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Boost in domestic <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> due to PLI (production linked incentive) schemes and increase in <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> on account of free trade agreements are expected to bridge the country's <keyword id="20201391" type="General" weightage="20" keywordseo="trade-deficit" source="keywords">trade deficit</keyword> further, <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> said on Monday. However, it said that fluctuations in <keyword id="19936629" type="General" weightage="20" keywordseo="commodity-prices" source="keywords">commodity prices</keyword>, especially for critical imports like oil, metals, and agricultural products, can impact India's trade balance and inflation levels. The Survey said that though ongoing geopolitical headwinds impacted India's merchandise exports, lowering international commodity prices ensured a lower trade deficit in FY24 than in FY23. The country's merchandise trade deficit narrowed to USD 240 billion in 2023-24 from USD 265 billion in 2022-23. It added that changes in trade policies by major trading partners or geopolitical developments can affect India's export opportunities and market access. "In the coming years, India's trade deficit is expected to decline further as the <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> is expanded and India creates a globally competitive manufacturing base in several product categories," the Survey said. It added that the recently signed FTAs (free trade agreements) are expected to increase the <keyword id="22374533" type="General" weightage="20" keywordseo="global-market-share" source="keywords">global market share</keyword> of the country's exports. The PLI scheme for sectors like mobile manufacturing, information technology (IT) hardware, pharmaceutical, telecommunications, and food product are helping to increase manufacturing and cut imports. India has implemented <keyword id="20000557" type="General" weightage="20" keywordseo="FTA" source="keywords">FTA</keyword> with Mauritius, Australia and the UAE. It added that a narrowing merchandise trade deficit and rising service exports have improved the CAD (<keyword id="20054874" type="General" weightage="20" keywordseo="current-account-deficit" source="keywords">current account deficit</keyword>), ending with a surplus of 0.6 per cent of GDP in Q4 of FY24. However, the risks to the performance of India's external sector are on the downside due to the persistence of current <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> and policy uncertainty, it said. Some of the challenges listed by the survey includes fall in demand from major trading partners like the US, rise in trade cost, and volatility in commodity prices. Attacks on shipping in the Red Sea and drought in the Panama Canal have resulted in trade flows being re-routed, increasing journey time and costs. India's merchandise trade relies heavily on maritime trade, so disturbances in major shipping routes can impact its economy. "It is critical to explore what these changing paradigms mean for India. Policies need to be a mix that straddles security concerns with economic considerations," the survey said, adding India's push towards manufacturing in complex and niche sectors through schemes such as PLI and Make in India aims to balance these goals. Further, the survey emphasised on the need to focus on improving India's competitiveness in many product areas. For example, it said, India has tremendous potential in becoming a large global exporter in agricultural commodities. Fostering stronger regional trade ties and adding more markets for Indian goods will help mitigate global demand fluctuations. "In an era when global economic growth is likely to be buffeted by geopolitical tensions and protectionism, growing India's exports of goods and services will be a stiffer challenge than before," it cautioned. Commenting on this, Rumki Majumdar, Economist, Deloitte India, said that despite global uncertainties, India's exports are recording positive growth rates. "That shows the resilience of our exports amidst global uncertainties," she said, adding, "by transforming our export basket and focusing on higher margins and value addition across various sectors, India will easily achieve its ambition of USD 2 trillion in exports by 2030-31."

