Manufacturing Financial News

To this effect, the state of Gujarat’s success story is one of the most dynamic ones to have taken place in 21st-century India. Gujarat accounts for 8.3 percent of India’s GDP, 18 percent of industrial output, and 33 percent of exports, its Gross State Domestic Product (GSDP) has grown from Rs 1.42 lakh crore to Rs 22.61 lakh crore in the last two decades and the future outlook for the state continues to look incredibly positive across sectors.

Global Investors Meet 2024 organised by the Tamil Nadu government here. “Don't oversubsidize manufacturing and think that's the only part to growth... Services are also a big part of the growth story, and let's not treat services as a stepchild less valuable, less amenable to low-skilled jobs.

The US Federal Aviation Administration ordered the temporary grounding of certain Boeing (NYSE:BA) 737 MAX 9 jets flown by US airlines, after one such aircraft belonging to Alaska Air Group Inc (NYSE:ALK) lost an emergency exit door midair on Friday.

By David Shepardson, Valerie Insinna and Tim Hepher

By Praveen Paramasivam

By Valerie Insinna, Tim Hepher and David Shepardson

Tamil Nadu has signed investment pacts worth more than $4.39 billion with firms such as Apple suppliers Tata Electronics and Pegatron, as well as auto major Hyundai Motors, it said on Sunday during the state's Investor Summit. Apple is counting on India as the next big driver of its growth as the tech giant looks to diversify some production away from China, with Pegatron working towards a second factory in the country where Tata Group last year began to assemble iPhones.

CHENNAI : India's southern state of Tamil Nadu has signed investment pacts worth more than $4.39 billion with firms such as Apple suppliers Tata Electronics and Pegatron, as well as auto major Hyundai Motors, it said on Sunday. Apple is counting on India as the next big driver of its growth as the tech giant looks to diversify some production away from China, with Pegatron working towards a second factory in the country where Tata Group last year began to assemble iPhones. Tata Electronics, a part of the Indian conglomerate, committed to invest ₹12,080 crore for mobile phone assembly operations, the state government said during the signing of the agreements.

The P&W problem One of the biggest reasons airlines have not been able to ramp up the size of their fleets is because of issues with engines made by American manufacturer Pratt and Whitney (P&W). In July, RTX Corp, the parent of Pratt and Whitney, said that a powder metal defect could lead to the cracking of some engine components in Airbus A320neo jets. It called for accelerated inspections of around 600-700 engines on these jets for lengthy quality inspections between 2023 and 2026.

Poco has already confirmed that its budget Poco M6 Pro 4G smartphone will be launched at an event on January 11, alongside the Poco X6 5G series. The Chinese smartphone manufacturer has also confirmed that the Poco M6 Pro will be powered by the Helio G99-Ultra chipset. Notably, the Poco M6 Pro 5G version was launched in India in August last year with the Snapdragon 4 Gen 2 chipset.

₹2,000 in markets such as Haryana. Currently, nearly all of the company’s sales come from brown spirits. It has been looking to expand its presence in the premium spirits market and has created a vertical called PremBrands for this.

Passenger vehicle sales in India could be weighed down by increase in interest rates for auto loans, if there is no reduction in repo rates going forward as the industry gears up for a single-digit growth this year, according to Maruti Suzuki India Senior Executive Officer (Marketing and Sales) Shashank Srivastava. With a high base of record 41.08 lakh units in 2023, passenger vehicle (PV) sales this year could grow in single digit with the overall economic growth of the country being a positive factor, he said. «The auto industry growth is largely dependent on the growth in the overall economy, the GDP per capita growth that's projected 6-6.5 per cent.

Tata Electronics is reportedly to sign a Memorandum of Understanding (MoU) worth a whopping Rs 12,082 crore with Tamil Nadu Government. The MoU is likely to be signed at Tamil Nadu Global Investors Meet 2024 in Chennai which was inaugurated by state's Chief Minister M. K.

India's economy is expected to grow 7.3 per cent in the current fiscal year ending in March, the highest rate of the major global economies, helped by state spending and a pickup in manufacturing, the National Statistics Office said on Friday. Siddhartha Sanyal, Chief Economist, Bandhan Bank, DK Joshi, Chief Economist, CRISIL and Indranil Pan, Chief Economist, Yes Bank, in conversation with ET Now How do you see these numbers and what do these really numbers project for the Indian economy going into 2024? Siddhartha Sanyal: In the first half of the financial year, we had seen that GDP growth for India had been around 7.6%. This particular number was known for a while. Now, at the same time, till very recently we were expecting that still the full year number will be in the vicinity of 6.5%, that means talking about a significantly lower number for the second half of the financial year, but now the 7.3% with quite a lot of data points already available in hand for the first nine odd months, government clearly is much more confident about the second half growth.

