The reforms in September improved business sentiment but as economy slows firms are restraining from fresh investments.
Earth moving and construction equipment company JCB India Ltd commenced the manufacture of three new heavy machines at its facility in Talegaon near Pune to meet the growing demands for the domestic market and the export market.
Industry representatives have said from the second half of the year, they hope to see revival because the rural economy is looking up and the projects the government has announced.
'We see the defence industry as one of the leading sectors, which will significantly contribute to the growth of the Indian economy, but more importantly, bring atmanirbharta to national security.'
Top companies across sectors -- automobile maker Maruti Suzuki, consumer electronics giant Samsung to IT giant Infosys -- have reopened factories and offices as India took its first steps towards resuming economic activity after weeks under a near-total coronavirus lockdown.
In a pre-Budget meeting with Finance Minister Nirmala Sitharaman, the corporate leaders highlighted several issues, including certain income tax matters which were coming in the way of mergers and acquisitions or slowing them down and roles that need to be played by state businesses to prosper at the ground level.
Union Road Transport & Highways Minister Oscar Fernandes said his ministry has decided to take up and fast track few expressway projects for the benefit of the industry.
Engineering product firms were among the first to embrace AI and machine learning. And the early adopters are reaping gains.
An average of 30-40 per cent automation is standard across all big automobile plants in the country
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