India should convert the Trump threat to an India opportunity, re-embracing a more liberal trade regime as a way of reviving manufacturing output and exports.
Finance Minister Nirmala Sitharaman on Tuesday proposed enhancing the funding under the PLI scheme for domestic solar cells and module manufacturing to Rs 24,000 crore from the existing Rs 4,500 crore to make India an exporting nation. "For facilitating domestic manufacturing for the ambitious goal of 280GW of installed solar capacity by 2030, an additional allocation of Rs 19,500 crore for PLI scheme for manufacturing of high efficiency (solar) modules with priority of fully integrate manufacturing units for polysilicon to solar PV modules will be made," Sitharaman said in her Budget speech in the Lok Sabha. In April 2021, the Union Cabinet approved a Rs 4,500 crore production linked incentive (PLI) scheme to boost domestic manufacturing capacity of solar PV modules.
Trump's sweeping tariffs and penalties on China-built ships have turned global shipping into the front line of economic war, observes Shyam G Menon.
The government has decided to extend the Rs 25,938-crore production-linked incentive scheme for the automotive sector by one year, Union Heavy Industries Minister Mahendra Nath Pandey said on Tuesday. Post extension, the five-year scheme, originally in place from 2022-23 to 2026-27, will be active until 2027-28. At present, incentives are applicable under the scheme for determined sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from 1 April 2022 onwards for a period of five consecutive years.
Civil Aviation Secretary Vumlunmang Vualnam on Thursday said the number of planes with domestic airlines will increase to 1,400 in the next five years as he highlighted the growth potential of the country's aviation space. Currently, the fleet is around 800 aircraft and leading carriers IndiGo and Air India have placed significant plane orders.
Finance Minister Nirmala Sitharaman on Thursday said the government will consider the Production Linked Incentive (PLI) scheme for Chemicals and Petrochemicals sector to make India a manufacturing hub for such products. In view of stringent pollution control regulations and rising labour cost, she said, global manufacturers in the chemical industry are looking at diversifying their products and production capability and India stands out as an alternative destination for manufacturing. Besides, India offers a large domestic market, she said while addressing the third edition of the summit on 'Global Chemicals and Petrochemicals Manufacturing Hubs in India'.
Apple's three vendors in the country have hit the milestone of creating 30,000 new direct jobs since the production-linked incentive (PLI) scheme for mobile devices kicked off in April 2021. Based on the government's estimate that one direct job in the electronics industry helps to generate three indirect ones, Apple's vendors, Foxconn Hon Hai, Wistron and Pegatron, are close to creating 100,000 direct and indirect jobs. The direct jobs that the vendors have created account for a fourth of Apple's commitment to generate 60 per cent of the new direct jobs out of the 200,000 jobs targeted by the government under the PLI scheme within five years.
Discussions are also going on to bring PLI scheme for toys, furniture, bicycles and containers. The objective of the scheme is to make domestic manufacturing globally competitive, create global champions in manufacturing, boost exports and create jobs.
As many as 40 companies, including Dell, HP, and Lenovo, have applied for the IT hardware PLI scheme with a commitment to make personal computers, laptops, tablets, servers and other equipment worth Rs 4.65 lakh crore during the scheme period, an official statement said on Thursday. If all companies get selected under the scheme then the government will need to increase the incentive amount to Rs 22,890 crore against the budgetary allocation of Rs 17,000 crore, according to the note. "Total 40 applications have been submitted till the closure of the window on August 30.
Even though Mahendra Singh Dhoni has retired, a large number of young fans could be seen wearing his iconic No. 7 jersey.
They are both electronic manufacturing services (EMS) companies, also known as contract manufacturers. One is Taiwan's Foxconn group, the undisputed global number one in this business with revenues of $223 billion. The other is Dixon Technologies, the biggest domestic player with revenues of over Rs 10,500 crore.