India's trade deficit expected to decline further: Economic Survey

Sales of telecom equipment have surpassed the Rs 50,000 crore milestone under the Production Linked Incentive (PLI) scheme. According to a press release by the Ministry of Communication, this accomplishment reflects the success of governmental efforts to bolster <keyword id="20053977" type="General" weightage="20" keywordseo="domestic-manufacturing" source="keywords">domestic manufacturing</keyword> and reduce import dependence, aligned with Prime Minister Narendra Modi's vision of 'Atmanirbhar Bharat'. Within three years of its inception, the Telecom <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> has attracted an investment of Rs 3,400 crore, surpassing the Rs 50,000 crore milestone in telecom equipment production, with exports reaching approximately Rs 10,500 crore. This achievement has resulted in the creation of more than 17,800 direct jobs and numerous indirect employment opportunities, underscoring the robust growth and competitiveness of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s telecom manufacturing sector. Government initiatives aimed at promoting local production and reducing import dependency have played a pivotal role in this success, aiming to bolster domestic manufacturing capabilities and position India as a global hub for telecom equipment production, read the press release. The Production Linked Incentive Scheme for Large Scale Electronic Manufacturing of Electronics, encompassing mobile phone and component manufacturing, has significantly boosted both production and export figures. From producing 5.8 crore mobile phones and importing 21 crore units in 2014-15, India manufactured 33 crore phones domestically in 2023-24, with only 0.3 crore units imported and nearly 5 crore units exported. The value of mobile phone exports surged from Rs 1,556 crore in 2014-15 to Rs 1,28,982 crore in 2023-24, highlighting substantial growth and reduced import reliance. India, historically a net importer of telecom gear, has seen a transformative shift due to initiatives like <keyword id="20262813" type="General" weightage="20" keywordseo="Make-in-India" source="keywords">Make-in-India</keyword> and the PLI scheme, resulting in domestic equipment production valued at over Rs 50,000 crore, read the press release. The <keyword id="22354280" type="General" weightage="20" keywordseo="telecom-equipment-manufacturing" source="keywords">telecom equipment manufacturing</keyword> sector has shown exceptional growth under the PLI scheme, with total sales exceeding Rs 50,000 crore, marking a 370 per cent increase compared to the base year of FY 2019-20. Generating over 17,800 direct jobs and additional roles across the manufacturing value chain, fostering economic growth and development. Encouraging local production, the scheme has reduced India's reliance on imported telecom equipment by 60 per cent, enhancing national security and self-reliance in critical technologies. Indian manufacturers are now competing globally, offering high-quality products at competitive prices, particularly in advanced telecom technologies like 5G. Under the stewardship of the Department of Telecommunications (DoT) and Ministry of Electronics and Information Technology (MeitY), initiatives like the PLI Scheme for Telecom and Networking Products have significantly narrowed the gap between telecom imports and exports, read the press release. In FY 2023-24, exports of telecom equipment and mobiles combined totaled over Rs 1.49 lakh crore, slightly below imports valued at Rs 1.53 lakh crore, reflecting India's growing export prowess in the sector. Minister of Communications and Electronics, Ashwini Vaishnaw, posted on X, "The reality of mobile phone, electronics and telecom product manufacturing is known to all except those who don't like our country's progress. In 2014-15, India produced only 5.8 Crore mobile phones and imported about 21 Crore mobile phones. In 2023-24, Bharat produced 33 Crore phones and exported close to 5 Crore mobile phones. Telecom equipment manufacturing was a dream for India. PLI enabled telecom manufacturing. In 2023-24, telecom equipment production topped benchmark of Rs. 45,000 Crore. Exports crossed Rs. 10,500 Crore. Guess who else, apart from Congress, doesn't like our country emerging as a manufacturer of mobile phones and telecom equipment?" Over the past five years, the trade deficit in telecom products has decreased from Rs 68,000 crore to Rs 4,000 crore, demonstrating the PLI schemes' success in enhancing India's global competitiveness and attracting investments in cutting-edge technologies. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/xiaomi-su7-with-up-to-800-km-range-showcased-in-india-but-you-cant-buy-it/slidelist/111609513.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/xiaomi-su7-with-up-to-800-km-range-showcased-in-india-but-you-cant-buy-it/slidelist/111609513.cms" target="_blank">Xiaomi SU7 with up to 800 km range showcased in India but you can’t buy it</a><a href="https://www.businessinsider.in/tech/mobile/news/redmi-13-5g-with-120hz-display-launched-in-india-starting-at-13999/articleshow/111604488.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-13-5g-with-120hz-display-launched-in-india-starting-at-13999/articleshow/111604488.cms" target="_blank">Redmi 13 5G with 120Hz display launched in India starting at ₹13,999</a><a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-unpacked-how-to-watch-expected-launches-and-everything-you-need-to-know/articleshow/111626712.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-unpacked-how-to-watch-expected-launches-and-everything-you-need-to-know/articleshow/111626712.cms" target="_blank">Samsung Galaxy Unpacked – How to watch, expected launches and everything you need to know</a>

India's telecom equipment manufacturing sales cross ₹50,000 crore under PLI scheme

Ahead of the union <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> 2024, which is set to be presented on the 22nd July, finance minister Nirmala Sitharaman kicked off pre-budget consultations on 19th June. In their pre-budget memorandum to the <keyword id="19900485" type="General" weightage="20" keywordseo="finance-ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="finance ministry" meta.hostid="261" meta.entityid="finance ministry">finance ministry</keyword>, the <keyword id="20366533" type="General" weightage="20" keywordseo="PHD-Chamber-of-Commerce-and-Industry" source="keywords" meta.keywordsubtype="org" meta.entityname="PHD Chamber of Commerce and Industry" meta.hostid="261" meta.entityid="PHD Chamber of Commerce and Industry">PHD Chamber of Commerce and Industry</keyword> proposed 10 reforms it deemed essential for <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>’s journey towards <keyword id="19916816" type="General" weightage="20" keywordseo="Viksit-Bharat" source="keywords" meta.keywordsubtype="org" meta.entityname="Viksit Bharat" meta.hostid="261" meta.entityid="Viksit Bharat">Viksit Bharat</keyword>. Amongst the proposals submitted were introducing reforms to enhance the share of the manufacturing sector in India’s <keyword id="19904293" type="General" weightage="20" keywordseo="GDP" source="keywords">GDP</keyword> to 25% by 2030, and the expansion of the <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> beyond its existing scope of 14 sectors. In addition to this, <keyword id="20366532" type="General" weightage="100" keywordseo="PHDCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="PHDCCI" meta.hostid="261" meta.entityid="PHDCCI">PHDCCI</keyword> also emphasised on rationalising direct taxes for the middle class, infrastructure enhancement and smart village development, with special focus on tier-2 and 3 cities. As per Sanjeev Agrawal, President, PHDCCI, “In order to strengthen the share of the manufacturing sector in the country's GDP, we recommend the status quo on the corporate tax rate at 22% for existing companies and 15% for new manufacturing companies incorporated after October 1, 2019. The middle class must be spared from the 30% tax rate and this rate must be applicable only to those with taxable income above Rs. 40 lakh, this will support consumption demand in this country”. In addition to this, PHDCCI also emphasised on strengthening linkages between universities and industries for bettering research and development activities in the country, and also appealed for reducing cost of doing business. Here’s a snapshot of some prominent demands placed forth by the PHDCCI ahead of the budget : <ol><li>Change in NPA classification limit from the present 90 days to 180 days</li><li>Fostering AI education, skill development and competitiveness in the service sector</li><li>Increase agricultural exports to US$100 billion in the next 3 years via increased public investments in infrastructure,</li><li>Ensure the presence of schools within a radius of 1 km, colleges within a 10 km radius and universities within a 25 km radius in the next five years.</li><li>Make health centres available within the radius of 1 km and hospitals within the radius of 10 km.</li><li>Propose a Voluntary Disclosure Scheme (VDS) for legal cases older than 10 years, offering settlement opportunities at a nominal 15% penalty. </li></ol>

