Page 40 - Manufacturing

Manufacturing landscape shows uneven growth across categories: Eco Survey

As companies adapt their manufacturing and supply chain strategies to build resilience, India has a unique opportunity to become a global manufacturing hub this decade

India's solar module manufacturing capacity to reach 95 GW by 2025: Report

India's solar module manufacturing capacity is expected to reach approximately 95 GW by the end of 2025, according to Mercom Capital. The solar module manufacturing capacity as of September last year was 39 gigawatt (GW), the research firm said in its latest report. "India's solar module manufacturing capacities announced...39 GW at the end of September 2022 and is expected to reach approximately 95 GW by the end of the calendar year (CY) 2025," the report titled 'State of Solar PV Manufacturing in India' said. Indian PV (photovoltaic) manufacturers are strategically poised to expand their production capacities and adopt new technologies in the coming years on the back of government incentive programmes, the report said. States are promoting domestic solar manufacturing through fiscal and non-fiscal incentives under industrial, electronics, and solar policies, it added. In September 2022, the Cabinet approved a Rs 19,500-crore production linked incentive (PLI) scheme on 'national

Freeze import duties for next five years; cut customs levy slabs to 5: GTRI

The government should not make any changes in the customs duties for at least five years with a view to promoting domestic manufacturing, economic think tank GTRI said on Wednesday in its pre-Budget recommendations. The Global Trade Research Initiative (GTRI) also suggested retaining import duty on components; removal of inverted duty issues; and reduction of customs duty slabs to 5 from 25 at present to avoid confusion and minimise litigation. These suggestions will prepare India adequately to meet the challenging global economic environment, it said. The think tank noted that countries worldwide have turned inwards to brace for the tough global conditions and against this background India should announce a five-year duty freeze. "Any change may upset...production linked incentive scheme (PLI); phased manufacturing programme and other manufacturing initiatives. The government must reduce import duties only when a clear economic case is present," it said. The duty freeze should be

'Apple looks to scale up manufacturing in India', says Piyush Goyal

iPhone-maker Apple is looking to scale up its manufacturing in India as the business environment is helping global firms make the country their base, Commerce and Industry Minister Piyush Goyal said on Monday. He said that India offers a rule of law, and transparent government policies and business models which help it become a preferred destination for foreign investors. Talking about success stories of certain foreign companies, he said Apple already have about 5-7 per cent of their manufacturing in India. "If I am not mistaken, they are targeting to go up to 25 per cent of their manufacturing. They launched their most recent models from India, manufactured in India." The minister was speaking at the inaugural session of the B20 India Inception Meeting here, which was organised by industry chamber CII. Citing another example of a foreign company in the earth movers machine sector, the minister said that because of the competitiveness of India's manufacturing, that firm is supplyi

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

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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