Prime Minister Narendra Modi asserted that his "vocal for local" campaign is bearing fruit as Indian products are going global and making their presence felt across the world. He said that India was becoming the land of infinite innovations, finding affordable solutions and offering them to the world. The prime minister also highlighted the country's rising defense products, electronics, automobile sector, and the success of superfoods, Ayush products, and yoga. He said India should be presented to the world as it is, without any bias. Modi said that the country was now emerging as a manufacturing hub and a "factory of the world." He added that India was creating solutions that were affordable, accessible, and adaptable, and offering them to the world without gatekeeping.
In the June quarter of 2024-2025, smartphone exports hit $2 billion, well ahead of non-industrial diamond exports, which stood at $1.44 billion.
Dalal Street minnows stole the show in 2024, giving handsome returns to investors, helped by a largely optimistic trend in the stock market and impressive retail investors' participation. Analysts attributed the positive trend in the equity markets, where the benchmark indices shattered many records this year, to robust domestic liquidity, strong fundamentals of the Indian economy, and policy continuity.
Following the lacklustre growth numbers in the second quarter (Q2FY25), economists believe the upcoming Union Budget for 2025-26 should focus on reforms that will stimulate consumption, manufacturing and spur employment. India's growth unexpectedly slowed to 5.4 per cent in the second quarter, due to low capital formation, weak consumption, besides adverse weather impact.
Apple and its vendors are aiming to assemble 32 per cent of iPhone's global production volume and 26 per cent of its value in India by 2026-27 -a year after the final year of the five-year production-linked incentive (PLI) scheme for mobile devices. This could translate into a production value of over $34 billion, assuming global iPhone sales remain consistent with 2023-24 (FY24) levels. The estimates are based on discussions between Apple Inc and its vendors, along with central and state governments, regarding the assembly of products in India, according to sources.
Bank employees want a five day work week.
Holi was celebrated with pomp and splendor across India on Friday, with people soaking in the festivities by smearing 'gulaal' on each other and exchanging greetings and sweets. Homes and streets wore a colourful look as the revellers splashed colours and feasted on traditional delicacies. Public transport did not ply in the morning in most major cities while metro services started functioning from noon. As Holi coincided with the second Friday prayers during the holy Islamic month of Ramzan, security -- including increased patrolling and picketing -- was beefed up in several states. In Delhi, more than 25,000 security personnel were deployed. Police closely monitored about 300 sensitive areas with CCTV cameras and drones.
At the PMO, policies are framed by factoring in analytical perspectives, implications, sustainability, and other dimensions.
The 270-km Jammu-Srinagar highway reopened on Sunday after a day-long closure due to heavy snowfall, allowing stranded vehicles to proceed to their destinations. However, several other important inter-district routes, including the Mughal Road, Sinthan Pass, Sonamarg-Kargil inter-UT road, and Bhaderwah-Chamba inter-state road, remained closed for vehicular traffic due to heavy snowfall.
Four companies - Rajesh Exports, Hyundai Global Motors Company, Ola Electric Mobility and Reliance New Energy - are eligible for receiving benefits under the production-linked incentive (PLI) scheme for advanced chemistry cell battery storage, the heavy industries ministry said on Thursday. The allotment was made for a total of 50 GWh of battery capacity to the four successful bidders. These firms, the ministry said, will receive incentives under India's Rs 18,100 crore programme to boost local battery cell production.
'As the global economy undergoes significant transformations in 2025, India's ability to navigate the complexities of trade wars, financial realignments, and emerging blocs will be pivotal,' explain Harsh V Pant and Soumya Bhowmik.
'International cricket is incomplete without Pakistan.'
Both new and completed project values as of December 2024 remain below pre-pandemic levels seen in 2019.
The driver was speeding and the bus swerved for about 200 metres before it dashed into multiple vehicles on the road.
