Page 13 - Manufacturing

Mobile phones, components worth Rs 5.14 trillion produced under PLI scheme

Production of mobile phones, including electronic components and semiconductor packaging, under the Production Linked Incentive Scheme (PLI) for large-scale electronics manufacturing reached Rs 5.14 lakh crore till June 2024, Parliament was informed on Friday. Minister of State for Electronics and IT Jitin Prasada, in a written reply to the Rajya Sabha, said that to boost domestic manufacturing and attract investment in mobile phones value chain, including electronic components and semiconductor packaging, Production Linked Incentive Scheme (PLI) for large-scale electronics manufacturing was notified on April 1, 2020. "Till June 30, 2024, incremental investment of Rs 8,390 crores had been made under the PLI scheme. This has led to production of Rs 5,14,960 crores till June 30, 2024," Prasada said. Apple vendors Foxconn, Wistron, Samsung, Pegatron etc qualified for incentives under the scheme. Prasad said the Scheme for Promotion of Manufacturing of Electronic Components and ...

Chhattisgarh government seeks suggestions for new industrial policy

The policy and a vision document for Viksit Chhattisgarh will be released on November 1, marking the state's foundation day

Govt proposes to reduce BCD on some items used in manufacturing apparel

Suresh Nair, partner at EY India, said that this will make exporters more competitive. "This is a positive move for exporters and it will definitely give exporters competitive edge in mkt," Nair said

India must strengthen manufacturing sector to create jobs: Fitch analyst

During Tuesday's annual budget, India's government announced plans to spend $24 billion to create jobs over the next five years and $32 billion on rural development this year alone

PwC recommends extension of beneficial tax regime for new manufacturing cos

Tax consultancy firm PWC has urged Finance Minister Nirmala Sitharman to extend the beneficial tax regime for new manufacturing companies and introduce a comprehensive tax amnesty scheme for cases related to Customs. Sitharaman is scheduled to present the Union Budget for 2024-25 on July 23. "I think the Make in India is the first thing which comes to mind, and you will recall that in 2019, the government introduced a 15 per cent rate for new manufacturing companies, which lapsed on March 31, 2024. "I think that is one extension, which is being expected, and the expectation is also that instead of giving a year-on-year extension if we can look at the block period, say for the next five years because shifting a manufacturing is a big decision and the corporates may take time before making a decision and make it viable, feasible and that's the first bit," said Sandeep Puri, Partner, Price Waterhouse & Co LLP. Section 115BAB of the Income Tax Act offers a concessional tax rate of 15 .

Electronics manufacturing offers MSMEs huge opportunity to succeed: IT secy

Electronics component manufacturing in India offers MSMEs a "huge opportunity to succeed", IT Secretary S Krishnan said on Wednesday asserting that Meity is looking at ways to spur the electronics components ecosystem in the country. Speaking at the CII MSME Growth Summit, Krishnan also exhorted MSMEs to seize growth opportunities, adopt technology and digital tools to expand, and "graduate" to becoming a larger enterprise over time. "You enter as a startup and try to exit within a reasonable time frame. So we should not have 'intergenerational' MSMEs anymore in this country," he said pointing to a slew of opportunities that technology today enables. Krishnan said India's aspirations to transform itself into an electronics manufacturing destination are "extremely important" from employment, resilience, and exports viewpoint. Moreover, it ensures that quality products are available for domestic consumers in the market. "There is a huge requirement for components and that component .

