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The Retailers Association of India (RAI) on Friday called for <keyword id="20141385" type="General" weightage="20" keywordseo="lower-taxes" source="keywords">lower taxes</keyword> for individuals to generate demand and spur <keyword id="20018646" type="General" weightage="20" keywordseo="consumption" source="keywords">consumption</keyword> besides seeking low-cost finance, subsidies and benefits on land rates and necessities such as <keyword id="20028294" type="General" weightage="20" keywordseo="electricity" source="keywords">electricity</keyword> for retailers ahead of <keyword id="6360189" type="General" weightage="100" keywordseo="Union-Budget" source="Orion">Union Budget</keyword> FY25. Retailing in India accounts for about 10% of the country's GDP and the sector is second only to agriculture in terms of the number of people directly employed, RAI said in its pre-Budget memorandum highlighting areas that need attention in order to make the industry stronger. "To ensure the growth of the sector, the Union Budget for FY25 should focus on generating demand and spurring consumption by offering benefits or concessions in the form of lower taxes. It will boost the overall consumer sentiment and benefit the retail sector, it said adding, consumption equals to development and the "tax benefits and relief to individual <keyword id="59866" type="General" weightage="20" keywordseo="taxpayers" source="Orion">taxpayers</keyword> will increase the monthly disposable income and support consumption", the memorandum noted. Further, the budget should outline supportive policies, simplified regulations, skill development and simple goods and services tax (GST) norms to aid the development of the retail industry, RAI said. Asking for low-cost finance to retailers, the industry body said, "There is a need to provide lower interest rate to the retailers through the special announcement in the Budget to assure easier financing for the retail businesses." It also asked the government to consider the food and beverages retail sector as an essential service and said "subsidies and benefits should be given on land rates and other necessities such as electricity". RAI also said there is a need to expedite the formulation and implementation of '<keyword id="5649262" type="General" weightage="20" keywordseo="National-Retail-Policy" source="Orion">National Retail Policy</keyword>' to enable ease of doing business and that "such a step would provide a substantial boost to the retail sector". Stating that benefits to retail and wholesale trade MSMEs are restricted to priority sector lending only, RAI also recommended that retail and wholesale traders should be eligible for all benefits available to other MSMEs. Further, the retailers' body asked the Centre to encourage and incentivise states to adopt 'The Model Shops and Establishment (Regulation of Employment and Condition of Services) Act 2016 that enables states to choose to keep shops and other such establishments open 24X7 all through the year.

RAI's Budget wishlist: Lower taxes for individuals, benefits on land rates, electricity

Domestic <keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">gold prices</keyword> have risen by 10% on a year-to-date basis on the back of the strength in global gold prices, which have surged by 18% year-to-date, driven by robust <keyword id="19894998" type="General" weightage="20" keywordseo="central-bank" source="keywords">central bank</keyword> purchases, heightened geopolitical risks, and growing expectations of a monetary policy pivot from the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>, according to the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="153" meta.entityid="World Gold Council">World Gold Council</keyword>. The reduction in <keyword id="20069572" type="General" weightage="20" keywordseo="import-duty" source="keywords">import duty</keyword> has ignited a resurgence in gold demand across <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. Reports from the recently concluded India International Jewellery Show indicate a substantial increase in order bookings from retailers, particularly in preparation for the upcoming festive and wedding season. Manufacturers have noted that in some cases, orders have reached levels not seen in several years, underscoring the strong buying interest among <keyword id="21595593" type="General" weightage="20" keywordseo="jewellery-retailers" source="keywords">jewellery retailers</keyword> and consumers alike. The trend of bar and coin buying has also remained robust, with both consumers and jewellers capitalizing on the more attractive prices to stock up for future manufacturing needs. Historical analysis suggests that Indian consumer demand, encompassing jewellery and bar and coin demand, could see an additional 50 tonnes or more in the second half of 2024. This potential increase is fueled by a combination of an initial boost in consumer appetite due to the more attractive prices and a longer-term alignment of local prices with international rates. In a notable shift, domestic gold prices, which had been trading at a discount to international prices for five consecutive months, have now started trading at a premium following the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> announcement. The discount had widened significantly in July, reaching a peak of around $80 per ounce in the third week of the month, driven by subdued demand and an increased supply of gold through various preferential trade agreements and unofficial channels. However, wholesalers who had inventory purchased under the old customs duty regime began selling gold at a premium to the landed cost to mitigate their losses, further supported by increased consumer demand. While the premiums have moderated recently, from $28 per ounce to around USD 5 per ounce, this shift highlights the changing market sentiment and the impact of rising international gold prices and potential inventory valuation adjustments. The changes introduced in the Union Budget, including a reduction in the long-term investment holding period and a lower tax rate, have made gold ETFs a more attractive investment option. Data from the Association of Mutual Funds in India (AMFI) reveals that net inflows into gold ETFs in July amounted to Rs 13.4 billion (approximately USD 160 million), marking the highest monthly inflows since February 2020 and an 84% increase compared to June 2024. Despite these inflows, the total assets under management (AUM) for Indian gold ETFs grew marginally by 0.3% from the previous month, reaching Rs 345 billion ($4.1 billion). This modest increase can be attributed to the 8 % fall in domestic gold prices following the import duty reduction. Year-to-date, net inflows into Indian gold ETFs have totalled Rs 45 billion ($543 million), with total AUMs rising by 48 % from a year ago. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="153" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has continued its gold purchasing trend, although at a slower pace following a significant increase in June, when purchases reached 9.3 tonnes--the highest monthly total in nearly two years. Year-to-date, the RBI's gold acquisitions have totaled 44.3 tonnes, surpassing the total purchases of the past two years combined. The RBI's gold reserves have now reached a record 849 tonnes, representing 8.8% of total foreign reserves, compared to 7.5 % a year ago. In July, gold imports remained steady at $3.1 billion, maintaining the stable trend observed over the previous three months. Between April and July, imports averaged $3.2 billion, with volumes ranging between 43 and 47 tonnes during this period. The gold import bill for July 2024 was 11 % lower than the previous year, with an estimated 26% decrease in volume terms, around 47 tonnes. Despite a surge in international gold prices, domestic gold prices in India have experienced a notable decline, primarily due to the 9 % reduction in import duty announced in the Union Budget 2024-25. This policy change has led to a 6% decrease in the landed cost of gold, marking a shift in the domestic gold market dynamics.

