Page 2 - Manufacturing

Govt to boost semiconductor manufacturing in next 10 yrs: Ashwini Vaishnaw

Union Minister for Electronics & Information Technology, Ashwini Vaishnaw announced that the govt will come up with a program very soon to put the country on a good semiconductor journey

Pakistan's biggest firms halt operations amid raw material, forex shortage

Pak's $3.19 bn in foreign currency reserves mean that the nation is unable to fund imports, stranding thousands of containers of supplies on its ports and stalling production, putting jobs at risk

Apple facing obstacles in move to boost India manufacturing, says report

Apple Inc is facing challenges as it tries to increase production in India, the Financial Times reported on Tuesday, citing people familiar with the iPhone maker's operations

Tamil Nadu's new EV policy offers incentives for manufacturers, users

State offers subsidies and tax breaks, will declare six cities as EV cities

Chemplast Sanmar to spend Rs 680 cr on expanding CMC works at Hosur

Phase-1 of project slated to be completed by Q2 of FY24

Cummins India standalone PAT rises by 50% to Rs 360 cr in December quarter

Engine manufacturer Cummins India standalone profit after tax rose 50 per cent to Rs 360.14 crore in the December quarter of 2022-23 over the same period last year. Cummins India had recorded a profit of Rs 240.97 crore in the third quarter of financial year 2021-22. Total sales for the quarter were Rs 2,144 crore, growing 26 per cent over the total sales of Rs 1,700.67 in Q3FY22. The company said the domestic sales were up 27 per cent at Rs 1,603 crore compared to the same quarter last year while exports sales stood at Rs 541 crore during the reporting quarter, registering an increase of 23 per cent against the same period of the previous fiscal, it said. For the quarter ended December 31, 2022, the company reported record quarterly revenue driven by strong domestic and export revenue coupled with prudent cost management resulting in record quarterly profit, said Ashwath Ram, Managing Director, Cummins India. We continue to see supply chain challenges, especially for specific ...

IEA will support India's green tech manufacturing roadmap: Fatih Birol

In a Q&A, the executive director of global agency outlines his plans to discuss with the govt measures to divert critical mineral production and refining

BIS issued 29 licences to foreign toy manufacturing units, says govt

Sixteen licences were issued to Vietnamese units, four licences to Malaysian units and the rest were issued to Hungary, Indonesia, Thailand, Sri Lanka and Czech Republic

Azad Engineering is India's first supplier of parts for nuclear turbines

Azad Engineering has signed a long-term supply agreement with General Electric (GE) Steam Power for supply of nuclear turbineparts

Rs 8,083 crore for PLIs in Budget: The lion's share goes to electronics

As much as Rs 4499 core has been earmarked for large-scale manufacturing of electronics, including mobile devices

Govt hikes import duty on toys to 70% to boost domestic manufacturing

The government on Wednesday increased the import duty on toys and its components to 70 per cent with a view to cut inbound shipments of these products and boost domestic manufacturing activities. Similarly, import duty on bicycles has also been hiked to 35 per cent from 30 per cent, according to a Union Budget document. Import duty hike on toys and parts of toys excludes parts of electronic toys. Earlier, basic customs duty on toys was increased from 20 per cent to 60 per cent in February, 2020 to promote local manufacturing. Toys worth Rs 2,960 crore were imported into India earlier but steps by the government helped in reducing the imports to Rs 870 crore in 2021-22. On the other hand, the exports of toys have increased by 61 per cent from Rs 1,612 crore to Rs 2,601 crore in 2021-22. Earlier, the government issued Toys (Quality Control) Order, 2020 in February 2020. As per the order, toys have to conform to the requirements of relevant Indian standards and bear the standard ma

Samsung to continue with chip investment, undeterred by 8-year-low profit

The share prices of Samsung and compatriot SK Hynix Inc fell 3 per cent and 2.2 per cent respectively on Tuesday

Indian factories growing larger, getting clustered: Economic Survey

Number of persons engaged in larger factories was up 13.7 per cent compared to 4.6 per cent in smaller factories

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

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