Domestic Industry

New launches likely to fuel domestic growth: JB Pharma CEO Nikhil Chopra

JB Pharma is on track to deliver strong results in the second half of financial year 2024-25

Mankind Pharma Q2 results: PAT rises 29% to Rs 659 crore, revenue up 14%

Mankind's revenue from operations rose to Rs 3,077 crore in Q2 FY25, a 13.6 per cent Y-o-Y rise from Rs 2,708 crore reported in Q2 FY24

Indonesia seeks ways to balance local industries with high Chinese imports

A flood of Chinese products into Indonesia has hit local manufacturers hard, prompting the government to look for ways to placate domestic producers while avoiding angering the country's biggest trading partner. Garment makers both home-based piece work producers and factories have appealed for help as they lose market share to low-cost apparel and textiles from China. A surge of products bought online has added to the problem. A protest by workers in Jakarta prompted Indonesian Minister of Trade Zulkifli Hasan to announce in July that the government will impose import tariffs of up to 200% on some products from China, particularly textiles, clothing, footwear, electronics, ceramics and cosmetics, to try to protect local businesses and prevent layoffs. The United States can impose a 200% tariff on imported ceramics or clothes, so we can do it as well," Zulkifli said, to ensure micro, small, and medium-sized enterprises and industries survive and thrive. But China is Indonesia's .

Govt considers reintroducing 15% concessional corporate tax in FY26 Budget

The Centre has set up an internal committee to evaluate the benefits of the 15% concessional tax rate scheme for new domestic manufacturing units, introduced in FY20

Govt should rationalise customs duty in Budget to boost domestic mfg: ICC

The Indian Chamber of Commerce (ICC) has suggested the government to rationalise customs duties in various sectors including steel, solar battery, aluminum, and lithium cells in a bid to boost domestic manufacturing. Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget for financial year 2024-25 on July 23. ICC President Ameya Prabhu said protective measures are needed for the growth of domestic industry in sectors including steel, solar battery, aluminum, and lithium cells. "There is a need for rationalization of customs duty in these specific sectors in a holistic manner. Huge potential is there to boost domestic manufacturing and make India a global hub for manufacturing," Prabhu said. He added that levies on raw materials impact domestic players particularly the downstream firms. He also asked for correction in inverted duty structure by cutting down duty on mixed petroleum gas from 5 per cent to 2.5 per cent. "To boost domestic manufacturing, there is

ESR buys 27-acre land in industrial, logistic park in Chennai for Rs 276 cr

ESR Group has acquired an additional 27 acres of land to expand its existing industrial and logistics park at Oragadam in Chennai. The enlarged area of ESR Oragadam Industrial and Logistics Park now spans 107 acres with a development potential of 2.5 million square feet. "The additional Rs 276 crore (over USD 33 million) investment signifies ESR's dedication to bolstering Tamil Nadu's industrial landscape," the company said in a statement on Monday. ESR Oragadam Industrial & Logistics Park is strategically located in the heart of the Oragadam-Sriperumbudur cluster, which has witnessed robust growth in demand for Grade A assets. This latest expansion builds upon the success of ESR Oragadam's first two phases, which have welcomed many high-quality customers, such as electromechanical solutions provider CUBIC, automotive research and development firm A2Mac1, and speciality labelling company CCL. ESR India CEO Abhijit Malkani said, "ESR's expansion in Oragadam is a pivotal step in our

Indian small car exports thrive as domestic demand shifts to SUVs

Maruti Suzuki, Hyundai, Kia, Citroen, Volkswagen, Honda, Nissan, and Renault are finding markets abroad

Foreign investment dwindles as India struggles to boost oil production

India's high demand for oil and low domestic output are increasing the dependence on imports. The 'supportive' upstream policy, if backed by lower taxes, could turn things around

Enough safeguards in place for domestic industry in EV space: R C Bhargava

R C Bhargava tells that we support any scheme of the government that encourages new investment and new technology to come into the country, and that is what we hope will happen

Modi govt always keeps in mind long-term benefits of FTAs for India: Goyal

Commerce and Industry Minister Piyush Goyal on Friday said that the Modi government always keeps in mind commensurate and long-term benefits for the domestic industry while negotiating free trade agreements. He stressed that "gone" are the days when India used to accept the terms of the world. "We crystal gaze into the future to make sure that its (FTAs) impact in the future will also be positive and we also look at balanced, fair and equitable FTAs," he told PTI in an interview. "So we can see the big Indian opportunity that we are offering and we want to make sure that we get commensurate benefits (from these pacts) for the country," he said. He indicated "some good news" on this front in the days to come. The remarks assume significance as India and the European Free Trade Association (EFTA) bloc concluded the talks for an FTA. EFTA members are Iceland, Liechtenstein, Norway, and Switzerland. The minister said that the free trade pacts of the Modi government involve a huge am

