Of the Rs 1.97 trillion that the government intends to spend on all 14 production-linked incentive (PLI) schemes, around Rs 41,000 crore remains unutilised as of now, according to a senior government official. This means that 80 per cent of the total allocated amount, or Rs 1.56 trillion, will be used to pay incentives to companies eligible to claim benefits over the next few years. The unutilised amount/savings result from undersubscription, lukewarm responses in the case of schemes such as textile, as well as a reduction in the allocation of schemes.
An increase in sales across all categories in the automobile industry, has made need for higher working capital inevitable.
The production linked incentive scheme (PLI) for automobile and auto components has so far attracted a proposed investment of Rs 67,690 crore, said Economic Survey 2023-24 tabled in Parliament on Monday. A capital of Rs 14,043 crore has been invested till end-March 2024, it stated. Applicants have proposed employment generation of 1.48 lakh, against which 28,884 of jobs have been generated till March 31, 2024, the Economic Surevy 2023-24 stated.
'We remain in touch with the Chinese side, in Beijing as well as in Delhi, to bring predictability in the supply chain.'
Automotive aftermarket has touched the Rs. 33,000-crore mark, but fake spare parts are costing the government Rs. 2,200 crore a year.
'The government is actively engaging with EU to ensure that concerns of Indian companies and hard-to-abate sectors are adequately addressed under CBAM'
The BYD Sealion 7 offers instant, exhilarating power, effortlessly pinning you to your seat with a 0-100 km/h sprint in just 4.5 seconds -- a performance proudly showcased on its rear badging.
'While investing in a silver ETF, one should be aware that it has historically exhibited higher price volatility than gold.'
Industry leaders on Thursday mourned the death of Ratan Tata saying with his demise India has lost a visionary who shaped its industrial and philanthropic landscape. Tata was a truly remarkable business leader who placed the country before business interests, and whose vision was truly transformational for a country and its people, TVS Motor Co Chairman Emeritus Venu Srinivasan said in a statement. "Mr Tata was a truly remarkable business leader, the likes of whom nations get only once in a century," he added.
Several multinational medical device makers are focusing on deepening their presence in India by expanding their local manufacturing footprint and research capabilities, a move that can catapult India into a strategic hub for the medical technology (medtech) industry. Among those increasing their reach in the country are Siemens Healthineers and Philips, signalling a broader shift from India being only a sales destination to becoming a global production and innovation base.
Amid a slowdown in the automotive industry, the Automotive Component Manufacturers Association of India asked the government to continue providing export incentives to domestic manufacturers, while expressing concern over India's growing number of free trade agreements.
With the Indo-Pak dialogue in tatters and the respective armies exchanging fire across the Line of Control, an unexpected opportunity has presented itself for boosting trade between the two countries.
'We participate in the design/development of components and systems for electric vehicles, internal combustion engines, and hybrid vehicles.'
Investors have been concerned about M&M's diversification into non-core businesses but the company is taking the right measures to build their confidence.
Auto component sales in the country are likely to rise in 2010 on the back of positive outlook for cars sales but overseas demand will continue to be sluggish, global rating firm Fitch said.
From its lows this month, the stock of Sona BLW Precision Forgings is up 10 per cent on better-than-expected results. The stock rose by 4 per cent in the trading session on Tuesday after Japan's Nikkei Group said the Indian automotive component major has topped its rankings in terms of competitive advantage. The rankings are based on sales, profit margin, capital expenditure, research and development, and market capitalisation.
Indian auto and pharma industries import several critical components and raw materials from China.
Two Japanese auto giants, Honda and Nissan, are moving towards a potential merger, but it remains unclear how their Indian operations will be immediately impacted.
Issues relating to shortage of key automotive components, which were supposed to be sorted out a month ago, will hit production even for the next two quarters, as slow ramp-up and discrepancies in tyre prices impact output.
Starlink's application for offering satcom services in India had been held up for the company's inability to comply with mandatory ownership disclosure norms.
India's exports grew by 9 per cent to $14.6 billion (around Rs 66, 250 crore) in December.
General Motors, the US auto major, plans to double the level of sourcing of automotive components from India to $1 billion (Rs 4,500 crore) annually in the next two years. For the year 2010, the company has placed $550 million worth of orders to its Indian vendors.
The company said it will complete ongoing projects.
Tata AutoComp Systems Ltd on Wednesday said it would acquire the business and assets of Wundsch Weidinger, a German automotive components supplier, for an undisclosed sum.
For India to transform into a high-income country with a projected gross domestic product (GDP) of $23-35 trillion, will need a sustained annual growth of 8 per cent to 10 per cent. This will be powered by India's demographic dividend, technological innovation, and sectoral transformation, according to the "India@2047: Transforming India Into A Tech-Driven Economy" report by Bain & Company and Nasscom. By 2047, the services sector is expected to contribute 60 per cent of India's GDP, while manufacturing will account for 32 per cent, both playing a pivotal role in economic expansion.
Bosch Ltd, a supplier of automotive components to original equipment makers, has reported 69.4 per cent drop in net profit to Rs 49.3 crore for its first quarter ended March 2009, compared with the corresponding quarter last year. Its net sales for the quarter dropped 20.6 per cent to Rs 991.6 crore.
ACMA has estimated the value of fake spare parts in the after-market at Rs 10,500-14,000 crore.
Maruti being the market leader with a disproportionately high share of the passenger car market helped its component makers grow as an industry all these years and hence, the exit from a segment is a jolt if not a big setback.
The Gurgaon-based Amtek Auto Ltd is planning to acquire the Rs 900 crore ((Rs 9 billion) GWK group , a United Kingdom-based automotive component firm.
'We are not asking for incentives, but at least taxation can be aligned such that the rupee tax on consumers remains the same.'