Govt, industry to discuss ways to promote growth of toy sector on July 8

Government officials and industry will hold a detailed discussions on ways to further boost domestic manufacturing and exports of toys on July 8, an official said. The meeting is organised by Invest India, an arm of the Department for Promotion of Industry and Internal Trade (DPIIT), in collaboration with the Toy Association of India. The main issues that would figure in the meeting include growing opportunities and regulatory developments in the toy sector to chart a path forward; making India a global toy hub; and ways to integrate Indian toy manufacturers in the global supply chain. Toy Association of India Senior Vice-President Naresh Kumar Gautam said the government has already taken a series of steps to boost the growth of the sector. To showcase domestic products, an international fair is being organised from July 6-9 here at Pragati Maidan where over 150 foreign buyers from 35 nations are visiting. Over 400 domestic toy players will exhibit their innovative products, Gauta

RBI launches quarterly survey on order books of manufacturing sector

The Reserve Bank of India (RBI) on Friday announced the launch of quarterly "order books, inventories and capacity utilisation" survey of companies in the manufacturing sector -- a key input it uses to formulate the monetary policy. The RBI has been conducting the order books, inventories and capacity utilisation survey (OBICUS) of the manufacturing sector on a quarterly basis since 2008. The information collected in the survey includes quantitative data on new orders received during the reference quarter (April-June 2024), backlog of orders at the beginning of the quarter, pending orders at the end of the quarter, total inventories with a breakup between ?nished goods, work-in-progress and raw material inventories at the end of the quarter. Item-wise production in terms of quantity and value during the quarter vis--vis the installed capacity from the targeted group and the reasons for changes in production/installed capacity during the quarter is also collected. The level of capac

Street signs: Sensex, Nifty surge; Emcure IPO; Manufacturing funds gamble

Emcure Pharmaceuticals' shares are commanding a premium of over 25 per cent above their price band

Aditya Birla Group to invest $50 mn in manufacturing, R&D centre in Texas

Aditya Birla Group has announced an investment of USD 50 million in a manufacturing and research and development (R&D) center in Texas. Aditya Birla Group's Vice President of Sales and Marketing Scott Bastion said the company will be making a USD 50-million investment outside of Houston in the city of Beaumont, Texas, where it will produce epoxy resins -- that are used in a variety of consumer and industrial products. "In that site, we will have an application development center and will house an R&D team. We look forward to commissioning that site in the next 15 to 20 months. "In addition to that, we look forward to bringing greener solutions, sustainable solutions, and more importantly, being able to serve as well as expand the global footprint of our epoxy business," Bastion said. Aditya Birla Group already has a foundation in India, Thailand, as well as Europe. "This will be the fourth expansion on behalf of the epoxy business into the USA. This is the first phase of our ..

Steelbird Hi-Tech eyes 30% revenue growth this year on high domestic demand

World's largest helmet maker Steelbird Hi-Tech India is eyeing over 30 per cent revenue growth this fiscal owing to the increased domestic demand for branded helmet and potential mandatory helmet usage regulations, the company's Managing Director Rajeev Kapur has said. Kapur also said Steelbird has plans to launch 36 new helmet models for the premium segment at the Motor Show (EICMA) in Milan this year besides launching a super high-end model. "At present only 30 per cent of riders wear helmets and only 10 per cent pillion riders do so. The helmet demand in the country is expected to grow manifold. "Currently, 50 million helmets are being produced in the country -- 45 million branded and five million fake... These (fake) manufacturers are going to be out of business and that demand is going to come to us (branded companies)," Kapur told PTI. He said the company sold eight million helmets in FY24 and is expecting to sell 10 million this fiscal and 15-million by March 2026. "Last ye

'Signify expanding in India, evaluating manufacturing capacity for export'

Signify's India market is becoming more important by the day, and it is evaluating the manufacturing capacity in the country under the China Plus-One strategy, a company official said. Signify India has started playing an important role not only in the domestic business but also in helping our global business to grow from India, said Sumit Joshi, Vice-Chairman and Managing Director of Signify Innovations India. The Indian market of Signify -- earlier known as Philips Lighting -- is playing a big role in the design and R&D of Signify's global lighting business and as an ecosystem for electronic products as semiconductors are developed here, the manufacturing opportunity will become bigger. "India is a very very important market and I am saying obviously because of the domestic potential which we have... but I also think the role that India could play for the world for Signify is becoming far more important," Joshi told PTI. Asked if Signify is looking as a manufacturing base for ...

