Manufacturing Financial News

India's growth is driven by investment in infrastructure, inclusive development, manufacturing, and simplification of laws, said Ashwini Vaishnaw, union minister for electronics and information technology, information and broadcasting, and railways. When it comes to infrastructure, the government is investing not just in physical and digital assets but social resources as well, he said at the Economic Times World Leaders Forum on Saturday. Medical colleges for example have nearly doubled to 706 in the last 10 years, while the number of premier All India Institutes of Medical Sciences (AIIMS) have gone to 22 from seven, he said Vaishnaw. On the manufacturing side of things, a key driver of new jobs, Vaishnaw said the government is focusing on creating new industries through programmes such as production-linked incentive (PLI) schemes. The PLI for mobile phone manufacturing has generated 1.2 million direct and indirect jobs in the past decade, he said. The total production value of mobile phones manufactured in India has risen from $2.3 billion in 2014 to $50 billion in 2024, he said.

ET World Leaders Forum on Saturday, Prime Minister Narendra Modi assured business of a stable policy environment to facilitate innovation. Policy facilitation and business disruption will, indeed, be required in equal measure to accelerate India's development over the next two decades to capitalise on its demographic dividend. Indian companies need to grow much faster than they are accustomed to, so that the economy makes productive use of its immense work force.

Tools & Tiaras founder Judaline Cassidy discusses the entrance of women in skill trades and how her camp introduces young girls to them.

Mint. In case of existing similar brand names available in the market, the first manufacturer which submitted an application for it under the Drugs Rule, 1945 shall be allowed to continue marketing. The brand names of other manufacturers shall be withdrawn by the state licensing authority, it said.

imports of goods such as umbrellas, toys, certain fabrics, and musical instruments are severely hurting MSMEs as many of these products are also made by domestic businesses, according to think tank GTRI. The report said that during January to June 2024, India exported goods worth only USD 8.5 billion, while imports stood at USD 50.4 billion, resulting in a trade deficit of USD 41.9 billion. This low export and high import makes China India's largest trade deficit partner. «China accounts for 29.8 per cent of India's industrial goods imports. India must invest in deep manufacturing to cut dependence on import of critical industrial products from China,» Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said.

M K Stalin announced Rs three lakh as ex gratia for the deceased and one lakh for the injured in an explosion at a firecracker factory in Thoothukudi on Saturday evening. Notably, two workers identified as Muthukannan (21) and Vijay (25) lost their lives in the incident, which also left four people injured identified as Selvam (21), Prashanth (20), Sendhurk(45), and Muthumari (41) and are undergoing treatment in Sathankulam Government Hospital. The blast, which occurred around 5.30 pm, caused damage to two rooms of the Sivashakthi Fireworks factory, which stored firecrackers meant for weddings and temple festivals.

Nvidia is one of the best chip-makers in the world at the moment, and in the world of graphics, it is one of the leading manufacturers of hardware peripherals, including its superior series of graphics chips. Nvidia, according to analyst Beth Kindig, is on the verge of moving ahead steadily towards a $10 trillion company, making it one of the biggest AI titans to achieve this feat.

electronics component ecosystem in India, union minister for electronics & information technology Ashwini Vaishnaw said. Vaishnaw, who is also the minister for railways and information & broadcasting, said more than 99% of all mobile phones used in the country are being made in India. “This year, Apple will be manufacturing its latest model in India,” Vaishnaw said at The Economic Times World Leaders Forum. “The value of electronics manufacturing in India had increased to $105 billion as of 2022-23, up from $29 billion in 2013-14. We are preparing a programme where the component ecosystem can expand in India in the same way as electronics and mobile manufacturing has expanded.”

collaborations with the Government of Tamil Nadu, on manufacturing of its Pixel 8 range of phones, skill development, building an industrial ecosystem enabling MSMEs to create scalable AI solutions. Google, earlier in the day signed a memorandum of understanding with the visiting Chief Minister of Tamil Nadu M K Stalin at its Mountain View office in California in the presence of senior company officials including Google Cloud Vice-President and Head of Platform Amit Zavery, Minister for Industries TRB Rajaa among others. Under the MoU, Google would work with Guidance (the state government backed nodal agency to promote investments) to support the development of a robust AI ecosystem in the state. This includes providing access to advanced technologies and resources, with an emphasis on empowering individuals, businesses and government entities to leverage AI for inclusive growth and progress, a company statement said on Saturday.

scheme to help set up a sustainable electronics component ecosystem in India, union minister for electronics and Information Technology, Railways, and Information Broadcasting Ashwini Vaishnaw said. Speaking at the inaugural session of the World Leader Forum 2024, Vaishnaw said that more than 99% of all mobile phones used in India were being manufactured domestically. “This year Apple will be manufacturing their latest model in India. The value of electronics manufacturing in India had increased to $105 billion as of 2022-23, up from $29 billion in 2013-14. We are preparing a program where the component ecosystem can now come in the way electronics and mobile manufacturing has come in,” he said.