Bolster manufacturing sector, consumption this budget: PHDCCI to FinMin

<ul><li>The <keyword id="19955368" type="General" weightage="100" keywordseo="Budget-2024" source="keywords">Budget 2024</keyword> will be tabled by the finance minister Nirmala Sitharaman on July 23.</li><li>The tech and electronics industry’s expectations from the Budget 2024 include a push for localisation, <keyword id="20335594" type="General" weightage="20" keywordseo="reduced-GST" source="keywords">reduced GST</keyword> and more.</li><li>Here are the key expectations from the tech and electronics industry from Budget 2024.</li></ul> The Budget 2024 is set to be tabled on July 23 by the finance minister Nirmala Sitharaman and like each sector, the Indian tech and electronics industry is ready with its list of expectations from the Narendra Modi-led government in the upcoming budget. The Indian government has been pushing for an increase in electronics manufacturing in India with schemes like Make in India and the Production Linked Incentive (PLI) scheme. This article delves into the key budget expectations of the tech and electronics industry in India. <h2><keyword id="19869633" type="General" weightage="20" keywordseo="Budget-2024-expectations" source="Orion">Budget 2024 expectations</keyword></h2>In the last budget, the government had reduced taxes on key smartphone components such as camera lenses and lithium-ion batteries. This move was aimed at boosting smartphone production in India and bringing the costs down. Companies and consumers both will hope for similar boosts in the upcoming budget as well. <div type="Article" hostid="261" msid="111573138" title="Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?" mstype="2" mssubtype="0"></div> The <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> has played a key role in boosting domestic production in various sectors. The introduction of a revamped PLI scheme for the manufacture of various consumer technology products such as smartphones, laptops, wearables and more will give a good boost to domestic production. “Guided by Aatmanirbhar Bharat, we seek government support for extensively localizing component production, fostering a lucrative environment where homegrown brands can lead globally. Incentivizing domestic production through tax breaks, subsidies, and R&amp;D funding will enhance India's manufacturing capabilities,” said Amit Khatri, co-founder, Noise. Industry leaders are hoping for steps aimed at boosting the disposable income of consumers. “Higher disposable incomes will lead to a promising growth impetus. We look forward to a budget that will create a stable and growth-oriented tax environment, which will help in ease of doing business, and will lead to increased economic activity and demand generation,” said Pradeep Bakshi, chief executive officer, Voltas. Companies are also hoping for simplified GST rules and reduced GST rates. In one such instance, TV makers are hoping for a reduced GST rate for TVs sized above 32 inches. “One expected move is reducing the GST rate on LED TVs larger than 32-inches from 28% to 18%. This change aims to boost consumer spending in the electronics sector. Expanding PLI schemes to include smart TVs, refrigerators, and washing machines is also important for market growth and improving manufacturing capabilities,” said Avneet Singh Marwah, chief executive officer, Super Plastronics. In addition to measures aimed at boosting domestic production, companies are also hoping for antidumping duties to ensure fair competition with Chinese companies. "While the government has made significant strides in supporting Indian manufacturers through initiatives like the 'Made in India' campaign and the PLI scheme, there is a pressing need to level the competitive playing field. Anticipations include measures such as antidumping duties to ensure fair competition against Chinese and other international companies in the industry,” said Imran Kagalwala, co-founder, UNIX India. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/economic-survey-2024-public-sector-investment-drives-infrastructure-growth-but-private-investment-needed/articleshow/111927594.cms">Economic Survey highlights public sector investment's role in driving infra growth; Underlines need for private sector to step up</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-expectations-fame-scheme-aid-for-vehicle-scrapping-and-other-expectations-of-the-auto-industry/articleshow/111783199.cms">Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-key-sustainability-and-energy-initiatives-that-indian-government-plans-to-implement-this-year/articleshow/111917956.cms">Budget 2024: Key sustainability and energy initiatives that Indian government plans to implement this year</a>

