Manufacturing Financial News

This is part of a special series of articles by the country's foremost voices, ahead of Union Budget 2024, aiming to draw attention to the critical reforms that can help India in its journey to become a developed nation by 2047. In a few days from now, finance minister Nirmala Sitharaman will present her seventh consecutive budget, a record in India’s history. This is also the first Union budget in the third term of Prime Minister Narendra Modi’s government. Undoubtedly, we expect directional continuity in policy announcements with a thrust on economic growth, social development and sustainability, in line with the vision for Viksit Bharat 2047.

Best microwave ovens with convection and grill in India: Top 6 picks of 2024 that aid versatile cookingThe Carrier 1.5 Ton 3 Star AI Flexicool Inverter Split AC is suitable for mid-sized rooms. It utilises Flexicool inverter technology with a variable speed compressor, enabling users to adjust cooling capacity and reduce energy consumption by up to 50%. The AC is equipped with a high-density filter, auto cleanser, and a powerful cooling capacity of 4800 watts.

₹2,415 crore in the June quarter (Q1FY25) beat analysts’ estimates and was primarily driven by price realisation. The two-wheeler (2W) manufacturer is expected to maintain this momentum amid a recovery in the export market and from sales of the CNG bike it launched earlier this month. Still, an inadequate pick-up in rural demand or the export market remains a risk.

This is part of a special series of articles by the country's foremost voices, ahead of Union Budget 2024, aiming to draw attention to the critical reforms that can help India in its journey to become a developed nation by 2047. To be a catalyst for India’s ambition of becoming one of the top three global economies by 2050, the manufacturing sector must adopt a sustainable and inclusive model that decouples growth from emissions for a developing economy of this scale. This will lower our total cost of societal development.

Raymond's consumer care business saw its sales fall 18% under its new owner Godrej Consumer Products (GCLP) which acquired the company last year. In its latest annual report, GCPL said the company behind Park Avenue and Kamasutra brands posted sales of Rs466 crore during the eleven months ended March 2024. On an annualised basis, it is roughly Rs508 crore, 18% lower than Rs622 crore in FY23. «The acquisition was in line with the company's strategy to build a sustainable and profitable personal care business in India by leveraging the categories of personal grooming and sexual wellness,» it said in the report. «Revenue and EBITDA of the Raymond Consumer business remained on plan and stable compared to the previous fiscal year.»

₹5.5 to ₹8 per kilowatt-hour (kWh), while WHRS power costs ₹1 per kWh and solar power costs (under a power purchase agreement) ₹4 to ₹4.5 per kWh, according to Motilal Oswal Financial Services. The brokerage house estimates the share of green energy in the sector’s total power consumption will rise from 35% in FY24 to 50% by FY27. Also read: Is HDFC Life a new competitor to the mutual fund industry? Power and fuel costs are estimated to comprise about 35-40% of the sector’s total production cost.

NEW DELHI : Rakesh Bharti Mittal, vice-chairman of Bharti Enterprises Ltd, called for simplifying tax regimes for companies and individuals in the Union Budget 2024-25. In an interaction with Mint, he also sought financial support for micro, small and medium enterprises (MSMEs) and the healthcare sector in the budget to be presented to 23 July. He said the industry would be looking for a meaningful road map to advance the country towards becoming a developed nation by 2047 in the budget.

Karnataka expressed their apprehensions about the new Bill approved by the cabinet that mandates 100 per cent reservation for Kannadigas in «C&D» grade government jobs, state Commerce and Industries Minister MB Patil said that they will have wide consultations, resolve the confusion and ensure that interests of Kannadigas are protected along with those of industries. «I have seen that many people have apprehension regarding this...We will resolve this confusion...We will sit with the CM and resolve this so that it does not have any adverse effect...,» Patil said speaking to on Wednesday. «Keeping the interests of #Kannadigas paramount, I will discuss this issue with the Hon'ble CM Sh @siddaramaiah, IT-BT Minister, Law Minister, and Labour Minister. We will have wider consultations. We will ensure that the interests of Kannadigas are protected, alongside those of the industries,» Patil said in a post on 'X'.

aerospace major Pratt & Whitney on Wednesday announced the establishment of a new Customer Service Centre (CSS) in Bengaluru. As part of the company's India Capability Centre, the new facility will drive customer service and operations support for Pratt & Whitney Canada's 68,000 engines in service globally, the company said. Co-located with Pratt & Whitney's supply chain operations, engineering, and digital transformation centres of excellence in India, CSS will deliver a range of services such as MRO support, spare part management, engine leasing, engine reliability analysis and contract administration. The facility will employ over 150 aerospace experts and engineers who will support a global customer service ecosystem, it added.

