Bangalore: The manufacturing sector is the most active in using social media in all areas of communication and collaboration being ahead of other industries like telecom,
ORDERS RISE: Manufacturing up in April despite power, cost concernsNew Delhi: The manufacturing sector gathered some strength in April on the back of an increase in new business and export orders, but price pressures and power shortage continued to hurt, a survey showed on Wednesday.
Rs 10,000-cr incentive package for electronics manufacture on the anvilThe Government is formulating a special incentive package to encourage local manufacturing of electronic goods including mobile handsets, semiconductor wafer fab, consumer electronics and telecom network equipment.
Manufacturing & Car Sales Data Kindle Recovery HopesCar sales touched record levels in March and a key indicator of factory output continued to signal expansion, prompting many economists to predict that the downturn in the economy may have bottomed out in the last quarter of 2011-12 when GDP growth dropped to 6.1%.
Maharashtra plans to set up three more mfg zonesMaharashtra plans to set up three more manufacturing zones under the National Manufacturing Policy (NMP), apart from the two that are coming up in Raigad and Aurangabad districts, a senior official said.
Sharma: Expect progress on manufacturing policy by AugWITH the government pinning hopes on the manufacturing sector for an increase in exports and to prop up growth, the reconstituted National Manufacturing Competitiveness Council (NMCC) today met for the
Centre to Use All Policy Tools to Boost ManufacturingTo encourage home manufacturers in public buys, cut red tape & restrict PSUs to vital areas in 12th Plan
MALINI GOYAL NEW DELHI
The government plans to give a new push to the manufacturing sector. It will encourage domestic manufacturers in public procurement, provide them a level playing field, cut red tape and redefine the role of state enterprises to restrict them to areas that are vital but not attractive for the private sector.
SMEs in Reckoning for Dassault Offset DealsIf Indian order is confirmed, French major to give $8b contracts to Indian aerospace and defence industry
With India selecting France’s Dassault Aviation and its aircraft Rafale as the preferred bidder for an estimated $11-billion order to supply a new fleet of combat planes, many small and medium companies are licking their lips in anticipation.
30 per cent purchases from micro and small enterprises to be made obligatory for multi-brand retailBANGALORE: Government planned to make it obligatory for the multi-brand retail to source 30 per cent of their annual purchases from micro and small enterprises (MSEs), Union Micro, Small and Medium Enterprises (MSME) Minister Virbhadra Singh today said.
Government moots more manufacturing zonesMUMBAI: The government is proposing to set up five more National Manufacturing Investment Zones (NMIZs), in addition to the seven ready for implementation, to boost the sector's contribution to growth, an official said Tuesday.
ISA VISION SUMMITTIMES NEWS NETWORK
Bangalore: The Union Cabinet on Friday approved a proposal that will give a substantial boost to the domestic electronics and semiconductor industries. The proposal, a key component of the National Policy on Electronics 2011 unveiled in October last year, envisages that 30% of government procurement of electronics in specified areas will be reserved for locally manufactured products.
RBI calls for dedicated SME verticals at banksMoneylife Digital Team
Mumbai: The Reserve Bank of India (RBI) has asked banks to set up dedicated verticals to help small and medium enterprises (SMEs) to deal with financial matters, reports PTI.
Slowdown Fears DimOUR BUREAU NEW DELHI
Manufacturing activity in the country grew at its fastest pace in eight months in January on strong domestic and overseas demand, buttressing a view gaining ground that India had probably left the worst of the economic slowdown behind it....
OUR BUREAU NEW DELHI
A strong pullback in manufacturing helped industrial performance stage a smart recovery in November after falling to a 28-month low in the previous month, to the relief of harried policymakers who had begun to worry whether their battle with inflation and an adverse environment had choked off growth.
The Index of Industrial Production (IIP) grew by a better-than-expected 5.9% in November, rebounding from October’s 4.7% contraction (restated from –5.1%) and boosting hopes that a broadbased industrial revival could follow sooner rather than later.
This will take some pressure off the Reserve Bank to inject liquidity and cut rates, although industry kept up its demand for a monetary easing when the RBI reviews its policy later this month. The central bank raised rates 13 times — by a cumulative 350 basis points — since March 2010 to battle inflation, which has of late shown signs of easing led by food inflation that dropped 2.9% during the week to December 31. It is the second straight week that food inflation, which was in double digits in October, has contracted.
On Thursday, the relief among policymakers, thrown off guard by the plunge in October industrial output, was palpable. Finance Minister Pranab Mukherjee called it a “good sign” and held out the promise of measures to consolidate the recovery.
Good Show by Consumer Goods“If this trend in the numbers continues, perhaps we can expect to have a better performance (during December-March)… But for that, we need to take some proactive actions about which I cannot comment on right now,” he said. The head of the Prime Minister’s Economic Advisory Council and former RBI governor, C Rangarajan, said: “I think the industrial production will pick up in the second half of the year... The indications as thrown up by the data for November may continue into the rest of the months of the current fiscal.”
The sharp contraction in the October IIP number had added to the sense of gloom in the economy, already buffeted by high interest rates, wobbly markets and an uncertain global environment. But figures released buy the government on Thursday showed that strong consumer demand had led to a strong revival in the manufacturing sector, which makes up 75.5% of the overall index and rose by 6.6% in November.
Manufacturing had contracted by 5.7% in October. Within manufacturing, consumer goods grew 13.1%, with durables rising 11.2% and non-durables even better by 14.8%. Economists said the consumer goods segment would have been helped by the restocking in November after a tepid October. October saw fewer days of industrial activity because of festivals such as Dusshera and Diwali, with power outages due to coal shortage also being a spoiler. Analysts expect a good showing in December as leading indicators such as the Purchasing Managers’ Index, an important gauge of activity levels in the manufacturing sector, have shown an uptick. The PMI for December was 54.2, the highest level in six months. “Consumer demand revived in November and we expect a positive showing even in December,” said Madan Sabnavis, chief economist at ratings firm CARE.
The capital goods sector shrank for the third straight month, falling 4.6% in November, while intermediate goods were flat at 0.2% — further evidence that the investment climate has reached its lowest point. The mining index contracted for a fourth month, falling 4.4% year on year. “Investment activity is subdued and needs to be revived. Easing of the monetary policy could give it an impetus,” said Shubhada Rao. But most economists do not expect RBI to tinker with rates just yet.
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