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India's food processing sector accounts for 7.7 per cent of manufacturing output and supports over 7 million jobs, is projected to reach USD 535 billion by 2025-26, driven by rising consumption, exports, and government focus on 'Make in India', according to industry experts. With AI automation and smart packaging redefining the industry, India has the potential to emerge as the global hub for food and packaging materials, they said at the the Fi India and ProPak India event organised by Informa Markets. According to them, India's organic food market is projected to grow at a compound annual growth rate (CAGR) of 20.13 per cent to USD 10.8 billion by 2033, while the food ingredients market is growing at 7-8 per cent CAGR. Dr Meenakshi Singh, Chief Scientist, Technology Management Directorate, Council of Scientific and Industrial Research (CSIR), said food ingredients form the backbone of the food sector, with packaging playing an equally critical role in ensuring safety and ...
People's Democratic Party (PDP) legislator Waheed Para on Saturday criticized the government over the post-abrogation promise of development and industrialization in Jammu and Kashmir and said no major investment has taken place so far in the Union Territory. He said the people of Jammu and Kashmir have expressed concerns that current development will lead to destruction in the region. "While discussing allocations here over the last five years following the abrogation of Article 370, this move was justified with the claim that there would be large-scale development, industrialization and significant investments in J&K. However, this has not materialized," Para said during discussions on departmental allocations in the Jammu and Kashmir Assembly. Taking a swipe at the government, he added, "The reality is that 50 per cent investment has gone down, with very little investment actually taking place as far as industrialisation is concerned." The PDP leader said there is a growing ...
DPIIT Secretary Amardeep Singh Bhatia on Thursday said the government's focus on FDI liberalisation, smart industrial townships, and sector-specific parks, especially in Tier 2 and 3 cities, is contributing to India's industrialisation. He was speaking at a panel discussion at the 97th AGM and annual convention of FICCI. He also emphasised that the Department for Promotion of Industry and Internal Trade (DPIIT) is creating a conducive ecosystem for industrial development, with support from various ministries. Initiatives like the National Industrial Corridor Program, Production Linked Incentive (PLI) scheme, and the ease of doing business reforms have facilitated industrial growth, Bhatia said. Kamran Rizvi, Secretary in the Ministry of Heavy Industries, who also participated in the discussion, emphasised the rapid pace of change driven by electrification and the need for industries to adapt to this shift. He highlighted how the Ministry of Heavy Industries is playing an active ro
Triveni Turbine on Monday reported a 42 per cent on-year rise in consolidated profit after tax to Rs 91 crore in the September 2024 quarter, pushed by higher income. It posted a Profit After Tax (PAT) of Rs 64 crore in the July-September quarter of preceding 2023-24 financial year, the company said in a regulatory filing. Total income rose to Rs 520.7 crore from Rs 402.3 crore a year ago. In a statement, Dhruv M Sawhney, Chairman and Managing Director of Triveni Turbine, said: "We have reported another strong set of results across all key metrics of revenues, profitability and order booking." In Q2 FY25, order booking grew 25 per cent Year-on-Year (YoY) to Rs 5.72 billion driven by export order booking which increased 50 per cent YoY to Rs 3.04 billion. Key drivers of growth in product order booking were finalisation of orders by industrial customers for biomass-based process cogeneration along with API (American Petroleum Institute) turbines. Triveni Turbine is amongst the leadi
The growth in production of eight key infrastructure sectors slowed down to 2 per cent in September as against 9.5 per cent in the same month last year, according to official data released on Wednesday. However, the output growth is positive against a contraction of 1.6 per cent in August. Out of the eight key sectors, three -- crude oil, natural gas and electricity -- recorded negative growth in September. The growth of core sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- was 4.2 per cent during April-September this fiscal. It was 8.2 per cent in the same period last fiscal. The eight core sectors contribute 40.27 per cent to the Index of Industrial Production (IIP) which measures overall industrial growth.