Domestic gold prices surge 10% amid global price rally, central bank buying: World Gold Council

<ul><li>The <keyword id="8194701" type="General" weightage="20" keywordseo="refurbished-smartphone" source="Orion">refurbished smartphone</keyword> market has recorded rapid growth in India.</li><li>While the unorganised sellers dominate the market, the organised sellers are also growing.</li><li>Affordability and shorter upgrade cycles are among the factors fueling the refurbished smartphone market.</li></ul> India's refurbished smartphone market is experiencing significant growth, outpacing the new smartphone sector. This reflects a maturing market which is increasingly catering to consumers looking for affordable yet reliable options. According to a report by Counterpoint Research, unorganised sellers dominate the refurbished smartphone market, accounting for 77% of transactions. The Indian refurbished smartphone sector has traditionally been dominated by unorganised players, offering devices at a fraction of the cost of the new models. However, the introduction of value-added services like warranties, quality assurance, and after-sales support by emerging e-commerce platforms is beginning to formalise this market, enhancing consumer trust and driving further growth. <h2>What’s fueling the refurbished smartphone market</h2><h3>Affordability</h3><keyword id="2698558" type="General" weightage="20" keywordseo="refurbished-smartphones" source="Orion">Refurbished smartphones</keyword> offer consumers access to higher-end hardware at lower costs, making premium technology more accessible to a broader audience. This aspect is particularly appealing in a price-sensitive market like India. <h3>Shorter upgrade cycles</h3>With technology evolving rapidly, many users prefer to upgrade their phones more frequently. Refurbished devices provide an avenue for this without the high cost associated with new purchases. <h3>Environmental impact</h3>There's a growing awareness of the environmental benefits of using refurbished products, which reduces electronic waste and the demand for new manufacturing, which is resource-intensive. <h3>Consumer confidence</h3>The entry of organised players who provide guarantees and quality checks on refurbished devices has significantly boosted consumer confidence. These services add a layer of reliability to what was once a market fraught with uncertainty about product condition and longevity. Despite the growth in the unorganised sector, there's a noticeable trend towards formalisation. E-commerce platforms specialising in refurbished goods are expanding, providing consumers with the convenience of online shopping backed by credible service commitments. The report also notes that this growth is not just contained within India. Globally, the refurbished smartphone market is on an upward trajectory, with similar trends observed in markets like Latin America, suggesting a broader international shift towards sustainable consumption in electronics. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/moto-g35-5g-with-120hz-5000mah-battery-launched-at-9999/articleshow/116172283.cms">Moto G35 5G with 120Hz display, 5,000mAh battery launched at ₹9,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-note-14-pro-and-redmi-note-14-pro-launched-in-india-starting-at-24999/articleshow/116134415.cms">Redmi Note 14 Pro and Redmi Note 14 Pro+ launched in India starting at ₹24,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x200-and-x200-pro-camera-centric-to-launch-in-india-on-december-12/articleshow/115930004.cms">Vivo X200 and X200 Pro camera-centric smartphones to launch in India on December 12</a>

