Page 24 - Manufacturing

Fireworks factory explodes in Thailand, at least 23 people killed

The cause of the explosion is being investigated. The blast came less than a month before Chinese New Year in February, when demand for fireworks is strong

Govt disburses Rs 4,415 cr under different PLI schemes for 8 sectors so far

The government has disbursed Rs 4,415 crore under production-linked incentive (PLI) schemes for eight sectors till October in this fiscal, an official said on Wednesday. During 2022-23, the disbursement was Rs 2,900 crore. "Incentive amount of around Rs 4,415 crore disbursed under PLI Schemes for eight sectors including Large-Scale Electronics Manufacturing, IT Hardware, Bulk Drugs, Medical Devices, Pharmaceuticals, Telecom & Networking Products, Food Processing and Drones and Drone Components," Additional Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajeev Singh Thakur told reporters here. The government in 2021 announced PLI schemes for 14 sectors such as telecommunication, white goods, textiles, manufacturing of medical devices, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell battery, drones, and pharma with an outlay of Rs 1.97 lakh crore. The schemes aim to attract investments in key ..

Inox Air Products signs $3 billion MoU with Maha for green ammonia plant

Inox Air Products on Tuesday said it has signed an MoU with the Maharashtra government here for setting up the state's first Green Ammonia Plant with a capacity of 500,000 MTPA and a planned outlay of USD 3 billion. The project is aimed to be commissioned in a 3-5 years timeline, the company said in a statement. The plant would produce Liquid Ammonia, which would be a climate-neutral Hydrogen carrier. The MoU was signed here at the Maharashtra pavilion which the state has set up to promote Maharashtra as an investment decision at the World Economic Forum Annual Meeting. Those present included Maharashtra Chief Minister Eknath Shinde, Industries Minister Uday Samant, Principal Secretary, Industries and Mining Harshdeep Kamble, and Siddharth Jain, Promoter and Director, INOX Group.

Govt may extend concessional 15% tax for new production units by a year: EY

The government may extend the concessional 15 per cent income tax rate for corporates to set up new manufacturing units by one year till March 31, 2025, to encourage private investments, EY said in its 2024 Budget expectation report. Finance Minister Nirmala Sitharaman is scheduled to present the interim Budget for 2024-25 on February 1. EY in its Budget expectations report also said that in the interim Budget, the government would continue its focus on ease of paying taxes, while legislative reforms will stay work-in-progress. To encourage more investment in the manufacturing sector and exports, the interim Budget may extend the sunset date for commencing manufacturing from March 31, 2024, till March 31, 2025, for companies availing 15 per cent concessional income tax rate, EY said. The government in 2019 announced that any new domestic company incorporated on or after October 1, 2019, making fresh investment in manufacturing, will have the option to pay income tax at the rate of

A slowing domestic mobile phone mkt presents challenges to Meity's targets

In spite of PLI incentives, India's gap with China, Vietnam is not fully bridged, leaving a gap of 4-5%. However, if tariffs are brought down, ICEA estimates that exports will go up to $50 bn by FY27

The limitation of 'Make in America'

Slade follows Ben and Whitney Waxman, who in 2015 founded American Roots with the goal of not only manufact­uring in the US, but also operating with an entirely domestic supply chain

Avalon Technologies inks pact with C-DAC to make high-performance computers

Avalon Technologies Ltd has entered into an agreement with C-DAC (Centre for Development of Advanced Computing), Ministry of Electronics and Information Technology for indigenous manufacturing of high-performance computing systems, the company said on Saturday. As per the partnership, Avalon would be able to extend its support for the next generation of server development and manufacturing at C-DAC under the 'RUDRA' program. Avalon has been working with C-DAC as a strategic design and manufacturing partner since 2021 delivering Prototype PCB assemblies, and cables. This experience will now ensure Avalon Technologies' smooth transition into the production of high-performance computing servers as well, a company statement here said. "We are proud to announce that we will be a key partner in assisting with the production of RUDRA HPC server -- India's first ever natively designed server by C-DAC," company Chairman and Managing Director Kunhamed Bicha said. "We believe this partnership

Recycling firm Vikas Lifecare sets up JV to manufacture smart meters

Recycling player Vikas Lifecare on Saturday said it has formed a Joint Venture (JV) company to set up a smart meter manufacturing unit at an investment of Rs 108 crore. Its subsidiary Genesis Gas Solutions Pvt Ltd (Genesis) has formed JV IGL Genesis Technologies Ltd with equity participation from Indraprastha Gas Ltd (IGL) in the ratio of 49:51, Vikas Lifecare said in a statement. The JV will set up a smart meter manufacturing facility at an initial investment of Rs 108 crore in Noida, Uttar Pradesh. The unit, with a capacity to manufacture 1 million smart meters annually, is being set up over an area of 65,000 sq ft, and is expected to be made operational by July this year, the company said. Orders for the manufacturing equipment have already been finalised and will be placed within this month. Vikas Lifecare recycles plastic waste to manufacture pallets and interlocking tiles for industrial applications.