In the euro zone, inflation quickened last month on an annual basis for the first time since April. Manufacturers in most of Asia saw a slowdown in orders and production amid tepid customer appetite for goods.

Boeing 737 Max 9 jet in Portland, Oregon, led the Federal Aviation Administration to order some U.S. airlines to stop using some Max 9 planes until they are inspected. The order will affect about 171 planes owned by Alaska, United and other airlines. The episode also raised troubling new questions about the safety of a workhorse aircraft design dogged by years of problems and multiple deadly crashes. No one was seriously injured in Friday's incident. The jetliner returned to the airport shortly after the plane's fuselage broke open in midair, leaving a door-size hole in the side of the aircraft. Within hours of the episode, Alaska Airlines said it would ground all 65 of the Boeing 737 Max 9 aircraft in its fleet until mechanics could carefully inspect each plane. Later on Saturday, the FAA ordered the temporary grounding of planes in some other airlines' fleets. The National Transportation Safety Board also said it was investigating the cause of the incident. Jessica Kowal, a spokesperson for Boeing, said in a statement, «We agree with and fully support the FAA's decision to require immediate inspections of 737-9 airplanes with the same configuration as the affected airplane.» And although the particular technical issue that led to Friday's scare appeared unique, Boeing's 737 Max airliners have perhaps the most worrisome history of any modern jetliner currently in service.

Forbes Media Chairman Steve Forbes and former CKE Restaurants CEO Andy Puzder discuss the December jobs report and point out discrepancies in its reporting.

According to search and recruitment firms and India Inc executives, organisations in sectors as diverse as oil and gas and manufacturing to banking, fashion and technology are keen to run global searches while hiring, in line with their global ambitions and capacity to pay on par with international standards.

Made-in-India cars are finding increased global acceptance with top carmakers pushing exports to make the most of the strong cost and talent advantage available in the country. Toyota, Volkswagen, Hyundai, Mahindra, Tata Motors, Honda and Skoda have all reported significant jumps in exports in 2023 even as market leader Maruti Suzuki hit a new high by exporting 261,700 passenger vehicles including cars and SUVs, data by Jato Dynamics show. With the Indian regulatory norms moving towards global standards, vehicles being developed and sold here need minimum adaptation for export markets, industry officials said. India's low-cost manufacturing, arbitrage in labour costs, availability of skilled manpower, and a well-developed supplier base offer carmakers a competitive cost advantage, they said. «With increasingly stringent regulations focusing on safety, emissions, and technological advancements, car manufacturers are investing in research, development, and innovation,» said Piyush Arora, managing director and CEO of Škoda Auto Volkswagen India.

₹25,000. The manufacturer has initiated the dispatch of the Creta Facelift to its dealers, and images of the SUV's exterior have surfaced after being spotted in a dealership yard. The redesigned 2024 Creta appears to draw significant inspiration from the Venue and Tucson models.

Delhi court has granted two-week interim bail to liquor businessman Sameer Mahendru in a money laundering case related to alleged irregularities in the now-scrapped Delhi excise policy. Special Judge M K Nagpal granted the relief to Mahendru, managing director of liquor distributor Indospirit on an application moved by him seeking relief due to his wife's health issues. The judge noted that during his earlier interim bail granted in the case, the accused did not try to influence any witness or tamper with the evidence in the case. «He cannot be considered to be a flight risk and there is also nothing on record to show or infer that he had ever tried to influence any witness or tamper with or destroy any evidence of this case,» the judge said in an order passed on January 5. According to the prosecution, Mahendru was one of the major beneficiaries of the violations of the excise policy as he was not only running an alcoholic beverage manufacturing unit but also given a wholesale licence along with some retail licences in the name of his relatives. Because of the alleged irregularities and violations, Mahendru earned around Rs 50 crore profit, the prosecution claimed. The ED had registered an enforcement case information report against Mahendru under the relevant provisions of the Prevention of Money Laundering Act (PMLA).