India's refurbished smartphone market witnesses accelerated growth

The rise in <keyword id="20532742" type="General" weightage="20" keywordseo="EV-battery-manufacturing" source="keywords">EV battery manufacturing</keyword>, alongside the '<keyword id="20018809" type="General" weightage="20" keywordseo="Make-in-India" source="keywords">Make in India</keyword>' initiative, will lower manufacturing costs and boost <keyword id="19914921" type="General" weightage="20" keywordseo="EV-sales" source="keywords">EV sales</keyword> in the country, according to industry experts. According to Liz Lee, Associate Director at Counterpoint Research, <keyword id="21214947" type="General" weightage="20" keywordseo="Indias-EV-landscape" source="Orion">India's EV landscape</keyword> is on the cusp of significant growth. "Government initiatives such as the <keyword id="8941225" type="General" weightage="20" keywordseo="PLI-scheme" source="Orion">PLI scheme</keyword> for <keyword id="16365365" type="General" weightage="20" keywordseo="Advanced-Chemistry-Cells" source="Orion">Advanced Chemistry Cells</keyword> (ACC) and the recent reduction in import duties on EVs under $35,000 to 15 per cent are game changers," said Lee. All this not only opens doors for <keyword id="107096" type="General" weightage="20" keywordseo="Tesla" source="Orion">Tesla</keyword> but also signals India's readiness to welcome significant investments and foster a new ecosystem for EVs and their component suppliers. "It is a clear sign that India's journey to become a major player in the global <keyword id="186291" type="General" weightage="100" keywordseo="EV" source="Orion">EV</keyword> market is accelerating," Lee noted. The EV ecosystem is in a fairly nascent stage. "While the conventional automobile manufacturing ecosystem is mature, the building blocks for a robust smart car manufacturing ecosystem, from the battery to infotainment to sensors to full ADAS/ADS, beckon," said Research Vice President Neil Shah. "This would span from the likes of Qualcomm and MediaTek designing and offering advanced auto components to BlackBerry providing safety and security software, to Foxconn reducing barriers for new entrants to India with its innovative MIH consortium-based 'localised' design and manufacturing model," Shah explained.

India's EV landscape set to be transformed with key govt initiatives: Industry experts

New Delhi, Aug 9 (IANS) Top consumer electronics companies like HP, <keyword id="6354427" type="General" weightage="80" keywordseo="apple" source="Orion">Apple</keyword> and <keyword id="28251" type="General" weightage="100" keywordseo="dell" source="Orion">Dell</keyword> have urged the government to extend the November 1 deadline for the licences required for PCs, laptops and tablets by at least and year, as it will take time to configure and set up manufacturing/assembling units as per new guidelines. In a meeting with the <keyword id="3428254" type="General" weightage="50" keywordseo="ministry-of-electronics-and-information-technology" source="Orion">Ministry of Electronics and Information Technology</keyword> (MeitY) officials on Tuesday, also attended by leading industry bodies the <keyword id="18336155" type="General" weightage="50" keywordseo="manufacturing-association-of-it-hardware" source="Orion">Manufacturing Association of IT Hardware</keyword> (MAIT) and the <keyword id="7825659" type="General" weightage="50" keywordseo="india-cellular-and-electronics-association" source="Orion">India Cellular and Electronics Association</keyword> (ICEA), the tech companies conveyed to the government they need more time to set up manufacturing units in the country, according to sources. According to reports, some 44 companies, including some leading global players, have submitted applications for incentives under the production-linked incentive (PLI) 2.0 scheme for hardware. According to the notification by the Directorate General of Foreign Trade (DGFT), for clearance of import consignments with effect from November 1, 2023, a valid licence for restricted imports is required. The government has told tech companies that the restrictions are not to ban imports but to promote exports via domestic manufacturing, according to industry representatives who attended the meeting. The <keyword id="6474066" type="General" weightage="50" keywordseo="economic-times" source="Orion">Economic Times</keyword> was first to report on the development. The Central government earlier deferred its decision to restrict the import of certain categories of laptops and computers until November 1, allowing companies three-months time to import these devices. Post November 1, no entity will be allowed to import laptops, computers, and related items without a license. "Import consignments can be cleared till October 31, 2023, without a licence for restricted imports," the notification said, adding that liberal transitional arrangements will be notified for the import of laptops, tablets, all-in-one personal computers, and servers till October 31. This is a partial reversal from its August 3 order, which had imposed import restrictions on these devices with immediate effect. The Centre has said the restrictions were imposed for security reasons and also for promoting the 'Atmanirbhar Bharat’ mission. <ul class="list-img-col"><li><a href="https://photo.iansnews.in/detail/asus-gaming-laptop-321389-id=2670928" target="_blank"></a></li></ul>

