Page 34 - Manufacturing

DPIIT working with 24 key sectors to boost manufacturing, exports

The Department for Promotion of Industry and Internal Trade (DPIIT) is working closely with 24 sectors, including electronics, textiles and auto components, to boost domestic manufacturing, increase exports and cut down imports, an official statement said on Friday. The DPIIT said efforts are on to boost the growth of these sectors in a holistic and coordinated manner. "Now, DPIIT is working closely with 24 sub-sectors which have been chosen keeping in mind the Indian industries strengths and competitive edge, need for import substitution, potential for export and increased employability," it said. These sectors include furniture, air-conditioners, footwear, auto components, aluminium, electronics, agrochemicals, steel, textiles, EV components and integrated circuits, ethanol, ceramics, set top boxes, robotics, televisions, close circuit cameras, toys, drones, sporting goods and gym equipment. It added that the second phase of the Make in India campaign is focusing on 27 sectors. T

Enhance budget for PLI scheme and widen its coverage: Assocham

The government's PLI scheme, introduced in 2021, had an outlay of around Rs 2 trillion for 13 sectors

TSF Group unveils manufacturing unit of Leggaro Composites for expansion

The TSF Group, a part of the erstwhile TVS Group, inaugurated the manufacturing facility of Leggaro Composites aimed at stepping up presence in the country, a top official said on Wednesday. The manufacturing unit was part of the strategic partnership between TSF Group and MIND S.r.l signed in November 2020 in Bologna, Italy. "The TSF Group has decades of experience in providing high-quality, design-led manufacturing to customers across the globe. Establishing Leggaro's manufacturing facility in Chennai is a milestone, which will allow us to scale up our presence," Leggaro Composites Management member Sriram Viji said. The plants in Bologna, Italy and Chennai would have a built-up area of 10,000 square metres with specialisation in delivering components in composites using advanced technologies of transformation of carbon fibre. "MIND, the Italian base of Leggaro, has developed its experience in carbon composites over several years and established itself as a supplier to many luxur

UK manufacturers are sitting on a $29 bn pile of unfinished goods

The poll showed 72% of the 631 companies in Britain are facing the inventory logjam tied to a lack of components, materials or ingredients

World's play store: India scripts a local toy story, turns a net exporter

India is likely to extend the production-linked incentive (PLI) scheme to domestic toy manufacturers after Chinese toys were found to be "unsafe"

UK braces for 2 yrs of recession as manufacturing sector shrinks by over 4%

The UK's manufacturing sector shrank by more than 4% this year, a survey found, with predictions of another sharp decline in 2023

India set to export mobile phones worth $9 billion in FY23: Report

Phone exports have already crossed the $5 billion mark, twice more than the last year's $2.2 billion

GDP may print at 5.8% in Q2 due to weak manufacturing: SBI research

Citing a weak manufacturing sector coupled with the steep margin compression, SBI Research has pencilled in the country's GDP growth for the second quarter at 5.8 per cent, down 30 basis points from average estimates. The government will release the official numbers on November 30. In a report on Monday, SBI Research headed by Soumya Kanti Ghosh said corporate results, operating profit of companies, excluding banking and financial sector, degrew by 14 per cent in Q2FY23 as against 35 per cent growth in Q2FY22, though the top line continued to grow at a healthier pace. Net sales grew by 28 per cent, while bottom line was down by around 23 per cent from the year ago period. Further, corporate margin seems to be under pressure, as reflected in results of around 3,000 listed entities, excluding banking and financial sector, due to higher input costs with declining operating margins, from 17.7 per cent in Q1FY22 to 10.9 per cent in Q2FY23. Given this and the wide divergence in market ..

Dhruva Space looking to raise $20-25 mn in 2 years for satellite infra

Dhruva Space, which has sent two tiny satellites recently, is looking to raise USD 20-25 million in the next one to two years to create infrastructure facilities here to be able to launch satellites weighing up to 100Kg, Abhay Egoor, co-founder and CTO of the city-based startup said. He also said after the successful launch of Thybolt 1 and Thybolt 2-the tiny satellites into space, the firm is now currently working on a satellite weighing about 30 kg which will be broadly catering to communications and scientific applications, on their P30 platform. "We are looking to raise or invest about USD 20 to 25 million over the next 1-2 years where this amount of capital would be used to invest and build an infrastructure facility for assembly, integration and testing of satellites up to 100 kg class. We are exploring setting up the same facility in Hyderabad. We are already in conversation with parties," Egoor told PTI. He said the decade-old firm has raised USD 8 million funding so ...

India's WPI inflation eases to 8.39% in October from 10.7% in September

The index for manufactured products saw a decline of 0.42 per cent month-on-month (MoM) and the inflation in fuel and power category saw a fall of 1.65 per cent

Active companies in India close to 15,00,000, registrations fall in Sept

The Finance sector showed a small rise of 0.9 per cent in the number of active companies

Apple's contract manufacturers in India eye expansion amid China curbs

Some see Apple's expansion in India in relation to the expected labour shortage in China during the Chinese New Year in February

India has cheapest manufacturing cost globally, bags 31st position: Report

India has been ranked as the nation with the cheapest manufacturing cost ahead of China and Vietnam, according to a report. According to the US News and World Report, out of 85 nations, India has bagged the 31st position in the overall Best Countries ranking. India featured at the 37th spot in the 'Open for Business' category. The report evaluates 85 countries across 73 attributes. Attributes are grouped into 10 sub-categories, including adventure, agility, entrepreneurship, open for business, social purpose and quality of life. Under the open for business sub-category, India has scored 100 per cent when it comes to cheap manufacturing costs. But in 'favourable tax environment', it has scored 16.2 out of 100; 18.1 in the 'not corrupt' category and 3.5 in 'transparent government policies'. Similarly, under the 'quality of life' segment, India has scored 1.9 in 'income equality'; 4.3 in 'safe'; 2.3 in 'well-developed public health system'; and 9.9 in 'economically stable' ...

A leg-up for logistics

The multi-pronged National Logistics Policy is a well-timed initiative

From Energy Equipment to Clean Energy Products, Powergear Sustainability and Reep Motors Scales New Heights in Sustainable Energy Business

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Joe Biden's old tactics are botching the dream of made-in-America EVs

As the EV hype ramps up and a shortage of batteries emerges, industrial giants like SK Innovation Co., Honda Motor Co., etc., have announced billions of dollars of manufacturing facilities across US

UK economy shrank in August, now on brink of recession: Report

Weakness in manufacturing and maintenance work in North Sea oil and gas fields contributed to a 0.3% fall in GDP from July, and the report also showed how a jump in inflation was hitting consumers

Understand conditions that can render warranty void before buying a product

Buy an extended warranty only if there is no duplication vis-a-vis manufacturer's warranty

Govt to adopt digital manufacturing processes: Mahendra Nath Pandey

On the occasion, 175 electric vehicles for Gujarat and Karnataka were flagged off under the FAME Scheme

Reliance, Sanmina completes JV deal to build manufacturing hub in India

Integrated manufacturing solutions company Sanmina Corporation and Reliance Strategic Business Ventures Limited (RSBVL), announced the completion of their joint venture transaction