INCENTIVE
Learn With ETMarkets: Sectoral winners and losers amid global supply chain shifts in India
Global supply chains are changing, impacting India's economy and stock market. India is becoming a manufacturing hub. Sectors like defence and railways are booming. FMCG and automobiles are showing growth. Technology stocks are performing well. IT, metals, and realty are facing challenges. India's economy is growing, attracting foreign investment.
Govt to offer up to $5 bn in incentives to local electronics firms, wean off China
India is planning to offer up to $5 billion in incentives to local electronics companies. The goal is to boost domestic production of components for devices like mobiles and laptops. This initiative aims to reduce reliance on imports, particularly from China, and strengthen India's position in the global electronics market.
Ministry directs EPFO to ensure UAN activation for employees through Aadhaar-based OTP
The Ministry of Labour and Employment has instructed the Employees' Provident Fund Organisation (EPFO) to prioritize the activation of employees' Universal Account Numbers (UANs) using Aadhaar-based verification. This initiative aims to ensure seamless access to EPFO services and support the government's Employment Linked Incentive (ELI) Scheme, which intends to generate over 2 crore jobs within two years.
Domestic airlines' fleet to touch 1,400 planes in 5 years
India's domestic airlines are projected to expand their fleet size to 1,400 aircraft within the next five years, a significant increase from the current 800, driven by major orders from airlines like IndiGo and Air India.
Investments worth Rs 85,000 cr cleared to create 34,000 jobs in state: Andhra CM Chandrababu Naidu
Andhra Pradesh Chief Minister N Chandrababu Naidu announced that the State Investment Promotion Board (SIPB) has approved investments totaling Rs 85,000 crore. These investments, cleared in the SIPB's inaugural meeting on November 19, are projected to create 34,000 new jobs.
Performance-linked pay revised for PSB brass
As per the notification, the scheme shall come into force from FY24. To qualify, banks must meet at least three criteria, including a positive return on assets (RoA), net NPAs (non-performing assets) below 1.5%, a capital to risk-weighted asset ratio (CRAR) exceeding the regulatory requirement by 200 basis points, and a cost-to-income ratio of no more than 50%.
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Public procurement norms may be tweaked to aid makers under PLI
The govt is considering changes to its public procurement rules to benefit manufacturers participating in PLI schemes. One proposal being evaluated is granting deemed local supplier status to companies that contract manufacturing to PLI beneficiaries. This move aims to boost domestic production and provide greater market access to PLI participants in government procurement.
Orders pile up for online platforms in Delhi NCR, but delivery staff stay away due to bad weather
Zomato is offering incentives for deliveries during smog, while Amazon is providing N95 masks and reporting a fourfold rise in air purifier demand amid severe pollution in the north. "Earlier, I used to deliver 30-35 orders a day, but now it's gone up to 45-50," said a delivery partner working at Zepto. At night, deliveries take 5 to 10 minutes longer than usual because of the smog, he added.
Govt initiatives helping attract foreign investors in India: CII
Government initiatives like Make in India and PLI schemes are attracting foreign investors to establish bases in India, according to CII. Increased infrastructure investments and favorable geopolitical conditions are also contributing factors to the rise in FDI inflows.
Smartphone PLI revenue rings louder; 19x revenue boost for government in 4 years
India's smartphone production-linked incentive (PLI) scheme has generated 19 times its investment, yielding ?1.10 lakh crore in revenue for the government. Driven by Apple manufacturers and Samsung, the scheme has boosted production, exports, and jobs, though some local companies have struggled to meet targets.
Targets met, subsidy on electric cargo three wheelers to end
India's electric vehicle subsidy program, PM E-Drive, is nearing its target within weeks of launch. Sales of electric cargo three-wheelers have already surpassed the year's goal, making them ineligible for further incentives. Electric two-wheeler sales are also approaching the target, with smaller electric three-wheeler sales lagging behind.
Impact of 'Make in India': Imports for top electronics cos dip on rising local tide, possibly for the first time ever
Major electronics companies like Samsung, Apple, and Whirlpool are importing less, marking a potential first-time occurrence. This shift is attributed to the 'Make in India' initiative promoting local manufacturing and component sourcing. While mobile phone localisation is steadily increasing, home appliances have achieved significant local sourcing.
Scripting India's manufacturing revival: Rationalisation of GST, strengthening of IBC & NCLT on agenda to improve ease of business
Government initiatives like the PLI schemes have boosted local manufacturing, leading to significant investments and job creation. However, experts suggest additional measures like GST rationalisation, improved credit access for MSMEs, and a focus on product design to further enhance 'Make in India'.
Uber India lets drivers cash out earnings four times a day; rolls out upfront tipping
¡°In India, drivers can now access their earnings from a digital trip within five seconds, giving them complete freedom and control over their hard earned money just seconds after the trip is complete,¡± said Prabhjeet Singh, president, Uber India & South Asia.
