Consumer electronics major Samsung is aiming 40 per cent market share in the microwave segment in India by the end of this year on the back of more innovative range of products, a top company official has said.
In 2017, Samsung had 33 per cent market share in the segment by volume in the country and 35.5 per cent by value in 2017. In 2013, it had 22 per cent market share by volume and 23.5 per cent by value.
"We are looking to better our market position and we would be touching 37 per cent (market share) by the end of first half of 2018)... We would touch market share of 40 per cent by the end of this year as we launch more innovative products," Samsung India vice president consumer electronics business Rajeev Bhutani told
(ET, Apr 23, 2018)
The European Union and Japan have questioned the preliminary safeguard duties of 70 per cent on imported solar cells recommended by the Directorate General of Safeguards in India, adding to the on-going debate on the appropriateness of the duties.
“In a meeting of the World Trade Organization (WTO) Safeguards Committee on Monday, the EU and Japan criticized the conduct of the investigations and the initial findings leading to the proposed safeguard duties on solar cells in India. New Delhi, however, stated that it follows WTO rules and regulations on the imposition of safeguard measures,” a Geneva-based trade official told BusinessLine.
(BusinessLine, Apr 25, 2018)
India has initiated a probe into the alleged dumping of EVA sheets used in solar cell industry, imported from China, Malaysia, Saudi Arabia, South Korea and Thailand.
The investigation on imports of 'Ethylene Vinyl Acetate (EVA) sheets for solar modules' is carried out by the Directorate General of Antidumping and Allied Duties (DGAD), which is an arm of the commerce ministry.
In the probe, the directorate would determine the existence, degree and effect of the dumped products on the domestic industry.
(BS, Apr 17, 2018)
San Jose and Chennai based Syrma Technology, an exporter of electronic products and solutions announced its foray into the domestic market with a $10 million investment in its fifth manufacturing unit in the Delhi-Mumbai corridor. The unit will service the opportunities in the Indian market and will focus on the Auto, Industrial, Aerospace & Defence and Healthcare sectors which the company already makes products for.
Syrma designs and manufactures RFID tags, Magnetic products, Printed Circuit Boards Assembly (PCBAs) and box builds for a range of applications. In addition to two units in the Madras Export Processing Zone (MEPZ), Chennai the company has two manufacturing units located in Tamil Nadu and Maharashtra.
(ET, Apr 26, 2018)
Dutch electronics giant Philips today posted a 27 per cent drop in first quarter profits, hit partly by the costs of restructuring and some acquisitions as it evolves its portfolio.
Net income fell in the first three months to 94 million euros (USD 115 million) compared to 128 million euros over the same period in 2017, the company reported in a statement.
Best known for the manufacture of light bulbs, electrical appliances and television sets, the Amsterdam-based company has gradually pulled out of these activities in face of fierce competition from Asia.
It focuses now more on high-end medical and health technology, such as computer tomography and molecular imaging, as well as household appliances.
(PTI, Apr 23, 2018)
India and Finland have reached an accord on the tax dispute with Nokia under the Mutual Agreement Procedure (MAP), clearing the way for the sale of the company’s Chennai plant, which has been idle for more than three years, officials said. This involves a payment of Rs.1,600 crore, a sum that was deposited with the government by Nokia in March. The resolution covers disputes pertaining to Nokia India as well as Nokia Corp., said the officials.
Soon after taking over in 2014, the Narendra Modi government had pledged to put in place a taxpayer friendly regime and take steps to reduce litigation. Nokia India had been issued a demand notice for Rs 2,500 crore in 2013, which underwent rectification to remove errors to Rs 1,600 crore. A Rs 10,000 crore tax raised on Nokia Corp. for the same transaction on the grounds that it had a permanent establishment in the country — a move regarded as overzealousness on the part of the department by some — was not found sustainable and has been dropped.
(ET, Apr 20, 2018)
Commerce and Industry Minister Suresh Prabhu on Wednesday assured exporters of taking up the issue of Goods and Service Tax (GST) refund with the finance ministry and said he plans to call a ministerial meeting to discuss export related issues.
As exports dipped in March after a gap of four months, Prabhu sought a detailed action plan from exporters of all sectors in an interaction with them here.
“I have asked exporters to give me the details of the pending refund. GST refund is a major issue for exports. I will take it up with the finance ministry,” he said.
(ET, Apr 19, 2018)
Leaders of Apple Inc., Google and other U.S. technology giants head to China this weekend to pursue a familiar goal: To do more business in the world’s most populous nation. The effort has had mixed results, at best, in the past.
With a trade war brewing between the world’s two largest economies, the goal has gotten loftier still.
Tim Cook, chief executive officer of Apple, Sundar Pichai, CEO of Google, and Ginny Rometty, head of IBM, are scheduled to attend the China Development Forum, an annual gathering that helps Western corporations build relationships with the country’s government officials.
(ET, Mar 24, 2018)
The entry of China’s giant e-vehicles company BYD in India by bagging large tenders for electric buses is worrying Indian auto majors but the Union government is weighing their concerns against the benefits of competition, which has led to a sharp fall in prices.
Indian industry executives say the decision to allow a company the size of BYD to participate in the recent tenders goes against the government’s ‘Make in India’ mission and will create jobs in China instead of in India.
(ET, Mar 23, 2018)
A number of Chinese companies across various sectors have converged here in Hyderabad to take part in the Sm@rt Urbanization meet to explore the possibilities of working on projects in the upcoming smart cities projects in India.
The delegation headed by Shiyong Hong, Vice President, China Chamber of Commerce and Export Machinery and Electronics Products (CCCME), is seeking to facilitate interface between Chinese and Indian companies exploring the potential to work on upcoming projects.
The Smart Cities Council India, part of the global consortium of smart cities, is organizing the 5th Smart Cities Summit Sm@rt Urbanization at Hyderabad International Convention Centre to analyze the learnings and impact assessment.
Speaking at the conference being held here, Shiyong Hong, Vice President, China Chamber of Commerce and Export Machinery and Electronics Products (CCCME), said, “China and India are the two largest developing countries with same strategies and dreams. Chinese President and Indian Prime Minister have met each other more than 10 times in the last 3 years. We need to match our strategies and explore potential for mutual growth.”
(Business Line, Mar 21, 2018)
Vice President M Venkaiah Naidu has said that India has huge potential to become the leader in solar energy sector. Mr Naidu said this while addressing the inaugural session of ELECRAMA 2018, organized by the Indian Electrical and Electronics Manufacturing Association in Noida, Uttar Pradesh on Saturday.
He said, various initiatives taken by the government have improved India’s rank in World Bank’s Ease of getting electricity Index from 99 to 26.
The Vice President said, electric vehicles and hybrid electric vehicles will be driving the automobile industry in the coming years.
He further said that the government had already unveiled the National Electric Mobility Mission Plan and set a target of 60 to 70 lakh units of Electric Vehicles and hybrid electric vehicles by 2020.
