Page 3 - Dpiit

Funding winter for startups may end with angel tax abolition: DPIIT Secy

A system of quarterly disbursement is in place for many sectors, except for few, such as food processing, where it is not feasible, he says

263 startups funded with a total of Rs 60 crore by Karnataka govt

Karnataka is home to 45 unicorns, over 14,000 DPIIT registered startups and more than 4,000 active tech startup investors

DPIIT to create timelines for govt agencies for clearance of FDI proposals

The Department for Promotion of Industry and Internal Trade (DPIIT) will formulate strict timelines for different government agencies and departments for clearance of Foreign Direct Investment (FDI) proposals from prioritised sectors, a top official said. DPIIT Secretary Rajesh Kumar Singh said though there is a standard operating procedure (SOP) for these clearances, still there are delays as the SOPs are not being followed. The secretary was responding to the Budget announcement that the rules and regulations for FDI and overseas investments will be simplified to facilitate foreign direct investments, and nudge prioritisation. He said that the concerned ministries and departments will be nudged to prioritise applications and speed up the process of approvals. "The idea is to cut short that (clearance and approval) process, we have not yet decided about the sectors where some liberalisation is possible, but certainly there is a view in the government that the processes, where the

DPIIT's efforts attract over Rs 1,100 cr investment from global tyre makers

Leading global tyre makers such as Bridgestone, Michelin and Goodyear have committed investments worth over Rs 1,100 crore in India after the DPIIT temporarily allowed them to import certain tyres to the country, an official said. The official said that the import restrictions on 'New Pneumatic Tyres' were relaxed for certain global players that were interested in importing specific tyres from their factories abroad into India. The imports were temporarily permitted by the department for promotion of industry and internal trade (DPIIT) subject to the concerned company's commitment to invest and set up or expand its manufacturing facilities in the country for the concerned products, in a time-bound manner. "This initiative has witnessed investment commitments worth more than Rs 1,100 crore from leading global players like Bridgestone, Michelin and Goodyear for the development/expansion of their tyre manufacturing capacity in India," the official said. Additional applications receive

Ahead of Union Budget 2024-25, DPIIT recommends angel tax removal

The angel tax is on the amount received by a company above the fair market value as income

Union Budget 2024: Here's what startups, investors expect from Modi 3.0

Expectations rise for investments, simplified tax norms, and sectoral support

PLI scheme for white goods: Application window to be open for third time

The first round of application was invited in 2021, followed by the second round a year later as the entire allocated fund was not utilised

DPIIT close to finalising model to launch Producer Price Index in India

Producer price index may eventually replace WPI

Electric vehicle scheme norms to be rolled out soon, but no Tesla update

Fund issues may have come in way of EV major's plan

Govt to extend easy visa rules to all PLI sector companies: DPIIT secretary

The PLI scheme covers 14 sectors, including mobile phones, drones, white goods, telecommunications, textiles, automobiles, specialty steel, and pharmaceutical drugs, among others

PLI scheme review committee raises concern over delays in payments

Calls for improved scrutiny to block instances of wrongful claims

Govt steps help boost toy making, exports; more work needed: DPIIT secy

Government measures such as mandatory quality control orders and increasing customs duty have helped boost exports of toys from India, but there is a need to do much more for the sector, a top official said on Wednesday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh also indicated that they are diligently pursuing the proposal of extending fiscal incentives under the production-linked incentive scheme for the sector. He said that the industry is wondering about one proposed major policy intervention and "let me assure you that we are still pursuing that". In the interim Budget in February, the Commerce and Industry Ministry has recommended an outlay of Rs 3,489 crore for the Production Linked Incentive (PLI) scheme for toys to boost domestic manufacturing of the sector. As the scheme is yet to be cleared by the Union Cabinet, the interim Budget has made a token provision of Rs 1 lakh towards the scheme for 2024-25. The scheme a

DPIIT, Flipkart, toy makers to meet on Jun 12 on ways to increase sourcing

Senior officials from the Commerce and Industry Ministry, Walmart group firm Flipkart and domestic toy makers will discuss on Thursday ways to increase sourcing and immediate onboarding of manufacturers on the e-commerce platform, an industry official said. The official said that to make India a global manufacturing hub for toys, the government has undertaken a series of initiatives, and in this context, the Department for Promotion of Industry and Internal Trade (DPIIT), in collaboration with Flipkart, is organising this workshop to enhance India's position and capabilities in the global toy supply chain. "This shall help in upskilling/reskilling the domestic workforce to produce innovative and high-quality toys," the official added. The US-based retail giant Walmart is looking to source toys from Indian suppliers as the company is targeting to increase its exports from India to USD 10 billion annually by 2027. Last year, the company informed toy makers about their requirements an

DPIIT working on SOP to ease entry for certain Chinese workers in India

Industries that are not covered under the PLI scheme struggle to employ Chinese workers for machinery installation, thereby hindering production expansion in the 'China plus one' approach

India's FDI equity inflow at five-year low of $44 billion in FY24

High interest rates in advanced economies, limited absorptive capacity locally likely reasons

ED raids ex-DPIIT Secy Ramesh Abhishek's premises in money laundering probe

The Enforcement Directorate on Tuesday raided the premises of retired IAS officer and former Department for Promotion of Industry and Internal Trade (DPIIT) secretary Ramesh Abhishek as part of a disproportionate assets linked money laundering probe against him, official sources said. The ED case stems from a recent CBI FIR registered by the Central Bureau of Investigation (CBI) against the 1982-batch officer. He was raided by the CBI in February. Abhishek retired in 2019 from the DPIIT (erstwhile Department of Industrial Policy and Promotion). The ED is searching the premises of Abhishek as part of a money laundering investigation, the sources said. The CBI had alleged in its FIR that Abhishek enriched himself "illicitly" after retirement by receiving "huge amounts" as consultation fee from private companies whose matters he had dealt while in service. The CBI and ED have also booked his daughter Vanessa. The retired officer also held the post of chairman, Forward Markets ...

New govt may liberalise FDI norms for more sectors, says DPIIT Secy

Says industry should prepare itself for a low tariff regime in the long run

Expecting good response from several firms on EV policy: DPIIT Secy

The government on Saturday said India is expecting good response from many automobile companies on its electric-vehicle (EV) policy, which was released in March to attract global players like Tesla. Secretary in Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that in the policy, the government has used tariff tweaks without actually spending any money to seek commitments from manufacturers to set up base in India. "Everybody talks about one company (US-based EV major Tesla), but we are expecting responses from many companies to that policy," Singh said here at CII's annual business summit. On March 15, the government approved an electric-vehicle policy, under which duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million, a move aimed at attracting major global players like Tesla. As per the policy, a company will get three years to set up manufacturing facilities i

Public procurement norms: Govt may hike local content requirement

Former industry secretary Ajay Dua said that over time, the minimum threshold had to be increased to promote local industries and increase the contribution of manufacturing to GDP

Rising repatriation

As worrying as the recent decline in gross foreign direct investment is the increasing pace of disinvestment