Page 6 - Industry

Higher demand pushed residential prices up 6% in April-June quarter: Report

During the April-June period, housing sales across the eight major cities experienced an 8% increase to 80,250 units

Odisha approves 11 industrial projects worth Rs 3,266 cr investment

Odisha government on Monday approved 11 industrial projects worth Rs 3,266 crore which will generate employment for 9,146 people. The projects were approved at the State Level Single Window Clearance Authority (SLSWCA) meeting chaired by Chief Secretary PK Jena. The projects are spread across diverse sectors such as metal downstream and ancillary, chemicals, food processing, agro processing, plastics, textiles apparel, IT & ESDM, and renewable energy. The projects will be set up in Balasore, Bolangir, Kalahandi, Khurda and Jajpur districts, an official said. Though Odisha has consistently been a leader in the mining and metallurgy sector owing to its natural resource advantage, the state has been able to broad-base its industrial ecosystem in the last few years. The state has attracted one of the leading multinational companies in food-processing sector - Nestl India Limited. Nestle will be setting up a food processing unit with an investment of over Rs 890 crore providing ...

Telecom Secy K Rajaraman named IFSCA Chairman, may take charge immediately

A 1989 batch IAS officer, Rajaraman has been appointed for three years; succeeds first ever IFSCA Chairperson Injeti Srinivas who led the authority since July 9, 2020

Centre may set mandates for industrial use of green hydrogen: Official

India has set a goal of producing 5 million metric tonnes of green hydrogen annually by 2030, with about 70% of that marked for export markets, he said

Centre working on quality control norms for home appliances: Report

The appliances have been grouped into six categories based on their usage and each category will have a separate Quality Control Order

Cement industry production to grow 7-8%: Icra gives 'stable' outlook

The domestic cement industry is expected to have a volumetric growth of 7-8 per cent in FY24, helped by a rise in demand from the housing and infrastructure sector, a report by ICRA said on Monday, giving a 'stable' outlook for the sector. Besides, the softening of input costs would help the cement industry to improve its operating profits before interest, tax, depreciation and amortisation by 14-18 per cent Year-on-Year (YoY) to Rs 900-950 per MT in FY24, it added. Moreover, supported by healthy demand prospects, the capacity addition in the cement industry is estimated at 63-69 million metric tonnes (MT) between FY24 and FY25. In this, a capacity worth around 33-36 million MT will be added in FY24 and around 30-33 million MT in FY25. "The cement capacity is expected to rise by 6 per cent in FY2024, the highest addition in the last five years," it said. ICRA has given a "stable" outlook for the cement sector. Steady demand from the housing and infrastructure sectors along with a

Jawaharlal Darda: Paying tribute to a visionary who nurtured industries

He had an excellent awareness of challenges before industries and an inherent passion for establishing industries in backward areas

DPIIT focuses on importance of Industrial parks in attracting investments

Department for Promotion of Industry and Internal Trade (DPIIT) organied the National Workshop on Industrial Park Rating System (IPRS) on Saturday in New Delhi, said an official statement

Cloud remains long-term investment priority for 70% corporations: TCS study

75% respondents say they invested in AI, machine learning capabilities in the past two years

FMCG, auto data shows rural demand is coming back: CII President R Dinesh

We are projecting FY24 GDP growth at 6.5-6.7 per cent. We believe 6.5 per cent will be achievable, even in a slightly negative scenario. And 6.7 per cent is our belief, let me put it that way

ONDC limits discounts to Rs 100 per order in new incentive scheme

The cap for maximum price incentive has been fixed at Rs 100 per order and it should not exceed 50% of the order value, including shipping charges

Gujarat cabinet nod to set up 21 new industrial estates to boost employment

The Gujarat cabinet has given its approval to a proposal of setting up 21 new industrial estates across 13 districts in the state, an official said. Notably, the Gujarat government in March informed the Legislative Assembly that it was planning to establish new industrial estates in the state so that local youth get employment near their native places. During the cabinet meeting held in Gandhinagar on Wednesday, Chief Minister Bhupendra Patel gave a nod to the proposal of setting up 21 new industrial estates and also in-principle approval to prepare a pre-feasibility assessment report, a release said. The pre-feasibility study would cover various aspects, such as availability of land to establish estates, demand and supply factors and agricultural production in those areas, it said. These 21 new estates, to be managed by the Gujarat Industrial Development Corporation (GIDC), will be established in Rajkot, Mehsana, Mahisagar, Bharuch, Banaskantha, Patan, Chhotaudepur, Gir Somnath, .

