Page 36 - Manufacturing

Chexit, in parts: Reshoring, friend-shoring and billions of dollars in sops

Good or bad, India's current policy thrust on PLIs, capital subsidies, etc, is in line with the East Asian trend, if not global, notes T N Ninan

India to be manufacturing economy to realise 'Make in India' goal: Pradhan

Union Education Minister Dharmendra Pradhan on Sunday said India has to become a manufacturing economy for achieving the 'Make in India' goal. He said India currently has the momentum to achieve it. "Until India becomes a manufacturing economy, it will continue to buy goods from others as a purchasing economy," the minister, who also holds the skill development and entrepreneurship portfolio, said. Addressing a programme on 'Purvodaya - an instrument for Act East policy', Pradhan said economic empowerment in the eastern region has to be achieved by providing employment. "India will get the demographic dividend for the next 15 years, which eastern India will get for 25 years," he said. The minister said India has not only made strides on the political and diplomatic fronts, but also made a mark by providing COVID vaccines to 140 countries, of which 40 received those as a gift. Commending Kolkata's role as a centre of renaissance in India over the last three centuries, he said the

Top headlines: New export obligation defaults scheme, banks seek exemptions

Business Standard brings you the top headlines at this hour

Manufacturing the future

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Indian GDP pegged to grow at 7% in FY23: NSO's advance estimates

The output of the manufacturing sector is estimated to decelerate to 1.6 per cent as against a growth of 9.9 per cent in FY22

Green hydrogen manufacturing to come under PLI scheme: R K Singh

The minister was speaking a day after the Union Cabinet approved an initial outlay of Rs 19,744 crore for the National Green Hydrogen Mission

Govt studying feasibility of setting up industrial parks for space tech

It wants to ramp up indigenous manufacturing of satellite components, space launch vehicles, navigation systems

China factory activity worsens in Dec after sudden reversal of Covid Zero

The official manufacturing purchasing managers index fell to 47 this month from November's 48, the National Bureau of Statistics said Saturday

Weak demand led to 8% decline in 'Make in India' smartphone shipments

Economic headwinds, poor consumer demand, and market uncertainties led to a 8% fall in 'Make in India' smartphone shipments Y-o-Y in FY23Q3 to reach over 52 million units, a new report said

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