Industry

Industry asks govt to make 'Vivad se Vishwas' scheme attractive for MSMEs

The industry has suggested that the Vivad se Vishwas scheme announced in the Budget for MSMEs should be made attractive in terms of reimbursements and interest rates, a senior government official said on Tuesday. They also demanded a robust grievance redressal system on digital portals and a mechanism to resolve disputes before the initiation of an arbitration process. These issues were raised during a post-Budget webinar on 'Ease of doing business using technology, especially for small businesses', organised by the Department for Promotion of Industry and Internal Trade (DPIIT). To give relief to MSMEs, Finance Minister Nirmala Sitharaman in the 2023-24 Budget announced the 'Vivad se Vishwas-I' scheme. Under the scheme, in case of failure by MSMEs to execute contracts during the Covid period, 95 per cent of the forfeited amount relating to bid or performance security will be returned to them by government and government undertakings. DPIIT Joint Secretary Manmeet K Nanda, who ...

AP has 48,000 acres on offer for industries: Minister Gudivada Amarnath

Andhra Pradesh boasts of three industrial corridors passing through it with 48,000 acres of land set aside for industries, state IT and Industries Minister Gudivada Amarnath said at a roadshow in Hyderabad on Friday. He revealed the availability of such huge parcels of land for industrial allotment in the run-up to the Global Investors Summit (GIS) scheduled on March 3 and March 4 in Visakhapatnam. "Andhra Pradesh is the only state with three industrial corridors i.e Visakhapatnam-Chennai, Chennai-Bengaluru and Hyderabad-Bengaluru where we have 48,000 acres of land for industrial allocation," said Amarnath. According to the minister, AP is the only state in south India to get a bulk 'drugs park' as well as being consistently ranked number one for ease of doing business in the past three years. "With a new policy coming up for 2023-2028 in the next few days, we are aiming to create an inclusive and balanced regional development, promote startup culture and ensure skill development,"

Leasing of industrial, logistics space highest in NCR in 2022: CBRE

Leasing of industrial and warehousing space was highest in Delhi-NCR and adjoining areas during 2022 at 7.3 million square feet driven mainly by demand from third party logistics and e-commerce firms, according to CBRE. The leasing grew by 6 per cent in Delhi-NCR to 7.3 million square feet in 2022 from 6.9 million square feet in the previous year. In its latest report, CBRE said that the leasing of industrial and logistics space across eight major cities rose 8 per cent to 31.6 million square feet in 2022 from 29.4 million square feet in the previous year. Commenting on the report, Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said, "The intent to strengthen supply chain among global and domestic companies drove the leasing activity in 2022." The leasing activity in 2023 is expected to remain range-bound, driven by sustained demand from 3PL (third party logistics), engineering & manufacturing and retail firms, he added. "On the ...

Manufacturing, services sector log 8.27% attrition in Q3: Report

The average attrition rate across manufacturing and services industries increased sequentially to 8.27 per cent in the October-December quarter, a report said on Monday. With a continuance of the 'Great Churn', attrition across industries witnessed a 0.46 percentage point increase from an average of 7.81 per cent in the second quarter to 8.27 per cent in the third quarter, according to TeamLease "Employment Outlook Report". The report is forward looking statistics for 'Intent to Hire' for January to March 2023, for both manufacturing (nine industries) and services sectors (14 industries), which is based on a survey of 874 small, medium and large companies. The report revealed that the Information Technology industry in the services sector had higher average attrition (27.19 per cent) compared to Healthcare and Pharmaceuticals industry in the manufacturing sector (15.67 per cent). It found that healthcare and pharmaceuticals industries saw double digit attrition rates (15.67 per ce

New competition law likely to open up settlement route for cartels

The proposed law however is not clear still on whether an application for settlements and commitments requires an admission of guilt

Pending deal approvals: Industry participants flag lack of quorum at CCI

With various mergers and acquisitions awaiting CCI approval, industry participants have sought measures to address the issue of lack of quorum at the competition watchdog which does not have a chairperson for more than two months now. Mergers and acquisitions beyond a certain threshold require the approval of Competition Commission of India (CCI) under the Competition Act, 2022. Section 5 and 6 of the Act relate to regulation of combinations in the country. For approval of combinations, the regulator needs to have a quorum of three members. However, since the retirement of Chairperson Ashok Kumar Gupta on October 25, 2022, there are only two members, resulting in lack of quorum at CCI. Against this backdrop, various industry players have sought measures to address the current situation till a new chairperson is appointed, saying the lack of quorum is causing delays in clearances for combinations that have been notified to the regulator. The concerns have been flagged to the corpora