Domestic business, US launches to drive gains for Zydus Lifesciences

Q3 results better than estimates on the back of higher gross margins

SEA seeks import curbs on finished products to protect oleochemical sector

Edible oils industry body SEA on Monday demanded import curbs on finished products, including stearic acid and refined glycerine or impose duty with additional tariff on raw materials to safeguard the domestic industry. In a representation made to Food and Commerce Minister Piyush Goyal, Mumbai-based Solvent Extractors Association of India (SEA) said: "Domestic oleochemical industry facing severe threat due to large scale import of finished product viz. stearic acid, refined glycerine, soap noodles and oleic acid at nil duty." SEA has requested the government to take immediate steps to safeguard the interests of the domestic industry by taking some measures. "Imports of finished products like stearic acid, soap noodles, oleic acid and refined glycerine should be placed under restricted items list," it said. Or else, the government should impose import duty on these products with additional duty of 25 per cent on imported raw material like refined palm stearin, it said. That apart,

Ensuring energy security

India must explore both domestic reform and foreign outreach

GTRI suggests criteria to simplify granting incentives under PLI schemes

Economic think tank GTRI has flagged the slow progress in disbursement of sops under production-linked incentive (PLI) schemes and suggested the government to simplify the criteria so as to expedite grant of incentives and push domestic manufacturing. The Rs 4,415 crore disbursement is only 2.25 per cent of the total outlay of Rs 1.97 lakh crore of incentives over five years under the PLI schemes announced in 2020, the Global Trade Research Initiative (GTRI) said on Sunday. "This slow fund spend is unsurprising, considering that setting up greenfield or new manufacturing operations takes time," it said. "PLI criteria for various sectors include thresholds on investments, production, sales, degree of localization, inputs used and many more. Manufacturers may not be able to tick on all boxes," GTRI Co-Founder Ajay Srivastava said. Citing an example, he said in one of the cases, the government suspected the invoice value and disallowed the incentive of a few hundred crore. "In most .

Budget 2024: What did FM Nirmala Sitharaman say on domestic tourism

From interest-free loans to Lakshadweep and island connectivity, here is everything Finance Minister Nirmala Sitharaman said on tourism in the Interim Budget 2024

Interim Budget 2024: Industry seeks tax benefits, boost to exports

Indian industry, including exporters on Thursday, asked the government to provide tax incentives for research and more funds for marketing activities in the Budget to boost manufacturing and the country's outbound shipments. They also urged the government to consider developing a global shipping line in partnership with the private sector. India's outward remittance on transport services is increasing with rising exports. "We remitted over USD 80 billion as transport service charge in 2021. As the country moves towards the goal of USD 1 trillion, this will touch USD 200 billion by 2030," Federation of Indian Export Organisations (FIEO) said, adding that the private sector may be engaged to develop the shipping lines. This will also reduce arm-twisting by foreign shipping lines, particularly of our MSMEs, the organisation said. For promoting Research and Development (R&D) in the country, weighted tax deduction can be increased to 200 per cent, it said. "Unfortunately, India's ...

Striking balance: CCI may tailor penalties for global corporations

The base penalty would be calculated on a company's relevant turnover, which is the turnover related to the product or service infringing on the law in the domestic market

PM launches Aatmanirbhar Bharat Centre for Design to promote local crafts

A centre to promote indigenous crafts of India and contribute to sustainable cultural economy with a vision to achieve self-reliance was launched here by Prime Minister Narendra Modi on Friday. The Aatmanirbhar Bharat Centre for Design (ABCD) has been named 'Project Aatman'. It is housed in a colonial-era barrack on the premises of the Red Fort complex in Delhi. The centre was inaugurated along with the maiden India Art, Architecture & Design Biennale (IAADB), which will be open to the public from December 9-15. Modi launched the centre with a click of a button from a dais set up in temporary pavilion at the venue. Project Aatman is helmed by the Indira Gandhi National Centre for the Arts (IGNCA), which comes under the purview of the Ministry of Culture. The IGNCA has "set up the Aatmanirbhar Bharat Centre for Design (ABCD) to pave the way for a sustainable cultural economy derived from the indigenous crafts of India by empowering the artisan communities with new designs and ...

IPEF supply-chain agreement: No changes required in domestic law

IPEF aims to create a more conducive environment for enhancing trade and investment linkages, developing resilient supply chains, and promoting sustainable development

One-year overnight swap hints domestic interest rates may be peaking

The market sees the recent decline in swap rates as reflecting a diminishing concern about an impending effective rate hike in India