Page 17 - Manufacturing

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 ...

Copper rally hits scrap companies to electric gear manufacturers

Apart from hedging and price hikes, companies have also had to resort to stocking up on inventory

Stellantis India appoints Shailesh Hazela as CEO & MD, effective mid-July

'I look forward to accelerating technological innovation and strengthening our position in existing and emerging mobility segments,' Hazela said after the appointment

Core sector growth accelerates to 6.2% in April, shows govt data

Eight key infrastructure sectors' growth rose to 6.2 per cent in April on healthy expansion in the production of natural gas, refinery products and electricity, according to official data released on Friday. The production of eight sectors grew by 6 per cent in March. The growth of these core sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- was 4.6 per cent in April 2023. The official data showed that fertiliser output recorded negative growth in April. The production growth of coal, steel and cement slowed down to 7.5 per cent, 7.1 per cent and 0.6 per cent, respectively against 9.1 per cent, 16.6 per cent and 12.4 per cent in April 2023, respectively. The eight core sectors contribute 40.27 per cent to the country's Index of Industrial Production (IIP).

Tryst with Semicons: Arduous road for India to lead chip manufacturing

Out of the 39 new ATMP-OSAT plants announced globally, India already has three, which the government has cleared: one each by Micron, Tata, and Murugappa Group, with an investment of $7.8 billion

Boeing sees negative free cash flow in 2024 as deliveries remain sluggish

Top U.S. enforcement officials are also weighing whether to charge the company for violating an agreement that shielded it from prosecution stemming from previous jet crashes in 2018 and 2019

Boeing faces 'long road' on safety issues after door accident: US FAA

In late February, FAA Administrator Mike Whitaker gave Boeing 90 days to develop a comprehensive plan to address 'systemic quality-control issues' and barred it from expanding 737 MAX production

CITU writes to labour ministry seeking release of AICPI-IW figures

The CPI-IW figures have not been released for the months of February and March, and the labour bureau has not given any explanation for not releasing the indices on the stipulated dates

JSW Cement to invest Rs 3,000 cr for new manufacturing unit in Rajasthan

Once operational, the facility will mark the company's entry in the North Indian market

Wabtec looks to increase India's exports 10x: Global transit president

US-based railway firm will continue to invest 4% of global revenues in India

Manufacturing share in capital formation down between FY19 and FY23

The report notes that the share of public administration and defence improved, attributable to increased government spending

Govt rolls out mandatory quality norms for asbestos cement products

The government has issued mandatory quality norms for asbestos or fibre cement-based products to curb the import of sub-standard goods and boost domestic manufacturing. A notification 'Asbestos or Fibre Cement based Products (Quality Control) Order, 2024 ' was issued in this regard by the Department for Promotion of Industry and Internal Trade (DPIIT) on March 6 this year. Under these orders, items cannot be produced, sold, traded, imported and stocked unless they bear the Bureau of Indian Standards (BIS) mark. "It shall come into force on the expiry of six months from the date of publication of this notification in the Official Gazette," the DPIIT notification said. To safeguard the domestic small/micro industries and ensure smooth implementation of the QCO and ease of doing business, relaxations have been granted to small/micro industries as regards to timeliness. An additional nine months have been given to small industries and an additional 12 months to micro industries to meet

Govt needs to expand PLI scheme to make India 'global drone hub': Report

The government needs to expand the production-linked incentive (PLI) scheme and develop an ecosystem to realise the goal of making India a global drone hub, a report said on Tuesday. An incentive of Rs 120 crore spread over three financial years was provided for Indian manufacturers of drone and drone components under the PLI Scheme notified on September 30, 2021. As per the Ministry of Civil Aviation projections, the Indian drone manufacturing industry is expected to reach Rs 900 crore by 2025 from just Rs 60 crore in 2020-21, according to a study conducted by Nexgen Exhibitions. It also noted that the Indian drone market is expected to grow at 22.15 per cent CAGR (compounded annual growth rate) during the 2024-30 period. With innovation and expansion of its application portfolio, India has the potential of becoming the global drone hub by 2030, it stated. The study highlighted that the key to realising India's vision lies in boosting the domestic drone ecosystem. Other major fac

Centre to conduct second round of consultation for new EV schemes

The Ministry of Heavy Industries will release policy guidelines and start accepting applications after July 15

Govt puts interim stay on order suspending making of 14 Patanjali drugs

An interim stay was put on Friday on the implementation of an order suspending manufacturing licences of more than a dozen medicines of Patanjali Ayurved Ltd and Divya Pharmacy. The interim stay is being imposed with immediate effect on the basis of a preliminary inquiry report of a high level committee, Pankaj Kumar Pandey, Secretary Ayush, Uttarakhand government said in an order. "The order of the suspension is illegal and should not have been passed by the licensing authority in the manner it has been passed," the committee looking into the matter said in its report. The firms had challenged the last month's suspension order of the Uttarakhand state licensing authority. "Since the licence has been cancelled without following the procedure established by law, the committee is submitting its report to the government of Uttarakhand for appropriate decision," it said. The State Licensing Authority, Ayurvedic and Unani Services had suspended the manufacturing licence of 14 Patanjali

Netgear explores possibility of building manufacturing facilities in India

Netgear, a global leader in networking technology, is exploring the possibility of establishing manufacturing facilities in India, the company said on Thursday. The inauguration of two new office floors for research and development here exemplifies the Nasdaq-listed company's unwavering commitment to this burgeoning market, marking a significant step forward for Netgear in bolstering its presence and investments in India, it said in a release. By participating in the 'Make in India' initiative, Netgear said, it hopes to increase its market presence, reduce production costs and foster local innovation. We are adding more space to our research centre and shall continue to invest more in engineering, sales and customer support in the coming years," Netgear CEO Charles (CJ) Prober, who is on a maiden visit to India, said at a press conference here. His visit signifies Netgear's strategic emphasis on establishing local manufacturing facilities to fortify its market position and synchron