'Unhappy with footwear industry for not complying with quality control'

Commerce and Industry Minister Piyush Goyal on Wednesday came down heavily on the footwear industry for not complying with the quality control order issued in 2020 and seeking more time to comply. Industry players and exporters of footwear have urged the government to extend the implementation of the Quality Control Order (QCO) by 12 months as the businesses are not yet prepared to follow the norms. Goyal said that no QCO is introduced without adequate consultations with the industry. On leather and footwear sector, the government issued three mandatory quality orders on October 27, 2020. These orders were issued after detailed consultations with the industry and not suo moto, he said. "So in two-and-a-half-years, if somebody has not yet become compliant, then there is a vested interest which we can not fulfil....it means their intentions are wrong," he told reporters when asked about the industry apprehensions on these orders. He accused that the industry running a campaign agai

World is looking at India, grasp this opportunity to grow exports: Goyal

Union minister Piyush Goyal on Sunday said the world is now looking up to India and its industries and this is the right time for entrepreneurs and industry players to grasp the opportunity and grow exports. Entrepreneurial abilities in the country with innovation, new ideas, new ways of marketing and branding products can unleash the true potential of the country, the Commerce and Industry Minister said while addressing the 49th India Gem and Jewellery Awards. "On April 24, I have a meeting with ministers of the European Free Trade Association (EFTA), consisting of four countries including Iceland, Liechtenstein, Norway and Switzerland, who are keen to negotiate with India. "Other Gulf countries and Russia are also keen to negotiate with India. The world is now looking up to India and its industries, and this is the right time for the industries and entrepreneurs to grasp the opportunity and grow exports," Goyal said. Further, Goyal said jewellery exporters have shown good promise

TVS Eurogrip launches tyres for superbikes, adventure touring segment

The high-performance products have been designed in Europe and built to suit Indian road conditions

Industry asks govt to make 'Vivad se Vishwas' scheme attractive for MSMEs

The industry has suggested that the Vivad se Vishwas scheme announced in the Budget for MSMEs should be made attractive in terms of reimbursements and interest rates, a senior government official said on Tuesday. They also demanded a robust grievance redressal system on digital portals and a mechanism to resolve disputes before the initiation of an arbitration process. These issues were raised during a post-Budget webinar on 'Ease of doing business using technology, especially for small businesses', organised by the Department for Promotion of Industry and Internal Trade (DPIIT). To give relief to MSMEs, Finance Minister Nirmala Sitharaman in the 2023-24 Budget announced the 'Vivad se Vishwas-I' scheme. Under the scheme, in case of failure by MSMEs to execute contracts during the Covid period, 95 per cent of the forfeited amount relating to bid or performance security will be returned to them by government and government undertakings. DPIIT Joint Secretary Manmeet K Nanda, who ...

AP has 48,000 acres on offer for industries: Minister Gudivada Amarnath

Andhra Pradesh boasts of three industrial corridors passing through it with 48,000 acres of land set aside for industries, state IT and Industries Minister Gudivada Amarnath said at a roadshow in Hyderabad on Friday. He revealed the availability of such huge parcels of land for industrial allotment in the run-up to the Global Investors Summit (GIS) scheduled on March 3 and March 4 in Visakhapatnam. "Andhra Pradesh is the only state with three industrial corridors i.e Visakhapatnam-Chennai, Chennai-Bengaluru and Hyderabad-Bengaluru where we have 48,000 acres of land for industrial allocation," said Amarnath. According to the minister, AP is the only state in south India to get a bulk 'drugs park' as well as being consistently ranked number one for ease of doing business in the past three years. "With a new policy coming up for 2023-2028 in the next few days, we are aiming to create an inclusive and balanced regional development, promote startup culture and ensure skill development,"

Leasing of industrial, logistics space highest in NCR in 2022: CBRE

Leasing of industrial and warehousing space was highest in Delhi-NCR and adjoining areas during 2022 at 7.3 million square feet driven mainly by demand from third party logistics and e-commerce firms, according to CBRE. The leasing grew by 6 per cent in Delhi-NCR to 7.3 million square feet in 2022 from 6.9 million square feet in the previous year. In its latest report, CBRE said that the leasing of industrial and logistics space across eight major cities rose 8 per cent to 31.6 million square feet in 2022 from 29.4 million square feet in the previous year. Commenting on the report, Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said, "The intent to strengthen supply chain among global and domestic companies drove the leasing activity in 2022." The leasing activity in 2023 is expected to remain range-bound, driven by sustained demand from 3PL (third party logistics), engineering & manufacturing and retail firms, he added. "On the ...

Manufacturing, services sector log 8.27% attrition in Q3: Report

The average attrition rate across manufacturing and services industries increased sequentially to 8.27 per cent in the October-December quarter, a report said on Monday. With a continuance of the 'Great Churn', attrition across industries witnessed a 0.46 percentage point increase from an average of 7.81 per cent in the second quarter to 8.27 per cent in the third quarter, according to TeamLease "Employment Outlook Report". The report is forward looking statistics for 'Intent to Hire' for January to March 2023, for both manufacturing (nine industries) and services sectors (14 industries), which is based on a survey of 874 small, medium and large companies. The report revealed that the Information Technology industry in the services sector had higher average attrition (27.19 per cent) compared to Healthcare and Pharmaceuticals industry in the manufacturing sector (15.67 per cent). It found that healthcare and pharmaceuticals industries saw double digit attrition rates (15.67 per ce

New competition law likely to open up settlement route for cartels

The proposed law however is not clear still on whether an application for settlements and commitments requires an admission of guilt