A vast majority of the business leaders believe that the Production Linked Incentive (PLI) schemes have been beneficial and expect an extension to other sectors in the coming years, a Deloitte Survey said on Friday. An overwhelming number of survey respondents hope the budget will fuel growth across industries by building strong domestic demand and focussing on capital expenditure and believe that it would define the 'Amrit Kaal'. "Critical to this growth will be the pace of capital expenditure, infrastructure development, and the need to boost infrastructure financing through private partnership. 60 per cent of respondents suggested raising funds through Indian Government Bonds," the survey said.
The new guidelines, effective from August 1, aim to expedite visa approvals for nationals from China and other countries sharing land borders with India.
The death toll in the BEST bus accident in Mumbai has risen to seven, officials on Tuesday said as experts inspected the wet leased vehicle to ascertain if it had any mechanical fault.
'...how do they consume and contribute to the GDP?'
Residents of North India battle freezing conditions.
The government has approved Rs 357.17 crore for Apple's vendor Foxconn India and Rs 58.29 crore for Dixon Technologies subsidiary Padget Electronics under the Production-Linked Incentive scheme for mobile phones. This is the first time the government has cleared an incentive of a global company engaged in electronics manufacturing in the country. "Foxconn Hon Hai Technology India Mega Development Pvt. Ltd is the first global company that has been approved under the target segment 'Mobile Phones' (in the category of invoice value of Rs 15,000 and above) to receive incentive under mobile manufacturing for the period 1 August 2021-31 March 2022 based on its incremental investments and sales figures.
As many as 15 companies, including Adani Copper Tubes, LG Electronics and Wipro Enterprises, with committed investment of Rs 1,368 crore, have been selected as beneficiaries under the PLI scheme for the white goods sector, the government said on Tuesday. In March, the commerce and industry ministry had reopened the application window for its Rs 6,238-crore PLI scheme for white goods -- air-conditioners (ACs) and LED lights-- with an aim to accommodate more players as several firms had expressed interest in the initiative. Last year, as many as 46 firms, including Daikin, Panasonic, Syska and Havells, with committed investment of Rs 5,264 crore were selected in the first round the scheme.
As the Union government explores ways to restrict import of laptops and other electronic devices starting with a 5 per cent reduction from the current level, it is working to ensure that there's no supply disruption in India even if an import cap is introduced, it is learnt. The caveat assumes significance in the context of the government's announcement of its plan in August 2023 to issue licences for import of select IT hardware products to reduce the country's dependence on China.
As many as 19 firms, including Reliance Industries Ltd (RIL), Adani Group and Tata have evinced interest for setting up solar manufacturing units under a production linked incentive scheme of the government. In April this year, the Union Cabinet approved a Rs 4,500 crore production linked incentive (PLI) scheme to boost domestic manufacturing capacity of solar PV modules. The scheme is aimed at adding 10,000 MW manufacturing capacity of integrated solar PV modules entailing direct investment of Rs 17,200 crore.
In seeking visa approvals for engineers from China, the company has reasoned that India lacks the expertise to set up such a solar facility.
The Union Cabinet on Wednesday approved a Rs 26,058 crore production linked incentive (PLI) scheme for auto, auto-components and drone industry to enhance India's manufacturing capabilities, Union Minister Anurag Thakur said on Wednesday. The PLI scheme will incentivize the emergence of advanced automotive technologies' global supply chain in India.
International Monetary Fund (IMF) Deputy Managing Director (MD) Gita Gopinath has condemned the "terrible and disturbing" incident of rape and murder of a trainee doctor in Kolkata. "Personally, it is terrible to have any event of this kind. It is disturbing," she told Business Standard in New Delhi.
With the spectrum auction now delayed till at least next May, the expected 5G orders for telecom equipment have not been sealed, the companies point out. Surajeet Das Gupta reports.
The city's 24-hour Air Quality Index (AQI), recorded at 4 pm daily, stood at 417, making it the worst in the country. On Friday, the AQI level was 396.
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