HFCs to move regulator, govt to address rate hike and other industry issues

Also plan to take up issues such as impact of IRAC norms, status of Automatic Data Flow requirement, among others

Bengal govt to launch revamped single window industry portal in 2 months

The West Bengal government on Friday said it is revamping its industry-focused single window portal Shilpasathi' for a truly 24x7 service and it is likely to be launched within two months. The new portal will have more features to facilitate greater ease of doing business, state industry Minister Shashi Panja said. The Shilpasathi' portal had been in place for business and industry as a single point of contact for some time and now it is being rebuilt. "The Revamped Shilpasathi portal is expected to be launched by December. This will improve existing services for greater ease of doing business," Panja said at the 191st AGM of the Calcutta Chamber of Commerce. She said that the state is working towards framing a state logistics policy. Logistics is a highly prospective sector that can attract huge investment in the state. The Centre has recently announced a logistics policy that aims to exploit multi-modal transport to reduce costs. Panja, calling for investment in West Bengal, .

Ex-promoters can't hold stake in insolvent firms acquired by others: SC

Court agrees with tribunal orders in Bhushan Steel's acquisition by Tata group firm

New cities being built in country as per global business demand: PM Modi

Prime Minister Narendra Modi on Friday said new cities are being built in the country as per global business demand with focus on improving and expanding old cities. India of the 21st century will get a new momentum from the cities in the country, he said while stressing the need to develop twin cities. Calling speed an important factor in development, Modi said the system of transport should be modern with seamless connectivity. The prime minister was addressing a gathering in Ahmedabad after flagging off the Gandhinagar-Mumbai Vande Bharat Express train and inaugurating phase-1 of the Ahmedabad metro rail project. "India of the 21st century will be getting a new momentum from the cities of the country. With the changing times, it is necessary to continuously modernise our cities with the changing needs," he said. "The system of transport in the city should be modern, there should be seamless connectivity. One mode of transport should support the other. This is necessary," Modi .

Tourist arrivals may just be a third of pre-pandemic levels this year

Rajiv Mehra, head of the Indian Association of Tour Operators (IATO), stated that he does not anticipate inbound foreign visitors to surpass 35 per cent of pre-Covid levels until March 31

PepsiCo to invest Rs 3,740 cr to set up four industrial units in UP

The company proposes to invest Rs 1071. 28 crore here with around 1,500 expected employment avenues

Govt assures bank support for smooth business through Chabahar port

Despite the port being exempted from Iranian sanctions for the development of Afghanistan and India's investment in the port, banks have been risk-averse

Rewriting an industrial hazards law that followed the Bhopal gas leak

While it is easier now to sue a firm for adopting harmful manufacturing processes, successive govts have dragged their feet on goading companies to take out adequate insurance

MCD implements uniform rate for licence fee for new factory, renewal

The reunified Municipal Corporation of Delhi has implemented a uniform rate for paying fee for granting of licence for opening a new factory or its renewal, officials said on Saturday.

WEF 2022: More industrial clusters join net-zero transition initiative

The initiative will enable these hubs to accelerate industrial decarbonization, boost job creation and improve competitiveness

Raghubar Das accuses Jharkhand CM of irregular industrial land allotment

The BJP leader further said Soren's political representative Pankaj Mishra had been given a lease in the name of Mahakal stone in Sahebhanj

Neeraj Sharma Bhardwaj aka NSB pictures aces industry with high-end content

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Odisha government approves industrial projects worth Rs 2,083 crore

The government has approved Indian Oil Corporation Ltd's (IOCL) proposal to set up a 500 KLPD grain-based ethanol plant

CPA Australia and CPA Program: Build a voice of credibility

Ashok Vashisht FCPA (Aust.) shares that a globally recognised designation like CPA Australia can equip you with the best practices and knowledge base to establish professional credibility.