Page 2 - Domestic Industry

Expect momentum building on demand side moving ahead: Hero MotoCorp

Hero MotoCorp expects demand momentum for two-wheelers to build up further in the domestic market with economic indicators remaining positive, according to a top company executive. The country's largest two-wheeler maker, which recently announced its foray into the European market, is revamping its sales infrastructure and is aiming to have at least 100 premium retail showrooms in the next six months. "As far as the economy is concerned, we know about the global geopolitical issues that are going on, however, the Indian economy continues to be resilient and is one of the fastest growing major economies in the world," Hero MotoCorp CEO Niranjan Gupta said in an analyst call. All the indicators are in the positive direction amid a strong consumer confidence index, he added. "While the monsoon has been patchy in parts, if you see the Rabi crops have been pretty good as compared to the last year. The festive season has started off very well and overall we do see momentum building on th

Road logistics industry anticipates favourable demand in FY2024: ICRA

Rating agency ICRA on Wednesday said that it anticipates a favourable demand scenario for the road logistics sector in FY2024, aided by stable domestic consumption and investment demand. It said the industry's revenue growth is pegged at 6-9 per cent in FY2024 on an elevated base of FY2023, driven primarily by demand from varied segments like e-commerce, FMCG, retail, chemicals, pharmaceuticals, and industrial goods. "ICRA expects the outlook for the sector to remain stable," it said. According to ICRA, downside risks to the estimates remain from any material tapering of demand due to elevated inflation and interest rates and global supply-demand shifts impacting the Indian economic scenario. The industry debt coverage metrics are expected to ease marginally in FY2024 compared to the FY2023 levels with a likely contraction in operating margins because of inflationary input cost pressures, primarily elevated crude oil prices and debt-funded capital expenditure for vehicle replacemen

Israel-Hamas war: Indian exporters may face higher premiums, shipping costs

Indian exporters shipping goods to Israel may face higher insurance premiums and shipping costs due to the Israel-Hamas conflict, according to experts. Israel witnessed a surprise and unprecedented multifront attack by air, land and sea by the Hamas militant group, which rules the Gaza Strip, in its southern parts on Saturday morning. The International trade experts said the conflict may reduce the profits of domestic exporters but will not impact trade volumes unless war escalates. "For merchandise exports of India, the war may lead to higher insurance premiums and shipping costs. India's ECGC may charge higher risk premiums from Indian firms exporting to Israel," think tank Global Trade Research Initiative (GTRI) said on Sunday. ECGC Ltd (formerly Export Credit Guarantee Corporation of India Ltd) is wholly owned by the government of India. It was set up in 1957 with the objective of promoting exports from the country by providing credit risk insurance and related services for ...

Domestic aviation sector experiences soaring passenger traffic in 2023

The Indian domestic aviation sector has witnessed an impressive surge in passenger traffic during the first eight months of 2023.

Price pressures deflate gas use equations, put $2 trn investments at risk

City gas distribution (CGD) utilities were among the first to feel the impact of rising fuel prices on demand last year after customers deserted them for alternative fuels

India will be shielded from risks of global slowdown: World Bank President

'India gets a lot of its GDP from domestic consumption'

Chip supply mostly sorted, only a few variants face crunch: MG Motor India

Firm's domestic sales jumped by 21% in 2022-23 to 48,886 units; in the current fiscal it hopes to sell up to 100,000 units

Manufacturing sentiment positive in first quarter, shows Ficci survey

In the fourth quarter of FY23, 55 per cent of the respondents reported higher production levels

CII business confidence index rebounds on capital expenditure push

Capex, domestic drivers & financial system to drive growth in FY24: CII

Hero MotoCorp rides in with 'most affordable' Harley at Rs 2.3 lakh

Pawan Munjal, Executive Chairman, Hero MotoCorp, told reporters, "Right now, focus clearly is on Harley-Davidson X440 for Indian consumer and for the Indian market. We are going one step at a time"

Centre approves formation of India's first domestic regulated carbon market

Any project or entity which saves on emissions can issue carbon credit against their savings

Domestic commercial vehicle industry expects to grow by 7-10% in FY24: Icra

The domestic commercial vehicle industry volumes are expected to grow by 7-10 per cent in FY2024, supported by replacement demand, pick-up in mining, infrastructure construction activities and overall healthy fleet utilisation levels, rating firm Icra said on Thursday. This is despite the 5 per cent year-on-year and 41 per cent sequential contraction in volumes in April 2023, it noted. The growth in FY2024 would follow a year of healthy demand in FY2023, wherein the industry volumes expanded by more than 33 per cent, supported by a favourable base, as well as a healthy pick-up in macroeconomic activity, Icra said. The scrappage policy, which was announced in March 2021, has been implemented from April 1, 2023, and is likely to contribute to the growth of new commercial vehicle sales, it added. "The major impact of the scrappage policy is expected in the CV (Commercial Vehicle) segment, especially passenger carriers, as the usage of other vehicles such as two-wheelers, passenger ...

India looks to bring 50 products under quality control order by next fiscal

India is looking to bring as many as 50 products such as aluminium, copper items, and household electrical appliances under the quality norms by the second quarter of 2023-24, a move aimed at containing import of the sub-standard goods and boost domestic industry. According to a communication of the department for promotion of industry and internal trade (DPIIT), it is continuously engaged with BIS (Bureau of Indian Standards) and concerned stakeholders for identification of products for which quality control orders (QCOs) could be issued. The items, under these orders, cannot be produced, sold/traded, imported and stocked unless they bear the BIS mark. It said that the DPIIT is in the process of formulating QCO for various products. These orders are issued by the department in consonance with the WTO Agreement on Technical Barriers to Trade (TBT) for industries falling under its domain. It is our endeavor to issue about 50 QCOs by the second quarter of 2023-24. In this regard, ..

India's Q3 current account deficit likely rose on widening trade gap: Poll

A revival in domestic demand in Asia's third-largest economy since the Covid-19 pandemic has also compounded the shortfall through higher imports

Retail leasing rises 114% Y-o-Y, crossed 3.4 mn sq ft in 9 months: Report

Hyderabad, Delhi- NCR, Mumbai, and Bangalore account for 79% of overall retail space absorption

Discussion underway to extend PLI scheme to more sectors: Official

There are demands to extend production linked incentive (PLI) scheme to more sectors such as certain electronic components, pharma and medical devices, and discussions are underway in the government on these proposals, a senior government official said. 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. The government last year rolled out the scheme with an outlay of about Rs 2 lakh crore for as many as 14 sectors, including automobiles and auto components, white goods, textiles, advanced chemistry cell (ACC) and speciality steel. "So, from Rs 1.97 lakh crore, there are savings from some sectors. So against those savings, things are being planned. Proposals are under consideration," the official said. Demand for including sectors like certain electronic components, toys, furniture,

Should India exclude Chinese from the sub-Rs 10K 5G device category?

Telecom firms and others are concerned that such a move could stymie the effort to build affordable 5G phones in the sub-Rs 10,000 category

Make in India, cutting imports dependency need of the hour: PM Modi

Prime Minister Narendra Modi on Thursday said Make in India is the need of the hour and appealed to the industry to reduce dependence on imports and boost domestic manufacturing

Cabinet nod for seven new textile parks with Rs 4,445 crore outlay

The parks will be set up at greenfield or brownfield sites. States with contiguous and encumbrance-free land parcels of over 1,000 acres, along with other textiles ecosystems can apply

Inadequate planning

PLI schemes are being spread across too many sectors