In a year of major elections setting the course of many countries for years to come, China’s ruling Communist Party is holding top-level meetings in Beijing to draft policies for reviving its slowing economy

Wind developers off the touristy Massachusetts island of Nantucket have sent teams to search for debris after one of their wind turbine blades suffered damage

Mint presents several articles that identify some of the areas where changes are needed. Each will involve a combination of policies and programmes, and the details can only evolve over time. This article focuses specifically on the Budget and what signals it could send.

An important aspect of going RIA is understanding exactly what the different business models and fee structures are, so you can be ready to best serve the interests of your clients, as well as fully maximizing your revenue streams.

India's e-mobility R&D roadmap has suggested an Aadhaar number for batteries to keep a digital record of its material composition, usage history and end of life management as part of efforts to streamline the recycling process. The suggestion is part of the eMobility R&D Roadmap for India, released by Principal Scientific Adviser to the government Prof A K Sood, that lists out 34 research projects to become self-reliant and emerge as a global leader in providing innovative mobility solutions. «This roadmap aims to fill critical gaps in the current research and development framework. While many identified projects are yet to achieve global success, some areas already demonstrate significant international accomplishments where India is yet to commence preparations,» said Prof Karthick Athmanathan, a member of the Consultative Group of e-Mobility Advisory Committee. The roadmap has listed 34 projects for research and development across four broad areas — energy storage cells, EV aggregates, materials and recycling, charging and refueling.

nutraceuticals to the drug regulatory authority from the oversight of the Food Safety and Standards Authority of India (FSSAI) has come under fire from pharma lobby groups and industry experts, who have raised apprehensions over the move and said the proposal should be kept in abeyance until it is discussed in detail. Nutraceuticals refers to food products with extra health benefits and includes supplements, functional foods and beverages. According to industry data, the segment is projected to grow to $18 billion in India by the end of 2025 from $4 billion in 2020. Experts said the regulations for nutraceuticals in the country are aligned with Codex Alimentarius, a global body functioning under the auspices of the World Health Organisation (WHO) to ensure safety of consumers.

Ironsides Macroeconomics Managing Partner Barry Knapp discusses the 'era of financialization' on the 'Unbreakable Investor' town hall on 'Making Money.'

NEW YORK—For die-hard fans of the Rubik’s Cube, it isn’t about whether you can crack the iconic puzzle. It’s about how fast. In a bustling hotel ballroom in Queens, some 90 competitors are practicing or locked in a speed-cubing showdown, racing to match all sides of the three-dimensional puzzle.

As India’s new government gets into its groove, it will inevitably be the recipient of a lot of advice on the economic agenda for a third term. Given the unfinished work on many fronts, it’s reasonable to expect policymakers to receive a laundry list of needed reforms across a multitude of sectors. But, in contrast to expansive lists, state capacity and political capital are typically much more limited.

Countries that adopted such a trajectory have manufacturing’s share at 20%+ of their gross domestic product. Despite the reforms and initiatives, India’s manufacturing ecosystem continues to face challenges on key investment criteria on account of low labour productivity, high logistics and power costs, and limited innovation.

Today’s economic focus centers on the release of the Empire State Manufacturing Index, which registered at -6.6, underperforming against expectations of -6.0 and last month’s -5.5. This indicates a contraction in manufacturing activity in New York State, reflecting broader economic pressures and impacting Bitcoin price.

“Banks should provide liquidity to engineering industries, specifically MSMEs, for purchase of new machines, equipment and technology updates so that smaller engineering firms can produce world-class products, both in volume and at affordable prices to compete internationally,” says Arun Shukla, MD of Vikramaditya engineering, a Baddi-based MSME engineering company. He advocates increased government incentives to acquire capital goods and machinery; these are now imported, putting a significant burden on engineering firms’ working capital. “The finance minister should allocate substantial funds for industrial infrastructure for MSME the way China has done, for example, for common effluent plants, testing laboratories, logistic hubs, uninterrupted electricity, etc. Unnecessary statutory and regulatory compliance burden hurting productivity needs to go away. Also, labour reforms should be imposed strictly so that exploitation can be reduced. Product-wise MSME clusters should be announced. Collateral-free funding should be available at a low interest rate for development, automation, research & development and expansion purposes,” Shukla adds.