Page 2 - Industrial Growth

China's industrial profit growth swings back to decline in August

Profits plunged 17.8 per cent in August from a year earlier following a 4.1 per cent increase in July

Can India revive its manufacturing sector and create millions of jobs?

India needs nuanced policies, investment, and scale to unlock its manufacturing potential, writes Ajay Shankar

China's July industrial profits grow despite sluggish domestic demand

Profits in July jumped 4.1 per cent from a year earlier following a 3.6 per cent rise in June

Cabinet may approve 12 new industrial cities to boost manufacturing

The Union cabinet is expected to approve this week 12 new industrial cities in different states on the lines of Greater Noida, Uttar Pradesh, and Dholera in Gujarat to boost domestic manufacturing, an official said. Out of the 12 industrial cities, two are coming up in Andhra Pradesh and one in Bihar, the official said. The government in the Budget has announced the development of 'plug and play' industrial parks in or near 100 cities in partnership with states and the private sector to boost manufacturing. The Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh earlier told PTI that eight such cities are already under different stages of implementation. Trunk infrastructure has been created in four cities - Dholera (Gujarat), Auric (Maharashtra), Vikram Udyogpuri (Madhya Pradesh) and Krishnapatnam (Andhra Pradesh) and allotment of land plots is underway for the industry. Similarly, in the other four, the government's special purpose vehicl

Germany's largest industrial union seeks 7% raise for millions of workers

Germany's biggest industrial union said Monday it will seek a 7 per cent pay increase for millions of workers in negotiations starting later this year, arguing that companies including automakers and machinery manufacturers are in a position to afford it. The IG Metall union's leadership said it was recommending a hefty raise demand for 3.9 million workers in view of a persistently high price level. It said that companies have well-filled order books and that, even though prices are no longer accelerating as quickly as they were, one-time payments agreed in the last settlement have been eaten up by inflation. In the last round of pay talks, IG Metall and employers agreed in late 2022 to raises totalling 8.5 per cent over two years plus one-time payments totalling 3,000 euros (about USD 3,200) each, meant to cushion the effect of sky-high inflation. The government, which wanted to address the impact of rising prices while preventing an inflationary spiral, was keen to promote such ...

India to grow 7% in FY25, fastest among major economies: RBI annual report

Indian economy is projected to grow at 7 per cent -- the fastest among major economies across the world -- in the current fiscal year, underpinned by a sustained strengthening of macroeconomic fundamentals, the Reserve Bank of India (RBI) said in its latest annual report on Thursday. While the central bank expected headline inflation to moderate further, it flagged risks to food inflation saying that it remains vulnerable to supply-side shocks. The RBI's balance sheet size surged 11.08 per cent to Rs 70.48 lakh crore (about USD 845 billion) as of March 31, 2024. This was nearly 2.5 times that of Pakistan's entire GDP of close to USD 340 billion. The Indian economy, it said, expanded at a robust pace in 2023-24 (April 2023 to March 2024 financial year), with real GDP growth accelerating to 7.6 per cent from 7.0 per cent in the previous year -- the third consecutive year of 7 per cent or above growth pace. The economy showed resilience in FY24 (2023-24 fiscal) despite persistent ...

India emerges as a curious mkt in global restructuring of industrial majors

Linde Plc, Siemens, and GE are three such entities that have made changes to their global business structures in the past few years

China's industrial profits rise 10% showing signs of stabilising economy

Profits at China's industrial firms jumped 10.2 per cent in the first two months from the same period last year, following a 2.3 per cent profit decline for the whole of 2023

Odisha approves 22 industrial projects worth investment of Rs 4,000 crore

Furthering its industrialisation process, Odisha government on Monday approved 22 projects worth an investment of Rs 4,066 crore. The proposals got the state government's nod at the State Level Single Window Clearance Authority (SLSWCA) meeting chaired by Chief Secretary PK Jena. The projects are in different sectors such as green energy equipment, chemicals, textiles and apparel, steel, iron & ferro alloys, aluminium downstream, food processing, power & renewable energy, IT infrastructure and infrastructure & logistics, a release said. The projects after proper implementation are likely generate 25,525 jobs in 12 districts, officials said. In the green energy sector, Waaree Clean Energy Solutions Pvt Limited is planning to establish its electrolyser manufacturing plant in Khurda, with a project cost of Rs 435 crore, promising 300 jobs. In the chemical sector, Shalimar Paints has proposed to set up its unit in Balasore for paints varnish and its applied products project, ..

Moderation in industrial growth, agri likely to drag down GDP growth in Q3

Meanwhile, services which are the major contributor to the Indian economy display an improvement in Q3, led by trade, hotels, transport and communication services

Odisha clears 14 industrial projects worth Rs 1,713 cr to boost employment

The Odisha government has approved 14 industrial projects that would involve investments of Rs 1,713.65 crore and create employment opportunities for more than 5,000 people, officials said on Thursday. The State Level Single Window Clearance Authority (SLSWCA) headed by Chief Secretary Pradeep Kumar Jena on Wednesday approved the projects spanning sectors such as metal downstream and ancillaries, power, pharmaceuticals, plastics, food processing and tourism. The government has cleared a Rs 628.00 crore investment proposal of Anand Exports. It also cleared a proposal of Mahindra Holidays and Resorts India Ltd to set up a luxury resort at Sonapur beach in Ganjam district at an investment of Rs 228.45 crore, officials said. The proposal of Jindal Stainless Ltd for setting up a roof-top solar power plant in Jajpur district at a cost of Rs 110.24 crore was also approved by the SLSWCA. The government also approved the proposal of TS Beach Resorts Pvt Ltd to set up a convention centre al