Apple, HP Dell  and others seek Nov 1 laptop import restriction deadline extended by a year

As PC and laptop makers urge the government to rethink its decision on import licensing requirements accompanied by a quota, the industry stakeholders have met <keyword id="296566" type="General" weightage="80" keywordseo="it-ministry" source="Orion">IT Ministry</keyword> officials to seek solutions on the matter. The meeting discussed proposed changes, like linking the import of IT hardware to the local manufacturing of a company value and its export value of electronic items, according to sources. The meeting on Friday was called to give suggestions on how the proposed import management system should work and get the stakeholders' feedback. Another meeting is likely to happen again next week to continue discussions on the issue. Last month, the <keyword id="7825659" type="General" weightage="80" keywordseo="india-cellular-and-electronics-association" source="Orion">India Cellular and Electronics Association</keyword> (<keyword id="6816005" type="General" weightage="80" keywordseo="icea" source="Orion">ICEA</keyword>) wrote to the IT Ministry, requesting the government to rethink its decision on import licensing requirement accompanied by a quota, which was extended by 3 months until October 31, fearing that this may lead to price rise in consumer electronics products as companies are not yet prepared for manufacturing PCs, laptops and servers domestically at scale. The letter said that an overarching factor that should be taken into consideration in "avoiding supply chain disruption till domestic production ramps up" is that any "reduction in supplies or even an indication will lead to hoarding and market distortion". This, in turn, can push up consumer prices, "which will adversely impact not just key stakeholders such as students, but also those who are the core of growing the digital economy, i.e. start-ups, IT and ITES firms, BPOs". The industry seeks at least nine-month breather after the PLI for IT Hardware was launched. "The government may undertake a re-assessment of the investment pipeline and the supply situation before inviting the industry to discuss whether any further policy intervention is needed at that stage. It may be too early to assess the full implication of the new scheme before then," according to the letter. Where servers are concerned, the ICEA has received inputs that companies in that sector seek a relook at their inclusion in the proposed intervention. The Central government earlier deferred its decision to restrict the import of certain categories of laptops and computers until November 1, allowing companies three-months time to import these devices. Post November 1, no entity will be allowed to import laptops, computers, and related items without a license. The PLI 2.0 for IT hardware has garnered applications from 40 companies including global and domestic. The expected incremental production under the scheme is around Rs 3.35 lakh crore. SEE ALSO:<a href="https://www.businessinsider.in/politics/india/news/g20-leaders-summit-adopts-new-delhi-declaration/articleshow/103535369.cms" target="_blank"></a> <a href="https://www.businessinsider.in/politics/india/news/g20-leaders-summit-adopts-new-delhi-declaration/articleshow/103535369.cms" target="_blank">G20 Leaders Summit adopts New Delhi Declaration</a><a href="https://www.businessinsider.in/politics/india/news/g20-summit-pm-modi-announces-launch-of-global-biofuel-alliance/articleshow/103535675.cms" target="_blank"></a> <a href="https://www.businessinsider.in/politics/india/news/g20-summit-pm-modi-announces-launch-of-global-biofuel-alliance/articleshow/103535675.cms" target="_blank">G20 Summit: PM Modi announces launch of Global Biofuel Alliance</a><a href="https://www.businessinsider.in/entertainment/webstories/from-dream-girl-2-to-tootsie-epic-roles-which-saw-male-actors-crossdress/slidelist/103525812.cms" target="_blank"></a> <a href="https://www.businessinsider.in/entertainment/webstories/from-dream-girl-2-to-tootsie-epic-roles-which-saw-male-actors-crossdress/slidelist/103525812.cms" target="_blank">From Dream Girl 2 to Tootsie – Epic roles which saw male actors crossdress</a>

