PLI SCHEMES
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.
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.
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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.
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.
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.
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.
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
Manufacturing sector looks for policy continuity, fresh PLIs
Narendra Modi-led NDA govt's third term brings hopes for manufacturing sector with policy continuity, new PLI schemes, and TDP's Chandrababu Naidu joining alliance for reform and innovation.
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.
Capital goods, utilities, infra & real estate sectors can see further re-rating: Mihir Vora
I think the more the uncertainty reduces, the higher the markets can go in terms of valuations and that applies to stocks specifically and that applies to the markets in general also.
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.
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.
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.
Need two more PLIs for wearables and components: MAIT
MAIT, which represents major electronics companies such as Dixon Technologies, Dell, HP, Google amongst others, said the industry would review existing PLI schemes over the next two months to examine how they have fared vs policy objectives.
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.
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