Make in India
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Apple contribution to 'Make in India' smartphone reaches 25% in value terms
The contribution of exports in 'Make in India' smartphone shipments reached the highest ever in 2022 both in volume (20 per cent) and value terms (30 per cent), according to Counterpoint Research. Overall, 'Make in India' smartphone shipments declined 3 per cent YoY in 2022 (January-December) to reach 188 million units.
'Make in India' TV shipments grow 33% to reach 5 mn units
In the electronic wearables category, the true wireless stereo (TWS) segment led in terms of local manufacturing with almost 37 per cent of its shipments being manufactured in the country, according to Counterpoint Research. Bharat FIH led the 'Make in India' TWS shipments, followed by Padget, while Optiemus led the locally manufactured smartwatch shipments.
Reliance, Sanmina complete JV transaction to build manufacturing hub in India
The joint venture will create a world-class electronic manufacturing hub in India, in line with Prime Minister Narendra Modi's 'Make in India' vision. All the manufacturing will take place at Sanmina's 100-acre campus in Chennai, with the ability for site expansion to support future growth opportunities as well as to potentially expand to new manufacturing sites in India over time based on business needs, the companies said in a statement.
India's FY23 footwear industry growth expected between 8-to-10%
India's footwear industry is expected to reach the pre-pandemic levels with a revenue growth of 8-to-10 per cent year-on-year in FY23. However, domestic footwear players are likely to witness a muted performance in FY22 compared to pre-pandemic levels with reversion to pre-Covid levels expected by Q2FY23.
Indian manufacturers should move towards reducing import dependency, says PM
Prime Minister Narendra Modi, while giving the examples of new demand and opportunities in sectors like semi-conductors and electric vehicles, said manufacturers should move with a sense of removing dependencies on foreign sources.The budget for FY23 had many significant provisions towards 'Aatmnirbhar Bharat' and 'Make in India' initiatives, he said.
Vedanta, Foxconn to set up joint venture to manufacture semiconductors in India
“This first-of-its-kind joint venture between the two companies will support Indian Prime Minister Narendra Modi’s vision to create an ecosystem for semiconductor manufacturing in India… Vedanta will hold the majority of the equity in the JV, while Foxconn will be the minority shareholder. Vedanta Chairman Anil Agarwal will be the Chairman of the joint venture company,” a press release by Foxconn read.
India's textile sector needs more support to arrest shrinking market share
Lack of free trade agreements (FTAs) and significant improvement in peer competitiveness are the main reasons for this fall. Textiles is important to India's $313 billion merchandise exports as it accounts for 11 per cent of the pie. The sector is also a significant employment generator. Given its economic importance, the sector has seen a slew of measures from the government of late.
PLI scheme to help India become Aatmanirbhar in APIs : ICRA
High value-added pharmaceutical products are generally R&D intensive and difficult to manufacture and these include products such as complex generics, patented products, and biologics among others. Further, the GoI has also announced the promotion of the bulk drug parks scheme with a financial outlay of Rs 30 billion for three select states, which will provide infrastructure assistance to the active pharmaceutical ingredient (API) players.
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