The proposed facility will focus on manufacturing BIPV panels, thermal insulation materials, sodium-ion batteries, and insulated doors and windows
DPIIT Secretary Amardeep Singh Bhatia on Thursday said the government's focus on FDI liberalisation, smart industrial townships, and sector-specific parks, especially in Tier 2 and 3 cities, is contributing to India's industrialisation. He was speaking at a panel discussion at the 97th AGM and annual convention of FICCI. He also emphasised that the Department for Promotion of Industry and Internal Trade (DPIIT) is creating a conducive ecosystem for industrial development, with support from various ministries. Initiatives like the National Industrial Corridor Program, Production Linked Incentive (PLI) scheme, and the ease of doing business reforms have facilitated industrial growth, Bhatia said. Kamran Rizvi, Secretary in the Ministry of Heavy Industries, who also participated in the discussion, emphasised the rapid pace of change driven by electrification and the need for industries to adapt to this shift. He highlighted how the Ministry of Heavy Industries is playing an active ro
Triveni Turbine on Monday reported a 42 per cent on-year rise in consolidated profit after tax to Rs 91 crore in the September 2024 quarter, pushed by higher income. It posted a Profit After Tax (PAT) of Rs 64 crore in the July-September quarter of preceding 2023-24 financial year, the company said in a regulatory filing. Total income rose to Rs 520.7 crore from Rs 402.3 crore a year ago. In a statement, Dhruv M Sawhney, Chairman and Managing Director of Triveni Turbine, said: "We have reported another strong set of results across all key metrics of revenues, profitability and order booking." In Q2 FY25, order booking grew 25 per cent Year-on-Year (YoY) to Rs 5.72 billion driven by export order booking which increased 50 per cent YoY to Rs 3.04 billion. Key drivers of growth in product order booking were finalisation of orders by industrial customers for biomass-based process cogeneration along with API (American Petroleum Institute) turbines. Triveni Turbine is amongst the leadi
The growth in production of eight key infrastructure sectors slowed down to 2 per cent in September as against 9.5 per cent in the same month last year, according to official data released on Wednesday. However, the output growth is positive against a contraction of 1.6 per cent in August. Out of the eight key sectors, three -- crude oil, natural gas and electricity -- recorded negative growth in September. The growth of core sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- was 4.2 per cent during April-September this fiscal. It was 8.2 per cent in the same period last fiscal. The eight core sectors contribute 40.27 per cent to the Index of Industrial Production (IIP) which measures overall industrial growth.
Under the Strategic Partnership, several institutionalized dialogue mechanisms operate at both political and official levels to ensure regular interaction and follow-up on cooperation activities
Profits plunged 17.8 per cent in August from a year earlier following a 4.1 per cent increase in July
India needs nuanced policies, investment, and scale to unlock its manufacturing potential, writes Ajay Shankar
Profits in July jumped 4.1 per cent from a year earlier following a 3.6 per cent rise in June
The Union cabinet is expected to approve this week 12 new industrial cities in different states on the lines of Greater Noida, Uttar Pradesh, and Dholera in Gujarat to boost domestic manufacturing, an official said. Out of the 12 industrial cities, two are coming up in Andhra Pradesh and one in Bihar, the official said. The government in the Budget has announced the development of 'plug and play' industrial parks in or near 100 cities in partnership with states and the private sector to boost manufacturing. The Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh earlier told PTI that eight such cities are already under different stages of implementation. Trunk infrastructure has been created in four cities - Dholera (Gujarat), Auric (Maharashtra), Vikram Udyogpuri (Madhya Pradesh) and Krishnapatnam (Andhra Pradesh) and allotment of land plots is underway for the industry. Similarly, in the other four, the government's special purpose vehicl
Germany's biggest industrial union said Monday it will seek a 7 per cent pay increase for millions of workers in negotiations starting later this year, arguing that companies including automakers and machinery manufacturers are in a position to afford it. The IG Metall union's leadership said it was recommending a hefty raise demand for 3.9 million workers in view of a persistently high price level. It said that companies have well-filled order books and that, even though prices are no longer accelerating as quickly as they were, one-time payments agreed in the last settlement have been eaten up by inflation. In the last round of pay talks, IG Metall and employers agreed in late 2022 to raises totalling 8.5 per cent over two years plus one-time payments totalling 3,000 euros (about USD 3,200) each, meant to cushion the effect of sky-high inflation. The government, which wanted to address the impact of rising prices while preventing an inflationary spiral, was keen to promote such ...
