PLI SCHEME 2 0
India's EV plans to get a policy boost as govt may fast-track 3 big-ticket schemes
The Indian government plans to fast-track three major electric vehicle schemes in its first hundred days, including incentives for local battery production and electric bus procurement under FAME 3. Aimed at boosting clean mobility, these initiatives aim to propel India towards net-zero goals amid rising global demand for EVs.
Gokaldas Exports MD on PLI scheme, export growth and organic growth expected in ‘24
Gokaldas Exports focuses on women's fashion, outerwear, and sportswear. They will continue to focus on those segments and are seeing growth across all of these product categories.A 15% growth should be possible organically, that is how the company management is looking at the business unfolding over the next two to three years.
India's high input tariffs stifle smartphone export growth, industry calls for reductions & policy changes in Budget 2024
Union Budget: India's efforts to increase smartphone exports through the production-linked incentive (PLI) scheme face challenges due to high tariffs on input parts and barriers for global firms entering its value chains. Despite the PLI scheme's success in boosting smartphone production beyond domestic demand, these tariffs, averaging 7.4%, are significantly higher than in competitor countries like China's bonded zones where tariffs are 0%.
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.
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.
PMAY-U 2.0 to build 1 crore houses in urban areas will be launched soon, says ministry officials
The Union Cabinet of Modi 3.0 government, in its first meeting held on June 10 under the chairmanship of Prime Minister Narendra Modi, approved government assistance for the construction of three crore houses under the PMAY.
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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.
Why the slogan ‘Jai Jawan’ has lost its sheen
NDA allies have joined the chorus against the Agniveer scheme, which came into force without parliamentary debate or discussion. Will the government finally sit up and take notice?
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.
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.
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.
SIP, STP or lumpsum? How to invest as Dalal Street recovers from election shocker
Post-election market recovery raises concerns for mutual fund investors on choosing between lumpsum or SIP/STP investments for better returns. Bankbazaar.com CEO Adhil Shetty advises considering market conditions, risk appetite and financial goals for investment decisions in mutual funds.
India VIX cools off 30% to sub-20 levels as market gets back lost ground
India VIX fell below 20 on Wednesday amidst election outcome favoring NDA with a comfortable majority. Modi 2.0 government held its last cabinet meeting amid positive market sentiments.
Hold your horses! Wait for real results before making big moves: Swaminathan Aiyar
In Modi 1, he, for instance tried to take on land acquisition. He retreated. Again, in Modi 2, one of the things that he retreated on perhaps was whether we have a national register of citizens, which the Muslim community is extremely afraid of, that is a non-economic subject. But I mean, these were some of the areas Mr Modi has shown that he is capable of retreating when he comes across a very serious resistance.
Listen closely: From Google smart speakers to Paytm soundboxes, these businesses are thriving in manufacturing
Making for others can be more lucrative than building a brand for themselves — this realisation has created a brigade of small contract manufacturers who are making India’s place prominent in the global electronics manufacturing services map.
Moody's projects 6.8 per cent GDP expansion in 2024 on strong growth, post-election policy continuity
Moody's Ratings projected India's growth at 6.8% in 2024, followed by 6.5% in 2025. The prediction was driven by economic expansion and post-election policy continuity. The real GDP grew by 7.7% in 2023, with strong government spending and manufacturing activity. High-frequency indicators suggest sustained momentum in the economy. Moody's expects 6-7% annual GDP growth with policy continuity and increased capital expenditure. Private investment outlook is positive, despite inflation volatility.
Ambrane to invest Rs 100 crore to increase localisation from 70 to 100%
Consumer electronics company Ambrane is determined to create 100% made in India products and is targeting Bharat and the global market.
Govt seeks updates from hardware PLI beneficiaries
The Indian government is monitoring imports of laptops, tablets, and servers, focusing on 27 companies under the Production linked incentive (PLI) scheme 2.0 for IT hardware. The government is preparing to replace the current import management system with an import authorisation mechanism to make the country a global manufacturing hub. PLI-approved companies are required to submit monthly updates on their local manufacturing plans, such as the establishment of assembly lines, investments, and jobs.
India major gainer of China+1, exports to soar to $835 billion by 2030: Nomura
India and Vietnam are emerging as key beneficiaries of the China plus one strategy, with Nomura predicting significant growth opportunities for Asian economies. According to a report by Nomura, India's exports are projected to skyrocket to $835 billion by 2030 from $431 billion in 2023, driven by its vast domestic market attracting companies seeking supply chain diversification away from China.
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.
View: Your first 100 days to-do list, Gov
The upcoming government will have its work cut out for it as it steps into power following the conclusion of the 18th Lok Sabha polls. While the current administration has made strides in improving the business environment in India, there are key reforms that the new government must prioritize to fully capitalize on the country's growth potential.
Govt to hold 2nd meet with stakeholders to issue draft guidelines for new EV policy
The Ministry of Heavy Industries is drafting guidelines for the new electric vehicle policy to attract global automakers like Tesla. Automakers, including Vietnam's Vinfast, must invest as per the new norms to avail incentives under the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) approved on March 15, 2024.
India will have to find ways to reduce India Inc’s over-reliance on a belligerent neighbour
It is clear that the government will not opt for irrational curbs on imports because that can derail several industries. But it will have to find ways to reduce reliance on a belligerent neighbour that is relentlessly fortifying its position on the LAC.
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.
17 cos to start production this year under IT hardware PLI 2.0
The Indian government is expecting most manufacturers qualified under the revised production-linked incentive (PLI) scheme for IT hardware to start production this year, according to the electronics and information technology ministry secretary S Krishnan. About 17 out of 27 PLI companies will start production, with six-seven starting last year and two planning to start next year.
Mega Networks plans to make AI servers in Maharashtra
Mega Networks is one of two Indian firms chosen for the production-linked incentive (PLI) scheme 2.0 for IT hardware. Under this, the government gives an incentive of around 5% on net incremental sales of goods manufactured in India.
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