Indian Industry

Sanjay Nayar assumes position of vice-president of Assocham

Assocham has announced the appointment of global financial markets expert Sanjay Nayar as its new vice-president

R&D: An inside job

For innovation to power economic growth, Indian industry must raise its investment in in-house R&D five-fold

Industry body seeks lifting curbs for nonpolluting work in construction

An industry delegation has requested Centre to consider exempting nonpolluting construction activities from ban

I owe my success to institutional reforms over 30 years: Gautam Adani

As both he and PM Modi are from the same state, it makes him the easy target of baseless allegations, says Adani

DPIIT seeks views of ministries on draft national retail trade policy

The Department for Promotion of Industry and Internal Trade (DPIIT) has sought views of 16 departments and ministries on its draft national retail trade policy, which is aimed at overall development of all formats of the sector, an official said. After getting comments of all the departments and ministries, DPIIT would seek approval of the Union Cabinet on the policy, the official added. The policy would focus on formulating strategies to provide a globally competitive and sustainable environment for overall development of retail trade through targeted efforts. The objectives of the policy include ensuring easy and quick access to affordable credit, facilitating modernization and digitization of retail trade by promoting modern technology and superior infrastructural support; development of physical infrastructure across the distribution chain; promotion of skill development and to improve labour productivity, and providing an effective consultative and grievance redressal mechanism

Work out strategies to draw global manufacturers to India: FM to industry

Finance Minister Nirmala Sitharaman on Friday asked Indian industry to work out strategies as to how businesses operating in developed countries can look at India as a production or sourcing hub amid recession fears in the western countries. India has brought in a lot of facilitation and tweaking of rules to attract foreign investment into India and is also engaging with industries who want to co-locate in the country, the minister said. "As much you are preparing yourself for a long-drawn recession in the Western world, in the Developed world, I think it is also the best time for you to work out strategies for drawing those manufacturers from there to India. "Even as they are headquartered there, it might be useful for them to think of sourcing many things from here and producing from here at least for markets in this part of the globe," Sitharaman said at an event here. She said the suspected long-drawn recession, which is likely to affect Europe, is not just going to affect expo

Sonear Industries to set up 2 units in Haryana, UP for about Rs 150 cr

Company that provides interior design solutions entering laminated boards business

Global freight rates down 30% YoY; steel, auto, and pharma to benefit

However, average container prices are still 2-3 times higher compared to pre-pandemic levels

NFRA aligning to global standards but industry awaits more clarity

Experts want the authority to set some limit on the time it would spend on on-site visits

Credit to industry up 12.6% YoY in September; touches 100-month high

Apart from base effect, credit to industry got a big boost from MSMEs; among sectors, petroleum, gems & jewellery, engineering, iron & steel, and construction were key drivers

Jamshed Irani: Architect of post-lib Indian industry and 'New Tata Steel'

Irani transformed Tata Steel totally to make it the world's lowest-cost steel producer by 2001, completely revamped technology and used his phrase "Customer Har Haal Me" to augment user delight

PM Modi pitches for promotion of indigenous products, self-reliance

Prime Minister Narendra Modi on Wednesday emphasised on promoting indigenous products and self-reliance for prosperity, and said by adopting them, one can keep the art, culture and civilization of India alive. Addressing a gathering to mark the 150th birth anniversary of Jain saint Vijay Vallabh Surishwar via video conference, he said the message of 'swadeshi' and self-reliance is extremely relevant in the "Azadi ka Amrit Kaal", a reference to the period till 2047, for India to become a developed country. A commemorative postage stamp and coin dedicated to the saint was also released on Wednesday. Paying tributes to the saint, Modi said when the world is experiencing the crisis of war, terror and violence and is looking for inspiration to break out of this vicious circle, ancient traditions and philosophy coupled with the power of today's India is turning out to be a big hope. He said the path shown by Surishwar and the teachings of Jain gurus is the solution to these global ...

Indian industry ready to catch momentum of country's growth: Ficci official

The Indian industry is ready to catch the momentum of the country's growth story and be a part of its march to 2047 to become a developed nation, a top industrialist has said. In an interview to PTI, Subhrakant Panda, senior vice president of the Federation of Indian Chambers and Commerce and Industries (FICCI) said India has emerged as a bright spot in the world economy. There is no doubt that the Indian economy would easily surpass the goal of USD 5 trillion and then USD 10 trillion GDP, Panda told PTI, asserting that experts and economist are now talking about the country becoming a USD 30 trillion or USD 35 trillion economy. There are many assumptions and factors which go into deriving those numbers, but I think what is very clear is the direction of growth and the sustained reforms, which are going to take us in that direction of growth, he said. From an Indian industry perspective, are we ready for it? Yes, I think we are. Because this is a huge opportunity which awaits us. I

FinMin seeks trade, industry suggestions on taxes for 2023-24 Budget

Kickstarting stakehoder consultation for 2023-24 Budget, the finance ministry has sought suggestions from industry and trade associations regarding direct and indirect taxes. Along with the suggestions, the industry has to submit justification for their demand which, if found with merit, could become part of the Union Budget for 2023-24 (April-March), to be tabled in Parliament on February 1, 2023. The deadline for sending suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes is November 5. "In the context of formulating the proposals for the Union Budget for 2023-24, the Ministry of Finance would like to be benefited by the suggestions and views of your association," the ministry said. It said that since the government is working to phase out tax incentives, deductions and exemptions while simultaneously rationalising direct tax rates, the industry should point out 'positive externalities' arising out of the ...

India has potential to lead fourth industrial revolution: PM Narendra Modi

Prime Minister Narendra Modi on Friday said India has the potential to lead the fourth industrial revolution and the government has worked on reforms to make the country a manufacturing hub of the world. He said that the fourth industrial revolution is as much about new technology, as it is about innovative thinking. "Due to various factors, India may have missed being a part of earlier industrial revolutions. But India has the potential to lead Industry 4.0, because, for the first time in recent history, we have many different factors like demography, demand and decisive governance coming together," he said through a message. The Prime Minister's message was read by a Joint secretary of the Ministry of Heavy Industries here at the conference on Industry 4.0. Modi added that the industry and entrepreneurs play a key role in making India a vital link in global value chains. "We have worked on reforms and incentives to make India a tech-powered manufacturing hub of the world," he ..

Quality will define India in time to come, says Union Minister Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal asked the Quality Council of India to strive to bring about a convergence of all the various quality and standards organizations in the country

From stubs to soft toys, this Indian factory reprocesses cigarette ends

The material is composed of cigarette stubs, separated into fibres and cleaned and bleached after being gathered from the city streets where they had been discarded along with millions of others

Adani Enterprises announces establishment of two new subsidiaries

While Adani Disruptive Ventures aims to partner with businesses looking to create solutions through disruptive technology, Alwar Alluvial Resources will be engaged in minerals processing

Raghupati Singhania receives PHDCCI lifetime achievement award for 2022

The event felicitated industry stalwarts for transforming society, helping improve the community, setting entrepreneurship benchmarks, and demonstrating exemplary leadership qualities

Industrialists leaving India due to Centre's policies: Telangana CM KCR

Telangana Chief Minister K. Chandrashekar Rao slammed government's policies due to which industrialists are leaving the country and the value of the rupee against the dollars is at all time low