India's biz activity grows faster in June, job creation at 18-yr high: PMI

The manufacturing index showed bigger gains to 58.5 from 57.5 in May while the dominant services industry's reading rose slightly to 60.4 this month from 60.2

Demand revival may keep rally going for ball bearing industry majors

The Q4FY24 period saw volume and revenue expansions for most domestic players and many also registered margin expansions

'SOP for visa of Chinese technicians needed in mfg units in final stages'

After formulating a standard operating procedure (SOP) for streamlining visa approvals for Chinese professionals whose expertise is required by vendors under the PLI scheme, the government is in the final stages to put in place similar processes for other manufacturing units, an official said. The move assumes significance as some domestic manufacturing firms have flagged the issue of delay in getting visas for Chinese technicians, who are required for works like installation or repair of certain machines, besides training workers in India. "Most of the PLI (production-linked incentive scheme) visas have been taken care of. For general manufacturing also, we are trying to create a better streamlined SOP... that is with the Ministry of Home Affairs. It's at the final stages. We are hoping to sort it out. We have done a lot of sensitisation," the official said. The rollout of SOPs does not require any approval from the Union cabinet as it is an internal process to relax norms "a bit"

Budget 2024: FinMin seeks views on tax rates, laws for reducing litigation

The Finance Ministry has invited suggestions on direct and indirect taxes and changes in laws to reduce compliances for the 2024-25 Budget from trade and industry associations. The suggestions are to be sent to the ministry by June 17 and the full budget for 2024-25 is expected to be presented in Parliament in the second half of July. The suggestions could include changes in the duty structure, rates and ideas on broadening of tax base on both direct and indirect taxes giving economic justification for the same, as per the ministry. For changes in customs and excise duties, the trade and industry would have to supplement and justify their demand with relevant statistical information about production, prices, and revenue implication of the changes suggested. The request for correction of inverted duty structure would have to be supported by value addition at each stage of manufacturing of the commodity. With regard to direct taxes, the ministry said the suggestions could be also on

L&T looks to crack China hi-tech code; deploys on-ground teams, taps MNCs

L&T is looking at cutting down on certain imports from Europe

Manufacturing funds are hot in markets, but beware of concentration risk

Investors with a long horizon and aggressive risk appetite may consider these funds

Vaishnaw takes charge of IT ministry, to focus on tech, manufacturing

Union Minister Ashwini Vaishnaw on Tuesday said the government will push ahead with its tech-driven agenda of cementing India's global lead in semiconductor and electronics manufacturing and as a technology and digital hub. Taking charge of Ministry of Electronics and IT (MeitY), he said the Modi government's Digital India initiatives have empowered the common man, bringing transformative changes through Jan Dhan, Aadhaar, and other enabling programmes over the last 10 years. Vaishnaw retained his electronics and IT portfolio in Modi 3.0 government. He took charge as the minister of electronics and IT on Tuesday morning, after assuming charge of the railways as well information and broadcasting ministries. The minister said his efforts will be to ensure that technology continues to bring positive changes in lives of people in the country, and empowers youth with a promise of a future driven by new-age tech.

GX Group eyes 66% revenue growth to Rs 500 cr in 2 yrs, to double exports

Telecom gear maker GX Group expects its revenue to grow by 66 per cent to Rs 500 crore by financial year 2026, on account of growth in domestic business as well as exports, a top company official has said. The company makes Gigabit Passive Optical Network (GPON) gears that are required to run fibre-based broadband networks. GX Group also makes routers and switches as well as Internet of Things (IoT) devices in India. GX Group CEO Paritosh Prajapati told PTI that the company is looking to expand its manufacturing unit in India with an investment of Rs 100 crore in the current financial year. According to him, benefits from the telecom production-linked incentive (PLI) scheme are one of the key growth drivers for the company. "We have achieved a 40 per cent year-on-year (YoY) growth in consecutive years, supporting us to grow from a Rs 300 crore to a Rs 500 crore company within the next two financial years. "We are planning to build India as our Global hub, therefore, we are ...