How will lower import tax duties for Tesla EVs impact Indian car makers?
The Indian government is considering a new electric vehicle (EV) policy that would reduce import taxes for car companies, potentially allowing high-end EV manufacturers like Tesla to enter the Indian market. Under the policy, carmakers committed to local manufacturing would receive a substantial tax cut. Presently, cars priced above $40,000 face a 100% import tax, but the new policy could lower the tax rate to as low as 15%. This move could benefit Tesla and other luxury car manufacturers, but may pose challenges for local mass-market car manufacturers. Key Points
Economic TimesSuccess in solar energy may be a curse for Chinese panel manufacturers
A tidal wave of investment in solar panels has led to a market glut, with prices sliding. manufacturers are stricken but it’ll speed up the race for clean energy. Key Points
mintUS cracks down on healthcare product makers following cough syrup deaths overseas
Cough syrups made in India & Indonesia have been linked to deaths of over 300 children globally. Medicines were found to contain high levels of DEG, EG, leading to death. Key Points
ThePrintIndia’s plan for 50,000 e-buses on its roads gets US support
The $390 million fund will act as a guarantee for manufacturers seeking loans to expand production, Indian and US officials said at a side event at COP28. India currently only has 12,000 e-buses in operation. Key Points
Economic TimesMaruti Suzuki, Tata Motors, M&M in focus on strong sales momentum, price hikes
Stock Market Today- Passenger Vehicles retails are expected to grow 6-8% YoY during the month of November largely driven by the festive season demand, as per analysts. The price hikes being taken by manufacturers from January are positive for margins and will be utilized for pushing December sales. Key Points
mint
India expects production-linked payouts to rise to Rs 13,000 crore this year
Under the $24 billion scheme, the federal government pays local manufacturers when targets such as sales are met, aiming to boost investment in manufacturing. Targets differ from sector to sector. Key Points
Economic TimesMedical device makers get six-month extension for imports
The Central Drugs Standard Control Organisation (CDSCO) had set the October 1 deadline for bringing ‘class C and ‘class D medical devices under regulation as part of quality control efforts. To obtain the licences several manufacturers had submitted applications, but the government failed to provide them on time. Key Points
Economic TimesCough syrup deaths overseas prompt US crackdown on toxic testing
The U.S. FDA is cracking down on lax testing practices by dozens of makers of healthcare products following hundreds of deaths overseas from contaminated cough syrups, a Reuters review of regulatory alerts found. Key Points
ReutersAuto companies await clarity on PLI subsidy for FY23
Auto industry companies in India are awaiting clarity on whether they will receive incentive funds for the first year of the ₹25,938 crore production-linked incentive scheme, which has been in effect for over a year. The standard operating procedure (SOP) for the scheme, which is required for products to be certified, was released on April 27, 2023, causing a delay. Companies are also concerned that key changes agreed upon by the industry and government have not been incorporated into the final draft of the SOP. Additionally, some manufacturers were wrongfully claiming subsidies in violation of conditions. Key Points
Economic TimesIndia’s manufacturing PMI hits 4-month high in April on new orders, favourable market conditions
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) increased from 56.4 in March to 57.2 in April, indicating the fastest improvement in the health of the sector so far this year. Key Points
Financialexpress
Nitin Gadkari to launch Bharat NCAP today. Why it's a 'bold step'? Top points
The programme is aimed at improving road safety by raising the safety standards of motor vehicles up to 3.5 tonnes. | Latest News India Key Points
Hindustan TimesView: India’s EV revolution is driven from the bottom up
India's urban landscape is rapidly evolving, especially in its bustling cities. A decade ago, the iconic auto-rickshaws were predominantly diesel-powered, with electric versions being a rare novelty. Fast forward to today, and Delhi leads the charge in transitioning to battery-powered three-wheelers, capturing 54% of the market. This shift is driven by the cost-effectiveness and efficiency of electric models, prompting even Uber's CEO to explore the trend. The financial allure of electric vehicles extends beyond three-wheelers, with manufacturers now eyeing the two-wheeler market. This shift, if replicated, could significantly impact India's oil demand, especially in the face of rising fuel prices. Key Points
Economic TimesLudhiana’s hosiery players stare at losses due to weak demand, lack of repeat orders for winter wear
Bone-chilling cold wave weather conditions prevailing in the northern region to give some sort of relief as manufacturers anticipate a pickup in demand.... Key Points
The Tribune IndiaGovernment eases laptop, tablet import curbs: Report
This move is expected to provide manufacturers such as Apple Inc., HP Inc., and Dell Technologies Inc. with additional time to prepare for potential limitations. Key Points
India TodayChina’s lithium battery industry detrimental for its economy
China's investment in the lithium battery industry has led to an oversupply of batteries, causing smaller manufacturers to face closures. By 2025, China's battery manufacturers are expected to produce quadruple the demand from EV makers, resulting in an estimated production capacity twice the demand levels. Key Points
Economic Times
America Wanted a Homegrown Solar Industry. China Is Building a Lot of It.