Budget 2024 expectations – PLI scheme to GST reduction, budget expectations from the tech industry

The Production-Linked Incentive (PLI) Scheme for <keyword id="19899038" type="General" weightage="20" keywordseo="drones" source="keywords">drones</keyword> and drone components is a kickstarter for the sector to progress and should not be considered as a permanent subsidy scheme by the government, according to Union Minister <keyword id="19895367" type="General" weightage="20" keywordseo="Piyush-Goyal" source="keywords">Piyush Goyal</keyword>. "The <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> is not an end to itself, infect the purpose of the PLI is to kickstart the industry. This is not a permanent subsidy. The aim is not to make the industry dependent on the subsidy of the government," Goyal said. The Union Minister's remaks came during his address at the International Innovation Conclave organised by the <keyword id="22293565" type="General" weightage="20" keywordseo="PHD-Chamber-of-Commerce-Industry" source="keywords" meta.keywordsubtype="org" meta.entityname="PHD Chamber of Commerce &amp; Industry" meta.hostid="329" meta.entityid="PHD Chamber of Commerce &amp; Industry">PHD Chamber of Commerce &amp; Industry</keyword> (PHDCCI) in New Delhi on Thursday. Goyal noted that technological progress in the drone industry will help farmers in getting higher quality crops and will also help in increasing the yield of crops, The minister pointed out that drones will help in combating erratic weather patterns. Praising the development of technology and growth in the drone industry on the strength of innovation, he asserted that the development of the drone ecosystem and deploying them in villages across the nation aligns with the PM's 'NAMO Drone Didi' initiative that will help empower the women in the agriculture sector. "In the third term of the PM's administration we will work at triple the speed, ensure three times the result and hope to become the third largest economy in the world", said the Union Minister. He further stated that drones have the ability to contribute to the cooperative sector, Self-Help Groups (SHGs) and to Farmers Producer Organisation (FPOs) as a shared facility with the help of agri-infra funds in delivering fertilisers and reducing wastage and expenses of the farmers. The Union Minister said that for financing and mentoring of the drone ecosystem, (Small Industries Development Bank of India) SIDBI can be roped in to promote the sector. On the startup ecosystem, the Minister said that 18 Initial Public Offerings (IPOs) have already been offered in the first half of 2024 and 17 IPOs were offered in 2023. Goyal added that under the guidance of <keyword id="19899320" type="General" weightage="20" keywordseo="PM-Modi" source="keywords">PM Modi</keyword>, the country has seen windfall investments from foreign investors and there has been a massive push for infrastructure. He further stated that easing of regulations and compliance burden on startups along with enabling Ease of Doing Business (EoDB) have been the primary focus of PM Modi's government. The minister also added that infrastructure growth has a multiplier effect on the economy that leads to demand for goods and services and increases consumption in the country. He stated that PM's infra push has enabled growth of industry and generation of employment that has put the nation on a virtuous cycle of growth. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank">Upcoming cars launching in India in July 2024</a><a href="https://www.businessinsider.in/tech/news/hp-envy-x360-14-review/articleshow/111407165.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/hp-envy-x360-14-review/articleshow/111407165.cms" target="_blank">HP Envy x360 14 review – feature-packed laptop with a sleek design</a>

Production Linked Incentive scheme for drones to kickstart industry, not permanent subsidy: Piyush Goyal

With the 2024 general elections handing the <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="261" meta.entityid="BJP">BJP</keyword> and its allies a fractured, albeit ruling majority in the country for the third consecutive time, India is now gearing up for the 2024–25 <keyword id="19908389" type="General" weightage="20" keywordseo="Union-budget" source="keywords">Union budget</keyword>, which will be presented on July 22 between 11 am and 1 pm. The <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">economic survey</keyword> is traditionally presented the day before. However, as per reports, the economic survey is likely to be released on July 3rd this year. The famous halwa ceremony will take place 10 days before the budget is tabled. Pre-budget consultations will begin on June 17th. FM <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> will become the first finance minister to have presented seven straight budgets, a record previously held by <keyword id="238033" type="General" weightage="20" keywordseo="Morarji-Desai" source="Orion">Morarji Desai</keyword>, who had six consecutive budget presentations to his name. To date, Sitharaman has tabled five full and one interim budget. The first parliamentary session under Modi 3.0 will kick off on June 24, and the 264th session of the parliament will take place between the 27th of June and the 3rd of August. The year is set to see two budgets: one full-fledged budget in July and an interim budget presented on February 1, 2024. <cmsannotation type="cmsannotation" annotationid="What can we expect from this budget?" comment="subhead" text="What can we expect from this budget?">What can we expect from this budget?</cmsannotation> Presenting an interim budget is customary during election years in India since it facilitates the transfer of work and finances between the outgoing and incoming governments. With the upcoming budget, PM Modi’s government will largely focus on tackling unemployment, issues in the agriculture sector, and maintaining the flow of capital expenditure in the economy. The simplification of the <keyword id="19993914" type="General" weightage="20" keywordseo="GST-regime" source="keywords">GST regime</keyword> and rolling out the 3rd edition of the <keyword id="20359761" type="General" weightage="20" keywordseo="FAME-scheme" source="keywords">FAME scheme</keyword> (Faster Adoption &amp; Manufacturing of Electric Vehicles) will also rank highly on the budget agenda. In that stead, a meeting of the GST council is also scheduled to take place on June 22nd. Additionally, experts are also anticipating the expansion of the PLI (production-linked incentives) schemes in this budget to include other sectors as well. <cmsannotation type="cmsannotation" annotationid="Lesser-known budget milestones" comment="subhead" text="Lesser-known budget milestones">Lesser-known budget milestones</cmsannotation> Till 2019, the union budget was carried in a briefcase, a practice initiated by India’s first FM, Sir RK Shanmukham Chetty. In 2019, the budget was presented as a traditional bahi-khata for the first time. It went paperless in 2021 after the FM introduced the budget via a tablet. Apart from having presented most budgets, Sitharaman also holds the record for having delivered the longest budget speech while presenting the Union budget for 2020–21. She spoke for two hours and 42 minutes. On the other hand, India’s shortest-ever budget speech was given in 1977 by Hirubhai Patel.

