Manufacturing Financial News

China plus one: Will the dragon now make way for the elephant? As such, many small chemical producers shut down. For bigger companies, costs shot up and approvals took much longer. Many of these companies were catering to global demand, but the government’s tough measures caused the supply of several critical chemicals to dry up.

budget for the financial year 2024-25. ETMutualFunds reached out to financial advisors about what mutual fund investors can expect from the Finance Minister and what changes they should make in their investment strategy.

Chinese challenge. The Economic Survey has called it the Chinese Conundrum. The Survey highlights that it would be wrong to presume that India will automatically take over the manufacturing space vacated by China due to changes in global supply chains.

economic Survey 2024 tabled by Union Finance Minister Nirmala Sitharaman, revealed the job scenario in India and the steps government plans to take to meet the demands.

AI), trade protectionism, resource-hoarding, excess capacity and dumping, and onshoring production are restricting the potential of countries to squeeze out growth from manufacturing and services; so the agriculture sector can be a growth engine for India and the world, the Economic Survey 2024 said.

India builds up itself as a potential alternative for global companies as a manufacturing destination, the Economic Survey suggested that given Chinese dominance in global supply chains, it may not be the most prudent approach to think that India can take up the slack from China vacating certain spaces in manufacturing.

Mint. “It will be remiss if we don't take advantage of the talent pool here." This comes at a time when tech hiring in India is slowing. Many IT firms and startups are downsizing or tightening their purse strings, offering low compensation and hikes.

Sati Poly Plast listed on the NSE SME platform with a premium of 90% on Monday. The stock debuted at Rs 247 as against an issue price of Rs 130 per share. Ahead of the listing, the company's shares traded with a premium of Rs 140 in the unlisted market.

Prizor Viztech listed on the NSE SME platform with a premium of 90% on Monday. The stock debuted at Rs 165.3 against an issue price of Rs 87 per share. Ahead of the listing, the company's shares traded with a premium of Rs 105 in the unlisted market.

trade agreement (FTA) between the two countries, AEPC said on Sunday. The Apparel Export Promotion Council (AEPC) said to tap the growing potential, they are leading a delegation to participate in the India Tex Trend Fair (ITTF) in Tokyo. The three-day fair will begin from July 23 and over 200 exhibitors are participating. Some of the renowned Japanese brands, including Sumitomo Corporation, MUJI, Toyoshima, Marubeni, Mitsubishi, Koyo trading, United Arrows, MYK Fashion will be there to source their requirements, it said.

Economic Survey 2023-24 will be tabled in Parliament today by Finance Minister Nirmala Sitharaman. This document reviews the economic performance of the past fiscal year and provides a future outlook. It covers India's fiscal policy trajectory, the evolution of banking and capital markets, and the performance of the manufacturing and services sectors.

battery electric vehicles, Suzuki Motor Corp. Executive Vice President Kenichi Ayukawa said. First, the goal is for Maruti Suzuki India Ltd., the Japanese carmaker’s subsidiary, to grab 50% market share by 2030, from around 40% for the fiscal year through March. “We’re confident that the Indian market will expand in the mid to long term,” Ayukawa said in an interview. The emergence of India as an economic powerhouse and its expanding middle class present a clear opportunity for the Hamamatsu-based manufacturer, which has been active in the South Asian nation since 1983 and has found success as the top-selling automaker with models such as Swift and Brezza. In order to keep its lead, Suzuki plans to introduce its first-ever EV in India, as well as in Europe, next year after exhibiting its mass production model at the upcoming auto expo in India in January, according to Ayukawa.

Hindalco Industries, the world's largest aluminium rolling and recycling company, is looking at a bigger play in the auto component business by leveraging the growing electric vehicle (EV) industry, said people aware of the company's plans. Towards this, the Aditya Birla Group metals flagship is devising ways to become a direct supplier to automakers as part of a broader strategy to strengthen its aluminium «downstream businesses (value added products),» the people said. EVs, which utilise many aluminium parts since the metal is lighter than steel, will be the centrepiece of its new strategy. To fast-track the plan, Hindalco is also scouting for acquisitions in this space, the people said.

Hardik Pandya has inked an exclusive licensing pact with FanCode Shop, the online merchandise store of Dream Sports-owned FanCode, to launch his own performance wear range. He has also launched his brand identity. As part of the deal, FanCode Shop will design, manufacture, and market the products under the Hardik Pandya brand name. The parties have entered into a revenue-sharing partnership. The initial product lineup includes t-shirts, vests, polos, shorts, and jackets, with prices ranging from ₹999 to ₹2,299.

GTRI) has suggested suspension of quality control orders (QCO) on polyester and viscose staple fibre for a few years to allow domestic manufacturers to become competitive, expansion of products covered and criteria relaxation in the textile production linked incentive (PLI) scheme, overhaul of Directorate of Foreign Trade (DGFT) and Customs procedures, and addressing monopolistic practices of domestic suppliers, to boost India’s garment exports. Highlighting complex procedures, import restrictions and domestic vested interests are hindering the export growth of the Indian garment sector, it said that sourcing quality raw fabric, particularly synthetic fabric being the root causes of exporters’ problem. The report assumes significant in the wake of India losing to other countries even as garment and textile imports rise steadily.

Union Budget.

Union Budget for 2024-25, expectations are high for measures that will stimulate economic growth and attract foreign investment. Businesses are waiting with bated breath to see what reforms and reliefs are introduced for the financial year ahead. It is expected that Union Budget would be an agent of change in ushering India towards the long-enumerated feat of realizing $5 trillion economy by the government.

India’s 7,600 km-long coastline presents an enormous opportunity to ramp up the country’s offshore wind power capacity, thereby increasing clean electricity supply for the country’s growing economy, and creating sustainable jobs. The government last month approved a ₹7,453 crore (~USD 900 million) offshore wind funding scheme, a welcome move to kickstart the industry —but a considerably larger financial support will be required to ensure the sector’s sustainable growth and promote manufacturing of offshore wind turbines.

The average incentive in the second quarter of 2024 rose to Rs 31,258 from Rs 24,350 a year earlier, according to data collated by consultancy firm Jato Dynamics. Diesel cars topped the list with offers totalling Rs 66,203 on average, followed by electric (Rs 31,185), petrol (Rs 29,209) and CNG (Rs 19,353). The industry had seen a surge in sales after the pandemic, driven by pent-up demand, increased preference for personal mobility and low interest rates, allowing manufacturers to raise prices by an average 6.5% during 2022-2023. The latest market trend suggests cooling demand, as well as intensifying competition which may require automakers to reset their strategies, say industry trackers.

Italy’s competition watchdog said thatit had opened an investigation into Google and its parent company Alphabet over suspected “unfair commercial practices” linked to user data consent requests sent to consumers. “The request for consent that Google submits to its users to the linking of the services offered may constitute a misleading and aggressive commercial practice,” the AGCM competition authority said in a statement.

electronics manufacturing sector will need more than 63 lakh trained shop-floor workers, purchasing managers and engineers in the next 18 to 24 months, across varied roles in equipment service, integration and middleware departments. Some of this demand will be fulfilled within the industry, as people move to greener pastures in search of better jobs and salaries. But most of the requirements will need to be fulfilled by freshers and college graduates.