PC manufacturers meet MeitY officials on import curbs, seek solutions

<keyword id="19983534" type="General" weightage="20" keywordseo="Hero-MotoCorp" source="keywords" meta.keywordsubtype="org" meta.entityname="Hero MotoCorp" meta.hostid="261" meta.entityid="Hero MotoCorp">Hero MotoCorp</keyword>, one of the leading <keyword id="22160307" type="General" weightage="20" keywordseo="two-wheeler-manufacturers" source="keywords">two-wheeler manufacturers</keyword> in the country, has announced a price increase for its <keyword id="20067449" type="General" weightage="20" keywordseo="motorcycles" source="keywords">motorcycles</keyword> and <keyword id="22160306" type="General" weightage="20" keywordseo="scooters" source="keywords">scooters</keyword> starting from July 1, 2024. This information was conveyed by the company in a filing to the exchange on Monday. "Hero <keyword id="20291118" type="General" weightage="20" keywordseo="motocorp" source="keywords">MotoCorp</keyword> will make an upward revision in the ex-showroom prices of select motorcycles and scooters, with effect from July 1, 2024," said the company. The price increase will be up to Rs 1,500 on various models, although the exact amount will differ depending on the specific model and market. "The price revision will be up to Rs. 1,500 and the exact quantum of increase will vary by specific model and market," the company clarified. This means that while some models might see a smaller increase, others could reach the maximum threshold of Rs 1,500. The company has attributed this price adjustment to the rising input costs associated with manufacturing. The company stated that the increase was necessary to mitigate some of these higher costs. "The revision has been necessitated to partially offset the impact of higher input costs," the company stated. The two-wheeler sales in India experienced a marginal decline in May as compared to the same period in the previous year. The major two-wheeler manufacturers of the country reported a decrease in sales numbers, reflecting a broader trend in the industry. In May 2024 Hero MotoCorp, sold 498,123 units, marking a decrease from the 519,474 units sold in May 2023. This decline was observed in both the scooter and motorcycle segments. Specifically, Hero MotoCorp's scooter sales fell to 26,937 units in May 2024, down from 30,138 units in May 2023. Motorcycle sales also saw a decline, with 471,186 units sold in May 2024 compared to 489,336 units in May 2023. However, the company registered growth in export sales. Hero Moto Corp exports were up from 11,165 units in May 2023 to 18,673 units in May 2024. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/akme-fintrade-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/111218502.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/akme-fintrade-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/111218502.cms" target="_blank">Akme Fintrade IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6-vs-xiaomi-14-civi-which-smartphone-should-you-buy-under-50000/slidelist/111157835.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6-vs-xiaomi-14-civi-which-smartphone-should-you-buy-under-50000/slidelist/111157835.cms" target="_blank">Realme GT 6 vs Xiaomi 14 CIVI – Which smartphone should you buy under ₹50,000?</a><a href="https://www.businessinsider.in/stock-market/webstories/stanley-lifestyles-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/111134786.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/stanley-lifestyles-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/111134786.cms" target="_blank">Stanley Lifestyles IPO – Price band to risk factors, all you need to know</a>

Hero MotoCorp announces price hike for motorcycles and scooters from July 1

As <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> doubles down on local <keyword id="6362048" type="General" weightage="20" keywordseo="manufacturing" source="Orion">manufacturing</keyword>, <keyword id="6354427" type="General" weightage="20" keywordseo="apple" source="Orion">Apple</keyword> assembled iPhones worth more than Rs 1 lakh crore in India in 2023, according to industry data. Industry sources told IANS on Tuesday that out of Rs 1 lakh crore, Apple exported iPhones worth approximately Rs 65,000 crore to other countries. However, according to industry sources, the actual market value of the iPhones manufactured/assembled in India could be much higher, depending on taxes in other countries. The Economic Times was first to report about Apple's manufacturing data in the country. Apple's manufacturing in India is part of the goals set under the production-linked incentive (PLI) scheme. Riding on the local manufacturing growth, mobile phone exports from the country surpassed $9 billion (more than Rs 75,000 crore) from April to November in the current fiscal year, according to the India Cellular and Electronics Association (ICEA). Led by Apple, India is set to cross $15 billion (over Rs 1,24,000 crore) in mobile phone exports in the current fiscal year (FY24), posting a growth of 35 per cent over the last fiscal year. Apple's revenue in India hit nearly Rs 50,000 crore in FY23, with sales increasing 48 per cent to Rs 49,321 crore and net profit rising 76 per cent to Rs 2,229 crore -- fastest growth of net profit for Apple in India in the last five years. Driven by domestic manufacturing, Apple iPhones were set to garner around 7 per cent market share in the Android-dominated smartphone market in India in 2023. The country is now the second-biggest manufacturing hub for mobile phones due to heavy investment from original equipment manufacturers, original design manufacturers and companies dealing in components and parts. The mobile phone exports are anticipated to account for about 58 per cent of the overall electronics exports in FY24, compared to around 47 per cent in the previous fiscal year. Apple is aiming to manufacture more than 50 million iPhones in India per year, as it aims to shift some of the production out from China. The tech giant aims to achieve the target within the next two to three years, with additional tens of millions of units planned after that, according to reports. If Apple achieves this target, India would account for a quarter of global <keyword id="6354606" type="General" weightage="20" keywordseo="iphone" source="Orion">iPhone</keyword> production. China will still remain the largest iPhone producer, a Wall Street Journal report mentioned in December. From Apple to Foxconn, the companies are aiming to leverage domestic capabilities to achieve supply chain diversification and scale up production by manufacturing in the country.