(The Indian Awaaz, Mar 12, 2018)
In support of government's electric mobility drive, leading power and energy management company Delta Electronics India Pvt. Ltd. on Tuesday launched its complete range of energy efficient electric vehicle (EV) charging solutions in India.
The advanced EV charging solution offerings from Delta will enable the ecosystem to keep pace with the growing demands for a robust electric automobile infrastructure.
Exhibiting at Elecrama 2018, Delta showcased its diverse portfolio of EV solutions with DC Quick, AC Chargers and Site Management System.
These chargers can be conveniently installed in multiple applications such as parking spaces, highway service, as well as residential and commercial buildings.
(ANI, Mar 13, 2018)
Electronic items are weighing heavily on India’s trade deficit. Relentlessly rising imports of electronic items, especially mobile phones, at a time when crude oil prices are firmer, pose a risk to the country’s current account deficit (CAD).
In January 2017, India’s net electronic imports increased 12% compared to a year ago. The chart alongside shows the annualized electronic goods deficit touched $50 billion for April-December. That is as much as 30% higher on a year-on-year basis.
In fact, the magnitude of the impact this variable can have on overall trade deficit has risen over time. For perspective, “Electronic goods deficit is now very close to 9MFY18 annualised oil deficit of $64 billion,” pointed out Edelweiss Securities Ltd in a report on 28 February, adding that the category accounts for 25% of the trade deficit widening during the period.
(ANI, Mar 13, 2018)
The Ministry of Defence (MoD) has begun a project to build IT systems that would help streamline operations and take faster decisions as it looks to increase domestic production of arms and equipment for the armed forces.
So far, officials say, lack of a single-technology platform is among the reasons that has affected faster decision making in local procurement and has led India to depend hugely on imports. The technology platform is also being designed for planners in the military to get a single view of expertise of domestic manufacturers in arms and equipment, helping them shortlist vendors. The vendors have the provision to file certifications, products and licences to the defence ministry.
(ET, Mar 12, 2018)
State-run Energy Efficiency Services Ltd (EESL) will soon float another global tender for 10,000 electric vehicles to be deployed across the country for government use, a senior executive has said.
EESL, which is a joint venture of PSUs under the power ministry, will also sign a memorandum of understanding (MoU) with the government of Andhra Pradesh this week to supply 10,000 electric vehicles.
(ET, Feb 19, 2018)
One of the major sectors where the government is promoting digital payments is fuel retailing and digital payment companies are targeting the state-owned fuel retailing agencies for rapid digitisation of fuel pumps, which can push up transaction numbers and also create consumer stickiness. From Fino Payments Bank to Paytm to payment entities like Mobikwik and PhonePe all are trying to bring in technology innovations in this space to ensure fast yet reliable digital payments at fuel outlets.
“We need digital payments to be accomplished within less than 15 seconds for each consumer, which will ensure there is no queuing up and no problems for our customers,” said Sanjay Sinha, general manager, retail sales and loyalty at Indian Oil. “Any form of inconvenience will force them back to cash.”
(ET, Feb 19, 2018)
In recent years, Industry 4.0 has evolved rapidly from a distant, esoteric concept to something companies now believe is real and tangible.
Industry 4.0 is a collective term for the new technologies that are significantly changing the manufacturing landscape. These technologies that are significantly changing the manufacturing landscape. These technologies include 3D printing, sensors, advanced robotics, Internet of Thing (IoT), simulation, augmented reality, Artificial Intelligence (AI), Big Data ad Advanced Analytics. The level of maturity across technologies as well as the stage of their cost evolution varies, and hence their applicability across industries in India is different. Still, there is no doubt that these technologies can substantially improve cost, productivity, quality, and flexibility and employee satisfaction.
(ET, Feb 13, 2018)
Consumer electronics makers Samsung, LG, Sony and Panasonic are reviewing their 'Make in India' strategy for televisions — which may lead to scaling down of local assembling operations — following the government decision to tax imports of 'open cell' LED TV panels.
These companies, among others, are now evaluating imports of finished LED TV panels from countries with whom India has free trade agreements (FTAs) with, such as the Asean bloc of Malaysia, Vietnam, Thailand and South Korea, which will provide 7-8% cost benefit, two senior industry officials said.
(ET, Feb 07, 2018)
The central government is looking at backup options to introduce the electronic way (e-way) bill in a phased manner. It was to be implemented from February 1, but the Centre had to defer it indefinitely as businesses faced disruptions after the portal crashed.
The bill, said sources, can now be introduced after safeguard options are installed for the portal’s smooth working.
In January, the Goods and Services Tax Council decided to advance the introduction of the bill from February 1 for interstate movement of goods valued above Rs 50,000 from the earlier April 1. It gave freedom to states to introduce the bill for intrastate movement of goods beyond 10 km by July 1. However, 13 states had volunteered to implement the bill for intrastate movement of goods from February 1 itself.
(BS, Feb 07, 2018)
Tata Motors has said that the government’s incentives must be directed towards electric vehicles (EVs) only, as the industry would have to develop technologies such as hybrids in order to meet the future regulatory requirements.
Speaking at a roundtable here, Guenter Butschek, Chief Executive Officer and Managing Director, said that there should be no distractions on India’s journey towards full EVs and it must be carried out with a ‘single-minded’ focus, and considering the limited budget of the government, incentives must be solely directed towards EVs.
(BusinessLine, Feb 07, 2018)
Electric two-wheeler maker Hero Electric will invest Rs 700 crore in capacity expansion over the next three to four years as it expects demand for green mobility solutions to pick up soon.
Naveen Munjal, company's managing director, said funds for capacity increase and setting up of new plants will be raised through debt and equity. Talks are on with strategic partners for equity as well as technical tieup, he said.
(ET, Feb 06, 2018)
Eicher Trucks and Buses launched its first electric bus “Skyline Pro E”. The buses are certified to ply on Indian roads and we are confident they will bring great value to commuters, city transportation corporations and other organisations in this ecosystem,” Vinod Aggarwal, MD, VE Commercial Vehicles said.
(ET, Feb 06, 2018)
Startups incorporated before 2016 that have got up to Rs.10 crore in angel funding won’t face the so-called angel tax, once changes in the regime are finalized by the Department of Industrial Policy and Promotion (DIPP) which will soon notify the amendment, a senior government official told ET. It will also set up a separate committee for the recognition of such startups so that they get the relief, he said.
“We have finalized the conditions which will resolve the issue of pre-2016 startups,” the official said. Startups incorporated after 2016 and recognized under the Startup India policy are spared this tax.
(ET, Feb 06, 2018)
Nearly half of the municipal buses on the road worldwide will be electric within seven years. With China expected to dominate the global market as it aims to cut urban pollution and support domestic manufacturers.
The total number of electric buses in service is forecast to more than triple, from 386,000 last year to about 1.2 million in 2025, equal to about 47 per cent of the worldwide city bus fleet, according to a report from Bloomberg New Energy Finance.
(BS, Feb 05, 2018)
The government raised the basic customs duty on a range of products from consumer goods and automotive parts to fully and partly built vehicles and medical devices, among others. The hike was to the tune of 5-10 per cent with an additional surcharge slapped on the basic customs duty, making goods costlier as a result.
