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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 US-based technology giant Apple Inc on Wednesday said it is starting initial production of iPhone SE in a ‘small number’ in Bengaluru and begin the shipping of its ‘Made in India’ phone to domestic consumers this month. “We are beginning initial production of a small number of iPhone SE in Bengaluru. iPhone SE is the most popular and  powerful phone with a four-inch display in the world and well begin shipping to domestic customers this month,” the company said. Earlier, in February, the government of Karnataka had announced the proposal of Apple to begin initial manufacturing process in Bengaluru. Priyank Kharge, IT Minister, Karnataka government had said on March 30 that Apple Inc would be ready to commence the assembling of iPhones in Bengaluru within a ...

The Dollar Business Bureau  India has imposed a definitive anti-dumping duty of $22.89 on the imports of Aluminium Radiators, Aluminium Radiator Sub-Assemblies and Aluminium Radiator Core, including in complete knocked down (CKD) or semi-knocked-down (SKD) conditions, for use in used/on road vehicles and generator sets, from China.  A notification NO.20/2017-CUSTOMS (ADD)  to this effect was released by the DGAD on May 12, 2017. Citing material injury to the domestic industry as a result of the dumping of the goods below the normal value, the DGAD has imposed an anti-dumping duty of $22.89 on Aluminium Radiators, Aluminium Radiator Sub-Assemblies and Aluminium Radiator Core goods for a period of five years. The products specified in the description of the notification are generally used in ...

The Dollar Business Bureau The Indian arm of Suzuki Motor Corporation (SMC), Maruti Suzuki India contributed more than 50% to its parent company’s global sales in terms of volumes in the period April-December of the current fiscal.  SMC said that during April to December period of this fiscal, its Indian automobile sales stood at 10.61 lakh units, whereas its total global sales stood at 20.83 lakh units at 50.93%. In the same period last fiscal, the company said that its sales in India stood at 9.72 lakh units out of an overall sales across the globe of 20.40 lakh units, making up for 47.64%.  SMC on Monday reported that the company’s consolidated operating income increased by 14.4% to 167.4 billion yen (around $1.49 ...

The Dollar Business Bureau  Escorts Ltd, one of India's major engineering companies, announced on Thursday that it is divesting its OEM and auto products division’s export business to Pune-based Badve Engineering, in an all cash deal. However, the company did not reveal the size of the deal. The deal is a part of the farm equipment manufacturer’s strategy to reorient the business in order to focus on its key verticals in construction equipment, agri-machinery and railway equipment, Escorts said in a release. “We believe that the transfer of OEM and export business to Badve Engineering will help us focus on our core areas. We are delighted that Badve Engineering has stepped in to take the business forward,” said Dipankar Ghosh, CEO, Escorts Auto Products ...

Source: PIB, Government of India Signing of Defence Deals  Capital procurement of defence equipment is made from various indigenous as well as foreign sources and contracts are signed after obtaining approval of competent financial authority in accordance with the provisions of Defence Procurement Procedure-2013.  During 2014-15, 18 contracts were signed between May 2014 and February 2015 with foreign vendors including those from USA, Russia, Israel, Germany, France and UK for procurement of items such as missiles, rockets and simulators. Contracts are executed as per terms and conditions incorporated therein. The 18 contracts were signed by designated officers as per provisions of DPP 2013 which do not require the presence of Defence Minister at the signing.  Defence Procurement Procedure ...

 The Dollar Business Bureau The Government of India (GoI), needs to raise cap on Foreign Direct Investment (FDI) in order to achieve self-reliance in the defence sector. This was stated by the study titled ‘Self-reliance in defence production: The unfinished agenda,’ jointly done by the Associated Chamber of Commerce and Industry of India (ASSOCHAM) and PricewaterhouseCoopers (PwC), a global advisory firm. The ASSOCHAM-PwC joint study says that the recent increase of FDI cap in defence to 49% may not succeed fully in drawing investments and advanced technology into the sector. In this regard, the study suggests ‘allowing 100% FDI in defence sector, if not, at least 74%, in order to facilitate the ways for capital inflows and setting up of ...