MANUFACTURING ECOSYSTEM
Budget 2024: What does the stock market expect from the coalition government Budget?
India's real consumption is expected to reach Rs 70 trillion by 2025, driven by demographics and rising incomes. By 2030, consumer spending may hit $4 trillion. Agriculture sees 6% growth, with budget support. Manufacturing and infrastructure expand through policies. The 2024 budget, at Rs 47.66 trillion, allocates 3.3% of GDP to infrastructure, smart cities, highways, and logistics parks.
How smart manufacturing can transform India’s future
India's 1991 reforms started economic transformation, now focusing on AI, IoT, robotics in smart manufacturing. Government initiatives like SAMARTH Udyog, the Centre for the Fourth Industrial Revolution drive Industry 4.0. NAMTECH, founded by ArcelorMittal Nippon Steel, advances technical education, aiding India's aim for a $35 trillion GDP and global manufacturing hub status.
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.
Samsung launches Gen 6 foldables, smartwatches in ecosystem push
The Korean electronics major also introduced a smart ring, named Galaxy Ring, for health enthusiasts, which will be hitting the India market at a later date.
Lava mulling spinning off manufacturing arm into independent co
Lava International may spin off its manufacturing arm to meet PLI targets. Despite past struggles and lost business from Chinese brands and Google Pixel, head of manufacturing Sanjeev Agarwal is hopeful about a new incentive package. Lava plans increased local value addition, PCBA, and evaluating components for in-house production or outsourcing, balancing capital expenditure for growth.
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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India needs to work on infra, ecosystem to be a semicon hub: Dy mayor of New Taipei City
Deputy Mayor Chu Tih Ju, at Taiwan Expo 2024, urged India to enhance infrastructure and connectivity to boost its manufacturing ecosystem. Taiwan, a major semiconductor and electronics producer, saw $8.2 billion bilateral trade with India last year. TAITRA Chairman Huang noted 28% trade growth in 2024, emphasizing the adherence to local laws.
Chorus grows for angel tax repeal; policy push for EVs
Startup Inc’s calls to do away with angel tax have found support from the government. This and more in today’s ETtech Top 5.
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.
Rs 300 crore allocated by Defence Ministry to foster Make in India defence tech innovations
The Indian Ministry of Defence has sanctioned over Rs 300 crore through its Technology Development Fund (TDF) to create an ecosystem for enhancing capabilities in cutting-edge technology and promoting 'Aatmanirbharta' in defence. The TDF scheme, executed by DRDO under the 'Make in India' initiative, provides grants-in-aid to Indian industries, including MSMEs and startups, as well as academic and scientific institutions, for the development of defence and dual-use technologies.
Karnataka losing out in manufacturing race; CXO churn in startups
New-age companies are choosing to set up manufacturing facilities in neighboring states like Maharashtra and Tamil Nadu, bypassing Karnataka. More on this in today's ETtech Morning Dispatch.
Defence Ministry signs 350th iDEX contract with SpacePixxel Technologies for miniature satellite development
The Ministry of Defence signed its 350th iDEX contract with SpacePixxel Technologies Pvt Ltd for developing a miniature observation and imaging satellite for the Indian Air Force. This initiative aims to innovate in space electronics by miniaturising payloads that were previously deployed on large satellites. The new satellite will integrate multiple miniaturised payloads, offering benefits like faster deployment and lower environmental impact. Defence Secretary Giridhar Aramane praised the commitment of defence innovators and assured them of continued support.
350th iDEX contract: MoD, SpacePixxel to work on design, development of miniaturised satellite
iDEX has significantly impacted the defence ecosystem by fostering start-ups, creating job opportunities, and facilitating procurement worth over Rs 2,000 crore, showcasing a commitment to innovation and technology advancement.
BII bullish on Indian EV ecosystem, expects to invest USD 300 mn in 3 yrs: MD Abhinav Sinha
Abhinav Sinha of British International Investment envisions India surpassing China in EV adoption by 2030, ahead of Europe and the US, driven by government support and cost considerations, emphasizing the country's potential for significant growth in electric transportation.
Beauty secrets: Inside India's booming beauty industry that relies on hundreds of contract manufacturers
Nishit Dedhia, the MD and cofounder of Kain Cosmeceuticals, is leading a tour of his cosmetics manufacturing facility in Khopoli, Maharashtra. The facility produces a variety of beauty products for the growing direct-to-consumer market in India.
Startups seek support, policy continuity from new govt
As of 6.30 pm, data from Election Commission showed the incumbent BJP leading with 241 seats, opposition Congress with 98 seats -- leaving both parties short of the 272 Lok Sabha seats needed to form a government and increasing the chances of a coalition.