Uber rolls out incentives, new features to make drivers' experience 'safer'
Uber India unveiled new safety features for its drivers, including SOS integration, helmet selfies, and a preference option for women riders to choose female drivers. The company also announced incentives for drivers who register on the e-Shram portal, supporting the government's initiative for gig worker security.
Volkswagen, Hyundai, and Toyota await India's new EV policy guidelines, likely to apply
Volkswagen, Hyundai, and Toyota may soon apply for India's new electric vehicle policy. The policy allows for importing high-end EVs at lower tariffs. Companies must invest in domestic manufacturing to qualify. The government will announce final guidelines in the coming months. The policy aims to boost EV adoption and manufacturing in India.
China announces tax policies to boost property market: state media
China announced new tax policies on Wednesday to bolster its struggling property market. The measures include enhancing deed tax incentives for homebuyers and reducing the minimum prepayment rate of land value-added tax for real estate companies. These actions aim to stimulate housing demand and ease financial pressures within the sector.
After Putin's 'have sex at work' remark, Russia considering a ministry for it. All you need to know
Russia is considering a "ministry of sex" and other unusual measures to combat a declining birth rate exacerbated by the war in Ukraine. Proposals include financial incentives for mothers, government-funded first dates and wedding nights, and even turning off internet access late at night to encourage intimacy.
IT hardware cos struggle to meet FY25 PLI target on lack of orders
The Indian government's production-linked incentive (PLI) scheme for IT hardware is facing challenges. Many companies are finding it difficult to meet the targets. Major PC companies are opting for direct imports instead of local manufacturing. This is hindering the growth of local production and impacting the scheme's effectiveness.
Govt takes second shot at hardselling EV policy
The Indian government is organizing a workshop to encourage companies to import premium electric cars at reduced tariffs. The scheme, launched last year, has seen limited interest so far. The workshop aims to gather feedback and clarify the scheme's rules, potentially attracting companies like Tesla to invest in India's electric vehicle market.
Hope government will consider incentives for electric PVs in fleet segment: Tata Motors Group CFO
Tata Motors observes a decline in electric vehicle sales for commercial fleets after the Indian government withdrew incentives. The company hopes the government will reinstate these incentives. Despite this, Tata Motors remains optimistic about the growth of the electric vehicle market, particularly in the personal segment. They plan to continue investing in new electric vehicle models and expanding their charging infrastructure.
Zero Motorcycles eyes India market with premium electric bikes, backed by Hero MotoCorp partnership
Zero Motorcycles, in partnership with Hero MotoCorp, is poised to enter the Indian electric motorcycle market. CEO Sam Paschel highlights India's promising growth in EV infrastructure and commends the government's FAME subsidies for boosting adoption. Zero Motorcycles plans to introduce a range of premium electric motorcycles tailored for Indian consumers at competitive price points.
UP amends incentive policy to attract foreign investors
The Uttar Pradesh government has revised its investment policy to attract more foreign investment. The policy, now called 'Foreign Direct Investment, Foreign Capital Investment and Fortune Global 500 and Fortune India 500 Investment Promotion Policy 2023', will offer incentives to foreign firms investing through loans and equity. Previously, only equity investments were eligible.
Payments firms slash cashbacks, incentives on funding drought
Consumer payment companies like PhonePe, Paytm, Amazon Pay, and Cred have significantly reduced their marketing expenditures and customer incentives, reflecting a maturing digital payments market in India. This trend indicates a shift from aggressive customer acquisition strategies to a more sustainable approach focused on profitability.
JSW MG Motor's PLI plea under govt scrutiny over China connection
MG Motor India and JSW Group's request for PLI benefits for their EV manufacturing is under scrutiny. An inter-ministerial panel is examining the revised application, focusing on the compliance with Press Note 3 regulations after restructuring the ownership to include a significant local partner.
Govt creating system that gives opportunity to every youngster: PM Modi
Prime Minister Narendra Modi highlighted his government's initiatives to create youth opportunities through new technologies and modern sectors, like space and semiconductors. Over 51,000 people received government job appointment letters. He cited infrastructure projects and the Production-linked Incentives (PLI) scheme to boost domestic manufacturing and create employment. India has agreements with 21 countries to facilitate youth employment.
India's manufacturing revival: Opportunities and challenges ahead
India's manufacturing sector is undergoing a transformation thanks to government initiatives like 'Make in India' and PLI schemes, reshaping global supply chains. Challenges like infrastructure gaps and workforce skills must be addressed to fully capitalize on these opportunities and bolster economic growth.
Incentive package in works to push green steel manufacturing
The government is preparing incentives for green steel manufacturing. Plans include soft loans, interest subventions, and a new definition of green steel. Discussions with the finance ministry are ongoing. Public procurement will prioritise green steel. This move responds to new global challenges like the EU's Carbon Border Adjustment Mechanism, affecting Indian steel exports.
India's business activity grows at faster clip in Oct, PMI shows
Growth in India's business activity slightly improved in October driven by stronger manufacturing demand, leading to the fastest job creation since February 2006. HSBC's flash PMI rose to 58.6 from 58.3, indicating continued expansion with boosted sales, production, and export orders.
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