufacturing and exports.
Here's why Abhay Agarwal is bullish on the manufacturing sector
We are very bullish on manufacturing as a theme. I think it’s a decade-long story from here. It will continue to play out. Different segments within manufacturing will obviously be favored at different times. Defence and PSU manufacturing are currently very popular in the market, which is why some of these stocks are already pricing in future returns. I am not sure how much return potential is left for investors entering now.
June services activity gets export push, PMI at 60.5
India's services sector saw robust growth in June, driven by a record surge in international sales and strong demand, according to HSBC’s PMI, which rose to 60.5. Employment grew at its fastest pace in 22 months. Despite rising market uncertainties, service providers remain optimistic about future business activity.
Women in India face a jobs crisis. Are factories the solution?
As international brands limit their dependence on China by shifting some manufacturing to India, the trend holds the potential to generate significant numbers of manufacturing jobs - especially for women, who have largely been excluded from the ranks of formal Indian employment.
Economy on strong wicket after fiscal first quarter
India's economy showed strong first-quarter performance with surging manufacturing activity, robust GST collections, and record-high Sensex, alongside a rise in passenger car sales and new export orders from overseas markets, as highlighted by industry experts and economic indicators.
Budget 2024: Will India’s robust manufacturing segment sway Sitharaman’s decisions? A look at PMI numbers
India manufacturing PMI Budget 2024 | Finance Minister Nirmala Sitharaman's upcoming Budget for 2024 is set against the backdrop of robust manufacturing PMI readings, signaling strong economic growth. The latest GDP figures for Q4 and FY24 underscore this momentum, driven by resilient manufacturing and services sectors. Amid global uncertainties, the budget aims for continuity, balancing growth and coalition priorities.
Record upturn in job creation drives India's manufacturing PMI to 58.3 in June
Activity in India's manufacturing sector rebounded last month with an increase in output driven by robust demand, leading to the fastest rate of hiring in over 19 years despite ongoing inflationary pressures, according to a survey.
India economy likely to sustain high growth trajectory: ITC
Indian conglomerate ITC predicts the Indian economy will sustain its high growth trajectory in FY2024-25 due to strong momentum in fixed investments and private consumption. The growth is supported by a good Rabi harvest and normal monsoons. Factors like a favorable demographic profile, increasing affluence, rapid urbanisation, and accelerated digital adoption are key structural drivers of the Indian economy.
Big Boost to Rudra and Prachand helicopters: Adani Defence and Thales Group to manufacture 70mm rockets in India
Adani Defence & Aerospace has partnered with Thales Group to produce 70mm rockets in India, supporting the "Make in India" initiative. This collaboration aims to enhance India's defence capabilities with locally produced rockets for HAL Rudra and Prachand helicopters, while also boosting the country's defence manufacturing sector and creating employment opportunities.
In 10 years, India no longer a charity case, it's the driving force of world economy: Sanjeev Sanyal
There are no such things as poor people. They are poor places. Say two brothers grew up in Moradabad. One of them stays back in Moradabad and another went off to Dubai. After five years, one person will be earning a lot more than the other. Why does this happen? It is because places matter, says Sanjeev Sanyal
India business activity rises in June, job creation at 18-year high
India's business activity expanded at a faster pace this month than in May, thanks to gains in manufacturing and services. The pace of job creation was at its strongest in over 18 years, marking a strong start to the country's economy this financial year. HSBC's flash India Composite Purchasing Managers' Index rose to 60.9 in June, marking nearly three years above the 50-level separating growth from contraction.
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.
Industrial production declines to a three-month low of 5% in April
India's Index of Industrial Production (IIP) slowed to 5% in April, a three-month low from 5.4% in March, according to data from the Ministry of Statistics and Programme Implementation (MoSPI). The growth rate was 4.6% in April 2023, a decrease from the previous high of 11.9% in October 2023. The three sectors with the highest growth rates in April 2024 were Mining, Manufacturing, and Electricity.
FDI fall seen across India, not just Karnataka, says industries minister Patil
State's industries minister MB Patil highlighted the decline in FDI in Karnataka and the entire country due to global factors and flawed policies of the Centre, with FDI decreasing from US $71 billion to US $70 billion in 2023-24.
Economy expands 7.8% in Q4, lifting FY24 growth to 8.2%
This is the highest annual growth since FY17, excluding the 9.7% post-Covid rebound in gross domestic product (GDP) in FY22 after the 5.8% contraction in FY21. The advance estimate released in February had pegged FY24 growth at 7.6%. Economists and government expect the high growth to continue though tepid private consumption remains a concern.
Govt may lower fiscal deficit target below 5.1 pc for FY25
For previous financial year ended March 2024, the fiscal deficit was better at 5.6 per cent of the GDP as against estimates of 5.8 per cent accounted in the interim Budget presented on February 1.
Economists project continued economic momentum and stability after India reports robust GDP growth in Q4
India's economy experienced a 7.8% growth rate in the January-March quarter, surpassing expectations due to strong performance in the manufacturing sector. The GDP growth in the fourth quarter of FY24 was slightly lower than the revised 8.6% growth in the previous quarter. Economists are optimistic about sustained momentum throughout the year, with the gap between GDP and gross value added (GVA) expected to normalize from the second quarter of FY25.
Indian economy likely grew at weakest pace in a year in Jan-March, says Reuters poll
India's economy likely experienced its slowest growth in a year during the January-March quarter, attributed to weak domestic demand, according to a Reuters poll of economists. This follows a surprising 8.4% GDP growth in the October-December quarter, boosted by a sharp drop in subsidies that artificially increased net indirect taxes, while gross value added (GVA) grew by 6.5%. For the January-March period, GDP growth is expected to have slowed to 6.7%, with GVA growth at 6.2%.
Growth momentum likely to stay in Q1FY25: FinMin
The finance ministry's April report predicts strong economic activity in FY25, with rising industrial activity and fixed investments. Positive macro-economic indicators include a bright manufacturing outlook and improved services sector, supported by increased capacity utilization and EPFO data.
Private sector activity picks up to 61.7 in May, according to HSBC Flash PMI
The HSBC Flash India Composite Output Index rose to 61.7 in May compared with 61.5 in the previous month. “The latest data showed strength in new export orders for both sectors, which rose at the fastest pace since the series started in September 2014,” said Pranjul Bhandari, chief India economist, HSBC.
India needs to create 115 million jobs by 2030, research shows
India needs to create 115 million jobs by 2030 to boost services and manufacturing for economic expansion. The country must generate 16.5 million jobs annually, 10.4 million from the formal sector, to address high youth unemployment and low labor force participation rate.
India needs to focus on factor market reforms to propel growth to double digit: ADB Chief Economist
Labour reforms have been approved by Parliament in 2020, but it has not been implemented. In 2019 and 2020, 29 central labour laws were amalgamated, rationalised and simplified into four labour codes -- the Code on Wages, 2019; the Industrial Relations Code, 2020; the Code on Social Security, 2020; and the Occupational Safety, Health & Working Conditions Code, 2020.
India's Industrial Production growth rate slows to 4.9% in March 2024
The data released by the National Statistical Office (NSO) showed that the manufacturing sector's output grew 5.2 per cent in March 2024, from 5 per cent in February.
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