But, while the move was aimed at providing a boost to the government’s Make in India plans, the question is: Will these measures actually aid local manufacturing? Experts believe that they will not because the crucial component market required to aid local manufacturing remains weak.
(BS, Feb 03, 2018)
India will launch 31 satellites, including earth observation spacecraft Cartosat, on January 12, instead of its earlier tentative schedule on January 10, a space official said.
“The rocket launch to carry Cartosat and other satellites, including 28 from the US and five other countries, will take place on Jnauary 12 at 9:30am.” Indian Space Research Organisation (ISRO) Public Relations Director Devi Prasad Karnik told IANS here.
(Business Line, Jan 09, 2018)
The Commerce and Industry Ministry nulls incentives for States that play a proactive role in promoting exports as it will help boost economic growth, Union Minister Suresh Prabhu said.
He said he has sought the views of States on the issue which was discussed during the third meeting of Council for Trade Development and Promotion.
(Business Line, Jan 09, 2018)
The Chhattisgarh Government today signed a memorandum of understanding (MoU) with the Centre for the second phase of the Bharat Net project under which 5987 village panchayats will be connected through optical fiber network.
The MoU will pave the way for laying 32,466 kms of optical fiber cable in 5987 Gram Panchayats of the state at a cost of Rs 1624 crore, Chief Minister Raman Singh said.
Union Minister of State for Telecommunications Manoj Sinha, present during the signing, said that Chhattisgarh is the first state in the country to use the ultramodern "ring architecture technology" to connect village panchayats by optical fiber to ensure better connectivity.
(Indian Express, Jan 08, 2018)
Niti Aayog, the government’s premier policymaking body, is exploring the use of blockchain technology in legally approved areas such as education, health and agriculture.
The Aayog set up in place of the erstwhile Planning Commission three years ago, has tried to bring high-end technology to key social sectors while giving policy directions in energy sector through its National Energy Policy or the electric vehicle mission. It introduced and popularized the concept of Atal Tinkering Labs or incubation centres across several schools in the country to encourage innovation among students. Besides it has been instrumental in laying out a roadmap for disinvestment in more than 74 PSUs, rolling out the digital movement for the country post demonetization in November last year and introducing big-ticket reforms in health and education system.
(ET, Jan 04, 2018)
Digital India has made rapid progress in the year 2017. The Ministry of Electronics & Information Technology (MeitY), as a key ministry under the Government of India and the enabler of Digital India program, has undertaken numerous revolutionary initiatives in the area of IT/ ITeS and electronic manufacturing that have put India on the global map and went on to become case studies for the reputed Universities across the globe. Having covered over 99 percent of the adult population of the country through the unique identity Aadhaar, the country is now looking at embracing the second phase of Digital India.
The year saw a 27 percent jump in the investment on electronic manufacturing where the total volume of investment reached 1.57 lakh crore in 2017 vis-à-vis 1.43 lakh crore in 2016; this was only 11,000 crore in 2014. There has been almost 60 percent rise on the production of mobile phones to reach 17.5 crore units vis-s-vis 11 crore units last year, adding 4 lakh direct and indirect jobs in the sector; this was only 6 crore units in 2014-15. Digital transactions witnessed a growth of over 300 percent during this year.
(Communications Today, Jan 02, 2018)
Scientists have developed a technique for directly printing metal circuits, to create flexible, stretchable electronics.
The technique can use multiple metals and substrates and is compatible with existing manufacturing systems that employ direct printing technologies.
"Flexible electronics hold promise for use in many fields, but there are significant manufacturing costs involved - which pose a challenge in making them practical for commercial use," said Jingyan Dong, from North Carolina State University in the US.
"Our approach should reduce cost and offer an efficient means of producing circuits with high resolution, making them viable for integrating into commercial devices," Dong said.
The technique uses existing electro hydrodynamic printing technology, which is already used in many manufacturing processes that use functional inks.
However, instead of ink, researchers used molten metal alloys with melting points as low as 60 degrees Celsius.
(Indian Express, Dec 26, 2017)
The Indian Navy deployed a submarine and the P8I long-range maritime aircraft for the first time for a bilateral naval exercise with the Omani navy.
The 11th edition of the exercise, 'Naseem Al Bahr' or 'Sea Breeze', was held on December 17 off the coast of Oman. The exercise is a biennial feature since 1993. The Indian Navy also deployed two naval ships - INS Trikand and INS Teg - for the exercise. The Indian ships entered Muscat on December 16 for the harbour phase.
(ET, Dec 21, 2017)
The panel also pointed out that from “2012-13 onwards, the ‘Capital’ component of the budgetary allocation has witnessed a persistent decrease in comparison to ‘Revenue’ component of the Budget”
The Parliamentary standing committee on defence has asked the defence ministry to “take concrete measures to exercise prudent and effective budgetary planning” and once again “highlighted the negative effect of persistent trend of decreased allocation of funds as compared to the projected amount meant for Capital Expenditure for the (defence) Services”. It also pointed out that from “2012-13 onwards, the ‘Capital’ component of the budgetary allocation has witnessed a persistent decrease in comparison to ‘Revenue’ component of the Budget”.
(Indian Express, Dec 21, 2017)
Lok Sabha passed Wednesday a bill to make it easier for the government to acquire immovable property for “national security and defence purpose” by changing the rules for payment of compensation. The Requisitioning and Acquisition of Immovable Property (Amendment) Bill 2017 amends the original 1952 Act to allow the Centre to reissue the acquisition notice in case the property’s owner wants to be given a hearing. As per the amendment, the compensation rates that will be payable will be fixed at the date of publication of the first notice in addition to an interest.
The amended bill is aimed at addressing cases where the property owner is able, after prolonged litigation, to get the acquisition notice quashed in the court so as to be given a hearing. “This may cause astronomical hike in the quantum of compensation because of the inevitable appreciation of the market value of the property between the original date of publication of notice of acquisition and the present date of publication of the same, pursuant to the orders of the courts,” the bill states.
(Indian Express, Dec 21, 2017)
The Indian Navy deployed a submarine and the P8I long-range maritime aircraft for the first time for a bilateral naval exercise with the Omani navy.
The 11th edition of the exercise, 'Naseem Al Bahr' or 'Sea Breeze', was held on December 17 off the coast of Oman. The exercise is a biennial feature since 1993.
The Indian Navy also deployed two naval ships - INS Trikand and INS Teg - for the exercise. The Indian ships entered Muscat on December 16 for the harbour phase.
"Delegations from the Royal Navy of Oman embarked on the Indian Naval Ship Teg on December 18 for a briefing on basic anti-submarine warfare procedures," the Indian Navy said in a statement
(ET, Dec 21, 2017)
ØThe move comes around six months after the government unveiled the ambitious strategic partnership model under which Indian private sector companies will be allowed to form joint ventures with foreign defence majors to build fighter aircraft, helicopters, submarines and main battle tanks in India.
