Search Result for : Heavy Industries

The Dollar Business Bureau  The growth of China’s services sector was marginally low in the month of July as the expansion of new businesses eased, said a private business survey on Thursday.  The latest findings were in sync with an official estimate of non-manufacturing sector released on Monday that showed cooling down of growth in services sector, adding to the speculations that the world’s second largest economy could grow slightly slower in upcoming months.  The Caixin/Markit services purchasing managers' index (PMI) declined a little to 51.5 in July compared to 51.6 in the previous month.  Though the decline was marginal, the figures matched with the level of reading in April this year that was lowest since May last year.  New businesses continued to grow at ...

By Aamir H Kaki The Heavy Industries Secretary Girish Shankar on Thursday said that the Indian auto industry will grow by 3.5 times, from the output of around Rs.464,000 crores in 2015 to above Rs.16-19 lakh crore by 2026. “We have finalised the next Automotive Vision Plan 2016-2026, as has been the case with the previous one, combined efforts of the government of India and the industry, we chart a growth path that we jointly seek to achieve,” Shankar said, while speaking at the 2nd ASSOCHAM Auto Forum & Awards 2017 in New Delhi. “This Vision Plan also seeks to define the trajectory of the evolution of the automotive eco system in India including deadline of specific regulations and policies that govern a ...

The Dollar Business Bureau China's minister of Human Resources and Social Security, Yin Weimin, has announced that China plans to relocate about 5 lakh workers this year, as it downsizes its state-owned businesses of coal, steel and other heavy industries. Amid pressure from the international community to cut down on its steel manufacturing, China is showing that it is taking measures to tackle its overcapacity and subsequent dumping of surplus produce overseas. Even China's military, which is the largest in the world, is going to cut down 3 lakh troops. China is said to have relocated 7.26 lakh employees in 2016, spending $4.3 billion in the process. Despite a large number of layoffs and the economic slowdown, the ministry said ...

The Dollar Business Bureau The Heavy Industries Ministry is gearing up to decide the final modalities for a nation-wide release of FAME India scheme before March-end in a bid to encourage the use of eco-friendly vehicles. “The pilot is a two years project which is completing in March. We are still working on the nation-wide rollout of the scheme. We will be finalising it before March-end. How it will be rolled out and what will be the future of FAME, is yet to be decided,” said Heavy Industries Secretary Girish Shankar. FAME India - Faster Adoption and Manufacturing of Hybrid and Electric vehicles in India - falls under the National Electric Mobility Mission Plan and envisaged a support of Rs.795 crore in ...

The Dollar Business Bureau Chaudhary Birendra Singh, Steel Minister asked steel producers to find ways to ensure increased consumption of steel in the country. A statement released by SAIL at a customer meet in Jind (Haryana) on behalf of the minister said, “Domestic steel producers should take all steps to promote use of steel at the earliest as time is of essence in the fast changing business scenario.” The meet at Jind was organised to boost steel consumption in Haryana, by state-run steelmakers SAIL and RINL. Suggesting that the two Indian steel giants should quickly stabilise their modernised facilities and ensure that their performance is maximised to strengthen the domestic sector, the minister said, “Domestic steel industry should exhibit a sense of ...

Source: PTI   The Himachal Pradesh government has approved 79 proposals envisaging investment of Rs 3,300.16 crore out of total 117 proposals received in recent investor meets, state Industries Minister Mukesh Agnihotri said. The minister said as many as 117 Industrial proposals with estimated investment of Rs 6,031.37 crore were received as a result of "investors meets" organised by the government at Mumbai, Bengaluru, Ahmedabad and New Delhi last year. "79 proposals with investment of Rs 3300.16 crore and employment potential for 9093 persons had been cleared by State Level Single Window Clearance and monitoring Authority (SLSWC and MA)," he said. While presiding over the review of Industries department, Agnihotri asked the officers to ensure maximum liaison with potential entrepreneurs to attract investment to the state ...

The Dollar Business Bureau Reduction in customs duty on machine tools components will help the industry enhance production during the current financial year, said Minister of State for Heavy Industries and Public Enterprises GM Siddeshwara. The heavy industry sector registered growth up to 8.25% during the last financial year. According to the latest data released by the government, the automobile sector registered the highest 8.25% growth. The total output of the auto sector was worth Rs 5.29 lakh crore, up from Rs 4.89 lakh crore recorded a year ago. The target fixed for this sector was Rs 5.79 lakh. The heavy engineering equipment and machine tools sector grew by 7.13 %, with total output worth Rs 64,525 crore during the last fiscal. ...

The Dollar Business Bureau India is all set for large scale participation in Hannover Messe 2015, a world's leading trade fair for industrial technology which, is scheduled from April 13-17, 2015. According to an official release, India is gearing up to fully utilize its ‘Partner Country’ status in the event, by branding ‘Make in India’ slogan in a widespread manner in Germany and other neighbouring European countries. This was informed by Nirmala Sitharaman, the Indian Minister of State for Commerce & Industry (Independent Charge) on Monday. The Union Minister further said that the India’s Pavilion, being constructed by the Department of Industrial Policy and Promotion (DIPP), will project India’s brand image by highlighting key sectors of Indian portfolio under ...