Page 4 - Industry

Centre asserts in SC its right to levy excise duty on industrial alcohol

Asserting its right to regulate industrial alcohol, the Centre told the Supreme Court on Thursday that legislative power to levy excise duty on alcohol not fit for human consumption but meant for industrial use lies exclusively with Parliament. Arguing before a nine-judge constitution bench headed by Chief Justice D Y Chandrachud, Attorney General R Venkataramani submitted that a "conscious decision" was taken to treat alcoholic liquors fit for human consumption and alcoholic liquors not fit for human consumption separately, with the former falling within the domain of provincial legislatures and the latter within the ambit of the federal legislature. "It is submitted that the legislative power in relation to levy excise duty upon non-potable liquor is exclusively with the Parliament, and upon potable liquor is exclusively with the Legislatures of the States," Venkataramani told the bench, also comprising Justices Hrishikesh Roy, Abhay S Oka, B V Nagarathna, J B Pardiwala, Manoj ...

RBI issues requirements for SRO recognition, sets minimum benchmark

The Reserve Bank on Thursday issued an omnibus framework for recognising Self-Regulatory Organisations (SROs) for its regulated entities, under which SROs would be required to establish minimum benchmarks for their members. The RBI said SROs enhance the effectiveness of regulations by drawing upon the technical expertise of practitioners and also aid in framing/ fine-tuning regulatory policies by providing inputs on technical and practical aspects. With the growth of regulated entities (REs) in terms of number as well as scale of operations, increase in adoption of innovative technologies and enhanced customer outreach, the RBI had felt the need to develop better industry standards for self-regulation. The framework said, SROs will be expected to operate with credibility, objectivity and responsibility under the oversight of the regulator, with the objective to improve regulatory compliance. In general, SROs are expected to adhere to a set of overarching objectives for betterment o

Market size for flexible office spaces in India to double by 2030: Anarock

Co-working spaces will be the top choice of industry professionals by the end of the decade

Dholera plant's first semiconductor chip to be rolled out by 2026 end

The joint venture between Tata Group and Taiwan's Powerchip Semiconductor Manufacturing Corporation will begin by manufacturing 28-nanometer chips

MSMEs need to be future ready, foster development, says CII president

CII conference highlights MSMEs' future readiness and role in eastern region's development

Retrospective fine? Experts seek clarity on CCI rule on global turnover

MCA notification dated March 5 empowers the Commission to impose penalty on global turnover of a company and not just the turnover derived from the product or service under investigation

Govt ups MSP for raw jute by Rs 285 to Rs 5,335 per quintal for FY25

The government on Thursday approved a Rs 10,037-crore new industrial development scheme, UNNATI, for northeast states. The Union Cabinet in a meeting approved the Uttar Poorva Transformative Industrialization Scheme, 2024, here, an official release said . The central sector scheme has been announced for the development of industries and employment generation in the states of North East Region. The scheme's main objective is to generate gainful employment, which will lead to the area's overall socio-economic development. The scheme will create productive economic activity in the manufacturing and service sectors. Under the scheme, incentives would be provided to investors for setting up new units or undertaking significant expansion of the existing units. The scheme will be effective from the date of notification and up to March 31, 2034, along with eight years of committed liabilities.

Airlines witness dip in use of freight-carrying capacity in January

Passenger load factor also sees decline after year-end jump

Madhya Pradesh's tribal-dominated districts to get organic certificate soon

Forest Minister Nagar Singh Chauhan has directed officials concerned to complete all formalities for same. This certification would help tribal communities obtain better prices for their produce

India's FMCG market grew in Q3 FY24 on higher consumption: Report

Rural demand is on the recovery path, marked by a growing preference for larger packs: NielsenIQ

India's maiden critical minerals bid: Experts caution on ecological impact

During the launch of the auction process on November 29, Union Minister of Mines Pralhad Joshi said that the collective value of these 20 blocks was estimated to be $5.4 billion (Rs 45,000 crore)

Striking balance: CCI may tailor penalties for global corporations

The base penalty would be calculated on a company's relevant turnover, which is the turnover related to the product or service infringing on the law in the domestic market

Beyond the 'chameleon' strategy

Drawing on his four decades of experience across sectors, Harit Nagpal's book offers actionable nuggets for anyone who worries about becoming obsolete as things change and they struggle to keep pace

Amusement industry growing at 15%, to reach Rs 25,000 cr mark soon: Experts

The amusement industry is growing at 15 per cent and is likely to reach the Rs 25,000 crore mark by 2030 or even before that in the country, say industry officials. Industry experts said that the sector holds huge potential for job creation and offers investment opportunities in religious and mythological theme-based parks with the help of technological innovation, laser shows and others. Speaking at a panel discussion on the growth of tourism, amusement, food, travel, Indian Association of Amusement Parks and Industries (IAAPI) chairman Shrikant Goenka said that the amusement industry is growing at the rate of 15 per cent, and there are huge employment opportunities. There are immense investment opportunities to create more theme-based stories, mythological and religious theme parks with the help of technological innovation, laser shows, videos etc. at various religious circuits which are being developed by the Centre and State tourism boards, Goenka said. "Our annual turnover sta

'Duty cut on mobile phone inputs to boost local production, boost exports'

Import duty cut on mobile phone components can increase domestic production of handsets by 28 per cent to USD 82 billion and boost export, crucial to support indigenous manufacturing, industry body ICEA said on Wednesday. India Cellular and Electronics Association (ICEA) Chairman Pankaj Mohindroo said that the next phase of mobile manufacturing growth has to come from exports as the production for the local market is close to saturation. He said India will need to enhance competitiveness in mobile manufacturing at the global level by matching the tariffs or reducing the cost of production with respect to countries like China and Vietnam, where import duty on most of the mobile components is nil or in a lower tax bracket. ICEA, whose members include Apple, Foxconn, Dixon, Vivo, Oppo, Xiaomi, and Lava etc, has projected that lowering duties on mobile inputs, as recommended by the industry, will enhance local production of mobile phones to USD 82 billion by 2026-27 compared and USD 64

Industry bodies eye access to the e-shram portal to fill talent gap

Industry has asked for access to the e-Shram database which will help us enable skilling and employability of the unorganised workforce in the country

TN global investors meet: Tata Electronics, JSW, TVS unveil mega plans

Hyundai, Pegatron, First Solar also queue up

India's growth story is going to be distinctive and unique: Rohit Jawa

At the 188th Foundation Day Celebration by the Bombay Chamber of Commerce & Industry, Jawa said in his keynote address that India's digital landscape is a key accelerator for growth

Election code impacts commercial vehicle sales in post-festival period

When asked about this, a company executive of a leading CV player said that the figures for only one month were down due to some stock correction happening at the retail end

ToysRus expects Indian market to be among the top 5 in next 4-5 years

Prior to the BIS norms, India heavily relied on imports from China for these toys