Union budget 2024-25 : When will it be presented, what to expect and more

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

Union Minister for Communications, Electronics and IT, <keyword id="7796574" type="General" weightage="20" keywordseo="Ashwini-Vaishnaw" source="Orion">Ashwini Vaishnaw</keyword>, announced a significant milestone in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s IT hardware sector, stating that 27 companies have received approval under the <keyword id="8940266" type="General" weightage="50" keywordseo="production-linked-incentive-scheme" source="Orion">Production Linked Incentive Scheme</keyword> (<keyword id="53367" type="General" weightage="100" keywordseo="pli" source="Orion">PLI</keyword>) within a short timeframe. Vaishnaw said, "As you're aware, a few months back, PM Modi approved the Production Linked Incentive Scheme (PLI) scheme for IT hardware. And within the very short time frame, I'm very happy to announce that 27 companies have been approved for the PLI." During a press conference, Vaishnaw highlighted that nearly 95 per cent of these approved companies, totalling 23, are ready to commence immediate manufacturing. <keyword id="14377000" type="General" weightage="50" keywordseo="vaishaw" source="Orion">Vaishaw</keyword> said, "The best part is almost 95 per cent of these, the exact number is 23 out of these are ready to start their manufacturing on day 0. And about 4 companies will start their manufacturing within 90 days". Minister added, "These 27 applications will lead to about investment of Rs 3 thousand crores additional production amount Rs 3 lacs 50 thousand crores and direct employment of about Rs 50 thousand and indirect employment about a lac and 50 thousand. So total employment about 2 lac will be created. The value chain is shifting to India". The remaining four companies are expected to initiate manufacturing within the next 90 days. The approved applications are projected to result in an additional investment of Rs 3,000 crores, with an overall production value of Rs 3.5 lakh crores. The direct employment generated is estimated at around 50,000, while indirect employment opportunities will reach approximately 1.5 lakh, contributing to a total employment boost of 2 lakh. Vaishnaw mentioned 27 companies that have received the PLI approval include Dell, Foxconn, HP, Flextronics, Padget, Lenovo, New Link, Zenus, Mega and <keyword id="545507" type="General" weightage="50" keywordseo="optimus" source="Orion">Optimus</keyword>, signalling a significant shift in the value chain toward India. The PLI Scheme for IT Hardware, introduced by Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> and notified on May 29, 2023, with a budgetary outlay of Rs 17,000 crores, aims to enhance the IT hardware manufacturing ecosystem in the country. The scheme is anticipated to stimulate local manufacturing, encouraging the localization of components and sub-assemblies and fostering the development of a robust supply chain within India. Ashwini Vaishnaw previously reported an outstanding response to the PLI scheme for laptops and PCs, with 32 applications received, including major players like HP India, Dell, Acer, Lenovo, and Thomson. The scheme is poised to bring expected incremental production of Rs 3,35,000 crores, an incremental investment of Rs 2,430 crores, and an anticipated direct employment boost of 75,000. The PLI schemes, a part of India's Atmanirbhar and 'Make-in-India' initiatives, aim to enhance global competitiveness, attract investments, boost exports, integrate India into the global supply chain, and reduce dependency on imports across various sectors. (ANI) SEE ALSO: <a href="https://www.businessinsider.in/sports/webstories/ind-vs-aus-icc-world-cup-final-past-battles-head-to-head-record-and-more/slidelist/105309620.cms">India vs Australia ICC World Cup final – Past battles, head-to-head record and more</a> <a href="https://www.businessinsider.in/business/telecom/news/jio-strengthens-market-leadership-with-3-25-mn-new-subscribers-vis-decline-slows/articleshow/105289414.cms">Jio strengthens market leadership with 3.25 mn new subscribers, Vi’s decline slows</a> <a href="https://www.businessinsider.in/stock-market/news/after-two-months-of-selling-fpis-bet-big-on-india-after-diwali/articleshow/105282517.cms">After two months of selling, FPIs bet big on India after Diwali</a>