The defence ministry on Wednesday announced that it has allowed private sector to manufacture eight selected ammunition for the Indian Army in a major reform initiative.
The ministry said the aim of the decision is to facilitate development of indigenous capacity, reduce import dependence and develop a robust supply of ammunition within the country. “With the long-term objective of building capacity within the industry as a robust alternative source of ammunition, the government has approved manufacturing of eight selected ammunition for Indian Army by Indian Industry,” the defence ministry said.
(Indian Express, Dec 20, 2017)
The first batch was flagged off in the presence of Tata group chairman N Chandrasekaran, group patriarch Ratan Tata, and Tata Motors managing director and chief executive Guenter Butschek.
“As we work together to build the future of e- mobility, I am confident that our customers will respond very favourably to this electric model,” Chandrasekaran, who flagged off the first batch of the vehicles, reported PTI.
The government is planning to have only electric cars by 2030 in its efforts to reduce both oil imports as well reduce carbon emissions to a significant extent.
The third largest passenger car-maker had become the L1 bidder in amid stiff competition and won the bids for 10,000 e-cars floated by EESL in September as the other bidder, Mahindra’s, quoted Rs 2.3 lakh above the former’s and was initially out of the race.
But later it was given the option to match Tata Motors’ price and accordingly chose to sell 150 e-Veritos to EESL. Mahindra has already supplied some of them.
The EESL order first mandated supply to be completed on/before November 30 but was later postponed to December-end.
For phase 1, Tata Motors is required to deliver 250 Tigor EVs, for which it has received a letter of agreement. For an additional 100 cars, the agreement is expected to be issued shortly by EESL, the company said.
“With e-Tigor, we’ve begun our journey in boosting e- mobility and offering a full range of e-vehicles to customers. This tender has effectively paved the way for connecting our aspirations in the e-mobility space with the vision of government,” Butschek said.
The electric drive systems for the EESL order have been developed and supplied by Electra EV-a company established to develop and supply electric drive systems for the automotive sector, the release said.
“Tata Motors is committed to the government vision for electric vehicles by 2030 and will work in a collaborative manner to facilitate faster adoption of electric vehicles,” PTI reported.
According to The Telegraph, NFR chief public relations officer Pranav Jyoti Sharma on Wednesday said 100 per cent work on replacing conventional lights with LED lights have been completed in 101 stations and work was on to make rest of the stations fully LED-lit within the targeted period.
He said “It’s a huge initiative to provide energy-efficient lighting which will eventually greatly help in conservation of the environment. This will lead to an annual saving of Rs 67 lakh per year in the energy bill of the railway,”.
Of the 101 stations where LED lighting has been completed, 35 are in Katihar division, 14 in Alipurduar division, 30 in Rangiya division, 16 in Lumding division and six in Tinsukia division.
The railway ministry has taken up a mission to encourage the use of renewable energy in trains and stations across the country.
The Southern Railway has recently started a project to replace all their lights with LED. The lights in the trains are also being replaced with LED lights phase-wise.
In another initiative to harvest clean and green energy, the NFR has already commissioned several roof-top solar-powered plants over railway establishment.
“These plants are producing around 980KW of power for official use. We are going to have more such solar power plants gradually,” Sharma said.
The NFR had earlier started work to cover 887km in the Northeast as green corridors by fitting zero-discharge free bio-toilets in all trains by March.
To be known as T-Works, the facility will come up over 250,00 square feet with many partners offering their software tools and equipment.
Modelled on the lines of makerspaces in other countries and customised to Indian needs, this will probably be the world’s second largest facility of its kind, he said.
Anybody with an idea can collaborate with other people at T-Works and convert his or her designs into working prototype.
According to IANS, the Minister said, “T-Works will be up and running around this time next year,” while addressing India Design Summit organised by the Confederation of Indian Industry, adding anybody could use freely available tools — software, test and measurement equipment — to build any product.
“T-Works will allow anyone young or old school student, graduate or retired professor, man or woman to collaborate with other intelligent individuals and converge their designs on paper or PC and convert it into working prototype,” said Rama Rao, son of Chief Minister K. Chandrasekhar Rao.
Open to all Indians, the facility will have CNC machines, cutting machines of all kinds, welding and carpentry tools, PCB assembly machines, and 3D printers of all ranges.
“This I believe is going to change the way we do business especially with respect to design and hardware space in India,” he said.
The Minister said T-Works will help in making products in domains like mechanical, electro mechanic, electronics and semiconductor spaces. It will also help in making products in automobiles, IoT, avionics, drones, med devices, medical instruments, defence equipment, consumer electronics, telecom products, mobile devices, gadgets and sensors.
“T-Works will become one of cornerstones and essential hub in the wheel in heralding a new wave of entrepreneurs, makers, tinkerers and designers of all kinds, aesthetic, textile, fashion, lifestyle, mechanical and technological,” he added.
Scientists have successfully printed washable and stretchable electronic circuits into fabric, paving the way for smart textiles and wearable electronics.
The circuits were made with cheap, safe and environmentally friendly inks, and printed using conventional inkjet printing techniques.
Researchers from the University of Cambridge in the UK showed how graphene - a two-dimensional form of carbon - can be directly printed onto fabric to produce integrated electronic circuits which are comfortable to wear and can survive up to 20 cycles in a typical washing machine.
(India Today, Nov 13, 2017)
ETF is essentially a security that tracks an index, commodity or a basket of assets. However, the ETF trades happen on an exchange in form of tradable stock. ETF investments are usually cheaper than fund investments and since majority ETFs track to a specific index, there are lower operating expenses as seen comparatively in actively invested mutual funds. ETFs also have no minimum amounts for investment or sales loads. This is unlike in mutual funds which generally have both. Also, ETFs sometime improve rate of return. Though, do note that there is no guarantee of returns given in the ETF.
Bharat-22 ETF will invest in blue chip stocks including Central Public Sector Enterprises (CPSE), Specified Undertakings of the Unit Trust of India (SUUTI) and some PSU banks.
(Indian Express, Nov 14, 2017)
British shares rose, outperforming European benchmarks, as exporters benefited when the pound fell amid reports of a rebellion among Conservative MPs against the leadership of Prime Minister Theresa May.
Export-oriented companies drove the FTSE 100 up 0.2 percent by 0820 GMT, but bank stocks suffered as sterling dropped.
Sterling weakened after the Times newspaper reported on Sunday that 40 Conservative lawmakers had agreed to sign a letter of no confidence in May - just short of the 48 needed to force a leadership vote.
(TOI, Nov 13, 2017)
Due to demonetization and GST, India is likely to see just 2 pct rise in greenhouse gases emissions in 2017 unlike an average 6 per cent annual, as per 2017 Global Carbon Budget report. The report attributes the decline in greenhouse emission to rapid progress made in the installation of solar energy in India. However, it also says that substantially lower growth rate could be attributed to a slowdown in economy as well. “Although India’s installed solar capacity almost doubled in 2016 to 12 GW (gigawatts), the reduction in this year’s growth is attributable to many factors, including reduced exports, a declining share of industrial and agricultural production in GDP, reduced consumer demand, and both a sudden fall in money circulation attributable to demonetization late in 2016 and a goods and services tax introduced in 2017,” the report published in Environmental Research Letters says.
