PLI
India catching up with China, Vietnam on phone exports
India is rapidly narrowing the gap with China and Vietnam in mobile phone exports. In FY24, while mobile phone exports from China and Vietnam declined by 2.78% and 17.6% respectively, Indian exports surged by 40.5%, according to officials citing global trade data. India has captured nearly 50% of the reduction in mobile phone exports from these two countries, aligning with its objective of absorbing a significant portion of the supply chain shift from China.
Ola working on solid-state batteries, okay with govt tapering off EV subsidies
Ola Electric, led by Bhavish Aggarwal, revolutionizes electric vehicle batteries with cutting-edge technology. Partnering with Beijing Welion New Energy, they achieve a 1000 km range with innovative battery-swapping services. The industry anticipates electric aircraft powered by these advancements, cementing Ola Electric as a pioneering force in the EV sector.
Congress targets PM over report on Adani group 'taking' Chinese help in solar project
Congress leader Jairam Ramesh criticized Prime Minister Narendra Modi on Saturday, pointing to a report that the Adani Group has selected eight Chinese companies for its solar manufacturing project. Ramesh emphasized the need for a strategy to reduce India's dependence on China and ensure taxpayer money does not benefit Chinese firms.
India to make drugs for diabetes, obesity under PLI by 2026, says report
India plans to incentivize local manufacturing of GLP-1 drugs, crucial for treating diabetes and obesity, starting in 2026, as per a government official speaking to Reuters. These drugs, originally approved for diabetes treatment, are also used for obesity due to their ability to slow digestion and reduce appetite. Novo Nordisk's patent on semaglutide, a key ingredient in popular drugs like Wegovy and Ozempic, is set to expire in India by 2026. Indian companies are already preparing to manufacture these drugs under the government's production-linked incentive (PLI) scheme.
Make in India, the next season India planning a Budget day release
India has launched several initiatives to attract investments to the country, presenting itself as an alternative manufacturing destination to companies seeking a China+1 supply chain shift. The IT hardware and mobile phone programmes have seen success. The Centre is hopeful of a similar shift in other sectors as well and there is a view that PLI plus a lower corporate tax rate will offer investors a competitive return on investment.
Global tyre makers accelerate make-in-India plans, buoyed by govt's PLI scheme
Global tyre giants Michelin, Bridgestone, and Goodyear, along with potential investors Yokohama and Birla Tyre, are set to invest around Rs 3,000 crore in India's manufacturing sector under a government scheme linking imports to local investment. This initiative, aimed at boosting domestic production, follows the Centre’s import restrictions.
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PLI worth Rs 10,000 crore approved for textiles: Minister Giriraj Singh
Textiles Minister Giriraj Singh announced that the government has sanctioned a production-linked incentive (PLI) scheme exceeding Rs 10,000 crore for the textiles industry, with plans under consideration to extend it to the garments sector. Additionally, he highlighted that the ministry is developing a strategy to surpass China in the textile sector.
Leather, footwear exporters seek PLI scheme in Budget to boost jobs, manufacturing, shipments
The Council for Leather Exports (CLE) urged the government to extend the Production-linked Incentive (PLI) scheme for the leather and footwear sector to boost job creation and manufacturing. At a pre-budget meeting, CLE Chairman Rajendra Kumar Jalan also requested import duty exemptions on wet blue, crust, and finished leather to enhance competitiveness.
Considering PLI scheme for garments sector: Textiles Minister Giriraj Singh
In 2021, the government approved the PLI scheme for textiles with an approved outlay of Rs 10,683 crore over a five year period to promote production of MMF (man-made fibre) Apparel, MMF Fabrics and Products of Technical Textiles in the country to enable textiles industry to achieve size and scale and to become competitive.
India's electronic manufacturing may reach USD 500 bn by 2030: CII report
India needs to take critical actions to transform its electronic sector ecosystem from an 'import dependent assembly led manufacturing' to 'component level value-added manufacturing', highlights a report by Confederation of Indian Industry.
Budget wishlist from agriculture & MSMEs stakeholders: Sops, infra push, easy loans and PLI schemes
Stakeholders from the agricultural sector and MSMEs provided key suggestions to Finance Minister Nirmala Sitharaman during pre-budget consultations. Suggestions included rationalizing fertilizer subsidies, boosting agricultural infrastructure investment, and implementing employee-centric production-linked incentive schemes.
LEDs... and ACtion: White goods PLI may see light of day, again
The government is considering reopening the Production-Linked Incentive Scheme for White Goods (PLIWG) to boost domestic manufacturing of high-value components like compressors, copper tubes, and aluminium foils. The Department for Promotion of Industry and Internal Trade (DPIIT) is reaching out to industry players to gauge their interest in investing in the scheme, which aims to increase production of air-conditioner and LED light components.