Apple exported 'India-made' iPhones worth Rs 65,000 crore in 2023

<ul><li>New orders and output increased at the quickest rates in nearly three years during August, said S&amp;P.</li><li>Export orders increased for the 17th month running halfway through Q2, and was also the greatest extent since November 2022.</li><li>Price signals were mixed with a quicker increase in input costs contrasting with a softer uptick in factory gate charges. </li></ul>The S&amp;P Global India Manufacturing Purchasing Managers’ Index (PMI) rose to 58.6 in August after hitting a three-month high in July at 57.7. This is the second-best improvement in the health of the sector for nearly three years, said a release by S&amp;P. New orders and output increased at the quickest rates in nearly three years during August. Output rose for the twenty-sixth successive month, and to the greatest extent in just under three years. “Firms geared up to handle rising demand by scaling up buying levels and rebuilding their input stocks at the second-strongest pace in 18-and-a-half years of data collection. On the price front, cost inflationary pressures accelerated but there was a slower uptick in selling charges,” S&amp;P said in a release. While demand strength was key to August's performance, competitive pricing and advertising were also cited as factors behind sales growth. “Not only did new export orders increase for the seventeenth month running halfway through the second fiscal quarter, but also to the greatest extent since November 2022,” S&amp;P said. The panel members said that they secured new work from Bangladesh, China, Malaysia, Singapore, Taiwan and the US. "The PMI results for India painted a vibrant picture of the nation's manufacturing landscape in August. Robust and accelerated increases in new orders and production suggest that the sector looks set to provide a strong contribution to second quarter (fiscal) economic growth,” said De Lima, economics associate director at S&amp;P Global Market Intelligence. ‘Softer uptick in factory gate charges’ Manufacturers purchased additional raw materials and semi-finished items in August, and buying levels rose sharply, and at one of the fastest rates seen in over 12 years. Price signals were mixed in August, with a quicker increase in input costs contrasting with a softer uptick in factory gate charges — which rose at the slowest pace in four months, whereas cost inflation picked up to its strongest in a year. <keyword id="6359181" type="General" weightage="50" keywordseo="cotton" source="Orion">Cotton</keyword>, foodstuff, rubber, steel and machinery spare parts all got costlier. "The presence of stronger cost inflationary pressures serves as a reminder of the challenges inherent in managing growth. Firms addressed rising input prices by lifting selling charges. However, the need to maintain competitiveness helped restrict charge inflation," said De Lima. While Indian manufacturers did hire permanent and temporary staff on both part and full-time basis, as new orders flowed in, overall employment rose at the slowest pace in four months. “Although historically elevated, the overall level of positive sentiment slipped to a three-month low due to inflation concerns,” S&amp;P said.

You Searched For "manufacturing associations in india" and got 9 results

RAI's Budget wishlist: Lower taxes for individuals, benefits on land rates, electricity

PTI

Domestic gold prices surge 10% amid global price rally, central bank buying: World Gold Council

ANI

India's refurbished smartphone market witnesses accelerated growth

Sourabh Jain

India's EV landscape set to be transformed with key govt initiatives: Industry experts

IANS

Apple, HP Dell and others seek Nov 1 laptop import restriction deadline extended by a year

IANS

PC manufacturers meet MeitY officials on import curbs, seek solutions

IANS

Hero MotoCorp announces price hike for motorcycles and scooters from July 1

ANI

Apple exported 'India-made' iPhones worth Rs 65,000 crore in 2023

IANS

India’s manufacturing PMI rises to a 3-month high in August

Katya Naidu

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