"27 companies have been approved for PLI": Ashwini Vaishnaw on India's IT hardware revolution

The country's drugs and <keyword id="20006091" type="General" weightage="20" keywordseo="pharmaceuticals" source="keywords">pharmaceuticals</keyword> exports increased 9.67 per cent year-on-year to USD 27.9 billion in 2023-24, even as the total exports dipped by 3 per cent in the last fiscal. According to the commerce ministry data, <keyword id="20988985" type="General" weightage="20" keywordseo="pharma-exports" source="keywords">pharma exports</keyword> in March grew by 12.73 per cent to USD 2.8 billion. In 2022-23, the exports stood at USD 25.4 billion. The top five export markets, for the sector during the last fiscal, are the US, the UK, the Netherlands, the United Kingdom, South Africa and Brazil. The US accounts for over 31 per cent of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s total pharma exports, followed by the UK and Netherlands (about 3 per cent each). In 2023-24, the outbound shipments also entered new geographies like Montenegro, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Chad, Sweden, Haiti and Ethiopia. An industry expert said that increasing market opportunities and healthy demand in countries like the US are helping exports to record healthy growth rates month after month. Experts have said that India's pharmaceutical business may exceed USD 130 billion by 2030, supported by expanding market opportunities and heightened demand in the overseas markets. The business stood at over USD 50 billion for the 2022-23. On average, India exports pharma products worth USD 2-3 billion every month. India's pharmaceutical industry is the third largest by volume and the 13th largest by value in the world, producing more than 60,000 <keyword id="20581305" type="General" weightage="20" keywordseo="generic-drugs" source="keywords">generic drugs</keyword> across 60 therapeutic categories. The government has rolled out two production-linked incentive (<keyword id="19958919" type="General" weightage="20" keywordseo="pli" source="keywords">PLI</keyword>) schemes to promote domestic manufacturing of key pharmaceutical ingredients and generic medicines. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-narzo-70x-5g-smartphones-launched-in-india-starting-at-11999/articleshow/109557895.cms" target="_blank">Realme Narzo 70, Narzo 70X 5G smartphones launched in India starting at ₹11,999</a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-scheduled-for-may-7-ipads-expected-to-be-launched/articleshow/109553148.cms" target="_blank">Apple Let Loose event scheduled for May 7 – New iPad models expected to be launched</a><a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a>

