About 12 Indian toy companies, which took part at the recently concluded world's biggest international Toy Fair - Spielwarenmesse, held in Germany, have bagged confirmed orders and serious enquiries worth $2 million, Indo German Export Project said.
Engineering Export Promotion Council (EEPC) of India has urged the Centre to extend lower corporate tax benefit to Limited Liability Partnerships (LLPs) and proprietary firms as it would make funds available with MSMEs and boost private investment cycle. A body of direct tax professionals also sought for reduction of tax burden on individuals and requested the government to raise the income tax exemption limit at Rs 2.5 lakh to Rs 4 lakh per annum in the upcoming budget for 2022-23 fiscal. EEPC India chairman Mahesh Desai claimed around 84 per cent of small businesses are being denied the benefit of lower corporate tax which was aimed at providing industrial units with more investible surplus.
In a bid to further cool down edible oil prices and curb hoarding, the Centre on Friday extended stock limits on edible oils and oilseeds till June 30. Besides, the government has specified the stock limits that have to be imposed by states that have not implemented the earlier order on the limits. In October 2021, the ministry of consumer affairs had imposed stock limits till March 2022 and left the decision to states to decide on the stock limits based on available stock and consumption pattern.
Jaitley said each of the regions in the world is trying to do its best.
Industrial production in November was expected to grow 1.0 per cent from a year earlier, after shrinking 1.8 per cent in October, according to the median consensus of 20 economists.
The Uttar Pradesh police will get a psychological test done on Ahmad Murtaza Abbasi, accused in the attack on security personnel outside Gorakhpur's Gorakhnath temple, a senior official said on Thursday.
HAL is working closely with GE to develop the LCA's export potential.
India's manufacturing sector activity contracted for the second consecutive month in September as both output and new orders witnessed a decline, an HSBC survey said.
The RBI has lowered the policy rate by 0.75 percentage points.
The Modi government finds itself in a contradiction of its own making. It has encouraged pro-Russian, Westophobic public sentiment while setting strategic policy that's exactly the opposite, points out Shekhar Gupta.
Here's the full text of Prime Minister Narendra Modi's address to a joint session of the United States Congress, delivered on Thursday.
Sources indicated that there were no fresh orders from the Government of India, and their supply commitments have ended as of March 31, reports Sohini Das.
The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, Minister of State for Finance Pankaj Chaudhary said. Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.
The Nikkei India Manufacturing Purchasing Managers' Index (PMI) stood at 47.9 in July, down from 50.9 in June, its lowest mark since February 2009, and highlighted the first deterioration in business conditions in 2017 so far.
Satyam Computer had the market whistling on Friday as rumours were rife on the counter that it was in the process of bagging a $10-million order from global development financier, the World Bank.
Maruti's strategy for the SUV segment is to arrest the decline in customers for entry level hatchbacks.
India exports about 1.5 mt of onion every year.
Ahead of the Union Budget for 2023-24, Budget makers have welcomed the global consensus view that India will remain one of the bright spots in calendar year 2023. But there is some alarm over the grim global situation and how that might impact the Centre's projections and assessments for next financial year. The big global headwinds include a deep and sustained recession in the West, including India's biggest trading partners in North America and Europe, continuing volatility in commodity markets, and renewed Covid-19 fears, as lifting of strict curbs by China could potentially lead to a massive spread again.
Maruti Suzuki, Hyundai and Tata Motors reported their highest-ever dispatches to dealers last fiscal, enabling the domestic passenger vehicle industry to log in best-ever performance to date. The country's largest carmaker Maruti Suzuki India reported its highest wholesales to date at 19,66,164 units, up 19 per cent from 16,52,653 units in 2021-22. Its domestic dispatches rose to 17,06,831 units in 2022-23, up 21 per cent from 14,14,277 units in 2021-22 fiscal.Hyundai Motor India said its overall wholesales last fiscal were the highest ever since commencing operations in the country.
While the COVID-19 pandemic has completely halted production and new orders, exporters say that payments have also been delayed for the shipments sent before the lockdown. Exporters say some customers are not taking delivery of the shipments because they have shut shop. Ready-made garment players had been hoping for a revival in demand in China but with the virus spreading to Europe, the US and other major markets, there are no orders coming from the major retailers.
