Page 6 - Manufacturing Sector

India's manufacturing incentives progress amid efforts to cut China imports

Incentives have resulted in production worth about Rs 11 trillion ($131.6 billion) and nearly one million jobs over four years, Amardeep Singh Bhatia said

Future bright for manufacturing as Make in India celebrates 10 yrs: Goyal

A series of measures to improve ease of doing business, zero tolerance for corruption and the focused effort on emerging sectors like electronics have helped promote 'Make In India' and boost both domestic and foreign investments in the country, Commerce and Industry Minister Piyush Goyal said on Tuesday. "We have achieved great success and a brilliant future is ahead for manufacturing in the country as the 'Make in India' programme is celebrating its 10 years," he said. The 'Make in India' initiative was launched on September 25, 2014, to facilitate investment, foster innovation, build world-class infrastructure, and make India a hub for manufacturing, design, and innovation. It is one of the unique 'Vocal for Local' initiatives that promoted the country's manufacturing domain to the world. "We are seeing very big investment plans on the anvil which will create millions of jobs and expand our manufacturing contribution to the economy," Goyal told PTI. Recalling the journey of the

Auto parts-making plant for BMW to come up in Punjab, CM to lay foundation

Punjab Chief Minister Bhagwant Mann on Thursday assured full support to Modern Automotives for its plans to expand its project in the state and manufacture parts for luxury car maker BMW. A delegation of the Modern Automotives Ltd comprising its representatives -- Aditya Goyal, Suhail Goyal and Manish Bagga called on the Chief Minister here. During the meeting, Mann was informed that Modern Automotive has become the first Indian company to receive approval for deliveries of differential pinion shafts to German luxury vehicles manufacturer BMW AG Munich, according to an official statement. They said that an order has been confirmed for 2.50 million units valued at Rs 150 crore, the statement said. Assuring fulsome support to the company for their future endeavours, Mann accepted the invitation of the delegation to lay the foundation stone of the upcoming plant next month at Mandi Gobindgarh. He said it is a matter of immense pride and satisfaction that the parts for BMW will now be

India becoming global research powerhouse: Principal scientific advisor

India is rapidly becoming a global research powerhouse and is poised to become a global leader in biotechnology, Ajay Sood, Principal Scientific Advisor to the Government of India, said on Thursday, citing the nation's rapid advancements in research and innovation. Speaking at the Global Bio-India 2024 Summit, Sood emphasized India's rise as a pivotal hub for technological excellence, particularly in biological manufacturing and biofuels. "India is rapidly becoming a global research powerhouse," Sood said, referencing a recent report by the Australian Strategic Policy Institute (ASPI) that ranked India among the top five countries in 45 out of 64 technologies, a significant increase from 37 technologies last year. Sood said India is poised to become a global leader in biotechnology and noted this progress is especially visible in biological manufacturing, where India now holds the second position globally. "This is really encouraging and a very pleasing aspect," he added, attributi

Auto parts maker Kross IPO gets subscribed 16.81 times on last day of bid

The initial share sale of auto parts manufacturer Kross Ltd got subscribed 16.81 times on the last day of subscription on Wednesday. The public offer received bids for 25,80,21,618 shares against 1,53,50,877 shares on offer, according to data available with the NSE. The portion for Qualified Institutional Buyers (QIBs) garnered 23.32 times subscription while the quota for non-institutional investors got subscribed 22.24 times. The Retail Individual Investors (RIIs) part received 10.76 times subscription. Kross Ltd on Friday said it has mobilised Rs 150 crore from anchor investors. The Jamshedpur-based company's IPO is a combination of a fresh issue of equity shares worth Rs 250 crore and an Offer-for-Sale (OFS) aggregating up to Rs 250 crore by the promoters. The OFS portion consists of equity shares to the tune of up to Rs 168 crore by Sudhir Rai and Rs 82 crore by Anita Rai. The issue has a price band of Rs 228-240 per share. Kross proposes to utilise the net proceeds of the f