Ashwini Vaishnaw said during his address at the ET World Leaders Forum event held in Delhi on August 31. There are four pillars of growth, the minister said — investment in public infra, inclusive growth, manufacturing and simplification of laws. Vaishnaw observed that from 2014 to 2024, India constructed 14,985 kms of railway tracks, which is higher than a rich country like France achieved during the same time frame.

Apple, Nvidia and Microsoft are in talks to invest in OpenAI, maker of ChatGPT, at precisely the moment when it’s become apparent that the company will face tougher competition than ever in the burgeoning artificial-intelligence market. Much of that new competition is coming from startups that promise to undercut OpenAI’s services with ones that could be cheaper to use, and also better at certain narrow tasks. At least one tech giant sees promise in the new crop of AI startups.

Dr S Jaishankar said at the ET World Leaders Forum referring to the challenges that the world faces in today's time. Jaishankar explained that there are different forms of risks that pose a threat to the globe, including pandemics and climate change. In a conversation with ET's Pranab Dhal Samanta, Jaishankar said that risks are coming out of changes happening in the world. With respect to the emerging risks, the EAM said that every government today is constantly and cautiously assessing risks. These risks also expand to the global supply chain, he added.

Chinese manufacturing contracted for a fourth consecutive month in August, official data showed Saturday, a worse-than-expected result reflecting the world's second-largest economy's struggle to recover. China is facing a crisis in its vast real estate sector as well as lackluster confidence among households and businesses, which is hindering consumption, while geopolitical tensions with Washington and the European Union threaten foreign trade. In August, the Purchasing Managers' Index (PMI) — a key barometer of industrial output — stood at 49.1 points, the National Bureau of Statistics (NBS) announced.

sugar stocks listed on the BSE, 35 closed higher on Friday. Shares of Triveni Engineering jumped 8.6%. EID Parry, Balrampur Chini, Shree Renuka Sugars, Dalmia Bharat Sugar, DCM Shriram, Avadh Sugar & Energy and Dhampur Sugar Mills gained between 1.9% and 7.5% on Friday. The government's notification removes the limit that exists on the diversion of sugar for ethanol production. «Since ethanol is a high-yielding product, this removal of cap would help the sugar mills and distilleries to manufacture more ethanol and improve their revenue mix directly, which will improve cash flows and stabilize the sugar industry,» said T Manish, research analyst, Samco Securities.

April Fool and the 1965 classic Waqt, featured the elegant-looking Standard Herald. Sadly, its launch coincided with labour troubles at the plant and a decline in demand. By this time the founder had handed over the running of the company to his granddaughter’s husband, C.V.

The quarterly figure was in line with an ET poll median estimate of 6.85%, slipping from 7.8% in the last quarter of FY24 and 8.3% in the year before. The Reserve Bank of India (RBI) had forecast 7.1% growth for the quarter. However, gross value added, which strips out indirect tax and subsidies, is estimated to have grown 6.8% compared with 6.3% in the preceding quarter. «India was the fastest-growing major economy in the June quarter. Data shows better alignment between demand and supply sides of the economy in the quarter,» said chief economic adviser V Anantha Nageswaran.

Electronics has become the country's fifth largest export commodity, growing by 23 per cent annually, a senior official in the Ministry of Electronics and IT said on Friday. Electronics manufacturing in India has crossed USD 100 billion market in March 2024, which was USD 49 billion in 2017, Bhuvnesh Kumar, Additional Secretary in the Ministry of Electronics and IT, said at the launch of indigenously-built Tyronne AMD servers by Netweb Technologies. «The electronics exports are rapidly growing at rate of 23 per cent annually. Last year we did USD 30 billion of exports from India. »Surprisingly for many, it has become 5th largest commodity being exported from India," Kumar said.

Nippon Steel Corp. is raising its capital commitment by more than $1 billion to spend on U.S. Steel's plants amid entrenched political and labor opposition to the Japanese company’s acquisition of the American steelmaker

Defence Minister Rajnath Singh on Friday stated that the Indian economy has now improved to 'Fabulous Five' from the 'Fragile Five' before 2014. The minister also added that the Indian economy is one of the fastest-growing large economies now. Speaking at the 'Manorama News Conclave 2024' in Thiruvananthapuram, the minister said, «India's economy has undergone unprecedented changes. Before 2014, India's economy was among the 'Fragile Five'. Today it is being recognised all over the world as one of the 'Fabulous Five'. The Indian economy has become one of the fastest-growing large economies today». The minister also added that the government has taken various steps to improve the ease of doing business in the country, he added that because of the efforts by the government now the process to get environment clearance has reduced to less than 75 days from 600 days earlier.

In an interview with ETMarkets, Somaiyaa said: “FII outflows might occur due to the negative outlook on US equities, and some market downside is expected. But with a lag, as currency dynamics shift, we should see significant FII inflows” Edited excerpts: