Page 11 - Supply Chain

IPEF's supply chain agreement to boost domestic manufacturing: Commerce min

Implementation of the supply chain agreement being finalised among the 14-member IPEF grouping is expected to extend a number of benefits to India, including boosting domestic manufacturing and mobilisation of investments, the commerce ministry said on Thursday. Members of the Indo-Pacific Economic Framework (IPEF) concluded the negotiations on the proposed agreement, one of the four pillars of the Indo-Pacific Economic Framework for Prosperity (IPEF), on May 27 in Detroit. "Once implemented, the Supply Chain Agreement is expected to bring in a number of benefits to India and the other IPEF partner countries," it said. Some of the key benefits expected are potential shift of production centres in key goods/critical sectors to India; bolstering of domestic manufacturing capacities; mobilization of investments especially in production of key goods, logistics services and infrastructure, the ministry said. It may also help in increasing exports from India; mitigation of risks of econo

Govt to brief industry on US-led initiative IPEF's supply chain pillar

Government officials said there will be more rounds of stakeholder and legal consultations will take place before the text is finalised

IPEF members "substantially conclude" deal on supply chains in Detroit

However, no mention of a proposal made earlier by US seeking advance notices on tariff changes and export curbs from partner countries, before firming up their positions

Entire E2W supply chain under stress as govt stance on subsidy hardens

Uncertainty over direction of govt policies is slowing investments and purchases; vehicle and ancillary makers need 5-year policy perspective to take investment calls, say industry experts

Negotiations on supply chain agreement under IPEF conclude: Ministry

Members of the 14-nation bloc IPEF have 'substantially' concluded the negotiations on the supply chains agreement, including improving logistics and connectivity; promoting investments in critical sectors and cooperation for mitigation of disruptions to ensure business continuity, the commerce ministry said on Sunday. The IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23 in Tokyo. The framework is structured around four pillars relating to trade, supply chains, clean economy and fair economy (issues like tax and anti-corruption). India has joined all the pillars except the trade one. The talks on supply chains, clean economy and fair economy were held on May 27 in Detroit, US. Commerce and Industry Minister Piyush Goyal virtually participated in the ministerial meeting. At this meeting, negotiations under the Supply Chains (Pillar-II) were substantially concluded; while good progress was reported under the other IPEF Pillars, the .

The end of 'decoupling'?

A more nuanced vision of the future of supply chains and economic security has emerged from the G7 summit

South Korean, German leaders agree to cooperate on supply chains, N. Korea

The leaders of South Korea and Germany on Sunday pledged more cooperation in building stable industrial supply chains and addressing the challenges posed by nuclear-armed North Korea as they met in Seoul after flying in from the Group of Seven meetings in Japan. South Korean President Yoon Suk Yeol, in a joint news conference with German Chancellor Olaf Scholz, pointed to the similarities between the two major manufacturing nations that are dependent on foreign trade and said a stronger supply chain partnership would help them cope with intensifying global economic instability and geopolitical conflicts. He said the countries in particular will work to advance trade relations in high-tech industries and clean energy, including semiconductors and hydrogen projects, and pursue further opportunities in defense cooperation. Yoon said they also discussed the growing threat posed by North Korea, which has test-fired around 100 missiles since the start of 2022 while accelerating its push t

EV penetration: At 1.1%, India is far behind Asian average of 17.3%

The countries covered in the region include China, Japan, South Korea, India, Indonesia, Malaysia, the Phili­ppines, Singapore, Thailand, Vietnam, the greater China region, and Pakistan

Multiple events like Russia-Ukraine war disrupted supply chains: IAF Chief

The event organised by the IAF was held at the Air Force Auditorium in the national capital, where Air Chief Marshal Chaudhuri inaugurated the seminar and delivered the key-note address

China flags supply chains, population as top priorities for new policies

China has become increasingly alert to supply chain security risks amid a US push to cut it off from advanced chip technology. Adding to it, its population has shrunk signaling a demographic crisis

Global recovery shaky; India to benefit from supply chain changes: WEF

Economists worldwide are evenly divided on the prospects for the economy, with equal shares of 45 per cent finding a global recession this year likely or unlikely, but India figures among the economies most likely to benefit from supply-chain changes, a survey showed on Tuesday. In its latest Chief Economists Outlook, the World Economic Forum said economists expect both growth and inflation dynamics to vary widely across regions. On the economic policy front, 72 per cent predict proactive industrial policy to become an increasingly widespread phenomenon over the next three years. Although a majority do not see recent financial-sector disruption as a sign of systemic vulnerability, further bank failures and turbulence are considered likely this year. Showing divergent regional dynamics, the most buoyant activity is expected in Asia, with China's reopening expected to drive a significant rebound for the country and to bolster activity across the continent. More than 90 per cent of t