Bombay High Court junks pleas challenging closure of Talegaon plant

The High Court upheld the decision of the Industrial Tribunal allowing GMI to close the plant after noting accumulated losses of Rs 9,656.87 crore as of 2021-22

Avalon Technologies joins MeitY's RUDRA supercomputing mission

The partnership will add to the indigenous manufacturing capability of High-Performance Computing (HPC) systems that are a part of the 'RUDRA' programme, said the company in an announcement

Govt's mission is to be world's top automobile manufacturing hub: Gadkari

The government's mission is to make India the number one automobile manufacturing hub in the world and make the auto sector a Rs 25 lakh crore industry, Union Minister Nitin Gadkari said on Thursday. Addressing a seminar at the Vibrant Gujarat Global Summit here, the minister asked auto manufacturers to invest in clean technologies, especially in electric vehicles, otherwise, they will "miss the bus". Under Prime Minister Narendra Modi's vision of a USD 5 trillion economy and a self-reliant India, Gadkari said, "We are looking at the auto sector to become a Rs 25 lakh crore industry." He further said, "We have to become the number one. Our mission, our target is to make the Indian automobile industry in the world the number one manufacturing hub." Gadkari reminded the audience that when he took charge as minister, India's automobile sector was seventh in the world. "It is a great pride and pleasure for me that under the leadership of PM Modi, we have achieved a very respectable fe

Outgrowing Apple

India must approach its industrial policy with a lighter and practical, reform-oriented touch instead of trying to deal with individual companies like Apple or Tesla

Jindal Advanced Materials commits Rs 1,000 cr investment in Tamil Nadu

Composite materials manufacturer Jindal Advanced Materials has pledged an investment of about Rs 1,000 crore to set up a plant in Tamil Nadu, its first in south India. As part of the Memorandum of Understanding (MoU) with the state government, it will set up a manufacturing plant over an area of 250 acres, the company said in a statement on Tuesday. Jindal Advanced Materials has signed an MoU with the Tamil Nadu government to set up a new manufacturing plant at a strategic investment of nearly Rs 1,000 crore, the statement said, adding that the investment will be spread across seven years. The project, which will come up in Trichy, is the company's first manufacturing facility in south India and is expected to generate up to 3,000 job opportunities, it said. "This MoU is instrumental in elevating our customer service experience in the South. Tamil Nadu's robust infrastructure, Trichy's proximity to the port for enhanced trade opportunities, and the existing ecosystem in infrastruct

Tata Power, Adani lead Rs 6.64 trn funding plans at TN Investor Meet

Among the investors, Tata Power ranked on the top by signing deals to invest Rs 70,000 crore to come up with 10 gigawatt (GW) solar and wind units in Tamil Nadu over a period of five to seven years

Honda expands capacity to 1.97 mn units in scooter-only plant in Gujarat

Prior to this expansion, the plant had a capacity to produce 1.3 million units a year of scooter models like the Activa, Dio, Activa 125, Dio 125, etc

VinFast's India entry: Tamil Nadu plant may start EV production by 2026

The money for the plant will come from the planned optimisation of its capital expenditure in 2024 and 2025, which will help save over $400 million of cash

India's macro-economic health and prospects for 2024

Here's what keeps the Indian economy booming amidst the global slowdown

Jute fibre of the future, need for expanding sector, says Piyush Goyal

Union Minister Piyush Goyal on Saturday termed jute as the fibre of the future, and underscored the importance of expanding the sector and giving it the place it deserves. Goyal was speaking at the inauguration of Patsan Bhawan' at New Town, which will serve as the new base for offices of the Jute Commissioner, the headquarters of the Jute Corporation of India and the National Jute Board, an official release said. Jute is fibre of the future... we need to expand the jute sector and give it the place it deserves. India produces more than 50 per cent jute in the world, out of which over 50 per cent is produced in West Bengal, he said. The minister was also present at a meeting of jute mill owners and stakeholders, industry sources said. During the meeting, Goyal urged officials concerned to resolve long-pending pricing issues, including court cases related to jute pricing, they said. Goyal also formed an informal jute advisory group to comprehensively address issues concerning the .

'The Dravidian model is about inclusivity, diversity, and equitable growth'

T R B Rajaa, says it is taking significant strides in research and development (R&D) and is moving towards becoming a knowledge economy

Talent, infra make TN sought-after state in advanced manufacturing

The panelists, while talking about au­tomation, said the focus lies in automating traditionally monotonous jobs, ensuring a seamless ble­nd of efficiency and worker well-being