LOCAL PRODUCTION
Budget 2024: Remedial steps to fire up local manufacturing
Union Budget: The government has drawn up a list of finished products that are subject to lower import duty than the materials needed to make them, or an inverted duty structure.
Streaming giants challenge new Canadian revenue-sharing rules
Netflix, Disney, Paramount, and NBCUniversal challenge CRTC rules requiring 5% revenue be contributed to local news, Indigenous, and French content. The Motion Picture Association-Canada seeks federal court judicial review, questioning legal basis. Effective September, the regulation supports Canadian music, broadcasting, and is expected to raise C$200 million annually under Canadian federal law.
VinFast set to drive into India with locally assembled cars
VinFast, the EV arm of Vietnam's biggest conglomerate Vingroup, is expected to launch its first locally assembled car during the 2025 festive season. It is likely to sell its vehicles in the ₹25-30 lakh range, placing them in the premium affordable segment of India's burgeoning market for EVs. The models are likely to have a range of 300-500 kilometres.
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.
Minda Corp joins hands with Taiwan firm to locally produce sunroof for PVs
HSIN Chong Machinery Works Chairman Roger Hsi said the company is looking forward to collaborate with Spark Minda to expand its footprint in India's growing vehicle market to develop and manufacture innovative integrated automotive sunroof and closure systems for next-generation vehicles.
VinFast VF e34 electric SUV spotted in India. Here's what we know about it
VinFast, an EV maker, has started building an integrated EV facility in India, particularly in Tamil Nadu. A test mule of its electric SUV, the VF e34, has been spotted on Indian roads.
Ivory Coast bans some cocoa sales in another threat to market
Ivory Coast takes steps to secure scarce cocoa supplies for local processors, potentially restricting bean exports and tightening the global market.
Brakes India forms JV with Japanese firm for advanced braking products
Brakes India and ADVICS announced a joint venture to develop and manufacture advanced braking products for the Indian light vehicle market, investing Rs 500 crore over three years. The partnership will focus on Electronic Stability Control (ESC) and leverage strengths in technology, localisation, and manufacturing processes. Products will initially target hybrid and electric vehicles, with plans to supply to the Indian market.
India's electric car incentives limited to new investments: Officials
The Indian government's scheme to promote local production of electric cars will offer incentives only to automakers investing in new manufacturing facilities in the country, officials have revealed. Foreign firms, including those already operating in India, can apply for benefits under the Scheme for Manufacturing of Electric Cars (SMEC) but with no retrospective approval for previous investments.
Pricey ore, tepid local demand, Chinese imports weigh on steelmakers' margins
This is the third time in the past decade that local producers are confronting such a situation. "The government has in the past imposed duties against Chinese steel products, including those being routed from countries like Vietnam," a top official of a steel company told ET, adding that the primary steel makers had flagged their concerns to theCentre.
India big market for Canva; looking to build local team there: CEO Melanie Perkins
India is the fifth largest market for Canva, which is bullish on the country's burgeoning creator economy, having doubled its growth between 2023 and 2022. Canva’s latest offering can help businesses create company-wide design templates for their brands, keep their intellectual property (IP) safe, and provide greater control over their visual products.
Google's India alphabet P for Pixel, D for Dixon: Local contract manufacturer will make Google Pixel 8 smartphones
Dixon Technologies to manufacture Google Pixel 8 smartphones in India to compete with Apple and Samsung in the Rs 50,000-plus price range. Google aims to increase its market share in India despite import duties, considering Foxconn as a potential manufacturing partner.
Assam: Purabi Dairy cooperative targets sale of 4 tons of local honey
“Our customers have consistently shared positive feedback, praising the rich, authentic taste and the purity of Purabi Honey. Initially, they tried the product by purchasing smaller packs, but now there has been greater demand for larger packs, which is why we introduced the half-kilogram pack,” said S M Hussain, Marketing, WAMUL.
FMCG giants bite price bullet to keep small companies off their turfs
Market researcherfirm Kantar reports that local businesses operating in a single area increased their market shares by over 13% in the year that ended in April 2023, while national brands expanded by 9% in the same period. Kantar examined 13 categories in the personal care, home care, and food and beverage industries. Regional brands that operate in many markets experienced a 2% decline in market share, whilst unbranded enterprises witnessed a 5% decline in market share.
Hyundai ties up with Laxmi Group to commence Venue production in Nepal
Hyundai Motor India has started local assembly of the Venue compact SUV in Nepal through a partnership with Laxmi Group. The plant, Nepal's first automotive assembly facility, has an annual capacity of 5,000 units. Hyundai's CEO praised Nepal for this milestone, thanking the government for their support and expressing hopes for further policies to boost local assembly efforts.
Sweltering heat pushes up demand for temporary workers in rural markets
There is a 20% year-on-year increase in rural job vacancies, according to executives at recruitment services and consumer companies. They estimate 20,000-50,000 new temporary jobs are being created this year thanks to robust summer season demand in rural and semi-urban areas while companies with a large focus on rural businesses are looking to bolster sales and distribution presence in the hinterlands.
Why contaminated foods can easily enter your kitchen
Though India has a food regulator, the actions regulators abroad take on exported foods seem to get wider attention. There is a danger of trust deficit that needs urgent attention through better testing, penalties, and transparency.
Decision on resumption of sugar exports is months away, Indian official says
The world's second largest sugar producer banned exports of the commodity since June 2022. The objective behind the move was to cover local consumption.
Diversion of B Heavy Molasses will release Rs 2300 crore for the distilleries; says NFCSF
The decision of the central government to allow use of the 7 lakh tonnes of B Heavy Molasses for ethanol production will help the sugar industry get a revenue of Rs 2300 crores, said National Federation of Cooperative Sugar Factories (NFCSF), which represents the cooperative sugar mills of the country.
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