Piyush Goyal marks importance of small countries in global supply chain

The Union Minister appealed to all to aim for a 47 trillion dollar economy when India reaches the year 2047

Reduce logistics, supply chain cost to boost economic development: Minister

Industries must reduce logistics and supply chain costs in order to facilitate economic growth and development in the country, Union Minister Raosaheb Danve said in Jalna in Maharashtra on Saturday. The Union Minister of State for Railways, Coal and Mines was speaking at a scrap recycling and waste utilisation awareness conference organised by the Material Recycling Association of India (MRAI) and Steel Manufacturers Association of Maharashtra (SMAM). He said the ambitious Dedicated Freight Corridor project of the Railways, which will have high-speed rail lines to transport goods from Maharashtra in the west and West Bengal in the east to Dadri near Delhi, will bring down logistics costs by connecting industrial hubs. In addition, multi-modal logistics parks in several parts of the country, including Jalna, and 'circular economy parks' in Aurangabad, Ratnagiri, Pune and Nagpur, which will focus on scrap and waste recycling, will help enhance efficiency of the goods transportation ..

Sudan conflict threatens supply of key ingredient for Coca-Cola, Pepsi

The capital Khartoum has been brought to a standstill in the fighting that broke out on April 15, paralysing the economy and disrupting basic communications

Supply side problems adding to inflation, govt monitoring continuously: FM

Union Finance Minister Nirmala Sitharaman on Wednesday said seasonal supply side problems add to inflation and that they are being monitored continuously with efforts being made to bring down prices of essential commodities. Highlighting that efforts have also been made to bring down fuel and natural gas prices, she said these are imports coming into the country and the prices are high in the global market, due to the impact of Covid and Russia-Ukraine war. "On prices, since November 2021, when the Prime Minister himself has instructed us to reduce the excise duty on fuel, as a result before Deepavali one announcement was made. Then sometime in June 2022, again we reduced the excise duty further. As a result, price of fuel came down somewhat," Sitharaman said during a press conference here. "But when we are speaking about fuel or natural gas, we need to understand one thing: these are products which are imported, and particularly after Covid and particularly even more after the war

Supply shocks led to price rise during pandemic, says SBI report

The SBI report analysed 7 sectors - Telecom. FMCG, Two-Wheeler, Passenger Vehicles, Retail Trade, Steel & Basic Metals

RE players discuss ways to strengthen supply chain network: Mercom India

Over 300 experts from the power and renewable energy industry will gather in the national capital to explore business opportunities and measures to boost supply chain systems in the sector at a two-day summit beginning Wednesday. The participants will also discuss ways to reduce their energy costs amid the government's push towards use of renewable energy, Mercom India said in a statement. The discussions will be part of the annual 'Mercom India Renewables Summit 2023' which begins on April 26, 2020. "Over 300 players have confirmed their participation. The players will explore growth opportunities as India moves towards clean sources, strengthening local supply chains system, reducing input cost," Mercom India's Managing Director Priyadarshini Sanjay said in the statement. The event will also see participation from overseas players who are keen to explore the domestic solar and power industry to expand their presence, she said. The experts will discuss the changing landscape of .

Walmart bets on supply-chain automation, dangles profit potential

Walmart says its revamped supply chain will enable it to ease cost pressures tied to the rise of e-commerce and help end a decade of stagnation in US operating income

Amazon removes 6 mn counterfeit items globally from supply chains

E-commerce major Amazon removed six million counterfeit items globally from the supply chain in 2022, the company said in a report on Tuesday. The e-commerce firm said that it stopped over 800,000 attempts to create new selling accounts in 2022, preventing bad actors from publishing a single product for sale. The figure has come down from 2.5 million attempts in 2021, and six million attempts in 2020. "The strategic combination of industry-leading technology and experts are successfully stopping bad actors and making an impact beyond Amazon's marketplaces and stores identifying, seizing, and appropriately disposing of over six million counterfeit products in 2022, preventing them from reaching customers and being resold elsewhere in the global supply chain," the report said. The report said that Amazon's Counterfeit Crimes Unit sued or referred for investigation over 1,300 criminals in the US, UK, EU, and China in 2022.

Street cheers auto volume data amid interest rate, chip crunch concerns

Rural consumption will be crucial in the near-term for two-wheelers, while tractor sales have been healthy due to higher crop prices and adequate water reservoir levels