Services exports hit $192 bn so far this FY24, likely to reach $400 bn

The country's services exports have touched USD 192 billion so far this fiscal and are expected to reach USD 400 billion by the end of 2023-24, SEPC said on Wednesday. Services Export Promotion Council (SEPC) said that key sectors which are recording healthy growth rates include telecom, computer, information, and transport and travel. The council is also engaged in formulating strategies to propel the sector's growth, it said. "As of the latest report, the services sector has demonstrated progress, with over USD 191.97 billion already accomplished out of the targeted USD 400 billion," the council added. It added that sectors like tourism, hospitality, and medical value tourism which suffered due to COVID-19 are now showing revival signs. In addition to this, sectors like legal, auditing, higher education, accounting, and logistics are showing good growth. "At SEPC, our mission is clear, to guide the services sector in India's pursuit of achieving USD 400 billion by 2024 and USD 1

Profits at China's industrial companies rise as deflation persists

For the first 10 months of 2023, profits fell 7.8 per cent from the same period a year earlier, moderating slightly from the 9 per cent fall through the first nine months.

Industrial credit growth slumped in July; House Price Index up 5.1% in Q1

Services, Agro credit growth pace accelerates

Energy revolution: Hitting the brakes on growth isn't fair to poor nations

In India and nearly everywhere else, utilities are the main customers of solar and wind power. But electricity is only one part of our carbon footprint

Karnataka clears 55 industrial projects worth Rs 3,451.24 cr investment

Karnataka Industries and Commerce Department on Tuesday said it has cleared a total of 55 investment proposals worth Rs 3,451.24 crore, promising 33,049 employment opportunities. The 139th State Level Single Window Clearance Committee (SLSWCC) meeting was held under the chairmanship of Minister for Large and Medium Scale Industries Murugesh R Nirani on Monday to decide on investment clearances. The committee considered and approved eight "important large and medium size industrial projects" with investments of more than Rs 50 crore. These projects are worth Rs 2,012.14 crore and are expected to create employment opportunities for 22,033 people in the State, an official release said. At the SLSWCC meeting, 43 new projects with investments of more than Rs 15 crore and less than Rs 50 crore were also cleared. These projects are worth Rs 1,187.93 crore and would generate jobs for 11,016 people in Karnataka. Four projects of additional investment have also been approved which will res

Tamil Nadu Cabinet gives nod to industrial projects worth Rs 15,610 crore

The Tamil Nadu Cabinet on Wednesday approved industrial projects to the tune of Rs 15,610.43 crore, said Industries Minister Thangam Thenarasu on Wednesday. The projects involved electric vehicle-manufacturing, cell-manufacturing plant, automobile, wireless technology, oxygen plant, and textiles, said the Minister. "The projects are spread across the State and will come up in the districts of Krishnagiri, Theni, Pudukottai, and in suburban Chennai," he told reporters here. The State, he said, had obtained substantial investments for numerous projects down South and is likely to obtain more. "There's fair chance for investment in industrial units when the spaceport project comes up in Kulasekharapatnam (Thoothukudi district). Also, the industrial parks at Sriperumbudur and Oragadam, near Chennai, are likely to get further investment once the proposed greenfield international airport project takes off in Parandur," he said. As many as 8,726 people would be provided jobs through the .

Karnataka govt to set up 'star category industrial area' in Belagavi

Karnataka Industries Minister Murugesh Nirani on Friday assured setting up of a 'star category industrial area' in Belagavi, as a BJP MLA from this border district expressed concerns about no mega industry coming here in recent times, and investments flowing into neighbouring Maharashtra, thanks to facilities there. Lamenting that such a questions arise in their mind whether Belagavi is in Karnataka with no push for industrialisation here by the government, Belagavi South MLA Abhay Patil, raising the issue during the question hour, said mere passing of resolutions and speeches asserting that the district belongs to the state, won't help. Pointing out that at the Global Investors' Summit held recently an estimated Rs 9.81 lakh crore worth MoUs were signed which has potential to create an estimated six lakh jobs, Nirani said, the "speciality" this time is only plus or minus 10 per cent of the investment will happen in Bengaluru, as we are not giving any incentive or subsidy for ...

India has potential to lead fourth industrial revolution: PM Narendra Modi

Prime Minister Narendra Modi on Friday said India has the potential to lead the fourth industrial revolution and the government has worked on reforms to make the country a manufacturing hub of the world. He said that the fourth industrial revolution is as much about new technology, as it is about innovative thinking. "Due to various factors, India may have missed being a part of earlier industrial revolutions. But India has the potential to lead Industry 4.0, because, for the first time in recent history, we have many different factors like demography, demand and decisive governance coming together," he said through a message. The Prime Minister's message was read by a Joint secretary of the Ministry of Heavy Industries here at the conference on Industry 4.0. Modi added that the industry and entrepreneurs play a key role in making India a vital link in global value chains. "We have worked on reforms and incentives to make India a tech-powered manufacturing hub of the world," he ..

Mann to visit Germany from Sep 11-18 to push Punjab's industrial growth

Punjab Chief Minister Bhagwant Mann will visit Germany from September 11-18 to attract investments and strategic tie-ups. This will be Mann's first foreign visit after he took oath as the chief minister in March. "In order to give a major push to the industrial growth of the state, Punjab Chief Minister Bhagwant Mann will be undertaking a tour of Germany from September 11-18," an official statement said here on Friday evening. During the tour, the chief minister will be meeting business delegations and prominent companies to rope in investments and strategic tie-ups in key sectors like renewable energy, car manufacturing, pharmaceuticals and advanced agriculture practices, among others, it said. Mann will hold a meeting with companies like BMW, BayWa and others during his stay in Munich, Frankfort and Berlin. "This crucial visit of the Chief Minister is likely to immensely benefit the state in getting huge investments, technical know-how and expertise from German companies," said