(FE, Nov 13, 2017)
On the first year anniversary of demonetization, it’s important to ask if it accomplished its stated objectives. While it appears that the objectives of rooting out black money as announced by Prime Minister Narendra Modi on November 8, 2016, has not been realised, given that almost all of the Rs 15 lakh-crore of high value notes in circulation were returned, is there credible evidence that another goal, which was articulated in the weeks following the announcement, has been achieved?
Unfortunately, much of the analysis has been simplistic and misleadingly compares two data points before and after demonetisation. For the past year, I’ve been developing and updating a statistical model calibrated to Reserve Bank of India data, which tracks the evolution of digital payments with data going back to 2011 and right up to the latest available, August 2017.
(HT, Nov 12, 2017)
The GST Council on Friday delivered a major overhaul of the GST design and rate structure. The broad thrust of the decisions was to improve lagging compliance and reduce the tax burden on smaller businesses. Some of the key decisions taken in the meeting are discussed below
As a transitional provision, businesses were required to file a summary return every month in form GSTR3B and pay taxes based on self-assessment. It was expected that this form will be used until December following which the full-fledged GST process of invoice matching will be up and running. However, the filing of detailed returns and invoice matching has run into problems. Consequently, the GST Council has decided to continue with the process of filing summary returns until March. The late fee for the delayed filing of GSTR3B where there is no tax liability has been reduced by 90% to Rs 20 per day.
(India Online, Nov 13, 2017)
Homegrown private equity group Everstone will enter in exclusive talks with the promoters of home appliances brand Kenstar to acquire it after Advent International and Temasek-backed Crompton GreavesBSE -2.75 % pulled out of the race, said two people with direct knowledge of the deal.
Last month, ET had reported how Crompton Greaves and Everstone were the only two contenders left to acquire the VideoconBSE 4.95 % Group Company that is being valued at around Rs 1,350-1,400 crore. While Crompton Greaves had bid at Rs 1,400 crore, Everstone Capital has offered Rs 1,300 crore for the company.
(ET, Nov 15, 2017)
Hours after the Paradise Papers leak of financial documents, pointing at possible illegal offshore dealings, the government swung into action and re-constituted a multi-agency panel led by the chairman of the income tax (I-T) department to carry out a probe into it.
The Central Board of direct Taxes (CBDT) has alerted its teams across the country to carry out investigations based on the returns filed by individuals on the list.
“We will match the information in the Paradise Papers to ascertain cases of tax evasion,” said CBDT Chairman Sushil Chandra, who will also head the multi-agency panel. Besides I-T department officials, the panel comprises representatives of the Enforcement Directorate, the Reserve Bank of India, and the Financial Intelligence Unit.
(BS, Nov 07, 2017)
Warehouses of e-commerce companies based in countries such as Australia, Japan, Italy, Spain, the Netherlands and Russia may not be exempted from paying the income tax in India once the multilateral instrument (MLI) to prevent base erosion and profit shifting (BEPS) comes into force.
BEPS refers to the reporting framework mooted by the Organisation for Economic Co-operation and Development (OECD) and signed by over 100 countries, including India to prevent exploiting gaps and mismatches in tax rules to shift profits by multinational companies (MNCs) artificially to low-tax regimes.
(BS, Oct 31, 2017)
With an aim to further strengthen the defence infrastructure along its frontier with China, India is focusing on the central sector of the Line of Actual Control (LAC) by planning to connect its primary passes and valleys. This sector is less developed in terms of border infrastructure as compared to the LAC’s western and eastern sectors and in some areas it takes four days by foot for soldiers to reach forward defence locations.
It also has two disputed areas, including one, which has witnessed regular Chinese incursions in the past, therefore necessitating the setting up of adequate border roads to ensure quick mobilisation of troops and supplies.
(ET, Oct 14, 2017)
Amazon is willing to team up with competitions Apple and Alphabet’s Google if it would help improve customers’ experience with its Alexa voice-activated virtual assistant, an executive working on the platform said.
The online retailer, which is already working with Microsoft on productivity features for Alexa such as calendar interactions, will put the user first in pursuit of any other partnerships, said Toni Reid, Amazon’s vice president of Alexa and Echo devices, who has been on the team since 2014.
(BS, Oct 13, 2017)
Tata Consultancy Services (TCS) said its second-quarter profits dropped 2.16 per cent per-on-year to Rs.6,446 crore, while revenue grew 4.3 per cent to Rs.30,541 crore. The revenue performance was in line with Street expectations, and was helped by improved business from clients but profits were ahead of analysts’ estimates aided by better margins and other income.
(BS, Oct 13, 2017)
Cyient Ltd., formerly Infotech Enterprises, has posted revenues of Rs.965.40 crore in the second quarter ended September 30, 2017, as against Rs.913.60 crore in the same quarter last year, showing a growth of 5.7 per cent.
The Hyderabad firm, which provides engineering services, registered a net profit of Rs.111.40 crore as against Rs.97.3 crore in the comparable quarter, a growth of 14.60 percent.
(Business Line, Oct 13, 2017)
US conglomerate General Electric (GE) has doubled its Indian business in the past three years and is optimistic about opportunities from the government's infrastructure thrust and support from the global management team, which will soon be led by its former India CEO John Flannery.
GE, operating in India for more than a century, made rapid strides post 2010 after John Flannery took charge of the company's businesses in India and reversed its sluggish performance.
“When he was here, the business for GE grew sharply in India; and even after he moved on, our business has continued to grow. All the foundation that he set up, clearly yielded phenomenal results. For example in the last three years, the business has further doubled. It's been good,“ GE's President and CEO for South Asia Banmali Agrawala told ET.
(ET, June 15, 2017)
A distinction between printers and multifunctional printers, which have copying machines, scanners rolled into one, by making an exception for the latter in the 18% category in Goods and Services Tax has peeved the IT industry that has again knocked the doors of the government.
The last GST Council meeting on June 11 had decided to place printers in the 18% slab following representations from the industry after confusion over whether they would be in 28% slab or 18%.
(ET, June 16, 2017)
Tesla's CEO Elon Musk said on Thursday that the electric carmaker has reached out to New Delhi seeking temporary relief on import curbs and penalties until a local factory is built, enhancing the probability of the company's imminent entry into the country.
Senior government officials in the Department of Industrial Policy & Promotion (DIPP) and the Ministry of Heavy Industries & Public Enterprises told ETthat they have not received any communication from Tesla yet, but will examine the possibilities of extending any concessions once a formal proposal arrives.
(ET, June 16, 2017)
Optical network equipment manufacturer Tejas Networks' initial public offering to raise `776 crore ended on Friday with the issue subscribed 1.9 times.
The issue got bids for 3.2 crore shares against total issue size of 1.7 crore excluding the portion given to anchor investors.
