Page 39 - Manufacturing

UK economic growth slows down amid declines in manufacturing

Gross domestic product increased just 0.1% from a month earlier, down from the 0.8% growth reported in January, the Office for National Statistics said Monday.

Factory activity slowed in March, optimism at 2-year low: PMI survey

The Manufacturing Purchasing Managers' Index declined to 54.0 in March from 54.9 in February.

Brick manufacturing, trading to attract 6% GST without ITC; 12% with credit

Brick kilns can opt for a composition scheme to pay a 6 per cent GST without input tax credit (ITC) beginning Friday, higher than 5 per cent earlier. Those businesses who do not wish to opt for the composition scheme would be subject to 12 per cent Goods and Services Tax (GST) with ITC. The government on March 31 notified the GST rates that would be applicable from April 1. As per the notification, building bricks, earthen or roofing tiles, fly ash bricks and blocks, bricks of fossil meals can opt for a composition scheme. So far, manufacturing and trading of bricks were chargeable at 5 per cent GST, and businesses were allowed to claim credit on inputs. The GST Council had in September last year decided to bring brick kilns under a special composition scheme from April 1, 2022. AMRG & Associates Senior Partner Rajat Mohan said India is already witnessing high inflation and at this juncture, any steep increase in tax rates for essential infrastructure items would lead to a ripple

As biz expands, rail major Wabtec eyes exports from its Indian mfg hubs

The global rail major, a third of whose global engineering team is in India, is looking at opportunities in components, digital solutions, track maintenance and electrification

Local manufacturing of 35 APIs started after PLI scheme: Mansukh Mandaviya

Manufacturing of 35 active pharmaceutical ingredients, which have been imported earlier, has started in India under the production linked scheme for the pharmaceuticals sector, Union minister Mansukh Mandaviya said on Tuesday. These 35 active pharmaceutical ingredients (APIs) are among the 53 APIs, for which India has 90 per cent import dependence. "The 35 APIs are being manufactured from 32 different manufacturing plants. This will give a boost to AatmaNirbhar Bharat," Mandaviya, the Minister of Health & Family Welfare and Chemical and Fertilisers, told reporters here. This would lead to reduction in import dependence of the key raw materials used for producing medicines, he added. He said there has been a good response from the pharma industry to the PLI scheme and manufacturing of the other APIs is also expected to start in India in due course of time. Last year, the government had announced the Rs 15,000 crore PLI scheme for the pharmaceutical sector and 55 companies, ...

Food processing potential

Higher scale will have multiple benefits

Exide collaborates with China for lithium-ion cell manufacturing in India

Storage battery major Exide Industries has forged a multi-year technical collaboration with a Chinese company for lithium Ion battery manufacturing in India.

EDMS firm InYantra forges alliance with Volex in $13 mn deal

inYantra specialises in assembling printed circuit boards (PCBs) and box builds; has been growing at a CAGR of 38% the last five years

Additive manufacturing gathers momentum

While much of the time 3D printers are used for creating prototypes of machine components, experts believe that mass production of printed products is imminent

Services PMI picks up marginally in Feb after falling for 3 straight months

Data released by the data analytics firm IHS Markit released on Friday showed purchasing managers' index (PMI) for services for February rose to 51.8 from 51.5 in the preceding month.

Economic growth slows to 5.4% in Dec qtr; manufacturing, construction hit

Full-year forecast revised lower to 8.9%

Profits of insurers, manufacturing firms cannot be compared, says LIC chief

LIC Chairman M R Kumar on Monday said profits of insurance companies cannot be compared with that of manufacturing companies as dynamics of the businesses are different.

Punjab polls 2022: Jalandhar's Football Chowk waits to score a goal again

Jalandhar is well-known for manufacturing sports equipment

Distribution gains to bolster volume growth for Varun Beverages

The impact of rising raw material prices is a near term concern

India's Dec factory output growth at 10-mth low of 0.4% on Covid disruption

Manufacturing output contracted 0.1% while mining and electricity grew at 2.6% and 2.8%, respectively

Modern police force must for India to become manufacturing hub: NITI CEO

Niti Aayog CEO Amitabh Kant on Thursday said the government's goal of making India a manufacturing hub cannot be realised without a modern and forward-looking force.

Govt wants private companies to set up new manufacturing units fast

The government wants new domestic companies to set up their manufacturing units in India fast and hence the concessional tax rate of 15 per cent has been extended by a year till March 2024

Kennametal India second quarter net jumps over 85% to Rs 30.6 cr

The company had a net profit of Rs 16.5 crore in the year-ago quarter, the Bengaluru-based company said in a regulatory filing on Thursday.

Budget 2022 proposals to push exports, manufacturing: Exporters

Steps announced in the Budget such as extension of the ECLGS scheme, a new law for special economic zones and setting up of 100 cargo terminals will help in boosting economic growth and exports

MEIL's Drillmec to set up $200 mn oil rig manufacturing hub in Telangana

Drillmec SpA, a subsidiary of the city-based Megha Engineering and Infrastructures Limited group, will be setting up its global manufacturing hub in Telangana with an investment outlay of $200 min