India Manufacturing Growth

Rhetan TMT Ltd: Pioneering Steel Manufacturing and Sustainability

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Daikin partners with Taiwan's Rechi Precision for compressor JV in India

Daikin Industries, Osaka, a Japan-based global manufacturer of air conditioning and refrigeration systems, will set up a joint venture with Taiwan's Rechi Precision to manufacture compressors in India at Sri City, Andhra Pradesh. Daikin through its local subsidiary, Daikin Airconditioning India and Rechi Precision, announced setting up a JV to "manufacture, design and sale rotary compressors for inverter & non-inverter ACs in India and some overseas markets, according to a joint statement. Though the company has not announced the investment, it said Daikin will be the majority partner in the JV. According to industry insiders, around Rs 1,000 crore will be invested in the JV in the next 5-6 years. "The joint venture is expected to become operational by the 4th quarter of FY24-25. The manufacturing facility shall be established at Sri City, Andhra Pradesh," it said. Established in 1989 in Taiwan, Rechi Precision is a global leader in the manufacturing of rotary compressors, motors

India's success in capturing 'China-Plus-One strategy' limited: NITI report

India has seen limited success so far in capturing the 'China Plus One strategy', while Vietnam, Thailand, Cambodia, and Malaysia have become bigger beneficiaries, according to a report of government think tank Niti Aayog. It said that factors such as cheaper labour, simplified tax laws, lower tariffs and pro-activeness in signing Free Trade Agreements (FTAs) have played a critical role in helping these countries expand their export shares. The US has implemented stricter export controls and higher tariffs on Chinese goods to limit China's growth and expenditure towards technological progress. This has led to a fragmentation of global supply chains, prompting multinational corporations to seek alternatives to Chinese manufacturing. It said that India is seen as an attractive destination for companies looking to shift their manufacturing bases out of China and this shift offers the country a chance to enhance its domestic manufacturing capabilities, particularly in high-tech ...

November PMI at 56.5 as India's manufacturing growth shows signs of strain

HSBC final India Manufacturing PMI for November matches September's eight-month low of 56.5

Skills shortage hampers India's clean energy goals and manufacturing plans

Modi's government has imposed 40 per cent tariffs on Chinese solar panels and 25 per cent on cells, allocating about $3 billion in production-linked incentives for local manufacturers as part

Market Today: Afcons Infra IPO opens today, IndiGo Q2, Gold at record, FIIs

The GIFT Nifty indicated a flat start, with an uptick of 12 points at 6:35 AM, trading at 24,464.5

India's attempts fail against rivals as US diverts trade from China: Study

India also hasn't been able to attract a greater portion of global foreign direct investment, even as FDI flows to China plummet, the Oxford Economics study said

Indian manufacturing should aim for export-led growth: Jamshyd Godrej

Says India must come up with a similar scheme as EU's CBAM to help industry become more carbon neutral

Airbus will increase sourcing of components from India: CEO Guillaume Faury

Airbus will increase sourcing of components from India, which offers plenty of opportunities, according to the aircraft maker's CEO Guillaume Faury. The European major, which has bagged huge aircraft orders from IndiGo and Air India, doubled its sourcing of components and services from India to 1 billion euros during the period from 2019-2024, he said. The company has more than 100 suppliers in India. At a press briefing in the national capital on Monday, Faury, who is also the Chairman of the French Aerospace Industries Association (GIFAS), said there are plenty of opportunities in India. "We will be continuing to grow (sourcing of components)... We will continue to double around every 5 years, that is in the next decade to come. It is a stable pace," he said. In 2023, for the first time, there was more equipment to be placed on aircraft, helicopters than IT services. The lines have crossed, he added. Companies that are part of GIFAS make procurement worth USD 2 billion annually

Samsung strike risks India's global manufacturing ambition, warns GTRI

The GTRI cautioned that if the Tamil Nadu government does not act swiftly, the current situation could mirror the closure of Nokia's Sriperumbudur plant a decade ago

Tata Hitachi has localisation as top priority, to invest Rs 200cr in FY25

Tata Hitachi Construction Machinery on Tuesday announced that it would invest Rs 200 crore in its two manufacturing plants to stay ahead of the curve in quality, innovation and localisation. The company, a 40:60 joint venture between Tata and Hitachi of Japan, aims at ramping up localisation levels to 70 per cent over the next 2-3 years, its Managing Director Sandeep Singh said. The company plans to produce 60-tonne dump trucks in India, leveraging technology from Hitachi Canada, primarily used for the mining industry, he said. Additionally, the company intends to introduce more models in India as part of the 'Atmanirbhar' (self-reliant) policy started long back, the official said. "We will invest a total of Rs 200 crore in our two plants in West Bengal's Kharagpur and Dharwad in Karnataka. This will help us stay at the forefront of innovation and increase self-reliance (Atamnirbharta) to 70 per cent in 2-3 years from the current 65 per cent," Singh said. The company is celebratin

Budget 2024: Tech Inc for fewer tariffs, Rs 1 trillion deeptech fund

The tech industry body also recommended removing the 2.5 per cent tariff slab to enhance ease of business in the industry

Heatwave drags manufacturing growth to three-month low in May: PMI data

But the sector remains in expansionary territory in May. Manufacturing employment rose to one of the greatest extents seen since data collection started in March 2005

Centre's new electric vehicle policy to be open to all companies

The policy primarily aimed to boost EV manufacturing in the country by top global players such as Tesla, VinFast, BYD among others

Modi govt focusing on boosting manufacturing, says EAM Jaishankar

Boosting India's domestic manufacturing and the overall economy will provide much more resources in its foreign policy toolkit to expand the country's influence globally and compete with China on the economic front, External Affairs Minister S Jaishankar said. India under the leadership of Prime Minister Narendra Modi has been focusing on enhancing domestic manufacturing in the last 10 years as there was a neglect of the sector before 2014 and it created many problems for the country, Jaishankar told PTI in an exclusive interview. He also suggested that lack of focus in the past to the manufacturing sector is linked to the upward trajectory in India-China trade notwithstanding New Delhi's position that normalisation of ties with Beijing is dependent on the resolution of the eastern Ladakh border row. "We need to be confident. I am clear that international politics, international relations are competitive. I have a neighbour like China. I have to learn to compete," he said. "By my .

Manufacturing PMI slips to 58.8 in April from March's 16-year high

Manufacturers report robust demand from Indian and foreign clients, says HSBC final survey for the month

India's Feb business activity accelerates to 7-month high on solid demand

That bolstered the view for the coming 12 months with optimism among manufacturers at the highest since December 2022

The mystery of Rs 8-trn gap between dropped, completed projects in capex

Govt's contribution in the trend is now trending higher than the private sector's

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 .

Semiconductor: The new driver of geopolitical balance, economic growth

Semiconductors stand as the linchpin of a modern technological landscape, with their significance across a myriad of industries, from automobiles to aerospace, defence, and healthcare