Tech major Lenovo on Thursday said it is significantly ramping up its local manufacturing capabilities in India across product categories like PCs, notebooks and smartphones to meet the increasing customer demand. While the company did not disclose the investment being made, Lenovo said it is expanding in India across all business lines, including PC and smart devices, smart phones, infrastructure solutions, and especially in the newly established services and solutions group. Lenovo has expanded its in-house PC manufacturing plant in Puducherry to include a third manufacturing line, while it has started local manufacturing of its tablet computers in partnership with Wingtech Technology in Tirupati, Andhra Pradesh.
The government on Wednesday approved a production-linked incentive (PLI) scheme for the pharmaceutical sector, entailing an outlay of Rs 15,000 crore. The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the scheme which will benefit domestic manufacturers, help create employment and is expected to contribute to the availability of a wider range of affordable medicines for consumers. The duration of the scheme would be from 2020-21 to 2028-29 and is expected to promote the production of high value products in the country and increase the value addition in exports, an official release said.
The company is planning to invest Rs 1,100 crore in the new mobile phone manufacturing facility.
'India's future: To manufacture so efficiently that we do not need protection,' says Naushad Forbes.
Muzammil Patel and Rahul Murthi will answer all your start-up queries.
The government has created a comprehensive budget with sharp focus on sustaining economic activity and investment but more clarity is needed on areas like taxation framework for adopting remote working on a long-term basis, IT body Nasscom said on Monday. The industry association noted that the IT/ITeS (Information Technology-enabled Services) industry has been a key driver of growth and jobs in 2020 and there is an opportunity to significantly accelerate it further. "For the IT sector, one of the biggest needs ahead of us is the development of future business models, with hybrid working becoming a reality. "We look forward for the government to provide clarity on providing a framework in direct taxes and indirect taxes for the industry to adopt WFH/remote working on a long-term basis," Nasscom said in a statement.
The UK government said on Tuesday that it has kicked off preparations for a free trade agreement (FTA) with India, launching a 14-week consultation to seek the views of the public and business before formal negotiations begin later this year. UK Trade Secretary Liz Truss said Britain wants a trade deal with India that pushes new frontiers and welcomes wide input from consumers and businesses across all sectors, which will help craft a deal that includes closer cooperation in "future-focused industries" such as science, technology and services, creating high-value jobs across the country. "We're firing the starting gun on a free trade deal with India - the world's largest democracy, fifth-biggest economy, a nation of 1.4 billion people and a huge market for British goods like whisky, cars and services," said Truss.
'More a show that you are doing something in the Budget even if that something never actually comes to pass,' notes Nitin Desai.
'If Indians are as smart as their counterparts in university, and have equal opportunity, then what is the reason that we cannot produce inventions of quality that are recognised by the world?'
The traditional model of IT is being commoditised and players are losing margins. Industry needs to focus on innovation-based start-ups for next round of growth.
How Shibani Bhagat plans to rewrite the rules of the Indian sneaker business.
The McKinsey report said faster employment growth at 12 million non-farm jobs annually is needed in the post-Covid period till 2029-30, up from just four million created each year between 2012 and 2018.
10 stocks which are most popular with brokerages right now and are expected to deliver maximum upside over the next 12 months.
The report released by Britain's Department for Business, Innovation and Skills, which deals with British government permits for arms and security equipment exports, said besides Pakistan, Israel has exported military equipment to Egypt, Algeria, the United Arab Emirates and Morocco.
'The coronavirus epidemic highlights the need to start thinking more actively about multilateral coordination, including, but not confined to, health emergencies and climate uncertainties,' says Rathin Roy.
The move will make it the first global automobile major to design a vehicle here
In an address at the Indian Council of World Affairs, he said Nepal wants to take the relations with India to the next level, but at the same time added: "We should be mindful equally that healthy relations require continuous nurturing, creative thinking, promptness and readiness to understand each other in changing dynamics."
Draft covers technology, services and equipment related to exploration and production of metals and minerals, environment technology and services, human resources training and development, information exchange in research and innovation and seeking investment capital.
Australia is exploring possibilities of building better ties between its world-class firms and rapidly growing Indian automotive industries to create new export opportunities and help secure the ongoing strength of the multi-billion-dollar auto industry there.
'Aquaponics can effectively cushion the impact of a calamity like COVID.'
Billionaire Gautam Adani on Thursday said his logistics-to-energy conglomerate will invest $70 billion over the next decade to become the world's largest renewable energy company and produce world's cheapest hydrogen. Adani Green Energy Ltd (AGEL), the world's largest solar power developer, is targeting 45 gigawatts of renewable energy capacity by 2030 and will invest $20 billion to develop a 2 GW per year solar manufacturing capacity by 2022-23. Adani Transmission Ltd (ATL), India's largest private sector power transmission and retail distribution company, is looking to increase the share of renewable power procurement from the current 3 per cent to 30 per cent by FY 2023 and to 70 per cent by FY 2030.
'You need to devalue the currency, ignite inflation, which then begins to oil the wheels of the economy.' 'Without that this severe recession is not going to reverse.'
'The JF-17 is the aircraft of today and the Tejas is the aircraft of tomorrow.'
Sanjeev Nayyar offers a roster of things to do to see the India of our dreams.
T N C Rajagopalan on the new year and new worries.
India has emerged as one of the top three choices for investments in the next 2-3 years, with more than two-thirds of respondents in a survey of multinational companies (MNCs) citing the country as their number one choice for future investments. According to the FDI survey released on Tuesday by CII in association with EY, about half of the respondents see India amongst the top three economies or leading manufacturing destinations of the world by 2025.
The new jobs - created both directly and indirectly - will be across industries, including IT, skill development, content creation, retail, logistics, and manufacturing.
India serves as the company's R&D hub as it morphs into a health tech major.
'Defence funding is channelled to State-owned research organisations where scientists are merely bureaucrats holding meetings and sending out minutes of meetings and press releases, but have long ago stopped any innovative work.' 'Unless this tragedy is fixed, India's chances to create world-conquering and job-creating new industries are slim,' says Ajit Balakrishnan.
WhatsApp has drawn massive criticism from users globally, including India over concerns that data was being shared with its parent company, Facebook. WhatsApp, on its part, has maintained that messages on the platform are end-to-end encrypted and that neither WhatsApp nor Facebook can see the private messages on WhatsApp's platform.
'Let the high price of onions clear the market, matching supply with demand.' 'Let onion growers keep exporting -- we are the world's largest onion exporter, export 10% of our production,' advises Naushad Forbes.
Young Indians seem genuinely enthusiastic about craft brands that are hip, aspirational and have plenty of the novelty quotient, says Dhruv Munjal.
Farming and agriculture are crying out for a business model innovation, says R Gopalakrishnan.
Describing India as a long-standing strategic partner in fight against terror, Israel has said that it will "not do anything that could undermine India's security" in a strong bid to re-assure New Delhi that reports of arms sale to Pakistan were incorrect.
Mr Prabhu has a big challenge ahead in implementing trade reforms to regain the lost export momentum, says Jayanta Roy.
'India has the potential to reduce its trade deficit with China by $8.4 billion in FY21.'
The denial rate jumped from 4% to 41% for Tech Mahindra, from 6% to 34% for TCS, from 7% to 53% for Wipro and from just 2% to 45% for Infosys.
Uber CEO Dara Khosrowshahi says the younger generation doesn't dream of owning a car, but instead wants the freedom of having any service on demand.
Biden on Friday opened the first Quad Leaders' Summit held virtually and attended by Prime Minister Modi, Australian Prime Minister Scott Morrison and Japanese Prime Minister Yoshihide Suga.
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