India's pharma exports rise 10% to $27.9 bn in FY24

<ul><li>The <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> will be tabled by the finance minister Nirmala Sitharaman on July 23.</li><li>The <keyword id="20081557" type="General" weightage="20" keywordseo="auto-industry" source="keywords">auto industry</keyword>’s expectations from the Budget 2024 include FAME 3 scheme, incentives for hybrids and more.</li><li>Here are the key expectations from the auto industry for the Budget 2024.</li></ul> The Budget 2024 is set to be tabled on July 23 by the finance minister Nirmala Sitharaman and like each sector, the Indian auto industry also has set a lot of expectations from the Narendra Modi-led government’s first budget of its third term. From a boost to electric vehicles to infrastructure development, the auto sector has a series of expectations that it hopes will be addressed in the upcoming budget. This article delves into the key budget expectations of the auto industry in India <h2>FAME 3 scheme</h2>The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME 2) has been integral for the electric vehicle (EV) makers as it has helped keep EVs affordable for the common man. With the government<a href="https://www.businessinsider.in/business/auto/news/government-is-reportedly-reworking-the-fame-ii-scheme-to-ensure-companies-use-domestic-components/articleshow/93752352.cms"> reworking</a> the FAME 2 scheme and then<a href="https://www.businessinsider.in/business/auto/news/electric-scooters-get-a-price-hike-of-up-to-16000-as-fame-subsidy-ends/slidelist/109136771.cms"> ending the scheme</a>, the prices of EVs have increased. <div type="Article" hostid="261" msid="111573138" title="Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?" mstype="2" mssubtype="0"></div> With Budget 2024, EV makers will look towards the government for the FAME 3 scheme. The government is expected to announce the FAME 3 scheme with an outlay of ₹10,000 crore. While the exact details of the scheme will only be known once the budget is announced, it will be aimed at boosting demand by subsiding the cost, while also promoting local manufacturing of key components. “In the upcoming budget, we advocate for initiatives and subsidy structures without segment caps which will in turn foster innovation and growth across multiple segments. Recent discussions surrounding the implementation of FAME 3 present a notable opportunity to enhance EV adoption in India,” said Niraj Rajmohan, CTO and Co-Founder, Ultraviolette. "Proposed measures to promote e-buses and enhance payment security are crucial for accelerating sustainable transportation. Comprehensive support for the entire EV ecosystem is essential. Anticipated policy reforms like FAME-III and increased funding for critical EV segments will foster holistic industry growth," said Kartikey Hariyani, Founder and CEO, Charge Zone. <h2>Petrol and diesel under GST</h2>One of the frequent demands recently has been to bring petrol and diesel under goods and services tax (GST) to bring the fuel prices under control. Oil Minister Hardeep Singh Puri has said that the government will try to bring petrol and diesel under GST. At present, the central government levies excise duty on petrol and diesel, while the state government imposes value-added tax (VAT) and sales tax. <h2>Incentives for hybrids</h2>While electric vehicles have long been subsidised by both state and central governments, hybrids have not received the same love. Union Minister Nitin Gadkari had earlier this year<a href="https://www.businessinsider.in/business/auto/news/gadkari-vows-to-eliminate-petrol-diesel-vehicles-in-india-bats-for-lower-tax-for-hybrid-cars/articleshow/108936085.cms"> pitched</a> for lower GST on hybrid vehicles. “The proposal to reduce GST on hybrid vehicles to 5% and to 12% for flex engines has been sent to the Finance ministry which is considering the requisition,” Gadkari said. Companies like Maruti Suzuki have a strong presence in hybrids and have a lot to gain from incentives, while companies like Tata Motors who do not have hybrid technology may take a hit on EV sales. With the government looking to reduce dependence on petrol and diesel cars, hybrids may finally get some incentives in the upcoming budget. The UP government has already started offering incentives to select hybrid cars. <h2><keyword id="22433272" type="General" weightage="20" keywordseo="vehicle-scrapping" source="keywords">Vehicle scrapping</keyword></h2>Industry bodies such as the Society of Indian Automobile Manufacturers (SIAM) have sought incentives for vehicle scrapping. These are vehicles that have crossed a certain age and are being scrapped keeping in mind the pollution. While a policy is already in place, the stakeholders are looking for increased incentives, especially for commercial vehicles such as trucks and buses, which account for most of the emissions. <h2>PLI scheme</h2>Automakers are also looking for increased incentives under the Production Linked Incentive (PLI) scheme, for both ICE and EVs. Companies want the scheme to be expanded to more components, including tyres, which have seen a lot of changes. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/the-biggest-ipos-in-indias-history-lic-to-paytm-companies-that-have-raised-the-most-funds/articleshow/111690863.cms">The biggest IPOs in India’s history – LIC to Paytm, companies that have raised the most funds</a> <a href="https://www.businessinsider.in/business/auto/news/its-raining-discounts-maruti-suzuki-hyundai-tata-motors-and-others-offer-discounts-on-cars-as-sales-slowdown/articleshow/111688501.cms">It’s raining discounts – Maruti Suzuki, Hyundai, Tata Motors and others offer discounts on cars as sales slowdown</a> <a href="https://www.businessinsider.in/business/news/zomato-and-swiggy-increase-platform-fee-by-20-food-deliveries-to-get-costlier/articleshow/111758782.cms">Zomato and Swiggy increase platform fee by 20% – food deliveries to get costlier</a>

Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry

<ul><li>Akhter led a <keyword id="145965" type="General" weightage="20" keywordseo="semiconductors" source="Orion">semiconductors</keyword> trade mission to <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> and met top government officials in the Capital.</li><li>India's semiconductor component market is likley to reach $300 billion in cumulative revenues by 2026. </li><li>Last year, the government announced a ₹ 76,000 crore performance linked incentive (<keyword id="53367" type="General" weightage="50" keywordseo="pli" source="Orion">PLI</keyword>) scheme in the semiconductor sector . </li></ul> As the US and India join hands to address semiconductors supply chain challenges, the <keyword id="99719" type="General" weightage="50" keywordseo="joe-biden" source="Orion">Joe Biden</keyword> government's offer to provide assistance to India to build up its semiconductor manufacturing capacity appears to be just lip service, Chinese state-run publication Global Times has said. US deputy assistant secretary, South and Central Asia, Afreen Akhter, during her visit to India this week, said they will help India boost its semiconductor manufacturing capacity. Akhter led a semiconductors trade mission to India and met top government officials in the Capital. According to Global Times, the announcement is designed to "lure India into a geopolitical game to exclude <keyword id="1334" type="General" weightage="50" keywordseo="china" source="Orion">China</keyword> from the global chip industrial chain, rather than a commitment with real investment plans to support India's chip manufacturing." The report mentioned that the CHIPS and Science Act, that aims to provide $52 billion in subsidies for chip manufacturers to build fabrication plants in the US, is an attempt to build up an industrial chain focused on the interests of the US, "which is unlikely to bring benefits to India." India has introduced a series of preferential policies to attract chip companies to invest in production in the country. Last year, the government announced a ₹ 76,000 crore performance linked incentive (PLI) scheme in the semiconductor sector to boost local manufacturing. As India and the US double down on domestic semiconductor manufacturing, China witnessed its biggest-ever monthly decline in chip manufacturing in August owing to Covid restrictions and weakening demand. That was also the second consecutive month of decline for chip manufacturing. In July, the output nosedived 16.6 per cent to 27.2 billion units. Meanwhile, the Gujarat government has partnered Vedanta and Foxconn, aiming an investment of ₹ 1.54 lakh crore to achieve self-reliance in the field of semiconductor manufacturing. India's semiconductor component market is likley to reach $300 billion in cumulative revenues by 2026, as 'Make in India' and production-linked incentive (PLI) schemes will boost local sourcing of semi-components in the coming years, according to the report by the India Electronics &amp; Semiconductor Association (IESA) and Counterpoint Research. The report further said that as India wants to become a chip powerhouse, it "should not take the bait laid by American diplomats in the hope that the US will provide it with important resources." "First, the assistance that Akhter said the US would provide to India may not be delivered on," it added. "Even as the US chose India as a partner in semiconductor cooperation in geopolitical calculations, this doesn't mean it will really help India to boost the semiconductor sector," the report mentioned. The real question India faces is if it wants to upgrade its chip manufacturing sector and move toward the upstream industrial chain, "it must build up a solid industry basis, instead of pinning its hope on US lip service". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-unlikely-to-be-hit-as-hard-by-global-recession-as-other-countries-sbi-chairman/articleshow/94872601.cms">India unlikely to be hit as hard by global recession as other countries: SBI chairman</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/unseasonal-rains-have-damaged-crops-agri-minister/articleshow/94879881.cms">Unseasonal rains have damaged crops: Agri Minister</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-forex-reserve-declined-due-to-dollar-appreciation-fm/articleshow/94872555.cms">India's forex reserve declined due to dollar appreciation: FM</a>

