Union Commerce and Industries Minister Piyush Goyal on Thursday asked the industry players to be bold and focus their energies on turning competitive, rather than depending on the government for support. Speaking at an event organised by the IMC Chamber of Commerce here, Goyal asked till when will the industry depend on the "crutches" of subsidies, high import duties and other similar protectionist measures. "Till when can we look up to the government (for support)? Or, till when can we win on crutches of subsidies and support, incentives, high import duties, the protectionist mindset, and being very defensive in our engagement with the world?" "We as a nation will have to decide to get out of this protectionist mindset and weak-kneed thinking", Goyal said, wondering if Michael Porter's seminal work on competitive advantage is relevant only till industry leaders are in business schools. Competitiveness will come from the industry's ability to innovate, upgrading manufacturing ...
ISRO Chairman S Somanath said on Friday that industries have a phenomenal role to play in achieving India's Space Vision 2047, rolled out by Prime Minister Narendra Modi. ISRO chairman-designate V Narayanan also echoed the same view. In his pre-recorded inaugural speech, at the biennial National Aerospace Manufacturing Seminar (NAMS) 2025, Somanath said that the industries will face significant challenges as their collaboration with the space programme is going to increase substantially. One of the challenges would be the regular production of rockets, satellites and other systems required for the space programme and the other would be engineering, manufacturing and supplying items like new space crafts and systems, miniature electronics, large propulsion tanks and engines, he said. "They have to be produced in numbers to meet the tight schedules," he added. He said the task was a huge one as the strength of the space community in the public sector was not increasing ...
Railway Minister Ashwini Vaishnaw on Friday said that coordination between industry and academia was necessary to increase the employability of the youth. Vaishnaw was addressing a gathering after flagging off three new trains. 'The requirement of the industry should be provided in college as this increases employability of the youth. Today is a very important day as we inaugurate the National Institute of Electronics & Information Technology (NIELIT) deemed-to-be-university at 12 locations, including five in the Northeast," Vaishnaw said. NIELIT is the only university under the Ministry of Electronics and Information Technology. Vaishnaw flagged off Guwahati-New Lakhimpur Janshatabdi Express, New Bongaigaon-Guwahati passenger train and Tinsukia-Naharlagun Express from Guwahati railway station during his day-long visit to Assam. Governor Laxman Prasad Acharya and Chief Minister Himanta Biswa Sarma were also present on the occasion. He also virtually inaugurated the Tetelia road .
The Karanataka government on Monday approved nine industrial projects with a total investment of Rs 9,823.31 crore, which are expected to create approximately 5,605 jobs. The projects were approved at the 64th meeting of the State High Level Clearance Committee (SHLCC), headed by Karnataka Chief Minister Siddaramaiah. While three of these are new investment proposals, the remaining six involve expansions or amendments to existing plans. According to an official statement, the approved new projects include DN Solutions India Private Limited's Rs 998 crore investment at the ITIR, Devanahalli, expected to create 467 jobs; Silectric Semiconductor Manufacturing Private Limited's Rs 3,425.60 crore project at Kochanahalli, Mysuru, aimed at generating 460 jobs; and Sansera Engineering Limited's Rs 2,150 crore project at Harohalli, which is estimated to create 3,500 jobs. The six expansion or amended projects with total investments worth Rs 3249. 71 crore is expected to create 1178 ...
From Japan's "100-yen shop" creator to India's architect of modern banking, we remember the industry titans who bid farewell to this world this year
He also urged the logistics industry to work on following sustainable and green practices to cut carbon footprint in the sector
Noting that modern trade and quick-commerce channels are thriving, offering new growth avenues, he said insurgent brands are capturing significant growth by winning the hearts of underserved customers
India has reduced its tariffs significantly over the years, bringing them down to the world average level, yet the domestic industries continue to suggest increasing the duties, a senior government official said on Wednesday. Secretary in the Department for Promotion of Industry and Internal Trade Amardeep Singh Bhatia said that it needs to be examined why such requests come. "On the export market side and integration with the (global) supply chains, there is also a lot of work which has been done in terms of reduction in tariff, the weighted tariff has come down substantially and it is almost at the world average level. But of course, there are pressures that it should be increased by the domestic industry, which we need to look at why these requests keep coming up. Why are we not competitive enough," he said. India has also free trade agreements with different countries to push exports. The Secretary was speaking at CII's Global Policy Forum 2024. Cut in customs duties on raw ..
Kumaraswamy also criticized the stalled Rs 97 crore Underground Drainage (UGD) project in Channapatna, accusing Congress leaders of delaying tenders for two years due to personal interests
According to the European Union, CBAM is a tool to put a fair price on the carbon emitted during production of carbon-intensive goods entering the trade bloc
At a time when the entire world recognises that China is a non-transparent and opaque economy, some people, possibly responsible for its growing influence in the India industry, are choosing to continue to praise or defend the China story, Commerce and Industry Minister Piyush Goyal said on Thursday. Slamming the previous Congress-led government, he said it is a matter of "shame" that India allowed substandard and opaquely-priced Chinese goods to flood the Indian markets and kill Indian manufacturing. "As regards China, it is very sad that some people, possibly responsible for the growing influence of China in the India industry, are choosing to continue to praise or defend the China story, whereas the whole world today recognises that China is a non-transparent and opaque economy," Goyal told Indian journalists at a news conference here. He was responding to a question on recent remarks by Leader of Opposition in the Lok Sabha Rahul Gandhi during his US trip last month, alleging th
Vishwakarma Puja is a celebration of the birth anniversary of Lord Vishwakarma. He is considered as the creator of the universe. As per the Drik Panchang, this year, the day falls on Sept 16
Citing the example of the proposed semiconductor project in Assam, Sitharaman said that India's own big-ticket investment in chip manufacturing had gone to Assam, crossing Bengal
Says states are making sure the industry does not have to face different rules while moving from one state to another
Lam Research Corporation on Wednesday announced its plans to expand its global semiconductor fabrication equipment supply chain to include India. The company said it is assessing capabilities across various supply chain segments and is exploring India-based suppliers who can collaborate to fulfil the need for precision components, custom parts, high purity gas delivery systems and other assemblies that go into cutting-edge semiconductor wafer fabrication equipment. The global semiconductor industry is expected to grow to 1 US dollar trillion in annual revenue by the end of this decade, according to experts," the NASDAQ-listed global semiconductor manufacturing equipment maker said in a statement. As demand for semiconductors increases, there is an even greater need for collaboration and global engagement of expertise, intellectual property, materials, and talent, it said, adding, Lam has been operating in India for more than 20 years, benefiting from its prime location close to ...
India is right to celebrate big firms, but must also celebrate its valuable small giants
The Chhattisgarh government had entered an agreement with Bharat Aluminium Company Ltd (BALCO), a subsidiary of Vedanta Limited to supply raw aluminum to small-scale industries at a subsidised rate
Amount raised from Rs 8,405 cr in RE of FY24 to Rs 15,198 cr
Streamlined regulatory approvals, sector-specific incentives would encourage firms to write acquisition cheques
Trade policy meet may also take up issues like GSP, non-tariff barriers