(ET, June 17, 2017)
The cabinet secretariat has shifted the electric vehicles programme to Niti Ayog from the department of heavy industries as most ministries wanted to have a say in the high-profile mission.
The moving of FAME or Faster Adoption and Manufacturing of Hybrid & Electric Vehicles programme to government's premier think tank will help synchronise efforts of the different departments of the government to move towards an all-electric fleet by 2030, a government official said.
“Most ministries were interested in anchoring the programme and were acting in silos,“ said the official. The shifting of the programme to Niti Ayog will expedite the move, the person added.
(ET, June 20, 2017)
The defence arm of the Tata Group has signed an agreement with American firm Lockheed Martin to produce and export new generation F-16 fighter aircraft, potentially kick-starting a mega `Make in India' project days ahead of Prime Minister Narendra Modi's first meeting with US President Donald Trump.
The deal, signed at the Paris Air Show, is subject to the condition that the F-16 Block 70 fighter jet emerges as the winner of an Indian Air Force competition to procure more than 100 single-engine fighters.
The Tata Advanced Systems Limited-Lockheed Martin combine will compete with Sweden's Saab, which will offer its Gripen fighter aircraft for the requirement.
Lockheed Martin will move its only operational line producing the F-16s from Texas to India if it wins the contract, as per exclusive details of the agreement available with ET. The American company also sees a $15 billion export potential for the jet to other customers in the region.
(ET, June 20, 2017)
India's rapidly growing renewable energy sector will generate a significant number of new jobs apart from giving the country cleaner environment, a new study has forecast.
Around 300,000 such jobs in this sector will be created in the next five years, according to a study done by Council on Energy, Environment and Water (CEEW) and Natural Resources Defense Council (NRDC). The eventual job potential of the sector, according to the study, is 34,600 in wind power, 58,600 in ground mounted solar projects and 238,000 in rooftop solar projects.
Solar and wind energy employed more than 21,000 people in India in 2016-2017, and this is expected to more than double this year with 25,000 more jobs, it said.
Interestingly, setting up rooftop solar projects provides far more jobs than similar projects on the ground. The study estimated that installing 1MW of rooftop solar would create 25 jobs, while on ground each MW would require only three people. “The focus has been on ground mounted solar and the push to reduce tariffs although it is the rooftop sector which generates more jobs. So, the government will have to decide where it wants to focus,“ said Kanika Chawla, senior programme lead at CEEW.
The government has set a rooftop target of 40 GW by 2022 but so far less than 2 GW has been achieved.
(ET, June 21, 2017)
In a boost to the Modi government's regional connectivity scheme (RCS), Mahindra Aerospace will soon start the process to launch a 10-seater aircraft in India.
“Our aircraft AIRVAN 10, a 10seat Single Engine Turbine aircraft, has received approvals from the Australian and US civil aviation authorities. We will soon apply to the Directorate General of Civil Aviation (DGCA) for approvals, which will pave our way for the launch of the aircraft in India,“ SP Shukla, chairman, Mahindra Aerospace, and Group President-Aerospace & Defence, Mahindra Group told ET.
The Rolls-Royce M250 powered AIRVAN 10 follows in the footsteps of the piston engine 8-seat AIRVAN 8, and the Turbo charged version of this aircraft, which now operate in 29 countries and have achieved high service times with the excellent reliability and low maintenance costs, the company said.
(ET, June 21, 2017)
The ambitious Rs.18,000-crore project for increasing train speeds on the Delhi-Mumbai and DelhiHowrah rail corridors has received Niti Aayog's approval, paving the way for the plan being put up for Cabinet clearance.
The mega project is meant to bring about a paradigm shift in rail operations enabling trains to run at 160 km per hour on the busiest routes on the Indian railway network. Aiming at reducing travel time between the three metropolises, the project envisages fencing off the entire 3,000 km on both routes, upgradation of signalling system, elimination of all level crossings and installing train protection warning system (TPWS), among other works to make trains run at an increased speed of 160 kmh.
(ET, June 21, 2017)
State-owned Energy Efficiency Services (EESL) plans to raise $100 million (about Rs.640 crore) by selling `green' and `masala' bonds on the London Stock Exchange (LSE), a top executive said.
Proceeds from the issue will be used to part-finance the company's massive Rs.6,000-crore capital expenditure plan for the current fiscal. “We are planning to raise Rs.4,800 crore by way of loans, which will come from bilateral loans, bonds and grants from institutions like the World Bank, while the rest would be met through internal accruals,“ Saurabh Kumar, managing director of EESL, told a news conference. EESL, a joint venture of NTPC, Power Finance Corp, Rural Electrification Corp and Power Grid Corp, was set up the power ministry to facilitate implementation of energy efficiency projects.
The proceeds from a green bond are tied to environmentally-focused initiative
(ET, June 22, 2017)
French defence electronics manufacturer Thales has announced that it is floating a joint venture company with Reliance Defence with shareholding of 49% and 51% respectively to set up an Indian supply chain for radars and electronic warfare sensors at a facility in Nagpur.
Industry executives told ET that Thales, a leading supplier to Dassault Aviation, maker of Rafale fighter aircraft, has to spend nearly $1billion (about Rs.6,451crore) in Indian defence production sector as part of its offset commitments for the deal signed last year to supply 36 Rafale jets to Indian Air Force.
(ET, June 22, 2017)
Toshiba Corp has chosen a consortium of Bain Capital and Japanese government investors as the preferred bidder for its chip business, aiming to seal a deal worth some $18 billion by next week as it scrambles for funds to cover massive losses.
But prospects for a clean early resolution to the sale of the world's No. 2 producer of NAND flash chips remain unclear as Western Digital, Toshiba's chips business partner, has launched legal action to prevent a deal without its consent.
(ET, June 22, 2017)
HP India said it expects demand for computers in India to pick up after the roll out of the new GST tax regime from next month, driven by small and medium businesses.
With tax slab set at 18% under GST, pricing of notebooks will not be impacted for buyers as the prevailing rates are about the same.
“However, we do expect GST to help tech companies as small and medium businesses will adopt more PCs and that is a big opportunity for players like us,“ he said. According to research firm IDC, the PC market in India grew by 8.5% to 2.16 million units in the January-March 2017 quarter from the year-ago period.
(ET, June 22, 2017)
Officials are working overtime to complete negotiations on moving the assembly line for the F-16 fighter jet to India to enable Prime Minister Narendra Modi and President Donald Trump to jointly make an announcement on the deal.
The announcement, if it comes when Modi meets Trump on June 26 at the White House, would be a good example of India's designation by the Obama Administration as a “major defence partner,“ especially if the deal is studded with significant transfers of technology .
It would show that “Make in India“ and “ America First“ can meet somewhere in the middle.
(ET, June 23, 2017)
Technology giant Google is deepening its engagements with startups in India and is working with a bunch of “highgrowth“ ventures as part of a global programme to mentor and deepen its technical engagement with the potential winners of tomorrow.