Budget must focus on employment generation, boost to manufacturing sector: Economists
Economists attending the pre-Budget consultation with Finance Minister Nirmala Sitharaman emphasized the need for the upcoming Budget to prioritize employment generation and bolster the manufacturing sector. They highlighted concerns over unemployment and urged the government to focus on job creation. There was consensus that with the economy showing resilience, stimulating consumption demand would not be a major challenge.
View: FAME III, tax rationalization, PLI tweak & more - What the Indian EV sector needs from Budget 2024-25
India, as per IBEF, is the world’s third-largest automobile market and supports the EV 30@30 Campaign. The Finance Minister, Smt. Nirmala Sitharaman, will table the Union Budget 2024-25 next month.
Anti-dumping duty on PCBs hits IT hardware PLI beneficiaries
India imposed a 30% anti-dumping duty (ADD) on bare PCBs – an essential component in any electronics product – for five years in March on the commerce ministry’s recommendations following complaints from six local PCB makers, represented by the Indian Printed Circuit Association, over cheap inbound shipments from China and Hong Kong.
Ministries started accepting quarterly applications for PLI incentive claims: Official
Several government departments have begun accepting applications for quarterly disbursements of incentives under the Production Linked Incentive (PLI) schemes to expedite claims processing, according to a senior official. The Department for Promotion of Industry and Internal Trade (DPIIT) has encouraged other departments to adopt this practice, except in cases like food processing where the volume of applications is low. The move comes in response to demands from PLI beneficiaries for timely disbursement of claims.
F&O stocks to buy today: RIL, Federal Bank among top 6 trading ideas for 18 June 2024
On the options front, the weekly maximum Call OI is placed at 24000 and then towards 23500 strikes, while the maximum Put OI is placed at 23400 and then towards 23000 strikes.
Let the Chinese come, for Aatmanirbhar Bharat's sake
Modi government addresses delays in Chinese tech workers' visas, crucial for Atmanirbhar Bharat. Streamlining visa approvals for Chinese professionals enhances production capabilities and reduces import dependence in domestic manufacturing units.
100-Day action plan: DPIIT looking to start up funding & spur manufacturing push
The Department for Promotion of Industry and Internal Trade (DPIIT) in India is planning to focus on easing early-stage funding for startups, reducing compliance burdens, and reducing logistics costs as part of its 100-day action plan. The plan includes a policy for deep-tech startups, reforms for ease of doing business, and a public-private partnership model of governance.
SOP in final stages to facilitate visa for Chinese technicians needed in mfg units: Official
The Indian government has finalized a standard operating procedure (SOP) to expedite visa approvals for Chinese professionals needed by manufacturing units under the PLI scheme. This move aims to address delays in visa processing for technicians essential for installation, repairs, and training in sectors like textiles and automobiles
PLI scheme to attract Rs 3-4 lakh cr investments over 4 yrs; pvt sector capex may accelerate: Icra
Production-Linked Incentive (PLI) scheme is projected to draw investments worth Rs 3-4 lakh crore over four years, creating 2 lakh jobs. Icra Executive VP K Ravichandran foresees private sector capex growth in sectors like oil, gas, metals, healthcare, and cement, with potential tax breaks to boost disposable income for higher investments.
Need to build on success of PLI schemes, recent FTAs, PPP governance model: Piyush Goyal
Goyal said that there is a need to introspect and coordinate better between departments and emphasised the importance of research and development and strengthening the public-private partnership (PPP) model of governance.
Modi 3.0: Growth sequel starring jobs, investment
The full budget, likely to be presented early in July, will detail specific measures toward this end. "The focus would be to promote labour-intensive growth that will create jobs, with continued emphasis on macroeconomic stability," a top government official aware of the details told ET. A host of measures on startups and taxation - including inverted duty structure correction, along with GST rate rationalisation - is under discussion, said the person cited above.
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.
Govt finally takes note of woes of companies that need but can't get Chinese hands on time
Many Indian companies need Chinese expertise for execution of certain phases of projects. But visa issues don't allow these entities to avail the services of these workers when they need it. The Indian govt is seized of the problem and is now planning a fix.
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.
FM Sitharaman bats for a bigger manufacturing play, looks to increase country’s share in global value chains
Finance Minister Nirmala Sitharaman advocated for a significant boost in domestic manufacturing to enhance India's self-reliance and integration into global value chains, rejecting the idea of solely focusing on services. Speaking at the Confederation of Indian Industry (CII) annual business summit, she emphasized the government's partnership with India Inc for national development. Sitharaman expressed confidence in Prime Minister Narendra Modi's re-election, planning to engage with CII post-elections for budget consultations.
India needs to focus on manufacturing, achieve greater sophistication: Nirmala Sitharaman to Indian Inc
Finance Minister Nirmala Sitharaman flagged the need for India to boost its manufacturing sector to achieve self-reliance and increase its share in the global value chain. She highlighted the importance of policy support and sophistication in product manufacturing to attract investment and reduce dependence on China. The minister also discussed the success of the PLI scheme in sectors like telecom and electronics, showcasing India's potential for growth and investment.
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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