Indian economy is projected to grow at 7 per cent -- the fastest among major economies across the world -- in the current fiscal year, underpinned by a sustained strengthening of macroeconomic fundamentals, the Reserve Bank of India (RBI) said in its latest annual report on Thursday. While the central bank expected headline inflation to moderate further, it flagged risks to food inflation saying that it remains vulnerable to supply-side shocks. The RBI's balance sheet size surged 11.08 per cent to Rs 70.48 lakh crore (about USD 845 billion) as of March 31, 2024. This was nearly 2.5 times that of Pakistan's entire GDP of close to USD 340 billion. The Indian economy, it said, expanded at a robust pace in 2023-24 (April 2023 to March 2024 financial year), with real GDP growth accelerating to 7.6 per cent from 7.0 per cent in the previous year -- the third consecutive year of 7 per cent or above growth pace. The economy showed resilience in FY24 (2023-24 fiscal) despite persistent ...
Linde Plc, Siemens, and GE are three such entities that have made changes to their global business structures in the past few years
Profits at China's industrial firms jumped 10.2 per cent in the first two months from the same period last year, following a 2.3 per cent profit decline for the whole of 2023
Furthering its industrialisation process, Odisha government on Monday approved 22 projects worth an investment of Rs 4,066 crore. The proposals got the state government's nod at the State Level Single Window Clearance Authority (SLSWCA) meeting chaired by Chief Secretary PK Jena. The projects are in different sectors such as green energy equipment, chemicals, textiles and apparel, steel, iron & ferro alloys, aluminium downstream, food processing, power & renewable energy, IT infrastructure and infrastructure & logistics, a release said. The projects after proper implementation are likely generate 25,525 jobs in 12 districts, officials said. In the green energy sector, Waaree Clean Energy Solutions Pvt Limited is planning to establish its electrolyser manufacturing plant in Khurda, with a project cost of Rs 435 crore, promising 300 jobs. In the chemical sector, Shalimar Paints has proposed to set up its unit in Balasore for paints varnish and its applied products project, ..
Meanwhile, services which are the major contributor to the Indian economy display an improvement in Q3, led by trade, hotels, transport and communication services
The Odisha government has approved 14 industrial projects that would involve investments of Rs 1,713.65 crore and create employment opportunities for more than 5,000 people, officials said on Thursday. The State Level Single Window Clearance Authority (SLSWCA) headed by Chief Secretary Pradeep Kumar Jena on Wednesday approved the projects spanning sectors such as metal downstream and ancillaries, power, pharmaceuticals, plastics, food processing and tourism. The government has cleared a Rs 628.00 crore investment proposal of Anand Exports. It also cleared a proposal of Mahindra Holidays and Resorts India Ltd to set up a luxury resort at Sonapur beach in Ganjam district at an investment of Rs 228.45 crore, officials said. The proposal of Jindal Stainless Ltd for setting up a roof-top solar power plant in Jajpur district at a cost of Rs 110.24 crore was also approved by the SLSWCA. The government also approved the proposal of TS Beach Resorts Pvt Ltd to set up a convention centre al
The country's services exports have touched USD 192 billion so far this fiscal and are expected to reach USD 400 billion by the end of 2023-24, SEPC said on Wednesday. Services Export Promotion Council (SEPC) said that key sectors which are recording healthy growth rates include telecom, computer, information, and transport and travel. The council is also engaged in formulating strategies to propel the sector's growth, it said. "As of the latest report, the services sector has demonstrated progress, with over USD 191.97 billion already accomplished out of the targeted USD 400 billion," the council added. It added that sectors like tourism, hospitality, and medical value tourism which suffered due to COVID-19 are now showing revival signs. In addition to this, sectors like legal, auditing, higher education, accounting, and logistics are showing good growth. "At SEPC, our mission is clear, to guide the services sector in India's pursuit of achieving USD 400 billion by 2024 and USD 1
For the first 10 months of 2023, profits fell 7.8 per cent from the same period a year earlier, moderating slightly from the 9 per cent fall through the first nine months.
Services, Agro credit growth pace accelerates
In India and nearly everywhere else, utilities are the main customers of solar and wind power. But electricity is only one part of our carbon footprint