Over the past year, Google has been working with Indian startups like social networking site ShareChat, food delivery apps Swiggy and FreshMenu as well as utility applications UrbanClap and HealthifyMe, as a part of its global “Sand Hill“ programme, according to a top company executive.
(ET, June 06, 2017)
Prime Minister Narendra Modi reviewed the preparations for the rollout of the goods and services tax (GST) regime from July 1 and said it will be “a turning point“ in the country's economy.
Describing it as an “unprecedented“ moment in the country's history, he said the creation of the one-nation, one-market and one-tax system would greatly benefit the common man.
He took stock of various elements involved in the rollout and directed the officials that maximum attention be paid to cyber-security in IT systems linked to the GST, the Prime Minister's Office (PMO) said in a statement.
(ET, June 06, 2017)
The Indian Space Research Organisation (ISRO) on Monday made a flawless launch of its Geostationary Launch Vehicle Mark III, doubling the capabilities of its most powerful launch vehicle.
The launch gave India the capability to put four-tonne communication satellites into orbit from Sriharikota. It also flight-tested with success the country's first fully indigenous cryogenic engine.
The passenger was GSAT-19, a 3,136-kg communication satellite with high throughput, which uses several new technologies for the first time, including an indigenous lithium-ion battery.
The launch vehicle has been designed to carry future human passengers, if the Indian government takes a decision to put humans into space. “It is a historic day,“ said ISRO chairman Kiran Kumar after the launch.
(ET, June 06, 2017)
Japanese technology firm NEC Corporation is investing $10 million to set up an analytics centre in Noida to strengthen its presence in the big data analytics market, with a special focus on telecom, manufacturing and BFSI verticals in India as well as the rest of the world.
The company is targeting more than $100 million in revenue from its Centre of Excellence for Analytics Platform & Solutions within three years.
With this launch, the company aims to be among the top three players in India's big data and analytics market, which is expected to grow eight times to $16 billion by 2020. The new centre will act as a one-stop shop for both customers and partners in telecom, retail, BFSI and manufacturing sectors.
It will initially focus on markets including India, Japan, Singapore, Philippines and Hong Kong, and then gradually expand services throughout APAC and other regions.
(ET, June 07, 2017)
India, the third largest domestic air travel market, is estimated to see an investment of $25 billion in the next decade in the airports sector, a demand for 935 more planes and traffic growth of 13%, Morgan Stanley said.
Through the UDAN scheme to bring small cities and towns to the air transport network, the government is taking the right step to increase connectivity and also boost utilisation of airports, thereby helping those become more profitable, Morgan Stanley said in a report on Indian aviation.
The report said the share of air travel in air and rail travel combined in India will grow to 15.2% by 2027 from 7.9% now. “India's domestic air passenger traffic reached 100 million in 2016, behind only that of the US (719 million) and China (436 million) and ahead of Japan (97 million). We forecast a 13% domestic air traffic compounded annual growth rate (CAGR) 2016-26, the highest such rate of any key region globally and higher than India's 11% CAGR 2011-16,“ said the report, shamred exclusively with ET.
(ET, June 07, 2017)
Foreign exchange reserves rose $2.4 billion during the week ending June 2 to reach a new high of $381 billion, as foreign portfolio investors continued to pour funds into Indian stocks and bonds. In the previous week, the reserves had declined by $547 million to $378.763 billion.
While foreign currency assets comprising US dollars, euro, yen and pound among others rose $2.7 billion, the value of gold in reserves dipped by $353 million.
The US dollar ended higher against the rupee at 64.2425 per dollar but the pound sterling finished lower at `. 82.0709 at the Interbank Foreign Exchange (forex) market here
Increasing trade protectionism will hurt the global economy and welfare of people, finance minister Arun Jaitley has warned.
“Questions are raised today in certain quarters about the global compact, which we have developed over the years multilateralism driving the rule-based flow of goods and services -to deliver growth, development and poverty reduction for all and achievement of global public good.
“The attempt to change the discourse from opening up and focusing on competitive advantage to increased protectionism will only hurt the global economy and welfare of people,“ Jaitley said in his address to the World Bank Development Committee in Washington.
“We need to bond together and renew our compact to protect the World from falling into spiral of slow economic growth, rising inequality and irreversibly altered climate, conflict and fragility,“ said the finance minister.
“I would thus like to call upon this august gathering today to reaffirm our full commitment to the mandate of the Development Committee and to deliver Sustainable Development Goals (SDGs) and our own twin goals.“
Noting that there is no doubt that the developing world needs large and growing resources for achieving SDGs and the twin goals of our institutions, he said this necessity is the underlying argument of the billions to trillions discourse.
“All the developing countries also know that mobilization of larger domestic resources and creating conditions for better flow of investment finance from both domestic and international private sector would be necessary for achieving their development ambitions,“ he said.
At the same time, it would be necessary for the multilateral system, especially the World Bank Group, to be stronger than ever to play a meaningful and decisive role in translating this development agenda into reality, he asserted.
(ET, Apr 24, 2017)
Half a day for reserving the firm's name, and a third for incorporating it -India's push toward enhancing the `ease of doing business' is showing quick and tangible results.
Policy initiatives by the corporate affairs ministry of appear to have made it easier to start a business in the country: In February , it took two days to incorporate a company , while the procedure took just about a day in March. As many as 26 rules have been automated, five procedures for starting a business clubbed into one, and as many rules deleted as part of the latest government programme to drive entrepreneurship.
The successful implementation of e-governance initiatives, such as the MCA21 portal and SPICe (Simplified Proforma for Incorporating Company Electronically) forms, has ensured the regi stration of about 98,000 companies in FY-17, translating into a 60% increase compared with businesses registered the year ago.
Popularised under the broader programme of `government process re-engineering', these initiatives have “...resulted in speed, greater transparency, uniformi ty, and eradication of discretion“, according to the ministry.
“The time taken for processing company incorporation applications reduced drastically (bet ween 5 and 15 working days in June 2014), to an average of 0.6 working days in March 2017,“ the ministry said in a note on its website. “Similarly, the processing time for name availability applications has been brought down significantly to an average of 0.4 days in March 2017.“
Key thrust of the 'Make in India' programme would be on cutting down in delays in manufacturing project clearance, developing adequate infrastructure and making it easier for companies to do business in India. The Make in India initiative was launched in the year September 2014 primarily with the goal of transforming the country into a global manufacturing hub.
The idea was to encourage both global as well as domestic companies to set up manufacturing units within India. The aim was to raise the contribution of the manufacturing sector to 25 per cent of the gross domestic product (GDP) by the year 2025 from the current 16 per cent.
It is being led by the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India. The initiative is expected to create 100 million new jobs in India by 2022.
As part of the 'Make in India' initiative, the government has released separate guidelines for 25 sectors and has also created a website allowing investors to seek clarifications on policy matters within 72 hours.The key sectors identified under the programme include automobiles, aviation, chemicals, IT & BPM, pharmaceuticals, construction, defence manufacturing, electrical machinery, food processing, textiles and garments, ports, leather, media and entertainment, wellness, mining, tourism and hospitality, railways, automobile components, renewable energy, biotechnology, space, thermal power, roads and highways and electronics systems.