India to approve Rs 25,000 crore for shipbuilding and infrastructure

India's Maritime Development Fund (MDF) is likely to receive a Rs 25,000 crore boost to support low-cost, long-term indigenous manufacturing projects

Growth in Indian mfg sector slows to 3-mth low in August, PMI dips to 57.5

Indian manufacturers registered softer increases in new business and output during August

India's manufacturing activity growth hits 3-mth low in Aug, shows PMI

The HSBC final India Manufacturing Purchasing Managers' Index, compiled by S&P Global, fell for a second month in August, dropping to 57.5 from July's 58.1

Govt clears 12 industrial cities to spur manufacturing; Rs 28,602 cr outlay

The Union cabinet on Wednesday approved 12 new industrial cities in 10 states states to boost domestic manufacturing with an estimated investment of Rs 28,602 crore. Spanning across 10 states and strategically planned along six major corridors, these projects represent a significant leap forward in India's quest to enhance its manufacturing capabilities and economic growth. These industrial areas will be located in Khurpia in Uttrakhand, Rajpura-Patiala in Punjab, Dighi in Maharashtra, Palakkad in Kerala, Agra and Prayagraj in UP, Gaya in Bihar, Zaheerabad in Telangana, Orvakal and Kopparthy in AP, and Jodhpur-Pali in Rajasthan. The Union Cabinet has approved 12 new project proposals under the National Industrial Corridor Development Programme (NICDP) with an estimated investment of Rs 28,602 crore, said Union Minister Ashwini Vaishnaw after the Cabinet meeting. The move will transform the industrial landscape of the country, creating a robust network of industrial nodes and cities

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

Suchi semicon plans $100 mn investment into OSAT plant in Gujarat

The company has planned the project in five phases. In the first phase, starting in November this year, it will focus on creating chips that will power legacy devices

AstraZeneca warns of shifting UK vaccine production to US: Report

An AztraZeneca spokesperson said there are no discussions in the US or India as the company is committed to pursuing the opportunity at Speke and are in constructive talks with the UK government

Softer rise in manufacturing output slows flash PMI to 60.5 in August

Pace of expansion remains sharp and indicates strong demand and favourable market conditions, HSBC survey

Design in India, design for the world: PM Modi urges boost in manufacturing

Prime Minister Narendra Modi emphasised the importance of enhancing the quality of Indian products to ensure they meet global standards

Kai Group to invest Rs 17 cr to expand manufacturing facility in Rajasthan

Kai Group, a Japan-based personal care product and kitchen equipment maker, said it will invest 300 million yen (around Rs 17.17 crore) to expand production capacity of its manufacturing facility at Neemrana in Rajasthan. This latest investment is to increase the production capacity of women's razors by over 5 million units per year, according to a statement issued by the group's local subsidiary Kai India. "The group is planning an additional investment, allocated around 300 million yen, reflecting KAI group's commitment to bolstering its manufacturing infrastructure," it said. The expected timeline for the completion of this expansion is five months, and the company expects the enhanced production capacity will be operational by the end of December 2024. This expansion aligns with Kai India's 'make in India' initiative, strengthening local manufacturing and meet the increasing demand from both local and international markets. Kai India Managing Director Rajesh U Pandya said: "Ou

Merck Life Science partners with Aragen to boost biotech R&D in India

Merck Life Science will supply equipment and technologies to Aragen, facilitating a more efficient clinical-to-commercial process timeline

M&M in talks with Kerala govt to set up electric vehicle manufacturing unit

Earlier in the day, M&M issued a clarification, calling the reports on its Gujarat plans untrue

Pidilite Industries Q1FY25 results: Net profit rises 21% to Rs 567 cr

During the April-June quarter, India witnessed a booming manufacturing sector activity as output increased on robust demand

Factories across Europe, Asia struggled in July as demand waned, shows PMIs

It was a broadbased downturn in the euro zone while a slump in China's manufacturing activity suppressed its Asian neighbours

Govt considers reintroducing 15% concessional corporate tax in FY26 Budget

The Centre has set up an internal committee to evaluate the benefits of the 15% concessional tax rate scheme for new domestic manufacturing units, introduced in FY20