News & Events - Happening News in the Manufacturing Industry
29 Sep 2023:
India’s impressive strides in the electronics manufacturing industry have captured global attention, solidifying its position as a key player on the international stage. Several factors, including a vast trainable workforce, cost-effective manufacturing, robust digital infrastructure, and a burgeoning consumer market, have contributed to the increasing appeal of India’s manufacturing potential. The country’s prowess in producing high-quality electronic goods is increasingly being recognised and sought after by international markets. A growing number of foreign companies are now establishing manufacturing units within the country’s borders, driving economic growth and creating jobs.
28 Sep 2023:
India’s impetus in the tech and digital manufacturing sector will create as many as 50 lakh jobs in the next three years, said Rajeev Chandrasekhar, minister of state for IT & Electronics. Companies like Apple, Micron and others are looking for trustworthy partners and economies, Chandrasekhar said at The Times of India Right To Excellence Tech Summit 2023. “We are one of the fastest growing digital economies in the world, and are encouraging companies to move supply chains to India,” the minister said, adding that the target is to hit a $300 billion turnover in electronics by 2025.
25 Sep 2023:
In a bid to boost the local manufacturing sector, the central government is planning to offer incentives of up to 180 billion rupees. The investment will be pumped into six new sectors including chemicals, shipping containers and inputs for vaccines, reported Reuters citing officials. The proposal is part of the country’s 1.97 trillion-rupee production-linked incentive scheme (PLI), launched in 2020. The PLI scheme currently focuses on 14 sectors ranging from electronic products to drones. However, it has been successful in only a handful of them.
15 Sep 2023:
India’s G20 presidency presents an opportunity to strengthen the country’s collaboration and economy. With the world’s most powerful countries represented, the G20 forum provides a premier platform for international economic cooperation, accounting for 85% of global GDP and 75% of trade. The timing of the Presidency is ideal for India to exercise greater influence on global policies and the economic sector.
The Business 20 (B20) is a G20 dialogue forum that has conducted a year-long series of summits, which saw the participation of Indian and global industry leaders. One of the significant outcomes of the G20 is the ‘India-Middle East-Europe Economic Corridor’, A cost-effective cross-border ship-to-rail transit network that will connect India to the Arabian Gulf countries, the European Union and the USA, expected to translate into trade and investment opportunities for Indian businesses, supporting global expansion to counter China’s Belt and Road Initiative(BRI).
14 Sep 2023:
The India-Saudi Investment Forum, which brought together policymakers, business leaders and innovators from both countries, has concluded with the signing of over 50 Memoranda of Understanding (MoUs) and agreements. These landmark agreements covered ICT, entrepreneurship, chemicals, energy, and advanced manufacturing sectors.
12 Sep 2023:
India’s G20 presidency can kickstart manufacturing
India’s G20 presidency presents an opportunity to strengthen the country’s collaboration and economy. With the world’s most powerful countries represented, the G20 forum provides a premier platform for international economic cooperation, accounting for 85 per cent of global GDP and 75 per cent of global exports. India’s presidency has successfully included the Global South industrial economies’ growth strategies, positioning itself as an attractive manufacturing hub.
08 Sep 2023:
A little over a month after meeting Prime Minister Narendra Modi in Gujarat, Hon Hai Technology Group (Foxconn) chairman & CEO Young Liu once again threw his weight behind this production quality of India and said that the country is poised to emerge as the “new manufacturing centre in the world”, with the supplier ecosystem likely to develop faster the time it took to come up in China.
Indian Institute of Technology Madras (IIT Madras) Advanced Manufacturing Technology Development Center (AMDTC), a Centre of Excellence, is partnering with Fifth Generation Technologies India to develop smart manufacturing solutions for small and medium manufacturers. The collaboration will focus on conducting advanced research and development of smart manufacturing technologies for Small and Medium Manufacturers (SMM). The AMDTC, a Centre of Excellence on Machine Tools and Production Technology at IIT Madras, will be working with Fifth Generation Technologies India (P) Ltd., which is the Indian operation of the Canadian-headquartered 5G Group of Companies.
06 Sep 2023:
India’s manufacturing purchasing managers index (PMI) rose to a three-month high of 58.6 in August following an increase in orders and output, a survey by S&P Global showed. Mint explains the reasons. A robust improvement in sectoral conditions across India as well as new orders helped boost manufacturing during August. According to the survey, firms geared up to handle rising demand by scaling up buying levels and rebuilding their input stocks at the second-fastest pace in 18-and-a-half years of data collection.
The Indian electric vehicle (EV) market is expected to reach USD 113.99 billion by 2029, driving changes in the automotive industry and creating skill gaps. The Automotive Skills Development Council emphasizes the need for skilling and reskilling to keep up with technological transformations. While hiring in the auto industry remained flat in July 2023, there was a 38% increase in hiring for senior professionals with 16+ years of experience.
Make in India: Dell, HP, Foxconn, and others in line for state aid in production
Amid the central government’s push to make a manufacturing hub for the world, its financial incentive plan to boost local production is receiving a good response. Till now, some of the world’s biggest firms like Dell Technologies Inc., HP Inc. and Apple Inc. supplier Foxconn Technology Group, have applied for the scheme. Under the plan, firms are entitled to incentives and subsidies by sourcing locally produced components. As per the scheme, companies are entitled to cashback of almost 5% of factory prices of finished products.
31 Aug 2023:
The Electric Vehicle (EV) industry in India is the newest brainchild in the manufacturing sector, seeing a steady rise due to its appeal as a sustainable alternative. In January 2023, India surpassed Japan to become the third-largest auto market globally by auto sales. The Indian EV market is expected to grow at a CAGR of 90% to reach USD 150 billion by 2030.
28 Aug 2023:
25 Aug 2023:
24 Aug 2023:
T.N. has attracted ₹2.97 lakh crore investment proposals in the manufacturing sector over the past two years: CM Stalin
23 Aug 2023:
22 Aug 2023:
The jury members of BIA – Bombay Industries Association have awarded Capximize as
“MOST INNOVATIVE START-UP OF THE YEAR” award during their 75th foundation day held in Mumbai.
The award was given at the hands of Ex Governor of Northeastern States: Shri.Padmanabha Balakrishna Acharya.
It was a pleasure for Capximize India at the World Textile Conference which was organised at Ahmedabad on 25th and 26th of February 2023.
The expo was organised by IDMA. The dates of the Expo were 01 / 02 / 03 March 2023. We received an over whelming response, especially from many Capximizees abroad!