Rakesh Mehta, chairman, Mehta Equities and Mehta Commodities explains that there are several other initiatives announced by the central government which would further boost manufacturing in the 'Make in India' programme. “The Housing for All initiative or the affordable housing programme by the central government would generate huge employment opportunities for at least 270 allied industries related to construction and housing,“ Mehta explains.
According to him, the size of the affordable housing industry could be anywhere around Rs 25000 crore at present. “This is expected to reach around Rs 5 lakh cror by the year 2022, when the programme would be fully implemented. So allied industries like cable manufacturing, fixtures, cement and other raw materials would generate huge business and employment,“ he adds.
Since the launch of the 'Make in India' programme in September 2014, FDI inflows of $77 billion including an equity inflows of $56 billion has been received for the period October 2014 to March 2016. This represents about a 44 per cent increase in FDI equity inflows over the same corresponding period.
Anil Agrawal, Managing Director, Comfort Securities adds that the initiative is a step in the right direction for making the country into a manufacturing hub.
“The central government has been making efforts to give the much needed infrastructure push.Reforms like the single-window clearance where the manufacturers can get all the approvals under a single roof should be given top priority,“ Agrawal informs.
He further explains that small and medium entrepreneurs have a major role to play in the scheme.“Indian manufacturing SME sector currently contributes about 15-16 per cent to the country's GDP, but has the potential to be a game changer for the economy,“ he says.
China has slightly more number of SMEs than India.Their SME contribute about 60 per cent to the nation's GDP. This simply showcases the huge amount of potential that SME sector has.
Chandrakant Salunkhe, president of the SME Chamber of India explains that nearly 60 per cent of e the SMEs in India fall in the unorganized sector.
“Once this untapped potential becomes the source for growth of these units, the size of Indian GDP can surpass that of developed nations,“ he informs. The sector also contributes around 40 per cent to exports from India.
The government of India has recognised the SMEs as the priority sector and has also initiated several programmes like the Public Procurement Policy, Pradhan Mantri MUDRA Yojana, Digital India, Startup India, and Skill India.With these programmes its share can be expected to go up significantly in the next few years.
The announcement to implement GST Bill in 2017 is a landmark decision that will help solve long existing challenges prevalent in the current taxation system. For SMEs, GST bill will help eradicate indirect taxes, have more transparency of tax process, draw projections of production cost and gain easy access to new geographies for business expansion.
(ET, Apr 27, 2017)
A stronger rupee can help check inflation as it will pull down commodity prices, but export-reliant companies such as IT firms and drug makers are likely to take up to 4% hit on their earnings, industry insiders say.
The rupee has gained 5.6% against the US dollar since the beginning of the year, strengthening significantly after the Reserve Bank of India (RBI) changed its policy stance on credit cost.
This is impacting companies that import less and export more including vehicle manufacturers, textile companies and metals firms, some of which are already looking to focus more on domestic market as the government seems comfortable with a stronger rupee.
“'That (the rupee appreciation) is something we need to watch out for... I think we want to keep in mind the trajectory of the rupee and see how we navigate,“ said MD Ranganath, chief financial officer at Infosys Technologies, the country's second-largest software exporter.
India's exports contribute 18% to India's gross domestic product (GDP). Out of the $435 billion exports, software exports contributes roughly $100 billion.
(ET, Apr 27, 2017)
Niti Aayog CEO Amitabh Kant on Friday said India needs to focus on identified sectors to grow its manufacturing.
“India has the potential to grow in as many as two dozen sectors. We need to focus on these sectors,“ Kant said at the CII annual session here. “India should not grow on the back of protectionism. Indian industry should be globally competitive.“
Kant has been a driving force behind the government's `Make in India' project. The idea is to increase the manufacturing sector's contribution to GDP to 25% from 16%.
According to Kant, manufacturing itself is undergoing digitisation, as a result of which all links in the manufacturing chain are not getting interlinked. “India needs to move away from labour arbitrage and upgrade to highly skilled jobs,“ he said.
According to Kant, Indian manufacturing needs global standards across sectors. “The Bureau of Indian Standards needs to be restructured to do standardisation that can match global standards,“ he said.
Reiterating that India needs to think bigger and step out, Kant said no country has made it big without penetrating global markets.
Kant is of the view that while automation and digitisation are here to stay, the country needs to bring about a change in the mindset of Indians right from the school level.
Urging industry and private players to take a lead in making manufacturing a success in India, Kant said “government is very inefficient and private sector must get itself out of the government“.
“We want energy and dynamism of private sector to drive manufacturing in India,“ Kant said, adding that the government is working towards redefining MSMEs. As per government estimates, only six states in the country across sectors are actually holding back Indi's growth.
ET, Apr 29, 2017)
The telecom industry has dispelled fears that tower radiation causes health hazards and urged citizens not to panic as Indian emission norms are stricter than global standards.
The Cellular Operators Association of India issued a statement a day after a media report said the Supreme Court had ordered Bharat Sanchar Nigam last month to deactivate an illegally installed tower in Gwalior within seven days, acting on a complaint by a man who claimed to be afflicted with cancer due to radiation exposure from the tower.
The report relates to an interim -not final -order in only one of four cases that have been brought up in the apex court, said COAI.
"The industry appeals to the citizens and the public to not panic and read the interim order in its entirety. There are four EMF (electromagnetic fields)-related cases which have been clubbed together. The interim Supreme Court order relates to only one of them, whereas cell towers included in the other cases were left untouched," said Rajan Mathews, director general of COAI.
Eight high courts have found that radiation emanating from mobile towers is not hazardous for human health, he added.
(ET, Apr 13, 2017)
India's merchandise exports increased at the fastest pace in almost six years in March led by an overall rise in shipments across sectors even as a steeper rise imports due to firmer commodity prices widened the trade deficit.
Buoyed by petroleum, textiles, engineering goods and gems and jewellery, exports zoomed 27.59% in March to $29.2 billion but a 45.25% increase in imports on the back of higher gold imports led to a trade gap of $10.4 billion.
This is the seventh consecutive month of rise in exports this year. Twenty-five out of 30 sectors showed an increase in exports led by iron ore. India's imports in March were $39.6 billion of which gold imports were $4.1 billion, up 329% year-on-year. Imports too rose at a six-year high.
"In continuation with the double digit growth exhibited by exports during February 2017, exports during March 2017 have shown a significant growth...Overall the trade balance has im proved," commerce and industry ministry said in a statement.
However, the robust monthly data failed to boost annual exports to the $300-billion mark.
India exported goods worth $274.6 billion in 2016-17, 4.7% higher than $262.2 billion in FY16.Trade deficit in 2016-17 was $105.7 billion.
"With these numbers, we expect exports to touch $325 billion this year. We have political stability, reforms are underway and measures on ease of doing business will start showing results," said Ajay Sahai, director general of the Federation of Indian Export Organisations.
(ET, Apr 14, 2017)