Search Result for : Anant Geete

The Dollar Business Bureau Heavy Industries and Public Enterprises Minister Anant Geete said on Thursday that the country’s automobile industry is expected to contribute 12% to the GDP (gross domestic product) over the next decade, from the current 7.1%.  “Indian automotive sector plays a very important role in the country's manufacturing sector and is likely to contribute 12% to the country's GDP over the next decade,” Geete said.  He said this while inaugurating a test track facility set up in Chennai by Global Automotive Research Centre (GARC) - a unit working under the National Automotive Testing & R&D Infra Project (NATRiP). The Minister said that commissioning of this facility is likely to attract greater investments in the automotive industry and its components and also expressed confidence that such ...

The Dollar Business Bureau Accepting that businesses in India are facing several challenges in foreign markets because of globally competitive environment, Heavy Industries and Public Enterprises Minister Anant Geete said on Thursday that a lot needs to be done to enhance the country's exports.  “We need to do a lot in the direction of increasing exports. In this era of globalisation, competition has reached a global level. Our businesses are facing multiple challenges to sustain in the global competitive environment,” Geete said, while addressing an event organised by Chemical and Allied Export Promotion Council of India (CAPEXIL) in New Delhi.  Speaking at the export awards ceremony event, J K Dadoo, Additional Secretary & Financial Advisor in Commerce Ministry said, “Unfortunately, the overall growth ...

The Dollar Business Bureau Heavy Industries and Public Enterprises Minister Anant Geete on Thursday exhorted companies to counter the challenges posed by the growing Chinese products, which are being sold at globally competitive prices. "India's manufacturing sector is in trouble for last many years. In the era of globalisation, competing in international markets has become a challenge for the country's private as well as state-owned firms," Geete said at an event organised by Assocham. "If we fail to compete globally, we will get isolated. We have to compete with China, which has occupied a dominant place in markets worldwide. We need to accept this challenge," he said. According to the Nikkei Markit India Manufacturing Purchasing Managers' Index (PMI) – a tool to evaluate ...

The Dollar Business Bureau Automotive components manufacturing is expected to get a major boost with the ‘Make in India’ initiative and the industry hopes to increase its overseas shipment by seven times in the next ten years. “When the prime minister put forward the idea of Make in India, several Indian as well as foreign industrialists have stepped up to realise this dream. The government is attempting to do everything to meet industry’s expectations. Currently, the whole world is watching our steps closely. They know India is possibly the biggest market right now,” Heavy Industries & Public Enterprise Minister Anant Geete said at the national conference of Automotive Component Manufacturers Association of India (ACMA). The last decade has been profitable for ...

The Dollar Business Bureau   The Heavy Industries and Public Enterprises Ministry wants restoration of lower excise duty benefits to the Automobile Industry that had been withdrawn at the end of December.  Anant Geete, Minister of Heavy Industries and Public Enterprises said, "We have suggested for the continuation (of reduced excise rates)." The previous UPA government, in order to boost the two sectors that were struggling in the wake of economic downturn, had cut excise duty on cars, SUVs, two-wheelers and consumer durables in the interim Budget in February.  Excise duty on small cars, scooters, motorcycles and commercial vehicles was reduced to 8% from 12% previously. For SUVs, it was cut to 24% from 30%; for mid-sized cars ...