US offer to help India in chip manufacturing just lip service: China

<ul><li>The domestic <keyword id="8530204" type="General" weightage="20" keywordseo="room-air-conditioner" source="Orion">room air conditioner</keyword> market had a volume of 6.4-6.8 million units and value of ₹17,000- 18,000 crore in FY22. </li><li>The industry has significant growth potential considering its low penetration of 7-9% of total urban Indian households. </li><li>Currently, <keyword id="17048051" type="General" weightage="20" keywordseo="rac-manufacturers" source="Orion">RAC manufacturers</keyword> in India have only 30-40% localisation levels. </li></ul>The Room <keyword id="6365348" type="General" weightage="20" keywordseo="air-conditioner" source="Orion">Air Conditioner</keyword> (<keyword id="70161" type="General" weightage="20" keywordseo="rac" source="Orion">RAC</keyword>) industry volumes is expected to grow by a further 15-20% in FY24, following a strong growth of 26-28% in FY23. This growth is due in part to the government's Production Linked Incentive (PLI) scheme, which has received a positive response from both global and domestic RAC companies. These companies have committed a capital outlay of ₹4,806 crore, which will help to reduce imports and support industry margins through backward integration, says a report by rating agency ICRA. The research also revealed that the domestic RAC market had a volume of 6.4-6.8 million units and a value of ₹17,000-18,000 crore in FY22, after recovering from the low caused by the pandemic in FY21. In FY23, the industry experienced a substantial increase in sales volume due to an extended and intense summer season, as well as pent-up demand. “ICRA foresees a healthy 15-20% jump in RAC volumes in FY24 supported by an underpenetrated market and expected harsh summers this year. The industry has significant growth potential considering its low penetration of 7-9% of total urban Indian households, compared to 90% in developed countries. Increasing urbanization, growing disposable income, improving consumer finance availability and increasing RACs per household are further expected to support the volume, as well as revenue growth,” says Sheetal Sharad, VP and sector head, corporate ratings, ICRA, Demand for air conditioners to further pick up during summer The pickup in demand for air conditioners was slightly delayed in January due to cold weather, but enquiries have picked up since then, reveals a sector update by BOB Capital Markets. Sales have increased month-on-month, with March showing particularly strong growth. As temperatures rise, April and May are expected to see further improvement in demand. Dealers anticipate 10-15% y-o-y sales growth for the summer season, with rural markets expected to grow by 10-15% and urban markets by 30-40%. Corporate sales have been better than retail sales, and are expected to remain strong throughout the summer season (March-June). In March, AC prices were raised by 4-8% (₹2,000- ₹2,500). Heavy dependence on imports for essential components However, ICRA research says that RAC manufacturers rely heavily on imports for essential components. The Central Government's PLI scheme for the AC sector, which provides manufacturers with incentives worth ₹6,238 crore, has received a positive response. ICRA predicts that this scheme will lead to capacity expansion over the medium to long term, decreasing import dependence from the current 60-70% to 20-30%, and ultimately promoting AC exports. Currently, RAC manufacturers in India have only 30-40% localisation levels. Key components like compressors, controllers, motors, fans, heat exchanger coils and PCBs are imported from China, Thailand and Malaysia. RAC manufacturers have been facing input cost pressures since the beginning of FY 22 given the elevated prices of commodities like copper and aluminum, and high import dependence. Moreover, adverse forex fluctuations impacted the cost structures of players. Consequently, the industry had to pass on the cost increases through multiple price hikes in FY22. In FY23, with softening of commodity prices, these cost pressures are estimated to have moderated to an extent.

You Searched For "India PLI scheme" and got 12 results

India's trade deficit expected to decline further: Economic Survey

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

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"27 companies have been approved for PLI": Ashwini Vaishnaw on India's IT hardware revolution

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India's pharma exports rise 10% to $27.9 bn in FY24

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