Finance Minister Nirmala Sitharaman on Tuesday announced cutting import duty on cut and polished diamonds and gemstones to 5 per cent while on sawn diamond to nil in order to boost the sector. At present, import duty on cut and polished diamonds as well as gemstones is 7.5 per cent. Presenting the Budget for 2022-23 in the Lok Sabha, Sitharaman also announced that the government will facilitate export of jewellery through e-commerce for which it will implement a "simplified regulatory framework" by June this year.
The government on Thursday allowed free inter-state wheeling of renewable energy used in the production of green hydrogen and ammonia as it seeks to boost usage of the carbon-free fuel and make India an export hub. Unveiling the first part of the much-awaited National Hydrogen Policy, Power and New and Renewable Energy Minister Raj Kumar Singh said the government is targeting production of 5 million tonnes of green hydrogen by 2030. Oil refineries to steel plants require hydrogen to produce finished products.
'The Centre and state need to take a unified approach and take concerted action before this matter assumes menacing proportions because unemployment, the drug trade and the levels of frustration among the youth make them vulnerable to any maverick who promises something better.'
The spotlight is back on the hawala trade in diamonds.
Regarding employment, the manufacturing sector hiring remained broadly unchanged.
Economic recovery in US, euro zone help; new orders sub-index at 52.4
Will G20 showcase an India that is inclusive, culturally rich, diverse and tolerant, asks Ramesh Menon.
According to the local Brass Handicrafts Manufacturers Association (BHMA), some 800,000 people are directly employed in Moradabad's massive brass handicrafts and utensils manufacturing industry, which has some 30,000 small and micro-scale units and a total annual turnover of Rs 10,000 crore. The manufacturers are heavily dependent on export markets such as the US, Canada, Australia and the European Union. And exports account for nearly 70 per cent of their revenues. According to industry insiders, since this year's lockdowns, manufacturing has been at 65 per cent of normal levels.
Supply chain constraints will keep plaguing automobile companies even though demand significantly improved resulting in a 13 per cent year-on-year (YoY) increase in sales in financial year 2021-22 (FY22). Executives at auto firms fear that the Russia-Ukraine war will further dent the sector's prospects of recovery as supply chains face more disruptions. "The visibility in the supply side is so hazy that it is difficult to give even one quarter projection. But all the parameters of demand like pending bookings and enquiries are increasing.
Rejecting any distinction between good and bad terrorism, Prime Minister Narendra Modi has called for a collective fight to effectively tackle the global menace.
Sri Lanka is facing its worst economic crisis since gaining independence from the UK in 1948.
Both manufacturers have sought funds in excess of Rs 150 crore under the department of biotechnology's Mission Covid Suraksha scheme. Announced last November, the scheme has an outlay of Rs 900 crore to help develop Covid vaccines, from the clinical development stage to setting up production sites.
'If you look at the order books of capital equipment companies or money deployed on the ground, there is forward movement in terms of actual investment by the private sector.'
Russia's war on Ukraine has sent steel prices soaring to its highest levels in the domestic market since November 2021. But there is little cheer in the industry. That's because input costs are spiralling out of control, leaving the big boys nearly as high and dry as the small, medium and secondary steel producers. Russia and Ukraine are major providers of steel and raw materials to the world.
Pakistan Prime Minister Imran Khan announced on Monday that his government will allow India to send a humanitarian shipment of 50,000 metric tonnes of wheat to neighbouring Afghanistan through its territory after finalisation of the transit modalities.
The country's largest carmaker Maruti Suzuki India on Wednesday reported a 66 per cent decline in consolidated net profit at Rs 487 crore in the second quarter ended September 30, 2021, as production was affected by the ongoing semiconductor shortage. The rise in commodity prices also had an adverse impact on the company's earnings.
Growth in India's manufacturing sector cooled to its slowest in 22 months in October.
The procurement is expected to signal a major upswing in India's strategic ties with the Philippines which has been focusing on ramping up its naval prowess in the face of its lingering friction with China in the South China Sea.
India's politicians need to do a better job of managing the economy: Inflation control, productivity improvement, etc, asserts T N Ninan.
Bharat Biotech said that it is disheartening to listen to some states complaining about company's intentions regarding supply of COVID vaccine Covaxin.
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