Electronics companies seek Rs 35,000-crore incentive plan for components
"The incentive scheme is needed to support growing demand for electronics components to the tune of $75-$80 billion by 2026, and $300 billion by 2032 to support $300 billion worth of electronics products manufacturing by 2026 and $1.2 trillion by 2032," the India Cellular & Electronics Association (ICEA), which represents top smartphone brands and manufacturing companies, said.
Govt needs to further expand PLI scheme to make India 'Global Drone Hub': Report
As per the Ministry of Civil Aviation projections, the Indian drone manufacturing industry is expected to reach Rs 900 crore by 2025 from just Rs 60 crore in 2020-21, according to a study conducted by Nexgen Exhibitions. It also noted that the Indian drone market is expected to grow at 22.15 per cent CAGR (compounded annual growth rate) during the 2024-30 period.
India to be $1 trillion digital economy by FY28: IT minister Rajeev Chandrasekhar
The government earlier expected India to reach the $1 trillion-mark by 2026-27 but the target has been moved by a year due to various reasons, including the Covid-19 pandemic, IT minister Rajeev Chandrasekhar said.
Mother set of Multibaggers: Evolution of EV ecosystem and emergence of new winners from auto ancillary space
Whether it's institutional or retail investors, the desire to find the next multibagger is always high. But it is not easy to find multibagger stocks for multiple reasons. In the last 30 yearsonly two or three sectors have thrown up multibaggers -- IT, pharma and some engineering or industrial segments. Now the auto and auto ancillary sectors are transforming. From next Sunday onward, we take a deep dive into individual auto ancillary companies which have either transformed due to EV space or are changing themselves or will go down as they are not relevant in new age of EV.
SBI Mutual Fund launches SBI Automotive Opportunities Fund
SBI Mutual Fund has introduced the SBI Automotive Opportunities Fund, an open-ended equity scheme centered around automotive and allied business activities. The New Fund Offer (NFO) for this scheme will be available for subscription from May 17 to May 31.
Will China become the cat among India's EV pigeons?
Chinese electric vehicles are causing concern in the US and Europe due to their affordability and efficiency. The US has responded by imposing tariffs on Chinese EVs and lithium-ion batteries. India may now become a target for Chinese EVs. Stellantis is considering manufacturing Leapmotor's electric vehicles in India to avoid tariffs.
India playing crucial role in advanced manufacturing: N Chandrasekaran
The Tata Sons chairman noted that companies are adjusting their supply chains to achieve a balance between resilience and efficiency. Additionally, Chandrasekaran emphasized the emergence of new global supply chain ecosystems, with India assuming a significant position in advanced manufacturing.
Solar stocks outshine with up to 1,318% return in 1 year. Who’s driving the bull run?
Waaree Renewable Technologies, a smallcap solar company, has emerged as the leading gainer in the solar sector, boasting an astounding annual return of 1,318%. It is followed by WAA Solar with a gain of 561%, Zodiac Energy with 393%, and SJVN with 236%.
Effective defence-industry ecosystem taking shape in the country: Gen Pande
Gen Manoj Pande highlights the importance of integrating veterans into the defence-industry ecosystem, emphasizing their unique skills and experiences for technological solutions required by the Indian Army.
Centre eyes dedicated R&D wing under semicon research centre
Government plans R&D wing at India Semiconductor Research Centre (ISRC) for semiconductor research with a focus on industrial production, public-private partnerships, and intellectual property rights-driven manufacturing ecosystem. The project aims for next-gen semiconductor development and involves higher education institutes like IIT Bombay and IIT Gandhinagar.
Tata Electronics building hi-tech machines to make iPhone casing
Tata Electronics is internally developing "very sophisticated" and complex high-precision machines used to produce the casing of these iPhone, sources told ET.
Big gain for IAF: Govt clears next-gen fighter prototypes and development
The government has approved the development and prototype production of next-generation fighters for the air force, aiming to bolster the domestic manufacturing ecosystem and enhance the armed forces' combat capabilities. The Cabinet Committee on Security (CCS) greenlit the estimated Rs 15,000 crore proposal, advancing the project to the prototype production stage. The Advanced Multirole Combat Aircraft (AMCA), a fifth-generation fighter jet, is slated to take flight by 2028, featuring cutting-edge technologies like stealth capabilities, AI integration, long-range targeting, and compatibility with unmanned systems.
India’s presence will democratise electronics value chain: Josh Foulger
Josh Foulger, the incoming president of electronics at Zetwerk, India is at the cusp of the next big revolution in electronics manufacturing and that the current situation is like the “Y2K moment” for the country.
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