China’s biggest solar companies are expanding in the U.S., where they will reap generous government subsidies. Key Points
mintWarranty period should start from date of installation and not purchase date: Centre to white goods makers
Consumer Affairs Secretary Rohit Kumar Singh has written a letter in this regard to six industry bodies as well as many manufacturers. With demand for consumer goods on rise because of festive season, the Centre on Thursday asked white goods manufacturers and sellers to revise their warranty or guarantee policy, ensuring that warranty starts from installation date and not the date of purchase. Key Points
The Tribune IndiaGovernment asks heavy equipment manufacturers to produce locally to check imports
The Indian government is seeking to reduce imports of heavy mining equipment worth over INR 35bn ($465m) annually by encouraging domestic manufacturers to produce such machinery. Coal India alone imports high-capacity equipment with a customs duty of INR 10bn, the coal ministry said. India is trying to decrease its reliance on imported heavy equipment to boost domestic production and reduce down time as imports can remain broken down due to spares issues. Key Points
Economic TimesApple Watch, Indian wearable brands lift outsourced smartwatch shipments globally
In Tier-2, LINWEAR, I DO and Yawell benefited from the stellar growth of Indian brands. To learn more, read the full story on The Hindu. Key Points
The HinduIndia's manufacturing sector growth hits five-month high in Feb on robust demand
New Delhi, Mar 1 (PTI) India’s manufacturing sector growth climbed to a five-month high in February amid a sharper uptick in factory production and sales, supported by both domestic and external demand, a monthly survey said on Friday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) rose from 56.5 in January to 56.9 […] Key Points
ThePrint
Manufacturing activity climbs to five-month high of 56.9 in February
In February, manufacturing activity in India reached a five-month high due to increased new export orders and sustained domestic demand. The HSBC India Manufacturing Purchasing Managers Index rose to 56.9, with new export orders hitting a 21-month high. External demand was driven by countries like Australia, Bangladesh, Brazil, Canada, China, Europe, Indonesia, the US, and the UAE. Key Points
Economic TimesIndia slowly taking export market share from China, study shows
India is gaining market share in electronics exports, particularly in the UK and US. The government offers incentives to attract manufacturers, and companies like Samsung and Apple have manufacturing operations in India. This supports Prime Minister Narendra Modi's 'Make in India' plan. Key Points
Economic TimesIndia grants incentives for Dell, HP, Foxconn to make IT hardware locally
The Indian government has approved investments by 27 companies including Dell (DELL.N), HP (HPQ.N) and Foxconn (2317.TW) under its $2 billion incentive scheme to manufacture IT hardware domestically. Key Points
ReutersHow the right to repair might change technology
Fixing devices and appliances is currently tricky – but new consumer rights laws are seeking to change that. Chris Stokel-Walker looks at how this might change the technology we use. Key Points
BBCAgrochemicals sector to witness 3% dip in revenue in FY24 on tepid demand: Report
The Indian agrochemicals sector is expected to face a 3% decline in revenue this year due to falling prices, weak demand, and lower reservoir levels, according to a report by Crisil. This decline is attributed to a supply deluge from China, reduced demand for exports, and the impact of lower reservoir levels on rabi sowing. Key Points
Economic TimesTexmaco JV co bags Rs 179cr order
Kolkata, Oct 3 (PTI) Texmaco said their JV company with SS Fabricators and manufacturers bagged an order valued at Rs 179.89 crore from SJVN Arun-3 Power Development Company Limited which is building 900MW run-of-the-river hydropower project presently under development in Nepal. The scope of work encompasses an array of responsibilities, including procurement, fabrication, shop assembly, […] Key Points
ThePrintValiant Laboratories IPO opens today. Should you subscribe to the issue?
The pharmaceutical API industry in India is ranked third-largest globally in terms of volume. It is expected to clock a CAGR of 5-7% between fiscal 2023 and fiscal 2027, largely driven by the demand from domestic formulation manufacturers as well as export markets. Key Points
Economic TimesSoptle on-boards 120 companies and 1 lakh retailers in a year, targets $10 million revenue rate
Soptle, founded by a 20-year-old entrepreneur, Pravas Chandragiri, enables fast-moving consumer goods and retail companies to distribute their products using its network. Soptle fulfills a market need by providing a seamless and efficient solution for retailers to connect with manufacturers and optimize their supply chain processes. Key Points
Economic TimesS&P Global PMI signals Indian manufacturing hit a four-month peak in April
For India’s manufacturing sector, new orders and production levels recorded their strongest growth so far in 2023 during April as per the seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI), which rose to 57.2 from 56.4 in March. Key Points
The HinduIndia's manufacturing PMI at 4-month high in April on output & new orders' growth
India's factory activity expanded at its quickest pace in four months in April, driven by solid growth in new orders and output, a private survey showed on Monday, signaling resilient demand and an encouraging outlook. The survey results suggest India will continue to be one of the fastest-growing major economies despite slowing global growth that has undermined momentum across several other countries. Key Points
Economic Times
Is India’s renewed focus on ‘Toyconomy’ enough to take on China?
A host of factors has given Indian manufacturers a lead in the domestic toys business. But as trade returns to pre-Covid levels, the government should look at PLI-like schemes to consolidate the position. Key Points
Economic TimesCar sales seen zipping past demand woes to hit record as FY23 sales expected at 3.9 M units vs 3.07 M in F
Manufacturers are trying to balance supply and demand given that customers can't buy the models they want and there are discounts on others. This has led to the estimate of PV sales this month being cut to 310,000 units from 350,000 earlier. Key Points
Economic Times